# EDGAR Filing Document

**Accession Number:** 0000313212
**File Stem:** 0001193125-26-062863
**Filing Date:** 2026-2
**Character Count:** 206457
**Document Hash:** d4711c69c0298f50659530bda61c4667
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-062863.hdr.sgml**: 20260223

**ACCESSION NUMBER**: 0001193125-26-062863

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260223

**DATE AS OF CHANGE**: 20260223

**EFFECTIVENESS DATE**: 20260223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price International Funds, Inc.
- **CENTRAL INDEX KEY:** 0000313212

**ORGANIZATION NAME:**
- **EIN:** 521175211
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-02958
- **FILM NUMBER:** 26662687

**BUSINESS ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUNDS INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL TRUST
- **DATE OF NAME CHANGE:** 19900301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRICE T ROWE INTERNATIONAL FUND INC
- **DATE OF NAME CHANGE:** 19890914

## Series and Classes Contracts Data

### T. Rowe Price Dynamic Credit Fund (Series ID: S000063538)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000205922 | T. Rowe Price Dynamic Credit Fund         | RPIDX           |
| C000205923 | T. Rowe Price Dynamic Credit Fund-I Class | RPELX           |
| C000244818 | T. Rowe Price Dynamic Credit Fund-Z Class | TRCDX           |

?xml version='1.0' encoding='ASCII'? Dynamic Credit Fund_DCF

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: December 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g71361g12a64.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Dynamic Credit Fund

# Investor Class (RPIDX)
This annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2025 to December 31, 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

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

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dynamic Credit Fund - Investor Class | $66 | 0.64% |

---

## What drove fund performance during the past 12 months?
* The global investment-grade fixed income market advanced in 2025 amid diverging global central bank policies, and credit markets performed notably well. 

* Allocations in high yield and emerging markets (EM) credit primarily added to the fund's absolute performance for the period, as did allocations to securitized credit. Credit markets notably rebounded following a sharp flight to quality in April. EM positions denominated in local currencies in the fund's macro sleeve also added value. Policy rate cuts from the Federal Reserve also helped support high yield EM corporate bonds. 

* The fund maintains a tactical and hedging sleeve of investments as a complement to its credit assets that aims to help support performance through different types of market backdrops for credit sectors. This sleeve of investments, which featured more defensive positioning during the period, dragged on performance as risk appetite remained resilient for most of the year. 

* The fund employs a flexible, cross-sector approach in collaboration with our global research platform to select high-conviction securities while aiming to deliver attractive returns and targeting lower beta to high yield and equities. The fund held a mostly neutral duration stance, on a historical basis, by the end of the period as U.S. Treasury yields could see upward pressure, in our view. 

* The fund held material exposure to derivatives, including interest rate, credit, currency, and equity derivatives, which we use to manage positioning more nimbly across the fund's wide investment universe. Overall derivatives exposure, specifically in credit, currency, and equity, had a negative impact on performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Investor Class 13,879 Regulatory Benchmark 10,406 Strategy Benchmark 12,039](g71361g25p86.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **1/10/19** | 10000 | 10000 | 10000 |
| **3/31/19** | 10188 | 10160 | 10054 |
| **6/30/19** | 10365 | 10495 | 10118 |
| **9/30/19** | 10458 | 10570 | 10175 |
| **12/31/19** | 10664 | 10621 | 10222 |
| **3/31/20** | 9057 | 10586 | 10280 |
| **6/30/20** | 9982 | 10938 | 10283 |
| **9/30/20** | 10516 | 11229 | 10287 |
| **12/31/20** | 10949 | 11598 | 10290 |
| **3/31/21** | 11596 | 11080 | 10292 |
| **6/30/21** | 11758 | 11226 | 10292 |
| **9/30/21** | 11826 | 11127 | 10294 |
| **12/31/21** | 11629 | 11052 | 10295 |
| **3/31/22** | 11320 | 10371 | 10299 |
| **6/30/22** | 11186 | 9514 | 10310 |
| **9/30/22** | 11300 | 8853 | 10358 |
| **12/31/22** | 11631 | 9256 | 10446 |
| **3/31/23** | 11724 | 9534 | 10559 |
| **6/30/23** | 11600 | 9388 | 10683 |
| **9/30/23** | 12058 | 9052 | 10824 |
| **12/31/23** | 12083 | 9785 | 10973 |
| **3/31/24** | 12219 | 9581 | 11116 |
| **6/30/24** | 12470 | 9475 | 11264 |
| **9/30/24** | 12818 | 10137 | 11418 |
| **12/31/24** | 12971 | 9620 | 11553 |
| **3/31/25** | 13300 | 9873 | 11672 |
| **6/30/25** | 13493 | 10319 | 11794 |
| **9/30/25** | 13821 | 10381 | 11922 |
| **12/31/25** | 13879 | 10406 | 12039 |

---

202501-4140694, 202601-5113011

F1175-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 1/10/19** |
| Dynamic Credit Fund (Investor Class) | 7.00% | 4.86% | 4.81% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | -2.15 | 0.57 |
| ICE BofA US 3-Month Treasury Bill Index (Strategy Benchmark) | 4.21 | 3.19 | 2.70 |

---

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

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$1,177,576

* Number of Portfolio Holdings335

* Investment Advisory Fees Paid (000s)$287

* Portfolio Turnover Rate130.1%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 47.3% |
| Bank Loans | 12.7 |
| Asset-Backed Securities | 10.7 |
| Government Bonds | 7.1 |
| U.S. Treasury Obligations | 7.0 |
| Securities Lending Collateral | 4.0 |
| U.S. Government & Agency Mortgage-Backed Securities | 3.2 |
| Non-U.S. Government Mortgage-Backed Securities | 3.0 |
| Municipal Securities | 2.9 |
| Short-Term and Other | 2.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 7.0% |
| Diamondback Energy | 2.3 |
| Directv Financing | 2.1 |
| Raizen Fuels Finance | 2.1 |
| Beignet Investor | 2.0 |
| Neptune Bidco U.S. | 2.0 |
| Federal National Mortgage Assn. | 2.0 |
| CSC Holdings | 2.0 |
| Radiate Holdco | 1.9 |
| Puerto Rico Commonwealth | 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.

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

Dynamic Credit Fund

Investor Class (RPIDX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g71361g99h31.jpg)

![Image](g71361g12a64.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Dynamic Credit Fund

# I Class (RPELX)
This annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2025 to December 31, 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

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

---

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

---

## What drove fund performance during the past 12 months?
* The global investment-grade fixed income market advanced in 2025 amid diverging global central bank policies, and credit markets performed notably well. 

* Allocations in high yield and emerging markets (EM) credit primarily added to the fund's absolute performance for the period, as did allocations to securitized credit. Credit markets notably rebounded following a sharp flight to quality in April. EM positions denominated in local currencies in the fund's macro sleeve also added value. Policy rate cuts from the Federal Reserve also helped support high yield EM corporate bonds. 

* The fund maintains a tactical and hedging sleeve of investments as a complement to its credit assets that aims to help support performance through different types of market backdrops for credit sectors. This sleeve of investments, which featured more defensive positioning during the period, dragged on performance as risk appetite remained resilient for most of the year. 

* The fund employs a flexible, cross-sector approach in collaboration with our global research platform to select high-conviction securities while aiming to deliver attractive returns and targeting lower beta to high yield and equities. The fund held a mostly neutral duration stance, on a historical basis, by the end of the period as U.S. Treasury yields could see upward pressure, in our view. 

* The fund held material exposure to derivatives, including interest rate, credit, currency, and equity derivatives, which we use to manage positioning more nimbly across the fund's wide investment universe. Overall derivatives exposure, specifically in credit, currency, and equity, had a negative impact on performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. I Class 695,981 Regulatory Benchmark 520,275 Strategy Benchmark 601,950](g71361g16n36.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **1/10/19** | 500000 | 500000 | 500000 |
| **3/31/19** | 509449 | 507997 | 502680 |
| **6/30/19** | 518344 | 524733 | 505892 |
| **9/30/19** | 522972 | 528485 | 508736 |
| **12/31/19** | 533855 | 531049 | 511079 |
| **3/31/20** | 452496 | 529313 | 514015 |
| **6/30/20** | 499329 | 546889 | 514130 |
| **9/30/20** | 525508 | 561444 | 514332 |
| **12/31/20** | 547206 | 579885 | 514488 |
| **3/31/21** | 579608 | 554018 | 514617 |
| **6/30/21** | 587758 | 561290 | 514617 |
| **9/30/21** | 591217 | 556331 | 514691 |
| **12/31/21** | 582026 | 552590 | 514741 |
| **3/31/22** | 566113 | 518545 | 514943 |
| **6/30/22** | 559508 | 475703 | 515482 |
| **9/30/22** | 565302 | 442669 | 517902 |
| **12/31/22** | 581953 | 462803 | 522309 |
| **3/31/23** | 586691 | 476718 | 527954 |
| **6/30/23** | 581275 | 469425 | 534161 |
| **9/30/23** | 603655 | 452590 | 541218 |
| **12/31/23** | 605039 | 489252 | 548662 |
| **3/31/24** | 611923 | 479061 | 555788 |
| **6/30/24** | 624597 | 473770 | 563180 |
| **9/30/24** | 642177 | 506853 | 570916 |
| **12/31/24** | 649954 | 480988 | 577642 |
| **3/31/25** | 666560 | 493666 | 583594 |
| **6/30/25** | 676380 | 515964 | 589705 |
| **9/30/25** | 692973 | 519035 | 596099 |
| **12/31/25** | 695981 | 520275 | 601950 |

---

202501-4140694, 202601-5113011

F1176-052 2/26

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 1/10/19** |
| Dynamic Credit Fund (I Class) | 7.08% | 4.93% | 4.86% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | -2.15 | 0.57 |
| ICE BofA US 3-Month Treasury Bill Index (Strategy Benchmark) | 4.21 | 3.19 | 2.70 |

---

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

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$1,177,576

* Number of Portfolio Holdings335

* Investment Advisory Fees Paid (000s)$287

* Portfolio Turnover Rate130.1%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 47.3% |
| Bank Loans | 12.7 |
| Asset-Backed Securities | 10.7 |
| Government Bonds | 7.1 |
| U.S. Treasury Obligations | 7.0 |
| Securities Lending Collateral | 4.0 |
| U.S. Government & Agency Mortgage-Backed Securities | 3.2 |
| Non-U.S. Government Mortgage-Backed Securities | 3.0 |
| Municipal Securities | 2.9 |
| Short-Term and Other | 2.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 7.0% |
| Diamondback Energy | 2.3 |
| Directv Financing | 2.1 |
| Raizen Fuels Finance | 2.1 |
| Beignet Investor | 2.0 |
| Neptune Bidco U.S. | 2.0 |
| Federal National Mortgage Assn. | 2.0 |
| CSC Holdings | 2.0 |
| Radiate Holdco | 1.9 |
| Puerto Rico Commonwealth | 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.

