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Dynamic Global Bond Fund - Advisor Class

Invests at least 80% in bonds, and seeks to offer some protection against rising interest rates and a low correlation with the equity markets. May invest in a variety of debt securities, obligations issued by U.S. and foreign corporations, as well as bank loans.

The Fund is subject to the risk that rising interest rates will cause bond prices to fall. The fund is “nondiversified” so its share price can be expected to fluctuate more than that of a “diversified” fund. Investments in foreign bonds are subject to special risks, including potentially adverse overseas political and economic developments, greater volatility, lower liquidity, and the possibility that foreign currencies will decline against the dollar. The fund’s use of derivatives may expose it to additional volatility in comparison to investing directly in bonds and other debt securities.

PAIEXCUSIP 77956H567

Factsheet

Prospectus

More Literature

Morningstar (Category)

Morningstar
(Overall Rating)¹

Nontraditional Bond

(269 funds)

Data as of 12/31/2020

Fund Manager Tenure²

Net Assets³
(USD)

5yrs

$4.1b

Data as of 12/31/2020

Price
(USD)

Daily Price Change

$9.90

$-0.01

Data as of 01/15/2021

Morningstar Ratings™ are based on risk-adjusted returns. Click on "Overall Rating" for the fund's 3-, 5-, and 10-year (if applicable) Morningstar Ratings™.

References

Arif Husain, CFA, Portfolio Manager

Arif Husain is the head of the International Fixed Income Division. He is a co-portfolio manager for the International Bond and Institutional International Bond Strategies and the lead portfolio manager for the Global Aggregate Bond Strategy. Arif also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Strategy

Investment Objective

The fund seeks high current income.

Morningstar Fixed Income Style

Mid / Moderate

Data as of 12/31/2020

The Morningstar Style Box™, a proprietary Morningstar data point, is a 9-square grid that provides a graphical representation of the "investment style" of stocks and mutual funds. See disclaimer at bottom of page for more information.

Morningstar Rating

Period	Rating	Funds In Category (Nontraditional Bond)
Overall		269
3 Years		269
5 Years		240
10 Years	N/A	94

Yields & Dividends (Advisor Class)

30-Day SEC Standardized Yield

with waiver

1.66%

Data as of 12/31/2020

without waiver

1.40%

Data as of 12/31/2020

30-Day Annualized Dividend Yield

with waiver

2.75%

Data as of 01/15/2021

Monthly Dividend
(USD)

$0.025442934

Data as of 12/31/2020

Monthly Dividend
Rate

0.01%

Data as of 01/15/2021

Average Annual Total Returns (Advisor Class)

1 YR

9.28%

Benchmark

0.66%

Value

8.62%

Data as of 12/31/2020

3 YR

2.98%

Benchmark

1.79%

Value

1.19%

5 YR

2.20%

Benchmark

1.48%

Value

0.72%

Since Inception

2.50%

Benchmark

1.29%

Value

1.21%

Expense Ratio

Gross

1.21%

Net

0.90%

Limitation Type

Contractual

expires 04/30/2021

Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary and you may have a gain or loss when you sell your shares. Average annual total return figures include changes in principal value, reinvested dividends, and capital gain distributions.

The gross expense ratio reflects the fund expenses as stated in the fee table of the fund's prospectus prior to the deduction of any waiver or reimbursement. The net expense ratio reflects fund expenses after the deduction of any waiver or reimbursement. If a fund has an active contractual expense limitation, the expiration date is shown below the gross and net expense ratio values above. Expense ratios are as of the most recent prospectus.

Current Year Performance (Advisor Class)

Daily YTD

0.27%

Benchmark

0.01%

Value

0.26%

Data as of 01/15/2021

Monthly YTD

9.28%

Benchmark

0.66%

Value

8.62%

Data as of 12/31/2020

One Month

2.01%

Benchmark

0.02%

Value

1.99%

Three Months

2.58%

Benchmark

0.06%

Value

2.52%

Asset Allocation

Net Assets
(USD)

$4.1b

Largest Global ex-US Bonds 66.98% $2.8b

Other View complete Asset Allocation

Holdings

Total
Holdings

176

Largest Holding United Kingdom Gilt 8.33% Was (09/30/2020) 7.00%

Other View complete Full Holdings

Top 10 Issuers 49.31% View the latest Top 10 Issuers

Quality

N/A

Maturity

Weighted Average

6.31 Years

Duration

Weighted Average

-0.13 Years

Top

BBB

29.53%

Was (11/30/2020) 30.63%

Top

0-1 Years

26.67%

Was (11/30/2020) 26.67%

Top

3-5 Years

32.84%

Was (11/30/2020) 12.67%

Over

BBB

By 29.53%

Fund 29.53%

Benchmark 0.00%

Over

0-1 Years

By 26.67%

Fund 26.67%

Benchmark 0.00%

Over

3-5 Years

By 32.84%

Fund 32.84%

Benchmark 0.00%

Sectors

Total
Sectors

Largest Sector Government 72.48% Was (11/30/2020) 72.74%

Other View complete Sector Diversification

Over

Government

By 33.04%

Fund 72.48%

Benchmark 0.00%

Under

Collateralised

By -23.83%

Fund 4.73%

Benchmark 0.00%

MSCI index returns are shown with gross dividends reinvested.

Team (As of 12/31/2020)

Arif Husain, CFA
Portfolio Manager

Fund manager
since 2015
Years at
T. Rowe Price 7
Years investment
experience 25

Stephane Fertat
Portfolio Specialist

Stephane Fertat is a portfolio specialist in the Fixed Income Division. He also is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price International Ltd.

