T.
ROWE
PRICE
Credit
Opportunities
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(Amounts
in
000s)
‡
BANK
LOANS
8.2%
(1)
Airlines
0.2%
Mileage
Plus
Holdings,
FRN,
3M
TSFR
+
5.25%,
10.77%,
6/21/27
354
364
364
Broadcasting
0.3%
Clear
Channel
Outdoor
Holdings,
FRN,
3M
TSFR
+
3.50%,
9.074%,
8/21/26 (2)
479
477
Nielsen
Holdings,
FRN,
3M
TSFR
+
9.75%,
15.173%,
10/11/29 (3)
85
83
560
Energy
0.2%
Prairie
ECI
Acquiror,
FRN,
1M
USD
LIBOR
+
4.75%,
8/1/29 (2)
250
248
248
Health
Care
0.6%
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
8.671%,
5/10/27
815
806
LifePoint
Health,
FRN,
1M
TSFR
+
5.50%,
11.087%,
11/16/28
180
180
986
Information
Technology
1.9%
Applied
Systems,
FRN,
1M
TSFR
+
3.50%,
2/24/31 (2)
445
447
Applied
Systems,
FRN,
1M
TSFR
+
5.25%,
2/23/32 (2)
564
576
Boxer
Parent,
FRN,
1M
TSFR
+
4.25%,
12/29/28 (2)
468
469
Cloud
Software
Group,
FRN,
1M
TSFR
+
4.50%,
3/30/29 (2)
239
237
Delta
Topco,
FRN,
3M
TSFR
+
7.25%,
12.621%,
12/1/28
205
204
Epicor
Software,
FRN,
1M
TSFR
+
3.25%,
7/30/27 (2)
260
261
RealPage,
FRN,
1M
TSFR
+
3.00%,
4/24/28 (2)
160
156
RealPage,
FRN,
1M
TSFR
+
6.50%,
11.941%,
4/23/29 (2)
795
788
3,138
Manufacturing
0.9%
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
6.00%,
11.61%,
5/21/29 (4)
365
356
Engineered
Machinery
Holdings,
FRN,
3M
TSFR
+
6.50%,
12.11%,
5/21/29 (4)
250
244
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.941%,
9/6/25 (2)
646
636
LTI
Holdings,
FRN,
1M
TSFR
+
4.75%,
10.191%,
7/24/26
152
149
LTI
Holdings,
FRN,
1M
TSFR
+
6.75%,
12.191%,
9/6/26
138
127
1,512
Retail
0.1%
At
Home
Group,
FRN,
1M
TSFR
+
4.25%,
9.69%,
7/24/28
178
86
86
Services
1.8%
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
11.176%,
12/10/29
710
682
TK
Elevator
U.S.
Newco,
FRN,
6M
TSFR
+
3.50%,
7/30/27 (2)
395
395
UKG,
FRN,
3M
TSFR
+
5.25%,
10.68%,
5/3/27
1,758
1,773
2,850
T.
ROWE
PRICE
Credit
Opportunities
Fund
2
Par/Shares
$
Value
(Amounts
in
000s)
‡
Wireless
Communications
2.2%
Asurion,
FRN,
1M
TSFR
+
3.25%,
8.691%,
12/23/26
587
584
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.691%,
1/31/28
1,936
1,844
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.691%,
1/20/29
1,180
1,111
3,539
Total
Bank
Loans
(Cost
$13,328)
13,283
COMMON
STOCKS
0.7%
Health
Care
0.4%
Avantor (3)
14
345
Becton
Dickinson
&
Company
1
318
663
Manufacturing
0.1%
Danaher
1
268
268
Metals
&
Mining
0.2%
Constellium (3)
16
307
307
Total
Common
Stocks
(Cost
$939)
1,238
CONVERTIBLE
BONDS
0.1%
Automotive
0.1%
Rivian
Automotive,
4.625%,
3/15/29 (5)
155
126
Total
Convertible
Bonds
(Cost
$162)
126
CORPORATE
BONDS
85.0%
Aerospace
&
Defense
2.4%
TransDigm,
6.625%,
3/1/32 (5)
1,680
1,693
TransDigm,
6.75%,
8/15/28 (5)
530
535
TransDigm,
6.875%,
12/15/30 (5)
1,080
1,094
TransDigm,
7.125%,
12/1/31 (5)
450
461
TransDigm,
7.50%,
3/15/27
100
100
3,883
Airlines
0.5%
American
Airlines,
5.50%,
4/20/26 (5)
323
319
American
Airlines,
5.75%,
4/20/29 (5)
350
342
Mileage
Plus
Holdings,
6.50%,
6/20/27 (5)
91
91
United
Airlines,
4.625%,
4/15/29 (5)
110
101
853
T.
