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)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(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: June 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Semi-Annual Shareholder Report

June 30, 2025

Dynamic Credit Fund

Investor Class (RPIDX)

This semi-annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2025 to June 30, 2025. 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 six months? (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	$32	0.63%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,122,369
Number of Portfolio Holdings	293


Portfolio Turnover Rate	55.5%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	39.5%
U.S. Treasury Obligations	13.1
Bank Loans	11.3
Government Bonds	10.7
Asset-Backed Securities	10.5
Municipal Securities	3.0
Securities Lending Collateral	2.9
Non-U.S. Government Mortgage-Backed Securities	2.8
U.S. Government & Agency Mortgage-Backed Securities	2.6
Short-Term and Other	3.6

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills	13.0%
Brazil Notas do Tesouro Nacional	3.2
Charter Communications Operating	2.2
Puerto Rico Commonwealth	2.0
Frontier Issuer	2.0
Neptune Bidco U.S.	1.9
Asurion	1.9
Comision Federal de Electricidad	1.9
Ecopetrol	1.9
CSC Holdings	1.9

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.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1175-053 8/25

Dynamic Credit Fund

Investor Class (RPIDX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2025

Dynamic Credit Fund

I Class (RPELX)

What were the fund costs for the last six months? (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	$28	0.56%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,122,369
Number of Portfolio Holdings	293


Portfolio Turnover Rate	55.5%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	39.5%
U.S. Treasury Obligations	13.1
Bank Loans	11.3
Government Bonds	10.7
Asset-Backed Securities	10.5
Municipal Securities	3.0
Securities Lending Collateral	2.9
Non-U.S. Government Mortgage-Backed Securities	2.8
U.S. Government & Agency Mortgage-Backed Securities	2.6
Short-Term and Other	3.6

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills	13.0%
Brazil Notas do Tesouro Nacional	3.2
Charter Communications Operating	2.2
Puerto Rico Commonwealth	2.0
Frontier Issuer	2.0
Neptune Bidco U.S.	1.9
Asurion	1.9
Comision Federal de Electricidad	1.9
Ecopetrol	1.9
CSC Holdings	1.9

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1176-053 8/25

Dynamic Credit Fund

I Class (RPELX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Semi-Annual Shareholder Report

June 30, 2025

Dynamic Credit Fund

Z Class (TRCDX)

What were the fund costs for the last six months? (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 are some fund statistics?

Fund Statistics

Total Net Assets (000s)	$1,122,369
Number of Portfolio Holdings	293


Portfolio Turnover Rate	55.5%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds	39.5%
U.S. Treasury Obligations	13.1
Bank Loans	11.3
Government Bonds	10.7
Asset-Backed Securities	10.5
Municipal Securities	3.0
Securities Lending Collateral	2.9
Non-U.S. Government Mortgage-Backed Securities	2.8
U.S. Government & Agency Mortgage-Backed Securities	2.6
Short-Term and Other	3.6

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills	13.0%
Brazil Notas do Tesouro Nacional	3.2
Charter Communications Operating	2.2
Puerto Rico Commonwealth	2.0
Frontier Issuer	2.0
Neptune Bidco U.S.	1.9
Asurion	1.9
Comision Federal de Electricidad	1.9
Ecopetrol	1.9
CSC Holdings	1.9

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F1549-053 8/25

Dynamic Credit Fund

Z Class (TRCDX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

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

Not applicable.

Item 2. Code of Ethics.

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 is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

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

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

June

30,

2025

Financial

Statements

and

Other

Information

For

insights

from

Rowe

Price

investment

professionals,

troweprice.com

ROWE

PRICE

RPIDX

Dynamic

Credit

Fund

RPELX

Dynamic

Credit

Fund–

I Class

TRCDX

Dynamic

Credit

Fund–

Z Class

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Investor

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

period

8.86‌

8.84‌

9.02‌

9.83‌

9.75‌

10.20‌

Investment

activities

Net

investment

income

(1)(2)

0.34‌

0.68‌

0.55‌

0.41‌

0.37‌

0.48‌

Net

realized

and

unrealized

gain/

loss

0.01‌

(3)

(0.05‌)

(0.21‌)

(0.42‌)

0.24‌

(0.23‌)

Total

from

investment

activities

0.35‌

0.63‌

0.34‌

(0.01‌)

0.61‌

0.25‌

Distributions

Net

investment

income

(0.34‌)

(0.61‌)

(0.52‌)

(0.35‌)

(0.34‌)

(0.38‌)

Net

realized

gain

—‌

(0.45‌)

(0.19‌)

(0.32‌)

Total

distributions

(0.34‌)

(0.61‌)

(0.52‌)

(0.80‌)

(0.53‌)

(0.70‌)

NET

ASSET

VALUE

End

period

8.87‌

8.86‌

8.84‌

9.02‌

9.83‌

9.75‌

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Investor

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Ratios/Supplemental

Data

Total

return

(2)(4)

4.03‌%

7.34‌%

3.89‌%

0.02‌%

6.21‌%

2.67‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.76‌%

(5)

0.84‌%

1.31‌%

1.53‌%

1.30‌%

1.38‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.63‌%

(5)

0.63‌%

0.64‌%

0.63‌%

0.65‌%

0.64‌%

Net

investment

income

7.71‌%

(5)

7.64‌%

6.14‌%

4.40‌%

3.61‌%

4.97‌%

Portfolio

turnover

rate

55.5‌%

178.6‌%

146.5‌%

217.6‌%

252.1‌%

301.7‌%

Net

assets,

end

period

(in

thousands)

$58,051

$24,593

$18,157

$29,716

$38,760

$26,423

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

the

timing

sales

and

redemptions

fund

relation

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

NET

ASSET

VALUE

Beginning

period

8.85‌

8.83‌

9.01‌

9.83‌

9.74‌

10.21‌

Investment

activities

Net

investment

income

(1)(2)

0.34‌

0.68‌

0.57‌

0.42‌

0.36‌

0.48‌

Net

realized

and

unrealized

gain/

loss

0.01‌

(3)

(0.05‌)

(0.22‌)

(0.43‌)

0.26‌

(0.25‌)

Total

from

investment

activities

0.35‌

0.63‌

0.35‌

(0.01‌)

0.62‌

0.23‌

Distributions

Net

investment

income

(0.34‌)

(0.61‌)

(0.53‌)

(0.36‌)

(0.34‌)

(0.38‌)

Net

realized

gain

—‌

(0.45‌)

(0.19‌)

(0.32‌)

Total

distributions

(0.34‌)

(0.61‌)

(0.53‌)

(0.81‌)

(0.53‌)

(0.70‌)

NET

ASSET

VALUE

End

period

8.86‌

8.85‌

8.83‌

9.01‌

9.83‌

9.74‌

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

Months

Ended

6/30/25

Year

Ended

12/31/24

12/31/23

12/31/22

12/31/21

12/31/20

Ratios/Supplemental

Data

Total

return

(2)(4)

4.07‌%

7.42‌%

3.97‌%

(0.01‌)%

6.36‌%

2.50‌%

Ratios

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

Price

Associates

0.57‌%

(5)

0.58‌%

0.94‌%

1.48‌%

1.06‌%

1.30‌%

Net

expenses

after

waivers/

payments

Price

Associates

0.56‌%

(5)

0.56‌%

0.60‌%

0.61‌%

Net

investment

income

7.78‌%

(5)

7.72‌%

6.43‌%

4.48‌%

3.51‌%

5.01‌%

Portfolio

turnover

rate

55.5‌%

178.6‌%

146.5‌%

217.6‌%

252.1‌%

301.7‌%

Net

assets,

end

period

(in

thousands)

$69,977

$32,409

$29,384

$5,646

$1,943

$24,169

0‌%

(1)

Per

amounts

calculated

using

average

outstanding

method.

(2)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(3)

The

amount

presented

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

the

timing

sales

and

redemptions

fund

relation

fluctuating

market

values

for

the

investment

portfolio.

(4)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(5)

Annualized

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Financial

Highlights

For

outstanding

throughout

each

period

The

accompanying

notes

are

integral

part

these

financial

statements.

Class

(1)

Months

Ended

6/30/25

Year

Ended

12/31/24

9/13/23

(1)

Through

12/31/23

NET

ASSET

VALUE

Beginning

period

8.85‌

8.83‌

8.82‌

Investment

activities

Net

investment

income

(2)(3)

0.37‌

0.73‌

0.19‌

Net

realized

and

unrealized

gain/loss

—‌

(4)

(0.05‌)

0.01‌

(5)

Total

from

investment

activities

0.37‌

0.68‌

0.20‌

Distributions

Net

investment

income

(0.37‌)

(0.66‌)

(0.19‌)

NET

ASSET

VALUE

End

period

8.85‌

8.83‌

Ratios/Supplemental

Data

Total

return

(3)(6)

4.23‌%

8.02‌%

2.22‌%

Ratios

average

net

assets:

(3)

Gross

expenses

before

waivers/payments

Price

Associates

0.54‌%

(7)

0.55‌%

(7)

Net

expenses

after

waivers/payments

Price

Associates

0.00‌%

(7)

0.00‌%

(7)

Net

investment

income

8.42‌%

(7)

8.27‌%

7.19‌%

(7)

Portfolio

turnover

rate

55.5‌%

178.6‌%

146.5‌%

Net

assets,

end

period

(in

millions)

$994

$959

$861

0‌%

(1)

Inception

date

(2)

Per

amounts

calculated

using

average

outstanding

method.

(3)

Includes

the

impact

expense-related

arrangements

with

Price

Associates.

(4)

Amounts

round

less

than

$0.01

per

share.

(5)

The

amount

presented

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

the

timing

sales

and

redemptions

fund

relation

fluctuating

market

values

for

the

investment

portfolio.

(6)

Total

return

reflects

the

rate

that

investor

would

have

earned

investment

the

fund

during

each

period,

assuming

reinvestment

all

distributions,

and

payment

redemption

account

fees,

applicable.

Total

return

not

annualized

for

periods

less

than

one

year.

(7)

Annualized

ROWE

PRICE

Dynamic

Credit

Fund

June

30,

2025

(Unaudited)

Portfolio

Investments

‡

Par/Shares

Value

(

Cost

and

value

$000s)

‡

ARGENTINA 2.6%

Corporate

Bonds 1.0%

Telecom

Argentina,

9.25%,

5/28/33

(USD) (1)

11,260,000‌

11,478‌

Government

Bonds 1.6%

Republic

Argentina,

STEP,

3.50%,

7/9/41

(USD)

17,605,000‌

10,928‌

Republic

Argentina,

STEP,

4.125%,

7/9/46

(USD)

1,094,545‌

721‌

Republic

Argentina,

STEP,

5.00%,

1/9/38

(USD)

8,010,000‌

5,729‌

17,378‌

Total

Argentina

(Cost

$28,020)

28,856‌

AUSTRIA 0.9%

Corporate

Bonds 0.9%

Benteler

International,

10.50%,

5/15/28

(USD) (1)

9,075,000‌

9,552‌

Total

Austria

(Cost

$9,534)

9,552‌

BRAZIL 7.4%

Corporate

Bonds 4.2%

Banco

Estado

Rio

Grande

Sul,

VR,

5.375%,

1/28/31

(USD) (2)

665,000‌

661‌

CSN

Resources,

5.875%,

4/8/32

(USD)

10,595,000‌

8,722‌

Luxembourg,

8.875%,

2/12/31

(USD) (1)

7,870,000‌

8,079‌

Nexa

Resources,

6.60%,

4/8/37

(USD) (1)

5,070,000‌

5,099‌

Raizen

Fuels

Finance,

5.70%,

1/17/35

(USD) (1)

4,200,000‌

3,935‌

Raizen

Fuels

Finance,

6.45%,

3/5/34

(USD) (3)

4,007,000‌

4,014‌

Raizen

Fuels

Finance,

6.70%,

2/25/37

(USD) (1)

8,930,000‌

8,774‌

Samarco

Mineracao,

9.50%,

6/30/31,

(9.00%

PIK)

(USD) (4)

8,482,754‌

8,344‌

47,628‌

Government

Bonds 3.2%

Brazil

Notas

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29

209,175,000‌

35,344‌

Total

Brazil

(Cost

$78,864)

82,972‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

CANADA 0.4%

Asset-Backed

Securities 0.4%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

6,000,000‌

4,319‌

Total

Canada

(Cost

$4,308)

4,319‌

CHILE 0.6%

Corporate

Bonds 0.6%

AES

Andes,

VR,

8.15%,

6/10/55

(USD) (1)(2)

6,040,000‌

6,261‌

Total

Chile

(Cost

$6,040)

6,261‌

CHINA 0.0%

Corporate

Bonds 0.0%

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (5)(6)

985,000‌

44‌

Total

China

(Cost

$276)

44‌

COLOMBIA 3.3%

Corporate

Bonds 2.5%

Ecopetrol,

8.375%,

1/19/36

(USD)

8,370,000‌

8,081‌

Ecopetrol,

8.875%,

1/13/33

(USD)

12,596,000‌

13,003‌

Geopark,

8.75%,

1/31/30

(USD)

8,397,000‌

7,396‌

28,480‌

Government

Bonds 0.8%

Republic

Colombia,

4.125%,

5/15/51

(USD)

15,730,000‌

8,993‌

Private

Investment

Company 0.0%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $16

(USD) (6)(7)

†

23‌

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $10

(USD) (6)(7)

†

11‌

34‌

Total

Colombia

(Cost

$37,937)

37,507‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

CYPRUS 0.3%

Corporate

Bonds 0.3%

ASG

Finance

Designated

Activity,

9.75%,

5/15/29

(USD) (1)