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

Dynamic Credit Fund

I Class (RPELX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g71361g99h31.jpg)

![Image](g71361g12a64.jpg)

#### Annual Shareholder Report

#### December 31, 2025

# Dynamic Credit Fund

# Z Class (TRCDX)
This annual shareholder report contains important information about Dynamic Credit Fund (the "fund") for the period of January 1, 2025 to December 31, 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 at**www.troweprice.com/prospectus**. You can also request this information without charge by contacting T. Rowe Price at 1-800-638-5660 or info@troweprice.com or contacting your intermediary.

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

---

| | | |
|:---|:---|:---|
| | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| Dynamic Credit Fund - Z Class | $1 | 0.01% |

---

## What drove fund performance during the past 12 months?
* The global investment-grade fixed income market advanced in 2025 amid diverging global central bank policies, and credit markets performed notably well. 

* Allocations in high yield and emerging markets (EM) credit primarily added to the fund's absolute performance for the period, as did allocations to securitized credit. Credit markets notably rebounded following a sharp flight to quality in April. EM positions denominated in local currencies in the fund's macro sleeve also added value. Policy rate cuts from the Federal Reserve also helped support high yield EM corporate bonds. 

* The fund maintains a tactical and hedging sleeve of investments as a complement to its credit assets that aims to help support performance through different types of market backdrops for credit sectors. This sleeve of investments, which featured more defensive positioning during the period, dragged on performance as risk appetite remained resilient for most of the year. 

* The fund employs a flexible, cross-sector approach in collaboration with our global research platform to select high-conviction securities while aiming to deliver attractive returns and targeting lower beta to high yield and equities. The fund held a mostly neutral duration stance, on a historical basis, by the end of the period as U.S. Treasury yields could see upward pressure, in our view. 

* The fund held material exposure to derivatives, including interest rate, credit, currency, and equity derivatives, which we use to manage positioning more nimbly across the fund's wide investment universe. Overall derivatives exposure, specifically in credit, currency, and equity, had a negative impact on performance.

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of December 31, 2025
![A line chart as described in the following paragraph. Z Class 11,876 Regulatory Benchmark 11,292 Strategy Benchmark 11,151](g71361g95d77.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Z Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **9/13/23** | 10000 | 10000 | 10000 |
| **9/30/23** | 10185 | 9823 | 10026 |
| **12/31/23** | 10223 | 10619 | 10164 |
| **3/31/24** | 10353 | 10397 | 10296 |
| **6/30/24** | 10582 | 10283 | 10433 |
| **9/30/24** | 10895 | 11001 | 10576 |
| **12/31/24** | 11042 | 10439 | 10701 |
| **3/31/25** | 11327 | 10714 | 10811 |
| **6/30/25** | 11509 | 11198 | 10924 |
| **9/30/25** | 11808 | 11265 | 11043 |
| **12/31/25** | 11876 | 11292 | 11151 |

---

202501-4140694, 202601-5113011

F1549-052 2/26

### Average Annual Total Returns

---

| | | |
|:---|:---|:---|
| | **1 Year** | **Since Inception 9/13/23** |
| Dynamic Credit Fund (Z Class) | 7.55% | 7.77% |
| Bloomberg Global Aggregate Bond Index (Regulatory Benchmark) | 8.17 | 5.43 |
| ICE BofA US 3-Month Treasury Bill Index (Strategy Benchmark) | 4.21 | 4.86 |

---

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

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$1,177,576

* Number of Portfolio Holdings335

* Investment Advisory Fees Paid (000s)$287

* Portfolio Turnover Rate130.1%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Corporate Bonds | 47.3% |
| Bank Loans | 12.7 |
| Asset-Backed Securities | 10.7 |
| Government Bonds | 7.1 |
| U.S. Treasury Obligations | 7.0 |
| Securities Lending Collateral | 4.0 |
| U.S. Government & Agency Mortgage-Backed Securities | 3.2 |
| Non-U.S. Government Mortgage-Backed Securities | 3.0 |
| Municipal Securities | 2.9 |
| Short-Term and Other | 2.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| U.S. Treasury Bills | 7.0% |
| Diamondback Energy | 2.3 |
| Directv Financing | 2.1 |
| Raizen Fuels Finance | 2.1 |
| Beignet Investor | 2.0 |
| Neptune Bidco U.S. | 2.0 |
| Federal National Mortgage Assn. | 2.0 |
| CSC Holdings | 2.0 |
| Radiate Holdco | 1.9 |
| Puerto Rico Commonwealth | 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.

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

Dynamic Credit Fund

Z Class (TRCDX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g71361g99h31.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

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

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

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | <u>2025</u> | <u>2024</u> |
|  Audit Fees | $46217 | $46029 |
|  Audit-Related Fees |  |  |
|  Tax Fees |  |  |
|  All Other Fees |  |  |

---

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,862,000 and $1,262,000, respectively.

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

(i) Not applicable.

(j) Not applicable.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

December

31,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

RPIDX

Dynamic

Credit

Fund

RPELX

Dynamic

Credit

Fund–

.

I Class

TRCDX

Dynamic

Credit

Fund–

.

Z Class

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.86 $

8.84 $

9.02 $

9.83 $

9.75 Investment

activities

Net

investment

income

(1)(2)

0.66 0.68 0.55 0.41 0.37 Net

realized

and

unrealized

gain/loss

(0.06)

(0.05)

(0.21)

(0.42)

0.24 Total

from

investment

activities

0.60 0.63 0.34 (0.01)

0.61 Distributions

Net

investment

income

(0.65)

(0.61)

(0.52)

(0.35)

(0.34)

Net

realized

gain

—

—

—

(0.45)

(0.19)

Total

distributions

(0.65)

(0.61)

(0.52)

(0.80)

(0.53)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.81

#### $

#### 8.86

#### $

#### 8.84

#### $

#### 9.02

#### $

#### 9.83

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 7.00%

#### 7.34%

#### 3.89%

#### 0.02%

#### 6.21%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.76%

0.84%

1.31%

1.53%

1.30%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.64%

0.63%

0.64%

0.63%

0.65%

Net

investment

income

7.45%

7.64%

6.14%

4.40%

3.61%

Portfolio

turnover

rate

130.1%

178.6%

146.5%

217.6%

252.1%

Net

assets,

end

of

period

(in

thousands)

$83,213

$24,593

$18,157

$29,716

$38,760

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

12/31/25

12/31/24

12/31/23

12/31/22

12/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.85 $

8.83 $

9.01 $

9.83 $

9.74 Investment

activities

Net

investment

income

(1)(2)

0.66 0.68 0.57 0.42 0.36 Net

realized

and

unrealized

gain/loss

(0.05)

(0.05)

(0.22)

(0.43)

0.26 Total

from

investment

activities

0.61 0.63 0.35 (0.01)

0.62 Distributions

Net

investment

income

(0.66)

(0.61)

(0.53)

(0.36)

(0.34)

Net

realized

gain

—

—

—

(0.45)

(0.19)

Total

distributions

(0.66)

(0.61)

(0.53)

(0.81)

(0.53)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.80

#### $

#### 8.85

#### $

#### 8.83

#### $

#### 9.01

#### $

#### 9.83

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 7.08%

#### 7.42%

#### 3.97%

#### (0.01)%

#### 6.36%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.57%

0.58%

0.94%

1.48%

1.06%

Net

expenses

after

waivers/payments

by

Price

Associates

0.56%

0.56%

0.56%

0.56%

0.60%

Net

investment

income

7.48%

7.72%

6.43%

4.48%

3.51%

Portfolio

turnover

rate

130.1%

178.6%

146.5%

217.6%

252.1%

Net

assets,

end

of

period

(in

thousands)

$86,800

$32,409

$29,384

$5,646

$1,943

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Z

#### Class
(1) ..

Year

..

..

Ended

.

9/13/23

(1) Through

12/31/23

12/31/25

12/31/24

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

8.85 $

8.83 $

8.82 Investment

activities

Net

investment

income

(2)(3)

0.72 0.73 0.19 Net

realized

and

unrealized

gain/loss

(0.07)

(0.05)

0.01 (4) Total

from

investment

activities

0.65 0.68 0.20 Distributions

Net

investment

income

(0.71)

(0.66)

(0.19)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 8.79

#### $

#### 8.85

#### $

#### 8.83

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (3)(5)

#### 7.55%

#### 8.02%

#### 2.22%
Ratios

to

average

net

assets:

(3) Gross

expenses

before

waivers/payments

by

Price

Associates

0.55%

0.55%

0.55%

(6) Net

expenses

after

waivers/payments

by

Price

Associates

0.01%

0.00%

0.00%

(6) Net

investment

income

8.16%

8.27%

7.19%

(6) Portfolio

turnover

rate

130.1%

178.6%

146.5%

Net

assets,

end

of

period

(in

millions)

$1,008

$959

$861

0%

0%

0%

(1) Inception

date

(2) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(3) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(4) The

amount

presented

is

inconsistent

with

the

fund's

aggregate

gains

and

losses

because

of

the

timing

of

sales

and

redemptions

of

fund

shares

in

relation

to

fluctuating

market

values

for

the

investment

portfolio.

(5) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(6) Annualized

T. ROWE

PRICE

Dynamic

Credit

Fund

December

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### ARGENTINA 2.1%

#### Corporate

#### Bonds 1.1%
Telecom

Argentina,

9.25%,

5/28/33

(USD) (1)

8,120,000

8,499

Vaca

Muerta,

FRN,

6M

TSFR

+

5.38%,

Acquisition

Date:

12/1/25,

Cost $3,720,

9.335%,

7/8/30

(USD) (2)

3,720,000

3,717

12,216

#### Government

#### Bonds 1.0%
Republic

of

Argentina,

STEP,

3.50%,

7/9/41

(USD)

17,605,000

12,200

12,200

#### Total

#### Argentina

#### (Cost

#### $22,694)

#### 24,416

#### BRAZIL 6.7%

#### Corporate

#### Bonds 5.7%
Aegea

Finance,

7.625%,

1/20/36

(USD) (1)

3,210,000

3,072

Banco

do

Estado

do

Rio

Grande

do

Sul,

VR,

5.375%,

1/28/31

(USD) (3)

665,000

664

CSN

Inova

Ventures,

6.75%,

1/28/28

(USD) (1)(4)

13,415,000

12,458

CSN

Resources,

5.875%,

4/8/32

(USD)

6,820,000

5,376

FS

Luxembourg,

8.875%,

2/12/31

(USD) (1)

7,870,000

8,220

Raizen

Fuels

Finance,

5.70%,

1/17/35

(USD) (1)

4,200,000

3,266

Raizen

Fuels

Finance,

6.45%,

3/5/34

(USD)

4,007,000

3,300

Raizen

Fuels

Finance,

6.70%,

2/25/37

(USD) (1)

8,930,000

7,300

Raizen

Fuels

Finance,

6.95%,

3/5/54

(USD) (1)

13,805,000

10,494

Samarco

Mineracao,

9.50%,

6/30/31,

(9.00%

PIK)

(USD) (5)

12,786,431

13,042

67,192

#### Government

#### Bonds 1.0%
Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/31

71,470,000

11,496

11,496

#### Total

#### Brazil

#### (Cost

#### $83,592)

#### 78,688

#### CANADA 2.2%

#### Asset-Backed

#### Securities 0.4%
Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

6,000,000

4,336

4,336

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### Bank

#### Loans 1.3% (6)
Jones

DesLauriers

Insurance

Management,

FRN,

1M

TSFR

+

3.00%,

12/9/32

(USD) (7)