ROWE
PRICE
Credit
Opportunities
Fund
3
Par/Shares
$
Value
(Amounts
in
000s)
‡
Automotive
6.4%
Adient
Global
Holdings,
8.25%,
4/15/31 (5)
695
730
Clarios
Global,
6.75%,
5/15/28 (5)
160
161
Clarios
Global,
8.50%,
5/15/27 (5)
695
697
Dana
Financing
Luxembourg,
8.50%,
7/15/31
(EUR) (5)
653
773
Ford
Motor,
6.10%,
8/19/32
660
659
Ford
Motor,
9.625%,
4/22/30
240
281
Ford
Motor
Credit,
7.35%,
11/4/27
650
676
Ford
Motor
Credit,
7.35%,
3/6/30
250
264
Global
Auto
Holdings,
8.75%,
1/15/32 (5)
230
218
Goodyear
Tire
&
Rubber,
5.00%,
7/15/29
162
149
Goodyear
Tire
&
Rubber,
5.25%,
7/15/31
405
364
Goodyear
Tire
&
Rubber,
5.625%,
4/30/33
370
329
Rivian
Holdings,
FRN,
6M
USD
LIBOR
+
5.625%,
11.493%,
10/15/26 (5)
2,234
2,128
Tenneco,
8.00%,
11/17/28 (5)
1,105
1,005
Wand
NewCo
3,
7.625%,
1/30/32 (5)
1,135
1,163
ZF
North
America
Capital,
6.875%,
4/14/28 (5)
300
306
ZF
North
America
Capital,
7.125%,
4/14/30 (5)
450
467
10,370
Broadcasting
3.7%
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (5)
145
136
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (5)
710
587
Clear
Channel
Outdoor
Holdings,
7.75%,
4/15/28 (5)(6)
550
476
Clear
Channel
Outdoor
Holdings,
9.00%,
9/15/28 (5)
665
692
CMG
Media,
8.875%,
12/15/27 (5)
670
425
iHeartCommunications,
8.375%,
5/1/27 (6)
256
153
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (5)
375
352
Outfront
Media
Capital,
7.375%,
2/15/31 (5)
235
244
Sirius
XM
Radio,
4.00%,
7/15/28 (5)
85
77
Sirius
XM
Radio,
5.00%,
8/1/27 (5)
665
633
Sirius
XM
Radio,
5.50%,
7/1/29 (5)
330
312
Stagwell
Global,
5.625%,
8/15/29 (5)
905
801
Townsquare
Media,
6.875%,
2/1/26 (5)
137
132
Univision
Communications,
7.375%,
6/30/30 (5)
400
386
Univision
Communications,
8.00%,
8/15/28 (5)
580
582
5,988
Building
&
Real
Estate
1.0%
Brookfield
Residential
Properties,
6.25%,
9/15/27 (5)
250
243
Cushman
&
Wakefield
U.S.
Borrower,
6.75%,
5/15/28 (5)
305
299
Cushman
&
Wakefield
U.S.
Borrower,
8.875%,
9/1/31 (5)
125
131
Howard
Hughes,
4.125%,
2/1/29 (5)
295
261
Howard
Hughes,
5.375%,
8/1/28 (5)
660
620
1,554
T.