3,553,000‌

3,322‌

Total

Cyprus

(Cost

$3,338)

3,322‌

CZECH

REPUBLIC 0.6%

Corporate

Bonds 0.6%

Czechoslovak

Group,

5.25%,

1/10/31

(EUR) (1)

5,870,000‌

7,052‌

Total

Czech

Republic

(Cost

$6,822)

7,052‌

EGYPT 0.9%

Government

Bonds 0.9%

Arab

Republic

Egypt,

8.625%,

2/4/30

(USD) (1)

7,360,000‌

7,449‌

Arab

Republic

Egypt,

9.45%,

2/4/33

(USD) (1)

3,140,000‌

3,182‌

Total

Egypt

(Cost

$10,494)

10,631‌

SALVADOR 1.4%

Government

Bonds 1.4%

Republic

Salvador,

0.25%,

4/17/30

(USD) (1)

3,580,000‌

82‌

Republic

Salvador,

9.25%,

4/17/30

(USD) (1)

15,135,000‌

16,062‌

Total

Salvador

(Cost

$15,253)

16,144‌

GAMBIA 0.9%

Corporate

Bonds 0.9%

Africell

Holding,

10.50%,

10/23/29

(USD) (1)(3)

10,065,000‌

9,822‌

Total

Gambia

(Cost

$10,065)

9,822‌

GERMANY 1.4%

Corporate

Bonds 1.4%

Deutsche

Bank,

Series

USTR,

VR,

8.13%

(USD) (2)(3)(8)

10,800,000‌

11,138‌

North

America

Capital,

6.75%,

4/23/30

(USD) (1)

4,947,000‌

4,749‌

Total

Germany

(Cost

$15,344)

15,887‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

GHANA 0.9%

Corporate

Bonds 0.9%

Kosmos

Energy,

7.75%,

5/1/27

(USD)

3,160,000‌

2,822‌

Kosmos

Energy,

8.75%,

10/1/31

(USD) (1)(3)

9,150,000‌

6,787‌

Total

Ghana

(Cost

$11,929)

9,609‌

KYRGYZSTAN 1.0%

Government

Bonds 1.0%

Kyrgyz

Republic,

7.75%,

6/3/30

(USD) (1)

11,570,000‌

11,414‌

Total

Kyrgyzstan

(Cost

$11,454)

11,414‌

MADAGASCAR 0.6%

Corporate

Bonds 0.6%

Axian

Telecom

Holding

Management,

7.25%,

7/11/30

(USD) (1)

6,740,000‌

6,713‌

Total

Madagascar

(Cost

$6,705)

6,713‌

MAURITIUS 0.5%

Corporate

Bonds 0.5%

Axian

Telecom,

7.375%,

2/16/27

(USD) (1)

200,000‌

203‌

Axian

Telecom,

7.375%,

2/16/27

(USD)

5,500,000‌

5,583‌

Total

Mauritius

(Cost

$5,391)

5,786‌

MEXICO 5.6%

Bank

Loans 1.3% (9)

Mercury

Data

Center

Bidco,

FRN,

TSFR

4.75%,

9.068%,

9/5/29

(USD) (10)

15,000,000‌

14,925‌

Corporate

Bonds 3.8%

BBVA

Mexico,

VR,

8.125%,

1/8/39

(USD) (1)(2)

7,810,000‌

8,078‌

Comision

Federal

Electricidad,

5.70%,

1/24/30

(USD) (1)

21,169,000‌

21,153‌

Grupo

Televisa,

5.25%,

5/24/49

(USD)

1,378,000‌

1,003‌

Grupo

Televisa,

6.625%,

1/15/40

(USD)

5,000,000‌

4,685‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Metalsa,

3.75%,

5/4/31

(USD) (1)(3)

9,148,000‌

7,524‌

42,443‌

Government

Bonds 0.3%

Petroleos

Mexicanos,

8.75%,

6/2/29

(USD)

2,802,631‌

2,906‌

Private

Investment

Company 0.2%

PayJoy

Asset

Fund,

Class

Acquisition

Date:

6/23/25,

Cost $2,725

(USD) (6)(7)

†

2,725‌

Total

Mexico

(Cost

$61,925)

62,999‌

MONTENEGRO 0.9%

Government

Bonds 0.9%

Republic

Montenegro,

7.25%,

3/12/31

(USD) (1)

9,640,000‌

10,003‌

Total

Montenegro

(Cost

$9,846)

10,003‌

PERU 0.5%

Corporate

Bonds 0.5%

Petroleos

del

Peru,

4.75%,

6/19/32

(USD) (3)

7,130,000‌

5,536‌

Total

Peru

(Cost

$5,360)

5,536‌

SRI

LANKA 0.6%

Government

Bonds 0.6%

Republic

Sri

Lanka,

4.00%,

4/15/28

(USD) (1)(3)

3,400,763‌

3,201‌

Republic

Sri

Lanka,

STEP,

3.60%,

6/15/35

(USD) (1)

4,579,050‌

3,152‌

Total

Sri

Lanka

(Cost

$6,624)

6,353‌

SURINAME 0.0%

Government

Bonds 0.0%

Republic

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(4)

279,666‌

277‌

Republic

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

130,000‌

147‌

Total

Suriname

(Cost

$280)

424‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

TÜRKIYE 1.7%

Corporate

Bonds 1.7%

Mersin

Uluslararasi

Liman

Isletmeciligi,

8.25%,

11/15/28

(USD) (1)

10,705,000‌

11,136‌

Turkcell

Iletisim

Hizmetleri,

7.45%,

1/24/30

(USD) (1)

7,795,000‌

7,947‌

Total

Türkiye

(Cost

$18,901)

19,083‌

UNITED

KINGDOM 1.5%

Bank

Loans 0.7% (9)

CD&R

Firefly

Bidco,

FRN,

EURIBOR

3.25%,

5.426%,

4/30/29

(EUR)

6,420,000‌

7,506‌

Convertible

Bonds 0.0%

Immunocore

Holdings,

2.50%,

2/1/30

(USD)

553,000‌

475‌

Corporate

Bonds 0.8%

Jerrold

Finco,

7.50%,

6/15/31 (1)

6,615,000‌

9,161‌

Total

United

Kingdom

(Cost

$16,658)

17,142‌

UNITED

STATES 48.7%

Asset-Backed

Securities 10.1%

Auxilior

Term

Funding,

Series

2023-1A,

Class

10.97%,

12/15/32 (1)

6,770,000‌

7,078‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2023-2A,

Class

7.26%,

10/20/27 (1)

775,000‌

780‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2023-3A,

Class

7.32%,

2/20/28 (1)

475,000‌

479‌

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

FRN,

SOFR30A

3.60%,

7.905%,

12/26/31 (1)

1,720,867‌

1,731‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-

1A,

Class

STEP,

4.213%,

12/16/41 (1)

111,040‌

111‌

Blue

Owl

Asset

Leasing

Trust,

Series

2024-1A,

Class

8.00%,

12/15/31 (1)

5,011,000‌

5,076‌

Carvana

Auto

Receivables

Trust,

Series

2024-N2,

Class

8.16%,

6/10/31 (1)

7,300,000‌

7,496‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49 (1)

4,135,500‌

4,072‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

3.45%,

1/25/34 (1)

23,071‌

23‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

10.10%,

2/25/38 (1)

113,466‌

118‌

FOCUS

Brands

Funding,

Series

2023-2,

Class

A2,

8.241%,

10/30/53 (1)

8,796,050‌

9,283‌

Frontier

Issuer,

Series

2023-1,

Class

11.50%,

8/20/53 (1)

10,865,765‌

11,429‌

Frontier

Issuer,

Series

2024-1,

Class

11.16%,

6/20/54 (1)

9,283,880‌

10,421‌

Goto

Foods

Funding,

Series

2017-1A,

Class

A2II,

5.093%,

4/30/47 (1)

2,741,600‌

2,724‌

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

1,589,646‌

1,512‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51 (1)

1,209,600‌

1,103‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (1)

5,311,053‌

5,479‌

Hilton

Grand

Vacations

Trust,

Series

2024-1B,

Class

8.85%,

9/15/39 (1)

1,478,983‌

1,507‌

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

FRN,

SOFR30A

3.15%,

7.452%,

5/20/32 (1)

1,614,199‌

1,627‌

Jersey

Mike's

Funding,

Series

2021-1A,

Class

A2I,

2.891%,

2/15/52 (1)

49,500‌

48‌

MVW,

Series

2023-2A,

Class

9.33%,

11/20/40 (1)

3,445,123‌

3,543‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

9.25%,

8/20/30 (1)

255,000‌

270‌

Post

Road

Equipment

Finance,

Series

2024-1A,

Class

8.50%,

12/15/31 (1)

3,338,000‌

3,438‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

10.068%,

6/15/33 (1)

38,593‌

39‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

8.408%,

12/15/33 (1)

3,627,670‌

3,678‌

SCF

Equipment

Leasing,

Series

2022-1A,

Class

6.00%,

7/20/32 (1)

5,650,000‌

5,541‌

SCF

Equipment

Leasing,

Series

2024-1A,

Class

9.00%,

12/20/34 (1)

3,300,000‌

3,531‌

SEB

Funding,

Series

2024-1A,

Class

A2,

7.386%,

4/30/54 (1)

11,834,000‌

12,102‌

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

3.17%,

11/20/37 (1)

656,653‌

645‌

Sierra

Timeshare

Receivables

Funding,

Series

2023-3A,

Class

9.44%,

9/20/40 (1)

2,403,519‌

2,483‌

Sierra

Timeshare

Receivables

Funding,

Series

2024-1A,

Class

8.02%,

1/20/43 (1)

1,899,283‌

1,935‌

Stonepeak,

Series

2021-1A,

Class

3.821%,

2/28/33 (1)

115,200‌

110‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

TPIC

SPV

Series

2024-1A,

Class

Acquisition

Date:

12/10/24,

Cost $4,193,

7.131%,

11/30/44 (7)(10)

4,193,337‌

4,193‌

113,605‌

Bank

Loans 9.3% (9)

Asurion,

FRN,

TSFR

4.25%,

8.577%,

9/19/30

10,935,000‌

10,613‌

Asurion,

FRN,

TSFR

4.25%,

8.677%,

8/19/28

10,857,229‌

10,731‌

CMG

Media,

FRN,

TSFR

3.50%,

7.896%,

6/18/29 (11)

12,563,175‌

12,141‌

CPM

Holdings,

FRN,

TSFR

4.50%,

8.824%,

9/28/28

538,023‌

525‌

CSC

Holdings,

FRN,

TSFR

4.50%,

8.812%,

1/18/28

6,955,404‌

6,851‌

CSC

Holdings,

FRN,

USD

PRIME

1.50%,

9.00%,

4/15/27

8,537,448‌

8,307‌

E.W.

Scripps,

FRN,

TSFR

3.35%,

7.779%,

11/30/29

3,097,238‌

2,853‌

E.W.

Scripps,

FRN,

TSFR

5.75%,

10.179%,

6/30/28 (11)

8,603,437‌

8,320‌

LTI

Holdings,

FRN,

TSFR

4.25%,

8.577%,

7/29/29

6,927,650‌

6,921‌

Radiate

Holdco,

FRN,

TSFR

3.25%,

7.691%,

9/25/26

17,024,352‌

14,784‌

RFS

OPCO,

FRN,

TSFR

4.75%,

9.046%,

4/4/31 (10)

6,232,900‌

6,171‌

Townsquare

Media,

FRN,

TSFR

5.00%,

9.324%,

2/19/30 (10)

7,885,406‌

7,018‌

U.S.