15,430,000

15,430

15,430

#### Corporate

#### Bonds 0.5%
Dye

&

Durham,

8.625%,

4/15/29

(USD) (1)

6,440,000

6,067

6,067

#### Total

#### Canada

#### (Cost

#### $25,634)

#### 25,833

#### CHINA 0.0%

#### Common

#### Stocks 0.0%
Kaisa

Group

Holdings

(HKD) (8)

41,299

#### Convertible

#### Bonds 0.0%
Kaisa

Group

Holdings,

Zero

Coupon,

12/31/26

(USD) (1)

33,320

—

Kaisa

Group

Holdings,

Zero

Coupon,

12/31/27

(USD) (1)

41,650

—

Kaisa

Group

Holdings,

Zero

Coupon,

12/31/28

(USD) (1)

66,640

Kaisa

Group

Holdings,

Zero

Coupon,

12/31/29

(USD) (1)

66,640

Kaisa

Group

Holdings,

Zero

Coupon,

12/31/30

(USD) (1)

83,300

—

Kaisa

Group

Holdings,

Zero

Coupon,

12/31/31

(USD) (1)

83,300

Kaisa

Group

Holdings,

Zero

Coupon,

12/31/32

(USD) (1)

157,149

#### Total

#### China

#### (Cost

#### $24)

#### 6

#### COLOMBIA 1.9%

#### Corporate

#### Bonds 1.3%
Ecopetrol,

8.875%,

1/13/33

(USD)

15,021,000

16,025

16,025

#### Government

#### Bonds 0.6%
Republic

of

Colombia,

Series

B,

11.00%,

8/22/29

27,016,000,000

6,762

6,762

#### Private

#### Investment

#### Company 0.0%
Bona

Fide

Investments

Feeder

LLC,

Acquisition

Date:

6/7/23,

Cost $15

(USD) (2)(8)

†

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Bona

Fide

Investments

Holdings

III,

Acquisition

Date:

6/14/24,

Cost $10

(USD) (2)(8)

†

#### Total

#### Colombia

#### (Cost

#### $22,335)

#### 22,824

#### CÔTE

#### D'IVOIRE 1.1%

#### Government

#### Bonds 1.1%
Kona

SPC,

FRN,

1M

EURIBOR

+

3.55%,

5.718%,

9/15/26

(EUR) (1)

10,990,000

13,044

#### Total

#### Côte

#### d'Ivoire

#### (Cost

#### $12,864)

#### 13,044

#### CYPRUS 0.3%

#### Corporate

#### Bonds 0.3%
ASG

Finance,

9.75%,

5/15/29

(USD) (1)

4,102,000

3,637

#### Total

#### Cyprus

#### (Cost

#### $3,878)

#### 3,637

#### FRANCE 1.0%

#### Common

#### Stocks 0.2%
Altice

France,

Acquisition

Date:

10/1/25,

Cost $2,194 (2)(8)

125,825

2,266

2,266

#### Corporate

#### Bonds 0.8%
Altice

France,

6.875%,

7/15/32

(USD) (1)

10,426,079

9,997

9,997

#### Total

#### France

#### (Cost

#### $11,974)

#### 12,263

#### GAMBIA 1.0%

#### Corporate

#### Bonds 1.0%
Africell

Holding,

10.50%,

10/23/29

(USD) (1)(4)

12,045,000

11,944

#### Total

#### Gambia

#### (Cost

#### $12,043)

#### 11,944

#### GERMANY 0.2%

#### Corporate

#### Bonds 0.2%
ZF

North

America

Capital,

6.75%,

4/23/30

(USD) (1)

2,498,000

2,468

#### Total

#### Germany

#### (Cost

#### $2,296)

#### 2,468
T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### GHANA 0.4%

#### Corporate

#### Bonds 0.4%
Kosmos

Energy,

8.75%,

10/1/31

(USD) (1)(4)

9,150,000

5,221

#### Total

#### Ghana

#### (Cost

#### $9,150)

#### 5,221

#### KYRGYZSTAN 1.0%

#### Government

#### Bonds 1.0%
Kyrgyz

Republic,

7.75%,

6/3/30

(USD) (1)

11,570,000

11,921

#### Total

#### Kyrgyzstan

#### (Cost

#### $11,464)

#### 11,921

#### LUXEMBOURG 0.9%

#### Corporate

#### Bonds 0.9%
Breakwater

Energy

Holdings,

9.25%,

11/15/30

(USD) (1)

9,705,000

10,115

#### Total

#### Luxembourg

#### (Cost

#### $9,705)

#### 10,115

#### MEXICO 1.4%

#### Bank

#### Loans 1.2% (6)
Mercury

Data

Center

Bidco,

FRN,

3M

TSFR

+

4.75%,

8.51%,

9/5/29

(USD) (9)

14,318,399

14,261

14,261

#### Private

#### Investment

#### Company 0.2%
PayJoy

Asset

Fund,

Class

B,

Acquisition

Date:

6/23/25,

Cost $2,725

(USD) (2)(8)

†

2,725

2,725

#### Total

#### Mexico

#### (Cost

#### $16,989)

#### 16,986

#### MONTENEGRO 0.2%

#### Government

#### Bonds 0.2%
Government

of

Montenegro,

7.25%,

3/12/31

(USD) (1)

2,343,000

2,501

#### Total

#### Montenegro

#### (Cost

#### $2,343)

#### 2,501
T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### PAKISTAN 0.8%

#### Corporate

#### Bonds 0.8%
Veon

Midco,

9.00%,

7/15/29

(USD) (1)

9,150,000

9,557

#### Total

#### Pakistan

#### (Cost

#### $9,150)

#### 9,557

#### PARAGUAY 0.5%

#### Corporate

#### Bonds 0.5%
Telefonica

Celular

del

Paraguay,

12.00%,

12/30/32 (1)

42,358,000,000

6,500

#### Total

#### Paraguay

#### (Cost

#### $6,374)

#### 6,500

#### PERU 0.8%

#### Corporate

#### Bonds 0.8%
Boroo

Investments,

9.50%,

8/7/32

(USD) (1)

9,070,000

8,914

#### Total

#### Peru

#### (Cost

#### $8,961)

#### 8,914

#### SOUTH

#### AFRICA 1.9%

#### Convertible

#### Bonds 1.4%
Sasol

Financing

USA,

4.50%,

11/8/27

(USD) (10)

16,200,000

15,640

15,640

#### Corporate

#### Bonds 0.5%
Liquid

Telecommunications

Financing,

5.50%,

9/4/26

(USD)

6,765,000

6,182

6,182

#### Total

#### South

#### Africa

#### (Cost

#### $21,670)

#### 21,822

#### SOUTH

#### KOREA 0.3%

#### Convertible

#### Bonds 0.3%
L&F,

2.50%,

4/26/30

(USD)

4,600,000

3,671

#### Total

#### South

#### Korea

#### (Cost

#### $3,623)

#### 3,671

#### SRI

#### LANKA 0.6%

#### Government

#### Bonds 0.6%
Republic

of

Sri

Lanka,

4.00%,

4/15/28

(USD) (1)(4)

3,400,763

3,265

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Republic

of

Sri

Lanka,

STEP,

3.60%,

6/15/35

(USD) (1)(4)

4,579,050

3,494

#### Total

#### Sri

#### Lanka

#### (Cost

#### $6,731)

#### 6,759

#### SURINAME 0.4%

#### Government

#### Bonds 0.4%
Republic

of

Suriname,

8.50%,

11/6/35

(USD) (1)

3,810,000

4,126

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

130,000

#### Total

#### Suriname

#### (Cost

#### $3,855)

#### 4,283

#### TÜRKIYE 2.5%

#### Corporate

#### Bonds 1.5%
Limak

Cimento

Sanayi

ve

Ticaret,

9.75%,

7/25/29

(USD) (1)

5,825,000

5,884

Mersin

Uluslararasi

Liman

Isletmeciligi,

8.25%,

11/15/28

(USD) (1)

10,705,000

11,182

17,066

#### Government

#### Bonds 1.0%
Republic

of

Turkiye,

Series

2Y,

37.00%,

2/18/26

515,345,000

11,996

11,996

#### Total

#### Türkiye

#### (Cost

#### $29,158)

#### 29,062

#### UNITED

#### KINGDOM 1.6%

#### Convertible

#### Bonds 0.1%
Immunocore

Holdings,

2.50%,

2/1/30

(USD)

553,000

500

500

#### Corporate

#### Bonds 1.5%
Jerrold

Finco,

7.50%,

6/15/31 (1)

6,615,000

9,076

Trident

Energy

Finance,

12.50%,

11/30/29

(USD) (4)

8,600,000

8,723

17,799

#### Total

#### United

#### Kingdom

#### (Cost

#### $18,428)

#### 18,299

#### UNITED

#### STATES 59.9%

#### Asset-Backed

#### Securities 10.3%
Ally

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

E,

6.066%,

6/15/33 (1)

3,113,705

3,130

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Auxilior

Term

Funding,

Series

2023-1A,

Class

E,

10.97%,

12/15/32 (1)

6,770,000

7,079

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2023-2A,

Class

D,

7.26%,

10/20/27 (1)

775,000

781

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2023-3A,

Class

D,

7.32%,

2/20/28 (1)

475,000

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

E,

FRN,

SOFR30A

+

3.60%,

7.474%,

12/26/31 (1)

1,252,384

1,266

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-

1A,

Class

A,

STEP,

4.213%,

12/16/41 (1)

51,091

Blue

Owl

Asset

Leasing

Trust,

Series

2024-1A,

Class

D,

8.00%,

12/15/31 (1)

5,011,000

5,086

Carvana

Auto

Receivables

Trust,

Series

2024-N2,

Class

E,

8.16%,

6/10/31 (1)

7,300,000

7,463

Driven

Brands

Funding,

Series

2019-2A,

Class

A2,

3.981%,

10/20/49 (1)

4,113,075

4,086

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (1)

18,069

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38 (1)

97,435

Exeter

Automobile

Receivables

Trust,

Series

2025-5A,

Class

E,

7.15%,

6/15/33 (1)

3,800,000

3,812

FOCUS

Brands

Funding,

Series

2023-2,

Class

A2,

8.241%,

10/30/53 (1)

8,751,400

9,279

Frontier

Issuer,

Series

2023-1,

Class

C,

11.50%,

8/20/53 (1)

10,865,765

11,186

Frontier

Issuer,

Series

2024-1,

Class

C,

11.16%,

6/20/54 (1)

9,283,880

10,348

Goto

Foods

Funding,

Series

2017-1A,

Class

A2II,

5.093%,

4/30/47 (1)

2,726,700

2,721

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

1,581,323

1,530

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51 (1)

1,203,300

1,124

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (1)

5,284,162

5,462

Hilton

Grand

Vacations

Trust,

Series

2024-1B,

Class

D,

8.85%,

9/15/39 (1)

1,031,226

1,065

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2024-1,

Class

C,

FRN,

SOFR30A

+

3.15%,

7.068%,

5/20/32 (1)

