T.
ROWE
PRICE
Credit
Opportunities
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
10.1%
(1)
Aerospace
&
Defense
0.1%
Peraton,
FRN,
1M
USD
LIBOR
+
7.75%,
13.233%,
2/1/29
136
133
133
Airlines
0.4%
Mileage
Plus
Holdings,
FRN,
3M
USD
LIBOR
+
5.25%,
10.764%,
6/21/27
404
421
421
Automotive
0.4%
Wand
NewCo
3,
FRN,
1M
USD
LIBOR
+
2.75%,
8.181%,
2/5/26
492
491
491
Broadcasting
0.5%
Clear
Channel
Outdoor
Holdings,
FRN,
3M
TSFR
+
3.50%,
9.144%,
8/21/26
354
346
Diamond
Sports
Group,
FRN,
1M
TSFR
+
8.00%,
13.431%,
5/25/26
165
103
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
15.148%,
10/11/29 (2)
(3)
85
83
532
Financial
0.0%
LSF9
Atlantis
Holdings,
FRN,
3M
TSFR
+
7.25%,
12.492%,
3/31/29
60
58
58
Food
0.2%
Woof
Holdings,
FRN,
3M
USD
LIBOR
+
7.25%,
12.696%,
12/21/28
257
202
202
Information
Technology
1.2%
Applied
Systems,
FRN,
3M
TSFR
+
6.75%,
11.992%,
9/17/27
364
364
Boxer
Parent,
FRN,
1M
TSFR
+
5.50%,
10.946%,
2/27/26
210
207
Delta
Topco,
FRN,
3M
TSFR
+
7.25%,
12.569%,
12/1/28
205
192
Epicor
Software,
FRN,
1M
TSFR
+
7.75%,
13.181%,
7/31/28
100
100
RealPage,
FRN,
1M
USD
LIBOR
+
6.50%,
11.946%,
4/23/29
510
510
1,373
Manufacturing
0.9%
Engineered
Machinery
Holdings,
FRN,
3M
USD
LIBOR
+
6.00%,
11.538%,
5/21/29 (3)
365
354
Engineered
Machinery
Holdings,
FRN,
3M
USD
LIBOR
+
6.50%,
12.038%,
5/21/29 (3)
250
242
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.946%,
9/6/25 (4)
345
334
LTI
Holdings,
FRN,
1M
TSFR
+
4.75%,
7/24/26 (4)
42
41
LTI
Holdings,
FRN,
1M
TSFR
+
6.75%,
9/6/26 (4)
75
66
1,037
Restaurants
0.3%
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
7.50%,
12.946%,
2/4/28
350
335
335
T.
ROWE
PRICE
Credit
Opportunities
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Retail
0.1%
At
Home
Group,
FRN,
3M
USD
LIBOR
+
4.25%,
9.692%,
7/24/28
179
109
109
Satellites
0.5%
Intelsat
Jackson
Holdings,
FRN,
6M
TSFR
+
4.25%,
9.772%,
2/1/29
645
645
645
Services
2.6%
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
11.181%,
12/10/29
710
605
CoreLogic,
FRN,
1M
USD
LIBOR
+
6.50%,
11.946%,
6/4/29
65
54
Renaissance
Holdings,
FRN,
1M
USD
LIBOR
+
7.00%,
12.431%,
5/29/26
185
184
UKG,
FRN,
3M
TSFR
+
5.25%,
10.618%,
5/3/27
2,165
2,150
2,993
Wireless
Communications
2.9%
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.696%,
1/31/28
1,936
1,728
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.696%,
1/20/29
1,180
1,032
Asurion,
FRN,
1M
USD
LIBOR
+
3.25%,
8.788%,
12/23/26
590
573
3,333
Total
Bank
Loans
(Cost
$12,139)
11,662
COMMON
STOCKS
1.3%
Health
Care
0.7%
Avantor (2)
18
381
Becton
Dickinson
&
Company
1
377
758
Information
Technology
0.1%
TE
Connectivity
1
146
146
Manufacturing
0.2%
Danaher
1
280
280
Metals
&
Mining
0.3%
Constellium (2)
16
284
284
Total
Common
Stocks
(Cost
$1,191)
1,468
CONVERTIBLE
BONDS
0.2%
Automotive
0.1%
Rivian
Automotive,
4.625%,
3/15/29 (5)
105
146
146
T.
