T.
ROWE
PRICE
Dynamic
Credit
Fund
March
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA
0.5%
Government
Bonds
0.5%
Republic
of
Angola,
8.00%,
11/26/29
(USD)
215,000
185
Total
Angola
(Cost
$178
)
185
BRAZIL
1.4%
Corporate
Bonds
1.4%
Globo
Comunicacao
e
Participacoes,
4.875%,
1/22/30
(USD) (1)(2)
620,000
494
Total
Brazil
(Cost
$600
)
494
CANADA
0.8%
Asset-Backed
Securities
0.5%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
250,000
171
171
Bank
Loans
0.3%
(3)
Jones
Deslauriers
Insurance
Management,
FRN,
3M
CAD
CDOR
+
4.25%,
9.27%,
3/27/28
137,552
100
100
Total
Canada
(Cost
$304
)
271
CHINA
2.5%
Convertible
Bonds
2.2%
H
World
Group,
3.00%,
5/1/26
(USD)
100,000
135
PDD
Holdings,
Zero
Coupon,
12/1/25
(USD)
275,000
264
Vnet
Group,
Zero
Coupon,
2/1/26
(USD)
490,000
390
789
Corporate
Bonds
0.3%
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (4)(5)
985,000
122
122
Total
China
(Cost
$1,081
)
911
T.
ROWE
PRICE
Dynamic
Credit
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
0.9%
Corporate
Bonds
0.9%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
380,000
311
311
Private
Investment
Company
0.0%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22,
Cost $13
(USD) (4)(6)
†
13
13
Total
Colombia
(Cost
$389
)
324
COSTA
RICA
1.4%
Corporate
Bonds
1.4%
Liberty
Costa
Rica
Senior
Secured
Finance,
10.875%,
1/15/31
(USD) (1)
515,000
485
Total
Costa
Rica
(Cost
$515
)
485
ECUADOR
0.7%
Government
Bonds
0.7%
Republic
of
Ecuador,
STEP,
5.50%,
7/31/30
(USD) (1)
495,000
233
Total
Ecuador
(Cost
$251
)
233
FRANCE
0.5%
Corporate
Bonds
0.5%
Societe
Generale,
VR,
8.00%
(USD) (7)(8)
200,000
187
Total
France
(Cost
$188
)
187
ISRAEL
2.0%
Corporate
Bonds
2.0%
Teva
Pharmaceutical
Finance
Netherlands
II,
7.375%,
9/15/29
(EUR)
155,000
170
Teva
Pharmaceutical
Finance
Netherlands
II,
7.875%,
9/15/31
(EUR)
100,000
112
Teva
Pharmaceutical
Finance
Netherlands
III,
7.875%,
9/15/29
(USD)
200,000
210
Teva
Pharmaceutical
Finance
Netherlands
III,
8.125%,
9/15/31
(USD) (2)
200,000
210
Total
Israel
(Cost
$672
)
702
T.
ROWE
PRICE
Dynamic
Credit
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
0.4%
Corporate
Bonds
0.4%
Intesa
Sanpaolo,
VR,
4.198%,
6/1/32
(USD) (1)(8)
200,000
146
Total
Italy
(Cost
$135
)
146
IVORY
COAST
0.7%
Government
Bonds
0.7%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
295,000
264
Total
Ivory
Coast
(Cost
$260
)
264
MAURITIUS
0.5%
Corporate
Bonds
0.5%
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
200,000
182
Total
Mauritius
(Cost
$200
)
182
MEXICO
4.3%
Corporate
Bonds
2.1%
Petroleos
Mexicanos,
6.70%,
2/16/32
(USD)
935,000
745
745
Government
Bonds
2.2%
Mexican
Bonos,
Series
M
20,
8.50%,
5/31/29
14,535,000
794
794
Total
Mexico
(Cost
$1,672
)
1,539
MOROCCO
0.6%
Government
Bonds
0.6%
Kingdom
of
Morocco,
6.50%,
9/8/33
(USD) (1)
210,000
217
Total
Morocco
(Cost
$208
)
217
PANAMA
1.4%
Government
Bonds
1.4%
Republic
of
Panama,
6.40%,
2/14/35
(USD)
200,000
209
Republic
of
Panama,
6.853%,
3/28/54
(USD)
290,000
298
Total
Panama
(Cost
$494
)
507
T.