1,209,124

1,221

Huntington

Bank

Auto

Credit-Linked

Notes,

Series

2025-2,

Class

C,

FRN,

SOFR30A

+

2.35%,

6.268%,

9/20/33 (1)

1,633,491

1,636

Jack

in

the

Box

Funding,

Series

2022-1A,

Class

A2I,

3.445%,

2/26/52 (1)

3,080,250

2,982

Jersey

Mike's

Funding,

Series

2021-1A,

Class

A2I,

2.891%,

2/15/52 (1)

49,250

MVW,

Series

2023-2A,

Class

D,

9.33%,

11/20/40 (1)

2,803,850

2,892

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30 (1)

255,000

Post

Road

Equipment

Finance,

Series

2024-1A,

Class

E,

8.50%,

12/15/31 (1)

3,338,000

3,415

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-A,

Class

E,

10.068%,

6/15/33 (1)

2,914

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

E,

8.408%,

12/15/33 (1)

2,701,767

2,761

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2025-A,

Class

E,

6.274%,

1/16/34 (1)

2,000,000

2,004

SCF

Equipment

Leasing,

Series

2024-1A,

Class

E,

9.00%,

12/20/34 (1)

3,300,000

3,520

SEB

Funding,

Series

2024-1A,

Class

A2,

7.386%,

4/30/54 (1)

11,834,000

12,105

Sierra

Timeshare

Receivables

Funding,

Series

2021-1A,

Class

D,

3.17%,

11/20/37 (1)

505,607

505

Sierra

Timeshare

Receivables

Funding,

Series

2023-3A,

Class

D,

9.44%,

9/20/40 (1)

1,877,507

1,967

Sierra

Timeshare

Receivables

Funding,

Series

2024-1A,

Class

D,

8.02%,

1/20/43 (1)

1,456,763

1,490

Sierra

Timeshare

Receivables

Funding,

Series

2025-3A,

Class

D,

6.54%,

8/22/44 (1)

1,078,319

1,082

Sonic

Capital,

Series

2021-1A,

Class

A2I,

2.19%,

8/20/51 (1)

1,771,375

1,649

Stonepeak,

Series

2021-1A,

Class

B,

3.821%,

2/28/33 (1)

106,948

TPIC

SPV

I,

Series

2024-1A,

Class

A,

Acquisition

Date:

12/10/24

-

12/28/25,

Cost $4,242,

7.131%,

11/30/44 (2)(9)

4,241,724

3,805

Wingspire

Equipment

Finance,

Series

2025-1A,

Class

D,

5.45%,

9/20/33 (1)

1,755,000

1,766

121,295

#### Bank

#### Loans 10.2% (6)
Asurion,

FRN,

1M

TSFR

+

4.25%,

7.966%,

9/19/30

10,880,325

10,872

Asurion,

FRN,

1M

TSFR

+

4.25%,

8.066%,

8/19/28

10,801,693

10,815

Autokiniton

U.S.

Holdings,

FRN,

1M

TSFR

+

4.00%,

7.831%,

4/6/28

16,782,240

16,615

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

7.272%,

6/18/29

17,151,159

15,960

CPM

Holdings,

FRN,

1M

TSFR

+

4.50%,

8.20%,

9/28/28

535,292

532

CSC

Holdings,

FRN,

3M

USD

PRIME

+

1.50%,

8.25%,

4/15/27

8,492,395

7,407

Directv

Financing,

FRN,

3M

TSFR

+

5.50%,

9.34%,

2/17/31

4,577,829

4,565

E.W.

Scripps,

FRN,

1M

TSFR

+

3.35%,

7.20%,

11/30/29

3,081,713

2,961

Neptune

Bidco

U.S.,

FRN,

3M

TSFR

+

4.75%,

8.762%,

10/11/28

2,970,313

2,928

Petco

Health

&

Wellness,

FRN,

3M

TSFR

+

3.25%,

7.184%,

3/3/28

5,033,265

4,976

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Radiate

Holdco,

(1.50%

PIK

and

1M

TSFR

+

5.00%

Cash),

10.331%

FRN,

9/25/29 (5)

13,530,263

10,351

Radiate

Holdco,

FRN,

1M

TSFR

+

4.00%,

4.608%,

6/26/29 (11)

12,578,813

12,484

Townsquare

Media,

FRN,

3M

TSFR

+

5.00%,

8.878%,

2/19/30 (7)

15,807,126

11,025

U.S.

Renal

Care,

FRN,

1M

TSFR

+

5.00%,

8.831%,

6/28/28

9,661,906

9,067

120,558

#### Common

#### Stocks 0.0%
Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $13 (2)

(8) 639

#### Convertible

#### Preferred

#### Stocks 1.7%
Ares

Management,

Series

B,

6.75%,

10/1/27

121,442

6,121

Keurig

Dr

Pepper

PIPE,

Series

A,

Acquisition

Date:

12/24/25,

Cost $8,458 (2)(8)(9)(11)

8,292

8,292

Kobold

Metals,

Series

C-2,

Acquisition

Date:

9/20/24,

Cost $4,009 (2)(8)(9)

51,015

5,745

20,158

#### Corporate

#### Bonds 28.6%
1261229

B.C.,

10.00%,

4/15/32 (1)

8,985,000

9,358

Advance

Auto

Parts,

7.375%,

8/1/33 (1)(4)

15,284,000

15,380

Aethon

III,

Acquisition

Date:

9/5/25,

Cost $5,100,

10.077%,

1/10/27 (2)(8)(9)

5,130,000

5,092

AP

Grange

Holdings,

Acquisition

Date:

6/12/24,

Cost $8,925,

6.50%,

3/20/45 (2)(8)(9)

8,925,000

9,371

Beignet

Investor,

6.581%,

5/30/49 (1)

22,625,000

24,016

Celanese

U.S.

Holdings,

7.20%,

11/15/33

11,670,000

12,327

CMG

Media,

8.875%,

6/18/29 (1)

3,510,000

3,003

Crescent

Energy

Finance,

7.375%,

1/15/33 (1)

9,170,000

8,708

CSC

Holdings,

7.50%,

4/1/28 (1)

6,230,000

3,647

CSC

Holdings,

11.25%,

5/15/28 (1)

15,675,000

12,437

Diamondback

Energy,

4.25%,

3/15/52

7,049,000

5,504

Diamondback

Energy,

5.75%,

4/18/54

23,086,000

21,877

Directv

Financing,

10.00%,

2/15/31 (1)

20,090,000

20,537

DISH

Network,

11.75%,

11/15/27 (1)

9,008,000

9,374

E.W.

Scripps,

9.875%,

8/15/30 (1)

5,645,000

5,634

Getty

Images,

11.25%,

2/21/30 (1)(4)

12,660,000

11,879

Gray

Media,

5.375%,

11/15/31 (1)

13,045,000

9,803

Gray

Media,

9.625%,

7/15/32 (1)

3,985,000

4,147

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Hilcorp

Energy

I,

7.25%,

2/15/35 (1)

16,292,000

15,487

Jane

Street

Group,

6.75%,

5/1/33 (1)

10,812,000

11,288

McAfee,

7.375%,

2/15/30 (1)(4)

6,850,000

5,975

MidCap

Financial,

Acquisition

Date:

12/22/25,

Cost $6,100,

5.735%,

4/15/29 (1)(2)(8)

6,100,000

6,100

Molina

Healthcare,

6.50%,

2/15/31 (1)

16,380,000

16,836

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

9,174,000

9,194

Neptune

Bidco

U.S.,

10.375%,

5/15/31 (1)

11,225,000

11,507

Organon,

7.875%,

5/15/34 (1)(4)

15,155,000

12,185

Owens

&

Minor,

4.50%,

3/31/29 (1)(4)

6,059,000

4,115

PetSmart,

7.50%,

9/15/32 (1)

15,600,000

15,864

Rivian

Holdings,

10.00%,

1/15/31 (1)

7,655,000

7,537

Venture

Global

LNG,

7.00%,

1/15/30 (1)(4)

15,680,000

15,082

Venture

Global

LNG,

VR,

9.00% (1)(3)(12)

3,740,000

2,955

Wolfspeed,

13.875%,

6/23/30,

(9.875%

Cash

or

4.00%

PIK) (1)(5)

4,441,021

4,814

WULF

Compute,

7.75%,

10/15/30 (1)

5,749,000

5,924

336,957

#### Municipal

#### Securities 2.9%
Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46

25,000

Port

of

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series

B,

10.00%,

7/1/26 (1)

10,720,000

10,762

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (13)

35,552,375

22,754

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46

245,000

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49

75,000

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47

460,000

33,830

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities 3.0%
Angel

Oak

Mortgage

Trust,

Series

2020-6,

Class

A1,

CMO,

ARM,

1.261%,

5/25/65 (1)

1,057,006

980

Bayview

Financing

Trust,

Series

2024-2F,

Class

A,

CMO,

ARM,

Acquisition

Date:

8/29/24,

Cost $4,294,

6.75%,

9/25/29 (2)(9)

4,294,009

4,315

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

6.714%,

11/15/34 (1)

120,000

BBCMS

Trust,

Series

2015-SRCH,

Class

D,

ARM,

4.957%,

8/10/35 (1)

2,131,000

2,025

BINOM

Securitization

Trust,

Series

2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56 (1)

2,003,550

1,843

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

C,

ARM,

1M

TSFR

+

1.664%,

5.415%,

8/15/38 (1)

1,052,368

895

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

7.794%,

6/15/36 (1)

145,000

CAFL,

Series

2021-RTL1,

Class

A1,

CMO,

STEP,

4.239%,

3/28/29 (1)

13,510

COLT

Mortgage

Loan

Trust,

Series

2021-4,

Class

B1,

CMO,

ARM,

3.764%,

10/25/66 (1)

1,200,000

952

Ellington

Financial

Mortgage

Trust,

Series

2022-1,

Class

A1,

CMO,

ARM,

2.206%,

1/25/67 (1)

1,807,467

1,588

Extended

Stay

America

Trust,

Series

2025-ESH,

Class

D,

ARM,

1M

TSFR

+

2.60%,

6.35%,

10/15/42 (1)

3,085,000

3,104

Finance

of

America

HECM

Buyout,

Series

2024-HB1,

Class

M5,

ARM,

6.00%,

10/1/34 (1)

8,725,000

8,007

LSTAR

Commercial

Mortgage

Trust,

Series

2017-5,

Class

D,

ARM,

4.683%,

3/10/50 (1)

220,000

NYC

Commercial

Mortgage

Trust,

Series

2025-28L,

Class

C,

ARM,

5.442%,

11/5/38 (1)

2,475,000

2,490

OBX

Trust,

Series

2020-EXP2,

Class

A8,

CMO,

ARM,

3.00%,

5/25/60 (1)

28,820

OBX

Trust,

Series

2020-EXP3,

Class

1A9,

CMO,

ARM,

3.00%,

1/25/60 (1)

317,798

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (1)

115,000

ONE

Mortgage

Trust,

Series

2021-PARK,

Class

D,

ARM,

1M

TSFR

+

1.614%,

5.364%,

3/15/36 (1)