Years at
T. Rowe Price 13
Years investment
experience 23

Terry A. Moore, CFA
Portfolio Specialist

Terry Moore is a portfolio specialist in the Fixed Income Division. He is a member of the Global Multi-Sector, Dynamic Global Bond, Dynamic Credit Strategy, International Bond, and Customized Fixed Income Solutions teams, working closely with clients, consultants, and prospects. Terry is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc.

Years at
T. Rowe Price 11
Years investment
experience 25

For a complete list of the members of the fund's Investment Advisory Committee, please refer to the fund's prospectus.

How to Invest

View platform information

Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	12b-1 Fee	Expense Ratio
Share Class	Min Initial Investment (USD)	Min Subsequent Investment (USD)	12b-1 Fee	Gross	Net	Limitation Type	Limitation Expiration Date
Advisor Class Cusip 77956H567	$2,500	$100	0.25%	1.21%	0.90%	Contractual	04/30/2021
Investor Class Cusip 77956H575	$2,500	$100	0.00%	0.65%	0.65%	N/A	N/A
I Class Cusip 77956H468	$1,000,000*	N/A	0.00%	0.51%	0.51%	N/A	N/A

* Minimum initial investment $1,000,000. Minimum is generally waived for intermediaries, certain retirement plans, and certain institutional client accounts.

Investor Profile

An aggressive long-term, risk-tolerant investor seeking a high level of current income from global fixed income, who is willing to accept the fund's higher risk characteristics."
Stable or improving earnings and/or cash flow and sound or improving balance sheet
For investors seeking diversification relative to more credit oriented fixed income portfolio
Appropriate for both regular and tax-deferred accounts, such as IRAs.

Risk/Return Characteristics

Data as of 12/31/2020

Risk/Return (5 Years)	Fund	3 Month LIBOR in USD
Alpha	5.05%	0.00%
Beta	-12.25	1.00
R-Squared	0.06	1.00
Annualized Std. Deviation	3.18%	0.23%
Information Ratio	0.22	0.00
Sharpe Ratio	0.33	1.36
Tracking Error	3.27%	0.00%

Asset Allocation (12/31/2020)

As of end:

Category	% of Total Net Assets	Market Value (USD)
Convertibles	1.02%	$41,941,388.63
Global ex-US Bonds	66.98%	$2,754,151,186.50
Global ex-US Stock	0.01%	$411,190.08
Reserves	5.74%	$236,023,108.55
US Bonds	26.21%	$1,077,729,211.68
US Stock	0.04%	$1,644,760.34
Total Allocation		$4,111,900,845.78

Numbers may not total due to rounding; all numbers are percentages.

Holdings (12/31/2020)

As of end:

Security Name	% of Fund	Prev Qtr Change	Value	Sector	Industry	Country	Coupon Rate (%)	Quality	Maturity Date	Duration (Yrs)
United Kingdom Gilt	8.33%	1.33%	$342,455,779.59	Government	Foreign Govt & Muni (Excl Canadian)	United Kingdom	4.75%	Aa3	12/07/2030	8.44
U.S. Treasury Notes	4.86%	N/A	$199,971,079.25	US Govt & Agencies	U S Treasury Obligations	United States	1.13%	Aaa	02/28/2021	0.16
Bonos de la Tesoreria de la Republica en pesos	3.75%	0.11%	$154,261,490.39	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.50%	A1	03/01/2026	4.61
U.S. Treasury Inflation Indexed Bonds	3.47%	N/A	$142,664,190.62	US Govt & Agencies	U S Treasury Obligations	United States	0.63%	Aaa	04/15/2023	0.00
Indonesia Treasury Bond	3.34%	0.23%	$137,330,976.60	Government	Foreign Govt & Muni (Excl Canadian)	Indonesia	8.25%	NR	05/15/2029	6.25
Korea Treasury Bond	3.12%	N/A	$128,108,577.53	Government	Foreign Govt & Muni (Excl Canadian)	South Korea	1.88%	NR	03/10/2024	3.09
Japan Government Twenty Year Bond	2.47%	N/A	$101,761,335.49	Government	Foreign Govt & Muni (Excl Canadian)	Japan	1.90%	A1	09/20/2022	1.70
Japan Government Two Year Bond	2.41%	N/A	$98,896,136.63	Government	Foreign Govt & Muni (Excl Canadian)	Japan	0.10%	NR	10/01/2022	1.75
Russian Federal Bond - ofZ	2.30%	N/A	$94,424,078.40	Government	Foreign Govt & Muni (Excl Canadian)	Russia	7.65%	NR	04/10/2030	6.79
Brazil Notas do Tesouro Nacional Serie F	2.20%	N/A	$90,576,369.41	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	10.00%	Ba2	01/01/2027	4.66
Mexican Bonos	2.07%	0.34%	$85,168,380.04	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	7.75%	Baa1	11/13/2042	11.11
India Government Bond	2.00%	-0.02%	$82,129,236.39	Government	Foreign Govt & Muni (Excl Canadian)	India	7.59%	NR	01/11/2026	4.07
Romania Government Bond	1.95%	0.03%	$80,096,993.93	Government	Foreign Govt & Muni (Excl Canadian)	Romania	4.25%	NR	06/28/2023	2.34
Australia Government Bond	1.84%	-0.00%	$75,824,357.62	Government	Foreign Govt & Muni (Excl Canadian)	Australia	1.75%	NR	06/21/2051	24.57
Romania Government Bond	1.78%	0.03%	$73,195,761.90	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.00%	NR	02/12/2029	6.66
Serbia Treasury Bonds	1.78%	N/A	$73,145,433.21	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	5.88%	NR	02/08/2028	5.69
China Government Bond	1.77%	0.02%	$72,944,176.50	Government	Foreign Govt & Muni (Excl Canadian)	China	2.68%	NR	05/21/2030	8.24
Republic of South Africa Government Bond	1.55%	N/A	$63,828,637.62	Government	Foreign Govt & Muni (Excl Canadian)	South Africa	8.75%	Ba2	02/28/2048	8.91
U.S. Treasury Inflation Indexed Bonds	1.54%	N/A	$63,468,780.98	US Govt & Agencies	U S Treasury Obligations	United States	0.13%	Aaa	07/15/2030	4.70
Thailand Government Bond	1.51%	0.08%	$61,920,942.22	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	1.25%	Baa1	03/12/2028	6.92
India Government Bond	1.37%	-0.02%	$56,200,217.82	Government	Foreign Govt & Muni (Excl Canadian)	India	6.45%	NR	10/07/2029	6.58
Invesco Senior Loan ETF	1.31%	N/A	$53,694,800.00	Corporate High Grade	Investment Companies - Bonds	United States	N/A	N/A	N/A	0.96
Bonos de la Tesoreria de la Republica en pesos	1.30%	0.11%	$53,657,286.85	Government	Foreign Govt & Muni (Excl Canadian)	Chile	4.70%	NR	09/01/2030	7.83
Serbia Treasury Bonds	1.17%	N/A	$48,146,400.82	Government	Foreign Govt & Muni (Excl Canadian)	Serbia	4.50%	NR	08/20/2032	9.03
China development Bank	1.16%	0.04%	$47,817,745.96	Government	Foreign Govt & Muni (Excl Canadian)	China	4.24%	NR	08/24/2027	5.80
Cyprus Government International Bond	1.14%	0.01%	$46,683,216.47	Government	Foreign Govt & Muni (Excl Canadian)	Cyprus	2.75%	Ba2	05/03/2049	21.55
Philippine Government International Bond	1.12%	-0.00%	$45,926,920.60	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	6.25%	Baa2	01/14/2036	10.19
Israel Government Bond - Fixed	1.09%	0.03%	$45,009,527.54	Government	Foreign Govt & Muni (Excl Canadian)	Israel	3.75%	NR	03/31/2047	18.12
Thailand Government Bond	1.05%	0.08%	$43,057,728.31	Government	Foreign Govt & Muni (Excl Canadian)	Thailand	3.60%	NR	06/17/2067	26.41
U.S. Treasury Inflation Indexed Bonds	0.91%	N/A	$37,312,669.69	US Govt & Agencies	U S Treasury Obligations	United States	0.25%	Aaa	02/15/2050	17.63
Israel Government Bond - Fixed	0.88%	0.03%	$36,267,945.11	Government	Foreign Govt & Muni (Excl Canadian)	Israel	5.50%	NR	01/31/2042	14.44
Philippine Government International Bond	0.74%	-0.00%	$30,443,004.44	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	3.90%	Baa2	11/26/2022	1.82
Mexican Udibonos	0.62%	0.06%	$25,469,131.17	Government	Foreign Govt & Muni (Excl Canadian)	Mexico	4.00%	Baa1	11/30/2028	6.86