ROWE
PRICE
Credit
Opportunities
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Cable
Operators
0.1%
DISH
Network,
3.375%,
8/15/26
185
113
113
Total
Convertible
Bonds
(Cost
$272)
259
CONVERTIBLE
PREFERRED
STOCKS
0.1%
Insurance
0.1%
Alliant
Services,
Series A,
Acquisition
Date:
11/6/20,
Cost $167 (2)
(3)(6)
—
164
Total
Convertible
Preferred
Stocks
(Cost
$167)
164
CORPORATE
BONDS
80.7%
Aerospace
&
Defense
1.7%
TransDigm,
6.25%,
3/15/26 (5)
360
356
TransDigm,
6.75%,
8/15/28 (5)
530
532
TransDigm,
6.875%,
12/15/30 (5)
960
967
TransDigm,
7.50%,
3/15/27
100
100
1,955
Airlines
1.5%
American
Airlines,
5.50%,
4/20/26 (5)
394
387
American
Airlines,
5.75%,
4/20/29 (5)
350
334
American
Airlines,
11.75%,
7/15/25 (5)
692
757
Mileage
Plus
Holdings,
6.50%,
6/20/27 (5)
104
103
United
Airlines,
4.625%,
4/15/29 (5)
110
98
1,679
Automotive
7.4%
Adient
Global
Holdings,
8.25%,
4/15/31 (5)
695
711
Clarios
Global,
6.75%,
5/15/28 (5)
160
160
Clarios
Global,
8.50%,
5/15/27 (5)(7)
695
697
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (5)
553
615
Ford
Motor,
6.10%,
8/19/32 (7)
1,140
1,079
Ford
Motor,
9.625%,
4/22/30
240
276
Ford
Motor
Credit,
4.95%,
5/28/27
290
272
Ford
Motor
Credit,
7.35%,
11/4/27
650
660
Ford
Motor
Credit,
7.35%,
3/6/30
250
254
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29 (7)
162
144
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31
405
348
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33
370
315
LCM
Investments
Holdings
II,
4.875%,
5/1/29 (5)
235
203
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
10.931%,
10/15/26 (5)
1,915
1,915
Tenneco,
8.00%,
11/17/28 (5)
525
431
ZF
North
America
Capital,
6.875%,
4/14/28 (5)
150
149
T.
ROWE
PRICE
Credit
Opportunities
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
ZF
North
America
Capital,
7.125%,
4/14/30 (5)
300
301
8,530
Broadcasting
5.6%
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (5)
145
129
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (5)(7)
710
526
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (5)
550
425
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (5)
665
668
CMG
Media,
8.875%,
12/15/27 (5)
670
524
iHeartCommunications,
5.25%,
8/15/27 (5)(7)
175
138
iHeartCommunications,
8.375%,
5/1/27 (7)
966
666
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (5)
375
349
Sirius
XM
Radio,
4.00%,
7/15/28 (5)
85
73
Sirius
XM
Radio,
5.00%,
8/1/27 (5)
590
544
Sirius
XM
Radio,
5.50%,
7/1/29 (5)
250
226
Stagwell
Global,
5.625%,
8/15/29 (5)
905
756
Townsquare
Media,
6.875%,
2/1/26 (5)
749
721
Univision
Communications,
7.375%,
6/30/30 (5)
400
387
Univision
Communications,
8.00%,
8/15/28 (5)
360
359
6,491
Building
&
Real
Estate
1.1%
Brookfield
Residential
Properties,
6.25%,
9/15/27 (5)
250
229
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (5)
305
289
Howard
Hughes,
4.125%,
2/1/29 (5)
295
243
Howard
Hughes,
5.375%,
8/1/28 (5)
580
525
1,286
Building
Products
0.5%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (5)
225
222
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (5)
365
337
559
Cable
Operators
7.0%
Altice
Financing,
5.00%,
1/15/28 (5)
345
276
Altice
France,
5.125%,
7/15/29 (5)
335
235
Altice
France,
5.50%,
10/15/29 (5)
470
335
Altice
France,
8.125%,
2/1/27 (5)
200
169
Altice
France
Holding,
6.00%,
2/15/28 (5)
815
357
Altice
France
Holding,
10.50%,
5/15/27 (5)
935
500
C&W
Senior
Financing,
6.875%,
9/15/27 (5)
365
339
CCO
Holdings,
4.50%,
8/15/30 (5)
405
340
CCO
Holdings,
4.50%,
6/1/33 (5)
200
158
CCO
Holdings,
4.75%,
2/1/32 (5)
300
248
CCO
Holdings,
6.375%,
9/1/29 (5)
1,795
1,701
CCO
Holdings,
7.375%,
3/1/31 (5)
875
868
CSC
Holdings,
6.50%,
2/1/29 (5)
745
613
CSC
Holdings,
7.50%,
4/1/28 (5)(7)
625
394
DISH
DBS,
5.125%,
6/1/29
171
92
T.
ROWE
PRICE
Credit
Opportunities
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
DISH
DBS,
5.75%,
12/1/28 (5)
490
381
DISH
DBS,
7.75%,
7/1/26
445
333
DISH
Network,
11.75%,
11/15/27 (5)
765
776
8,115
Chemicals
1.6%
Avient,
7.125%,
8/1/30 (5)
250
249
Celanese
U.S.
Holdings,
6.55%,
11/15/30
215
215
Celanese
U.S.
Holdings,
6.70%,
11/15/33
260
261
Kobe
U.S.
Midco
2,
(9.25%
Cash
or
10.00%
PIK),
9.25%,
11/1/26 (5)(8)
145
106
Methanex,
5.125%,
10/15/27
82
77
Methanex,
5.25%,
12/15/29
120
109
Methanex,
5.65%,
12/1/44
108
88
Windsor
Holdings
III,
8.50%,
6/15/30 (5)
700
704
1,809
Consumer
Products
0.7%
Life
Time,
5.75%,
1/15/26 (5)
322
313
Life
Time,
8.00%,
4/15/26 (5)
400
398
Wolverine
World
Wide,
4.00%,
8/15/29 (5)
195
146
857
Container
1.4%
Ardagh
Metal
Packaging
Finance
USA,
4.00%,
9/1/29 (5)
400
323
Ardagh
Metal
Packaging
Finance
USA,
6.00%,
6/15/27 (5)
560
545
Ball,
6.00%,
6/15/29
800
787
1,655
Energy
10.2%
Aethon
United
BR,
8.25%,
2/15/26 (5)
270
271
Antero
Resources,
5.375%,
3/1/30 (5)
115
107
Antero
Resources,
7.625%,
2/1/29 (5)
155
158
Archrock
Partners,
6.25%,
4/1/28 (5)
145
138
Chesapeake
Energy,
5.50%,
2/1/26 (5)
135
131
Chesapeake
Energy,
5.875%,
2/1/29 (5)
150
143
Chesapeake
Energy,
6.75%,
4/15/29 (5)
220
218
CITGO
Petroleum,
7.00%,
6/15/25 (5)
180
178
Comstock
Resources,
6.75%,
3/1/29 (5)
310
289
Crescent
Energy
Finance,
9.25%,
2/15/28 (5)
790
805
Ferrellgas,
5.375%,
4/1/26 (5)
520
488
Gulfport
Energy,
8.00%,
5/17/26 (5)
155
157
Hilcorp
Energy
I,
6.00%,
2/1/31 (5)
291
266
Kinetik
Holdings,
5.875%,
6/15/30 (5)
705
679
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (5)
790
766
NGL
Energy
Operating,
7.50%,
2/1/26 (5)
610
606
NuStar
Logistics,
5.625%,
4/28/27
167
162
NuStar
Logistics,
6.00%,
6/1/26
300
295
Occidental
Petroleum,
8.875%,
7/15/30
340
390
T.
ROWE
PRICE
Credit
Opportunities
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Petroleos
Mexicanos,
6.625%,
6/15/35
400
276
Range
Resources,
4.75%,
2/15/30 (5)
240
216
Range
Resources,
8.25%,
1/15/29
130
134
Rockcliff
Energy
II,
5.50%,
10/15/29 (5)
140
128
Seadrill
Finance,
8.375%,
8/1/30 (5)
600
615
Seadrill
Finance,
8.375%,
8/1/30 (5)
200
202
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (5)
165
162
Southwestern
Energy,
4.75%,
2/1/32
370
327
Southwestern
Energy,
5.375%,
3/15/30
115
107
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (5)
370
353
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (5)
300
268
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (5)
185
185
Transocean,
8.75%,
2/15/30 (5)
195
200
Transocean,
11.50%,
1/30/27 (5)
12
13
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (5)
775
753
Venture
Global
LNG,
8.125%,
6/1/28 (5)
540
544
Venture
Global
LNG,
8.375%,
6/1/31 (5)
1,080
1,087
11,817
Entertainment
&
Leisure
5.0%
Carnival,
7.00%,
8/15/29 (5)
305
309
Carnival,
7.625%,
3/1/26 (5)
525
522
Carnival,
9.875%,
8/1/27 (5)
160
169
Carnival,
10.50%,
6/1/30 (5)(7)
580
617
CDI
Escrow
Issuer,
5.75%,
4/1/30 (5)
455
423
Cedar
Fair,
6.50%,
10/1/28
740
714
Cinemark
USA,
5.25%,
7/15/28 (5)
515
456
Live
Nation
Entertainment,
4.75%,
10/15/27 (5)(7)
580
540
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (5)
230
215
Royal
Caribbean
Cruises,
8.25%,
1/15/29 (5)
430
448
Royal
Caribbean
Cruises,
9.25%,
1/15/29 (5)
210
223
Royal
Caribbean
Cruises,
11.625%,
8/15/27 (5)
345
375
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (5)(7)
365
328
Six
Flags
Entertainment,
7.25%,
5/15/31 (5)(7)
445
427
5,766
Financial
7.7%
Acrisure,
7.00%,
11/15/25 (5)
520
502
Acrisure,
10.125%,
8/1/26 (5)
518
531
AG
TTMT
Escrow
Issuer,
8.625%,
9/30/27 (5)
335
343
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (5)
1,100
1,035
AmWINS
Group,
4.875%,
6/30/29 (5)
265
238
Enact
Holdings,
6.50%,
8/15/25 (5)
915
900
GTCR
AP
Finance,
8.00%,
5/15/27 (5)
165
163
HUB
International,
5.625%,
12/1/29 (5)
180
159
HUB
International,
7.00%,
5/1/26 (5)
165
164
HUB
International,
7.25%,
6/15/30 (5)
805
819
T.
ROWE
PRICE
Credit
Opportunities
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (5)
520
530
Jones
Deslauriers
Insurance
Management,
10.50%,
12/15/30 (5)
490
498
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (5)
200
158
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (5)
530
471
Navient,
5.50%,
3/15/29
960
821
Navient,
9.375%,
7/25/30
490
491
OneMain
Finance,
3.50%,
1/15/27
120
104
OneMain
Finance,
5.375%,
11/15/29
150
129
OneMain
Finance,
6.875%,
3/15/25
160
159
OneMain
Finance,
9.00%,
1/15/29
500
507
Osaic
Holdings
Inc,
10.75%,
8/1/27 (5)
210
212
8,934
Food
0.7%
BellRing
Brands,
7.00%,
3/15/30 (5)
340
340
Darling
Ingredients,
6.00%,
6/15/30 (5)
465
452
792
Forest
Products
0.2%
Cascades,
5.125%,
1/15/26 (5)
260
252
252
Gaming
3.7%
Caesars
Entertainment,
7.00%,
2/15/30 (5)
575
576
Caesars
Entertainment,
8.125%,
7/1/27 (5)
820
831
CCM
Merger,
6.375%,
5/1/26 (5)
235
228
Churchill
Downs,
6.75%,
5/1/31 (5)
330
323
International
Game
Technology,
6.25%,
1/15/27 (5)
420
415
Light
&
Wonder
International,
7.00%,
5/15/28 (5)
145
145
Light
&
Wonder
International,
7.25%,
11/15/29 (5)
335
336
Light
&
Wonder
International,
7.50%,
9/1/31 (5)
150
152
Ontario
Gaming
GTA,
8.00%,
8/1/30 (5)
250
252
Scientific
Games
Holdings,
6.625%,
3/1/30 (5)
355
313
Wynn
Macau,
5.50%,
1/15/26 (5)
575
540
Wynn
Resorts
Finance,
5.125%,
10/1/29 (5)
200
178
4,289
Health
Care
3.7%
AthenaHealth
Group,
6.50%,
2/15/30 (5)(7)
385
333
Avantor
Funding,
4.625%,
7/15/28 (5)
215
199
CHS,
5.25%,
5/15/30 (5)
275
216
CHS,
6.00%,
1/15/29 (5)
205
172
CHS,
6.875%,
4/1/28 (5)
180
108
CHS,
6.875%,
4/15/29 (5)
375
227
CHS,
8.00%,
12/15/27 (5)
320
306
IQVIA,
6.50%,
5/15/30 (5)
200
201
Select
Medical,
6.25%,
8/15/26 (5)
530
523
Tenet
Healthcare,
6.125%,
10/1/28
290
279
Tenet
Healthcare,
6.125%,
6/15/30
310
300
T.
ROWE
PRICE
Credit
Opportunities
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Tenet
Healthcare,
6.875%,
11/15/31
290
289
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
240
224
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
245
227
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
395
411
Teva
Pharmaceutical
Finance
Netherlands
III,
8.125%,
9/15/31 (7)
265
281
4,296
Information
Technology
4.9%
Boxer
Parent,
7.125%,
10/2/25 (5)
180
180
Boxer
Parent,
9.125%,
3/1/26 (5)(7)
450
450
Central
Parent,
7.25%,
6/15/29 (5)
1,075
1,058
Central
Parent,
8.00%,
6/15/29 (5)
455
459
Cloud
Software
Group,
9.00%,
9/30/29 (5)
735
655
Entegris
Escrow,
5.95%,
6/15/30 (5)
1,460
1,392
Gen
Digital,
6.75%,
9/30/27 (5)
440
439
Gen
Digital,
7.125%,
9/30/30 (5)
417
419
Match
Group
Holdings
II,
4.625%,
6/1/28 (5)
305
281
Match
Group
Holdings
II,
5.625%,
2/15/29 (5)
115
109
McAfee,
7.375%,
2/15/30 (5)
280
244
5,686
Lodging
0.3%
Hilton
Domestic
Operating,
4.875%,
1/15/30
180
167
Hilton
Domestic
Operating,
5.75%,
5/1/28 (5)
165
162
329
Manufacturing
0.2%
Emerald
Debt
Merger
Sub,
6.625%,
12/15/30 (5)
210
206
206
Metals
&
Mining
2.4%
Arsenal
AIC
Parent,
8.00%,
10/1/30 (5)
205
209
ATI,
5.125%,
10/1/31
235
207
ATI,
5.875%,
12/1/27
480
467
ATI,
7.25%,
8/15/30
170
171
Carpenter
Technology,
7.625%,
3/15/30
765
769
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (5)
255
248
Hecla
Mining,
7.25%,
2/15/28
300
294
Hudbay
Minerals,
6.125%,
4/1/29 (5)
120
113
TMS
International,
6.25%,
4/15/29 (5)
315
264
2,742
Real
Estate
Investment
Trust
Securities
0.2%
Service
Properties
Trust,
7.50%,
9/15/25
285
282
282
Restaurants
0.5%
Dave
&
Buster's,
7.625%,
11/1/25 (5)
535
539
539
Retail
1.6%
At
Home
Group,
4.875%,
7/15/28 (5)
125
60
T.
ROWE
PRICE
Credit
Opportunities
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Bath
&
Body
Works,
6.625%,
10/1/30 (5)
315
306
Bath
&
Body
Works,
6.75%,
7/1/36 (7)
185
169
Bath
&
Body
Works,
6.95%,
3/1/33
115
106
Bath
&
Body
Works,
9.375%,
7/1/25 (5)
150
157
LSF9
Atlantis
Holdings,
7.75%,
2/15/26 (5)
95
87
PetSmart,
7.75%,
2/15/29 (5)
580
552
QVC,
4.45%,
2/15/25 (7)
405
364
1,801
Satellites
0.6%
Connect
Finco,
6.75%,
10/1/26 (5)
560
529
Intelsat
Jackson
Holdings,
6.50%,
3/15/30 (5)
190
175
704
Services
3.6%
Albion
Financing
1,
6.125%,
10/15/26 (5)
290
273
Albion
Financing
2,
8.75%,
4/15/27 (5)
200
185
Allied
Universal
Holdco,
9.75%,
7/15/27 (5)
455
417
eG
Global
Finance,
6.25%,
10/30/25
(EUR)
176
185
eG
Global
Finance,
6.75%,
2/7/25 (5)
200
196
eG
Global
Finance,
8.50%,
10/30/25 (5)
369
365
Presidio
Holdings,
8.25%,
2/1/28 (5)
450
434
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (5)
185
181
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (5)
240
229
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (5)
140
141
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (5)
190
196
TK
Elevator
Holdco
GmbH,
7.625%,
7/15/28 (5)
639
590
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (5)
890
830
4,222
Supermarkets
0.0%
New
Albertsons,
7.45%,
8/1/29
7
7
7
Transportation
0.3%
Watco,
6.50%,
6/15/27 (5)
370
354
354
Utilities
6.4%
Calpine,
5.00%,
2/1/31 (5)
295
250
Calpine,
5.125%,
3/15/28 (5)
400
364
PG&E,
5.00%,
7/1/28
358
329
PG&E,
5.25%,
7/1/30
545
482
Pike,
5.50%,
9/1/28 (5)
385
347
Talen
Energy
Supply,
8.625%,
6/1/30 (5)
880
916
Terraform
Global
Operating,
6.125%,
3/1/26 (5)
505
486
Vistra,
VR,
7.00% (5)(9)(10)
2,020
1,851
Vistra,
VR,
8.00% (5)(9)(10)
2,465
2,358
7,383
T.
ROWE
PRICE
Credit
Opportunities
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
Wireless
Communications
0.0%
U.S.
Cellular,
6.70%,
12/15/33
43
42
42
Total
Corporate
Bonds
(Cost
$98,805)
93,379
MUNICIPAL
SECURITIES
0.5%
Puerto
Rico
0.5%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (11)
1,117
575
Total
Municipal
Securities
(Cost
$609)
575
SHORT-TERM
INVESTMENTS
0.8%
Money
Market
Funds
0.8%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (12)(13)
960
960
Total
Short-Term
Investments
(Cost
$960)
960
SECURITIES
LENDING
COLLATERAL
5.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (12)(13)
265
265
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
265
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
5.1%
Money
Market
Funds
5.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (12)(13)
5,834
5,834
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
5,834
Total
Securities
Lending
Collateral
(Cost
$6,099)
6,099
Total
Investments
in
Securities
99.0%
(Cost
$120,242)
$
114,566
Other
Assets
Less
Liabilities
1.0%
1,144
Net
Assets
100.0%
$
115,710
T.
ROWE
PRICE
Credit
Opportunities
Fund
11
‡
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)
Non-income
producing
(3)
Level
3
in
fair
value
hierarchy.
(4)
All
or
a
portion
of
this
loan
is
unsettled
as
of
August
31,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(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
$76,781
and
represents
66.4%
of
net
assets.
(6)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$164
and
represents
0.1%
of
net
assets.
(7)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2023.
(8)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(9)
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.
(10)
Perpetual
security
with
no
stated
maturity
date.
(11)
Contingent
value
instrument
that
only
pays
out
if
a
portion
of
the
territory's
Sales
and
Use
Tax
outperforms
the
projections
in
the
Oversight
Board’s
Certified
Fiscal
Plan.
(12)
Seven-day
yield
(13)
Affiliated
Companies
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
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
TSFR
Six
month
Term
SOFR
(Secured
overnight
financing
rate)
6M
USD
LIBOR
Six
month
USD
LIBOR
(London
interbank
offered
rate)
EUR
Euro
FRN
Floating
Rate
Note
GO
General
Obligation
PIK
Payment-in-kind
SOFR
Secured
overnight
financing
rate
T.
ROWE
PRICE
Credit
Opportunities
Fund
12
.
.
.
.
.
.
.
.
.
.
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
13
(Amounts
in
000s)
SWAPS
(0.1)%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.1)%
Credit
Default
Swaps,
Protection
Sold
(0.1)%
Protection
Sold
(Relevant
Credit:
CHS/
Community
Health
Systems,
Caa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
216
(58)
(8)
(50)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(50)
Total
Centrally
Cleared
Swaps
(50)
Net
payments
(receipts)
of
variation
margin
to
date
51
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
1
*
Credit
ratings
as
of
August
31,
2023.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Credit
Opportunities
Fund
14
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
11/24/23
USD
317
EUR
290
$
2
HSBC
Bank
11/24/23
USD
212
EUR
193
1
State
Street
11/24/23
USD
318
EUR
290
2
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
5
T.
ROWE
PRICE
Credit
Opportunities
Fund
15
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
—
$
—
$
23++
Totals
$
—#
$
—
$
23+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
$
3,016
¤
¤
$
7,059
Total
$
7,059^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$23
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$7,059.
T.
ROWE
PRICE
Credit
Opportunities
Fund
Unaudited
Notes
to
Portfolio
of
Investments
16
T.
Rowe
Price
Credit
Opportunities
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Credit
Opportunities
Fund
17
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
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
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.
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
T.
ROWE
PRICE
Credit
Opportunities
Fund
18
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Credit
Opportunities
Fund
19
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
94,213
$
—
$
94,213
Bank
Loans
—
10,983
679
11,662
Common
Stocks
1,468
—
—
1,468
Convertible
Preferred
Stocks
—
—
164
164
Short-Term
Investments
960
—
—
960
Securities
Lending
Collateral
6,099
—
—
6,099
Total
Securities
8,527
105,196
843
114,566
Forward
Currency
Exchange
Contracts
—
5
—
5
Total
$
8,527
$
105,201
$
843
$
114,571
Liabilities
Swaps*
$
—
$
50
$
—
$
50
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.
ROWE
PRICE
Credit
Opportunities
Fund
20
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F105-054Q1
08/23