711,000

709

Starwood

Mortgage

Residential

Trust,

Series

2022-1,

Class

M1,

CMO,

ARM,

3.693%,

12/25/66 (1)

3,680,000

2,828

TX

Trust,

Series

2024-HOU,

Class

D,

ARM,

1M

TSFR

+

3.239%,

6.989%,

6/15/39 (1)

2,805,000

2,817

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (1)

150,000

Verus

Securitization

Trust,

Series

2021-5,

Class

M1,

CMO,

ARM,

2.331%,

9/25/66 (1)

3,270,000

2,454

35,877

#### U.S.

#### Government

#### &

#### Agency

#### Mortgage-Backed

#### Securities 3.2%
Federal

Home

Loan

Mortgage,

CMO,

IO

1.50%,

1/25/51

11,799,441

1,173

2.00%,

10/25/50

14,908,284

1,863

2.50%,

4/25/51

3,644,723

597

Federal

National

Mortgage

Assn.,

CMO,

IO

2.00%,

5/25/51

-

4/25/52

42,771,642

5,602

2.50%,

5/25/47

-

4/25/51

93,743,526

13,856

5.00%,

8/25/54

18,765,287

4,063

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

Government

National

Mortgage

Assn.,

CMO,

IO

2.00%,

11/20/50

-

12/20/50

21,683,716

2,731

2.50%,

11/20/50

-

1/20/51

23,103,920

3,623

3.00%,

8/20/50

-

8/20/51

22,516,181

3,664

37,172

#### Total

#### United

#### States

#### (Cost

#### $703,943)

#### 705,863

#### UZBEKISTAN 1.1%

#### Corporate

#### Bonds 0.9%
Ipoteka-Bank

ATIB,

17.50%,

10/9/28

37,630,000,000

3,151

Uzbek

Industrial

&

Construction

Bank,

21.00%,

7/24/27

79,790,000,000

7,107

10,258

#### Government

#### Bonds 0.2%
Republic

of

Uzbekistan,

16.25%,

10/12/26

28,770,000,000

2,454

2,454

#### Total

#### Uzbekistan

#### (Cost

#### $12,681)

#### 12,712

#### SHORT-TERM

#### INVESTMENTS 8.9%

#### Money

#### Market

#### Funds 1.9%
T. Rowe

Price

Government

Reserve

Fund,

3.77% (10)(14)

22,116,824

22,117

22,117

#### U.S.

#### Treasury

#### Obligations 7.0%
U.S.

Treasury

Bills,

3.819%,

1/29/26 (15)

82,280,000

82,062

82,062

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $104,155)

#### 104,179

#### SECURITIES

#### LENDING

#### COLLATERAL 4.0%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### JPMORGAN

#### CHASE

#### BANK 0.4%

#### Money

#### Market

#### Funds 0.4%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (10)(14)

4,298,100

4,298

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### JPMorgan

#### Chase

#### Bank

#### 4,298
T. ROWE

PRICE

Dynamic

Credit

Fund

#### Par/Shares

#### $

#### Value
(Cost

and

value

in

$000s)

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 3.6%

#### Money

#### Market

#### Funds 3.6%
T. Rowe

Price

Treasury

Reserve

Fund,

3.75% (10)(14)

42,929,870

42,930

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 42,930

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $47,228)

#### 47,228
(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### PURCHASED 0.2%

#### OTC

#### Options

#### Purchased

#### 0

#### .2

#### %

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Barclays

Bank

Year

Interest

Rate

Swap,

6/10/56

Pay

Fixed

4.50%

Annually,

Receive

Variable

3.87%

(SOFR)

Annually,

6/8/26

@

4.50%\* (8)

61,270

733

Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX. NA.IG-S45,

Year

Index,

12/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

2/18/26

@

0.75%\* (8)

184,000

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s,

except

for

contracts)

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
BNP

Paribas

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe-S44,

Year

Index,

12/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

2/18/26

@

0.63%\*

(EUR) (8)

185,585

Goldman

Sachs

Month

Interest

Rate

Swap,

4/21/26

Receive

Fixed

3.31%

Annually,

Pay

Variable

3.87%

(SOFR)

Annually,

1/16/26

@

3.31%\* (8)

572,025

Goldman

Sachs

S&P

500

Index,

Call,

3/20/26

@

$7,200.00 (8)

50,657

Goldman

Sachs

State

Street

SPDR

S&P

Regional

Banking

ETF,

Call,

3/20/26

@

$72.00 (8)

1,380

8,944

JPMorgan

Chase

S&P

500

Index,

Call,

1/16/26

@

$7,100.00 (8)

63,663

JPMorgan

Chase

State

Street

Consumer

Discretionary

Select

Sector

SPDR

ETF,

Call,

1/16/26

@

$260.00 (8)

1,582

18,891

JPMorgan

Chase

State

Street

SPDR

S&P

Homebuilders

ETF,

Call,

3/20/26

@

$120.00 (8)

2,534

26,090

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s,

except

for

contracts)

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Morgan

Stanley

S&P

500

Index,

Call,

3/20/26

@

$7,000.00 (8)

25,328

Morgan

Stanley

State

Street

Industrial

Select

Sector

SPDR

ETF,

Call,

3/20/26

@

$163.00 (8)

1,259

19,530

Wells

Fargo

S&P

500

Index,

Call,

3/20/26

@

$7,250.00 (8)

65,032

Wells

Fargo

State

Street

Consumer

Discretionary

Select

Sector

SPDR

ETF,

Call,

3/20/26

@

$130.00 (8)

2,294

27,393

#### Total

#### Options

#### Purchased

#### (Cost

#### $5,279)

#### 2,711

#### Total

#### Investments

#### in

#### Securities

#### 103.9%

#### of

#### Net

#### Assets

#### (Cost

#### $1,228,221)

#### $

#### 1,223,427
‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Par/Shares

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

\*

Exercise

Spread

(1) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$639,320

and

represents

54.3%

of

net

assets.

(2) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$51,481

and

represents

4.4%

of

net

assets.

T. ROWE

PRICE

Dynamic

Credit

Fund

.

.

.

.

.

.

.

.

.

.

(3) Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(4) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

December

31,

2025. (5) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(6) Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(7) All

or

a

portion

of

this

loan

is

unsettled

as

of

December

31,

2025. The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(8) Non-income

producing

(9) See

Note

2. Level

in

fair

value

hierarchy.

(10) Affiliated

Companies

(11) All

or

a

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

December

31,

2025,

was

$6,289

and

was

valued

at

$6,242

(0.5%

of

net

assets).

(12) Perpetual

security

with

no

stated

maturity

date.

(13) Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board's

Certified

Fiscal

Plan.

(14) Seven-day

yield

(15) At

December

31,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

1M

EURIBOR

One

month

EURIBOR

(Euro

interbank

offered

rate)

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

6M

TSFR

Six

month

term

SOFR

(Secured

overnight

financing

rate)

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CHF

Swiss

Franc

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

T. ROWE

PRICE

Dynamic

Credit

Fund

.

.

.

.

.

.

.

.

.

.

HKD

Hong

Kong

Dollar

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

MXN

Mexican

Peso

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

PIPE

Private

Investment

in

Public

Equity

PRIME

Prime

rate

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### WRITTEN

#### (0.0)%

#### OTC

#### Options

#### Written (0.0)%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Barclays

Bank

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

CDX. NA.IG-S45,

Year

Index,

12/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

2/18/26

@

0.65%\*

184,000

(65)

BNP

Paribas

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe-S44,

Year

Index,

12/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

2/18/26

@

0.58%\*

(EUR)

106,031

(78)

BNP

Paribas

Credit

Default

Swap,

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe-S44,

Year

Index,

12/20/30),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

2/18/26

@

0.73%\*

(EUR)

185,585

(51)

BNP

Paribas

Credit

Default

Swap,

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S44,

Year

Index,

12/20/30),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

2/18/26

@

0.58%\*

(EUR)

106,031

(394)

#### Total

#### Options

#### Written

#### (Premiums

#### $(872))

#### $

#### (#### 588

####)
T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### SWAPS

#### (1.2)%

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $(Receipts)

#### \*\*

#### Unrealized

#### $

#### Gain/(Loss)

#### BILATERAL

#### SWAPS

#### 1.1%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 1.0%

#### Côte

#### d'Ivoire

#### (0.0)%
Barclays

Bank,

Protection

Sold (Relevant

Credit:

Republic

of

Côte

d'Ivoire,

Ba2\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

(USD)

\*

17,419

(45) (387) 342

#### Total

#### Côte

#### d'Ivoire
(387) #### 342

#### United

#### States

#### 1.0%
BNP

Paribas,

Protection

Sold (Relevant

Credit:

Markit

CDX.NA.HY-S45,

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

61,000

12,211

12,156

JPMorgan

Chase,

Protection

Sold (Relevant

Credit:

Carvana,

Caa1\*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

\*

—

(1) (3) 2

#### Total

#### United

#### States

#### 12,153

#### 57

#### Total

#### Bilateral

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 11,766

#### 399

#### Total

#### Return

#### Swaps

#### 0.1%

#### Germany

#### (0.0)%
Goldman

Sachs,

Receive

Underlying

Reference:

U.S.

Alt

Managers

Index

Monthly,

Pay

Variable

4.557%

(SOFR

+

0.85%)

Monthly,

1/19/28

12,582

(192) —

(192)

#### Total

#### Germany

#### —

#### (#### 192

####)

#### United

#### States

#### 0.1%
Goldman

Sachs,

Pay

Underlying

Reference:

iBoxx

USD

Liquid

Leveraged

Loans

Total

Return

Index

at

Maturity,

Receive

Variable

3.687%

(SOFR

+

0.00%)

Quarterly,

3/20/26

51,975

(63) —

(63)

Goldman

Sachs,

Receive

Underlying

Reference:

iBoxx

USD

Liquid

High

Yield

Index

Quarterly,

Pay

Variable

3.687%

(SOFR

+

0.00%)

at

Maturity,

3/20/26

37,651

—

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $

#### (Receipts)\*\*

#### Unrealized

#### $

#### Gain/(Loss)
JPMorgan

Chase,

Pay

Underlying

Reference:

AbbVie

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,482

(21) 24

JPMorgan

Chase,

Pay

Underlying

Reference:

BHP

Billiton

Finance

USA

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,591

(8) (24) 16

JPMorgan

Chase,

Pay

Underlying

Reference:

Citigroup

at

Maturity,

Receive

Variable

4.282%

(SOFR

+

0.40%)

at

Maturity,

2/9/26

2,525

(17) (26) 9

JPMorgan

Chase,

Pay

Underlying

Reference:

Deere

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,394

(34) (40) 6

JPMorgan

Chase,

Pay

Underlying

Reference:

Johnson

&

Johnson

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,434

—

JPMorgan

Chase,

Pay

Underlying

Reference:

MetLife

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,420

(31) (42) 11

JPMorgan

Chase,

Pay

Underlying

Reference:

Morgan

Stanley

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,462

—

JPMorgan

Chase,

Pay

Underlying

Reference:

Oracle

at

Maturity,

Receive

Variable

3.482%

(SOFR

+

(0.40)%)

at

Maturity,

2/9/26

2,349

(40) 158

JPMorgan

Chase,

Receive

Underlying

Reference:

Apollo

Debt

Solutions

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

3,596

JPMorgan

Chase,

Receive

Underlying

Reference:

Ares

Capital

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

5,563

JPMorgan

Chase,

Receive

Underlying

Reference:

Ares

Strategic

Income

Fund

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,287

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $

#### (Receipts)\*\*

#### Unrealized

#### $

#### Gain/(Loss)
JPMorgan

Chase,

Receive

Underlying

Reference:

Bain

Capital

Specialty

Finance

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,164

JPMorgan

Chase,

Receive

Underlying

Reference:

Blackstone

Secured

Lending

Fund

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,655

JPMorgan

Chase,

Receive

Underlying

Reference:

Blue

Owl

Capital

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

8,804

JPMorgan

Chase,

Receive

Underlying

Reference:

Blue

Owl

Credit

Income

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

8,857

JPMorgan

Chase,

Receive

Underlying

Reference:

Carlyle

Secured

Lending

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,143

JPMorgan

Chase,

Receive

Underlying

Reference:

Goldman

Sachs

Private

Credit

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,769

(1) 15

JPMorgan

Chase,

Receive

Underlying

Reference:

Hercules

Capital

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,559

(1) 11

JPMorgan

Chase,

Receive

Underlying

Reference:

HPS

Corporate

Lending

Fund

at

Maturity,

Pay

Variable

4.331%

(SOFR

+

0.48%)

at

Maturity,

2/23/26

1,666

JPMorgan

Chase,

Receive

Underlying

Reference:

iShares

iBoxx

Investment

Grade

Corporate

Bond

ETF

Monthly,

Pay

Variable

3.737%

(SOFR

+

0.03%)

Monthly,

1/19/28

83,784

(222) —

(222)

Morgan

Stanley,

Pay

Underlying

Reference:

Russell

2000

Total

Return

Monthly,

Receive

Variable

3.557%

(SOFR

+

(0.15)%)

Monthly,

1/20/26

24,203

—

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Upfront

#### Payments/

#### $

#### (Receipts)\*\*

#### Unrealized

#### $

#### Gain/(Loss)
Morgan

Stanley,

Receive

Underlying

Reference:

MSCI

USA

Quality

Index

Monthly,

Pay

Variable

4.357%

(SOFR

+

0.65%)

Monthly,

1/20/26

24,593

(63) —

(63)

#### Total

#### United

#### States

#### 300

#### 984

#### Total

#### Bilateral

#### Total

#### Return

#### Swaps

#### 300

#### 792

#### Total

#### Bilateral

#### Swaps

#### 12,066

#### 1,191

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### \*\*

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### (2.3)%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### (2.8)%

#### Foreign/Europe

#### (1.2)%
Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S44,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

105,907

(13,949)

(12,181)

(1,768)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe

Subordinated

Financials-S44,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

105,010

(446) 130

(576)

#### Total

#### Foreign/Europe

#### (#### 2,344

####)

#### Supranational

#### 0.2%
Protection

Bought

(Relevant

Credit:

Markit

CDX.EMHY-S44,

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

(USD)

61,008

2,549

3,763

(1,214)

#### Total

#### Supranational

#### (#### 1,214

####)

#### United

#### States

#### (1.8)%
Protection

Bought

(Relevant

Credit:

Ally

Financial),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

11,120

(1,841)

(1,724)

(117)

Protection

Bought

(Relevant

Credit:

Bristol-Myers

Squibb),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

24,308

(743) (603) (140)

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)
Protection

Bought

(Relevant

Credit:

Capital

One

Financial),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

12,290

(190) (137) (53)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

(22) (6) (16)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

11,761

(1,471)

(1,581)

Protection

Bought

(Relevant

Credit:

Lamb

Weston

Holdings),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

21,104

(15) 170

(185)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

105,348

(7,203)

(3,818)

(3,385)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S45,

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

120,217

(9,328)

(8,858)

(470)

Protection

Bought

(Relevant

Credit:

OneMain

Finance),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

1,794

(241) (203) (38)

Protection

Bought

(Relevant

Credit:

Pfizer),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/30

24,309

(744) (587) (157)

Protection

Bought

(Relevant

Credit:

Sealed

Air),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/29

10,558

#### Total

#### United

#### States

#### (#### 4,135

####)

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Bought

#### (#### 7,693

####)

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 0.4%

#### Supranational

#### (0.1)%
Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S44,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

(USD)

74,035

(775) (1,511)

736

#### Total

#### Supranational

#### 736
T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)

#### United

#### States

#### 0.5%
Protection

Sold

(Relevant

Credit:

Avis

Budget

Car

Rental,

BB-\*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

\*

4,991

(57)

Protection

Sold

(Relevant

Credit:

Avis

Budget

Car

Rental,

BB-\*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/27

\*

2,826

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S44,

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

70,148

5,658

4,756

902

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S45,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

55,024

1,261

1,209

Protection

Sold

(Relevant

Credit:

Oracle,

Baa2\*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

\*

48,070

(925) 343

(1,268)

#### Total

#### United

#### States

#### (#### 345

####)

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 391

#### Interest

#### Rate

#### Swaps

#### 0.1%

#### United

#### States

#### 0.1%

Year

Interest

Rate

Swap,

Receive

Fixed

3.209%

Annually,

Pay

Variable

3.959%

(SOFR)

Annually,

10/20/30

133,206

(1,657)

—

(1,657)

Year

Interest

Rate

Swap,

Receive

Fixed

3.273%

Annually,

Pay

Variable

3.922%

(SOFR)

Annually,

10/28/30

65,730

(613) —

(613)

Year

Interest

Rate

Swap,

Receive

Fixed

3.316%

Annually,

Pay

Variable

3.839%

(SOFR)

Annually,

11/25/30

66,227

(468) —

(468)

Year

Interest

Rate

Swap,

Pay

Fixed

3.835%

Annually,

Receive

Variable

3.959%

(SOFR)

Annually,

10/20/55

34,134

1,962

—

1,962

Year

Interest

Rate

Swap,

Pay

Fixed

3.855%

Annually,

Receive

Variable

3.922%

(SOFR)

Annually,

10/28/55

16,840

909

—

909

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)

Year

Interest

Rate

Swap,

Pay

Fixed

3.988%

Annually,

Receive

Variable

3.839%

(SOFR)

Annually,

11/25/55

17,661

544

—

544

#### Total

#### United

#### States

#### 677

#### Total

#### Centrally

#### Cleared

#### Interest

#### Rate

#### Swaps

#### 677

#### Total

#### Centrally

#### Cleared

#### Swaps

#### (#### 6,625

####)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 6,504

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### (#### 121

####)
\*

Credit

ratings

as

of

December

31,

2025. Ratings

shown

are

from

Moody's

Investors

Service

and

if

Moody's

does

not

rate

a

security,

then

Standard

&

Poor's

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody's

or

S&P.

\*\*

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$298

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Bank

of

America

1/16/26

MXN

439,815

USD

23,769

$

618

Bank

of

America

1/23/26

AUD

34,515

USD

22,841

Bank

of

America

1/23/26

USD

23,688

AUD

35,310

Bank

of

America

1/23/26

USD

24,181

JPY

3,792,055

(78)

BNP

Paribas

2/20/26

GBP

27,885

USD

36,441

1,142

BNP

Paribas

2/20/26

USD

69,976

GBP

53,259

(1,807)

BNY

Mellon

1/23/26

CHF

9,375

USD

11,671

BNY

Mellon

1/26/26

USD

24,226

CAD

33,805

(432)

BNY

Mellon

2/20/26

USD

24,441

EUR

21,105

(422)

Citibank

1/23/26

NZD

21,030

USD

12,161

(41)

Citibank

1/23/26

USD

12,233

JPY

1,845,470

Deutsche

Bank

1/23/26

CHF

4,880

USD

6,150

Deutsche

Bank

1/23/26

JPY

3,792,055

USD

24,609

(351)

Deutsche

Bank

1/23/26

USD

24,695

JPY

3,790,690

Deutsche

Bank

2/20/26

USD

37,111

GBP

28,105

(769)

Goldman

Sachs

1/16/26

USD

5,742

MXN

106,013

(136)

Goldman

Sachs

1/23/26

JPY

3,699,100

USD

24,072

(408)

Goldman

Sachs

1/23/26

USD

12,299

JPY

1,872,245

Goldman

Sachs

1/23/26

USD

24,203

NZD

42,015

(11)

Goldman

Sachs

2/20/26

EUR

20,475

USD

23,726

Goldman

Sachs

2/20/26

GBP

18,780

USD

25,085

HSBC

Bank

1/23/26

JPY

7,424,090

USD

49,783

(2,290)

HSBC

Bank

1/23/26

NZD

20,985

USD

11,900

JPMorgan

Chase

2/20/26

EUR

USD

Morgan

Stanley

1/16/26

USD

5,764

MXN

106,362

(133)

Morgan

Stanley

1/23/26

USD

12,421

CHF

9,785

Morgan

Stanley

1/23/26

USD

32,617

JPY

4,855,355

1,557

Morgan

Stanley

1/26/26

CAD

16,905

USD

12,033

Morgan

Stanley

2/20/26

USD

7,524

EUR

6,456

(82)

RBC

Dominion

Securities

1/23/26

CAD

33,975

USD

24,592

RBC

Dominion

Securities

1/26/26

USD

24,710

CAD

34,535

(481)

RBC

Dominion

Securities

2/6/26

CLP

11,515,605

USD

12,204

599

RBC

Dominion

Securities

2/20/26

USD

23,647

EUR

20,305

(273)

Societe

Generale

1/23/26

JPY

3,809,305

USD

24,473

(105)

Societe

Generale

1/26/26

CAD

51,445

USD

36,958

568

Societe

Generale

2/20/26

EUR

74,231

USD

87,000

T. ROWE

PRICE

Dynamic

Credit

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS
(CONTINUED)

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Societe

Generale

2/20/26

GBP

46,145

USD

61,679

$

516

Standard

Chartered

1/23/26

AUD

17,770

USD

11,828

Standard

Chartered

1/26/26

USD

4,274

CAD

5,953

(68)

State

Street

1/23/26

CHF

4,845

USD

6,104

State

Street

2/20/26

EUR

8,329

USD

9,694

Toronto-Dominion

Bank

1/23/26

CAD

16,595

USD

12,073

Toronto-Dominion

Bank

2/20/26

EUR

20,925

USD

24,597

Toronto-Dominion

Bank

2/20/26

USD

74,729

EUR

64,104

(788)

UBS

Investment

Bank

1/23/26

CHF

10,085

USD

12,718

UBS

Investment

Bank

1/23/26

USD

24,534

CHF

19,400

(19)

UBS

Investment

Bank

1/23/26

USD

17,306

JPY

2,568,735

874

UBS

Investment

Bank

4/24/26

CHF

18,635

USD

23,862

(52)

Wells

Fargo

1/23/26

AUD

18,650

USD

12,406

Wells

Fargo

2/20/26

EUR

8,536

USD

9,937

Wells

Fargo

2/20/26

EUR

8,775

USD

10,342

(4)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

1,108

T. ROWE

PRICE

Dynamic

Credit

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

Euro

BTP

contracts

3/26

(34,885)

$

(157)

Short,

730

Euro

BUND

contracts

3/26

(109,442)

Long,

4,769

Three

Month

SOFR

Futures

contracts

9/26

1,152,787

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (#### 825

####)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### (#### 238

####)
T. ROWE

PRICE

Dynamic

Credit

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

December

31,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
Sasol

Financing

USA,

4.50%,

11/8/27

$

—

$

$

T. Rowe

Price

Government

Reserve

Fund,

3.77%

—

—

1,693

++

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

—

—

++

Totals

$

—

#

$

$

1,991

+

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 12/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 12/31/25
Sasol

Financing

USA,

4.50%,

11/8/27

$

—

$

15,212

$

—

$

15,640

T. Rowe

Price

Government

Reserve

Fund,

3.77%

66,702

¤

¤

22,117

T. Rowe

Price

Treasury

Reserve

Fund,

3.75%

—

¤

¤

47,228

Total

$

84,985

^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

.

