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T. Rowe Price Global Stock Fund (PRGSX) NPORT-PT. Rowe Price Dynamic Credit Fund (Sep 2024 report)

Filed: 26 Nov 24, 12:31pm

T.

ROWE

PRICE

Dynamic

Credit

Fund

September

30,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Par/Shares

$

Value

(

Cost

and

value

in

$000s)

‡

ANGOLA 1.3%

Government

Bonds 1.3%

Republic

of

Angola,

8.75%,

4/14/32

(USD)

14,725,000‌

13,238‌

Total

Angola

(Cost

$12,967)

13,238‌

AUSTRIA 1.0%

Corporate

Bonds 1.0%

Benteler

International,

10.50%,

5/15/28

(USD) (1)

9,075,000‌

9,540‌

Total

Austria

(Cost

$9,578)

9,540‌

BRAZIL 3.5%

Corporate

Bonds 3.5%

Banco

do

Estado

do

Rio

Grande

do

Sul,

VR,

5.375%,

1/28/31

(USD) (2)

665,000‌

654‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD)

14,415,000‌

14,284‌

Raizen

Fuels

Finance,

6.45%,

3/5/34

(USD) (1)

5,910,000‌

6,259‌

Raizen

Fuels

Finance,

6.95%,

3/5/54

(USD) (1)

5,490,000‌

5,863‌

Samarco

Mineracao,

9.00%,

6/30/31,

(9.00%

PIK)

(USD) (3)

8,113,537‌

7,607‌

Total

Brazil

(Cost

$32,551)

34,667‌

BULGARIA 0.3%

Government

Bonds 0.3%

Republic

of

Bulgaria,

5.00%,

3/5/37

(USD)

3,060,000‌

3,067‌

Total

Bulgaria

(Cost

$3,007)

3,067‌

CANADA 1.1%

Asset-Backed

Securities 0.4%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

6,000,000‌

4,265‌

4,265‌

Corporate

Bonds 0.7%

South

Bow

Canadian

Infrastructure

Holdings,

VR,

7.50%,

3/1/55

(USD) (1)(2)

1,640,000‌

1,710‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

2

Par/Shares

$

Value

(Cost

and

value

in

$000s)

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25

(USD) (1)

(4)

4,900,000‌

4,826‌

6,536‌

Total

Canada

(Cost

$10,761)

10,801‌

CHILE 0.6%

Corporate

Bonds 0.6%

AES

Andes,

VR,

8.15%,

6/10/55

(USD) (1)(2)

6,040,000‌

6,247‌

Total

Chile

(Cost

$6,040)

6,247‌

CHINA 0.0%

Corporate

Bonds 0.0%

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (5)(6)

985,000‌

46‌

Total

China

(Cost

$276)

46‌

COLOMBIA 1.7%

Corporate

Bonds 1.7%

Aris

Mining,

6.875%,

8/9/26

(USD) (1)(7)

380,000‌

379‌

Bancolombia,

VR,

8.625%,

12/24/34

(USD) (2)

7,410,000‌

7,960‌

Ecopetrol,

8.375%,

1/19/36

(USD)

8,370,000‌

8,564‌

16,903‌

Private

Investment

Company 0.0%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $16

(USD) (6)(8)

†

21‌

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $10

(USD) (6)(8)

†

10‌

31‌

Total

Colombia

(Cost

$16,138)

16,934‌

EGYPT 0.5%

Government

Bonds 0.5%

Arab

Republic

of

Egypt,

Treasury

Bills,

Series

364D,

26.918%,

12/24/24

261,575,000‌

5,089‌

Total

Egypt

(Cost

$5,225)

5,089‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

3

Par/Shares

$

Value

(Cost

and

value

in

$000s)

EL

SALVADOR 0.4%

Government

Bonds 0.4%

Republic

of

El

Salvador,

0.25%,

4/17/30

(USD) (1)

3,580,000‌

83‌

Republic

of

El

Salvador,

9.25%,

4/17/30

(USD) (1)

3,580,000‌

3,567‌

Total

El

Salvador

(Cost

$3,283)

3,650‌

FRANCE 0.5%

Corporate

Bonds 0.5%

Altice

France

Holding,

10.50%,

5/15/27

(USD) (1)

14,003,000‌

4,901‌

Total

France

(Cost

$9,124)

4,901‌

GHANA 0.9%

Corporate

Bonds 0.9%

Kosmos

Energy,

8.75%,

10/1/31

(USD) (1)

9,150,000‌

9,026‌

Total

Ghana

(Cost

$9,150)

9,026‌

ITALY 1.6%

Corporate

Bonds 1.6%

Golden

Goose,

FRN,

3M

EURIBOR

+

4.875%,

8.417%,

5/14/27 (7)

13,939,000‌

15,635‌

Total

Italy

(Cost

$14,787)

15,635‌

IVORY

COAST 3.0%

Government

Bonds 3.0%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR)

295,000‌

312‌

Republic

of

Ivory

Coast,

6.125%,

6/15/33

(USD) (7)

16,224,000‌

15,319‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

6,540,000‌

6,724‌

Republic

of

Ivory

Coast,

8.25%,

1/30/37

(USD) (1)

7,360,000‌

7,584‌

Total

Ivory

Coast

(Cost

$27,527)

29,939‌

LUXEMBOURG 0.6%

Bank

Loans 0.2% (9)

Travelport

Finance

Luxembourg,

FRN,

3M

TSFR

+

6.59%,

9.724%,

9/29/28

(USD)

2,853,100‌

2,459‌

2,459‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

4

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds 0.4%

Altice

Financing,

9.625%,

7/15/27

(USD) (1)

3,916,000‌

3,808‌

3,808‌

Total

Luxembourg

(Cost

$6,631)

6,267‌

MAURITIUS 0.6%

Corporate

Bonds 0.6%

Axian

Telecom,

7.375%,

2/16/27

(USD) (1)

200,000‌

201‌

Axian

Telecom,

7.375%,

2/16/27

(USD)

5,500,000‌

5,529‌

Total

Mauritius

(Cost

$5,266)

5,730‌

MEXICO 3.2%

Corporate

Bonds 3.2%

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD) (1)(2)(7)

13,695,000‌

14,526‌

Comision

Federal

de

Electricidad,

5.70%,

1/24/30

(USD) (1)

4,300,000‌

4,313‌

Metalsa,

3.75%,

5/4/31

(USD) (1)

6,195,000‌

5,193‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD)

700,000‌

628‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD)

7,304,000‌

7,746‌

Total

Mexico

(Cost

$30,708)

32,406‌

MONTENEGRO 0.5%

Government

Bonds 0.5%

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

5,210,000‌

5,465‌

Total

Montenegro

(Cost

$5,210)

5,465‌

PANAMA 0.7%

Government

Bonds 0.7%

Republic

of

Panama,

7.875%,

3/1/57

(USD)

1,690,000‌

1,913‌

Republic

of

Panama,

8.00%,

3/1/38

(USD)

4,760,000‌

5,388‌

Total

Panama

(Cost

$6,379)

7,301‌

ROMANIA 0.6%

Corporate

Bonds 0.6%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (2)

4,929,000‌

5,818‌

Total

Romania

(Cost

$5,363)

5,818‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

5

Par/Shares

$

Value

(Cost

and

value

in

$000s)

SENEGAL 0.9%

Government

Bonds 0.9%

Republic

of

Senegal,

6.25%,

5/23/33

(USD) (7)

10,745,000‌

9,278‌

Total

Senegal

(Cost

$9,295)

9,278‌

SRI

LANKA 1.9%

Government

Bonds 1.9%

Republic

of

Sri

Lanka,

6.125%,

6/3/25

(USD) (5)(6)(7)

4,974,000‌

2,810‌

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (5)(6)

6,525,000‌

3,687‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (5)(6)

10,010,000‌

5,674‌

Republic

of

Sri

Lanka,

7.85%,

3/14/29

(USD) (5)(6)

11,866,000‌

6,703‌

Total

Sri

Lanka

(Cost

$18,998)

18,874‌

SURINAME 0.0%

Government

Bonds 0.0%

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(3)

275,533‌

268‌

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

130,000‌

127‌

Total

Suriname

(Cost

$272)

395‌

UKRAINE 0.5%

Corporate

Bonds 0.5%

Kernel

Holding,

6.50%,

10/17/24

(USD)

5,745,000‌

5,506‌

Total

Ukraine

(Cost

$5,707)

5,506‌

UNITED

KINGDOM 2.5%

Bank

Loans 1.5% (9)

CD&R

Firefly

Bidco,

FRN,

3M

EURIBOR

+

4.50%,

8.136%,

6/21/28

(EUR)

6,420,000‌

7,147‌

CD&R

Firefly

Bidco,

FRN,

GBP

SONIA

+

5.75%,

10.95%,

6/21/28

4,670,000‌

6,230‌

ZPG,

FRN,

GBP

SONIA

+

5.50%,

10.45%,

7/31/28

1,250,000‌

1,677‌

15,054‌

Convertible

Bonds 0.0%

Immunocore

Holdings,

2.50%,

2/1/30

(USD) (1)

553,000‌

477‌

477‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds 1.0%

Vmed

O2

U.K.

Financing

I,

7.75%,

4/15/32

(USD) (1)

9,555,000‌

9,591‌

9,591‌

Total

United

Kingdom

(Cost

$24,346)

25,122‌

UNITED

STATES 52.8%

Asset-Backed

Securities 12.1%

Apidos

XXXII,

Series

2019-32A,

Class

DR,

CLO,

FRN,

3M

TSFR

+

2.75%,

8.032%,

1/20/33 (1)

2,110,000‌

2,096‌

Ares

XXXVII,

Series

2015-4A,

Class

CRR,

CLO,

FRN,

3M

TSFR

+

2.75%,

8.051%,

10/15/30 (1)

1,780,000‌

1,785‌

Auxilior

Term

Funding,

Series

2023-1A,

Class

E,

10.97%,

12/15/32 (1)

6,770,000‌

7,018‌

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

E,

FRN,

SOFR30A

+

3.60%,

8.88%,

12/26/31 (1)

2,551,697‌

2,551‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-1A,

Class

A,

STEP,

4.213%,

12/16/41 (1)

193,226‌

192‌

Carvana

Auto

Receivables

Trust,

Series

2024-N2,

Class

E,

8.16%,

6/10/31 (1)

7,300,000‌

7,531‌

CyrusOne

Data

Centers

Issuer

I,

Series

2024-2A,

Class

A2,

4.50%,

5/20/49 (1)

5,574,000‌

5,423‌

CyrusOne

Data

Centers

Issuer

I,

Series

2024-3A,

Class

A2,

4.65%,

5/20/49 (1)

8,820,000‌

8,276‌

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49 (1)

4,271,963‌

4,172‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (1)

31,818‌

31‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38 (1)

142,657‌

149‌

FOCUS

Brands

Funding,

Series

2017-1A,

Class

A2II,

5.093%,

4/30/47 (1)

2,096,150‌

2,088‌

FOCUS

Brands

Funding,

Series

2023-2,

Class

A2,

8.241%,

10/30/53 (1)

8,863,025‌

9,542‌

Frontier

Issuer,

Series

2023-1,

Class

C,

11.50%,

8/20/53 (1)

1,827,538‌

1,974‌

Frontier

Issuer,

Series

2024-1,

Class

C,

11.16%,

6/20/54 (1)

1,098,880‌

1,260‌

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

1,602,130‌

1,506‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51 (1)

1,219,050‌

1,090‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (1)

9,860,450‌

10,191‌

Hilton

Grand

Vacations

Trust,

Series

2024-1B,

Class

D,

8.85%,

9/15/39 (1)

2,395,908‌

2,457‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

C,

FRN,

SOFR30A

+

3.15%,

8.495%,

5/20/32 (1)

2,366,440‌

2,376‌

MVW,

Series

2023-2A,

Class

D,

9.33%,

11/20/40 (1)

4,784,813‌

4,976‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30 (1)

255,000‌

266‌

Post

Road

Equipment

Finance,

Series

2024-1A,

Class

E,

8.50%,

12/15/31 (1)

3,338,000‌

3,317‌

Regatta

XIII

Funding,

Series

2018-2A,

Class

CR,

CLO,

FRN,

3M

TSFR

+

2.70%,

8.001%,

7/15/31 (1)

5,340,000‌

5,355‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

E,

10.068%,

6/15/33 (1)

102,237‌

104‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

E,

8.408%,

12/15/33 (1)

5,291,546‌

5,385‌

SCF

Equipment

Leasing,

Series

2022-1A,

Class

F,

6.00%,

7/20/32 (1)

5,650,000‌

5,517‌

SCF

Equipment

Leasing,

Series

2024-1A,

Class

E,

9.00%,

12/20/34 (1)

3,300,000‌

3,415‌

SEB

Funding,

Series

2024-1A,

Class

A2,

7.386%,

4/30/54 (1)

14,435,000‌

14,883‌

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

D,

3.17%,

11/20/37 (1)

940,254‌

906‌

Sierra

Timeshare

Receivables

Funding,

Series

2023-3A,

Class

D,

9.44%,

9/20/40 (1)

3,548,075‌

3,691‌

Sierra

Timeshare

Receivables

Funding,

Series

2024-1A,

Class

D,

8.02%,

1/20/43 (1)

1,693,891‌

1,732‌

Stonepeak

ABS,

Series

2021-1A,

Class

B,

3.821%,

2/28/33 (1)

161,597‌

150‌

121,405‌

Bank

Loans 9.9% (9)

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.195%,

8/19/28

19,634,665‌

19,323‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.21%,

1/31/28

185,904‌

174‌

Chromalloy,

FRN,

3M

TSFR

+

3.75%,

8.354%,

3/27/31

13,955,025‌

13,237‌

Cloud

Software

Group,

FRN,

3M

TSFR

+

4.00%,

8.604%,

3/30/29

10,754,491‌

10,702‌

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

8.204%,

12/17/26

1,451,192‌

1,274‌

CSC

Holdings,

FRN,

1M

TSFR

+

4.50%,

9.597%,

1/18/28

9,810,101‌

9,518‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.445%,

10/9/29

6,441,353‌

6,454‌

Icon

Parent,

FRN,

1M

USD

LIBOR

+

3.00%,

9/11/31 (10)

8,815,000‌

8,745‌

LTI

Holdings,

FRN,

1M

TSFR

+

4.75%,

9.595%,

7/30/29

6,980,000‌

6,860‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

8.21%,

9/25/26

11,367,334‌

9,722‌

RFS

OPCO,

FRN,

1M

TSFR

+

5.00%,

9.604%,

4/4/31 (4)

6,280,000‌

6,217‌

Vistra

Zero

Operating,

FRN,

1M

TSFR

+

2.75%,

7.595%,

4/30/31

7,542,100‌

7,559‌

99,785‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Common

Stocks 1.5%

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $13 (4)(6)

(8)

639‌

18‌

Booz

Allen

Hamilton

Holding

30,858‌

5,023‌

Fifth

Third

Bancorp

117,955‌

5,053‌

Microsoft

11,743‌

5,053‌

Toll

Brothers

64‌

10‌

15,157‌

Convertible

Bonds 0.8%

Wolfspeed,

0.25%,

2/15/28

981,000‌

386‌

Wolfspeed,

1.875%,

12/1/29

19,595,000‌

7,246‌

7,632‌

Convertible

Preferred

Stocks 0.4%

Kobold

Metals,

Series

C-2,

Acquisition

Date:

9/20/24,

Cost $4,009 (4)(6)(8)

51,015‌

4,334‌

4,334‌

Corporate

Bonds 22.5%

Aethon

United

BR,

7.50%,

10/1/29 (1)

4,475,000‌

4,520‌

Alliant

Holdings

Intermediate,

6.50%,

10/1/31 (1)

19,715,000‌

19,863‌

American

Airlines,

5.75%,

4/20/29 (1)

4,618,182‌

4,601‌

AP

Grange

Holdings,

Acquisition

Date:

6/12/24,

Cost $8,925,

6.50%,

3/20/45 (4)(6)(8)

8,925,000‌

8,925‌

At

Home

Group,

4.875%,

7/15/28 (1)

210,000‌

98‌

Bausch

+

Lomb,

8.375%,

10/1/28 (1)

8,475,000‌

8,962‌

Boeing,

3.75%,

2/1/50

9,800,000‌

6,875‌

CHS,

10.875%,

1/15/32 (1)

5,655,000‌

6,235‌

Cloud

Software

Group,

9.00%,

9/30/29 (1)

7,175,000‌

7,265‌

Comstock

Resources,

6.75%,

3/1/29 (1)

8,796,000‌

8,554‌

Crescent

Energy

Finance,

7.375%,

1/15/33 (1)

5,925,000‌

5,844‌

CVS

Health,

2.70%,

8/21/40

6,576,000‌

4,627‌

DISH

DBS,

5.25%,

12/1/26 (1)

9,430,000‌

8,735‌

DISH

DBS,

5.75%,

12/1/28 (1)

606,000‌

527‌

DISH

DBS,

7.75%,

7/1/26

6,145,000‌

5,346‌

Gray

Television,

10.50%,

7/15/29 (1)

9,320,000‌

9,716‌

Icahn

Enterprises,

9.00%,

6/15/30 (1)

12,450,000‌

12,481‌

Intel,

4.90%,

8/5/52

5,783,000‌

5,055‌

Jane

Street

Group,

7.125%,

4/30/31 (1)

15,330,000‌

16,250‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (1)

10,355,000‌

9,449‌

Navient,

11.50%,

3/15/31

13,445,000‌

15,260‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

17,130,000‌

16,787‌

NGL

Energy

Operating,

8.125%,

2/15/29 (1)

3,348,000‌

3,423‌

OneMain

Finance,

7.125%,

11/15/31

11,030,000‌

11,126‌

Starwood

Property

Trust,

7.25%,

4/1/29 (1)

11,780,000‌

12,340‌

Tenneco,

8.00%,

11/17/28 (1)

7,060,000‌

6,530‌

Venture

Global

LNG,

VR,

9.00% (1)(2)(11)

6,335,000‌

6,421‌

225,815‌

Municipal

Securities 3.1%

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40

235,000‌

204‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46

25,000‌

3‌

Port

of

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series

B,

10.00%,

7/1/26 (1)

10,720,000‌

11,058‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (12)

29,836,963‌

19,208‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30 (6)(13)

40,000‌

21‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32 (6)(13)

150,000‌

81‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46

250,000‌

212‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49

90,000‌

88‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47

460,000‌

45‌

30,920‌

Non-U.S.

Government

Mortgage-Backed

Securities 2.5%

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

A,

ARM,

1M

TSFR

+

1.264%,

6.361%,

4/15/34 (1)

2,120,000‌

1,919‌

Bayview

Financing

Trust,

Series

2024-2F,

Class

A,

CMO,

ARM,

Acquisition

Date:

8/29/24,

Cost $5,340,

8.10%,

9/25/29 (8)

5,340,000‌

5,340‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

8.061%,

11/15/34 (1)

120,000‌

1‌

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

C,

ARM,

1M

TSFR

+

1.664%,

6.761%,

8/15/38 (1)

1,170,417‌

991‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

9.141%,

6/15/36 (1)

145,000‌

132‌

CAFL,

Series

2021-RTL1,

Class

A1,

CMO,

STEP,

2.239%,

3/28/29 (1)

60,096‌

59‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

ARM,

1M

TSFR

+

2.047%,

7.144%,

12/15/37 (1)

718,782‌

718‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

ARM,

1M

TSFR

+

2.447%,

7.544%,

12/15/37 (1)

2,912,500‌

2,909‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52 (1)

115,000‌

57‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

70,000‌

18‌

Commercial

Mortgage

Trust,

Series

2017-PANW,

Class

D,

ARM,

4.343%,

10/10/29 (1)

305,000‌

278‌

Finance

of

America

HECM

Buyout,

Series

2022-HB1,

Class

M3,

ARM,

5.084%,

2/25/32 (1)

390,000‌

384‌

HILT

Commercial

Mortgage

Trust,

Series

2024-ORL,

Class

C,

ARM,

1M

TSFR

+

2.44%,

7.536%,

5/15/37 (1)

7,195,000‌

7,173‌

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

D,

ARM,

4.823%,

3/10/50 (1)

220,000‌

167‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (1)

115,000‌

99‌

TX

Trust,

Series

2024-HOU,

Class

D,

ARM,

1M

TSFR

+

3.239%,

8.336%,

6/15/39 (1)

2,805,000‌

2,782‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (1)

150,000‌

120‌

Verus

Securitization

Trust,

Series

2021-5,

Class

M1,

CMO,

ARM,

2.331%,

9/25/66 (1)

3,270,000‌

2,395‌

25,542‌

Total

United

States

(Cost

$519,161)

530,590‌

SHORT-TERM

INVESTMENTS 17.1%

Money

Market

Funds 9.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (14)(15)

94,066,906‌

94,067‌

94,067‌

U.S.

Treasury

Obligations 7.7%

U.S.

Treasury

Bills,

4.932%,

12/12/24 (16)

78,000,000‌

77,303‌

77,303‌

Total

Short-Term

Investments

(Cost

$171,310)

171,370‌

SECURITIES

LENDING

COLLATERAL 0.7%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.6%

Money

Market

Funds 0.6%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (14)(15)

5,745,140‌

5,745‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

5,745‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.1%

Money

Market

Funds 0.1%

T.

Rowe

Price

Government

Reserve

Fund,

4.97% (14)(15)

1,697,330‌

1,697‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,697‌

Total

Securities

Lending

Collateral

(Cost

$7,442)

7,442‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED 0.6%

OTC

Options

Purchased

0.6%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

30

Year

Interest

Rate

Swap,

3/19/55

Pay

Fixed

4.00%

Annually,

Receive

Variable

4.96%

(SOFR)

Annually,

3/17/25

@

4.00%* (6)

1‌

279,660‌

2,524‌

Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index,

6/20/29),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

11/20/24

@

0.55%* (6)

1‌

248,300‌

195‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

12

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index,

6/20/29),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

11/20/24

@

0.60%* (6)

1‌

198,400‌

105‌

Morgan

Stanley

10

Year

Interest

Rate

Swap,

3/19/35

Pay

Fixed

3.10%

Annually,

Receive

Variable

4.96%

(SOFR)

Annually,

3/17/25

@

3.10%* (6)

1‌

59,520‌

1,770‌

Morgan

Stanley

10

Year

Interest

Rate

Swap,

3/28/35

Pay

Fixed

4.00%

Annually,

Receive

Variable

4.96%

(SOFR)

Annually,

3/26/25

@

4.00%* (6)

1‌

100,150‌

517‌

Morgan

Stanley

30

Year

Interest

Rate

Swap,

3/17/55

Pay

Fixed

4.00%

Annually,

Receive

Variable

4.96%

(SOFR)

Annually,

3/13/25

@

4.00%* (6)

1‌

28,100‌

246‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

13

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

RBC

Dominion

Securities

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S42,

5

Year

Index,

6/20/29),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

11/20/24

@

1.05%* (6)

1‌

99,100‌

216‌

Wells

Fargo

S&P

500

Index,

Put,

11/15/24

@

$5,735.00 (6)

46‌

26,507‌

466‌

Total

Options

Purchased

(Cost

$6,329)

6,039‌

Total

Investments

in

Securities

99.6%

(Cost

$982,831)

$

1,000,383‌

Other

Assets

Less

Liabilities

0.4%

4,192

Net

Assets

100.0%

$

1,004,575‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

14

‡

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

$436,209

and

represents

43.4%

of

net

assets.

(2)

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.

(3)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(6)

Non-income

producing

(7)

All

or

a

portion

of

this

security

is

on

loan

at

September

30,

2024.

(8)

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

$18,648

and

represents

1.9%

of

net

assets.

(9)

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.

(10)

All

or

a

portion

of

this

loan

is

unsettled

as

of

September

30,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(11)

Perpetual

security

with

no

stated

maturity

date.

(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

September

30,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

T.

ROWE

PRICE

Dynamic

Credit

Fund

15

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

CAD

Canadian

Dollar

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CORRA

Canadian

Overnight

Repo

Rate

Average

CPI

Consumer

Price

Index

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HFA

Health

Facility

Authority

JPY

Japanese

Yen

MXN

Mexican

Peso

OTC

Over-the-counter

PIK

Payment-in-kind

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

SONIA

Sterling

Overnight

Index

Average

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

16

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written (0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index,

6/20/29),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

11/20/24

@

0.70%*

1

248,300

(76‌)

Citibank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index,

6/20/29),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

11/20/24

@

0.75%*

1

198,400

(49‌)

Total

Options

Written

(Premiums

$(210))

$

(125‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

17

(Amounts

in

000s)

SWAPS

(1.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Mexico

(0.0)%

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

*

2,845

(321)

(509)

188‌

Total

Mexico

(509)

188‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(509)

188‌

Total

Bilateral

Swaps

(509)

188‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(1.0)%

Credit

Default

Swaps,

Protection

Bought

(1.0)%

Canada

(0.1)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,515

(194)

(59)

(135‌)

Total

Canada

(135‌)

France

(0.0)%

Protection

Bought

(Relevant

Credit:

Societe

Generale),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

8,028

(6)

166

(172‌)

Total

France

(172‌)

Oman

(0.0)%

Protection

Bought

(Relevant

Credit:

Sultanate

of

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

10,262

(84)

270

(354‌)

Total

Oman

(354‌)

United

States

(0.9)%

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

335

(38)

(6)

(32‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

18

(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

(1,875)

(1,581)

(294‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S42,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

57,701

(4,562)

(3,204)

(1,358‌)

Protection

Bought

(Relevant

Credit:

Nova

Chemicals),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

5,657

(738)

(290)

(448‌)

Protection

Bought

(Relevant

Credit:

United

Airlines

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

18,010

(1,705)

52

(1,757‌)

Total

United

States

(3,889‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(4,550‌)

Credit

Default

Swaps,

Protection

Sold

(0.1)%

Mexico

(0.1)%

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

13,050

(1,471)

(2,217)

746‌

Total

Mexico

746‌

United

States

0.0%

Protection

Sold

(Relevant

Credit:

Avis

Budget

Car

Rental,

BB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

2,826

174

115

59‌

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

17

5

12‌

Total

United

States

73‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

819‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

19

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

Interest

Rate

Swaps

0.3%

Canada

0.4%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.274%

Semi-Annually,

Pay

Variable

4.300%

(CORRA)

Semi-

Annually,

6/14/29

146,480

2,739

—

2,739‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.297%

Semi-Annually,

Pay

Variable

4.300%

(CORRA)

Semi-

Annually,

6/14/29

146,480

2,856

—

2,856‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.236%

Semi-Annually,

Receive

Variable

4.300%

(CORRA)

Semi-Annually,

6/15/54

35,418

(1,263)

—

(1,263‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.257%

Semi-Annually,

Receive

Variable

4.300%

(CORRA)

Semi-Annually,

6/15/54

35,418

(1,373)

—

(1,373‌)

Total

Canada

2,959‌

Foreign/Europe

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.682%

Annually,

Pay

Variable

3.619%

(6M

EURIBOR)

Semi-Annually,

7/30/29

109,819

2,301

—

2,301‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.483%

Annually,

Receive

Variable

3.619%

(6M

EURIBOR)

Semi-Annually,

7/29/54

22,418

(1,036)

—

(1,036‌)

Total

Foreign/Europe

1,265‌

United

States

(0.2)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.189%

Annually,

Pay

Variable

4.836%

(SOFR)

Annually,

9/20/29

108,263

(363)

—

(363‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.204%

Annually,

Receive

Variable

4.836%

(SOFR)

Annually,

9/21/54

26,030

509

—

509‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.882%

Annually,

Receive

Variable

5.433%

(SOFR)

Annually,

11/24/53

4,574

(416)

—

(416‌)

30

Year

Interest

Rate

Swap,

Receive

Fixed

3.131%

Annually,

Pay

Variable

4.835%

(SOFR)

Annually,

9/21/54

30,096

(1,006)

—

(1,006‌)

Total

United

States

(1,276‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

2,948‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

20

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

Zero-Coupon

Inflation

Swaps

(0.2)%

United

States

(0.2)%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.607%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/31/34

94,500

(1,999)

—

(1,999‌)

Total

United

States

(1,999‌)

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(1,999‌)

Total

Centrally

Cleared

Swaps

(2,782‌)

Net

payments

(receipts)

of

variation

margin

to

date

1,036‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(1,746‌)

*

Credit

ratings

as

of

September

30,

2024.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Dynamic

Credit

Fund

21

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/18/24

USD

1,027‌

MXN

18,831‌

$

74‌

Bank

of

America

10/25/24

USD

19,725‌

JPY

3,098,890‌

(1,917‌)

BNP

Paribas

11/22/24

GBP

9,191‌

USD

11,915‌

372‌

BNP

Paribas

11/22/24

USD

4,967‌

EUR

4,462‌

(11‌)

BNY

Mellon

11/22/24

USD

10,308‌

GBP

7,695‌

21‌

Canadian

Imperial

Bank

of

Commerce

10/25/24

CAD

5,885‌

USD

4,341‌

13‌

Canadian

Imperial

Bank

of

Commerce

11/22/24

GBP

3,647‌

USD

4,781‌

94‌

Deutsche

Bank

10/25/24

JPY

1,395,961‌

USD

9,033‌

716‌

Deutsche

Bank

10/25/24

JPY

704,565‌

USD

4,948‌

(28‌)

Goldman

Sachs

10/25/24

AUD

7,360‌

USD

5,018‌

73‌

Goldman

Sachs

10/25/24

JPY

1,702,928‌

USD

11,026‌

867‌

Goldman

Sachs

11/22/24

EUR

3,400‌

USD

3,795‌

(2‌)

Goldman

Sachs

11/22/24

USD

10,424‌

EUR

9,325‌

21‌

HSBC

Bank

11/22/24

USD

9,967‌

EUR

8,924‌

11‌

JPMorgan

Chase

10/18/24

USD

14,913‌

ZAR

273,629‌

(899‌)

JPMorgan

Chase

10/25/24

USD

2,043‌

CAD

2,805‌

(32‌)

JPMorgan

Chase

11/22/24

EUR

9,005‌

USD

9,986‌

59‌

JPMorgan

Chase

11/22/24

GBP

3,948‌

USD

5,176‌

102‌

JPMorgan

Chase

11/22/24

USD

4,947‌

EUR

4,420‌

16‌

JPMorgan

Chase

11/22/24

USD

9,965‌

GBP

7,640‌

(249‌)

State

Street

10/18/24

MXN

18,831‌

USD

1,009‌

(55‌)

State

Street

10/18/24

ZAR

273,629‌

USD

15,065‌

747‌

State

Street

10/25/24

USD

2,014‌

CAD

2,709‌

10‌

State

Street

10/25/24

USD

2,106‌

CAD

2,854‌

(5‌)

State

Street

11/22/24

EUR

448‌

USD

501‌

(1‌)

State

Street

11/22/24

USD

4,974‌

EUR

4,462‌

(4‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(7‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

22

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

253

Euro

BTP

contracts

12/24

(34,209)

$

(895‌)

Long,

877

U.S.

Treasury

Notes

ten

year

contracts

12/24

100,224

(440‌)

Long,

1,982

Three

Month

SOFR

Futures

contracts

3/25

475,482

877‌

Short,

1,982

Three

Month

SOFR

Futures

contracts

3/26

(480,635)

(609‌)

Net

payments

(receipts)

of

variation

margin

to

date

671‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(396‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

23

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

September

30,

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,

4.97%

$

—‌

$

—‌

$

1,437‌++

Totals

$

—‌#

$

—‌

$

1,437‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

09/30/24

T.

Rowe

Price

Government

Reserve

Fund,

4.97%

$

100,498‌

¤

¤

$

101,509‌

Total

$

101,509‌^

#

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

$1,437

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

$101,509.

T.

ROWE

PRICE

Dynamic

Credit

Fund

Unaudited

Notes

to

Portfolio

of

Investments

24

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)

T.

ROWE

PRICE

Dynamic

Credit

Fund

25

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

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.

T.

ROWE

PRICE

Dynamic

Credit

Fund

26

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

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

27

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

September

30,

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

$

—‌

$

286,537‌

$

—‌

$

286,537‌

Bank

Loans

—‌

111,081‌

6,217‌

117,298‌

Common

Stocks

15,139‌

—‌

18‌

15,157‌

Convertible

Preferred

Stocks

—‌

—‌

4,334‌

4,334‌

Corporate

Bonds

—‌

378,424‌

13,751‌

392,175‌

Private

Investment

Company

2

—‌

—‌

—‌

31‌

Short-Term

Investments

94,067‌

77,303‌

—‌

171,370‌

Securities

Lending

Collateral

7,442‌

—‌

—‌

7,442‌

Options

Purchased

—‌

6,039‌

—‌

6,039‌

Total

Securities

116,648‌

859,384‌

24,320‌

1,000,383‌

Swaps*

—‌

9,224‌

—‌

9,224‌

Forward

Currency

Exchange

Contracts

—‌

3,196‌

—‌

3,196‌

Futures

Contracts*

877‌

—‌

—‌

877‌

Total

$

117,525‌

$

871,804‌

$

24,320‌

$

1,013,680‌

Liabilities

Options

Written

$

—‌

$

125‌

$

—‌

$

125‌

Swaps*

—‌

12,327‌

—‌

12,327‌

Forward

Currency

Exchange

Contracts

—‌

3,203‌

—‌

3,203‌

Futures

Contracts*

1,944‌

—‌

—‌

1,944‌

Total

$

1,944‌

$

15,655‌

$

—‌

$

17,599‌

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Government

Bonds,

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

T.

ROWE

PRICE

Dynamic

Credit

Fund

28

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

September

30,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

September

30,

2024,

totaled $331,000 for

the

period ended

September

30,

2024.

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

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.

($000s)

Beginning

Balance

12/31/23

Gain

(Loss)

During

Period

Total

Purchases

Ending

Balance

9/30/24

Investment

in

Securities

Bank

Loans

$

—‌

$

—‌

$

6,217‌

$

6,217‌

Common

Stocks

16‌

2‌

—‌

18‌

Convertible

Preferred

Stocks

—‌

325‌

4,009‌

4,334‌

Corporate

Bonds

—‌

206‌

13,545‌

13,751‌

Total

$

16‌

$

533‌

$

23,771‌

$

24,320‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

29

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F1175-054Q3

09/24

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