ROWE
PRICE
Dynamic
Credit
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PERU
0.5%
Corporate
Bonds
0.5%
Consorcio
Transmantaro,
5.20%,
4/11/38
(USD) (1)
200,000
184
Total
Peru
(Cost
$200
)
184
SRI
LANKA
0.4%
Government
Bonds
0.4%
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (4)(5)
410,000
152
Total
Sri
Lanka
(Cost
$173
)
152
SURINAME
0.6%
Government
Bonds
0.6%
Republic
of
Suriname,
9.25%,
10/26/26
(USD) (2)(4)(5)
285,000
207
Total
Suriname
(Cost
$203
)
207
UNITED
KINGDOM
1.2%
Corporate
Bonds
1.2%
Barclays,
VR,
8.875% (7)(8)
400,000
444
Total
United
Kingdom
(Cost
$444
)
444
UNITED
STATES
71.3%
Asset-Backed
Securities
11.7%
Amur
Equipment
Finance
Receivables
X,
Series
2022-1A,
Class
E,
5.02%,
12/20/28 (1)
385,000
340
Applebee's
Funding,
Series
2023-1A,
Class
A2,
7.824%,
3/5/53 (1)
610,000
610
Blackbird
Capital
Aircraft
Lease
Securitization,
Series
2016-1A,
Class
A,
STEP,
4.213%,
12/16/41 (1)
324,962
291
Elara
HGV
Timeshare
Issuer,
Series
2019-A,
Class
C,
3.45%,
1/25/34 (1)
54,968
51
ExteNet,
Series
2019-1A,
Class
B,
4.14%,
7/26/49 (1)
240,000
229
FOCUS
Brands
Funding,
Series
2018-1,
Class
A2,
5.184%,
10/30/48 (1)
694,188
655
HPS
Loan
Management,
Series
11A-17,
Class
CR,
CLO,
FRN,
3M
USD
LIBOR
+
1.95%,
6.756%,
5/6/30 (1)
640,000
600
Octane
Receivables
Trust,
Series
2023-1A,
Class
D,
7.76%,
3/20/30 (1)
275,000
278
T.
ROWE
PRICE
Dynamic
Credit
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Octane
Receivables
Trust,
Series
2023-1A,
Class
E,
9.25%,
8/20/30 (1)
255,000
237
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-A,
Class
B,
5.281%,
5/15/32 (1)
204,079
200
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-B,
Class
D,
6.793%,
8/16/32 (1)
260,281
258
Sierra
Timeshare
Receivables
Funding,
Series
2021-1A,
Class
D,
3.17%,
11/20/37 (1)
252,111
231
Stonepeak
ABS,
Series
2021-1A,
Class
B,
3.821%,
2/28/33 (1)
249,046
214
4,194
Bank
Loans
9.9%
(3)
Asurion,
FRN,
1M
TSFR
+
4.25%,
9.157%,
8/19/28
561,811
520
Asurion,
FRN,
1M
USD
LIBOR
+
5.25%,
10.09%,
1/31/28
185,904
154
Diamond,
FRN,
3M
USD
LIBOR
+
2.75%,
7.575%,
9/29/28
266,625
265
Heartland
Dental,
FRN,
3M
USD
LIBOR
+
3.75%,
8.59%,
4/30/25
623,645
582
Magnite,
FRN,
1M
USD
LIBOR
+
5.00%,
9.909%,
4/28/28
985,973
942
Tacala
Investment,
FRN,
1M
USD
LIBOR
+
3.50%,
8.34%,
2/5/27
347,208
340
William
Morris
Endeavor
Entertainment,
FRN,
3M
USD
LIBOR
+
2.75%,
7.60%,
5/18/25
750,327
743
3,546
Common
Stocks
0.0%
Altera
Infrastructure,
Acquisition
Date:
1/19/23,
Cost $7 (4)(6)(9)
274
7
Bluescape
Opportunities
Acquisition,
Warrants,
1/31/26 (4)
46,500
6
Eucrates
Biomedical
Acquisition,
Warrants,
12/14/25 (4)
15,931
1
14
Convertible
Preferred
Stocks
0.6%
2020
Cash
Mandatory
Exchangeable
Trust,
5.25%,
6/1/23 (1)
200
233
233
Corporate
Bonds
27.8%
At
Home
Group,
4.875%,
7/15/28 (1)(2)
210,000
142
Blackstone
Mortgage
Trust,
3.75%,
1/15/27 (1)
345,000
270
Calpine,
3.75%,
3/1/31 (1)
760,000
640
Carnival,
4.00%,
8/1/28 (1)
430,000
370
Comstock
Resources,
5.875%,
1/15/30 (1)
205,000
175
CSC
Holdings,
6.50%,
2/1/29 (1)
305,000
252
DISH
Network,
11.75%,
11/15/27 (1)
775,000
745
Duke
Energy
Indiana,
5.40%,
4/1/53
295,000
301
Hightower
Holding,
6.75%,
4/15/29 (1)
230,000
195
Humana,
5.50%,
3/15/53
320,000
324
Huntington
Bancshares,
2.625%,
8/6/24
315,000
294
iHeartCommunications,
4.75%,
1/15/28 (1)(2)
470,000
374
Kilroy
Realty,
3.45%,
12/15/24
115,000
106
T.
ROWE
PRICE
Dynamic
Credit
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LCPR
Senior
Secured
Financing,
5.125%,
7/15/29 (1)(2)
400,000
334
Level
3
Financing,
3.875%,
11/15/29 (1)
250,000
179
Micron
Technology,
5.875%,
2/9/33
705,000
713
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)
720,000
659
NRG
Energy,
7.00%,
3/15/33 (1)
705,000
731
Sabre
GLBL,
7.375%,
9/1/25 (1)
250,000
222
Sabre
GLBL,
9.25%,
4/15/25 (1)
20,000
19
Simon
Property
Group,
5.85%,
3/8/53
615,000
613
Sirius
XM
Radio,
3.875%,
9/1/31 (1)
975,000
758
Southern
California
Edison,
5.70%,
3/1/53
175,000
182
Stagwell
Global,
5.625%,
8/15/29 (1)
395,000
346
Teekay
Offshore
Partners,
EC,
8.50%,
7/15/23 (1)(4)(9)
155,000
6
Townsquare
Media,
6.875%,
2/1/26 (1)(2)
520,000
490
Venture
Global
Calcasieu
Pass,
3.875%,
8/15/29 (1)
165,000
148
Venture
Global
Calcasieu
Pass,
4.125%,
8/15/31 (1)
135,000
118
Vistra,
VR,
7.00% (1)(7)(8)
100,000
88
Vistra,
VR,
8.00% (1)(7)(8)
170,000
158
9,952
Municipal
Securities
5.4%
Colorado
HFA,
Covenant
Living
Community,
Series
B,
4.48%,
12/1/40
235,000
198
Illinois,
Build
America,
Series
4,
GO,
7.10%,
7/1/35
150,000
165
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series
B,
Zero
Coupon,
6/1/46
25,000
3
Port
Beaumont
Navigation
Dist.,
Series
B,
6.00%,
1/1/25 (1)
210,000
198
Puerto
Rico
Commonwealth,
GO,
11/1/43 (10)
968,891
421
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/24
14,020
13
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/33
53,960
31
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/33
41,930
38
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/35
37,689
33
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/37
32,347
27
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/41
43,980
36
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/46
45,738
36
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.25%,
7/1/23
23,414
23
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.375%,
7/1/25
46,698
47
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/27
46,276
48
T.
ROWE
PRICE
Dynamic
Credit
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/29
45,524
47
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.75%,
7/1/31
44,217
47
Puerto
Rico
Electric
Power
Auth.,
Build
America,
5.95%,
7/1/30 (4)(11)
40,000
28
Puerto
Rico
Electric
Power
Auth.,
Build
America,
6.05%,
7/1/32 (4)(11)
150,000
103
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46
260,000
241
Tobacco
Settlement
Fin.
Auth.,
Series
B,
4.875%,
6/1/49
105,000
95
Tobacco
Settlement
Fin.
Auth.,
Series
B,
Zero
Coupon,
6/1/47
460,000
41
1,919
Non-U.S.
Government
Mortgage-Backed
Securities
15.9%
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2021-
JACX,
Class
D,
ARM,
1M
USD
LIBOR
+
2.75%,
7.434%,
9/15/38 (1)
395,000
345
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2021-
JACX,
Class
E,
ARM,
1M
USD
LIBOR
+
3.75%,
8.434%,
9/15/38 (1)
100,000
84
Barclays
Commercial
Mortgage
Trust,
Series
2019-BWAY,
Class
E,
ARM,
1M
TSFR
+
2.964%,
7.791%,
11/15/34 (1)
120,000
52
BFLD,
Series
2019-DPLO,
Class
F,
ARM,
1M
TSFR
+
2.654%,
7.481%,
10/15/34 (1)
83,000
80
BX
Commercial
Mortgage
Trust,
Series
2019-IMC,
Class
E,
ARM,
1M
USD
LIBOR
+
2.15%,
6.834%,
4/15/34 (1)
150,000
142
BX
Trust,
Series
2021-VIEW,
Class
F,
ARM,
1M
USD
LIBOR
+
3.93%,
8.614%,
6/15/36 (1)
145,000
129
CAFL,
Series
2021-RTL1,
Class
A2,
CMO,
STEP,
3.104%,
3/28/29 (1)
620,000
563
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65C,
ARM,
4.123%,
5/15/52 (1)
115,000
94
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (1)
70,000
63
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
E,
ARM,
4.198%,
8/10/47 (1)
165,000
133
Connecticut
Avenue
Securities
Trust,
Series
2022-R03,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.10%,
6.66%,
3/25/42 (1)
222,089
222
Connecticut
Avenue
Securities
Trust,
Series
2022-R04,
Class
1M2,
CMO,
ARM,
SOFR30A
+
3.10%,
7.66%,
3/25/42 (1)
45,000
45
Credit
Suisse
Mortgage
Trust,
Series
2020-TMIC,
Class
C,
ARM,
1M
USD
LIBOR
+
7.25%,
11.934%,
12/15/35 (1)
100,000
98
Finance
of
America
HECM
Buyout,
Series
2022-HB1,
Class
M3,
ARM,
5.084%,
2/25/32 (1)
390,000
344
Great
Wolf
Trust,
Series
2019-WOLF,
Class
F,
ARM,
1M
USD
LIBOR
+
3.131%,
8.072%,
12/15/36 (1)
170,000
162
Imperial
Fund
Mortgage
Trust,
Series
2023-NQM1,
Class
M1,
CMO,
ARM,
8.265%,
2/25/68 (1)
450,000
431
T.
ROWE
PRICE
Dynamic
Credit
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
D,
ARM,
4.675%,
3/10/50 (1)
220,000
158
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.80%,
6.36%,
11/25/41 (1)
295,000
280
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
3.75%,
8.31%,
2/25/42 (1)
560,000
539
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA3,
Class
M1B,
CMO,
ARM,
SOFR30A
+
2.90%,
7.46%,
4/25/42 (1)
145,000
144
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-HQA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
5.35%,
9.91%,
8/25/42 (1)
150,000
147
Verus
Securitization
Trust,
Series
2021-2,
Class
M1,
CMO,
ARM,
2.187%,
2/25/66 (1)
150,000
103
Verus
Securitization
Trust,
Series
2022-4,
Class
A2,
CMO,
ARM,
4.74%,
4/25/67 (1)
257,523
244
Verus
Securitization
Trust,
Series
2023-1,
Class
A3,
CMO,
STEP,
6.90%,
12/25/67 (1)
509,609
509
Verus
Securitization
Trust,
Series
2023-INV1,
Class
M1,
CMO,
ARM,
7.656%,
2/25/68 (1)
600,000
588
5,699
Total
United
States
(Cost
$26,865
)
25,557
SHORT-TERM
INVESTMENTS
4.3%
Money
Market
Funds
2.2%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (12)(13)
777,641
778
778
U.S.
Treasury
Obligations
2.1%
U.S.
Treasury
Bills,
3.419%,
4/4/23
750,000
749
749
Total
Short-Term
Investments
(Cost
$1,527)
1,527
SECURITIES
LENDING
COLLATERAL
4.9%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
1.0%
Money
Market
Funds
1.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (12)(13)
371,236
371
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
371
T.
ROWE
PRICE
Dynamic
Credit
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
3.9%
Money
Market
Funds
3.9%
T.
Rowe
Price
Government
Reserve
Fund,
4.82% (12)(13)
1,384,515
1,385
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
1,385
Total
Securities
Lending
Collateral
(Cost
$1,756)
1,756
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.3%
OTC
Options
Purchased
0.3%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
30
Year
Interest
Rate
Swap,
7/10/53
Pay
Fixed
2.66%
Annually,
Receive
Variable
4.87%
(SOFR)
Annually,
7/6/23
@
2.66%* (4)
1
1,280
86
Morgan
Stanley
S&P
500
Index,
Put,
5/19/23
@
$3,650.00 (4)
27
11,095
38
Total
Options
Purchased
(Cost
$222)
124
Total
Investments
in
Securities
102.1%
(Cost
$38,537)
$
36,598
Other
Assets
Less
Liabilities
(2.1)%
(756)
Net
Assets
100.0%
$
35,842
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
†
Investment
fund
is
not
unitized.
*
Exercise
Spread
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$20,166
and
represents
56.3%
of
net
assets.
T.
ROWE
PRICE
Dynamic
Credit
Fund
10
.
.
.
.
.
.
.
.
.
.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2023.
(3)
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.
(4)
Non-income
producing
(5)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(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
$20
and
represents
0.1%
of
net
assets.
(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)
Level
3
in
fair
value
hierarchy.
(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)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(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
CAD
CDOR
Three
month
CAD
CDOR
(Canadian
Dollar
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
COP
Colombian
Peso
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
T.
ROWE
PRICE
Dynamic
Credit
Fund
11
.
.
.
.
.
.
.
.
.
.
FRN
Floating
Rate
Note
GBP
British
Pound
GBP
SONIA
Sterling
Overnight
Index
Average
GO
General
Obligation
HFA
Health
Facility
Authority
IDR
Indonesian
Rupiah
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PHP
Philippines
Peso
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
T.
ROWE
PRICE
Dynamic
Credit
Fund
12
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.3)%
Exchange-Traded
Options
Written
(0.1)%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
Notes
two
year
contracts,
Call,
5/26/23
@
$105.00
26
5,368
(6)
U.S.
Treasury
Notes
two
year
contracts,
Put,
5/26/23
@
$103.00
26
5,368
(22)
Total
Exchange-Traded
Options
Written
(Premiums
$(41))
$
(28)
OTC
Options
Written
(0.2)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
S&P
500
Index,
Put,
5/19/23
@
$4,000.00
9
3,698
(55)
Total
OTC
Options
Written
(Premiums
$(132))
$
(55)
Total
Options
Written
(Premiums
$(173))
$
(83)
T.
ROWE
PRICE
Dynamic
Credit
Fund
13
(Amounts
in
000s)
SWAPS
(4.1)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(4.1)%
Credit
Default
Swaps,
Protection
Bought
(1.8)%
Egypt
0.2%
Citibank,
Protection
Bought
(Relevant
Credit:
Arab
Republic
of
Egypt),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/24
(USD)
290
51
29
22
Total
Egypt
29
22
United
States
(2.0)%
Bank
of
America,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S37,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/21/26
1,350
(139)
(140)
1
Citibank,
Protection
Bought
(Relevant
Credit:
Avis
Budget
Car
Rental),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
750
(33)
20
(53)
Citibank,
Protection
Bought
(Relevant
Credit:
Avis
Budget
Group),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
325
(14)
(14)
—
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S37,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
4,850
(498)
(100)
(398)
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Post
Holdings),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
55
(7)
(7)
—
Goldman
Sachs,
Protection
Bought
(Relevant
Credit:
Post
Holdings),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
106
(13)
(12)
(1)
Total
United
States
(253)
(451)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(224)
(429)
Credit
Default
Swaps,
Protection
Sold
(2.0)%
United
Kingdom
(0.0)%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Jaguar
Land
Rover
Automotive,
B1*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(EUR)
*
210
—
(16)
16
Total
United
Kingdom
(16)
16
T.
ROWE
PRICE
Dynamic
Credit
Fund
14
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
United
States
(2.0)%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Carnival
,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
1,100
(360)
(392)
32
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Carnival
,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
1,100
(360)
(398)
38
Total
United
States
(790)
70
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(806)
86
Total
Return
Swaps
(0.3)%
United
States
(0.3)%
JPMorgan
Chase,
Pay
Underlying
Reference:
Apple
at
Maturity,
Receive
Variable
4.116%
(SOFR
+
(0.55)%)
at
Maturity,
6/20/23
1,399
(29)
—
(29)
JPMorgan
Chase,
Pay
Underlying
Reference:
Carnival
at
Maturity,
Receive
Variable
3.924%
(SOFR
+
(0.75)%)
at
Maturity,
6/20/23
862
(10)
—
(10)
JPMorgan
Chase,
Pay
Underlying
Reference:
Carnival
at
Maturity,
Receive
Variable
4.077%
(SOFR
+
(0.75)%)
at
Maturity,
6/20/23
866
(6)
—
(6)
JPMorgan
Chase,
Pay
Underlying
Reference:
Goodyear
Tire
&
Rubber
at
Maturity,
Receive
Variable
3.866%
(SOFR
+
(0.80)%)
at
Maturity,
6/20/23
618
(16)
—
(16)
JPMorgan
Chase,
Pay
Underlying
Reference:
Halliburton
at
Maturity,
Receive
Variable
4.166%
(SOFR
+
(0.50)%)
at
Maturity,
6/20/23
416
4
—
4
JPMorgan
Chase,
Pay
Underlying
Reference:
Macy's
Retail
Holdings
at
Maturity,
Receive
Variable
4.046%
(SOFR
+
(0.62)%)
at
Maturity,
6/20/23
1,329
(28)
—
(28)
JPMorgan
Chase,
Pay
Underlying
Reference:
MPT
Operating
Partnership
at
Maturity,
Receive
Variable
4.016%
(SOFR
+
(0.65)%)
at
Maturity,
6/20/23
633
(9)
—
(9)
Total
United
States
—
(94)
Total
Bilateral
Total
Return
Swaps
—
(94)
Total
Bilateral
Swaps
(1,030)
(437)
T.
ROWE
PRICE
Dynamic
Credit
Fund
15
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
France
0.2%
Protection
Bought
(Relevant
Credit:
Altice
Finco),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
740
84
90
(6)
Total
France
(6)
United
States
(0.2)%
Protection
Bought
(Relevant
Credit:
American
Axle
&
Manufacturing),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
1,050
6
(4)
10
Protection
Bought
(Relevant
Credit:
Apache),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/27
700
15
35
(20)
Protection
Bought
(Relevant
Credit:
Citigroup),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
720
(3)
1
(4)
Protection
Bought
(Relevant
Credit:
ConocoPhillips),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/27
635
(14)
(11)
(3)
Protection
Bought
(Relevant
Credit:
Delta
Air
Lines),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
335
(32)
(6)
(26)
Protection
Bought
(Relevant
Credit:
Iron
Mountain),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
485
(62)
(59)
(3)
Protection
Bought
(Relevant
Credit:
Marriott
International),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
1,650
(26)
(1)
(25)
Protection
Bought
(Relevant
Credit:
Murphy
Oil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
745
39
49
(10)
Protection
Bought
(Relevant
Credit:
Tesla),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/26
640
5
25
(20)
Protection
Bought
(Relevant
Credit:
Wells
Fargo),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
719
(3)
(3)
—
Total
United
States
(101)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(107)
T.
ROWE
PRICE
Dynamic
Credit
Fund
16
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Credit
Default
Swaps,
Protection
Sold
0.4%
United
States
0.4%
Protection
Sold
(Relevant
Credit:
DISH
DBS,
B3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
215
(58)
(41)
(17)
Protection
Sold
(Relevant
Credit:
FedEx,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
240
4
3
1
Protection
Sold
(Relevant
Credit:
Goodyear
Tire
&
Rubber,
B2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
925
49
34
15
Protection
Sold
(Relevant
Credit:
Macy's,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
1,585
(157)
(163)
6
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S37,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
7,202
231
(108)
339
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
3,718
50
10
40
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S39,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
1,534
19
9
10
Total
United
States
394
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
394
Interest
Rate
Swaps
(0.4)%
United
Kingdom
(0.1)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.639%
Annually,
Pay
Variable
4.177%
(GBP
SONIA)
Annually,
3/21/28
3,300
(27)
—
(27)
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.226%
Annually,
Receive
Variable
4.177%
(GBP
SONIA)
Annually,
3/21/53
815
(4)
—
(4)
Total
United
Kingdom
(31)
United
States
(0.3)%
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.350%
Annually,
Receive
Variable
4.612%
(SOFR)
Annually,
2/8/33
705
(8)
—
(8)
T.
ROWE
PRICE
Dynamic
Credit
Fund
17
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.740%
Annually,
Receive
Variable
4.642%
(SOFR)
Annually,
3/3/33
219
(10)
—
(10)
10
Year
Interest
Rate
Swap,
Pay
Fixed
3.824%
Annually,
Receive
Variable
4.651%
(SOFR)
Annually,
3/7/33
650
(34)
—
(34)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.988%
Annually,
Receive
Variable
4.830%
(SOFR)
Annually,
3/24/53
220
(1)
—
(1)
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.276%
Annually,
Receive
Variable
4.637%
(SOFR)
Annually,
3/3/53
435
(27)
—
(27)
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.301%
Annually,
Receive
Variable
4.642%
(SOFR)
Annually,
3/3/53
474
(32)
—
(32)
Total
United
States
(112)
Total
Centrally
Cleared
Interest
Rate
Swaps
(143)
Total
Centrally
Cleared
Swaps
144
Net
payments
(receipts)
of
variation
margin
to
date
(125)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
19
*
Credit
ratings
as
of
March
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.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(1).
T.
ROWE
PRICE
Dynamic
Credit
Fund
18
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/6/23
INR
103,215
USD
1,255
$
—
Bank
of
America
4/21/23
AUD
1,330
USD
889
—
Bank
of
America
4/21/23
CAD
1,185
USD
892
(15)
Bank
of
America
4/21/23
NOK
3,690
USD
358
(5)
Bank
of
America
4/21/23
USD
352
CAD
475
—
Bank
of
America
4/21/23
USD
884
JPY
116,665
3
Bank
of
America
5/19/23
EUR
643
USD
701
(2)
Bank
of
America
5/19/23
USD
222
GBP
181
(2)
Bank
of
America
7/7/23
USD
1,248
INR
103,215
(2)
Bank
of
America
7/14/23
USD
802
MXN
14,748
—
Barclays
Bank
4/14/23
USD
351
ZAR
6,535
(16)
Barclays
Bank
4/20/23
ILS
1,275
USD
373
(18)
Barclays
Bank
5/19/23
USD
347
EUR
325
(7)
Barclays
Bank
5/19/23
USD
352
GBP
295
(12)
BNP
Paribas
4/21/23
JPY
17,476
USD
137
(5)
BNP
Paribas
4/21/23
USD
175
NOK
1,865
(3)
BNP
Paribas
5/19/23
USD
80
EUR
75
(1)
Canadian
Imperial
Bank
of
Commerce
4/14/23
USD
365
ZAR
6,685
(9)
Canadian
Imperial
Bank
of
Commerce
4/21/23
CAD
850
USD
628
1
Canadian
Imperial
Bank
of
Commerce
4/21/23
USD
1,035
CAD
1,381
13
Canadian
Imperial
Bank
of
Commerce
4/21/23
USD
349
CAD
475
(3)
Canadian
Imperial
Bank
of
Commerce
4/21/23
USD
347
NOK
3,590
4
Citibank
4/6/23
USD
1,600
INR
131,445
1
Citibank
4/20/23
ILS
2,400
USD
707
(39)
Citibank
4/20/23
USD
350
ILS
1,225
9
Citibank
4/21/23
JPY
38,107
USD
302
(13)
Citibank
5/5/23
CLP
289,285
USD
364
(1)
Citibank
5/19/23
USD
436
EUR
410
(10)
Deutsche
Bank
4/21/23
JPY
14,407
USD
113
(4)
HSBC
Bank
4/6/23
INR
28,230
USD
344
(1)
HSBC
Bank
4/14/23
ZAR
13,220
USD
726
16
HSBC
Bank
5/19/23
GBP
295
USD
360
4
JPMorgan
Chase
4/21/23
CAD
945
USD
710
(10)
JPMorgan
Chase
4/21/23
CHF
330
USD
354
7
JPMorgan
Chase
4/21/23
JPY
116,675
USD
901
(19)
JPMorgan
Chase
4/21/23
NZD
1,135
USD
708
2
JPMorgan
Chase
4/21/23
USD
885
AUD
1,335
(8)
JPMorgan
Chase
4/21/23
USD
569
CAD
785
(12)
JPMorgan
Chase
4/21/23
USD
188
NOK
2,000
(3)
T.
ROWE
PRICE
Dynamic
Credit
Fund
19
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
JPMorgan
Chase
5/19/23
GBP
350
USD
428
$
5
JPMorgan
Chase
5/19/23
USD
270
EUR
248
—
JPMorgan
Chase
5/19/23
USD
922
GBP
767
(25)
Morgan
Stanley
4/21/23
USD
48
NZD
75
1
Morgan
Stanley
6/9/23
COP
1,698,965
USD
358
1
RBC
Dominion
Securities
4/21/23
AUD
890
USD
623
(28)
RBC
Dominion
Securities
4/21/23
CAD
865
USD
639
1
RBC
Dominion
Securities
4/21/23
NOK
3,765
USD
362
(2)
RBC
Dominion
Securities
4/21/23
NZD
330
USD
214
(8)
RBC
Dominion
Securities
4/21/23
USD
1,031
CAD
1,381
10
RBC
Dominion
Securities
4/21/23
USD
625
JPY
80,670
15
RBC
Dominion
Securities
4/21/23
USD
338
NZD
530
6
RBC
Dominion
Securities
5/19/23
EUR
1,010
USD
1,092
6
Standard
Chartered
4/6/23
IDR
2,700,900
USD
178
2
Standard
Chartered
4/6/23
USD
338
IDR
5,236,495
(11)
Standard
Chartered
4/21/23
USD
530
NZD
860
(8)
Standard
Chartered
5/19/23
USD
362
EUR
340
(8)
UBS
Investment
Bank
4/6/23
IDR
2,535,595
USD
167
2
UBS
Investment
Bank
4/20/23
USD
700
ILS
2,450
18
UBS
Investment
Bank
4/21/23
JPY
10,645
USD
84
(3)
UBS
Investment
Bank
4/21/23
USD
626
AUD
890
31
UBS
Investment
Bank
5/19/23
USD
274
EUR
255
(3)
UBS
Investment
Bank
6/9/23
PHP
29,890
USD
543
7
UBS
Investment
Bank
6/9/23
USD
544
PHP
29,890
(6)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(157)
T.
ROWE
PRICE
Dynamic
Credit
Fund
20
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
36
Three
Month
SOFR
Futures
contracts
3/24
(8,613)
$
18
Short,
28
Euro
BUND
contracts
6/23
(4,125)
1
Short,
22
Mini
ten
year
JGB
contracts
6/23
(2,449)
12
Short,
17
U.S.
Treasury
Long
Bond
contracts
6/23
(2,230)
27
Short,
29
U.S.
Treasury
Notes
five
year
contracts
6/23
(3,176)
(94)
Long,
18
U.S.
Treasury
Notes
ten
year
contracts
6/23
2,069
58
Long,
14
Ultra
U.S.
Treasury
Bonds
contracts
6/23
1,976
13
Long,
38
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/23
4,603
20
Net
payments
(receipts)
of
variation
margin
to
date
(46)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
9
T.
ROWE
PRICE
Dynamic
Credit
Fund
21
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
March
31,
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,
4.82%
$
—
$
—
$
16++
Totals
$
—#
$
—
$
16+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/22
Purchase
Cost
Sales
Cost
Value
03/31/23
T.
Rowe
Price
Government
Reserve
Fund,
4.82%
$
2,776
¤
¤
$
2,534
Total
$
2,534^
#
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
$16
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
$2,534.
T.
ROWE
PRICE
Dynamic
Credit
Fund
Unaudited
Notes
to
Portfolio
of
Investments
22
T.
Rowe
Price
Dynamic
Credit
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Dynamic
Credit
Fund
23
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
T.
ROWE
PRICE
Dynamic
Credit
Fund
24
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Dynamic
Credit
Fund
25
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
2023
(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
$
—
$
18,977
$
—
$
18,977
Common
Stocks
—
7
7
14
Convertible
Preferred
Stocks
—
233
—
233
Corporate
Bonds
—
13,948
6
13,954
Private
Investment
Company
2
—
—
—
13
Short-Term
Investments
778
749
—
1,527
Securities
Lending
Collateral
1,756
—
—
1,756
Options
Purchased
—
124
—
124
Total
Securities
2,534
34,038
13
36,598
Swaps*
—
476
—
476
Forward
Currency
Exchange
Contracts
—
165
—
165
Futures
Contracts*
149
—
—
149
Total
$
2,683
$
34,679
$
13
$
37,388
Liabilities
Options
Written
$
28
$
55
$
—
$
83
Swaps*
—
1,799
—
1,799
Forward
Currency
Exchange
Contracts
—
322
—
322
Futures
Contracts*
94
—
—
94
Total
$
122
$
2,176
$
—
$
2,298
1
Includes
Asset-Backed
Securities,
Bank
Loans,
Convertible
Bonds,
Government
Bonds,
Municipal
Securities
and
Non-U.S.
Government
Mortgage-Backed
Securities.
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
unit
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
T.
ROWE
PRICE
Dynamic
Credit
Fund
26
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.
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.
F1175-054Q1
03/23
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.