+

Investment

income

comprised

$1,991

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$84,728.

T. ROWE

PRICE

Dynamic

Credit

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$1,228,221)

$

1,223,427

Interest

and

dividends

receivable

18,743

Bilateral

swap

premiums

paid

12,651

Unrealized

gain

on

forward

currency

exchange

contracts

9,858

Receivable

for

investment

securities

sold

6,561

Receivable

for

shares

sold

5,629

Unrealized

gain

on

bilateral

swaps

1,731

Cash

1,213

Due

from

affiliates

Foreign

currency

(cost

$58)

Other

assets

Total

assets

1,280,402

#### Liabilities
Obligation

to

return

securities

lending

collateral

47,228

Payable

for

investment

securities

purchased

34,016

Unrealized

loss

on

forward

currency

exchange

contracts

8,750

Payable

for

shares

redeemed

4,012

Options

written

(premiums

$872)

588

Bilateral

swap

premiums

received

585

Unrealized

loss

on

bilateral

swaps

540

Investment

management

fees

payable

515

Variation

margin

payable

on

futures

contracts

Variation

margin

payable

on

centrally

cleared

swaps

Payable

to

directors

Other

liabilities

6,232

Total

liabilities

102,826

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 1,177,576
T. ROWE

PRICE

Dynamic

Credit

Fund

December

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

(10,955)

Paid-in

capital

applicable

to

133,912,715

shares

of

$0.01

par

value

capital

stock

outstanding;

18,000,000,000

shares

of

the

Corporation

authorized

1,188,531

#### NET

#### ASSETS

#### $

#### 1,177,576

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $83,213;

#### Shares

#### outstanding:

#### 9,449,422)

#### $

#### 8.81

#### I

#### Class

#### (Net

#### assets:

#### $86,800;

#### Shares

#### outstanding:

#### 9,869,200)

#### $

#### 8.80

#### Z

#### Class

#### (Net

#### assets:

#### $1,007,563;

#### Shares

#### outstanding:

#### 114,594,093)

#### $

#### 8.79
T. ROWE

PRICE

Dynamic

Credit

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

12/31/25

#### Investment

#### Income
(Loss)

Income

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

(net

of

foreign

taxes

of

$243)

$

89,919

Dividend

2,406

Securities

lending

Total

income

92,497

Expenses

Investment

management

5,711

Shareholder

servicing

Investor

Class

$

I

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Z

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(5,424)

Total

expenses

917

Net

investment

income

91,580

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

12/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$172)

4,050

Futures

Swaps

(12,468)

Options

written

2,212

Forward

currency

exchange

contracts

(4,304)

Foreign

currency

transactions

(699) Net

realized

loss

(10,762)

Change

in

net

unrealized

gain

/

loss

Securities

2,924

Futures

Swaps

(3,010)

Options

written

Forward

currency

exchange

contracts

(518) Other

assets

and

liabilities

denominated

in

foreign

currencies

(33) Change

in

net

unrealized

gain

/

loss

(258) Net

realized

and

unrealized

gain

/

loss

(11,020)

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 80,560
T. ROWE

PRICE

Dynamic

Credit

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

91,580

$

79,175

Net

realized

gain

(loss)

(10,762)

19,865

Change

in

net

unrealized

gain

/

loss

(258) (24,300)

Increase

in

net

assets

from

operations

80,560

74,740

Distributions

to

shareholders

Net

earnings

Investor

Class

(3,998)

(1,364)

I

Class

(6,231)

(2,124)

Z

Class

(79,314)

(68,291)

Decrease

in

net

assets

from

distributions

(89,543)

(71,779)

Capital

share

transactions

\*

Shares

sold

Investor

Class

106,362

17,277

I

Class

170,004

13,819

Z

Class

77,611

115,044

Distributions

reinvested

Investor

Class

3,888

1,340

I

Class

6,074

2,101

Z

Class

79,173

68,404

Shares

redeemed

Investor

Class

(51,008)

(12,246)

I

Class

(120,392)

(12,989)

Z

Class

(101,042)

(88,702)

Increase

in

net

assets

from

capital

share

transactions

170,670

104,048

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

12/31/25

12/31/24

#### Net

#### Assets
Increase

during

period

161,687

107,009

Beginning

of

period

1,015,889

908,880

#### End

#### of

#### period

#### $

#### 1,177,576

#### $

#### 1,015,889
\*Share

information

(000s)

Shares

sold

Investor

Class

11,989

1,952

I

Class

19,148

1,564

Z

Class

8,746

13,041

Distributions

reinvested

Investor

Class

I

Class

685

Z

Class

8,936

7,738

Shares

redeemed

Investor

Class

(5,753)

(1,382)

I

Class

(13,624)

(1,470)

Z

Class

(11,405)

(10,033)

Increase

in

shares

outstanding

19,160

11,799

T. ROWE

PRICE

Dynamic

Credit

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

T. Rowe

Price

International

Funds,

Inc. (the

corporation)

is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Dynamic

Credit

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks total

return

through

a

combination

of

income

and

capital

appreciation.

The

fund

has three classes

of

shares:

the

Dynamic

Credit

Fund

(Investor

Class),

the

Dynamic

Credit

Fund–I

Class

(I

Class)

and

the

Dynamic

Credit

Fund–Z

Class

(Z

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Z

Class

is

only

available

to

funds

advised

by

T. Rowe

Price

Associates,

Inc.

and

its

affiliates

and

other

clients

that

are

subject

to

a

contractual

fee

for

investment

management

services. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

#### NOTE

#### 1

#### -

#### SIGNIFICANT

#### ACCOUNTING

#### POLICIES

#### Basis

#### of

#### Preparation
The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

*Accounting* 

*Standards* 

*Codification* 

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946. GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

#### Investment

#### Transactions,

#### Investment

#### Income,

#### and

#### Distributions
Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

T. ROWE

PRICE

Dynamic

Credit

Fund

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any, are

declared

by

each

class daily

and

paid

monthly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

#### Currency

#### Translation
Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

#### Class

#### Accounting
Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class's

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class's

outstanding

shares.

#### Capital

#### Transactions
Each

investor's

interest

in

the

net

assets

of

the

fund

is

represented

by

fund

shares.

The

fund's

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

p.m.

Eastern

time,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T. Rowe

Price

Associates,

Inc.,

or

its

agents.

#### Indemnification
In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund's

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

T. ROWE

PRICE

Dynamic

Credit

Fund

#### NOTE

#### 2

#### -

#### VALUATION

#### Fair

#### Value
&nbsp;&nbsp;&nbsp;&nbsp;The

fund's

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund's

Board

of

Directors

(the

Board)

has

designated

T. Rowe

Price

Associates,

Inc.

as

the

fund's

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

–

unobservable

inputs

(including

the Valuation

Designee's assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

T. ROWE

PRICE

Dynamic

Credit

Fund

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

#### Valuation

#### Techniques
Debt

securities

are

generally traded

in

the over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund's portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decides whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

or how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee's

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee's

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

T. ROWE

PRICE

Dynamic

Credit

Fund

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee's

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

the

greatest

weight

to

actual

prices

in

arm's

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Valuation

#### Inputs
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

December

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Fixed

Income

Securities

$

—

$

174,234

$

—

$

174,234

Asset-Backed

Securities

—

121,826

3,805

125,631

Bank

Loans

—

135,988

14,261

150,249

Common

Stocks

—

2,283

—

2,283

Convertible

Preferred

Stocks

6,121

—

14,037

20,158

Corporate

Bonds

—

543,652

14,463

558,115

Non-U.S.

Government

Mortgage-Backed

Securities

—

31,562

4,315

35,877

Private

Investment

Company

—

—

—

2,762

Short-Term

Investments

22,117

82,062

—

104,179

Securities

Lending

Collateral

47,228

—

—

47,228

Options

Purchased

—

2,711

—

2,711

Total

Securities

75,466

1,094,318

50,881

1,223,427

Swaps\*

—

19,490

—

19,490

Forward

Currency

Exchange

Contracts

—

9,858

—

9,858

Futures

Contracts\*

744

—

—

744

Total

$

76,210

$

1,123,666

$

50,881

$

1,253,519

#### Liabilities
Options

Written

$

—

$

588

$

—

$

588

Swaps\*

—

12,858

—

12,858

Forward

Currency

Exchange

Contracts

—

8,750

—

8,750

Futures

Contracts\*

—

—

Total

$

$

22,196

$

—

$

22,353

T. ROWE

PRICE

Dynamic

Credit

Fund

Includes

Convertible

Bonds,

Government

Bonds,

Municipal

Securities

and

U.S.

Government

&

Agency

Mortgage-Backed

Securities.

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T. ROWE

PRICE

Dynamic

Credit

Fund

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

year ended

December

31,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

December

31,

2025,

totaled $1,266,000 for

the

year ended

December

31,

2025. During

the

year,

transfers

into

Level

resulted

from

a

lack

of

observable

market

data

for

the

security

and

transfers

out

of

Level

were

because

observable

market

data

became

available

for

the

security.

($000s)

#### Beginning

#### Balance

#### 12/31/24

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Transfer

#### Into

#### Level 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Ending

#### Balance

#### 12/31/25
Investment

in

Securities

Asset-

Backed

Securities

$

—

$

(437) $

$

(138) $

4,300

$

—

$

3,805

Bank

Loans

21,127

—

(6,943)

—

—

14,261

Common

Stocks

(2) —

—

—

(16) —

Convertible

Preferred

Stocks

4,334

1,245

8,458

—

—

—

14,037

Corporate

Bonds

13,824

5,092

(4,900)

—

—

14,463

Non-U.S.

Government

Mortgage-

Backed

Securities

5,031

—

(737) —

—

4,315

Total

$

44,334

$

1,351

$

13,630

$

(12,718)

$

4,300

$

(16) $

50,881

T. ROWE

PRICE

Dynamic

Credit

Fund

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund's

Level

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Asset-

Backed

Securities

$3,805

Discounted

cash

flow

Discount

rate

11%

11%

Decrease

Bank

Loans

$14,261

Discounted

cash

flow

Discount

rate

3%

-

4%

4%

Decrease

Discount

spread

5%

5%

Decrease

Convertible

Preferred

Stocks

$14,037

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Corporate

Bonds

$14,463

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Non-U.S.