Renal

Care,

FRN,

TSFR

5.00%,

9.441%,

6/20/28

9,711,454‌

9,165‌

104,400‌

Common

Stocks 0.0%

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $13 (6)

(7)

639‌

16‌

Convertible

Bonds 1.1%

Airbnb,

Zero

Coupon,

3/15/26

10,291,000‌

9,898‌

Wolfspeed,

1.875%,

12/1/29 (5)

9,521,000‌

2,404‌

12,302‌

Convertible

Preferred

Stocks 1.5%

Ares

Management,

Series

6.75%,

10/1/27 (6)

157,161‌

8,329‌

Boeing,

6.00%,

10/15/27 (6)

58,217‌

3,959‌

Kobold

Metals,

Series

C-2,

Acquisition

Date:

9/20/24,

Cost $4,009 (6)(7)(10)

51,015‌

4,334‌

16,622‌

Corporate

Bonds 18.3%

1261229

BC,

10.00%,

4/15/32 (1)

8,985,000‌

9,064‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Grange

Holdings,

Acquisition

Date:

6/12/24,

Cost $8,925,

6.50%,

3/20/45 (7)(10)

8,925,000‌

8,925‌

Home

Group,

4.875%,

7/15/28 (1)(5)

210,000‌

20‌

Centene,

4.625%,

12/15/29

5,186,000‌

5,012‌

Charter

Communications

Operating,

2.80%,

4/1/31

5,805,000‌

5,171‌

Charter

Communications

Operating,

6.65%,

2/1/34

17,740,000‌

18,928‌

CHS,

6.875%,

4/15/29 (1)

10,105,000‌

7,958‌

Civitas

Resources,

9.625%,

6/15/33 (1)

8,665,000‌

8,871‌

Crescent

Energy

Finance,

7.375%,

1/15/33 (1)

5,925,000‌

5,666‌

CSC

Holdings,

11.25%,

5/15/28 (1)(3)

5,745,000‌

5,702‌

DISH

DBS,

5.25%,

12/1/26 (1)

8,965,000‌

8,136‌

DISH

DBS,

7.75%,

7/1/26

6,145,000‌

5,446‌

DISH

Network,

11.75%,

11/15/27 (1)

9,008,000‌

9,278‌

EchoStar,

10.75%,

11/30/29

4,795,000‌

4,939‌

FMC,

VR,

8.45%,

11/1/55 (2)

6,445,000‌

6,594‌

Ford

Motor

Credit,

2.70%,

8/10/26

5,362,000‌

5,202‌

Ford

Motor

Credit,

3.815%,

11/2/27

3,234,000‌

3,119‌

Gray

Media,

5.375%,

11/15/31 (1)

13,045,000‌

9,686‌

Hewlett

Packard

Enterprise,

4.55%,

10/15/29

3,072,000‌

3,043‌

LCPR

Senior

Secured

Financing,

6.75%,

10/15/27 (1)

9,873,000‌

6,639‌

Navient,

11.50%,

3/15/31

13,445,000‌

15,193‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

22,245,000‌

21,522‌

NGL

Energy

Operating,

8.125%,

2/15/29 (1)

6,153,000‌

6,214‌

Rivian

Holdings,

10.00%,

1/15/31 (1)

7,655,000‌

7,521‌

Time

Warner

Cable,

6.55%,

5/1/37

567,000‌

583‌

Time

Warner

Cable,

6.75%,

6/15/39

1,303,000‌

1,344‌

Transocean,

8.75%,

2/15/30 (1)

8,763,200‌

8,982‌

Venture

Global

LNG,

VR,

9.00% (1)(2)(8)

7,215,000‌

6,998‌

205,756‌

Municipal

Securities 3.0%

Colorado

HFA,

Covenant

Living

Community,

Series

4.48%,

12/1/40

235,000‌

198‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

Zero

Coupon,

6/1/46

25,000‌

3‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series

10.00%,

7/1/26 (1)

10,720,000‌

10,831‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (12)

36,229,494‌

22,281‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30 (6)(13)

40,000‌

22‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32 (6)(13)

150,000‌

82‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46

245,000‌

193‌

Tobacco

Settlement

Fin.

Auth.,

Series

4.875%,

6/1/49

75,000‌

69‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

Tobacco

Settlement

Fin.

Auth.,

Series

Zero

Coupon,

6/1/47

460,000‌

42‌

33,721‌

Non-U.S.

Government

Mortgage-Backed

Securities 2.8%

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

ARM,

TSFR

1.264%,

5.576%,

4/15/34 (1)

2,120,000‌

2,030‌

AMSR

Trust,

Series

2020-SFR2,

Class

4.00%,

7/17/37 (1)

4,165,000‌

4,154‌

AMSR

Trust,

Series

2020-SFR2,

Class

5.25%,

7/17/37 (1)

4,855,000‌

4,841‌

Bayview

Financing

Trust,

Series

2024-2F,

Class

CMO,

ARM,

Acquisition

Date:

8/29/24,

Cost $4,647,

7.084%,

9/25/29 (7)(10)

4,646,586‌

4,647‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

ARM,

TSFR

2.964%,

7.276%,

11/15/34 (1)

120,000‌

1‌

BBCMS

Trust,

Series

2015-SRCH,

Class

ARM,

5.122%,

8/10/35 (1)

2,131,000‌

1,993‌

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

ARM,

TSFR

1.664%,

5.976%,

8/15/38 (1)

1,052,368‌

879‌

Trust,

Series

2021-VIEW,

Class

ARM,

TSFR

4.044%,

8.356%,

6/15/36 (1)

145,000‌

141‌

CAFL,

Series

2021-RTL1,

Class

A1,

CMO,

STEP,

4.239%,

3/28/29 (1)

26,154‌

26‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52 (1)

115,000‌

14‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

70,000‌

1‌

Finance

America

HECM

Buyout,

Series

2024-HB1,

Class

M5,

ARM,

6.00%,

10/1/34 (1)

8,725,000‌

6,554‌

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

ARM,

4.822%,

3/10/50 (1)

220,000‌

184‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (1)

115,000‌

100‌

ONE

Mortgage

Trust,

Series

2021-PARK,

Class

ARM,

TSFR

1.614%,

5.926%,

3/15/36 (1)

711,000‌

667‌

Trust,

Series

2024-HOU,

Class

ARM,

TSFR

3.239%,

7.551%,

6/15/39 (1)

2,805,000‌

2,789‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (1)

150,000‌

116‌

Verus

Securitization

Trust,

Series

2021-5,

Class

M1,

CMO,

ARM,

2.331%,

9/25/66 (1)

3,270,000‌

2,306‌

31,443‌

U.S.

Government

Agency

Mortgage-Backed

Securities 2.6%

Federal

Home

Loan

Mortgage,

CMO,

2.00%,

10/25/50

8,057,138‌

1,101‌

ROWE

PRICE

Dynamic

Credit

Fund

Par/Shares

Value

(Cost

and

value

$000s)

2.50%,

4/25/51

3,812,650‌

613‌

Federal

National

Mortgage

Assn.,

CMO,

2.00%,

5/25/51

4/25/52

44,344,085‌

5,771‌

2.50%,

5/25/47

12/25/50

48,555,836‌

6,455‌

5.00%,

8/25/54

19,643,027‌

4,138‌

Government

National

Mortgage

Assn.,

CMO,

2.00%,

11/20/50

12/20/50

22,451,783‌

2,820‌

2.50%,

11/20/50

1/20/51

24,198,405‌

3,686‌

3.00%,

8/20/50

8/20/51

23,662,214‌

3,968‌

28,552‌

Total

United

States

(Cost

$543,499)

546,417‌

SHORT-TERM

INVESTMENTS 15.7%

Money

Market

Funds 2.6%

Rowe

Price

Government

Reserve

Fund,

4.37% (14)(15)

29,731,410‌

29,731‌

U.S.

Treasury

Obligations 13.1%

U.S.

Treasury

Bills,

4.296%,

8/14/25 (16)

147,140,000‌

146,366‌

Total

Short-Term

Investments

(Cost

$176,106)

176,097‌

SECURITIES

LENDING

COLLATERAL 2.9%

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.6%

Money

Market

Funds 0.6%

Rowe

Price

Government

Reserve

Fund,

4.37% (14)(15)

7,086,477‌

7,087‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

7,087‌

INVESTMENTS

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY 2.3%

Money

Market

Funds 2.3%

Rowe

Price

Government

Reserve

Fund,

4.37% (14)(15)

25,854,075‌

25,854‌

Total

Investments

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

25,854‌

Total

Securities

Lending

Collateral

(Cost

$32,941)

32,941‌

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s,

except

for

contracts)

OPTIONS

PURCHASED 0.1%

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

Value

Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S44,

Year

Index,

6/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

7/16/25

0.60%* (6)

1‌

221,750‌

33‌

Barclays

Bank

S&P

500

Index,

Put,

9/19/25

$5,470.00 (6)

23‌

14,271‌

81‌

Citibank

USD

CNH,

Call,

7/8/25

CNH7.70 (6)

1‌

75,000‌

—‌

Goldman

Sachs

S&P

500

Index,

Put,

8/15/25

$5,600.00 (6)

60‌

37,230‌

114‌

Morgan

Stanley

SPDR

Euro

STOXX

ETF,

Put,

8/15/25

$50.00 (6)

658‌

3,930‌

25‌

Wells

Fargo

Energy

Select

Sector

SPDR

Fund,

Call,

12/19/25

$95.00 (6)

949‌

8,048‌

169‌

Wells

Fargo

Technology

Select

Sector

SPDR

Fund,

Put,

12/19/25

$196.00 (6)

580‌

14,687‌

139‌

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

Value

Wells

Fargo

Technology

Select

Sector

SPDR

Fund,

Put,

12/19/25

$198.00 (6)

291‌

7,369‌

72‌

Total

Options

Purchased

(Cost

$3,637)

633‌

Total

Investments

Securities

101.9%

Net

Assets

(Cost

$1,137,551)

1,143,519‌

‡

Country

classifications

are

generally

based

MSCI

categories

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

the

currency

the

country

presented

unless

otherwise

noted.

†

Investment

fund

not

unitized.

Exercise

Spread

(1)

Security

was

purchased

pursuant

Rule

144A

under

the

Securities

Act

1933

and

may

resold

transactions

exempt

from

registration

only

qualified

institutional

buyers.

Total

value

such

securities

period-end

amounts

$485,409

and

represents

43.2%

net

assets.

(2)

Security

fix-to-float

security,

which

carries

fixed

coupon

until

certain

date,

upon

which

switches

floating

rate.

Reference

rate

and

spread

are

provided

the

rate

currently

floating.

(3)

See

Note

All

portion

this

security

loan

June

30,

2025.

(4)

Security

has

the

ability

pay

in-kind

pay

cash.

When

applicable,

separate

rates

such

payments

are

disclosed.

(5)

Issuer

has

failed

make

scheduled

interest

and/or

principal

payment

default.

(6)

Non-income

producing

(7)

Security

cannot

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

1933

and

rules

("restricted

security").

Acquisition

date

represents

the

day

which

enforceable

right

acquire

such

security

obtained

and

presented

along

with

cost

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

such

registration

are

generally

borne

the

issuer.

The

aggregate

value

restricted

securities

(excluding

144A

holdings)

period

end

amounts

$24,874

and

represents

2.2%

net

assets.

(8)

Perpetual

security

with

stated

maturity

date.

ROWE

PRICE

Dynamic

Credit

Fund

(9)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

those

instances,

the

position

presented

reflects

the

aggregate

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

the

settled

positions.

(10)

See

Note

Level

fair

value

hierarchy.

(11)

All

portion

this

loan

unsettled

June

30,

2025.

The

interest

rate

for

unsettled

loans

will

determined

upon

settlement

after

period

end.

(12)

Contingent

value

instrument

that

only

pays

out

portion

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

the

Oversight

Board’s

Certified

Fiscal

Plan.

(13)

Obligor

has

failed

make

scheduled

interest

and/or

principal

payment

default.

(14)

Seven-day

yield

(15)

Affiliated

Companies

(16)

June

30,

2025,

all

portion

this

security

pledged

collateral

and/

margin

deposit

cover

future

funding

obligations.

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

effective

rate

period-end.

The

rates

for

certain

ARMs

are

not

based

published

reference

rate

and

spread

but

may

determined

using

formula

based

the

rates

the

underlying

loans.

AUD

Australian

Dollar

BRL

Brazilian

Real

CAD

Canadian

Dollar

CHF

Swiss

Franc

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

CPI

Consumer

Price

Index

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

General

Obligation

HFA

Health

Facility

Authority

Interest-only

security

for

which

the

fund

receives

interest

notional

principal

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

PRIME

Prime

rate

SEK

Swedish

Krona

ROWE

PRICE

Dynamic

Credit

Fund

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

interest

adjusts

specified

date(s);

rate

shown

effective

rate

period-end.

TRY

Turkish

Lira

USD

U.S.

Dollar

Variable

Rate;

rate

shown

effective

rate

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

published

reference

rate

and

spread

but

are

determined

the

issuer

agent

and

based

current

market

conditions.

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written (0.0)%

Counterparty

Description

Contracts

Notional

Amount

Value

Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S44,

Year

Index,

6/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

7/16/25

$0.65*

221,750

(25‌)

Total

Options

Written

(Premiums

$(116))

(25‌)

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

SWAPS

(0.6)%

Description

Notional

Amount

Value

Upfront

Payments/

(Receipts)

Unrealized

Gain/(Loss)

BILATERAL

SWAPS

(0.3)%

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Côte

d'Ivoire

(0.0)%

Barclays

Bank,

Protection

Sold (Relevant

Credit:

Republic

Côte

d'Ivoire,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

(USD)

11,262

(351)

(346)

(5‌)

Total

Côte

d'Ivoire

(346)

(5‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(346)

(5‌)

Total

Return

Swaps

(0.3)%

United

States

(0.3)%

Goldman

Sachs,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

Maturity,

Receive

Variable

4.327%

(SOFR

0.00%)

Quarterly,

9/20/25

51,975

(327)

—

(327‌)

Goldman

Sachs,

Receive

Underlying

Reference:

MSCI

USA

Quality

Index

Monthly,

Pay

Variable

4.450%

(SOFR

0.00%)

Monthly,

1/20/26

44,979

237

—

237‌

Goldman

Sachs,

Receive

Underlying

Reference:

MSCI

USA

Quality

Index

Monthly,

Pay

Variable

5.048%

(SOFR

0.71%)

Monthly,

1/20/26

11,196

219

—

219‌

JPMorgan

Chase,

Pay

Underlying

Reference:

AbbVie

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,360

(99)

(22)

(77‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

BHP

Billiton

Finance

USA

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,439

(125)

(26)

(99‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Citigroup

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,370

(132)

(27)

(105‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Deere

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,311

(100)

(43)

(57‌)

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

Description

Notional

Amount

Value

Upfront

Payments/

(Receipts)**

Unrealized

Gain/(Loss)

JPMorgan

Chase,

Pay

Underlying

Reference:

Johnson

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,316

(73)

—

(73‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

MetLife

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,310

(114)

(43)

(71‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Morgan

Stanley

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,316

(78)

—

(78‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Oracle

Maturity,

Receive

Variable

4.012%

(SOFR

(0.30)%)

Maturity,

8/12/25

2,369

(139)

(41)

(98‌)

Morgan

Stanley,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

Maturity,

Receive

Variable

4.327%

(SOFR

0.00%)

Quarterly,

9/20/25

54,000

(1,909)

—

(1,909‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Russell

2000

Total

Return

Monthly,

Receive

Variable

4.188%

(SOFR

(0.15)%)

Monthly,

1/20/26

7,941

(182)

—

(182‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Russell

2000

Total

Return

Monthly,

Receive

Variable

4.400%

(SOFR

0.00%)

Monthly,

1/20/26

31,172

—

5‌

Total

United

States

(202)

(2,615‌)

Total

Bilateral

Total

Return

Swaps

(202)

(2,615‌)

Total

Bilateral

Swaps

(548)

(2,620‌)

Description

Notional

Amount

Value

Initial

Value

Unrealized

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

(0.3)%

Credit

Default

Swaps,

Protection

Bought

(1.6)%

Foreign/Europe

(0.7)%

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S43,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

67,710

(7,548)

(6,490)

(1,058‌)

Total

Foreign/Europe

(1,058‌)

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Oman

(0.0)%

Protection

Bought

(Relevant

Credit:

Sultanate

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

10,262

(101)

270

(371‌)

Total

Oman

(371‌)

United

States

(0.9)%

Protection

Bought

(Relevant

Credit:

Bristol-Myers

Squibb),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

21,482

(631)

(482)

(149‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

335

(28)

(6)

(22‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

11,761

(1,553)

(1,581)

28‌

Protection

Bought

(Relevant

Credit:

Lamb

Weston

Holdings),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

21,104

(53)

170

(223‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

105,348

(7,409)

(4,598)

(2,811‌)

Protection

Bought

(Relevant

Credit:

Pfizer),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/30

21,479

(602)

(481)

(121‌)

Protection

Bought

(Relevant

Credit:

Sealed

Air),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

10,558

(22)

(89‌)

Total

United

States

(3,387‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(4,816‌)

Credit

Default

Swaps,

Protection

Sold

1.8%

Foreign/Europe

0.5%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S43,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

236,989

6,036

5,254

782‌

Total

Foreign/Europe

782‌

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Luxembourg

(0.1)%

Protection

Sold

(Relevant

Credit:

SES,

Baa3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

20,200

(1,125)

(1,612)

487‌

Total

Luxembourg

487‌

Mexico

(0.0)%

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

(USD)

2,392

(314)

(375)

61‌

Total

Mexico

61‌

Saudi

Arabia

0.0%

Protection

Sold

(Relevant

Credit:

Kingdom

Saudi

Arabia,

Aa3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

(USD)

7,509

110

29‌

Total

Saudi

Arabia

29‌

United

States

1.4%

Protection

Sold

(Relevant

Credit:

Avis

Budget

Car

Rental,

BB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

4,991

250

—‌

Protection

Sold

(Relevant

Credit:

Avis

Budget

Car

Rental,

BB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

2,826

173

115

58‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S44,

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

181,706

13,946

11,809

2,137‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S44,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

55,024

1,235

1,023

212‌

Total

United

States

2,407‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

3,766‌

Interest

Rate

Swaps

(0.4)%

United

States

(0.4)%

Year

Interest

Rate

Swap,

Pay

Fixed

3.728%

Annually,

Receive

Variable

4.450%

(SOFR)

Annually,

7/2/35

33,635

—

—‌

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

Description

Notional

Amount

Value

Initial

Value**

Unrealized

Gain/(Loss)

Year

Interest

Rate

Swap,

Pay

Fixed

3.988%

Annually,

Receive

Variable

4.319%

(SOFR)

Annually,

5/15/35

132,378

(3,266)

—

(3,266‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.044%

Annually,

Receive

Variable

4.319%

(SOFR)

Annually,

5/20/55

15,809

(346)

—

(346‌)

Year

Interest

Rate

Swap,

Pay

Fixed

4.078%

Annually,

Receive

Variable

4.319%

(SOFR)

Annually,

5/17/55

15,873

(441)

—

(441‌)

Total

United

States

(4,053‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

(4,053‌)

Zero-Coupon

Inflation

Swaps

(0.1)%

United

States

(0.1)%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.548%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

5/13/30

26,386

(101)

—

(101‌)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.558%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

5/13/30

27,814

(118)

—

(118‌)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.607%

Maturity,

Receive

Variable

(Change

CPI)

Maturity,

5/31/34

94,500

(1,206)

—

(1,206‌)

Total

United

States

(1,425‌)

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(1,425‌)

Total

Centrally

Cleared

Swaps

(6,528‌)

Net

payments

(receipts)

variation

margin

date

5,895‌

Variation

margin

receivable

(payable)

centrally

cleared

swaps

(633‌)

Credit

ratings

June

30,

2025.

Ratings

shown

are

from

Moody’s

Investors

Service

and

Moody’s

does

not

rate

security,

then

Standard

Poor’s

(S&P)

used.

Fitch

used

for

securities

that

are

not

rated

either

Moody’s

S&P.

Includes

interest

purchased

sold

but

not

yet

collected

$(120)

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

America

7/25/25

USD

21,299‌

CHF

17,630‌

(995‌)

Barclays

Bank

7/17/25

TRY

198,015‌

USD

4,690‌

211‌

Barclays

Bank

7/17/25

USD

4,872‌

TRY

198,015‌

(28‌)

Barclays

Bank

7/25/25

CHF

111‌

USD

139‌

1‌

Barclays

Bank

7/25/25

JPY

17,269‌

USD

120‌

—‌

Barclays

Bank

7/25/25

JPY

342,439‌

USD

2,426‌

(41‌)

Barclays

Bank

7/25/25

NOK

1,236‌

USD

123‌

—‌

Barclays

Bank

7/25/25

NZD

282‌

USD

170‌

2‌

Barclays

Bank

7/25/25

USD

250‌

CHF

206‌

(10‌)

Barclays

Bank

7/25/25

USD

107‌

JPY

15,382‌

—‌

Barclays

Bank

7/25/25

USD

4,778‌

NOK

50,112‌

(194‌)

Barclays

Bank

8/22/25

EUR

164‌

USD

193‌

1‌

Barclays

Bank

8/22/25

USD

90‌

EUR

78‌

(3‌)

Barclays

Bank

10/16/25

TRY

495,495‌

USD

11,338‌

(16‌)

Canadian

Imperial

Bank

Commerce

7/25/25

JPY

1,595,740‌

USD

11,040‌

74‌

Citibank

7/25/25

AUD

34,430‌

USD

22,255‌

417‌

Citibank

7/25/25

CAD

240‌

USD

174‌

2‌

Citibank

7/25/25

USD

10,851‌

JPY

1,595,740‌

(263‌)

Citibank

7/25/25

USD

76‌

NOK

787‌

(2‌)

Citibank

8/22/25

EUR

11,023‌

USD

12,835‌

196‌

Citibank

8/22/25

USD

8,931‌

GBP

6,615‌

(152‌)

Deutsche

Bank

7/25/25

CHF

8,840‌

USD

10,816‌

362‌

Deutsche

Bank

8/22/25

EUR

9,445‌

USD

10,777‌

388‌

Deutsche

Bank

8/22/25

GBP

3,616‌

USD

4,888‌

77‌

HSBC

Bank

7/25/25

JPY

1,523,655‌

USD

10,806‌

(194‌)

HSBC

Bank

8/22/25

USD

21,800‌

AUD

33,530‌

(291‌)

JPMorgan

Chase

8/22/25

USD

497‌

GBP

373‌

(15‌)

Morgan

Stanley

8/22/25

AUD

33,530‌

USD

21,620‌

472‌

Societe

Generale

7/25/25

USD

10,799‌

CHF

8,840‌

(380‌)

Societe

Generale

9/3/25

USD

11,874‌

BRL

68,169‌

(475‌)

Standard

Chartered

7/25/25

USD

87‌

CAD

119‌

(1‌)

Standard

Chartered

8/22/25

EUR

14,690‌

USD

16,633‌

733‌

State

Street

7/25/25

CAD

15,344‌

USD

11,202‌

81‌

State

Street

7/25/25

JPY

222,735‌

USD

1,568‌

(17‌)

State

Street

7/25/25

NOK

965‌

USD

93‌

3‌

State

Street

7/25/25

NZD

107‌

USD

64‌

1‌

State

Street

7/25/25

USD

107‌

CAD

146‌

—‌

State

Street

7/25/25

USD

101‌

CHF

82‌

(3‌)

State

Street

7/25/25

USD

111‌

NOK

1,126‌

(1‌)

ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

8/22/25

EUR

9,390‌

USD

10,862‌

238‌

State

Street

8/22/25

USD

32,317‌

EUR

28,435‌

(1,297‌)

State

Street

8/29/25

SEK

1,748‌

USD

185‌

1‌

State

Street

8/29/25

USD

1,286‌

SEK

12,299‌

(20‌)

Toronto-Dominion

Bank

7/25/25

USD

5,370‌

CAD

7,415‌

(83‌)

Toronto-Dominion

Bank

7/25/25

USD

10,639‌

JPY

1,523,655‌

27‌

UBS

Investment

Bank

7/25/25

CHF

18,782‌

USD

22,819‌

931‌

UBS

Investment

Bank

7/25/25

NOK

1,143‌

USD

114‌

—‌

UBS

Investment

Bank

7/25/25

USD

708‌

AUD

1,112‌

(24‌)

UBS

Investment

Bank

7/25/25

USD

5,743‌

CHF

4,647‌

(133‌)

UBS

Investment

Bank

7/25/25

USD

1,335‌

JPY

191,004‌

5‌

UBS

Investment

Bank

7/25/25

USD

282‌

NZD

484‌

(13‌)

UBS

Investment

Bank

8/22/25

USD

6,350‌

GBP

4,763‌

(189‌)

UBS

Investment

Bank

9/3/25

USD

15,474‌

BRL

89,793‌

(792‌)

Wells

Fargo

9/3/25

USD

7,738‌

BRL

45,009‌

(416‌)

Net

unrealized

gain

(loss)

open

forward

currency

exchange

contracts

(1,825‌)

ROWE

PRICE

Dynamic

Credit

Fund

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

Euro

BUND

contracts

9/25

4,446

(29‌)

Short,

465

Euro

OAT

contracts

9/25

(67,833)

110‌

Long,

Government

Canada

ten

year

bond

contracts

9/25

7,347

66‌

Short,

U.K.

Gilt

ten

year

contracts

9/25

(5,491)

(28‌)

Long,

1,243

U.S.

Treasury

Notes

ten

year

contracts

9/25

139,371

1,440‌

Long,

1,117

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/25

127,635

2,623‌

Net

payments

(receipts)

variation

margin

date

(3,015‌)

Variation

margin

receivable

(payable)

open

futures

contracts

1,167‌

ROWE

PRICE

Dynamic

Credit

Fund

The

accompanying

notes

are

integral

part

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

certain

securities

that

are

considered

affiliated

companies.

defined

the

1940

Act,

affiliated

company

one

which

the

fund

owns

the

outstanding

voting

securities,

company

that

under

common

ownership

control.

The

following

securities

were

considered

affiliated

companies

for

all

some

portion

the

six

months

ended

June

30,

2025.

Net

realized

gain

(loss),

investment

income,

change

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

Net

Unrealized

Gain/Loss

Investment

Income

Rowe

Price

Government

Reserve

Fund,

4.37%

—‌

792‌++

Totals

—‌#

—‌

792‌+

Supplementary

Investment

Schedule

Affiliate

Value

12/31/24

Purchase

Cost

Sales

Cost

Value

6/30/25

Rowe

Price

Government

Reserve

Fund,

4.37%

66,702‌

62,672‌

Total

62,672‌^

Capital

gain

distributions

from

underlying

Price

funds

represented

the

net

realized

gain

(loss).

Excludes

earnings

securities

lending

collateral,

which

are

subject

rebates

and

fees

described

Note

Investment

income

comprised

$792

dividend

income

and

interest

income.

Purchase

and

sale

information

not

shown

for

cash

management

funds.

The

cost

basis

investments

affiliated

companies

was

$62,672.

ROWE

PRICE

Dynamic

Credit

Fund

June

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

Assets

Investments

securities,

value

(cost

$1,137,551)

1,143,519‌

Receivable

for

investment

securities

sold

21,987‌

Interest

and

dividends

receivable

15,139‌

Unrealized

gain

forward

currency

exchange

contracts

4,223‌

Foreign

currency

(cost

$1,506)

1,532‌

Receivable

for

sold

1,210‌

Variation

margin

receivable

futures

contracts

1,167‌

Unrealized

gain

bilateral

swaps

461‌

Cash

457‌

Due

from

affiliates

426‌

Other

assets

60‌

Total

assets

1,190,181‌

Liabilities

Obligation

return

securities

lending

collateral

32,941‌

Payable

for

investment

securities

purchased

23,557‌

Unrealized

loss

forward

currency

exchange

contracts

6,048‌

Unrealized

loss

bilateral

swaps

3,081‌

Variation

margin

payable

centrally

cleared

swaps

633‌

Bilateral

swap

premiums

received

548‌

Payable

for

redeemed

464‌

Investment

management

fees

payable

457‌

Options

written

(premiums

$116)

25‌

Payable

directors

1‌

Other

liabilities

57‌

Total

liabilities

67,812‌

Commitments

and

Contingent

Liabilities

(note

)

NET

ASSETS

1,122,369‌

ROWE

PRICE

Dynamic

Credit

Fund

June

30,

2025

(Unaudited)

Statement

Assets

and

Liabilities

($000s,

except

and

per

amounts)

The

accompanying

notes

are

integral

part

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

(5,008‌)

Paid-in

capital

applicable

126,778,274

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

the

Corporation

authorized

1,127,377‌

NET

ASSETS

1,122,369‌

NET

ASSET

VALUE

PER

Investor

Class

(Net

assets:

$58,051;

outstanding:

6,547,774)

8.87‌

Class

(Net

assets:

$69,977;

outstanding:

7,902,111)

8.86‌

Class

(Net

assets:

$994,341;

outstanding:

112,328,389)

8.85‌

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Statement

Operations

($000s)

Months

Ended

6/30/25

Investment

Income

(Loss)

Income

Interest

43,374‌

Dividend

1,069‌

Securities

lending

51‌

Total

income

44,494‌

Expenses

Investment

management

2,664‌

Shareholder

servicing

Investor

Class

43‌

Class

6‌

49‌

Prospectus

and

shareholder

reports

Investor

Class

1‌

Class

1‌

Class

3‌

5‌

Custody

and

accounting

134‌

Legal

and

audit

38‌

Registration

25‌

Directors

2‌

Miscellaneous

20‌

Waived

paid

Price

Associates

(2,655‌)

Total

expenses

282‌

Net

investment

income

44,212‌

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Statement

Operations

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Realized

and

Unrealized

Gain

Loss

–

Net

realized

gain

(loss)

Securities

(net

foreign

taxes

$172)

(4,405‌)

Futures

(5,383‌)

Swaps

6,774‌

Options

written

792‌

Forward

currency

exchange

contracts

(4,881‌)

Foreign

currency

transactions

(627‌)

Net

realized

loss

(7,730‌)

Change

net

unrealized

gain

loss

Securities

13,686‌

Futures

3,690‌

Swaps

(6,724‌)

Options

written

91‌

Forward

currency

exchange

contracts

(3,451‌)

Other

assets

and

liabilities

denominated

foreign

currencies

160‌

Change

net

unrealized

gain

loss

7,452‌

Net

realized

and

unrealized

gain

loss

(278‌)

INCREASE

NET

ASSETS

FROM

OPERATIONS

43,934‌

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

Months

Ended

6/30/25

Year

Ended

12/31/24

Increase

(Decrease)

Net

Assets

Operations

Net

investment

income

44,212‌

79,175‌

Net

realized

gain

(loss)

(7,730‌)

19,865‌

Change

net

unrealized

gain

loss

7,452‌

(24,300‌)

Increase

net

assets

from

operations

43,934‌

74,740‌

Distributions

shareholders

Net

earnings

Investor

Class

(1,596‌)

(1,364‌)

Class

(1,859‌)

(2,124‌)

Class

(40,927‌)

(68,291‌)

Decrease

net

assets

from

distributions

(44,382‌)

(71,779‌)

Capital

transactions

sold

Investor

Class

52,028‌

17,277‌

Class

57,653‌

13,819‌

Class

34,535‌

115,044‌

Distributions

reinvested

Investor

Class

1,546‌

1,340‌

Class

1,778‌

2,101‌

Class

40,666‌

68,404‌

redeemed

Investor

Class

(20,061‌)

(12,246‌)

Class

(21,700‌)

(12,989‌)

Class

(39,517‌)

(88,702‌)

Increase

net

assets

from

capital

transactions

106,928‌

104,048‌

ROWE

PRICE

Dynamic

Credit

Fund

(Unaudited)

Statement

Changes

Net

Assets

($000s)

The

accompanying

notes

are

integral

part

these

financial

statements.

Months

Ended

6/30/25

Year

Ended

12/31/24

Net

Assets

Increase

during

period

106,480‌

107,009‌

Beginning

period

1,015,889‌

908,880‌

End

period

1,122,369‌

1,015,889‌

*Share

information

(000s)

sold

Investor

Class

5,868‌

1,952‌

Class

6,491‌

1,564‌

Class

3,889‌

13,041‌

Distributions

reinvested

Investor

Class

174‌

151‌

Class

201‌

238‌

Class

4,591‌

7,738‌

redeemed

Investor

Class

(2,269‌)

(1,382‌)

Class

(2,450‌)

(1,470‌)

Class

(4,469‌)

(10,033‌)

Increase

outstanding

12,026‌

11,799‌

ROWE

PRICE

Dynamic

Credit

Fund

Unaudited

NOTES

FINANCIAL

STATEMENTS

Rowe

Price

International

Funds,

Inc. (the

corporation)

registered

under

the

Investment

Company

Act

1940

(the

1940

Act).

The

Dynamic

Credit

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

the

corporation. The

fund

seeks total

return

through

combination

income

and

capital

appreciation.

The

fund

has three classes

the

Dynamic

Credit

Fund

(Investor

Class),

the

Dynamic

Credit

Fund–I

Class

Class)

and

the

Dynamic

Credit

Fund–Z

Class

Class).

Class

require

$500,000

initial

investment

minimum,

although

the

minimum

generally

waived

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Class

only

available

funds

advised

Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

matters

solely

that

class;

separate

voting

rights

matters

that

relate

all

classes;

and,

all

other

respects,

the

same

rights

and

obligations

the

other

classes.

NOTE

SIGNIFICANT

ACCOUNTING

POLICIES

Basis

Preparation

The fund

investment

company

and

follows

accounting

and

reporting

guidance

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

estimates

made

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

the

trade

date

basis.

Income

and

expenses

are

recorded

the

accrual

basis.

Realized

gains

and

losses

are

reported

the

identified

cost

basis. Premiums

and

discounts

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

adjustment

interest

income. Income

tax-related

interest

and

penalties,

incurred,

are

recorded

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

dividend income;

capital

gain

distributions

are

reflected

realized

gain/loss. Dividend

income and

ROWE

PRICE

Dynamic

Credit

Fund

capital

gain

distributions

are

recorded

the

ex-dividend

date. Earnings

investments

recognized

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

such

earnings. Non-cash

dividends,

any,

are

recorded

the

fair

market

value

the

asset

received. Proceeds

from

litigation

payments,

any,

are

included

either

net

realized

gain

(loss)

change

net

unrealized

gain/loss

from

securities. Distributions

shareholders

are

recorded

the

ex-dividend

date. Income

distributions,

any, are

declared

each

class daily

and

paid

monthly. A

capital

gain

distribution,

any, may

also

declared

and

paid

the

fund

annually.

Currency

Translation

Assets,

including

investments,

and

liabilities

denominated

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

the

prevailing

exchange

rate,

using

the

mean

the

bid

and

asked

prices

such

currencies

against

U.S.

dollars

provided

outside

pricing

service.

Purchases

and

sales

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

the

prevailing

exchange

rate

the

respective

date

such

transaction.

The

effect

changes

foreign

currency

exchange

rates

realized

and

unrealized

security

gains

and

losses

not

bifurcated

from

the

portion

attributable

changes

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

each

class

are

charged

directly

the

class

which

they

relate.

Expenses

common

all

classes

and

investment

income

are

allocated

the

classes

based

upon

the

relative

daily

net

assets

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

each

class’s

outstanding

shares.

Capital

Transactions

Each

investor’s

interest

the

net

assets

of the

fund

represented

fund

shares. The

fund’s

net

asset

value

(NAV)

per

computed

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

open

for

business.

However,

the

NAV

per

may

calculated

time

other

than

the

normal

the

NYSE

trading

the

NYSE

restricted,

the

NYSE

closes

earlier,

may

permitted

the

SEC.

Purchases

and

redemptions

fund

are

transacted

the

next-computed

NAV

per

share,

after

receipt

the

transaction

order

Rowe

Price

Associates,

Inc.,

its

agents.

New

Accounting

Guidance

In December

2023,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2023-09,

Income

Taxes

(Topic

740)

–

Improvements

Income

Taxes

Disclosures,

which

enhances

the

transparency

income

tax

disclosures.

The

ASU

requires

public

entities,

annual

basis,

provide

disclosure

specific

categories

the

rate

reconciliation,

well

ROWE

PRICE

Dynamic

Credit

Fund

disclosure

income

taxes

paid

disaggregated

jurisdiction.

The

amendments

under

this

ASU

are

required

applied

prospectively

and

are

effective

for

fiscal

years

beginning

after

December

15,

2024.

Management

expects

that

adoption

the

guidance

will

not

have

material

impact

the

fund’s

financial

statements.

Indemnification

the

normal

course

business, the

fund

may

provide

indemnification

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

unknown;

however,

the

risk

material

loss

currently

considered

remote.

NOTE

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

the

NYSE

and

are

reported

fair

value,

which

GAAP

defines

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date. The fund’s

Board

Directors

(the

Board)

has

designated

Rowe

Price

Associates,

Inc.

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

oversight

the

Board,

the

Valuation

Designee

performs

the

following

functions

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

the

Valuation

Designee

are

performed

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

the

Board

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

determine

the

fair

value

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

active

markets

for

identical

financial

instruments

that

the

fund

can

access

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

active

markets,

quoted

prices

for

identical

similar

financial

instruments

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

ROWE

PRICE

Dynamic

Credit

Fund

Level

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

publicly

available

information

about

actual

events

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

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

price

the

financial

instrument.

GAAP

requires

valuation

techniques

maximize

the

use

relevant

observable

inputs

and

minimize

the

use

unobservable

inputs.

When

multiple

inputs

are

used

derive

fair

value,

the

financial

instrument

assigned

the

level

within

the

fair

value

hierarchy

based

the

lowest-level

input

that

significant

the

fair

value

the

financial

instrument.

Input

levels

are

not

necessarily

indication

the

risk

liquidity

associated

with

financial

instruments

that

level

but

rather

the

degree

judgment

used

determining

those

values.

Valuation

Techniques

Debt

securities

generally

are

traded

the over-the-

counter

(OTC)

market

and

are

valued

prices

furnished

independent

pricing

services

broker

dealers

who

make

markets

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

price

bonds

comparable

quality,

coupon,

maturity,

and

type,

well

prices

quoted

dealers

who

make

markets

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

regularly

traded

securities

exchange

the

over-the-counter

(OTC)

market

are

valued

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

the

mean

the

closing

bid

and

asked

prices.

security

that

listed

traded

than

one

exchange

valued

the

quotation

the

exchange

determined

the

primary

market

for

such

security.

Listed

securities

not

traded

particular

day

are

valued

the

mean

the

closing

bid

and

asked

prices

for

domestic

securities.

Investments

mutual

funds

are

valued

the

mutual

fund’s

closing

NAV

per

the

day

valuation.

Investments

private

investment

companies

are

valued

the

investee’s

NAV

per

the

valuation

date,

available.

the

investee’s

NAV

not

available

the

valuation

date

not

calculated

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

reflect

fair

value

the

valuation

date.

Listed

options,

and

OTC

options

with

listed

equivalent,

are

valued

the

mean

the

closing

bid

and

asked

ROWE

PRICE

Dynamic

Credit

Fund

prices

and

exchange-traded

options

futures

contracts

are

valued

closing

settlement

prices.

Futures

contracts

are

valued

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

prices

furnished

independent

pricing

service

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

cost,

estimated

realizable

value,

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

deemed

unreliable

are

valued

fair

value

determined

good

faith

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

investments

for

which

market

quotations

are

not

readily

available

deemed

unreliable,

including

the

use

other

pricing

sources.

Factors

used

determining

fair

value

vary

type

investment

and

may

include

market

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

actual

prices

arm’s

length

transactions,

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

reliably

obtained,

and

prices

are

deemed

representative

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

market-based

valuation

multiples;

discount

premium

from

market

value

similar,

freely

traded

security

the

same

issuer;

discounted

cash

flows;

yield

maturity;

some

combination.

Fair

value

determinations

are

reviewed

regular

basis.

Because

any

fair

value

determination

involves

significant

amount

judgment,

there

degree

subjectivity

inherent

such

pricing

decisions. Fair

value

prices

determined

the

Valuation

Designee could

differ

from

those

other

market

participants,

and

possible

that

the

fair

value

determined

for

security

may

materially

different

from

the

value

that

could

realized

upon

the

sale

that

security.

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

the

inputs

used

determine

their

fair

values

June

30,

2025

(for

further

detail

category,

please

refer

the

accompanying

Portfolio

Investments):

ROWE

PRICE

Dynamic

Credit

Fund

($000s)

Level

Total

Value

Assets

Fixed

Income

Securities

—‌

194,640‌

—‌

194,640‌

Asset-Backed

Securities

—‌

113,731‌

4,193‌

117,924‌

Bank

Loans

—‌

98,717‌

28,114‌

126,831‌

Common

Stocks

—‌

16‌

—‌

16‌

Convertible

Preferred

Stocks

12,288‌

—‌

4,334‌

16,622‌

Corporate

Bonds

—‌

434,688‌

8,925‌

443,613‌

Non-U.S.

Government

Mortgage-Backed

Securities

—‌

26,796‌

4,647‌

31,443‌

Private

Investment

Company

—‌

2,759‌

Short-Term

Investments

29,731‌

146,366‌

—‌

176,097‌

Securities

Lending

Collateral

32,941‌

—‌

32,941‌

Options

Purchased

—‌

633‌

—‌

633‌

Total

Securities

74,960‌

1,015,587‌

50,213‌

1,143,519‌

Swaps*

—‌

4,255‌

—‌

4,255‌

Forward

Currency

Exchange

Contracts

—‌

4,223‌

—‌

4,223‌

Futures

Contracts*

4,239‌

—‌

4,239‌

Total

79,199‌

1,024,065‌

50,213‌

1,156,236‌

Liabilities

Options

Written

—‌

25‌

—‌

25‌

Swaps*

—‌

13,951‌

—‌

13,951‌

Forward

Currency

Exchange

Contracts

—‌

6,048‌

—‌

6,048‌

Futures

Contracts*

57‌

—‌

57‌

Total

57‌

20,024‌

—‌

20,081‌

Includes

Convertible

Bonds,

Government

Bonds,

Municipal

Securities

and

U.S.

Government

Agency

Mortgage-Backed

Securities.

ROWE

PRICE

Dynamic

Credit

Fund

Following

reconciliation

the

fund’s

Level

holdings

for

the

six

months ended

June

30,

2025.

Gain

(loss)

reflects

both

realized

and

change

unrealized

gain/loss

Level

holdings

during

the

period,

any,

and

included

the

accompanying

Statement

Operations.

The

change

unrealized

gain/loss

Level

instruments

held

June

30,

2025,

totaled $(513,000) for

the

six

months ended

June

30,

2025.

During

the

six

months,

transfers

into

Level

resulted

from

lack

observable

market

data

for

the

security

and

transfers

out

Level

were

because

observable

market

data

became

available

for

the

security.

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

fair

value

using

the

net

asset

value

per

(or

its

equivalent)

practical

expedient

have

not

been

classified

the

fair

value

hierarchy.

The

fair

value

amounts

presented

this

table

are

intended

permit

reconciliation

the

fair

value

hierarchy

the

amounts

presented

the

Portfolio

Investments.

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

the

accompanying

Portfolio

Investments

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

($000s)

Beginning

Balance

12/31/24

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level 3

Transfer

Out

Level

Ending

Balance

6/30/25

Investment

Securities

Asset-

Backed

Securities

—‌

(107‌)

4,300‌

—‌

4,193‌

Bank

Loans

21,127‌

(470‌)

7,538‌

(81‌)

—‌

28,114‌

Common

Stocks

18‌

(2‌)

—‌

(16‌)

—‌

Convertible

Preferred

Stocks

4,334‌

—‌

4,334‌

Corporate

Bonds

13,824‌

1‌

—‌

(4,900‌)

—‌

8,925‌

Non-U.S.

Government

Mortgage-

Backed

Securities

5,031‌

—‌

(384‌)

—‌

4,647‌

Total

44,334‌

(471‌)

7,538‌

(5,472‌)

4,300‌

(16‌)

50,213‌

ROWE

PRICE

Dynamic

Credit

Fund

The

fund’s

Level

investments

have

been

valued

using

unadjusted

inputs

that

have

not

been

internally

developed

the

fund,

including

third-party

transactions

and

indicative

broker

quotations.

result,

there

were

unobservable

inputs

that

have

been

internally

developed

the

fund

determining

the

fair

value

investments

June

30,

2025.

NOTE

DERIVATIVE

INSTRUMENTS

During

the

six

months ended

June

30,

2025,

the

fund

invested

derivative

instruments.

defined

GAAP,

derivative

financial

instrument

whose

value

derived

from

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

prices

rates,

other

variable;

requires

little

initial

investment

and

permits

requires

net

settlement

delivery

cash

other

assets.

The

fund

invests

derivatives

only

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

described

its

prospectus

and

Statement

Additional

Information.

The

fund

may

use

derivatives

for

variety

purposes

and

may

use

them

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

hedge

against

declines

principal

value,

increase

yield,

invest

asset

with

greater

efficiency

and

lower

cost

than

possible

through

direct

investment,

enhance

return,

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

the

instruments

which

the

derivatives

are

based.

The

fund

values

its

derivatives

fair

value

and

recognizes

changes

fair

value

currently

its

results

operations.

Accordingly,

the

fund

does

not

hedge

accounting,

even

for

derivatives

employed

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

gross

basis.

does

not

offset

the

fair

value

derivative

liabilities

against

the

fair

value

derivative

assets

its

financial

statements,

nor

does

offset

the

fair

value

derivative

instruments

against

the

right

reclaim

obligation

return

collateral.

The

following

table

summarizes

the

fair

value

the

fund’s

derivative

instruments

held

June

30,

2025,

and

the

location

the

accompanying

Statement

Assets

and

Liabilities,

presented

primary

underlying

risk

exposure:

ROWE

PRICE

Dynamic

Credit

Fund

($000s)

Location

Statement

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

4,239‌

Foreign

exchange

derivatives

Forwards,

Securities^

4,223‌

Credit

derivatives

Centrally

Cleared

Swaps,

Securities^

3,827‌

Equity

derivatives

Bilateral

Swaps,

Securities^

1,061‌

Total

13,350‌

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

1,425‌

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

4,110‌

Foreign

exchange

derivatives

Forwards

6,048‌

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps,

Options

Written

8,316‌

Equity

derivatives

Bilateral

Swaps

182‌

Total

20,081‌

The

fair

value

presented

includes

cumulative

gain

(loss)

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

the

accompanying

Statement

Assets

and

Liabilities

only

the

unsettled

variation

margin

receivable

(payable)

that

date.

Options

purchased

are

reported

securities

and

are

reflected

the

accompanying

Portfolio

Investments.

ROWE

PRICE

Dynamic

Credit

Fund

Additionally,

the

amount

gains

and

losses

derivative

instruments

recognized

fund

earnings

during

the

six

months ended

June

30,

2025,

and

the

location

the

accompanying

Statement

Operations

summarized

the

following

table

primary

underlying

risk

exposure:

($000s)

Location

Gain

(Loss)

Statement

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Inflation

derivatives

—‌

(130‌)

Interest

rate

derivatives

(1,028‌)

—‌

(5,383‌)

—‌

9,960‌

3,549‌

Foreign

exchange

derivatives

—‌

(4,881‌)

—‌

(4,881‌)

Credit

derivatives

(833‌)

457‌

—‌

(2,987‌)

(3,363‌)

Equity

derivatives

3,552‌

335‌

—‌

(69‌)

3,818‌

Total

1,691‌

792‌

(5,383‌)

(4,881‌)

6,774‌

(1,007‌)

ROWE

PRICE

Dynamic

Credit

Fund

Counterparty

Risk

and

Collateral

The

fund

invests

derivatives

various

markets,

which

expose

differing

levels

counterparty

risk.

Counterparty

risk

exchange-traded

and

centrally

cleared

derivative

contracts,

such

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

required

deposit

collateral

amount

specified

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

maintained

over

the

life

the

contract.

Each

clearinghouse

and

clearing

firm,

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

the

fund.

Derivatives,

such

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

counterparty

(bilateral

derivatives)

may

expose

the

fund

greater

counterparty

risk.

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

collateral

($000s)

Location

Gain

(Loss)

Statement

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

Unrealized

Gain

(Loss)

Inflation

derivatives

—‌

(12‌)

Interest

rate

derivatives

137‌

—‌

3,690‌

—‌

(6,732‌)

(2,905‌)

Foreign

exchange

derivatives

(323‌)

—‌

(3,451‌)

—‌

(3,774‌)

Credit

derivatives

95‌

91‌

—‌

(259‌)

(73‌)

Equity

derivatives

(2,182‌)

—‌

279‌

(1,903‌)

Total

(2,273‌)

91‌

3,690‌

(3,451‌)

(6,724‌)

(8,667‌)

Options

purchased

are

reported

securities.

ROWE

PRICE

Dynamic

Credit

Fund

cover

mark-to-market

exposure.

MNAs

may

the

form

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

offset

amounts

the

fund

owes

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

letters

generally

allow

termination

transactions

and

net

settlement

upon

the

occurrence

contractually

specified

events,

such

failure

pay

bankruptcy.

addition,

ISDAs

specify

other

events,

the

occurrence

which

would

allow

one

the

parties

terminate.

For

example,

downgrade

credit

rating

counterparty

below

specified

rating

would

allow

the

fund

terminate,

while

decline

the

fund’s

net

assets

than

specified

percentage

would

allow

the

counterparty

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

liquidated

and

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

letters

not.

Collateral

requirements

are

determined

daily

based

the

net

aggregate

unrealized

gain

loss

all

bilateral

derivatives

with

counterparty,

subject

minimum

transfer

amounts

that

typically

range

from

$100,000

$250,000.

Any

additional

collateral

required

due

changes

security

values

typically

transferred

the

business

day.

Collateral

may

the

form

cash

debt

securities

issued

the

U.S.

government

agencies,

although

other

securities

may

used

depending

the

terms

outlined

the

applicable

MNA.

Cash

posted

the

fund

reflected

cash

deposits

the

accompanying

financial

statements

and

generally

restricted

from

withdrawal

the

fund;

securities

posted

the

fund

are

noted

the

accompanying

Portfolio

Investments;

both

remain

the

fund’s

assets.

Collateral

pledged

counterparties

not

included

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

the

fund

held

segregated

account

the

fund’s

custodian.

While

typically

not

sold

the

same

manner

equity

fixed

income

securities,

exchange-traded

centrally

cleared

derivatives

may

closed

out

only

the

exchange

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

unwound

with

counterparties

transactions

assigned

other

counterparties

allow

the

fund

exit

the

transaction.

This

ability

subject

the

liquidity

underlying

positions. As

June

30,

2025,

securities

valued

at $48,410,000

had

been

posted

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

ROWE

PRICE

Dynamic

Credit

Fund

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

the

reporting

date

loss

exposure

each

counterparty

after

consideration

collateral,

any.

Forward

Currency

Exchange

Contracts

The

fund

subject

foreign

currency

exchange

rate

risk

the

normal

course

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

increase

exposure

particular

foreign

currency,

shift

the

fund’s

foreign

currency

exposure

from

one

country

another,

enhance

the

fund’s

return.

forward

involves

obligation

purchase

sell

fixed

amount

specific

currency

future

date

price

set

the

time

the

contract.

Although

certain

forwards

may

settled

exchanging

only

the

net

($000s)

Gross

Value

Statements

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

Exchange

Collateral

Pledged

(Received)

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

America

—‌

(995‌)

679‌

—‌

Barclays

Bank

329‌

(668‌)

(339‌)

(36‌)

—‌

Canadian

Imperial

Bank

Commerce

74‌

—‌

74‌

—‌

74‌

Citibank

615‌

(417‌)

198‌

—‌

198‌

Deutsche

Bank

827‌

—‌

827‌

(660‌)

167‌

Goldman

Sachs

570‌

(327‌)

243‌

—‌

243‌

HSBC

Bank

—‌

(485‌)

312‌

—‌

JPMorgan

Chase

—‌

(875‌)

322‌

—‌

Morgan

Stanley

502‌

(2,091‌)

(1,589‌)

1,654‌

65‌

Societe

Generale

—‌

(855‌)

637‌

—‌

Standard

Chartered

733‌

(1‌)

732‌

(610‌)

122‌

State

Street

324‌

(1,338‌)

(1,014‌)

798‌

—‌

Toronto-Dominion

Bank

27‌

(83‌)

(56‌)

—‌

UBS

Investment

Bank

936‌

(1,151‌)

(215‌)

284‌

69‌

Wells

Fargo

380‌

(416‌)

(36‌)

(170‌)

—‌

Total

5,317‌

(9,702‌)

situations

such

counterparty

default

bankruptcy,

the

fund

may

have

further

rights

offset

against

amounts

due

from

the

counterparty

under

other

agreements.

ROWE

PRICE

Dynamic

Credit

Fund

gain

loss

the

contract,

most

forwards

are

settled

with

the

exchange

the

underlying

currencies

accordance

with

the

specified

terms.

Forwards

are

valued

the

unrealized

gain

loss

the

contract,

which

reflects

the

net

amount

the

fund

either

entitled

receive

obligated

deliver,

measured

the

difference

between

the

forward

exchange

rates

the

date

entry

into

the

contract

and

the

forward

rates

the

reporting

date.

Appreciated

forwards

are

reflected

assets

and

depreciated

forwards

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

forwards

include

the

possible

failure

counterparties

meet

the

terms

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

forwards,

based

underlying

notional

amounts,

was

generally

between

and

12%

net

assets.

Futures

Contracts

The

fund

subject

to interest

rate

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

futures

contracts

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

manage

exposure

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

one

party

and

purchase

another

specified

amount

specific

underlying

financial

instrument

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

exchange-traded

futures,

which

generally

are

standardized

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

received

the

fund

each

day

settle

daily

fluctuations

the

value

the

contract

(variation

margin),

which

reflect

changes

the

value

the

underlying

financial

instrument.

Variation

margin

recorded

unrealized

gain

loss

until

the

contract

closed.

The

value

futures

contract

included

net

assets

the

amount

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

When

contract

closed,

realized

gain

loss

recorded

the

accompanying

Statement

Operations.

Risks

the

use

futures

contracts

include

possible

illiquidity

the

futures

markets,

contract

prices

that

can

highly

volatile

and

imperfectly

correlated

movements

hedged

security

values

and/or

interest

ROWE

PRICE

Dynamic

Credit

Fund

rates,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

futures,

based

underlying

notional

amounts,

was

generally

between

and

28%

net

assets.

Options

The

fund

subject

to interest

rate

risk,

credit

risk,

foreign

currency

exchange

rate

risk

and

equity

price

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

options

help

manage

such

risks.

The

fund

may

use

options

manage

exposure

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

efficient

means

adjusting

exposure

all

part

target

market;

enhance

income;

cash

management

tool;

adjust

credit

exposure.

The

fund

may

buy

sell

options

that

can

settled

either

directly

with

the

counterparty

(OTC

option)

through

central

clearinghouse

(exchange-traded

option).

Options

are

included

net

assets

fair

value,

options

purchased

are

included

Investments

Securities,

and

options

written

are

separately

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Premiums

unexercised,

expired

options

are

recorded

realized

gains

losses

the

accompanying

Statement

Operations;

premiums

exercised

options

are

recorded

adjustment

the

proceeds

from

the

sale

cost

the

purchase.

The

difference

between

the

premium

and

the

amount

received

paid

closing

transaction

also

treated

realized

gain

loss

the

accompanying

Statement

Operations.

return

for

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

purchase

sell,

respectively,

security

specified

exercise

price.

return

for

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

buy

and

sell

currency

specified

exchange

rate;

although

certain

currency

options

may

settled

exchanging

only

the

net

gain

loss

the

contract.

return

for

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

receive

cash

equal

the

difference

between

the

value

the

reference

index

the

exercise

date

and

the

exercise

price

the

option.

return

for

premium

paid,

options

swaps

give

the

holder

the

right,

but

not

the

obligation,

enter

specified

swap

contract

predefined

terms.

The

exercise

price

option

credit

default

swap

stated

terms

specified

spread

that

represents

the

cost

credit

protection

the

reference

asset,

including

both

the

upfront

premium

open

the

position

and

future

periodic

payments.

The

exercise

price

interest

rate

swap

stated

terms

fixed

interest

rate;

generally,

there

upfront

payment

open

the

position. Risks related

the

use

options

include

possible

illiquidity

the

options

markets;

trading

restrictions

imposed

exchange

counterparty;

possible

failure

counterparties

meet

the

terms

ROWE

PRICE

Dynamic

Credit

Fund

the

agreements;

movements

the

underlying

asset

values,

interest

rates

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

exceed

any

premium

received

the

fund.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

options,

based

underlying

notional

amounts,

was

generally

between

and

92%

net

assets.

Swaps

The

fund

subject

interest

rate

risk,

credit

risk,

equity

price

risk

and

inflation

risk in

the

normal

course

pursuing

its

investment

objectives

and

uses

swap

contracts

help

manage

such

risks.

The

fund

may

use

swaps

effort

manage

both

long

and

short

exposure

changes

interest

rates,

inflation

rates,

and

credit

quality;

adjust

overall

exposure

certain

markets;

enhance

total

return

protect

the

value

portfolio

securities;

serve

cash

management

tool;

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

settled

either

directly

with

the

counterparty

(bilateral

swap)

through

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

the

fair

value

contract

are

reflected

unrealized

gain

loss

and

are

reclassified

realized

gain

loss

the

accompanying

Statement

Operations upon

contract

termination

cash

settlement.

Net

periodic

receipts

payments

required

contract

increase

decrease,

respectively,

the

value

the

contract

until

the

contractual

payment

date,

which

time

such

amounts

are

reclassified

from

unrealized

realized

gain

loss

the

accompanying

Statement

Operations.

For

bilateral

swaps,

cash

payments

are

made

received

the

fund

periodic

basis

accordance

with

contract

terms;

unrealized

gain

contracts

and

premiums

paid

are

reflected

assets

and

unrealized

loss

contracts

and

premiums

received

are

reflected

liabilities

the

accompanying

Statement

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

received

are

amortized

over

the

life

the

swap

and

are

recognized

realized

gain

loss

the

accompanying

Statement

Operations.

For

centrally

cleared

swaps,

payments

are

made

received

the

fund

each

day

settle

the

daily

fluctuation

the

value

the

contract

(variation

margin).

Accordingly,

the

value

centrally

cleared

swap

included

net

assets

the

unsettled

variation

margin;

net

variation

margin

receivable

reflected

asset

and

net

variation

margin

payable

reflected

liability

the

accompanying

Statement

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

exchange

cash

flows

based

the

difference

between

specified

interest

rates

applied

notional

principal

amount

for

specified

period

time.

Risks

the

use

interest

rate

swaps

include

the

potential

for

unanticipated

movements

interest

currency

rates,

the

possible

failure

counterparty

perform

accordance

with

the

ROWE

PRICE

Dynamic

Credit

Fund

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

make

periodic

payments

another

party

(the

protection

seller)

exchange

for

protection

against

specified

credit

events,

such

certain

defaults

and

bankruptcies

underlying

credit

instrument,

issuer

index

such

instruments.

Upon

occurrence

specified

credit

event,

the

protection

seller

required

pay

the

buyer

the

difference

between

the

notional

amount

the

swap

and

the

value

the

underlying

credit,

either

the

form

net

cash

settlement

paying

the

gross

notional

amount

and

accepting

delivery

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

index,

specified

credit

event

may

affect

all

individual

underlying

securities

included

the

index

and

will

settled

based

upon

the

relative

weighting

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

protection

inversely

the

current

market

price

credit

rating

the

underlying

credit

the

market

value

the

contract

relative

the

notional

amount,

which

are

indicators

the

markets’

valuation

credit

quality.

June

30,

2025,

the

notional

amount

protection

sold

the

fund

totaled $568,666,000

(50.7%

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

required

pay

under

such

contracts.

Risks

the

use

credit

default

swaps

include

the

possible

inability

the

fund

accurately

assess

the

current

and

future

creditworthiness

underlying

issuers,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

exchange

cash

flows,

the

contract’s

maturity

date,

based

the

difference

between

predetermined

fixed

rate

and

the

cumulative

change

the

consumer

price

index,

both

applied

notional

principal

amount

for

specified

period

time.

Risks

the

use

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

inflation

rates,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

ROWE

PRICE

Dynamic

Credit

Fund

Total

return

swaps

are

agreements

which

one

party

makes

payments

based

set

rate,

either

fixed

variable,

while

the

other

party

makes

payments

based

the

return

underlying

asset

(reference

asset),

such

index,

equity

security,

fixed

income

security

commodity-based

exchange-

traded

fund,

which

includes

both

the

income

generates

and

any

change

its

value.

Risks

the

use

total

return

swaps

include

the

potential

for

unfavorable

changes

the

reference

asset,

the

possible

failure

counterparty

perform

accordance

with

the

terms

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

excess

the

fund’s

initial

investment.

During

the

six

months ended

June

30,

2025,

the

volume

the

fund’s

activity

swaps,

based

underlying

notional

amounts,

was

generally

between

113%

and

127%

net

assets.

NOTE

OTHER

INVESTMENT

TRANSACTIONS

Consistent

with

its

investment

objective, the

fund

engages

the

following

practices

manage

exposure

certain

risks

and/or

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

fully

in the

fund’s prospectus

and

Statement

Additional

Information.

Emerging

and

Frontier

Markets

The fund

invests,

either

directly

through

investments

other

Rowe

Price

funds,

securities

companies

located

in,

issued

governments

of,

denominated

linked

the

currencies

emerging

and

frontier

market

countries.

Emerging

markets,

and

greater

extent

frontier

markets, tend

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

developed

countries.

These

markets

may

subject

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

buy

sell

certain

securities

repatriate

proceeds

U.S.

dollars.

Emerging

markets

securities

exchanges

are

likely

experience

delays

with

the

clearing

and

settling

trades,

well

the

custody

holdings

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

greater

price

volatility,

less

liquidity,

and

higher

rates

inflation

than

U.S.

securities.

Investing

frontier

markets

typically

significantly

riskier

than

investing

other

countries,

including

emerging

markets.

ROWE

PRICE

Dynamic

Credit

Fund

Noninvestment-Grade

Debt

The

fund

invests,

either

directly

through

its

investment

other

Rowe

Price

funds,

noninvestment-grade

debt,

including

“high

yield”

“junk”

bonds

leveraged

loans.

Noninvestment-grade

debt

issuers

are

likely

suffer

adverse

change

financial

condition

that

would

result

the

inability

meet

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

variety

factors

that

may

decrease

the

ability

issuers

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

value,

both,

such

securities.

Accordingly,

securities

issued

such

companies

carry

higher

risk

default

and

should

considered

speculative.

Restricted

Securities

The

fund

invests

securities

that

are

subject

legal

contractual

restrictions

resale.

Prompt

sale

such

securities

acceptable

price

may

difficult

and

may

involve

substantial

delays

and

additional

costs.

Mortgage-Backed

Securities

The

fund

invests

mortgage-backed

securities

(MBS

pass-through

certificates)

that

represent

interest

pool

specific

underlying

mortgage

loans

and

entitle

the

fund

the

periodic

payments

principal

and

interest

from

those

mortgages.

MBS

may

issued

government

agencies

corporations,

private

issuers.

Most

MBS

issued

government

agencies

are

guaranteed;

however,

the

degree

protection

differs

based

the

issuer.

The

fund

also

invests

stripped

MBS,

created

when

traditional

MBS

split

into

interest-only

(IO)

and

principal-only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

changes

economic

conditions

that

affect

the

rate

prepayments

and

defaults

the

underlying

mortgages;

accordingly,

the

value,

income,

and

cash

flows

from

MBS

may

volatile

than

other

debt

instruments.

IOs

also

risk

loss

invested

principal

from

faster-than-anticipated

prepayments.

Bank

Loans

The

fund

invests

bank

loans,

which

represent

interest

amounts

owed

borrower

syndicate

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

highly

leveraged.

The

fund

may

invest

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

junior

loans;

and

bridge

loans

bridge

facilities.

Certain

bank

loans

may

revolvers

which

are

form

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

the

revolver

when

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

not

include

terms

ROWE

PRICE

Dynamic

Credit

Fund

which

allow

the

lender

monitor

the

performance

the

borrower

and

declare

default

certain

criteria

are

breached.

result

these

risks,

the

fund’s

exposure

losses

may

increased.

Bank

loans

may

the

form

either

assignments

participations.

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

the

buyer,

and

transfer

typically

requires

consent

both

the

borrower

and

agent.

contrast,

loan

participation

generally

entitles

the

buyer

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

portion

loan;

however,

the

seller

continues

hold

legal

title

that

portion

the

loan.

result,

the

buyer

loan

participation

generally

has

direct

recourse

against

the

borrower

and

exposed

credit

risk

both

the

borrower

and

seller

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

repaid

any

time

the

option

the

borrower,

and

may

require

additional

principal

funded

the

borrowers’

discretion

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

bank

loan

well

its

unfunded

commitment

the

Portfolio

Investments.

However,

credit

agreement

provides

initial

funding

tranche,

and

funding

the

full

commitment

future

date(s)

the

borrower’s

discretion

and

considered

uncertain,

loan

reflected

the

Portfolio

Investments

only

if,

and

only

the

extent

that,

the

fund

has

actually

settled

funding

commitment.

Securities

Lending

The fund

may

lend

its

securities

approved

borrowers

earn

additional

income.

Its

securities

lending

activities

are

administered

lending

agent

accordance

with

securities

lending

agreement.

Security

loans

generally

not

have

stated

maturity

dates,

and

the

fund

may

recall

security

any

time.

The

fund

receives

collateral

the

form

cash

U.S.

government

securities.

Collateral

maintained

over

the

life

the

loan

amount

not

less

than

the

value

loaned

securities;

any

additional

collateral

required

due

changes

security

values

delivered

the

fund

the

business

day.

Cash

collateral

invested

accordance

with

investment

guidelines

approved

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

mitigated

the

collateral

and

indemnification,

the

fund

could

experience

delay

recovering

its

securities

and

possible

loss

income

value

the

borrower

fails

return

the

securities,

collateral

investments

decline

value,

and

the

lending

agent

fails

perform.

Securities

lending

revenue

consists

earnings

invested

ROWE

PRICE

Dynamic

Credit

Fund

collateral

and

borrowing

fees,

net

any

rebates

the

borrower,

compensation

the

lending

agent,

and

other

administrative

costs.

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

the

accompanying

financial

statements,

but

collateral

received

the

form

securities

not.

June

30,

2025,

the

value

loaned

securities

was

$31,862,000;

the

value

cash

collateral

and

investments

was

$32,941,000.

Other

Purchases

and

sales

portfolio

securities

other

than

in-kind

transactions,

any, short-term

and

U.S.

government securities

aggregated $525,179,000 and

$503,689,000,

respectively,

for

the

six

months ended

June

30,

2025.

NOTE

FEDERAL

INCOME

TAXES

Generally,

provision

for

federal

income

taxes

required

since

the

fund

intends

to continue

qualify

regulated

investment

company

under

Subchapter

the

Internal

Revenue

Code

and

distribute

shareholders

all

its taxable

income

and

gains.

Distributions

determined

accordance

with

federal

income

tax

regulations

may

differ

amount

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

tax-basis

distributions

and

composition

net

assets

are

finalized

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

the

date

this

report.

June

30,

2025,

the

cost

investments

(including

derivatives,

any)

for

federal

income

tax

purposes

was

$1,140,302,000.

Net

unrealized

loss

aggregated

$661,000

period-end,

which

$38,130,000

appreciated

investments

and

$38,791,000

depreciated

investments.

NOTE

FOREIGN TAXES

The

fund

subject

foreign

income

taxes

imposed

certain

countries

which

invests.

Additionally,

capital

gains

realized

upon

disposition

securities

issued

certain

foreign

countries

are

subject

capital

gains

tax

imposed

those

countries.

All

taxes

are

computed

accordance

with

the

applicable

foreign

tax

law,

and,

the

extent

permitted,

capital

losses

are

used

offset

capital

gains.

Taxes

attributable

income

are

accrued

the

fund

reduction

income.

Current

and

deferred

tax

expense

attributable

capital

ROWE

PRICE

Dynamic

Credit

Fund

gains

reflected

component

realized

change

unrealized

gain/

loss

securities

the

accompanying

financial

statements.

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

the

fund

included

either

Other

liabilities

Deferred

tax

liability

the

accompanying

Statement

Assets

and

Liabilities.

NOTE

PARTY

TRANSACTIONS

The

fund

managed

Rowe

Price

Associates,

Inc.

(Price

Associates),

wholly

owned

subsidiary

Rowe

Price

Group,

Inc.

(Price

Group).

Price

Associates

has

entered

into

sub-advisory

agreement(s)

with

one

its

wholly

owned

subsidiaries,

provide

investment

advisory

services

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

annual

investment

management

fee,

which

computed

daily

and

paid

monthly. The

fee

consists

individual

fund

fee,

equal

0.22%

the

fund’s

average

daily

net

assets,

and

group

fee.

The

group

fee

rate

calculated

based

the

combined

net

assets

certain

mutual

funds

sponsored

Price

Associates

(the

group)

applied

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

billion

assets

0.260%

for

assets

excess

$845

billion.

The

fund’s

group

fee

determined

applying

the

group

fee

rate

the

fund’s

average

daily

net

assets. At

June

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

subject

contractual

expense

limitation

through

the

expense

limitation

date

indicated

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

During

the

limitation

period,

Price

Associates

is required

waive

pay

any

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class’s ratio

annualized

total

expenses

average

net

assets

(net

expense

ratio)

exceed

its

expense

limitation.

The

class

required

repay

Price

Associates

for

expenses

previously

waived/paid

the

extent

the

class’s net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the class’s net

expense

ratio

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

ROWE

PRICE

Dynamic

Credit

Fund

the

expense

limitation

place

the

time

such

amounts

were

waived;

(2)

the class’s

current

expense

limitation.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

operating

expense

limitation

Class

Limit)

pursuant

which

Price

Associates

contractually

required

pay

all

operating

expenses

the

Class,

excluding

management

fees;

interest;

expenses

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

annualized

basis,

exceed

the

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

the

table

below,

and

may

renewed,

revised,

revoked

only

with

approval

the

fund’s

Board.

The

Class

required

repay

Price

Associates

for

expenses

previously

paid

the

extent

the

class’s

net

assets

grow

expenses

decline

sufficiently

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

taken

into

account)

exceed

the

lesser

of:

(1)

the

Class

Limit

place

the

time

such

amounts

were

paid;

(2)

the

current

Class

Limit.

However,

repayment

will

made

than

three

years

after

the

date

payment

waiver.

The

Class

also

subject

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

waive

and/or

bear

all

the

Class’

expenses

(excluding

interest;

expenses

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

expected

remain

place

indefinitely,

and

the

agreement

may

only

amended

terminated

with

approval

the

fund’s

Board.

Expenses

the

fund

waived/paid

the

manager

are

not

subject

later

repayment

the

fund.

Pursuant

these

agreements,

expenses

were waived/paid

and/or

repaid

Price

Associates

during

the six

months

ended June

30,

2025 as

indicated

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

Price

Associates

the

amount

of $452,000 remain

subject

repayment

the

fund

June

30,

2025. Any

repayment

expenses

previously

waived/paid

Price

Associates

during

the

period

would

included

the

net

investment

income

and

expense

ratios

presented

the

accompanying

Financial

Highlights.

ROWE

PRICE

Dynamic

Credit

Fund

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

wholly

owned

subsidiary

Price

Associates,

each

affiliate

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

the

fund.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

its

capacity

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

six

months

ended

June

30,

2025,

expenses

incurred

pursuant

these

service

agreements

were

$65,000

for

Price

Associates

and

$26,000

for

Rowe

Price

Services,

Inc.

All

amounts

due

and

due

from

Price,

exclusive

investment

management

fees

payable,

are

presented

net

the

accompanying

Statement

Assets

and

Liabilities.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

distributor

the

fund.

Pursuant

underwriting

agreement,

compensation

for

any

distribution

services

provided

paid

Investment

Services

the

fund

(except

for

12b-1

fees

under

Board-approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

the

fund.

Price

fund

account

may

invest

for

the

purpose

exercising

management

control

over

the

fund.

June

30,

2025, 100%

the

Class's

outstanding

were

held

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

certain

open-end

management

investment

companies

managed

Price

Associates

and

considered

affiliates

the

fund:

the

Rowe

Price

Government

Reserve

Fund

the

Rowe

Price

Treasury

Reserve

Fund,

organized

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

short-term

investment

options

mutual

funds,

trusts,

and

other

accounts

managed

Price

Associates

its

affiliates

and

are

not

available

for

direct

purchase

members

the

public.

Cash

collateral

from

securities

lending,

any,

invested

the

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

investment

management

fees.

Investor

Class

Expense

limitation/I

Class

Limit

0.63%

0.05%

0.00%

Expense

limitation

date

02/28/27

N/A

(Waived)/repaid

during

the

period

($000s)

$(26)

$(4)

$(2,625)

ROWE

PRICE

Dynamic

Credit

Fund

The fund may

participate

securities

purchase

and

sale

transactions

with

other

funds

accounts

advised

Price

Associates

(cross

trades),

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

effected

the

independent

current

market

price

the

security.

During

the

six

months

ended

June

30,

2025,

the

fund

had

purchases

sales

cross

trades

with

other

funds

accounts

advised

Price

Associates.

NOTE

SEGMENT

REPORTING

Operating segments

are

defined

components

company

that

engage

business

activities

and

for

which

discrete

financial

information

available

and

regularly

reviewed

the

chief

operating

decision

maker

(CODM)

deciding

how

allocate

resources

and

assess

performance.

The

Management

Committee

Price

Associates

acts

the

fund’s

CODM.

The

fund

makes

investments

accordance

with

its

investment

objective

outlined

the

Prospectus

and

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

the

fund

the

whole.

The

fund’s

revenue

derived

from

investments

portfolio

securities.

The

CODM

allocates

resources

and

assesses

performance

based

the

operating

results

the

fund,

which

consistent

with

the

results

presented

the

statement

operations,

statement

changes

net

assets

and

financial

highlights.

The

CODM

compares

the

fund’s

performance

its

benchmark

index

and

evaluates

the

positioning

the

fund

relation

its

investment

objective.

The

measure

segment

assets

net

assets

the

fund

which

disclosed

the

statement

assets

and

liabilities.

The accounting

policies

the

segment

are

the

same

those

described

the

summary

significant

accounting

policies.

The

financial

statements

include

all

details

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

the

segment.

ROWE

PRICE

Dynamic

Credit

Fund

NOTE

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

which

fund

invests.

The

extent

and

duration

such

events

and

resulting

market

disruptions

cannot

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

negatively

impacted

the

value

portfolio

holding

were

harmed

these

such

events.

ROWE

PRICE

Dynamic

Credit

Fund

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

Each

year,

the

fund’s

Board

Directors

(Board)

considers

the

continuation

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

Rowe

Price

Associates,

Inc.

(Adviser),

well

the

investment

subadvisory

agreement

(Subadvisory

Contract)

that

the

Adviser

has

entered

into

with

Rowe

Price

International

Ltd

(Subadviser)

behalf

the

fund.

that

regard,

meeting

held

March

12–13,

2025

(Meeting),

the

Board,

including

all

the

fund’s

independent

directors

present

person

the

Meeting,

approved

the

continuation

the

fund’s

Advisory

Contract

and

Subadvisory

Contract.

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

the

selection

the

Adviser

and

Subadviser

and

the

approval

the

Advisory

Contract

and

Subadvisory

Contract.

The

independent

directors

were

assisted

their

evaluation

the

Advisory

Contract

and

Subadvisory

Contract

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

providing

information

the

Board,

the

Adviser

was

guided

detailed

set

requests

for

information

submitted

independent

legal

counsel

behalf

the

independent

directors.

considering

and

approving

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract,

the

Board

considered

the

information

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadviser

about

various

topics.

The

Board

meets

regularly

and,

each

its

meetings,

covers

extensive

agenda

topics

and

materials

and

considers

factors

that

are

relevant

its

annual

consideration

the

renewal

the

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

the

funds

and

their

shareholders.

Services

Provided

the

Adviser

and

Subadviser

The

Board

considered

the

nature,

quality,

and

extent

the

services

provided

the

fund

the

Adviser

and

Subadviser.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

accordance

with

its

investment

program

and

the

overall

management

the

fund’s

portfolio,

well

variety

activities

such

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

the

Adviser’s

and

Subadviser’s

senior

management

teams

and

investment

personnel

involved

the

management

the

fund,

well

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

considered

with

respect

the

nature,

quality,

and

extent

the

services

provided

the

Adviser

and

Subadviser,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

ROWE

PRICE

Dynamic

Credit

Fund

Investment

Performance

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

regularly

receives

throughout

the

year

relative

and

absolute

performance

for

the

Rowe

Price

funds.

connection

with

the

Meeting,

the

Board

reviewed

information

provided

the

Adviser

that

compared

the

fund’s

total

returns,

well

wide

variety

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

September

30,

2024,

which

ranked

the

returns

the

fund’s

Investor

Class

for

various

periods

against

universe

funds

with

similar

investment

programs

selected

Broadridge,

independent

provider

mutual

fund

data.

the

course

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

connection

with

the

Advisory

Contract

review

the

Meeting,

well

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

length

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

considered

with

respect

the

fund’s

performance,

well

the

other

factors

considered

the

Meeting,

supported

the

Board’s

approval

the

continuation

the

Advisory

Contract.

Costs,

Benefits,

Profits,

and

Economies

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadviser)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

2024,

the

Adviser

began

using

brokerage

commissions

connection

with

certain

Rowe

Price

funds’

securities

transactions

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

which

research

received

from

broker-dealers

that

execute

the

applicable

fund’s

portfolio

transactions.

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Dynamic

Credit

Fund

The

Board

received

information

the

estimated

costs

incurred

and

profits

realized

the

Adviser

from

managing

the

Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

not

recognized

sufficient

revenues

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

light

the

services

provided

the

Rowe

Price

funds.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

the

Advisory

Contract

otherwise

from

any

economies

scale

realized

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

fee

the

Adviser

for

investment

management

services

composed

two

components

–

group

fee

rate

based

the

combined

average

net

assets

most

the

Rowe

Price

funds

(including

the

fund)

that

declines

certain

asset

levels

and

individual

fund

fee

rate

based

the

fund’s

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

operations.

Under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

60%

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

graduated

the

rate

decreases

total

Rowe

Price

fund

assets

increase

and

increases

total

Rowe

Price

fund

assets

decrease.

result,

shareholders

benefit

from

overall

growth

Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

group

fee

component

its

management

fee,

and

reflects

that

certain

resources

utilized

operate

the

fund

are

shared

with

other

Rowe

Price

funds

thus

allowing

shareholders

those

funds

potential

economies

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

scale

through

decline

certain

operating

expenses

the

fund

grows

size.

However,

the

fund

also

subject

contractual

expense

limitations

that

require

the

Adviser

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

class

the

fund

exceed

certain

percentage

based

the

class’s

net

assets.

The

expense

limitations

protect

shareholders

from

relatively

high

expenses

until

the

fund

reaches

greater

scale

and

mitigate

the

potential

for

increase

operating

expenses

above

certain

level

that

could

impact

shareholders.

The

fund

also

offers

Class,

which

serves

underlying

investment

within

certain

Rowe

Price

fund

arrangements.

The

Adviser

waives

its

advisory

fee

the

Class

and

waives

bears

the

Class’s

other

operating

expenses,

with

certain

exceptions.

The

Board

considered

whether

the

advisory

fee

and

operating

expense

waivers

the

Class

may

present

means

for

cross-

subsidization

the

Class

other

classes

the

fund.

that

regard,

the

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Dynamic

Credit

Fund

Board

noted

that

the

Class

operating

expenses

are

covered

the

all-inclusive

fees

charged

the

investing

Rowe

Price

fund

funds

and

that

any

Class

operating

expenses

not

covered

the

investing

Rowe

Price

funds

funds’

fees

are

paid

the

Adviser

and

not

shareholders

any

other

class

the

fund.

addition,

the

Board

noted

that

the

fund

potentially

indirect

economies

scale

through

the

Adviser’s

ongoing

investments

its

business

support

the

Rowe

Price

funds,

including

investments

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

reasonable

sharing

benefits

from

any

economies

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

group

competitor

funds

selected

Broadridge

(Expense

Group);

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

the

Investor

Class

the

fund

with

broader

set

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

the

Adviser

after

any

applicable

waivers,

reductions,

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

the

fund

after

any

waivers,

reductions,

reimbursements)

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

seeking

the

most

comparable

funds

based

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

the

second

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

the

first

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

the

first

quintile

(Expense

Group

and

Expense

Universe).

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

ROWE

PRICE

Dynamic

Credit

Fund

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

subadvised

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

change,

may

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

the

proprietary

mutual

fund

and

ETF

(“registered

fund”)

business.

The

Board

considered

information

showing

that

the

Adviser’s

registered

fund

business

generally

complex

from

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

the

broader

scope

operations

and

oversight,

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

registered

fund

business.

assessing

the

reasonableness

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

the

nature

the

services

required

for

the

Adviser

manage

its

registered

fund

business

versus

managing

discrete

pool

assets

subadviser

another

institution’s

mutual

fund

for

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

managing

the

fund

and

other

Rowe

Price

funds

than

does

for

institutional

account

clients,

including

subadvised

funds.

the

basis

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

the

Advisory

Contract

and

Subadvisory

Contract

noted,

the

Board

approved

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract.

single

factor

was

considered

isolation

determinative

the

decision.

Rather,

the

Board

concluded,

light

weighting

and

balancing

all

factors

considered,

that

was

the

best

interests

the

fund

and

its

shareholders

for

the

Board

approve

the

continuation

the

Advisory

Contract

and

Subadvisory

Contract

(including

the

fees

charged

for

services

thereunder).

APPROVAL

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENT

(continued)

1307

Point

Street

Baltimore,

Maryland

21231

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

request

prospectus

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F1175-051

8/25

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 filed with the registrant’s annual Form N-CSR.

(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		August 19, 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		August 19, 2025


By		/s/ Alan S. Dupski
		Alan S. Dupski
		Principal Financial Officer

Date		August 19, 2025

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

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