ROWE
PRICE
Credit
Opportunities
Fund
4
Par/Shares
$
Value
(Amounts
in
000s)
‡
Building
Products
1.0%
Advanced
Drainage
Systems,
6.375%,
6/15/30 (5)
225
225
Builders
FirstSource,
6.375%,
6/15/32 (5)
103
103
Builders
FirstSource,
6.375%,
3/1/34 (5)
300
299
New
Enterprise
Stone
&
Lime,
5.25%,
7/15/28 (5)
365
349
Summit
Materials,
7.25%,
1/15/31 (5)
660
683
1,659
Cable
Operators
6.6%
Altice
Financing,
5.00%,
1/15/28 (5)
1,005
887
Altice
Financing,
9.625%,
7/15/27 (5)
1,100
1,103
Altice
France,
8.125%,
2/1/27 (5)
200
183
Altice
France
Holding,
6.00%,
2/15/28 (5)
815
399
Altice
France
Holding,
10.50%,
5/15/27 (5)
1,585
1,006
C&W
Senior
Financing,
6.875%,
9/15/27 (5)
365
344
CCO
Holdings,
4.50%,
8/15/30 (5)
405
336
CCO
Holdings,
4.50%,
6/1/33 (5)
200
154
CCO
Holdings,
4.75%,
2/1/32 (5)
300
242
CCO
Holdings,
6.375%,
9/1/29 (5)
1,652
1,547
CCO
Holdings,
7.375%,
3/1/31 (5)
975
941
CSC
Holdings,
5.50%,
4/15/27 (5)
200
179
CSC
Holdings,
6.50%,
2/1/29 (5)
545
473
CSC
Holdings,
7.50%,
4/1/28 (5)
625
442
CSC
Holdings,
11.75%,
1/31/29 (5)
790
826
DISH
DBS,
5.125%,
6/1/29
130
55
DISH
DBS,
5.25%,
12/1/26 (5)
990
790
DISH
DBS,
5.75%,
12/1/28 (5)
116
80
DISH
DBS,
7.75%,
7/1/26
1,305
829
10,816
Chemicals
1.8%
Avient,
7.125%,
8/1/30 (5)
375
382
Axalta
Coating
Systems
Dutch
Holding
B,
7.25%,
2/15/31 (5)
370
384
Celanese
U.S.
Holdings,
6.55%,
11/15/30
300
311
Celanese
U.S.
Holdings,
6.70%,
11/15/33
625
656
Kobe
U.S.
Midco
2,
(9.25%
Cash
or
10.00%
PIK),
9.25%,
11/1/26 (5)(7)
152
129
Methanex,
5.125%,
10/15/27
82
78
Methanex,
5.25%,
12/15/29
120
114
Methanex,
5.65%,
12/1/44
108
92
Windsor
Holdings
III,
8.50%,
6/15/30 (5)
760
785
2,931
Consumer
Products
0.8%
Acushnet,
7.375%,
10/15/28 (5)
300
309
Life
Time,
5.75%,
1/15/26 (5)
372
367
Life
Time,
8.00%,
4/15/26 (5)
455
459
Wolverine
World
Wide,
4.00%,
8/15/29 (5)
195
156
1,291
T.
ROWE
PRICE
Credit
Opportunities
Fund
5
Par/Shares
$
Value
(Amounts
in
000s)
‡
Container
0.8%
Ardagh
Metal
Packaging
Finance
USA,
6.00%,
6/15/27 (5)
560
548
Ball,
6.00%,
6/15/29
800
801
1,349
Energy
11.8%
Aethon
United
BR,
8.25%,
2/15/26 (5)
645
648
Antero
Resources,
5.375%,
3/1/30 (5)
115
109
Antero
Resources,
7.625%,
2/1/29 (5)
290
299
Archrock
Partners,
6.25%,
4/1/28 (5)
145
142
Chesapeake
Energy,
5.50%,
2/1/26 (5)
135
134
Chesapeake
Energy,
5.875%,
2/1/29 (5)
150
148
Chesapeake
Energy,
6.75%,
4/15/29 (5)
305
306
Comstock
Resources,
6.75%,
3/1/29 (5)
816
753
Crescent
Energy
Finance,
9.25%,
2/15/28 (5)
1,080
1,127
Ferrellgas,
5.375%,
4/1/26 (5)
520
515
Gulfport
Energy,
8.00%,
5/17/26 (5)
155
157
Hilcorp
Energy
I,
6.00%,
2/1/31 (5)
466
449
Hilcorp
Energy
I,
8.375%,
11/1/33 (5)
1,210
1,296
Kinetik
Holdings,
5.875%,
6/15/30 (5)
705
686
Kinetik
Holdings,
6.625%,
12/15/28 (5)
507
513
Magnolia
Oil
&
Gas
Operating,
6.00%,
8/1/26 (5)
920
902
Matador
Resources,
5.875%,
9/15/26
193
191
NGL
Energy
Operating,
8.125%,
2/15/29 (5)
330
332
NGL
Energy
Operating,
8.375%,
2/15/32 (5)
305
310
NuStar
Logistics,
5.625%,
4/28/27
167
164
NuStar
Logistics,
6.00%,
6/1/26
300
296
Permian
Resources
Operating,
9.875%,
7/15/31 (5)
553
612
Prairie
Acquiror,
9.00%,
8/1/29 (5)
300
302
Range
Resources,
4.75%,
2/15/30 (5)(6)
335
311
Range
Resources,
8.25%,
1/15/29
130
135
Rockcliff
Energy
II,
5.50%,
10/15/29 (5)
140
128
Seadrill
Finance,
8.375%,
8/1/30 (5)
1,220
1,254
SilverBow
Resources,
FRN,
3M
TSFR
+
7.75%,
13.135%,
12/15/28 (5)
565
552
Solaris
Midstream
Holdings,
7.625%,
4/1/26 (5)
165
165
Southwestern
Energy,
4.75%,
2/1/32
370
336
Southwestern
Energy,
5.375%,
3/15/30
195
186
Tallgrass
Energy
Partners,
6.00%,
3/1/27 (5)
370
364
Tallgrass
Energy
Partners,
6.00%,
12/31/30 (5)
300
279
Tallgrass
Energy
Partners,
7.375%,
2/15/29 (5)
765
761
Tallgrass
Energy
Partners,
7.50%,
10/1/25 (5)
185
186
Transocean,
6.80%,
3/15/38
290
226
Transocean,
8.75%,
2/15/30 (5)
185
190
Transocean,
11.50%,
1/30/27 (5)
335
350
Transocean
Aquila,
8.00%,
9/30/28 (5)
240
244
T.
ROWE
PRICE
Credit
Opportunities
Fund
6
Par/Shares
$
Value
(Amounts
in
000s)
‡
Venture
Global
Calcasieu
Pass,
6.25%,
1/15/30 (5)
850
848
Venture
Global
LNG,
8.125%,
6/1/28 (5)
540
548
Venture
Global
LNG,
8.375%,
6/1/31 (5)
1,165
1,178
Venture
Global
LNG,
9.50%,
2/1/29 (5)
590
629
19,261
Entertainment
&
Leisure
4.2%
Carnival,
7.00%,
8/15/29 (5)
435
450
Carnival,
7.625%,
3/1/26 (5)
525
530
Carnival,
10.50%,
6/1/30 (5)
1,250
1,360
Cedar
Fair,
6.50%,
10/1/28
740
738
Churchill
Downs,
5.75%,
4/1/30 (5)
455
437
Cinemark
USA,
5.25%,
7/15/28 (5)(6)
280
261
Live
Nation
Entertainment,
4.75%,
10/15/27 (5)
580
554
Royal
Caribbean
Cruises,
5.50%,
4/1/28 (5)
230
226
Royal
Caribbean
Cruises,
6.25%,
3/15/32 (5)
215
216
Royal
Caribbean
Cruises,
8.25%,
1/15/29 (5)
525
557
Royal
Caribbean
Cruises,
9.25%,
1/15/29 (5)
280
300
SeaWorld
Parks
&
Entertainment,
5.25%,
8/15/29 (5)
365
340
Six
Flags
Entertainment,
7.25%,
5/15/31 (5)
860
864
6,833
Financial
10.3%
Acrisure,
8.25%,
2/1/29 (5)
375
370
Acrisure,
10.125%,
8/1/26 (5)
518
539
AG
TTMT
Escrow
Issuer,
8.625%,
9/30/27 (5)
335
344
Alliant
Holdings
Intermediate,
6.75%,
10/15/27 (5)
1,260
1,219
Alliant
Holdings
Intermediate,
7.00%,
1/15/31 (5)
705
700
AmWINS
Group,
4.875%,
6/30/29 (5)
265
244
AssuredPartners,
7.50%,
2/15/32 (5)
678
666
Enact
Holdings,
6.50%,
8/15/25 (5)
915
913
GTCR
AP
Finance,
8.00%,
5/15/27 (5)
165
165
HUB
International,
5.625%,
12/1/29 (5)
180
167
HUB
International,
7.25%,
6/15/30 (5)
1,085
1,104
HUB
International,
7.375%,
1/31/32 (5)
2,045
2,050
Jones
Deslauriers
Insurance
Management,
8.50%,
3/15/30 (5)
669
695
Jones
Deslauriers
Insurance
Management,
10.50%,
12/15/30 (5)
1,795
1,871
Midcap
Financial
Issuer
Trust,
5.625%,
1/15/30 (5)
200
170
Midcap
Financial
Issuer
Trust,
6.50%,
5/1/28 (5)
530
485
Navient,
5.50%,
3/15/29
960
868
Navient,
5.625%,
8/1/33
230
187
Navient,
9.375%,
7/25/30
585
611
Navient,
11.50%,
3/15/31
755
826
OneMain
Finance,
9.00%,
1/15/29
2,190
2,299
Osaic
Holdings,
10.75%,
8/1/27 (5)(6)
210
217
16,710
T.
ROWE
PRICE
Credit
Opportunities
Fund
7
Par/Shares
$
Value
(Amounts
in
000s)
‡
Food
1.0%
B&G
Foods,
5.25%,
9/15/27
435
404
BellRing
Brands,
7.00%,
3/15/30 (5)
340
347
Chobani,
7.625%,
7/1/29 (5)
370
372
Darling
Ingredients,
6.00%,
6/15/30 (5)
465
456
1,579
Forest
Products
0.2%
Cascades,
5.125%,
1/15/26 (5)
260
253
253
Gaming
3.2%
Caesars
Entertainment,
6.50%,
2/15/32 (5)
410
411
Caesars
Entertainment,
7.00%,
2/15/30 (5)
810
827
Caesars
Entertainment,
8.125%,
7/1/27 (5)
820
838
CCM
Merger,
6.375%,
5/1/26 (5)
235
232
Churchill
Downs,
6.75%,
5/1/31 (5)
510
509
International
Game
Technology,
6.25%,
1/15/27 (5)
420
420
Light
&
Wonder
International,
7.00%,
5/15/28 (5)
145
146
Light
&
Wonder
International,
7.25%,
11/15/29 (5)
540
551
Light
&
Wonder
International,
7.50%,
9/1/31 (5)
300
312
Ontario
Gaming
GTA,
8.00%,
8/1/30 (5)
505
516
Scientific
Games
Holdings,
6.625%,
3/1/30 (5)
355
333
Wynn
Resorts
Finance,
5.125%,
10/1/29 (5)
200
188
5,283
Health
Care
4.4%
AthenaHealth
Group,
6.50%,
2/15/30 (5)
385
345
Avantor
Funding,
4.625%,
7/15/28 (5)
215
203
Bausch
+
Lomb,
8.375%,
10/1/28 (5)
570
594
CHS,
5.25%,
5/15/30 (5)
175
139
CHS,
6.00%,
1/15/29 (5)
205
175
CHS,
8.00%,
3/15/26 (5)
93
92
CHS,
8.00%,
12/15/27 (5)
320
306
IQVIA,
6.50%,
5/15/30 (5)
200
203
LifePoint
Health,
9.875%,
8/15/30 (5)
137
142
LifePoint
Health,
11.00%,
10/15/30 (5)
654
690
Medline
Borrower,
5.25%,
10/1/29 (5)
360
333
MPT
Operating
Partnership,
0.993%,
10/15/26
(EUR)
420
353
RegionalCare
Hospital
Partners
Holdings,
9.75%,
12/1/26 (5)
423
421
Select
Medical,
6.25%,
8/15/26 (5)
530
529
Tenet
Healthcare,
6.125%,
10/1/28
290
287
Tenet
Healthcare,
6.125%,
6/15/30
310
307
Tenet
Healthcare,
6.875%,
11/15/31
290
297
Teva
Pharmaceutical
Finance
Netherlands
III,
4.75%,
5/9/27
240
228
Teva
Pharmaceutical
Finance
Netherlands
III,
5.125%,
5/9/29
245
231
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
595
634
T.
ROWE
PRICE
Credit
Opportunities
Fund
8
Par/Shares
$
Value
(Amounts
in
000s)
‡
Teva
Pharmaceutical
Finance
Netherlands
III,
8.125%,
9/15/31
665
720
7,229
Information
Technology
4.5%
Boxer
Parent,
7.125%,
10/2/25 (5)
180
180
Boxer
Parent,
9.125%,
3/1/26 (5)
450
450
Central
Parent,
7.25%,
6/15/29 (5)
1,075
1,080
Central
Parent,
8.00%,
6/15/29 (5)
600
615
Cloud
Software
Group,
9.00%,
9/30/29 (5)
2,175
2,020
Entegris,
5.95%,
6/15/30 (5)
1,460
1,427
Gen
Digital,
6.75%,
9/30/27 (5)
440
442
Gen
Digital,
7.125%,
9/30/30 (5)(6)
417
425
Match
Group
Holdings
II,
4.625%,
6/1/28 (5)
305
286
Match
Group
Holdings
II,
5.625%,
2/15/29 (5)
115
110
McAfee,
7.375%,
2/15/30 (5)
280
247
7,282
Lodging
0.2%
Hilton
Domestic
Operating,
4.875%,
1/15/30
180
171
Hilton
Domestic
Operating,
5.75%,
5/1/28 (5)
165
164
335
Manufacturing
0.1%
EMRLD
Borrower,
6.625%,
12/15/30 (5)
210
210
210
Metals
&
Mining
2.9%
Arsenal
AIC
Parent,
8.00%,
10/1/30 (5)
505
529
Arsenal
AIC
Parent,
11.50%,
10/1/31 (5)
365
401
ATI,
5.125%,
10/1/31
235
215
ATI,
5.875%,
12/1/27
480
470
ATI,
7.25%,
8/15/30
380
389
Carpenter
Technology,
7.625%,
3/15/30
1,085
1,119
GrafTech
Finance,
4.625%,
12/15/28 (5)
431
283
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (5)(6)
460
365
Hecla
Mining,
7.25%,
2/15/28
300
298
Hudbay
Minerals,
6.125%,
4/1/29 (5)
120
118
TMS
International,
6.25%,
4/15/29 (5)
630
546
4,733
Real
Estate
Investment
Trust
Securities
1.4%
Service
Properties
Trust,
7.50%,
9/15/25
285
288
Service
Properties
Trust,
8.625%,
11/15/31 (5)
1,810
1,909
2,197
Restaurants
0.3%
Dave
&
Buster's,
7.625%,
11/1/25 (5)
535
539
539
Retail
1.0%
At
Home
Group,
4.875%,
7/15/28 (5)
125
53
Bath
&
Body
Works,
6.625%,
10/1/30 (5)
315
317
T.
ROWE
PRICE
Credit
Opportunities
Fund
9
Par/Shares
$
Value
(Amounts
in
000s)
‡
Bath
&
Body
Works,
6.75%,
7/1/36 (6)
265
260
Bath
&
Body
Works,
6.95%,
3/1/33
115
111
Bath
&
Body
Works,
9.375%,
7/1/25 (5)
150
156
PetSmart,
7.75%,
2/15/29 (5)
255
252
QVC,
4.45%,
2/15/25 (6)
405
393
1,542
Satellites
0.9%
Connect
Finco,
6.75%,
10/1/26 (5)
960
942
Intelsat
Jackson
Holdings,
6.50%,
3/15/30 (5)
340
314
Viasat,
7.50%,
5/30/31 (5)
340
239
1,495
Services
6.5%
Albion
Financing
1,
6.125%,
10/15/26 (5)
290
286
Albion
Financing
2,
8.75%,
4/15/27 (5)
475
476
Allied
Universal
Holdco,
6.00%,
6/1/29 (5)(6)
940
777
Allied
Universal
Holdco,
7.875%,
2/15/31 (5)
302
299
Allied
Universal
Holdco,
9.75%,
7/15/27 (5)
780
775
eG
Global
Finance,
12.00%,
11/30/28 (5)
380
398
GFL
Environmental,
6.75%,
1/15/31 (5)
400
409
GTCR
W-2
Merger,
7.50%,
1/15/31 (5)
1,180
1,230
Presidio
Holdings,
8.25%,
2/1/28 (5)
605
596
Prime
Security
Services
Borrower,
5.75%,
4/15/26 (5)
185
183
Prime
Security
Services
Borrower,
6.25%,
1/15/28 (5)
240
237
Ritchie
Bros
Holdings,
6.75%,
3/15/28 (5)
140
143
Ritchie
Bros
Holdings,
7.75%,
3/15/31 (5)
293
307
TK
Elevator
Holdco,
6.625%,
7/15/28
(EUR)
725
752
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27 (5)
890
850
UKG,
6.875%,
2/1/31 (5)
2,790
2,821
10,539
Transportation
0.4%
Watco,
6.50%,
6/15/27 (5)
694
677
677
Utilities
6.6%
Calpine,
5.00%,
2/1/31 (5)
295
264
Calpine,
5.125%,
3/15/28 (5)
400
378
HAT
Holdings
I,
8.00%,
6/15/27 (5)
743
770
NRG
Energy,
VR,
10.25% (5)(8)(9)
99
105
PG&E,
5.00%,
7/1/28
358
341
PG&E,
5.25%,
7/1/30 (6)
615
578
Talen
Energy
Supply,
8.625%,
6/1/30 (5)
1,442
1,518
Terraform
Global
Operating,
6.125%,
3/1/26 (5)
555
547
Vistra,
VR,
7.00% (5)(8)(9)
1,971
1,905
Vistra,
VR,
8.00% (5)(8)(9)
2,684
2,684
Vistra,
Series C,
VR,
8.875% (5)(8)(9)
1,070
1,086
Vistra
Operations,
7.75%,
10/15/31 (5)
565
583
T.
ROWE
PRICE
Credit
Opportunities
Fund
10
Par/Shares
$
Value
(Amounts
in
000s)
‡
10,759
Wireless
Communications
0.1%
U.S.
Cellular,
6.70%,
12/15/33
239
235
235
Total
Corporate
Bonds
(Cost
$139,421)
138,385
MUNICIPAL
SECURITIES
0.7%
Puerto
Rico
0.7%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (10)
1,936
1,133
Total
Municipal
Securities
(Cost
$1,077)
1,133
SHORT-TERM
INVESTMENTS
7.4%
Money
Market
Funds
7.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (11)(12)
11,995
11,995
Total
Short-Term
Investments
(Cost
$11,995)
11,995
SECURITIES
LENDING
COLLATERAL
2.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
2.0%
Money
Market
Funds
2.0%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (11)(12)
3,243
3,243
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
3,243
Total
Securities
Lending
Collateral
(Cost
$3,243)
3,243
Total
Investments
in
Securities
104.1%
(Cost
$170,165)
$
169,403
Other
Assets
Less
Liabilities
(4.1)%
(6,663)
Net
Assets
100.0%
$
162,740
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)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
29,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Non-income
producing
(4)
Level
3
in
fair
value
hierarchy.
(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
$116,456
and
represents
71.6%
of
net
assets.
(6)
All
or
a
portion
of
this
security
is
on
loan
at
February
29,
2024.
(7)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(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)
Perpetual
security
with
no
stated
maturity
date.
(10)
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.
(11)
Seven-day
yield
(12)
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)
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
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
12
(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,
Ca*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
216
(39)
(8)
(31)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(31)
Total
Centrally
Cleared
Swaps
(31)
Net
payments
(receipts)
of
variation
margin
to
date
31
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
—
*
Credit
ratings
as
of
February
29,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Credit
Opportunities
Fund
13
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
5/24/24
USD
193
EUR
179
$
(1)
State
Street
5/24/24
USD
1,655
EUR
1,530
(4)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(5)
T.
ROWE
PRICE
Credit
Opportunities
Fund
14
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
29,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
—
$
—
$
260++
Totals
$
—#
$
—
$
260+
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
02/29/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
3,016
¤
¤
$
15,238
Total
$
15,238^
#
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
$260
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
$15,238.
T.
ROWE
PRICE
Credit
Opportunities
Fund
Unaudited
Notes
to
Portfolio
of
Investments
15
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)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Credit
Opportunities
Fund
16
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
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,
T.
ROWE
PRICE
Credit
Opportunities
Fund
17
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.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
29,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
139,644
$
—
$
139,644
Bank
Loans
—
12,683
600
13,283
Common
Stocks
1,238
—
—
1,238
Short-Term
Investments
11,995
—
—
11,995
Securities
Lending
Collateral
3,243
—
—
3,243
Total
$
16,476
$
152,327
$
600
$
169,403
Liabilities
Swaps*
$
—
$
31
$
—
$
31
Forward
Currency
Exchange
Contracts
—
5
—
5
Total
$
—
$
36
$
—
$
36
1
Includes
Convertible
Bonds,
Corporate
Bonds
and
Municipal
Securities.
T.
ROWE
PRICE
Credit
Opportunities
Fund
18
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F105-054Q3
02/24
*
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.