Government

Mortgage-

Backed

Securities

$4,315

Discounted

cash

flow

Discount

rate

4%

4%

Decrease

T. ROWE

PRICE

Dynamic

Credit

Fund

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee's

judgment

of

current

market

participant

assumptions.

\*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

\*\*

Represents

the

directional

change

in

the

fair

value

of

the

Level

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

December

31,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Discount

spread

2%

2%

Decrease

T. ROWE

PRICE

Dynamic

Credit

Fund

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures,

Securities^

$

4,894

Foreign

exchange

derivatives

Forwards

9,858

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps,

Securities^

15,716

Equity

derivatives

Bilateral

Swaps,

Securities^

2,335

^

,\*

Total

$

32,803

^

,\*

#### Liabilities
Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

2,895

Foreign

exchange

derivatives

Forwards

8,750

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps,

Options

Written

10,453

Equity

derivatives

Bilateral

Swaps

Total

$

22,353

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T. ROWE

PRICE

Dynamic

Credit

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

December

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Options

#### Written

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

(1,325)

$

(1,325)

Interest

rate

derivatives

(3,744)

—

—

5,064

1,767

Foreign

exchange

derivatives

(322) —

—

(4,304)

—

(4,626)

Credit

derivatives

(3,114)

1,817

—

—

(12,933)

(14,230)

Equity

derivatives

(2,062)

—

—

(3,274)

(4,941)

Total

$

(9,242)

$

2,212

$

$

(4,304)

$

(12,468)

$

(23,355)

T. ROWE

PRICE

Dynamic

Credit

Fund

#### Counterparty

#### Risk

#### and

#### Collateral
The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Options

#### Written

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Change

#### in

#### Unrealized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

1,413

$

1,413

Interest

rate

derivatives

(78) —

—

(2,002)

(1,985)

Foreign

exchange

derivatives

—

—

—

(518) —

(518) Credit

derivatives

(18) 284

—

—

(2,656)

(2,390)

Equity

derivatives

(1,741)

—

—

—

(1,506)

Total

$

(1,837)

$

$

$

(518) $

(3,010)

$

(4,986)

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Dynamic

Credit

Fund

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs), with

a

Credit

Support

Annex

(CSA),

if

any,

that

governs

the

collateralization

process, or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

such

as

Additional

Termination

Events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements,

such

as

a

CSA, whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

December

31,

2025,

securities

valued

at $63,425,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

T. ROWE

PRICE

Dynamic

Credit

Fund

The

following

table

summarizes

the

fund's

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any.

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

($000s)

#### Gross

#### Value

#### on

#### Statements

#### of

#### Assets

#### and

#### Liabilities

#### Net

#### amount

#### due

#### (to)/from

#### Counterparty

#### or

#### Exchange

#### Collateral

#### Pledged
(Received)

#### by

#### Fund

#### Loss

#### Exposure,

#### After

#### Collateral\*

#### (not

#### less

#### than

#### $0)

#### Counterparty

#### Assets

#### Liabilities
Bank

of

America

$

935

$

(78) $

857

$

(1,012)

$

—

Barclays

Bank

774

(110) 664

(830) —

BNP

Paribas

13,443

(2,330)

11,113

(11,560)

—

BNY

Mellon

(854) (660) 725

Citibank

(41) 386

(525) —

Deutsche

Bank

(1,120)

(648) 584

—

Goldman

Sachs

1,690

(810) 880

(910) —

HSBC

Bank

(2,290)

(2,095)

1,799

—

JPMorgan

Chase

1,201

(313) 888

(1,338)

—

Morgan

Stanley

2,997

(278) 2,719

(2,635)

RBC

Dominion

Securities

785

(754) 31

—

Societe

Generale

1,530

(105) 1,425

(1,487)

—

Standard

Chartered

(68) (35) —

—

State

Street

—

—

Toronto-Dominion

Bank

(788) (705) 747

UBS

Investment

Bank

920

(71) 849

(911) —

Wells

Fargo

678

(4) 674

(850) —

Total

$

26,502

$

(10,014)

\*

In

situations

such

as

counterparty

default

or

bankruptcy,

the

fund

may

have

further

rights

of

offset

against

amounts

due

to

or

from

the

counterparty

under

other

agreements.

T. ROWE

PRICE

Dynamic

Credit

Fund

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

8%

and

18%

of

net

assets.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risk.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-

upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-

traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

T. ROWE

PRICE

Dynamic

Credit

Fund

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

7%

and

28%

of

net

assets.

#### Options
The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

options)

or

through

a

central

clearinghouse

(exchange-traded

options).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

T. ROWE

PRICE

Dynamic

Credit

Fund

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

174%

of

net

assets.

#### Swaps
The

fund

is

subject

to

interest

rate

risk,

credit

risk,

inflation

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. ROWE

PRICE

Dynamic

Credit

Fund

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets'

valuation

of

credit

quality.

As

of

December

31,

2025,

the

notional

amount

of

protection

sold

by

the

fund

totaled $333,513,000

(28.3%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract's

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

T. ROWE

PRICE

Dynamic

Credit

Fund

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-

traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

December

31,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

113%

and

214%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

#### Emerging

#### and

#### Frontier

#### Markets
The fund

invests,

either

directly

or

through

investments

in

other

T. Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund's

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

T. ROWE

PRICE

Dynamic

Credit

Fund

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

#### Noninvestment-Grade

#### Debt
The

fund

invests,

either

directly

or

through

its

investment

in

other

T. Rowe

Price

funds,

in

noninvestment-grade

debt,

including

"high

yield"

or

"junk"

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-

grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative.

#### Restricted

#### Securities
The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

#### Mortgage-Backed

#### Securities
The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

The

fund

also

invests

in

stripped

MBS,

created

when

a

traditional

MBS

is

split

into

an

interest-only

(IO)

and

a

principal-only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

IOs

also

risk

loss

of

invested

principal

from

faster-than-anticipated

prepayments.

#### Bank

#### Loans
The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment-grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

T. ROWE

PRICE

Dynamic

Credit

Fund

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

"covenant-lite"

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund's

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers'

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower's

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

#### Securities

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

T. ROWE

PRICE

Dynamic

Credit

Fund

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Any

non-cash

collateral

received

cannot

be

sold,

re-invested

or

pledged

by

the

fund,

except

in

the

event

of

borrower

default. Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

December

31,

2025,

the

value

of

loaned

securities

was

$45,466,000;

the

aggregate

value

of

collateral

was

$47,558,000

and

consisted

of

cash

collateral

and

related

investments

of

$47,228,000

and

U.S.

government

securities

of

$330,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $1,392,611,000 and

$1,259,859,000,

respectively,

for

the

year ended

December

31,

2025. #### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

character

of

net

currency

gains

or

losses,

the

character

of

income

on

certain

derivatives

contracts,

the

character

of

income

on

swaps

and

the

recharacterization

of

distributions.

T. ROWE

PRICE

Dynamic

Credit

Fund

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

December

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

December

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales,

the

realization

of

gains/losses

on

certain

open

derivative

contracts

and

the

character

of

income

on

certain

derivatives

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

post-October

loss

deferrals,

late-year

ordinary

loss

deferrals

and

straddle

deferrals.

The

fund

has

elected

to

defer

certain

losses

to

the

first

day

of

the

following

fiscal

year

for

post-October

capital

loss

deferrals

and

late-year

ordinary

loss

deferrals.

During

the

year

ended

December

31,

2025,

the

fund

utilized

$25,000

of

capital

loss

carryforwards.

($000s)

#### December

#### 31,

#### 2025

#### December

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

89,543

$

71,779

($000s)

Cost

of

investments

$

1,211,571

Unrealized

appreciation

$

47,699

Unrealized

depreciation

(43,708)

Net

unrealized

appreciation

(depreciation)

$

3,991

($000s)

Net

unrealized

appreciation

(depreciation)

$

3,991

Loss

carryforwards

and

deferrals

(14,946)

Total

distributable

earnings

(loss)

$

(10,955)

T. ROWE

PRICE

Dynamic

Credit

Fund

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.22%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

December

31,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

T. ROWE

PRICE

Dynamic

Credit

Fund

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

Z

Class

is

also

subject

to

a

contractual

expense

limitation

agreement

whereby

Price

Associates

has

agreed

to

waive

and/or

bear

all

of

the

Z

Class'

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

in

their

entirety.

This

fee

waiver

and/or

expense

reimbursement

arrangement

is

expected

to

remain

in

place

indefinitely,

and

the

agreement

may

only

be

amended

or

terminated

with

approval

by

the

fund's

Board.

Expenses

of

the

fund

waived/paid

by

the

manager

are

not

subject

to

later

repayment

by

the

fund.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended December

31,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $343,000 remain

subject

to

repayment

T. ROWE

PRICE

Dynamic

Credit

Fund

by

the

fund

at

December

31,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

For

the

year

ended

December

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$127,000

for

Price

Associates

and

$62,000

for

T. Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

December

31,

2025, 100%

of

the

Z

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Effective

November

12,

2025, cash

collateral

from

securities

#### Investor

#### Class

#### I

#### Class

#### Z

#### Class
Expense

limitation/I

Class

Limit

0.63%

0.05%

0.00%

Expense

limitation

date

02/28/27

02/28/27

N/A

(Waived)/repaid

during

the

period

($000s)

$(66)

$(6)

$(5,352)

T. ROWE

PRICE

Dynamic

Credit

Fund

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Treasury Reserve Fund.

Prior

to

November

12,

2025,

cash

collateral

from

securities

lending,

if

any,

was

invested

in

the

T. Rowe

Price

Government

Reserve

Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year

ended

December

31,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

T. ROWE

PRICE

Dynamic

Credit

Fund

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-

existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

T. ROWE

PRICE

Dynamic

Credit

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### of
T. #### Rowe

#### Price

#### International

#### Funds,

#### Inc.

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Dynamic

#### Credit

#### Fund

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Dynamic

Credit

Fund

(one

of

the

funds

constituting

T. Rowe

Price

International

Funds,

Inc.,

referred

to

hereafter

as

the

"Fund")

as

of

December

31,

2025,

the

related

statement

of

operations

for

the

year

ended

December

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

periods

indicated

therein

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

December

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

December

31,

2025

and

the

financial

highlights

for

each

of

the

periods

indicated

therein,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Dynamic

Credit

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

December

31,

2025

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

February

18,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Dynamic

Credit

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 12/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

For

taxable

non-corporate

shareholders,

$511,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$511,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j),

$81,645,000

of

the

fund's

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F1175-050

2/26

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

------

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | [The registrant's code of ethics pursuant to Item 2 of Form N-CSR is attached.](d71361dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d71361dex99cert.htm) |
| (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.](d71361dex99906ce.htm) |

---

------

#### 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. | T. Rowe Price International Funds, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | February 18, 2026 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | February 18, 2026 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>**

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Dynamic Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>**

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Dynamic Credit Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Dynamic Credit Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| Date: February 18, 2026 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date: February 18, 2026 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

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Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer