T.
ROWE
PRICE
Dynamic
Credit
Fund
March
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA
1.5%
Government
Bonds
1.5%
Republic
of
Angola,
8.75%,
4/14/32
(USD)
14,725,000
13,572
Total
Angola
(Cost
$12,894
)
13,572
AUSTRALIA
1.5%
Corporate
Bonds
1.5%
Mineral
Resources,
9.25%,
10/1/28
(USD) (1)
12,788,000
13,459
Total
Australia
(Cost
$12,900
)
13,459
BRAZIL
2.8%
Corporate
Bonds
2.8%
Braskem
Netherlands
Finance,
7.25%,
2/13/33
(USD) (2)
14,415,000
13,875
Raizen
Fuels
Finance,
6.45%,
3/5/34
(USD) (1)
5,910,000
6,067
Raizen
Fuels
Finance,
6.95%,
3/5/54
(USD) (1)
5,490,000
5,656
Total
Brazil
(Cost
$24,308
)
25,598
CANADA
0.5%
Asset-Backed
Securities
0.0%
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (1)
250,000
172
172
Corporate
Bonds
0.5%
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25
(USD) (1)
4,900,000
4,670
4,670
Total
Canada
(Cost
$4,852
)
4,842
CHINA
2.2%
Convertible
Bonds
2.2%
H
World
Group,
3.00%,
5/1/26
(USD)
12,190,000
14,049
Li
Auto,
0.25%,
5/1/28
(USD)
4,604,000
5,782
19,831
Corporate
Bonds
0.0%
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (3)(4)
985,000
23
23
Total
China
(Cost
$20,695
)
19,854
T.
ROWE
PRICE
Dynamic
Credit
Fund
2
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COLOMBIA
1.7%
Corporate
Bonds
1.0%
Aris
Mining,
6.875%,
8/9/26
(USD) (1)
380,000
343
Ecopetrol,
8.375%,
1/19/36
(USD)
8,370,000
8,454
8,797
Government
Bonds
0.7%
Republic
of
Colombia,
8.75%,
11/14/53
(USD)
6,360,000
6,925
6,925
Private
Investment
Company
0.0%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/1/22
-
12/22/23,
Cost $0
(USD) (4)(5)
†
1
Bona
Fide
Investments
Feeder
LLC,
Acquisition
date:
6/7/23,
Cost $16
(USD) (4)(5)
†
21
22
Total
Colombia
(Cost
$14,945
)
15,744
EGYPT
1.6%
Government
Bonds
1.6%
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
24.998%,
6/25/24
228,500,000
4,564
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
26.918%,
12/24/24
261,575,000
4,626
Arab
Republic
of
Egypt,
Treasury
Bills,
Series
364D,
30.00%,
9/17/24
264,125,000
4,959
Total
Egypt
(Cost
$14,028
)
14,149
FRANCE
1.4%
Corporate
Bonds
1.4%
Altice
France
Holding,
10.50%,
5/15/27
(USD) (1)
14,003,000
5,251
Societe
Generale,
VR,
10.00%
(USD) (1)(6)(7)
6,880,000
7,293
Total
France
(Cost
$15,419
)
12,544
GHANA
1.6%
Corporate
Bonds
1.6%
Kosmos
Energy,
7.125%,
4/4/26
(USD)
14,745,000
14,521
Total
Ghana
(Cost
$14,002
)
14,521
T.
ROWE
PRICE
Dynamic
Credit
Fund
3
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ITALY
3.0%
Corporate
Bonds
3.0%
Golden
Goose,
FRN,
3M
EURIBOR
+
4.875%,
8.776%,
5/14/27
13,939,000
15,114
Intesa
Sanpaolo,
7.80%,
11/28/53
(USD) (1)
11,280,000
12,732
Total
Italy
(Cost
$26,042
)
27,846
IVORY
COAST
3.2%
Government
Bonds
3.2%
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
295,000
295
Republic
of
Ivory
Coast,
6.125%,
6/15/33
(USD) (2)
16,224,000
14,671
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (1)
6,540,000
6,501
Republic
of
Ivory
Coast,
8.25%,
1/30/37
(USD) (1)
7,360,000
7,399
Total
Ivory
Coast
(Cost
$27,418
)
28,866
LUXEMBOURG
1.6%
Bank
Loans
0.3%
(8)
Travelport
Finance,
FRN,
3M
TSFR
+
8.26%,
13.564%,
9/29/28
(USD)
2,758,424
2,564
2,564
Corporate
Bonds
1.3%
Altice
Financing,
9.625%,
7/15/27
(USD) (1)
12,476,000
11,933
11,933
Total
Luxembourg
(Cost
$14,993
)
14,497
MAURITIUS
0.6%
Corporate
Bonds
0.6%
Axian
Telecom,
7.375%,
2/16/27
(USD) (1)
200,000
194
Axian
Telecom,
7.375%,
2/16/27
(USD)
5,500,000
5,343
Total
Mauritius
(Cost
$5,188
)
5,537
MEXICO
4.7%
Corporate
Bonds
4.6%
BBVA
Bancomer,
VR,
8.125%,
1/8/39
(USD) (1)(7)
13,695,000
14,197
Braskem
Idesa
SAPI,
6.99%,
2/20/32
(USD) (2)
6,060,000
4,708
Metalsa,
3.75%,
5/4/31
(USD) (1)
6,195,000
5,027
Petroleos
Mexicanos,
6.70%,
2/16/32
(USD)
700,000
583
Petroleos
Mexicanos,
10.00%,
2/7/33
(USD) (2)
7,304,000
7,279
T.
ROWE
PRICE
Dynamic
Credit
Fund
4
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Sixsigma
Networks
Mexico,
7.50%,
5/2/25
(USD)
10,920,000
10,533
42,327
Government
Bonds
0.1%
United
Mexican
States,
Series
M,
7.75%,
11/13/42
21,390,000
1,093
1,093
Total
Mexico
(Cost
$41,256
)
43,420
MONTENEGRO
0.6%
Government
Bonds
0.6%
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (1)(2)
5,210,000
5,308
Total
Montenegro
(Cost
$5,210
)
5,308
NETHERLANDS
0.0%
Corporate
Bonds
0.0%
Boost
Newco
Borrower,
8.50%,
1/15/31
(GBP) (1)
155,000
211
Total
Netherlands
(Cost
$192
)
211
PANAMA
1.2%
Government
Bonds
1.2%
Republic
of
Panama,
7.50%,
3/1/31
(USD)
3,960,000
4,115
Republic
of
Panama,
7.875%,
3/1/57
(USD)
1,690,000
1,712
Republic
of
Panama,
8.00%,
3/1/38
(USD)
4,760,000
4,998
Total
Panama
(Cost
$10,338
)
10,825
ROMANIA
0.6%
Corporate
Bonds
0.6%
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (7)
4,929,000
5,646
Total
Romania
(Cost
$5,389
)
5,646
SENEGAL
1.0%
Government
Bonds
1.0%
Republic
of
Senegal,
6.25%,
5/23/33
(USD) (2)
10,745,000
9,185
Total
Senegal
(Cost
$9,239
)
9,185
T.
ROWE
PRICE
Dynamic
Credit
Fund
5
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SLOVENIA
0.6%
Corporate
Bonds
0.6%
Nova
Ljubljanska
Banka,
VR,
7.125%,
6/27/27 (2)(7)
4,800,000
5,471
Total
Slovenia
(Cost
$5,175
)
5,471
SPAIN
2.7%
Corporate
Bonds
2.7%
Banco
Bilbao
Vizcaya
Argentaria,
VR,
9.375%
(USD) (6)(7)
11,890,000
12,707
Banco
Bilbao
Vizcaya
Argentaria,
Series
9,
VR,
6.50%
(USD) (6)
(7)
2,400,000
2,367
Cirsa
Finance
International,
4.50%,
3/15/27
157,000
166
Cirsa
Finance
International,
6.50%,
3/15/29 (1)
3,365,000
3,713
Cirsa
Finance
International,
FRN,
3M
EURIBOR
+
4.50%,
8.412%,
7/31/28 (1)
5,200,000
5,705
Total
Spain
(Cost
$23,462
)
24,658
SRI
LANKA
0.0%
Government
Bonds
0.0%
Republic
of
Sri
Lanka,
6.85%,
11/3/25
(USD) (3)(4)
410,000
246
Total
Sri
Lanka
(Cost
$173
)
246
SURINAME
0.0%
Government
Bonds
0.0%
Republic
of
Suriname,
7.95%,
7/15/33,
(4.95%
Cash
and
3.00%
PIK)
(USD) (1)(9)
271,463
249
Republic
of
Suriname,
VR,
9.00%,
12/31/50
(USD) (1)
130,000
96
Total
Suriname
(Cost
$266
)
345
UKRAINE
0.6%
Corporate
Bonds
0.6%
Kernel
Holding,
6.50%,
10/17/24
(USD)
5,745,000
5,162
Total
Ukraine
(Cost
$5,278
)
5,162
T.
ROWE
PRICE
Dynamic
Credit
Fund
6
Par/Shares
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
4.1%
Bank
Loans
1.5%
(8)
CD&R
Firefly
Bidco,
FRN,
3M
EURIBOR
+
4.50%,
3/1/29
(EUR) (10)
6,420,000
6,882
CD&R
Firefly
Bidco,
FRN,
USD
LIBOR
+
5.75%,
3/1/29 (10)
4,670,000
5,846
ZPG,
FRN,
GBP
SONIA
+
6.00%,
11.191%,
7/31/28
1,250,000
1,572
14,300
Convertible
Bonds
0.1%
Immunocore
Holdings,
2.50%,
2/1/30
(USD) (1)
553,000
577
577
Corporate
Bonds
2.5%
Connect
Finco,
6.75%,
10/1/26
(USD) (1)
635,000
622
Pinnacle
Bidco,
8.25%,
10/11/28
(EUR) (1)
3,600,000
4,052
Vmed
O2
U.K.
Financing
I,
7.75%,
4/15/32
(USD) (1)
18,250,000
18,296
22,970
Total
United
Kingdom
(Cost
$37,326
)
37,847
UNITED
STATES
54.5%
Asset-Backed
Securities
10.1%
Auxilior
Term
Funding,
Series
2023-1A,
Class
E,
10.97%,
12/15/32 (1)
6,770,000
6,789
Bayview
Opportunity
Master
Fund
VII,
Series
2024-CAR1,
Class
E,
FRN,
SOFR30A
+
3.60%,
10.32%,
12/26/31 (1)
3,183,000
3,183
Blackbird
Capital
Aircraft
Lease
Securitization,
Series
2016-1A,
Class
A,
STEP,
4.213%,
12/16/41 (1)
217,017
214
Driven
Brands
Funding,
Series
2018-1A,
Class
A2,
4.739%,
4/20/48 (1)
2,525,900
2,480
Driven
Brands
Funding,
Series
2019-2A,
Class
A2,
3.981%,
10/20/49 (1)
3,576,263
3,364
Elara
HGV
Timeshare
Issuer,
Series
2019-A,
Class
C,
3.45%,
1/25/34 (1)
38,878
37
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
D,
10.10%,
2/25/38 (1)
168,405
172
Equify
ABS,
Series
2023-1A,
Class
A,
7.20%,
9/15/31 (1)
5,879,689
5,892
ExteNet,
Series
2019-1A,
Class
B,
4.14%,
7/25/49 (1)
240,000
237
FOCUS
Brands
Funding,
Series
2017-1A,
Class
A2II,
5.093%,
4/30/47 (1)
2,107,450
2,043
FOCUS
Brands
Funding,
Series
2023-2,
Class
A2,
8.241%,
10/30/53 (1)
8,907,675
9,456
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (1)
1,266,300
1,254
T.
ROWE
PRICE
Dynamic
Credit
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Hardee's
Funding,
Series
2020-1A,
Class
A2,
3.981%,
12/20/50 (1)
1,170,241
1,054
Hardee's
Funding,
Series
2021-1A,
Class
A2,
2.865%,
6/20/51 (1)
1,225,350
1,041
Hardee's
Funding,
Series
2024-1A,
Class
A2,
7.253%,
3/20/54 (1)
9,910,000
9,993
Jamestown
VI,
Series
2018-6RA,
Class
C,
CLO,
FRN,
3M
TSFR
+
3.262%,
8.586%,
4/25/30 (1)
2,980,000
2,941
MVW,
Series
2023-2A,
Class
D,
9.33%,
11/20/40 (1)
5,567,353
5,643
Octane
Receivables
Trust,
Series
2023-1A,
Class
E,
9.25%,
8/20/30 (1)
255,000
255
Post
Road
Equipment
Finance,
Series
2024-1A,
Class
E,
8.50%,
12/15/31 (1)
3,338,000
3,209
Progress
Residential
Trust,
Series
2020-SFR3,
Class
F,
2.796%,
10/17/27 (1)
130,000
122
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2023-A,
Class
E,
10.068%,
6/15/33 (1)
152,056
154
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2023-B,
Class
E,
8.408%,
12/15/33 (1)
2,500,000
2,514
SEB
Funding,
Series
2024-1A,
Class
A2,
7.386%,
4/30/54 (1)
14,435,000
14,435
Sierra
Timeshare
Receivables
Funding,
Series
2021-1A,
Class
D,
3.17%,
11/20/37 (1)
158,967
149
Sierra
Timeshare
Receivables
Funding,
Series
2023-3A,
Class
D,
9.44%,
9/20/40 (1)
4,771,401
4,801
Sierra
Timeshare
Receivables
Funding,
Series
2024-1A,
Class
D,
8.02%,
1/20/43 (1)
2,300,000
2,293
Stonepeak
ABS,
Series
2021-1A,
Class
B,
3.821%,
2/28/33 (1)
173,003
157
Ziply
Fiber
Issuer,
Series
2024-1A,
Class
A2,
6.64%,
4/20/54 (1)
8,735,000
8,733
92,615
Bank
Loans
13.0%
(8)
Asurion,
FRN,
1M
TSFR
+
4.25%,
9.677%,
8/19/28
19,734,333
19,014
Asurion,
FRN,
1M
TSFR
+
5.25%,
10.692%,
1/31/28
185,904
167
Boxer
Parent,
FRN,
1M
TSFR
+
4.25%,
9.58%,
12/29/28
6,797,963
6,836
Caesars
Entertainment,
FRN,
1M
TSFR
+
2.75%,
8.04%,
2/6/31
14,150,000
14,150
Chromalloy,
FRN,
1M
USD
LIBOR
+
3.75%,
3/21/31 (10)
13,990,000
13,932
Cloud
Software
Group,
FRN,
1M
TSFR
+
4.50%,
9.909%,
3/30/29
4,318,103
4,295
Cloud
Software
Group,
FRN,
3M
TSFR
+
4.50%,
9.909%,
9/29/28
6,463,341
6,432
CMG
Media,
FRN,
3M
TSFR
+
3.50%,
8.909%,
12/17/26
1,458,731
1,268
Ellucian
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.93%,
10/9/29
6,460,912
6,485
Fleet
Midco
I,
FRN,
1M
TSFR
+
3.25%,
8.58%,
2/21/31 (11)
2,520,000
2,520
LTI
Holdings,
FRN,
1M
TSFR
+
3.50%,
8.945%,
9/6/25
6,743,340
6,673
NGL
Energy
Operating,
FRN,
1M
TSFR
+
4.50%,
9.83%,
2/3/31
3,415,000
3,422
Radiate
Holdco,
FRN,
1M
TSFR
+
3.25%,
8.695%,
9/25/26 (10)
11,425,778
9,533
Summit
Materials,
FRN,
1M
TSFR
+
2.50%,
7.826%,
1/12/29
5,535,000
5,558
T.
ROWE
PRICE
Dynamic
Credit
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Talen
Energy
Supply,
FRN,
1M
TSFR
+
4.50%,
9.826%,
5/17/30
2,946,161
2,955
Talen
Energy
Supply,
FRN,
1M
TSFR
+
4.50%,
9.826%,
5/17/30
7,185,252
7,207
Vistra
Zero
Operating,
FRN,
1M
USD
LIBOR
+
2.75%,
3/20/31 (10)
7,580,000
7,580
William
Morris
Endeavor
Entertainment,
FRN,
1M
TSFR
+
2.75%,
8.195%,
5/18/25
730,044
729
118,756
Common
Stocks
4.5%
Ally
Financial
244,858
9,939
Altera
Infrastructure,
Acquisition
Date:
1/19/23,
Cost $13 (4)(5)
(11)
639
18
Domino's
Pizza
16,369
8,133
GoDaddy,
Class
A (4)
53,775
6,382
Microsoft
21,733
9,144
Samsara,
Class
A (4)
192,083
7,259
Toll
Brothers
64
8
40,883
Convertible
Bonds
2.6%
Kobold
Metals,
Acquisition
date:
3/6/24,
Cost $3,705,
2/26/25 (4)(5)(11)
3,705,000
3,705
Neurocrine
Biosciences,
2.25%,
5/15/24
1,472,000
2,660
Royal
Caribbean
Cruises,
6.00%,
8/15/25
3,495,000
9,922
Wolfspeed,
0.25%,
2/15/28
981,000
570
Wolfspeed,
1.875%,
12/1/29
12,535,000
7,054
23,911
Convertible
Preferred
Stocks
1.0%
Apollo
Global
Management,
6.75%,
7/31/26
145,932
9,275
9,275
Corporate
Bonds
20.0%
Allied
Universal
Holdco,
4.625%,
6/1/28 (1)
5,457,000
4,966
At
Home
Group,
4.875%,
7/15/28 (1)
210,000
96
Carnival,
4.00%,
8/1/28 (1)
430,000
400
Civitas
Resources,
8.625%,
11/1/30 (1)
2,295,000
2,461
Clear
Channel
Outdoor
Holdings,
5.125%,
8/15/27 (1)(2)
9,460,000
8,904
Clear
Channel
Outdoor
Holdings,
7.50%,
6/1/29 (1)(2)
8,330,000
6,872
Clear
Channel
Outdoor
Holdings,
7.875%,
4/1/30 (1)
3,830,000
3,811
Cloud
Software
Group,
9.00%,
9/30/29 (1)(2)
7,175,000
6,852
CSC
Holdings,
11.75%,
1/31/29 (1)
6,765,000
6,774
DISH
DBS,
5.25%,
12/1/26 (1)
9,430,000
7,426
DISH
DBS,
7.75%,
7/1/26
6,145,000
4,086
GrafTech
Global
Enterprises,
9.875%,
12/15/28 (1)
769,000
571
HAT
Holdings
I,
8.00%,
6/15/27 (1)
7,999,000
8,329
Level
3
Financing,
10.50%,
5/15/30 (1)
4,700,000
4,806
LifePoint
Health,
9.875%,
8/15/30 (1)
610,000
637
T.
ROWE
PRICE
Dynamic
Credit
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
LifePoint
Health,
11.00%,
10/15/30 (1)
13,920,000
14,877
Navient,
11.50%,
3/15/31
13,445,000
14,890
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (1)
17,130,000
16,166
NGL
Energy
Operating,
8.125%,
2/15/29 (1)
3,235,000
3,308
NGL
Energy
Operating,
8.375%,
2/15/32 (1)
4,790,000
4,910
Scientific
Games
Holdings,
6.625%,
3/1/30 (1)
4,300,000
4,139
Stagwell
Global,
5.625%,
8/15/29 (1)(2)
14,480,000
13,104
Starwood
Property
Trust,
7.25%,
4/1/29 (1)
11,780,000
11,839
Talen
Energy
Supply,
8.625%,
6/1/30 (1)
310,000
332
Tenneco,
8.00%,
11/17/28 (1)
23,270,000
21,234
Townsquare
Media,
6.875%,
2/1/26 (1)(2)
395,000
385
Univision
Communications,
7.375%,
6/30/30 (1)(2)
4,045,000
3,984
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
120
Venture
Global
LNG,
9.875%,
2/1/32 (1)
5,655,000
6,079
Vistra,
VR,
7.00% (1)(6)(7)
100,000
99
Vistra,
VR,
8.00% (1)(6)(7)
170,000
173
182,778
Municipal
Securities
0.9%
Colorado
HFA,
Covenant
Living
Community,
Series
B,
4.48%,
12/1/40
235,000
199
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
207
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (12)
11,784,795
6,812
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/24
6,837
7
Puerto
Rico
Commonwealth,
Restructured,
Series
A,
GO,
Zero
Coupon,
7/1/33
53,960
35
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/33
41,930
42
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/35
37,689
37
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/37
32,347
31
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/41
43,980
41
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
4.00%,
7/1/46
45,738
42
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.375%,
7/1/25
46,698
48
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/27
46,276
49
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.625%,
7/1/29
45,524
50
T.
ROWE
PRICE
Dynamic
Credit
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Puerto
Rico
Commonwealth,
Restructured,
Series
A-1,
GO,
5.75%,
7/1/31
44,217
50
Puerto
Rico
Electric
Power
Auth.,
Build
America,
5.95%,
7/1/30 (4)(13)
40,000
11
Puerto
Rico
Electric
Power
Auth.,
Build
America,
6.05%,
7/1/32 (4)(13)
150,000
39
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46
255,000
220
Tobacco
Settlement
Fin.
Auth.,
Series
B,
4.875%,
6/1/49
105,000
98
Tobacco
Settlement
Fin.
Auth.,
Series
B,
Zero
Coupon,
6/1/47
460,000
43
8,064
Non-U.S.
Government
Mortgage-Backed
Securities
2.4%
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
A,
ARM,
1M
TSFR
+
1.264%,
6.59%,
4/15/34 (1)
2,120,000
1,937
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2021-
JACX,
Class
D,
ARM,
1M
TSFR
+
2.864%,
8.19%,
9/15/38 (1)
395,000
320
BAMLL
Commercial
Mortgage
Securities
Trust,
Series
2021-
JACX,
Class
E,
ARM,
1M
TSFR
+
3.864%,
9.19%,
9/15/38 (1)
100,000
75
BANK,
Series
2020-BN29,
Class
A4,
1.997%,
11/15/53
4,149,000
3,342
Barclays
Commercial
Mortgage
Trust,
Series
2019-BWAY,
Class
E,
ARM,
1M
TSFR
+
2.964%,
8.289%,
11/15/34 (1)
120,000
11
BFLD,
Series
2019-DPLO,
Class
F,
ARM,
1M
TSFR
+
2.654%,
7.979%,
10/15/34 (1)
3,083,000
3,055
BSREP
Commercial
Mortgage
Trust,
Series
2021-DC,
Class
C,
ARM,
1M
TSFR
+
1.664%,
6.99%,
8/15/38 (1)
1,170,417
995
BX
Commercial
Mortgage
Trust,
Series
2019-IMC,
Class
A,
ARM,
1M
TSFR
+
1.046%,
6.371%,
4/15/34 (1)
1,340,000
1,339
BX
Commercial
Mortgage
Trust,
Series
2019-IMC,
Class
E,
ARM,
1M
TSFR
+
2.196%,
7.521%,
4/15/34 (1)
150,000
149
BX
Trust,
Series
2021-VIEW,
Class
F,
ARM,
1M
TSFR
+
4.044%,
9.369%,
6/15/36 (1)
145,000
128
CAFL,
Series
2021-RTL1,
Class
A1,
CMO,
STEP,
2.239%,
3/28/29 (1)
100,000
96
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
E,
ARM,
1M
TSFR
+
2.447%,
7.773%,
12/15/37 (1)
2,912,500
2,905
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65C,
ARM,
4.123%,
5/15/52 (1)
115,000
65
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (1)
70,000
32
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
AM,
4.08%,
8/10/47
145,000
143
Commercial
Mortgage
Trust,
Series
2014-CR19,
Class
E,
ARM,
4.121%,
8/10/47 (1)
165,000
138
Commercial
Mortgage
Trust,
Series
2017-PANW,
Class
D,
ARM,
3.935%,
10/10/29 (1)
305,000
270
DC
Trust,
Series
2024-HLTN,
Class
C,
ARM,
7.036%,
4/13/28 (1)
875,000
875
DC
Trust,
Series
2024-HLTN,
Class
D,
ARM,
7.712%,
4/13/28 (1)
1,455,000
1,455
T.
ROWE
PRICE
Dynamic
Credit
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Finance
of
America
HECM
Buyout,
Series
2022-HB1,
Class
M3,
ARM,
5.084%,
2/25/32 (1)
390,000
357
Great
Wolf
Trust,
Series
2019-WOLF,
Class
F,
ARM,
1M
TSFR
+
3.445%,
8.77%,
12/15/36 (1)
130,500
129
JPMorgan
Mortgage
Trust,
Series
2022-LTV1,
Class
A2,
CMO,
ARM,
3.52%,
7/25/52 (1)
84,745
72
LSTAR
Commercial
Mortgage
Trust,
Series
2017-5,
Class
D,
ARM,
4.668%,
3/10/50 (1)
220,000
161
New
Residential
Mortgage
Loan
Trust,
Series
2023-NQM1,
Class
A2,
CMO,
STEP,
7.319%,
10/25/63 (1)
424,313
430
Oceanview
Mortgage
Loan
Trust,
Series
2020-1,
Class
A3,
CMO,
ARM,
3.285%,
5/28/50 (1)
115,000
95
Verus
Securitization
Trust,
Series
2021-2,
Class
M1,
CMO,
ARM,
2.187%,
2/25/66 (1)
150,000
110
Verus
Securitization
Trust,
Series
2021-5,
Class
M1,
CMO,
ARM,
2.331%,
9/25/66 (1)
3,270,000
2,227
Verus
Securitization
Trust,
Series
2023-1,
Class
A3,
CMO,
STEP,
6.90%,
12/25/67 (1)
426,407
427
WB
Commercial
Mortgage
Trust,
Series
2024-HQ,
Class
C,
ARM,
7.133%,
3/15/40 (1)
1,130,000
1,140
22,478
Total
United
States
(Cost
$485,728
)
498,760
SHORT-TERM
INVESTMENTS
12.5%
Money
Market
Funds
2.9%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (14)(15)
26,218,312
26,218
26,218
U.S.
Treasury
Obligations
9.6%
U.S.
Treasury
Bills,
5.278%,
5/30/24 (16)
88,655,000
87,891
87,891
Total
Short-Term
Investments
(Cost
$114,113)
114,109
SECURITIES
LENDING
COLLATERAL
3.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
2.2%
Money
Market
Funds
2.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (14)(15)
20,221,633
20,222
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
20,222
T.
ROWE
PRICE
Dynamic
Credit
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
1.6%
Money
Market
Funds
1.6%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (14)(15)
14,984,283
14,984
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
14,984
Total
Securities
Lending
Collateral
(Cost
$35,206)
35,206
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.6%
Exchange-Traded
Options
Purchased
0.2%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
4/26/24
@
$110.50 (4)
3,592
397,982
2,021
Total
Exchange-Traded
Options
Purchased
(Cost
$3,019)
2,021
OTC
Options
Purchased
0.4%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
USD
/
JPY
Call,
9/5/24
@
JPY156.00 (4)
1
137,750
683
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
3.80%* (4)
2
83,029
1,624
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
3.80%* (4)
1
11,638
229
Barclays
Bank
S&P
500
Index,
Put,
4/19/24
@
$5,100.00 (4)
248
130,308
304
T.
ROWE
PRICE
Dynamic
Credit
Fund
13
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
3.80%* (4)
1
5,819
114
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
3.80%* (4)
1
5,819
114
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
3.80%* (4)
1
11,638
229
UBS
Investment
Bank
S&P
500
Index,
Put,
6/21/24
@
$4,400.00 (4)
305
160,258
287
Total
OTC
Options
Purchased
(Cost
$9,615)
3,584
Total
Options
Purchased
(Cost
$12,634)
5,605
Total
Investments
in
Securities
110.7%
(Cost
$998,669)
$
1,013,033
Other
Assets
Less
Liabilities
(10.7)%
(97,952)
Net
Assets
100.0%
$
915,081
‡
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
$415,340
and
represents
45.4%
of
net
assets.
(2)
All
or
a
portion
of
this
security
is
on
loan
at
March
31,
2024.
(3)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
T.
ROWE
PRICE
Dynamic
Credit
Fund
14
.
.
.
.
.
.
.
.
.
.
(4)
Non-income
producing
(5)
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
$3,745
and
represents
0.4%
of
net
assets.
(6)
Perpetual
security
with
no
stated
maturity
date.
(7)
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.
(8)
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.
(9)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(10)
All
or
a
portion
of
this
loan
is
unsettled
as
of
March
31,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(11)
Level
3
in
fair
value
hierarchy.
(12)
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.
(13)
Issuer
is
currently
in
a
bankruptcy
reorganization
proceeding;
the
amount
and
timing
of
future
distributions
is
uncertain.
(14)
Seven-day
yield
(15)
Affiliated
Companies
(16)
At
March
31,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
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
BRL
Brazilian
Real
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
CPI
Consumer
Price
Index
T.
ROWE
PRICE
Dynamic
Credit
Fund
15
.
.
.
.
.
.
.
.
.
.
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GBP
SONIA
Sterling
Overnight
Index
Average
GO
General
Obligation
HFA
Health
Facility
Authority
HUF
Hungarian
Forint
ILS
Israeli
Shekel
INR
Indian
Rupee
JPY
Japanese
Yen
MXIBTIIE
Mexican
Interbank
28
day
interest
rate
MXN
Mexican
Peso
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PIK
Payment-in-kind
PLN
Polish
Zloty
SEK
Swedish
Krona
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.
TWD
Taiwan
Dollar
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.
T.
ROWE
PRICE
Dynamic
Credit
Fund
16
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.2)%
OTC
Options
Written
(0.2)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
4.20%*
1
62,968
(326)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/8/24
@
4.20%*
1
57,333
(297)
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
111,577
(577)
Goldman
Sachs
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
54,930
(284)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.34%
(SOFR)
Annually,
8/9/24
@
4.20%*
1
111,577
(577)
Barclays
Bank
S&P
500
Index,
Put,
4/19/24
@
$5,000.00
248
130,308
(157)
Total
Options
Written
(Premiums
$(2,519))
$
(2,218)
T.
ROWE
PRICE
Dynamic
Credit
Fund
17
(Amounts
in
000s)
SWAPS
(1.4)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.5)%
Credit
Default
Swaps,
Protection
Sold
(0.2)%
Mexico
(0.2)%
Morgan
Stanley,
Protection
Sold (Relevant
Credit:
Petroleos
Mexicanos,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(USD)
*
9,563
(1,484)
(1,911)
427
Total
Mexico
(1,911)
427
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
13
(9)
22
Total
United
Kingdom
(9)
22
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(1,920)
449
Total
Return
Swaps
(0.3)%
United
States
(0.3)%
JPMorgan
Chase,
Pay
Underlying
Reference:
Amazon.com
at
Maturity,
Receive
Variable
4.566%
(SOFR
+
(0.75)%)
at
Maturity,
9/20/24
*
3,529
(125)
(76)
(49)
JPMorgan
Chase,
Pay
Underlying
Reference:
Apple
at
Maturity,
Receive
Variable
4.566%
(SOFR
+
(0.75)%)
at
Maturity,
9/20/24
*
19,423
(346)
(112)
(234)
JPMorgan
Chase,
Pay
Underlying
Reference:
Halliburton
at
Maturity,
Receive
Variable
4.566%
(SOFR
+
(0.75)%)
at
Maturity,
9/20/24
*
6,063
(2,644)
(2,568)
(76)
Total
United
States
(2,756)
(359)
Total
Bilateral
Total
Return
Swaps
(2,756)
(359)
Total
Bilateral
Swaps
(4,676)
90
T.
ROWE
PRICE
Dynamic
Credit
Fund
18
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.9)%
Credit
Default
Swaps,
Protection
Bought
(0.6)%
Canada
(0.0)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
1,515
(160)
(59)
(101)
Total
Canada
(101)
Colombia
0.0%
Protection
Bought
(Relevant
Credit:
Republic
of
Colombia),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
(USD)
417
5
37
(32)
Total
Colombia
(32)
Foreign/Europe
(0.1)%
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Crossover-S40,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
13,770
(1,160)
(274)
(886)
Total
Foreign/Europe
(886)
Oman
(0.0)%
Protection
Bought
(Relevant
Credit:
Sultanate
of
Oman),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
(USD)
10,262
(18)
270
(288)
Total
Oman
(288)
United
States
(0.5)%
Protection
Bought
(Relevant
Credit:
American
Axle
&
Manufacturing),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/29
17,728
(838)
(337)
(501)
Protection
Bought
(Relevant
Credit:
Apache),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/27
700
(7)
35
(42)
Protection
Bought
(Relevant
Credit:
Beazer
Homes
USA),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
915
(107)
(85)
(22)
Protection
Bought
(Relevant
Credit:
Citigroup),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
720
(13)
1
(14)
Protection
Bought
(Relevant
Credit:
Delta
Air
Lines),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
335
(42)
(6)
(36)
T.
ROWE
PRICE
Dynamic
Credit
Fund
19
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Bought
(Relevant
Credit:
Delta
Air
Lines),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
11,761
(1,815)
(1,581)
(234)
Protection
Bought
(Relevant
Credit:
Hertz),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/29
9,795
326
52
274
Protection
Bought
(Relevant
Credit:
Iron
Mountain),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
485
(70)
(59)
(11)
Protection
Bought
(Relevant
Credit:
Nova
Chemicals),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
13,114
(900)
(669)
(231)
Protection
Bought
(Relevant
Credit:
Tesla),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/26
640
(8)
25
(33)
Protection
Bought
(Relevant
Credit:
United
Airlines
Holdings),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/29
18,010
(1,128)
52
(1,180)
Total
United
States
(2,030)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(3,337)
Credit
Default
Swaps,
Protection
Sold
(0.2)%
China
0.0%
Protection
Sold
(Relevant
Credit:
People’s
Republic
of
China,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(USD)
12,257
176
94
82
Total
China
82
Foreign/Europe
(0.0)%
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe
Subordinated
Financials-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
59,875
(39)
(462)
423
Total
Foreign/Europe
423
Israel
(0.0)%
Protection
Sold
(Relevant
Credit:
Teva
Pharmaceutical
Industries,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(USD)
5,447
(82)
(518)
436
Total
Israel
436
T.
ROWE
PRICE
Dynamic
Credit
Fund
20
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Mexico
(0.2)%
Protection
Sold
(Relevant
Credit:
Petroleos
Mexicanos,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(USD)
13,050
(2,025)
(2,217)
192
Total
Mexico
192
Spain
0.0%
Protection
Sold
(Relevant
Credit:
Cellnex
Telecom,
BBB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
459
90
74
16
Total
Spain
16
United
States
0.0%
Protection
Sold
(Relevant
Credit:
FedEx,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
240
5
3
2
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S39,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
814
18
5
13
Total
United
States
15
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
1,164
Interest
Rate
Swaps
(0.1)%
Foreign/Europe
(0.1)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.755%
Annually,
Pay
Variable
3.902%
(6M
EURIBOR)
Semi-Annually,
3/26/29
103,340
354
—
354
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.440%
Annually,
Receive
Variable
3.902%
(6M
EURIBOR)
Semi-Annually,
3/25/54
20,139
(491)
—
(491)
Total
Foreign/Europe
(137)
Mexico
0.0%
20
Year
Interest
Rate
Swap,
Pay
Fixed
8.425%
28
Days,
Receive
Variable
11.470%
(MXIBTIIE)
28
Days,
4/15/43
17,475
40
—
40
Total
Mexico
40
United
States
(0.0)%
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.940%
Annually,
Pay
Variable
5.317%
(SOFR)
Annually,
3/15/29
148,830
(429)
—
(429)
T.
ROWE
PRICE
Dynamic
Credit
Fund
21
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.025%
Annually,
Pay
Variable
5.319%
(SOFR)
Annually,
3/26/29
100,217
144
—
144
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.585%
Annually,
Receive
Variable
5.317%
(SOFR)
Annually,
3/16/54
32,510
210
—
210
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.699%
Annually,
Receive
Variable
5.319%
(SOFR)
Annually,
3/25/54
26,193
(383)
—
(383)
30
Year
Interest
Rate
Swap,
Pay
Fixed
3.882%
Annually,
Receive
Variable
5.370%
(SOFR)
Annually,
11/24/53
4,574
(186)
—
(186)
Total
United
States
(644)
Total
Centrally
Cleared
Interest
Rate
Swaps
(741)
Zero-Coupon
Inflation
Swaps
0.0%
United
States
0.0%
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.470%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/20/33
92,300
435
—
435
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.544%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/34
94,000
1
—
1
Total
United
States
436
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
436
Total
Centrally
Cleared
Swaps
(2,478)
Net
payments
(receipts)
of
variation
margin
to
date
2,512
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
34
*
Credit
ratings
as
of
March
31,
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.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(2,761).
T.
ROWE
PRICE
Dynamic
Credit
Fund
22
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/12/24
USD
31,733
MXN
557,479
$
(1,725)
Bank
of
America
5/17/24
USD
22,449
PLN
91,150
(360)
Bank
of
America
5/24/24
USD
22,481
SEK
236,555
329
Barclays
Bank
4/19/24
USD
17,979
CHF
15,320
951
Barclays
Bank
5/24/24
USD
9,286
EUR
8,599
(12)
Barclays
Bank
5/24/24
USD
29,239
GBP
23,199
(50)
Canadian
Imperial
Bank
of
Commerce
4/19/24
NZD
29,545
USD
18,129
(476)
Canadian
Imperial
Bank
of
Commerce
4/19/24
USD
6,336
JPY
945,615
69
Canadian
Imperial
Bank
of
Commerce
4/19/24
USD
18,003
NZD
29,545
350
Canadian
Imperial
Bank
of
Commerce
5/24/24
AUD
41,150
USD
27,122
(263)
Canadian
Imperial
Bank
of
Commerce
5/24/24
USD
18,734
AUD
28,580
80
Citibank
4/5/24
USD
10,361
INR
863,702
7
Citibank
4/12/24
HUF
4,748,155
USD
13,592
(597)
Citibank
4/18/24
ILS
69,105
USD
18,744
65
Citibank
5/24/24
GBP
21,240
USD
26,934
(118)
Citibank
6/4/24
BRL
34,207
USD
6,843
(66)
Deutsche
Bank
4/5/24
USD
26,236
INR
2,189,328
(9)
Deutsche
Bank
4/19/24
CHF
15,320
USD
18,163
(1,135)
Deutsche
Bank
5/17/24
PLN
91,150
USD
22,887
(78)
Deutsche
Bank
5/24/24
EUR
23,730
USD
25,780
(122)
Deutsche
Bank
5/24/24
SEK
430,100
USD
41,636
(1,361)
Deutsche
Bank
5/24/24
USD
35,845
AUD
54,635
184
Goldman
Sachs
4/3/24
TWD
562,135
USD
17,657
(91)
Goldman
Sachs
4/12/24
HUF
6,418,025
USD
18,386
(821)
Goldman
Sachs
4/18/24
USD
18,281
ILS
69,105
(529)
Goldman
Sachs
5/24/24
EUR
21,795
USD
23,670
(103)
Goldman
Sachs
5/24/24
USD
18,380
SEK
193,545
256
Goldman
Sachs
6/4/24
BRL
81,770
USD
16,350
(149)
Goldman
Sachs
7/5/24
USD
17,763
TWD
562,135
104
HSBC
Bank
4/5/24
INR
1,523,225
USD
18,296
(35)
HSBC
Bank
4/12/24
USD
31,530
HUF
11,166,180
971
HSBC
Bank
4/19/24
USD
18,366
JPY
2,769,445
12
JPMorgan
Chase
4/12/24
MXN
838
USD
49
2
JPMorgan
Chase
4/19/24
JPY
945,615
USD
6,424
(157)
JPMorgan
Chase
5/24/24
AUD
42,065
USD
27,846
(390)
JPMorgan
Chase
5/24/24
EUR
4,628
USD
5,031
(28)
Morgan
Stanley
4/12/24
USD
9,223
MXN
161,011
(440)
Morgan
Stanley
6/4/24
USD
18,501
BRL
92,880
99
RBC
Dominion
Securities
4/12/24
MXN
1,095,400
USD
63,749
1,993
T.
ROWE
PRICE
Dynamic
Credit
Fund
23
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
RBC
Dominion
Securities
4/12/24
USD
22,808
MXN
397,212
$
(1,032)
Standard
Chartered
4/3/24
USD
18,262
TWD
562,135
696
Standard
Chartered
5/10/24
USD
13,560
CLP
13,308,070
(6)
State
Street
5/24/24
USD
84,458
EUR
78,091
20
State
Street
6/4/24
BRL
34,207
USD
6,839
(62)
UBS
Investment
Bank
5/10/24
USD
18,368
CLP
18,088,320
(71)
UBS
Investment
Bank
6/4/24
USD
27,534
BRL
138,600
74
Wells
Fargo
4/5/24
INR
1,528,485
USD
18,364
(41)
Wells
Fargo
5/10/24
CLP
13,308,070
USD
14,061
(495)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(4,560)
T.
ROWE
PRICE
Dynamic
Credit
Fund
24
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
903
Euro
BTP
contracts
6/24
(115,940)
$
(335)
Long,
759
Euro
BUND
contracts
6/24
109,218
1,229
Short,
77
Government
of
Japan
ten
year
bond
contracts
6/24
(74,203)
(237)
Long,
199
Korea
Stock
Exchange
KOSPI
200
Index
contracts
6/24
13,884
406
Long,
155
Russell
2000
E-Mini
Index
contracts
6/24
16,631
232
Long,
71
S&P
500
E-Mini
Index
Energy
Sector
contracts
6/24
7,103
495
Short,
921
Three
Month
SOFR
Futures
contracts
3/25
(219,728)
(2)
Net
payments
(receipts)
of
variation
margin
to
date
(1,156)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
632
T.
ROWE
PRICE
Dynamic
Credit
Fund
25
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,
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%
$
—
$
—
$
589++
Totals
$
—#
$
—
$
589+
Supplementary
Investment
Schedule
Affiliate
Value
12/31/23
Purchase
Cost
Sales
Cost
Value
03/31/24
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
$
100,498
¤
¤
$
61,424
Total
$
61,424^
#
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
$589
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
$61,424.
T.
ROWE
PRICE
Dynamic
Credit
Fund
Unaudited
Notes
to
Portfolio
of
Investments
26
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
27
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
28
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
29
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
March
31,
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
$
—
$
627,994
$
—
$
627,994
Bank
Loans
—
133,100
2,520
135,620
Common
Stocks
40,865
—
18
40,883
Convertible
Bonds
—
40,614
3,705
44,319
Convertible
Preferred
Stocks
—
9,275
—
9,275
Private
Investment
Company
2
—
—
—
22
Short-Term
Investments
26,218
87,891
—
114,109
Securities
Lending
Collateral
35,206
—
—
35,206
Options
Purchased
2,021
3,584
—
5,605
Total
Securities
104,310
902,458
6,243
1,013,033
Swaps*
—
2,635
—
2,635
Forward
Currency
Exchange
Contracts
—
6,262
—
6,262
Futures
Contracts*
2,362
—
—
2,362
Total
$
106,672
$
911,355
$
6,243
$
1,024,292
Liabilities
Options
Written
$
—
$
2,218
$
—
$
2,218
Swaps*
—
9,699
—
9,699
Forward
Currency
Exchange
Contracts
—
10,822
—
10,822
Futures
Contracts*
574
—
—
574
Total
$
574
$
22,739
$
—
$
23,313
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Government
Bonds,
Municipal
Securities
and
Non-U.S.
Government
Mortgage-Backed
Securities.
T.
ROWE
PRICE
Dynamic
Credit
Fund
30
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.
F1175-054Q1
03/24
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(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.
*
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.