T. Rowe Price Overseas Stock Fund (TROSX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-02958

T. Rowe Price International Funds, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: December 31

Date of reporting period: December 31, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Annual Shareholder Report

December 31, 2024

Dynamic Credit Fund

Investor Class (RPIDX)

This annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Dynamic Credit Fund - Investor Class	$65	0.63%

What drove fund performance during the past 12 months?

• The global investment-grade fixed income market declined over the trailing 12-month period amid rising bond yields, despite many central banks easing monetary policies, and weakening global currencies relative to the U.S. dollar.

• Despite sovereign yield volatility, the fund’s credit holdings, especially among high yield, emerging markets, securitized, and bank loans, helped drive positive performance. With central banks looking to unwind restrictive monetary policy, credit sectors largely benefited from increased risk appetite and demand for attractive yields.

• The fund utilizes short credit positions to reflect an investment view where our global research team has low conviction, and this sleeve of the fund weighed on performance amid a generally healthy environment for credit assets.

• The fund employs a flexible, cross-sector approach to source high-conviction security selection from our global multi-sector research platform while aiming to deliver attractive returns and targeting lower beta to high yield and equities. Over the period, the fund took a mostly defensive stance in terms of credit risk and duration, but we moderated that position somewhat after the uncertainty surrounding the U.S. presidential election cleared.

• The fund held material exposure to derivatives, including currency, interest rate, and credit derivatives, which we use to manage positioning more nimbly across the fund’s wide investment universe. Credit derivatives had a negative impact on performance, but other derivative exposure modestly aided returns for the period.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

	Investor Class	Regulatory Benchmark	Strategy Benchmark
1/10/19	10,000	10,000	10,000
3/31/19	10,188	10,160	10,054
6/30/19	10,365	10,495	10,118
9/30/19	10,458	10,570	10,175
12/31/19	10,664	10,621	10,222
3/31/20	9,057	10,586	10,280
6/30/20	9,982	10,938	10,283
9/30/20	10,516	11,229	10,287
12/31/20	10,949	11,598	10,290
3/31/21	11,596	11,080	10,292
6/30/21	11,758	11,226	10,292
9/30/21	11,826	11,127	10,294
12/31/21	11,629	11,052	10,295
3/31/22	11,320	10,371	10,299
6/30/22	11,186	9,514	10,310
9/30/22	11,300	8,853	10,358
12/31/22	11,631	9,256	10,446
3/31/23	11,724	9,534	10,559
6/30/23	11,600	9,388	10,683
9/30/23	12,058	9,052	10,824
12/31/23	12,083	9,785	10,973
3/31/24	12,219	9,581	11,116
6/30/24	12,470	9,475	11,264
9/30/24	12,818	10,137	11,418
12/31/24	12,971	9,620	11,553

202501-4140694, 202502-4108400

F1175-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 1/10/19
Dynamic Credit Fund (Investor Class)	7.34%	3.99%	4.45%
Bloomberg Global Aggregate Bond Index (Regulatory Benchmark)	-1.69	-1.96	-0.65
ICE BofA US 3-Month Treasury Bill Index (Strategy Benchmark)	5.28	2.48	2.45

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$1,015,889
• Number of Portfolio Holdings272

• Investment Advisory Fees Paid (000s)$(160)
• Portfolio Turnover Rate178.6%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	39.2%
Bank Loans	14.2
Government Bonds	13.0
Asset-Backed Securities	11.6
U.S. Treasury Obligations	7.6
Municipal Securities	2.9
Non-U.S. Government Mortgage-Backed Securities	2.5
Securities Lending Collateral	2.1
Short-Term and Other	6.9

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills	7.5%
Brazil Notas do Tesouro Nacional	4.4
Republic of Colombia	2.9
Republic of Sri Lanka	2.2
Cloud Software Group	2.2
Transocean	2.0
Asurion	2.0
DISH DBS	1.9
Puerto Rico Commonwealth	1.8
DISH Network	1.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and ICE do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Dynamic Credit Fund 

Investor Class (RPIDX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Dynamic Credit Fund

I Class (RPELX)

This annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Dynamic Credit Fund - I Class	$58	0.56%

What drove fund performance during the past 12 months?

• The global investment-grade fixed income market declined over the trailing 12-month period amid rising bond yields, despite many central banks easing monetary policies, and weakening global currencies relative to the U.S. dollar.

• Despite sovereign yield volatility, the fund’s credit holdings, especially among high yield, emerging markets, securitized, and bank loans, helped drive positive performance. With central banks looking to unwind restrictive monetary policy, credit sectors largely benefited from increased risk appetite and demand for attractive yields.

• The fund utilizes short credit positions to reflect an investment view where our global research team has low conviction, and this sleeve of the fund weighed on performance amid a generally healthy environment for credit assets.

• The fund employs a flexible, cross-sector approach to source high-conviction security selection from our global multi-sector research platform while aiming to deliver attractive returns and targeting lower beta to high yield and equities. Over the period, the fund took a mostly defensive stance in terms of credit risk and duration, but we moderated that position somewhat after the uncertainty surrounding the U.S. presidential election cleared.

• The fund held material exposure to derivatives, including currency, interest rate, and credit derivatives, which we use to manage positioning more nimbly across the fund’s wide investment universe. Credit derivatives had a negative impact on performance, but other derivative exposure modestly aided returns for the period.

How has the fund performed?

Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2024

	I Class	Regulatory Benchmark	Strategy Benchmark
1/10/19	500,000	500,000	500,000
3/31/19	509,449	507,997	502,680
6/30/19	518,344	524,733	505,892
9/30/19	522,972	528,485	508,736
12/31/19	533,855	531,049	511,079
3/31/20	452,496	529,313	514,015
6/30/20	499,329	546,889	514,130
9/30/20	525,508	561,444	514,332
12/31/20	547,206	579,885	514,488
3/31/21	579,608	554,018	514,617
6/30/21	587,758	561,290	514,617
9/30/21	591,217	556,331	514,691
12/31/21	582,026	552,590	514,741
3/31/22	566,113	518,545	514,943
6/30/22	559,508	475,703	515,482
9/30/22	565,302	442,669	517,902
12/31/22	581,953	462,803	522,309
3/31/23	586,691	476,718	527,954
6/30/23	581,275	469,425	534,161
9/30/23	603,655	452,590	541,218
12/31/23	605,039	489,252	548,662
3/31/24	611,923	479,061	555,788
6/30/24	624,597	473,770	563,180
9/30/24	642,177	506,853	570,916
12/31/24	649,954	480,988	577,642

202501-4140694, 202502-4108400

F1176-052 2/25

Average Annual Total Returns

	1 Year	5 Years	Since Inception 1/10/19
Dynamic Credit Fund (I Class)	7.42%	4.01%	4.49%
Bloomberg Global Aggregate Bond Index (Regulatory Benchmark)	-1.69	-1.96	-0.65
ICE BofA US 3-Month Treasury Bill Index (Strategy Benchmark)	5.28	2.48	2.45

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$1,015,889
• Number of Portfolio Holdings272

• Investment Advisory Fees Paid (000s)$(160)
• Portfolio Turnover Rate178.6%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	39.2%
Bank Loans	14.2
Government Bonds	13.0
Asset-Backed Securities	11.6
U.S. Treasury Obligations	7.6
Municipal Securities	2.9
Non-U.S. Government Mortgage-Backed Securities	2.5
Securities Lending Collateral	2.1
Short-Term and Other	6.9

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills	7.5%
Brazil Notas do Tesouro Nacional	4.4
Republic of Colombia	2.9
Republic of Sri Lanka	2.2
Cloud Software Group	2.2
Transocean	2.0
Asurion	2.0
DISH DBS	1.9
Puerto Rico Commonwealth	1.8
DISH Network	1.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and ICE do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Dynamic Credit Fund 

I Class (RPELX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

Annual Shareholder Report

December 31, 2024

Dynamic Credit Fund

Z Class (TRCDX)

This annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2024 to December 31, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last year? (based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Dynamic Credit Fund - Z Class	$0	0.00%

What drove fund performance during the past 12 months?

• The global investment-grade fixed income market declined over the trailing 12-month period amid rising bond yields, despite many central banks easing monetary policies, and weakening global currencies relative to the U.S. dollar.

• Despite sovereign yield volatility, the fund’s credit holdings, especially among high yield, emerging markets, securitized, and bank loans, helped drive positive performance. With central banks looking to unwind restrictive monetary policy, credit sectors largely benefited from increased risk appetite and demand for attractive yields.

• The fund utilizes short credit positions to reflect an investment view where our global research team has low conviction, and this sleeve of the fund weighed on performance amid a generally healthy environment for credit assets.

• The fund employs a flexible, cross-sector approach to source high-conviction security selection from our global multi-sector research platform while aiming to deliver attractive returns and targeting lower beta to high yield and equities. Over the period, the fund took a mostly defensive stance in terms of credit risk and duration, but we moderated that position somewhat after the uncertainty surrounding the U.S. presidential election cleared.

• The fund held material exposure to derivatives, including currency, interest rate, and credit derivatives, which we use to manage positioning more nimbly across the fund’s wide investment universe. Credit derivatives had a negative impact on performance, but other derivative exposure modestly aided returns for the period.

How has the fund performed?

Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2024

	Z Class	Regulatory Benchmark	Strategy Benchmark
9/13/23	10,000	10,000	10,000
9/30/23	10,185	9,823	10,026
12/31/23	10,223	10,619	10,164
3/31/24	10,353	10,397	10,296
6/30/24	10,582	10,283	10,433
9/30/24	10,895	11,001	10,576
12/31/24	11,042	10,439	10,701

202501-4140694, 202502-4108400

F1549-052 2/25

Average Annual Total Returns

	1 Year	Since Inception 9/13/23
Dynamic Credit Fund (Z Class)	8.02%	7.94%
Bloomberg Global Aggregate Bond Index (Regulatory Benchmark)	-1.69	3.37
ICE BofA US 3-Month Treasury Bill Index (Strategy Benchmark)	5.28	5.36

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund’s performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). Due to new SEC Rules on shareholder reporting the fund adopted a new broad-based securities market index, referred to as the Regulatory Benchmark. Market index returns do not include expenses, which are deducted from fund returns. The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund’s returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.The fund’s past performance is not a good predictor of the fund’s future performance.Updated performance information can be found at www.troweprice.com.

What are some fund statistics?

Fund Statistics

• Total Net Assets (000s)$1,015,889
• Number of Portfolio Holdings272

• Investment Advisory Fees Paid (000s)$(160)
• Portfolio Turnover Rate178.6%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	39.2%
Bank Loans	14.2
Government Bonds	13.0
Asset-Backed Securities	11.6
U.S. Treasury Obligations	7.6
Municipal Securities	2.9
Non-U.S. Government Mortgage-Backed Securities	2.5
Securities Lending Collateral	2.1
Short-Term and Other	6.9

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills	7.5%
Brazil Notas do Tesouro Nacional	4.4
Republic of Colombia	2.9
Republic of Sri Lanka	2.2
Cloud Software Group	2.2
Transocean	2.0
Asurion	2.0
DISH DBS	1.9
Puerto Rico Commonwealth	1.8
DISH Network	1.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Bloomberg and ICE do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Dynamic Credit Fund 

Z Class (TRCDX)

T. Rowe Price Investment Services, Inc.

100 East Pratt Street

Baltimore, MD 21202

 

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2024		2023
Audit Fees		$46,029		$46,733
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1)  The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

  (2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,262,000 and $1,524,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

(i)  Not applicable.

(j)  Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)  Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b)  Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b)  Report pursuant to Regulation S-X.

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2024

Financial

Statements

and

Other

Information

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPIDX

Dynamic

Credit

Fund

RPELX

Dynamic

Credit

Fund–

.

I Class

TRCDX

Dynamic

Credit

Fund–

.

Z Class

T.

ROWE

PRICE

Dynamic

Credit

Fund

Financial

Highlights

2

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

8.84‌

$

9.02‌

$

9.83‌

$

9.75‌

$

10.20‌

Investment

activities

Net

investment

income

(1)(2)

0.68‌

0.55‌

0.41‌

0.37‌

0.48‌

Net

realized

and

unrealized

gain/loss

(0.05‌)

(0.21‌)

(0.42‌)

0.24‌

(0.23‌)

Total

from

investment

activities

0.63‌

0.34‌

(0.01‌)

0.61‌

0.25‌

Distributions

Net

investment

income

(0.61‌)

(0.52‌)

(0.35‌)

(0.34‌)

(0.38‌)

Net

realized

gain

—‌

—‌

(0.45‌)

(0.19‌)

(0.32‌)

Total

distributions

(0.61‌)

(0.52‌)

(0.80‌)

(0.53‌)

(0.70‌)

NET

ASSET

VALUE

End

of

period

$

8.86‌

$

8.84‌

$

9.02‌

$

9.83‌

$

9.75‌

Ratios/Supplemental

Data

Total

return

(2)(3)

7.34‌%

3.89‌%

0.02‌%

6.21‌%

2.67‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.84‌%

1.31‌%

1.53‌%

1.30‌%

1.38‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.63‌%

0.64‌%

0.63‌%

0.65‌%

0.64‌%

Net

investment

income

7.64‌%

6.14‌%

4.40‌%

3.61‌%

4.97‌%

Portfolio

turnover

rate

178.6‌%

146.5‌%

217.6‌%

252.1‌%

301.7‌%

Net

assets,

end

of

period

(in

thousands)

$24,593

$18,157

$29,716

$38,760

$26,423

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Dynamic

Credit

Fund

Financial

Highlights

3

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

of

period

$

8.83‌

$

9.01‌

$

9.83‌

$

9.74‌

$

10.21‌

Investment

activities

Net

investment

income

(1)(2)

0.68‌

0.57‌

0.42‌

0.36‌

0.48‌

Net

realized

and

unrealized

gain/loss

(0.05‌)

(0.22‌)

(0.43‌)

0.26‌

(0.25‌)

Total

from

investment

activities

0.63‌

0.35‌

(0.01‌)

0.62‌

0.23‌

Distributions

Net

investment

income

(0.61‌)

(0.53‌)

(0.36‌)

(0.34‌)

(0.38‌)

Net

realized

gain

—‌

—‌

(0.45‌)

(0.19‌)

(0.32‌)

Total

distributions

(0.61‌)

(0.53‌)

(0.81‌)

(0.53‌)

(0.70‌)

NET

ASSET

VALUE

End

of

period

$

8.85‌

$

8.83‌

$

9.01‌

$

9.83‌

$

9.74‌

Ratios/Supplemental

Data

Total

return

(2)(3)

7.42‌%

3.97‌%

(0.01‌)%

6.36‌%

2.50‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.58‌%

0.94‌%

1.48‌%

1.06‌%

1.30‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.56‌%

0.56‌%

0.56‌%

0.60‌%

0.61‌%

Net

investment

income

7.72‌%

6.43‌%

4.48‌%

3.51‌%

5.01‌%

Portfolio

turnover

rate

178.6‌%

146.5‌%

217.6‌%

252.1‌%

301.7‌%

Net

assets,

end

of

period

(in

thousands)

$32,409

$29,384

$5,646

$1,943

$24,169

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Dynamic

Credit

Fund

Financial

Highlights

4

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Z

Class

(1)

.

.

Year

Ended

12/31/24

9/13/23

(1)

Through

12/31/23

NET

ASSET

VALUE

Beginning

of

period

$

8.83‌

$

8.82‌

Investment

activities

Net

investment

income

(2)(3)

0.73‌

0.19‌

Net

realized

and

unrealized

gain/loss

(0.05‌)

0.01‌

(4)

Total

from

investment

activities

0.68‌

0.20‌

Distributions

Net

investment

income

(0.66‌)

(0.19‌)

NET

ASSET

VALUE

End

of

period

$

8.85‌

$

8.83‌

Ratios/Supplemental

Data

Total

return

(3)(5)

8.02‌%

2.22‌%

Ratios

to

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

by

Price

Associates

0.55‌%

0.55‌%

(6)

Net

expenses

after

waivers/payments

by

Price

Associates

0.00‌%

0.00‌%

(6)

Net

investment

income

8.27‌%

7.19‌%

(6)

Portfolio

turnover

rate

178.6‌%

146.5‌%

Net

assets,

end

of

period

(in

millions)

$959

$861

0‌%

0‌%

(1)

Inception

date

(2)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4)

The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(5)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6)

Annualized

T.

ROWE

PRICE

Dynamic

Credit

Fund

December

31,

2024

5

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

13,041‌

Total

Angola

(Cost

$13,006)

13,041‌

AUSTRIA 0.9%

Corporate

Bonds 0.9% 

Benteler

International,

10.50%,

5/15/28

(USD) (1)

9,075,000‌

9,524‌

Total

Austria

(Cost

$9,567)

9,524‌

BRAZIL 6.7%

Corporate

Bonds 2.4% 

Banco

do

Estado

do

Rio

Grande

do

Sul,

VR,

5.375%,

1/28/31

(USD) (2)

665,000‌

656‌

CSN

Resources,

5.875%,

4/8/32

(USD) 

12,050,000‌

9,736‌

Raizen

Fuels

Finance,

6.95%,

3/5/54

(USD) (1)(3)

5,490,000‌

5,419‌

Samarco

Mineracao,

9.00%,

6/30/31,

(9.00%

PIK)

(USD) (4)

8,296,092‌

8,119‌

23,930‌

Government

Bonds 4.3% 

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

324,720,000‌

44,192‌

44,192‌

Total

Brazil

(Cost

$72,153)

68,122‌

CANADA 0.9%

Asset-Backed

Securities 0.4% 

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

6,000,000‌

4,045‌

4,045‌

Corporate

Bonds 0.5% 

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25

(USD) (1)(5)

4,900,000‌

4,899‌

4,899‌

Total

Canada

(Cost

$9,205)

8,944‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

6

Par/Shares

$

Value

(Cost

and

value

in

$000s)

CHILE 0.6%

Corporate

Bonds 0.6% 

AES

Andes,

VR,

8.15%,

6/10/55

(USD) (1)(2)

6,040,000‌

6,121‌

Total

Chile

(Cost

$6,040)

6,121‌

CHINA 0.0%

Corporate

Bonds 0.0% 

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (6)(7)

985,000‌

62‌

Total

China

(Cost

$275)

62‌

COLOMBIA 4.5%

Corporate

Bonds 1.6% 

Bancolombia,

VR,

8.625%,

12/24/34

(USD) (2)(3)

7,410,000‌

7,765‌

Ecopetrol,

8.375%,

1/19/36

(USD) 

8,370,000‌

8,079‌

15,844‌

Government

Bonds 2.9% 

Republic

of

Colombia,

3.25%,

4/22/32

(USD) 

26,490,000‌

20,364‌

Republic

of

Colombia,

4.125%,

5/15/51

(USD) 

15,730,000‌

9,043‌

29,407‌

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

$46,290)

45,282‌

EL

SALVADOR 1.3%

Government

Bonds 1.3% 

Republic

of

El

Salvador,

0.25%,

4/17/30

(USD) (1)

3,580,000‌

73‌

Republic

of

El

Salvador,

9.25%,

4/17/30

(USD) (1)

12,695,000‌

13,472‌

Total

El

Salvador

(Cost

$12,638)

13,545‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

7

Par/Shares

$

Value

(Cost

and

value

in

$000s)

FRANCE 1.0%

Corporate

Bonds 1.0% 

Altice

France

Holding,

10.50%,

5/15/27

(USD) (1)

14,003,000‌

3,956‌

Societe

Generale,

VR,

8.125%

(USD) (1)(2)(9)

6,030,000‌

5,909‌

Total

France

(Cost

$15,480)

9,865‌

GERMANY 1.4%

Corporate

Bonds 1.4% 

Deutsche

Bank,

Series

2020,

VR,

6.00%

(USD) (2)(9)

14,800,000‌

14,504‌

Total

Germany

(Cost

$14,555)

14,504‌

GHANA 0.9%

Corporate

Bonds 0.9% 

Kosmos

Energy,

8.75%,

10/1/31

(USD) (1)(3)

9,150,000‌

8,629‌

Total

Ghana

(Cost

$9,150)

8,629‌

ITALY 1.4%

Corporate

Bonds 1.4% 

Golden

Goose,

FRN,

3M

EURIBOR

+

4.875%,

7.898%,

5/14/27 

13,939,000‌

14,614‌

Total

Italy

(Cost

$14,786)

14,614‌

JERSEY 1.0%

Corporate

Bonds 1.0% 

Africell

Holding,

10.50%,

10/23/29

(USD) (1)

10,065,000‌

9,889‌

Total

Jersey

(Cost

$10,065)

9,889‌

LUXEMBOURG 0.4%

Corporate

Bonds 0.4% 

Altice

Financing,

9.625%,

7/15/27

(USD) (1)

3,916,000‌

3,603‌

Total

Luxembourg

(Cost

$3,885)

3,603‌

MAURITIUS 0.6%

Corporate

Bonds 0.6% 

Axian

Telecom,

7.375%,

2/16/27

(USD) (1)

200,000‌

201‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

8

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Axian

Telecom,

7.375%,

2/16/27

(USD) 

5,500,000‌

5,515‌

Total

Mauritius

(Cost

$5,307)

5,716‌

MEXICO 6.0%

Bank

Loans 1.4% (10)

Mercury

Data

Center

Bidco,

FRN,

3M

TSFR

+

4.75%,

9.222%,

9/5/29

(USD) (5)

15,000,000‌

14,925‌

14,925‌

Corporate

Bonds 4.6% 

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD) (1)(2)

13,695,000‌

13,981‌

Comision

Federal

de

Electricidad,

5.70%,

1/24/30

(USD) (1)

15,540,000‌

14,930‌

Metalsa,

3.75%,

5/4/31

(USD) (1)(3)

7,135,000‌

5,739‌

Petroleos

Mexicanos,

5.50%,

6/27/44

(USD) 

5,805,000‌

3,616‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD) 

700,000‌

610‌

Petroleos

Mexicanos,

10.00%,

2/7/33

(USD) (3)

7,304,000‌

7,590‌

46,466‌

Total

Mexico

(Cost

$61,389)

61,391‌

MONTENEGRO 1.0%

Government

Bonds 1.0% 

Republic

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

9,640,000‌

9,905‌

Total

Montenegro

(Cost

$9,861)

9,905‌

SRI

LANKA 2.2%

Government

Bonds 2.2% 

Republic

of

Sri

Lanka,

4.00%,

4/15/28

(USD) (1)

4,332,478‌

4,068‌

Republic

of

Sri

Lanka,

STEP,

3.10%,

1/15/30

(USD) (1)

3,457,316‌

2,869‌

Republic

of

Sri

Lanka,

STEP,

3.35%,

3/15/33

(USD) (1)

6,781,466‌

5,163‌

Republic

of

Sri

Lanka,

STEP,

3.60%,

6/15/35

(USD) (1)

4,579,050‌

3,320‌

Republic

of

Sri

Lanka,

STEP,

3.60%,

5/15/36

(USD) (1)

3,177,968‌

2,423‌

Republic

of

Sri

Lanka,

STEP,

3.60%,

2/15/38

(USD) (1)

6,358,605‌

4,873‌

Total

Sri

Lanka

(Cost

$21,794)

22,716‌

SURINAME 0.0%

Government

Bonds 0.0% 

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(4)

275,533‌

248‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

9

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

130,000‌

130‌

Total

Suriname

(Cost

$273)

378‌

UNITED

KINGDOM 2.4%

Bank

Loans 1.4% (10)

CD&R

Firefly

Bidco,

FRN,

3M

EURIBOR

+

3.75%,

6.802%,

4/29/29

(EUR) 

6,420,000‌

6,679‌

CD&R

Firefly

Bidco,

FRN,

GBP

SONIA

+

5.75%,

10.70%,

6/21/28 

4,670,000‌

5,832‌

ZPG,

FRN,

GBP

SONIA

+

5.50%,

10.20%,

7/31/28 

1,250,000‌

1,567‌

14,078‌

Convertible

Bonds 0.1% 

Immunocore

Holdings,

2.50%,

2/1/30

(USD) (1)

553,000‌

464‌

464‌

Corporate

Bonds 0.9% 

Vmed

O2

U.K.

Financing

I,

7.75%,

4/15/32

(USD) (1)

9,555,000‌

9,544‌

9,544‌

Total

United

Kingdom

(Cost

$24,402)

24,086‌

UNITED

STATES 52.3%

Asset-Backed

Securities 11.2% 

Auxilior

Term

Funding,

Series

2023-1A,

Class

E,

10.97%,

12/15/32 (1)

6,770,000‌

6,946‌

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

E,

FRN,

SOFR30A

+

3.60%,

8.169%,

12/26/31 (1)

2,267,005‌

2,296‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-

1A,

Class

A,

STEP,

6.50%,

12/16/41 (1)

165,180‌

165‌

Blue

Owl

Asset

Leasing

Trust,

Series

2024-1A,

Class

D,

8.00%,

12/15/31 (1)

5,011,000‌

4,995‌

Carvana

Auto

Receivables

Trust,

Series

2024-N2,

Class

E,

8.16%,

6/10/31 (1)

7,300,000‌

7,321‌

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49 (1)

4,157,925‌

4,058‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (1)

28,648‌

28‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38 (1)

132,389‌

136‌

FOCUS

Brands

Funding,

Series

2023-2,

Class

A2,

8.241%,

10/30/53 (1)

8,840,700‌

9,314‌

Frontier

Issuer,

Series

2023-1,

Class

C,

11.50%,

8/20/53 (1)

10,865,765‌

11,588‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

10

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Frontier

Issuer,

Series

2024-1,

Class

C,

11.16%,

6/20/54 (1)

1,098,880‌

1,228‌

Goto

Foods

Funding,

Series

2017-1A,

Class

A2II,

5.093%,

4/30/47 (1)

2,090,500‌

2,060‌

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

1,597,969‌

1,502‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51 (1)

1,215,900‌

1,089‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (1)

9,835,675‌

10,046‌

Hilton

Grand

Vacations

Trust,

Series

2024-1B,

Class

D,

8.85%,

9/15/39 (1)

2,065,823‌

2,105‌

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

C,

FRN,

SOFR30A

+

3.15%,

7.755%,

5/20/32 (1)

2,107,618‌

2,129‌

Jersey

Mike's

Funding,

Series

2019-1A,

Class

A2,

4.433%,

2/15/50 (1)

230,260‌

227‌

Jersey

Mike's

Funding,

Series

2021-1A,

Class

A2I,

2.891%,

2/15/52 (1)

49,750‌

48‌

MVW,

Series

2023-2A,

Class

D,

9.33%,

11/20/40 (1)

4,378,213‌

4,472‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30 (1)

255,000‌

267‌

Post

Road

Equipment

Finance,

Series

2024-1A,

Class

E,

8.50%,

12/15/31 (1)

3,338,000‌

3,302‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

E,

10.068%,

6/15/33 (1)

80,479‌

82‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

E,

8.408%,

12/15/33 (1)

4,705,278‌

4,812‌

SCF

Equipment

Leasing,

Series

2022-1A,

Class

F,

6.00%,

7/20/32 (1)

5,650,000‌

5,483‌

SCF

Equipment

Leasing,

Series

2024-1A,

Class

E,

9.00%,

12/20/34 (1)

3,300,000‌

3,338‌

SEB

Funding,

Series

2024-1A,

Class

A2,

7.386%,

4/30/54 (1)

14,435,000‌

14,761‌

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

D,

3.17%,

11/20/37 (1)

832,668‌

806‌

Sierra

Timeshare

Receivables

Funding,

Series

2023-3A,

Class

D,

9.44%,

9/20/40 (1)

3,101,487‌

3,201‌

Sierra

Timeshare

Receivables

Funding,

Series

2024-1A,

Class

D,

8.02%,

1/20/43 (1)

1,456,929‌

1,472‌

Stonepeak

ABS,

Series

2021-1A,

Class

B,

3.821%,

2/28/33 (1)

148,520‌

140‌

TPIC

SPV

I,

Series

2024-1A,

Class

A,

Acquisition

Date:

12/10/24,

Cost $4,300,

7.131%,

11/30/44 (8)

4,300,000‌

4,300‌

113,717‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

11

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Bank

Loans 11.4% (10)

Asurion,

FRN,

1M

TSFR

+

4.25%,

8.707%,

8/19/28 

19,584,831‌

19,585‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

9.721%,

1/31/28 

185,904‌

181‌

Chromalloy,

FRN,

3M

TSFR

+

3.75%,

8.06%,

3/27/31 

13,920,050‌

13,922‌

Cloud

Software

Group,

FRN,

1M

TSFR

+

3.75%,

8.079%,

3/21/31 

7,465,000‌

7,481‌

Cloud

Software

Group,

FRN,

3M

TSFR

+

3.50%,

7.829%,

3/30/29 

4,207,995‌

4,217‌

CMG

Media,

FRN,

1M

TSFR

+

3.50%,

7.929%,

6/18/29 

9,763,746‌

8,724‌

CSC

Holdings,

FRN,

1M

TSFR

+

2.50%,

7.173%,

4/15/27 

5,725,000‌

5,273‌

CSC

Holdings,

FRN,

1M

TSFR

+

4.50%,

8.806%,

1/18/28 

9,785,202‌

9,579‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

3.00%,

7.357%,

10/9/29 

5,233,194‌

5,263‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

4.75%,

9.107%,

11/14/32 

4,925,000‌

5,007‌

Icon

Parent,

FRN,

1M

TSFR

+

3.00%,

7.516%,

11/13/31 

8,815,000‌

8,840‌

LTI

Holdings,

FRN,

1M

TSFR

+

4.75%,

9.107%,

7/29/29 

6,962,550‌

6,966‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

7.721%,

9/25/26 

17,068,343‌

14,884‌

RFS

OPCO,

FRN,

1M

TSFR

+

4.75%,

9.079%,

4/4/31 (5)

6,264,300‌

6,202‌

116,124‌

Common

Stocks 0.0% 

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $13 (5)

(6)(8)

639‌

18‌

18‌

Convertible

Bonds 0.8% 

Wolfspeed,

1.875%,

12/1/29 

19,595,000‌

8,083‌

8,083‌

Convertible

Preferred

Stocks 1.5% 

Ares

Management,

Series

B,

6.75%,

10/1/27 

111,744‌

6,151‌

Boeing,

6.00%,

10/15/27 

74,353‌

4,527‌

Kobold

Metals,

Series

C-2,

Acquisition

Date:

9/20/24,

Cost $4,009 (5)(6)(8)

51,015‌

4,334‌

15,012‌

Corporate

Bonds 21.0% 

Alliant

Holdings

Intermediate,

6.50%,

10/1/31 (1)

9,895,000‌

9,747‌

American

Airlines,

5.75%,

4/20/29 (1)

4,618,182‌

4,572‌

AP

Grange

Holdings,

Acquisition

Date:

6/12/24,

Cost $8,925,

6.50%,

3/20/45 (5)(8)

8,925,000‌

8,925‌

At

Home

Group,

4.875%,

7/15/28 (1)

210,000‌

84‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

12

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Blackstone

Mortgage

Trust,

7.75%,

12/1/29 (1)

5,230,000‌

5,367‌

Centene,

3.00%,

10/15/30 

2,458,000‌

2,114‌

Centene,

4.625%,

12/15/29 

2,462,000‌

2,314‌

CHS,

10.875%,

1/15/32 (1)

5,655,000‌

5,818‌

Cloud

Software

Group,

8.25%,

6/30/32 (1)

2,939,000‌

3,031‌

Cloud

Software

Group,

9.00%,

9/30/29 (1)

7,175,000‌

7,274‌

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

5,762‌

CVS

Health,

VR,

6.75%,

12/10/54 (2)

2,305,000‌

2,247‌

DISH

DBS,

5.25%,

12/1/26 (1)

15,035,000‌

13,644‌

DISH

DBS,

5.75%,

12/1/28 (1)

606,000‌

518‌

DISH

DBS,

7.75%,

7/1/26 

6,145,000‌

5,146‌

DISH

Network,

11.75%,

11/15/27 (1)

16,700,000‌

17,639‌

Icahn

Enterprises,

9.00%,

6/15/30 

12,450,000‌

11,905‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (1)

10,355,000‌

9,332‌

MPT

Operating

Partnership,

2.50%,

3/24/26

(GBP) (3)

12,665,000‌

14,013‌

Navient,

11.50%,

3/15/31 

13,445,000‌

14,991‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

17,130,000‌

15,888‌

NGL

Energy

Operating,

8.125%,

2/15/29 (1)

3,348,000‌

3,381‌

OneMain

Finance,

7.125%,

11/15/31 

11,030,000‌

11,237‌

Transocean,

8.75%,

2/15/30 (1)

19,575,500‌

20,163‌

Venture

Global

LNG,

VR,

9.00% (1)(2)(9)

9,775,000‌

10,203‌

213,869‌

Municipal

Securities 2.9% 

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

235,000‌

189‌

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

10,954‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (11)

29,468,352‌

18,049‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30 (6)(12)

40,000‌

22‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32 (6)(12)

150,000‌

81‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

250,000‌

209‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

90,000‌

85‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

460,000‌

43‌

29,635‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

13

Par/Shares

$

Value

(Cost

and

value

in

$000s)

Non-U.S.

Government

Mortgage-Backed

Securities 2.5% 

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

A,

ARM,

1M

TSFR

+

1.264%,

5.662%,

4/15/34 (1)

2,120,000‌

1,966‌

Bayview

Financing

Trust,

Series

2024-2F,

Class

A,

CMO,

ARM,

Acquisition

Date:

8/29/24,

Cost $5,031,

8.10%,

9/25/29 (5)(8)

5,030,628‌

5,031‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

7.361%,

11/15/34 (1)

120,000‌

1‌

BBCMS

Trust,

Series

2015-SRCH,

Class

D,

ARM,

4.957%,

8/10/35 (1)

2,131,000‌

1,909‌

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

C,

ARM,

1M

TSFR

+

1.664%,

6.062%,

8/15/38 (1)

1,170,417‌

925‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

8.441%,

6/15/36 (1)

145,000‌

136‌

CAFL,

Series

2021-RTL1,

Class

A1,

CMO,

STEP,

2.239%,

3/28/29 (1)

49,373‌

49‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

ARM,

1M

TSFR

+

2.447%,

6.845%,

12/15/37 (1)

2,912,500‌

2,913‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52 (1)

115,000‌

39‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

70,000‌

19‌

Finance

of

America

HECM

Buyout,

Series

2024-HB1,

Class

M5,

ARM,

6.00%,

10/1/34 (1)

8,725,000‌

6,287‌

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

D,

ARM,

4.667%,

3/10/50 (1)

220,000‌

176‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (1)

115,000‌

97‌

ONE

Mortgage

Trust,

Series

2021-PARK,

Class

D,

ARM,

1M

TSFR

+

1.614%,

6.011%,

3/15/36 (1)

711,000‌

679‌

TX

Trust,

Series

2024-HOU,

Class

D,

ARM,

1M

TSFR

+

3.239%,

7.636%,

6/15/39 (1)

2,805,000‌

2,803‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (1)

150,000‌

114‌

Verus

Securitization

Trust,

Series

2021-5,

Class

M1,

CMO,

ARM,

2.331%,

9/25/66 (1)

3,270,000‌

2,259‌

25,403‌

U.S.

Government

&

Agency

Mortgage-Backed

Securities 1.0% 

Federal

National

Mortgage

Assn.,

CMO,

IO 

2.00%,

5/25/51

-

4/25/52 

45,712,511‌

5,977‌

Government

National

Mortgage

Assn.,

CMO,

IO 

2.00%,

11/20/50

-

12/20/50 

4,347,185‌

533‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

14

Par/Shares

$

Value

(Cost

and

value

in

$000s)

2.50%,

8/20/49

-

11/20/51 

24,435,152‌

3,437‌

9,947‌

Total

United

States

(Cost

$528,636)

531,808‌

SHORT-TERM

INVESTMENTS 12.0%

Money

Market

Funds 4.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (13)(14)

45,008,624‌

45,009‌

45,009‌

U.S.

Treasury

Obligations 7.6%

U.S.

Treasury

Bills,

4.399%,

2/27/25 (15)

76,775,000‌

76,270‌

76,270‌

Total

Short-Term

Investments

(Cost

$121,254)

121,279‌

SECURITIES

LENDING

COLLATERAL 2.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 1.4%

Money

Market

Funds 1.4%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (13)(14)

14,254,626‌

14,255‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

14,255‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 0.7%

Money

Market

Funds 0.7%

T.

Rowe

Price

Government

Reserve

Fund,

4.53% (13)(14)

7,438,238‌

7,438‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

7,438‌

Total

Securities

Lending

Collateral

(Cost

$21,693)

21,693‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

15

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED 0.3%

OTC

Options

Purchased

0.3%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S43,

5

Year

Index,

12/20/29),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

4/16/25

@

1.05%* (6)

2‌

126,900‌

923‌

Morgan

Stanley

10

Year

Interest

Rate

Swap,

7/1/35

Pay

Fixed

4.55%

Annually,

Receive

Variable

4.49%

(SOFR)

Annually,

6/27/25

@

4.55%* (6)

1‌

119,735‌

1,096‌

Morgan

Stanley

Credit

Default

Swap,

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S42,

5

Year

Index,

12/20/29),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

3/19/25

@

0.50%*

(EUR) (6)

2‌

406,900‌

128‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

16

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

Credit

Default

Swap,

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S42,

5

Year

Index,

12/20/29),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

3/19/25

@

0.53%*

(EUR) (6)

1‌

203,450‌

126‌

Morgan

Stanley

iShares

Russell

2000

ETF,

Call,

3/21/25

@

$250.00 (6)

233‌

5,148‌

30‌

Morgan

Stanley

S&P

500

Index,

Put,

4/17/25

@

$5,950.00 (6)

33‌

19,409‌

576‌

Morgan

Stanley

S&P

500

Index,

Put,

12/19/25

@

$5,700.00 (6)

23‌

13,528‌

529‌

Morgan

Stanley

Technology

Select

Sector

SPDR

Fund,

Call,

3/21/25

@

$230.00 (6)

66‌

1,535‌

80‌

Wells

Fargo

Energy

Select

Sector

SPDR

Fund,

Call,

3/21/25

@

$91.00 (6)

182‌

1,559‌

29‌

Wells

Fargo

SPDR

S&P

Regional

Banking

ETF,

Call,

3/21/25

@

$68.00 (6)

520‌

3,138‌

52‌

Total

Options

Purchased

(Cost

$4,300)

3,569‌

Total

Investments

in

Securities

101.2%

of

Net

Assets

(Cost

$1,036,004)

$

1,028,286‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

17

‡

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

$435,117

and

represents

42.8%

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)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2024.

(4)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(5)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(6)

Non-income

producing

(7)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(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

$22,639

and

represents

2.2%

of

net

assets.

(9)

Perpetual

security

with

no

stated

maturity

date.

(10)

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.

(11)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(12)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(13)

Seven-day

yield

(14)

Affiliated

Companies

(15)

At

December

31,

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

18

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

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

CAD

Canadian

Dollar

CHF

Swiss

Franc

CMO

Collateralized

Mortgage

Obligation

CORRA

Canadian

Overnight

Repo

Rate

Average

CPI

Consumer

Price

Index

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HFA

Health

Facility

Authority

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

SEK

Swedish

Krona

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.

T.

ROWE

PRICE

Dynamic

Credit

Fund

19

(Amounts

in

000s)

SWAPS

(1.1)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.3)%

Credit

Default

Swaps,

Protection

Sold

(0.3)%

United

States

(0.3)%

Goldman

Sachs,

Protection

Sold (Relevant

Credit:

Markit

CMBX.

NA.BBB-S17,

35

Year

Index),

Receive

3.00%

Monthly,

Pay

upon

credit

default,

12/15/56

10,493

(1,118)

(1,258)

140‌

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Markit

CMBX.

NA.BBB-S17,

35

Year

Index),

Receive

3.00%

Monthly,

Pay

upon

credit

default,

12/15/56

15,325

(1,634)

(1,828)

194‌

Total

United

States

(3,086)

334‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(3,086)

334‌

Total

Bilateral

Swaps

(3,086)

334‌

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.8)%

Credit

Default

Swaps,

Protection

Bought

(0.8)%

Canada

(0.0)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,515

(181)

(59)

(122‌)

Total

Canada

(122‌)

Oman

(0.0)%

Protection

Bought

(Relevant

Credit:

Sultanate

of

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

10,262

(65)

270

(335‌)

Total

Oman

(335‌)

United

States

(0.8)%

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

335

(36)

(6)

(30‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

20

(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

(1,826)

(1,581)

(245‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S43,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

38,050

(2,991)

(3,050)

59‌

Protection

Bought

(Relevant

Credit:

Nova

Chemicals),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

5,657

(694)

(290)

(404‌)

Protection

Bought

(Relevant

Credit:

United

Airlines

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

*

18,010

(2,325)

52

(2,377‌)

Total

United

States

(2,997‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(3,454‌)

Credit

Default

Swaps,

Protection

Sold

(0.1)%

Luxembourg

(0.2)%

Protection

Sold

(Relevant

Credit:

SES

S.A.,

Baa3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

20,200

(2,015)

(1,418)

(597‌)

Total

Luxembourg

(597‌)

United

States

0.1%

Protection

Sold

(Relevant

Credit:

Avis

Budget

Car

Rental,

BB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

2,826

142

115

27‌

Total

United

States

27‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(570‌)

Interest

Rate

Swaps

0.2%

Canada

0.1%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.297%

Semi-Annually,

Pay

Variable

3.320%

(CORRA)

Semi-

Annually,

6/14/29

146,480

2,528

—

2,528‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.236%

Semi-Annually,

Receive

Variable

3.320%

(CORRA)

Semi-Annually,

6/15/54

35,418

(1,035)

—

(1,035‌)

Total

Canada

1,493‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

21

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

United

Kingdom

(0.1)%

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.257%

Annually,

Pay

Variable

4.716%

(GBP

SONIA)

Annually,

11/9/26

209,675

(356)

—

(356‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.259%

Annually,

Pay

Variable

4.714%

(GBP

SONIA)

Annually,

11/16/26

214,333

(308)

—

(308‌)

Total

United

Kingdom

(664‌)

United

States

0.2%

5

Year

Interest

Rate

Swap,

Pay

Fixed

3.844%

Annually,

Receive

Variable

4.535%

(SOFR)

Annually,

11/27/29

56,130

537

—

537‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

4.017%

Annually,

Receive

Variable

4.490%

(SOFR)

Annually,

1/3/30

113,545

—

—

—‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.803%

Annually,

Receive

Variable

4.535%

(SOFR)

Annually,

11/27/34

30,632

692

—

692‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.826%

Annually,

Receive

Variable

4.532%

(SOFR)

Annually,

11/29/34

31,080

643

—

643‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.082%

Annually,

Receive

Variable

4.433%

(SOFR)

Annually,

12/25/34

30,972

(22)

—

(22‌)

Total

United

States

1,850‌

Total

Centrally

Cleared

Interest

Rate

Swaps

2,679‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

22

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Zero-Coupon

Inflation

Swaps

(0.1)%

United

States

(0.1)%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.607%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/31/34

94,500

(1,413)

—

(1,413‌)

Total

United

States

(1,413‌)

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(1,413‌)

Total

Centrally

Cleared

Swaps

(2,758‌)

Net

payments

(receipts)

of

variation

margin

to

date

3,075‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

317‌

*

Credit

ratings

as

of

December

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

$(49).

T.

ROWE

PRICE

Dynamic

Credit

Fund

23

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

1/24/25

NZD

102‌

USD

61‌

$

(4‌)

Bank

of

America

1/24/25

USD

1,243‌

AUD

1,912‌

59‌

Bank

of

America

1/24/25

USD

488‌

NOK

5,508‌

4‌

Barclays

Bank

1/24/25

JPY

18,435‌

USD

121‌

(3‌)

Barclays

Bank

1/24/25

NZD

629‌

USD

375‌

(23‌)

Barclays

Bank

1/24/25

USD

113‌

AUD

181‌

1‌

Barclays

Bank

1/24/25

USD

174‌

CHF

149‌

9‌

Barclays

Bank

2/21/25

EUR

9,840‌

USD

10,369‌

(154‌)

Barclays

Bank

2/21/25

GBP

1,562‌

USD

1,969‌

(14‌)

Barclays

Bank

2/21/25

USD

499‌

EUR

472‌

9‌

Barclays

Bank

2/21/25

USD

22,412‌

GBP

17,772‌

171‌

Barclays

Bank

2/28/25

USD

241‌

SEK

2,630‌

3‌

BNY

Mellon

1/24/25

NOK

12,853‌

USD

1,170‌

(41‌)

BNY

Mellon

2/21/25

EUR

9,800‌

USD

10,327‌

(154‌)

BNY

Mellon

2/21/25

USD

5,882‌

GBP

4,635‌

82‌

Canadian

Imperial

Bank

of

Commerce

1/24/25

CAD

6,335‌

USD

4,453‌

(42‌)

Citibank

1/24/25

AUD

221‌

USD

145‌

(9‌)

Citibank

1/24/25

USD

82‌

AUD

127‌

3‌

Citibank

1/24/25

USD

213‌

CAD

301‌

3‌

Citibank

1/24/25

USD

290‌

JPY

43,266‌

14‌

Citibank

2/21/25

USD

199‌

GBP

157‌

3‌

Citibank

2/28/25

USD

142‌

SEK

1,544‌

2‌

Deutsche

Bank

1/24/25

AUD

694‌

USD

457‌

(27‌)

Deutsche

Bank

1/24/25

JPY

748,540‌

USD

5,044‌

(273‌)

Deutsche

Bank

1/24/25

NOK

3,247‌

USD

294‌

(9‌)

Deutsche

Bank

1/24/25

USD

326‌

CAD

463‌

4‌

Deutsche

Bank

1/24/25

USD

325‌

JPY

50,284‌

5‌

Deutsche

Bank

1/24/25

USD

253‌

JPY

39,876‌

(1‌)

Deutsche

Bank

1/24/25

USD

407‌

NZD

699‌

16‌

Deutsche

Bank

2/21/25

EUR

2,233‌

USD

2,365‌

(47‌)

Deutsche

Bank

2/21/25

USD

24,800‌

EUR

23,425‌

483‌

Deutsche

Bank

2/28/25

USD

271‌

SEK

2,965‌

2‌

Goldman

Sachs

1/24/25

JPY

315,974‌

USD

2,092‌

(78‌)

Goldman

Sachs

1/24/25

USD

235‌

AUD

368‌

7‌

Goldman

Sachs

1/24/25

USD

273‌

CAD

380‌

8‌

Goldman

Sachs

2/21/25

EUR

776‌

USD

819‌

(13‌)

Goldman

Sachs

2/21/25

USD

5,358‌

GBP

4,229‌

66‌

Goldman

Sachs

2/28/25

USD

193‌

SEK

2,120‌

1‌

HSBC

Bank

1/24/25

CAD

296‌

USD

213‌

(7‌)

HSBC

Bank

1/24/25

NZD

139‌

USD

81‌

(4‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

24

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

1/24/25

USD

263‌

AUD

404‌

$

13‌

HSBC

Bank

1/24/25

USD

304‌

CAD

436‌

—‌

HSBC

Bank

2/21/25

USD

365‌

EUR

350‌

2‌

JPMorgan

Chase

1/24/25

AUD

118‌

USD

78‌

(5‌)

JPMorgan

Chase

1/24/25

USD

161‌

AUD

257‌

2‌

JPMorgan

Chase

1/24/25

USD

2,853‌

CAD

3,995‌

72‌

JPMorgan

Chase

1/24/25

USD

252‌

JPY

38,433‌

7‌

JPMorgan

Chase

1/24/25

USD

51‌

NOK

565‌

1‌

JPMorgan

Chase

2/28/25

USD

146‌

SEK

1,604‌

—‌

Morgan

Stanley

1/24/25

USD

345‌

CAD

497‌

(1‌)

Morgan

Stanley

1/24/25

USD

283‌

CHF

248‌

9‌

Morgan

Stanley

2/21/25

USD

139‌

GBP

111‌

1‌

RBC

Dominion

Securities

1/24/25

USD

793‌

AUD

1,275‌

4‌

RBC

Dominion

Securities

1/24/25

USD

261‌

CAD

365‌

6‌

Standard

Chartered

1/24/25

JPY

761,690‌

USD

5,109‌

(254‌)

Standard

Chartered

2/21/25

USD

9,638‌

EUR

9,105‌

186‌

State

Street

1/24/25

AUD

7,360‌

USD

4,912‌

(356‌)

State

Street

2/21/25

EUR

583‌

USD

619‌

(14‌)

State

Street

2/28/25

USD

522‌

SEK

5,713‌

4‌

Toronto-Dominion

Bank

1/24/25

NZD

1,412‌

USD

844‌

(54‌)

Toronto-Dominion

Bank

1/24/25

USD

6,790‌

CAD

9,358‌

274‌

Toronto-Dominion

Bank

2/21/25

GBP

9,305‌

USD

11,694‌

(50‌)

Toronto-Dominion

Bank

2/21/25

USD

7,902‌

EUR

7,450‌

168‌

UBS

Investment

Bank

1/24/25

CHF

18‌

USD

20‌

—‌

UBS

Investment

Bank

1/24/25

USD

4,994‌

AUD

7,684‌

238‌

UBS

Investment

Bank

1/24/25

USD

3,181‌

CHF

2,738‌

156‌

UBS

Investment

Bank

1/24/25

USD

123‌

JPY

18,430‌

5‌

UBS

Investment

Bank

1/24/25

USD

611‌

NOK

6,821‌

12‌

UBS

Investment

Bank

3/6/25

USD

49,350‌

BRL

301,380‌

1,148‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,626‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

25

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

84

Commonwealth

of

Australia

ten

year

bond

contracts

3/25

5,869

$

(38‌)

Short,

254

Euro

BTP

contracts

3/25

(31,568)

689‌

Short,

121

Euro

BUND

contracts

3/25

(16,725)

258‌

Long,

38

U.K.

Gilt

ten

year

contracts

3/25

4,396

(111‌)

Long,

284

U.S.

Treasury

Notes

ten

year

contracts

3/25

30,885

(306‌)

Net

payments

(receipts)

of

variation

margin

to

date

(511‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(19‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

26

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

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

year

ended

December

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,

4.53%

$

—‌

$

—‌

$

2,077‌++

Totals

$

—‌#

$

—‌

$

2,077‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/23

Purchase

Cost

Sales

Cost

Value

12/31/24

T.

Rowe

Price

Government

Reserve

Fund,

4.53%

$

100,498‌

 ¤

 ¤

$

66,702‌

Total

$

66,702‌^

#

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

as

described

in

Note

4

.

+

Investment

income

comprised

$2,077

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

$66,702.

T.

ROWE

PRICE

Dynamic

Credit

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

27

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$1,036,004)

$

1,028,286‌

Interest

and

dividends

receivable

14,031‌

Unrealized

gain

on

forward

currency

exchange

contracts

3,263‌

Receivable

for

investment

securities

sold

1,602‌

Receivable

for

shares

sold

731‌

Due

from

affiliates

430‌

Unrealized

gain

on

bilateral

swaps

334‌

Variation

margin

receivable

on

centrally

cleared

swaps

317‌

Foreign

currency

(cost

$287)

288‌

Other

assets

82‌

Total

assets

1,049,364‌

Liabilities

Obligation

to

return

securities

lending

collateral

21,693‌

Bilateral

swap

premiums

received

3,086‌

Unrealized

loss

on

forward

currency

exchange

contracts

1,637‌

Payable

for

investment

securities

purchased

1,534‌

Payable

for

shares

redeemed

647‌

Investment

management

fees

payable

431‌

Variation

margin

payable

on

futures

contracts

19‌

Payable

to

directors

1‌

Other

liabilities

4,427‌

Total

liabilities

33,475‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

1,015,889‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

December

31,

2024

Statement

of

Assets

and

Liabilities

28

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(4,560‌)

Paid-in

capital

applicable

to

114,752,636

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

1,020,449‌

NET

ASSETS

$

1,015,889‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$24,593;

Shares

outstanding:

2,775,489)

$

8.86‌

I

Class

(Net

assets:

$32,409;

Shares

outstanding:

3,660,060)

$

8.85‌

Z

Class

(Net

assets:

$958,887;

Shares

outstanding:

108,317,087)

$

8.85‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

Statement

of

Operations

29

($000s)

Year

Ended

12/31/24

Investment

Income

(Loss)

Income

.

  Interest

(net

of

foreign

taxes

of

$55)

$

76,573‌

Dividend

2,802‌

Securities

lending

137‌

Total

income

79,512‌

Expenses

Investment

management

4,841‌

Shareholder

servicing

Investor

Class

$

51‌

I

Class

7‌

58‌

Prospectus

and

shareholder

reports

Investor

Class

7‌

I

Class

1‌

Z

Class

9‌

17‌

Custody

and

accounting

269‌

Legal

and

audit

52‌

Registration

42‌

Directors

3‌

Miscellaneous

56‌

Waived

/

paid

by

Price

Associates

(5,001‌)

Total

expenses

337‌

Net

investment

income

79,175‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

Statement

of

Operations

30

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$197)

35,736‌

Futures

(3,953‌)

Swaps

(10,499‌)

Options

written

3,512‌

Forward

currency

exchange

contracts

(5,298‌)

Foreign

currency

transactions

367‌

Net

realized

gain

19,865‌

Change

in

net

unrealized

gain

/

loss

Securities

(32,608‌)

Futures

4,267‌

Swaps

768‌

Options

written

(776‌)

Forward

currency

exchange

contracts

4,092‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(43‌)

Change

in

net

unrealized

gain

/

loss

(24,300‌)

Net

realized

and

unrealized

gain

/

loss

(4,435‌)

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

74,740‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

Statement

of

Changes

in

Net

Assets

31

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

79,175‌

$

14,716‌

Net

realized

gain

(loss)

19,865‌

(24,885‌)

Change

in

net

unrealized

gain

/

loss

(24,300‌)

17,698‌

Increase

in

net

assets

from

operations

74,740‌

7,529‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(1,364‌)

(1,834‌)

I

Class

(2,124‌)

(656‌)

Z

Class

(68,291‌)

(11,355‌)

Decrease

in

net

assets

from

distributions

(71,779‌)

(13,845‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

17,277‌

20,122‌

I

Class

13,819‌

29,431‌

Z

Class

115,044‌

859,238‌

Distributions

reinvested

Investor

Class

1,340‌

701‌

I

Class

2,101‌

648‌

Z

Class

68,404‌

11,501‌

Shares

redeemed

Investor

Class

(12,246‌)

(31,503‌)

I

Class

(12,989‌)

(6,083‌)

Z

Class

(88,702‌)

(4,221‌)

Increase

in

net

assets

from

capital

share

transactions

104,048‌

879,834‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

Statement

of

Changes

in

Net

Assets

32

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/24

12/31/23

Net

Assets

Increase

during

period

107,009‌

873,518‌

Beginning

of

period

908,880‌

35,362‌

End

of

period

$

1,015,889‌

$

908,880‌

*Share

information

(000s)

Shares

sold

Investor

Class

1,952‌

2,270‌

I

Class

1,564‌

3,314‌

Z

Class

13,041‌

96,750‌

Distributions

reinvested

Investor

Class

151‌

79‌

I

Class

238‌

73‌

Z

Class

7,738‌

1,303‌

Shares

redeemed

Investor

Class

(1,382‌)

(3,590‌)

I

Class

(1,470‌)

(685‌)

Z

Class

(10,033‌)

(482‌)

Increase

in

shares

outstanding

11,799‌

99,032‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

NOTES

TO

FINANCIAL

STATEMENTS

33

T.

Rowe

Price

International

Funds,

Inc. (the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Dynamic

Credit

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks total

return

through

a

combination

of

income

and

capital

appreciation.

The

fund

has three classes

of

shares:

the

Dynamic

Credit

Fund

(Investor

Class),

the

Dynamic

Credit

Fund–I

Class

(I

Class)

and

the

Dynamic

Credit

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T.

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

T.

ROWE

PRICE

Dynamic

Credit

Fund

34

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

to

Income

Taxes

Disclosures,

which

enhances

the

transparency

T.

ROWE

PRICE

Dynamic

Credit

Fund

35

of

income

tax

disclosures.

The

ASU

requires

public

entities,

on

an

annual

basis,

to

provide

disclosure

of

specific

categories

in

the

rate

reconciliation,

as

well

as

disclosure

of

income

taxes

paid

disaggregated

by

jurisdiction.

The

amendments

under

this

ASU

are

required

to

be

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

of

the

guidance

will

not

have

a

material

impact

on

the

fund’s

financial

statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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

T.

ROWE

PRICE

Dynamic

Credit

Fund

36

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)

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.

T.

ROWE

PRICE

Dynamic

Credit

Fund

37

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

38

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

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

$

—‌

$

299,075‌

$

—‌

$

299,075‌

Bank

Loans

—‌

124,000‌

21,127‌

145,127‌

Common

Stocks

—‌

—‌

18‌

18‌

Convertible

Preferred

Stocks

10,678‌

—‌

4,334‌

15,012‌

Corporate

Bonds

—‌

383,255‌

13,824‌

397,079‌

Non-U.S.

Government

Mortgage-Backed

Securities

—‌

20,372‌

5,031‌

25,403‌

Private

Investment

Company

2

—‌

—‌

—‌

31‌

Short-Term

Investments

45,009‌

76,270‌

—‌

121,279‌

Securities

Lending

Collateral

21,693‌

—‌

—‌

21,693‌

Options

Purchased

—‌

3,569‌

—‌

3,569‌

Total

Securities

77,380‌

906,541‌

44,334‌

1,028,286‌

Swaps*

—‌

4,486‌

—‌

4,486‌

Forward

Currency

Exchange

Contracts

—‌

3,263‌

—‌

3,263‌

Futures

Contracts*

947‌

—‌

—‌

947‌

Total

$

78,327‌

$

914,290‌

$

44,334‌

$

1,036,982‌

Liabilities

Swaps*

$

—‌

$

9,996‌

$

—‌

$

9,996‌

Forward

Currency

Exchange

Contracts

—‌

1,637‌

—‌

1,637‌

Futures

Contracts*

455‌

—‌

—‌

455‌

Total

$

455‌

$

11,633‌

$

—‌

$

12,088‌

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Government

Bonds,

Municipal

Securities

and

U.S.

Government

&

Agency

Mortgage-Backed

Securities.

T.

ROWE

PRICE

Dynamic

Credit

Fund

39

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

year ended

December

31,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

December

31,

2024,

totaled $317,000 for

the

year ended

December

31,

2024.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

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

Total

Sales

Ending

Balance

12/31/24

Investment

in

Securities

Bank

Loans

$

—‌

$

—‌

$

21,143‌

$

(16‌)

$

21,127‌

Common

Stocks

16‌

2‌

—‌

—‌

18‌

Convertible

Preferred

Stocks

—‌

325‌

4,009‌

—‌

4,334‌

Corporate

Bonds

—‌

279‌

13,545‌

—‌

13,824‌

Non-U.S.

Government

Mortgage-Backed

Securities

—‌

—‌

5,340‌

(309‌)

5,031‌

Total

$

16‌

$

606‌

$

44,037‌

$

(325‌)

$

44,334‌

T.

ROWE

PRICE

Dynamic

Credit

Fund

40

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Bank

Loans

$

21,127

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Common

Stocks

$

18

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

4,334

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Corporate

Bonds

$

13,824

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Relative

value

—#

—#

—#

Non-U.S.

Government

Mortgage-

Backed

Securities

$

5,031

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Dynamic

Credit

Fund

41

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

December

31,

2024,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

December

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

T.

ROWE

PRICE

Dynamic

Credit

Fund

42

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures,

Securities^

$

6,443‌

Foreign

exchange

derivatives

Forwards

3,263‌

Credit

derivatives

Centrally

Cleared

Swaps,

Securities^

1,263‌

Equity

derivatives

Securities^

1,296‌

^

,*

Total

$

12,265‌

^

,*

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

$

1,413‌

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

2,176‌

Foreign

exchange

derivatives

Forwards

1,637‌

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps

6,862‌

Total

$

12,088‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T.

ROWE

PRICE

Dynamic

Credit

Fund

43

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

1,243‌

$

1,243‌

Interest

rate

derivatives

5,634‌

760‌

(3,934‌)

—‌

(6,391‌)

(3,931‌)

Foreign

exchange

derivatives

(1,439‌)

643‌

—‌

(5,298‌)

—‌

(6,094‌)

Credit

derivatives

(2,588‌)

(524‌)

—‌

—‌

(5,351‌)

(8,463‌)

Equity

derivatives

(3,229‌)

2,633‌

(19‌)

—‌

—‌

(615‌)

Total

$

(1,622‌)

$

3,512‌

$

(3,953‌)

$

(5,298‌)

$

(10,499‌)

$

(17,860‌)

T.

ROWE

PRICE

Dynamic

Credit

Fund

44

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

(634‌)

$

(634‌)

Interest

rate

derivatives

(137‌)

—‌

4,142‌

—‌

3,384‌

7,389‌

Foreign

exchange

derivatives

527‌

—‌

—‌

4,092‌

—‌

4,619‌

Credit

derivatives

(278‌)

—‌

—‌

—‌

(1,982‌)

(2,260‌)

Equity

derivatives

1,223‌

(776‌)

125‌

—‌

—‌

572‌

Total

$

1,335‌

$

(776‌)

$

4,267‌

$

4,092‌

$

768‌

$

9,686‌

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Dynamic

Credit

Fund

45

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2024,

securities

valued

at $35,958,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives. 

T.

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Dynamic

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The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

or

Exchange

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

63‌

$

(4‌)

$

59‌

$

—‌

$

59‌

Barclays

Bank

1,116‌

(194‌)

922‌

—‌

922‌

BNY

Mellon

82‌

(195‌)

(113‌)

—‌

—‌

Canadian

Imperial

Bank

of

Commerce

—‌

(42‌)

(42‌)

—‌

—‌

Citibank

25‌

(9‌)

16‌

—‌

16‌

Deutsche

Bank

510‌

(357‌)

153‌

—‌

153‌

Goldman

Sachs

82‌

(1,209‌)

(1,127‌)

1,116‌

—‌

HSBC

Bank

15‌

(11‌)

4‌

—‌

4‌

JPMorgan

Chase

82‌

(5‌)

77‌

—‌

77‌

Morgan

Stanley

2,575‌

(1,635‌)

940‌

(1,191‌)

—‌

RBC

Dominion

Securities

10‌

—‌

10‌

—‌

10‌

Standard

Chartered

186‌

(254‌)

(68‌)

—‌

—‌

State

Street

4‌

(370‌)

(366‌)

286‌

—‌

Toronto-Dominion

Bank

442‌

(104‌)

338‌

—‌

338‌

UBS

Investment

Bank

1,559‌

—‌

1,559‌

(1,470‌)

89‌

Wells

Fargo

81‌

—‌

81‌

(240‌)

—‌

Total

$

6,832‌

$

(4,389‌)

*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

T.

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Dynamic

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47

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2024,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

3%

and

19%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

T.

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Dynamic

Credit

Fund

48

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

7%

and

30%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

T.

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Dynamic

Credit

Fund

49

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

December

31,

2024,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

39%

and

159%

of

net

assets. 

Swaps

 The

fund

is

subject

to

interest

rate

risk,

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

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Dynamic

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Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

December

31,

2024,

the

notional

amount

of

protection

sold

by

the

fund

totaled $49,568,000

(4.9%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

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in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-

traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

December

31,

2024,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

57%

and

135%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund’s prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

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to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

The

fund

also

invests

in

stripped

MBS,

created

when

a

traditional

MBS

is

split

into

an

interest-only

(IO)

and

a

principal-only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

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accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

IOs

also

risk

loss

of

invested

principal

from

faster-than-anticipated

prepayments.

Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

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Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2024,

the

value

of

loaned

securities

was

$20,244,000;

the

value

of

cash

collateral

and

related

investments

was

$21,693,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $1,663,346,000 and

$1,439,381,000,

respectively,

for

the

year ended

December

31,

2024. 

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

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after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

character

of

net

currency

gains

or

losses,

the

character

of

income

on

swaps,

the

recharacterization

of

distributions

and

the

character

of

income

on

certain

derivative

contracts.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2024,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2024,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

($000s)

December

31,

2024

December

31,

2023

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

71,779‌

$

13,845‌

($000s)

Cost

of

investments

$

1,023,134‌

Unrealized

appreciation

$

25,452‌

Unrealized

depreciation

(27,960‌)

Net

unrealized

appreciation

(depreciation)

$

(2,508‌)

($000s)

Undistributed

ordinary

income

$

1,388‌

Net

unrealized

appreciation

(depreciation)

(2,508‌)

Loss

carryforwards

and

deferrals

(3,440‌)

Total

distributable

earnings

(loss)

$

(4,560‌)

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Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales,

the

realization

of

gains/losses

on

certain

open

derivative

contracts

and

the

character

of

income

on

certain

derivatives

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

straddle

deferrals.

During

the

year

ended

December

31,

2024,

the

fund

utilized

$16,493,000

of

capital

loss

carryforwards.

NOTE

6

-

FOREIGN TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group).

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.22%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

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57

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

December

31,

2024,

the

effective

annual

group

fee

rate

was

0.28%.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class’

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

T.

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Dynamic

Credit

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58

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund’s

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2024 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $595,000 remain

subject

to

repayment

by

the

fund

at

December

31,

2024. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

year

ended

December

31,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$125,000

for

Price

Associates

and

$33,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Investor

Class

I

Class

Z

Class

Expense

limitation/I

Class

Limit

0.63%

0.05%

0.00%

Expense

limitation

date

02/28/27

02/28/27

N/A

(Waived)/repaid

during

the

period

($000s)

$(41)

$(5)

$(4,955)

T.

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59

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2024, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

SEGMENT

REPORTING

Operating

segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund’s

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund’s

revenue

is

derived

from

investments

in

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

T.

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Dynamic

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60

highlights.

The

CODM

compares

the

fund’s

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The

accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

NOTE

9

-

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

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.

T.

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61

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

of

T.

Rowe

Price

International

Funds,

Inc.

and

Shareholders

of

T.

Rowe

Price

Dynamic

Credit

Fund

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Dynamic

Credit

Fund

(one

of

the

funds

constituting

T.

Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2024,

the

related

statement

of

operations

for

the

year

ended

December

31,

2024,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2024,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2024

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

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Fund

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Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2024

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

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PRICE

Dynamic

Credit

Fund

63

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 12/31/24

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

taxable

non-corporate

shareholders,

$297,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$329,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$70,588,000

of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

T.

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PRICE

Dynamic

Credit

Fund

64

APPROVAL

OF

SUBADVISORY

AGREEMENT

At

a

meeting

held

on

August

5,

2024

(Meeting),

the

fund’s

Board

of

Directors

(Board)

considered

the

initial

approval

of

an

investment

subadvisory

agreement

(Subadvisory

Contract)

that

T.

Rowe

Price

Associates,

Inc.

(Adviser),

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

The

Subadvisory

Contract

authorizes

the

Subadviser

to

have

investment

discretion

with

respect

to

all

or

a

portion

of

the

fund’s

portfolio.

The

Board

noted

that

the

Subadvisory

Contract

will

be

substantially

similar

to

other

subadvisory

agreements

that

are

in

place

for

other

T.

Rowe

Price

funds

that

delegate

investment

management

responsibilities

to

affiliated

investment

advisers

and

that

the

Adviser

will

retain

oversight

responsibilities

with

respect

to

the

fund.

The

Board

also

noted

that

the

new

subadvisory

arrangement

will

not

change

the

total

advisory

fees

paid

by

the

fund.

However,

under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

At

the

Meeting,

the

Board

reviewed

materials

relevant

to

its

consideration

of

the

proposed

Subadvisory

Contract.

Each

year,

the

Board

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

the

Adviser.

The

fund’s

Advisory

Contract

was

most

recently

approved

by

the

Board

at

a

meeting

held

on

March

6–7,

2023

(March

Meeting).

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Contract

is

included

in

the

fund’s

annual

shareholder

report

for

the

period

ended

May

31,

2024.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

approval

of

the

proposed

Subadvisory

Contract

were

substantially

similar

to

the

factors

considered

at

the

March

Meeting

in

connection

with

the

approval

to

continue

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

Following

discussion

at

the

Meeting,

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

Subadvisory

Contract

between

the

Adviser

and

Subadviser

on

behalf

of

the

fund.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

Subadvisory

Contract

effective

August

6,

2024.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F1175-050

2/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.
(2)	Listing standards relating to recovery of erroneously awarded compensation: not applicable.
(3)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price International Funds, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 18, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	February 18, 2025

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	February 18, 2025