Arion Banki HF	0.54%	0.01%	$22,350,450.90	Corporate High Grade	Banking	Iceland	1.00%	NR	03/20/2023	2.18
Islandsbanki HF	0.53%	0.01%	$21,930,778.49	Corporate High Grade	Banking	Iceland	1.13%	NR	01/19/2024	2.01
Jack in the Box Funding	0.53%	-0.01%	$21,872,974.55	Mortgage Backed Securities	Asset Backed Other	United States	3.98%	NR	08/25/2049	2.48
Canadian Government Real Return Bond	0.53%	0.01%	$21,656,687.53	Government	Canadian Govts & Municipalities	Canada	4.00%	Aaa	12/01/2031	9.44
Wells Fargo	0.52%	-0.01%	$21,455,743.98	Corporate High Grade	Banking	United States	2.50%	A2	03/04/2021	0.17
Brazil Notas do Tesouro Nacional Serie	0.50%	0.19%	$20,634,086.49	Government	Foreign Govt & Muni (Excl Canadian)	Brazil	6.00%	Ba2	08/15/2050	15.43
Rci Banque	0.49%	0.01%	$19,971,084.37	Corporate High Grade	Automotive	France	2.25%	Baa2	03/29/2021	0.24
Romania Government Bond	0.48%	0.03%	$19,658,547.21	Government	Foreign Govt & Muni (Excl Canadian)	Romania	5.80%	NR	07/26/2027	5.56
Sempra Energy	0.47%	0.02%	$19,471,200.00	Corporate High Grade	Utilities	United States	6.75%	NR	07/15/2021	0.19
Malaysia Government Bond	0.47%	0.01%	$19,390,010.85	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.74%	A3	03/15/2046	15.16
Braskem Netherlands Finance BV	0.46%	0.05%	$18,842,341.29	Emerging Market Corporate	Em-Chemicals	Brazil	5.88%	NR	01/31/2050	13.92
HDFC Bank	0.45%	0.01%	$18,481,175.00	Emerging Market Corporate	Em-Banks	India	8.10%	Baa3	03/22/2025	3.47
Southern	0.44%	0.04%	$18,132,274.65	Corporate High Grade	Utilities	United States	6.75%	Baa3	08/01/2022	0.44
Mitsubishi Ufj Financial	0.44%	-0.01%	$18,129,409.40	Corporate High Grade	Banking	Japan	0.86%	A1	07/26/2021	0.07
Romanian Government International Bond	0.44%	0.01%	$18,105,827.28	Government	Foreign Govt & Muni (Excl Canadian)	Romania	2.38%	Baa3	04/19/2027	5.83
Cigna	0.44%	-0.01%	$17,968,210.34	Corporate High Grade	Miscellaneous	United States	0.88%	Baa2	09/17/2021	0.04
1MDB Global Investments	0.41%	0.00%	$16,838,720.91	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.40%	NR	03/09/2023	2.04
Cyprus Government International Bond	0.39%	0.01%	$16,032,506.81	Government	Foreign Govt & Muni (Excl Canadian)	Cyprus	3.88%	Ba2	05/06/2022	1.31
Verus Securitization Trust 2019-3	0.38%	-0.06%	$15,651,882.35	Mortgage Backed Securities	Whole Loans Backed	United States	2.78%	NR	07/25/2059	1.23
General Motors Financial	0.38%	-0.00%	$15,439,743.01	Corporate High Grade	Financial	United States	5.20%	Baa3	03/20/2023	2.09
Standard Chartered	0.37%	-0.00%	$15,402,833.54	Corporate High Grade	Banking	United Kingdom	1.43%	A2	09/10/2022	0.19
Shanghai Electric Group Global Investment	0.35%	-0.01%	$14,349,535.06	Corporate High Grade	Manufacturing	China	2.65%	A3	11/21/2024	3.54
Towd Point Mortgage Trust 2018-2	0.33%	-0.03%	$13,618,312.00	Mortgage Backed Securities	Whole Loans Backed	United States	3.25%	Aaa	03/25/2058	2.20
Celulosa Arauco Y Constitucion	0.33%	0.02%	$13,473,401.76	Emerging Market Corporate	Em-Forest Products	Chile	5.15%	Baa3	01/29/2050	15.90
Argentina Treasury Bond BONCER	0.32%	0.03%	$13,231,926.55	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	1.00%	NR	08/05/2021	0.75
PG&E	0.32%	0.01%	$13,097,739.71	Corporate High Yield	HY - Utilities	United States	5.50%	B1	06/23/2025	4.02
Takeda Pharmaceutical	0.30%	0.01%	$12,524,743.80	Corporate High Grade	Drugs	Japan	1.00%	Baa2	07/09/2029	8.06
Cyprus Government International Bond	0.30%	0.01%	$12,520,843.41	Government	Foreign Govt & Muni (Excl Canadian)	Cyprus	4.25%	Ba2	11/04/2025	4.50
Caixabank	0.30%	0.01%	$12,445,284.50	Corporate High Yield	Hy-Banking	Spain	6.75%	Ba3	09/13/2169	3.06
Banco Bilbao Vizcaya Argentaria	0.30%	0.00%	$12,441,865.89	Corporate High Yield	Hy-Banking	Spain	8.88%	Ba2	07/14/2169	0.27
Santander Consumer Finance	0.30%	0.01%	$12,437,620.32	Corporate High Grade	Banking	Spain	0.88%	A2	01/24/2022	1.06
Tobacco Settlement Financing Corp/VA	0.30%	-0.01%	$12,387,078.09	Tax-Free Revenue	Other Revenue	United States	6.71%	B3	06/01/2046	5.33
Tallgrass Energy Partners LP / Tallgrass Energy Finance	0.29%	0.02%	$11,948,884.47	Corporate High Yield	HY-Energy	United States	5.50%	B1	09/15/2024	1.45
Banco Comercial Portugues	0.29%	0.04%	$11,948,411.17	Corporate High Yield	Hy-Banking	Portugal	9.25%	B2	04/30/2169	2.57
Hardee s Funding	0.29%	N/A	$11,782,337.34	Mortgage Backed Securities	Asset Backed Other	United States	4.96%	NR	06/20/2048	4.16
Cyprus Government International Bond	0.28%	0.01%	$11,639,895.66	Government	Foreign Govt & Muni (Excl Canadian)	Cyprus	2.75%	Ba2	02/26/2034	11.35
Cyprus Government International Bond	0.28%	0.01%	$11,361,066.93	Government	Foreign Govt & Muni (Excl Canadian)	Cyprus	2.38%	Ba2	09/25/2028	7.18
Hyundai Capital America	0.27%	-0.01%	$10,953,694.74	Corporate High Grade	Automotive	United States	5.75%	Baa1	04/06/2023	2.12
Prairie Eci Acquiror	0.27%	0.02%	$10,934,625.00	Corporate High Yield	HY-Energy	United States	4.90%	B3	03/11/2026	0.06
American Tower	0.26%	-0.23%	$10,694,571.49	Corporate High Grade	Wireless Communications	United States	2.40%	Baa3	03/15/2025	3.94
Synchrony Financial	0.26%	0.00%	$10,589,517.59	Corporate High Grade	Financial	United States	4.50%	NR	07/23/2025	3.93
Charter Communications Operating	0.25%	-0.00%	$10,345,556.02	Corporate High Yield	HY-Cable Operators	United States	1.90%	Ba1	02/01/2027	0.08
Kfc Holding	0.25%	-0.00%	$10,323,390.04	Corporate High Yield	Hy - Miscellaneous	United States	1.89%	Ba1	04/03/2025	0.24
Pacific Gas & Electric	0.24%	0.00%	$9,885,194.50	Corporate High Grade	Utilities	United States	3.50%	Baa3	08/01/2050	18.30
Landsbankinn HF	0.24%	0.00%	$9,861,288.18	Corporate High Grade	Banking	Iceland	1.63%	NR	03/15/2021	0.20
Standard Chartered	0.23%	-0.00%	$9,614,647.96	Corporate High Grade	Banking	United Kingdom	4.64%	A2	04/01/2031	7.73
Occidental Petroleum	0.23%	0.01%	$9,381,047.78	Corporate High Yield	Hy-Petroleum	United States	8.50%	Ba2	07/15/2027	4.77
Mexico City Airport Trust	0.23%	0.05%	$9,277,390.22	Corporate High Grade	Transportation	Mexico	5.50%	Baa3	07/31/2047	14.00
BANK 2020-BNK25	0.22%	-0.01%	$9,193,997.17	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	2.84%	NR	01/15/2063	8.12
Tenet Healthcare	0.22%	0.01%	$9,040,869.80	Corporate High Yield	HY - Healthcare	United States	6.13%	Caa1	10/01/2028	4.27
BBCMS Mortgage Trust 2020-C6	0.21%	-0.00%	$8,707,726.00	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	2.84%	NR	02/15/2053	8.12
PNM Resources	0.21%	-0.00%	$8,599,818.17	Corporate High Grade	Utilities	United States	3.25%	Baa3	03/09/2021	0.18
ADMI	0.21%	N/A	$8,567,857.50	Corporate High Grade	Healthcare	United States	4.75%	B2	12/23/2027	3.74
BX Commercial Mortgage Trust 2020-BXLP	0.21%	-0.01%	$8,526,652.16	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	2.66%	NR	12/15/2036	0.50
Capital One Bank USA NA	0.20%	-0.00%	$8,101,233.71	Corporate High Grade	Banking	United States	2.01%	Baa1	01/27/2023	1.05
Verus Securitization Trust 2018-INV1	0.19%	-0.03%	$7,993,473.42	Mortgage Backed Securities	Whole Loans Backed	United States	3.63%	NR	03/25/2058	1.61
Townsquare Media	0.19%	N/A	$7,953,002.36	Corporate High Yield	HY-Broadcasting	United States	6.50%	B3	04/01/2023	0.04
SBA Tower Trust	0.19%	-0.00%	$7,874,692.20	Corporate High Grade	Wireless Communications	United States	2.84%	A2	01/15/2025	3.80
Clear Channel Outdoor Holdings	0.19%	0.01%	$7,755,631.70	Corporate High Yield	HY-Broadcasting	United States	3.71%	B1	08/21/2026	-0.01
Pacific Gas & Electric	0.18%	0.00%	$7,581,095.05	Corporate High Grade	Miscellaneous	United States	4.95%	Baa3	07/01/2050	16.82
Natixis Commercial Mortgage Securities Trust 2019-MILE	0.18%	-0.00%	$7,478,034.13	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	1.66%	NR	07/15/2036	0.54
Malaysia Government Bond	0.18%	0.01%	$7,323,551.54	Government	Foreign Govt & Muni (Excl Canadian)	Malaysia	4.92%	NR	07/06/2048	16.27
Ally Financial	0.18%	-0.01%	$7,316,027.02	Corporate High Grade	Miscellaneous	United States	4.63%	NR	05/19/2022	1.34
Level 3 Financing	0.17%	-0.00%	$7,024,699.77	Corporate High Grade	Miscellaneous	United States	1.90%	Ba1	03/01/2027	0.07
Standard Chartered	0.17%	-0.00%	$6,896,365.65	Corporate High Yield	Hy-Banking	United Kingdom	6.00%	Ba1	01/26/2169	3.99
Freddie Mac Structured Agency Credit Risk debt Notes	0.16%	-0.00%	$6,759,661.67	Mortgage Backed Securities	Whole Loans Backed	United States	2.45%	NR	09/25/2030	0.17
Energy Transfer Operating	0.16%	0.01%	$6,689,741.07	Corporate High Grade	Oil Field Serv	United States	6.25%	Baa3	04/15/2049	14.50
Carmax Auto Owner Trust 2019-2	0.16%	-0.00%	$6,656,305.68	Asst Backed Securities	Auto Backed	United States	3.16%	NR	02/18/2025	2.86
Townsquare Media	0.16%	N/A	$6,599,175.00	Corporate High Yield	HY-Broadcasting	United States	6.88%	B2	02/01/2026	3.10
Banco De Sabadell	0.16%	N/A	$6,532,531.86	Corporate High Yield	Hy-Banking	Spain	6.13%	NR	02/23/2169	1.56
Pra	0.16%	0.00%	$6,496,075.43	Corporate High Yield	Hy - Financial	United States	7.38%	Ba2	09/01/2025	2.15
Ivory Coast Government International Bond	0.16%	N/A	$6,473,824.59	Government	Foreign Govt & Muni (Excl Canadian)	Cote d Ivoire	4.88%	Ba3	01/30/2032	8.05
Diamond BC BV	0.16%	0.01%	$6,404,482.10	Corporate High Grade	Chemicals	United States	5.63%	Caa2	08/15/2025	1.57
UBS AG/London	0.15%	-0.00%	$6,370,675.20	Corporate High Grade	Banking	Switzerland	1.75%	Aa3	04/21/2022	1.21
Brookfield WEC Holdings	0.15%	-0.00%	$6,347,259.10	Corporate High Yield	HY - Utilities	United States	3.75%	B2	08/01/2025	3.81
Benchmark 2020-B16 Mortgage Trust	0.15%	-0.00%	$6,275,831.97	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	2.94%	Aa2	02/15/2053	8.09
Buckeye Partners	0.14%	-0.00%	$5,878,529.81	Corporate High Yield	HY-Energy	United States	2.90%	Ba1	11/01/2026	0.13
Romanian Government International Bond	0.14%	0.01%	$5,863,182.94	Government	Foreign Govt & Muni (Excl Canadian)	Romania	2.00%	Baa3	01/28/2032	9.89
Wynn Macau	0.14%	N/A	$5,775,678.82	Corporate High Grade	Gaming	Macau	5.63%	B1	08/26/2028	4.17
Lamar Media	0.14%	-0.01%	$5,679,275.00	Corporate High Grade	Broadcasting	United States	1.64%	Baa3	02/05/2027	-0.05
Santander Consumer Auto Receivables Trust 2020	0.13%	-0.00%	$5,404,383.36	Asst Backed Securities	Auto Backed	United States	3.71%	NR	02/17/2026	2.59
AerCap Ireland Capital DAC / AerCap Global Aviation Trust	0.13%	-0.00%	$5,252,308.64	Corporate High Grade	Financial	Ireland	3.50%	Baa3	05/26/2022	1.29
DRIVEN BRANDS FUNDING	0.13%	-0.00%	$5,218,707.28	Mortgage Backed Securities	Asset Backed Other	United States	3.98%	NR	10/20/2049	5.06
PG&E	0.13%	0.01%	$5,166,411.11	Corporate High Yield	HY - Utilities	United States	5.00%	B1	07/01/2028	3.46
Argentine Republic Government International Bond	0.12%	-0.00%	$5,124,974.70	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	0.13%	NR	07/09/2041	13.21
BX Commercial Mortgage Trust 2019-IMC	0.12%	0.00%	$5,041,328.15	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	2.31%	NR	04/15/2034	0.42
Egypt Government International Bond	0.12%	0.01%	$4,945,257.17	Government	Foreign Govt & Muni (Excl Canadian)	Egypt	5.25%	NR	10/06/2025	4.18
Carmax Auto Owner Trust 2019-3	0.12%	-0.00%	$4,868,173.21	Asst Backed Securities	Auto Backed	United States	2.60%	NR	06/16/2025	3.06
IRB Holding	0.11%	N/A	$4,716,461.65	Corporate High Yield	Hy-Restaurants	United States	4.25%	B2	12/15/2027	5.39
Energy Transfer Operating	0.11%	0.01%	$4,699,458.34	Corporate High Grade	Oil Field Serv	United States	6.00%	Baa3	06/15/2048	14.56
Hardee s Funding	0.11%	N/A	$4,695,260.36	Mortgage Backed Securities	Asset Backed Other	United States	3.98%	NR	12/20/2050	5.96
UniCredit	0.11%	0.00%	$4,685,571.69	Corporate High Grade	Banking	Italy	2.57%	Baa2	09/22/2026	4.42
FCA Bank SpA/Ireland	0.11%	0.01%	$4,554,328.23	Corporate High Grade	Automotive	Italy	1.63%	Baa1	09/29/2021	0.74
Towd Point Mortgage Trust 2018-3	0.11%	-0.01%	$4,506,465.39	Mortgage Backed Securities	Whole Loans Backed	United States	3.75%	NR	05/25/2058	2.26
Occidental Petroleum	0.11%	0.01%	$4,494,490.92	Corporate High Yield	Hy-Petroleum	United States	8.00%	Ba2	07/15/2025	3.61
Altice France Holding	0.11%	0.01%	$4,461,286.30	Corporate High Grade	Cable Operators	France	4.00%	Caa1	02/15/2028	4.56
Asurion	0.11%	N/A	$4,406,736.42	Corporate High Grade	Wireless Communications	United States	3.40%	Ba3	12/23/2026	0.07
Applebee S Funding Llc / Ihop Funding	0.11%	0.08%	$4,394,087.66	Mortgage Backed Securities	Asset Backed Other	United States	4.19%	NR	06/07/2049	3.15
General Motors Financial	0.11%	-0.00%	$4,385,522.50	Corporate High Grade	Financial	United States	3.20%	Baa3	07/06/2021	0.50
Occidental Petroleum	0.10%	0.01%	$4,312,572.14	Corporate High Yield	Hy-Petroleum	United States	3.40%	Ba2	04/15/2026	4.71
NGL Energy Partners LP / NGL Energy Finance	0.10%	N/A	$4,305,925.93	Corporate High Yield	Hy - Miscellaneous	United States	7.50%	B3	11/01/2023	2.27
Deephaven Residential Mortgage Trust 2018-3	0.10%	-0.02%	$4,210,051.81	Mortgage Backed Securities	Whole Loans Backed	United States	3.79%	NR	08/25/2058	0.93
Philippine Government International Bond	0.10%	-0.00%	$4,193,275.08	Government	Foreign Govt & Muni (Excl Canadian)	Philippines	4.95%	Baa2	01/15/2021	0.04
Refinitiv US Holdings	0.10%	-0.00%	$4,129,171.19	Corporate High Yield	HY-Information Technology	United States	3.40%	B2	10/01/2025	0.08
Nascar Holdings	0.10%	-0.00%	$3,958,798.91	Corporate High Yield	HY-Entertainment & Leisure	United States	2.90%	Ba3	10/19/2026	0.03
Cantor Commercial Real Estate Lending 2019-CF1	0.10%	-0.00%	$3,957,311.18	Mortgage Backed Securities	Commercial Mortgage Backed Securities	United States	4.66%	NR	05/15/2052	3.04
World Omni Auto Receivables Trust 2018-D	0.09%	-0.00%	$3,721,101.66	Asst Backed Securities	Auto Backed	United States	3.87%	NR	08/15/2025	1.88
Consolidated Communications	0.09%	0.00%	$3,658,846.63	Corporate High Yield	HY - Other Telecommunications	United States	6.50%	B2	10/01/2028	4.20
Ozark Holdings	0.08%	0.51%	$3,400,000.00	Corporate High Grade	Consumer Products	United States	4.75%	NR	12/10/2027	3.79
DISH Network	0.08%	0.00%	$3,379,656.69	Corporate High Yield	HY-Cable Operators	United States	3.38%	B1	08/15/2026	4.18
Towd Point Mortgage Trust 2017-6	0.08%	-0.01%	$3,325,486.88	Mortgage Backed Securities	Whole Loans Backed	United States	2.75%	Aaa	10/25/2057	1.99
Drive Auto Receivables Trust 2020-2	0.08%	-0.00%	$3,142,852.23	Asst Backed Securities	Auto Backed	United States	3.05%	Baa1	05/15/2028	2.69
Endeavor Energy Resources LP / EER Finance	0.08%	0.00%	$3,102,276.04	Corporate High Yield	HY-Energy	United States	6.63%	B1	07/15/2025	1.98
Towd Point Mortgage Trust 2018-1	0.07%	-0.01%	$3,043,426.40	Mortgage Backed Securities	Whole Loans Backed	United States	3.00%	Aaa	01/25/2058	1.94
New York Liberty development	0.07%	-0.00%	$3,024,500.15	Tax-Free Revenue	Other Revenue	United States	5.15%	NR	11/15/2034	4.83
SPX 03/19/2021 P 3100 OTC	0.07%	0.50%	$2,883,325.00	Index	Index	United States	N/A	NR	N/A	N/A
Caixabank	0.07%	0.01%	$2,754,988.72	Corporate High Yield	Hy-Banking	Spain	5.25%	Ba3	06/23/2169	4.37
Sequoia Mortgage Trust 2018-CH2	0.06%	-0.04%	$2,648,860.37	Mortgage Backed Securities	Whole Loans Backed	United States	4.00%	Aaa	06/25/2048	0.94
DRIVEN BRANDS FUNDING	0.06%	-0.00%	$2,569,377.88	Mortgage Backed Securities	Asset Backed Other	United States	4.74%	NR	04/20/2048	6.01
Drive Auto Receivables Trust 2020-2	0.06%	-0.00%	$2,475,048.89	Asst Backed Securities	Auto Backed	United States	2.28%	Aa3	08/17/2026	2.12
GM Financial Automobile Leasing Trust 2020-1	0.06%	-0.00%	$2,358,126.80	Asst Backed Securities	Auto Backed	United States	2.28%	NR	06/20/2024	1.69
Puerto Rico Commonwealth Aqueduct & Sewer Authority	0.06%	0.00%	$2,343,562.50	Tax-Free Revenue	Water & Sewer Revenue	United States	5.25%	Ca	07/01/2042	2.30
Pacific Gas & Electric	0.06%	0.00%	$2,287,610.83	Corporate High Grade	Utilities	United States	3.30%	Baa3	08/01/2040	14.37
Enlink Midstream Partners	0.05%	0.01%	$2,208,740.88	Corporate High Yield	HY-Energy	United States	5.45%	Ba2	06/01/2047	12.47
Standard Chartered	0.05%	-0.00%	$1,928,303.75	Corporate High Yield	Hy-Banking	United Kingdom	7.75%	Ba1	04/02/2169	2.04
Ortho-Clinical Diagnostics Inc / Ortho-Clinical Diagnostics	0.05%	0.00%	$1,913,974.23	Corporate High Yield	HY-Healthcare Services	United States	7.38%	Caa2	06/01/2025	2.13
Santander Drive Auto Receivables Trust 2017-3	0.05%	-0.00%	$1,867,777.99	Asst Backed Securities	Auto Backed	United States	4.97%	NR	01/15/2025	0.69
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue	0.04%	0.00%	$1,794,950.63	Tax-Free Revenue	Dedicated Tax Revenue	United States	4.33%	NR	07/01/2040	8.82
Metropolitan Pier & Exposition Authority	0.04%	-0.00%	$1,643,542.75	Tax-Free Revenue	Dedicated Tax Revenue	United States	5.00%	NR	06/15/2053	7.73
Exeter Automobile Receivables Trust 2020-3	0.03%	-0.00%	$1,316,086.79	Asst Backed Securities	Auto Backed	United States	1.32%	A1	07/15/2025	2.20
Metropolitan Pier & Exposition Authority	0.03%	-0.00%	$1,304,739.19	Tax-Free Revenue	Dedicated Tax Revenue	United States	5.00%	NR	06/15/2057	9.23
Exeter Automobile Receivables Trust 2020-3	0.03%	-0.00%	$1,252,776.46	Asst Backed Securities	Auto Backed	United States	1.73%	Baa2	07/15/2026	2.91
Intelsat Jackson Holdings	0.03%	-0.00%	$1,220,062.50	Corporate High Grade	Miscellaneous	United States	8.00%	NR	11/27/2023	2.87
SPX 03/19/2021 P 3300 OTC	0.03%	0.46%	$1,210,975.00	Index	Index	United States	N/A	NR	N/A	N/A
Intelsat Jackson Holdings	0.03%	-0.00%	$1,034,341.20	Corporate High Yield	Hy - Satellite	United States	8.75%	NR	01/02/2024	2.79
US Airways 2013-1 Class A Pass Through Trust	0.02%	N/A	$1,007,708.98	Corporate High Yield	Hy-Airlines	United States	3.95%	Ba1	05/15/2027	3.13
Banco De Sabadell	0.02%	N/A	$966,692.32	Corporate High Yield	Hy-Banking	Spain	2.00%	NR	01/17/2030	3.80
Fortenova Group TopCo B.V.	0.02%	0.45%	$953,925.65	Corporate High Yield	HY-Consumer Products	Netherlands	2.50%	NR	04/01/2024	1.94
Puerto Rico Commonwealth Aqueduct & Sewer Authority	0.01%	0.00%	$606,668.75	Tax-Free Revenue	Water & Sewer Revenue	United States	5.00%	Ca	07/01/2033	1.94
Fortenova Group STAK Stichting	0.01%	0.43%	$218,869.35	Corporate High Grade	Consumer Products	Netherlands	N/A	N/A	N/A	N/A
Argentine Republic Government International Bond	0.00%	-0.00%	$93,734.80	Government	Foreign Govt & Muni (Excl Canadian)	Argentina	1.00%	NR	07/09/2029	7.46
CDX IG S35 PAY 75 01/20/2021	0.00%	0.43%	$34,779.68	Corporate High Grade	Miscellaneous	United States	N/A	NR	N/A	0.06
SPX 03/19/2021 P 3550 OTC	-0.06%	0.37%	$-2,326,075.00	Index	Index	United States	N/A	NR	N/A	N/A

Numbers may not total due to rounding; all numbers are percentages.

Please note that holdings are released 15 days after the period end. From time to time, certain securities held may not be listed. This is done to prevent potential harm to the portfolio while the manager completes a buying or selling program in those securities.

The information shown does not reflect any ETFs that may be held in the portfolio.

Credit Quality (12/31/2020)

As of end:

Quality Rating	% of Fund	% of Benchmark
AAA	14.72%	0.00%
AA	12.02%	0.00%
A	17.34%	0.00%
BBB	29.53%	0.00%
BB	13.14%	0.00%
B	3.42%	0.00%
CCC	0.66%	0.00%
CC	0.39%	0.00%
Not Rated	3.03%	0.00%
Reserves	5.74%	0.00%

Benchmark: N/A

Sources: Moody's Investors Service; if Moody's does not rate a security, then Standard & Poor's (S&P) is used as a secondary source. When available, T. Rowe Price will use Fitch for securities that are not rated by Moodys or S&P. T. Rowe Price does not evaluate these ratings, but simply assigns them to the appropriate credit quality category as determined by the rating agency.

Numbers may not add due to rounding and/or the exclusion of reserves and other assets.

Bond Maturity (12/31/2020)

As of end:

Bond Maturity	% of Fund	% of Benchmark
0-1 Years	26.67%	0.00%
7-10 Years	18.20%	0.00%
1-3 Years	18.14%	0.00%
10+ Years	13.55%	0.00%
5-7 Years	12.31%	0.00%
Cash Equivalents	5.82%	0.00%
3-5 Years	5.31%	0.00%

Benchmark: 3 Month LIBOR in USD

Numbers may not total due to rounding; all numbers are percentages.

Duration Analysis (12/31/2020)

As of end:

Duration	% of Fund	% of Benchmark
3-5 Years	32.84%	0.00%
1-3 Years	22.39%	0.00%
7-10 Years	13.68%	0.00%
5-7 Years	10.23%	0.00%
Over 10 Years	9.26%	0.00%
Under 1 Year	5.85%	0.00%
Cash Equivalents	5.74%	0.00%

Benchmark: 3 Month LIBOR in USD

Duration is a measure of a bond fund's sensitivity to interest rate changes. Numbers may not total 100% due to rounding.

Sector Diversification (12/31/2020)

As of end:

Sector	% of Fund	% of Benchmark
Government	72.48%	0.00%
Corporate	10.41%	0.00%
Sub Investment Grade	6.59%	0.00%
Cash Equivalents	5.74%	0.00%
Collateralised	4.73%	0.00%
Other	0.05%	0.00%

Benchmark: N/A

Platforms (Advisor Class)

Platform	Retail Investor	Institutional Investor
Pershing	N/A	NTF
TD Ameritrade	N/A	NTF
Schwab	N/A	NTF
Fidelity	N/A	NTF

NTF No Transaction Fee
TF Transaction Fee
N/A Not Available

Calendar Year Performance

2015	2016	2017	2018	2019	2020
3.88%	4.34%	-2.15%	0.60%	-0.66%	9.28%	Fund
0.30%	0.75%	1.28%	2.34%	2.36%	0.66%	Benchmark
3.58%	3.59%	-3.43%	-1.74%	-3.02%	8.62%	Value added

Fund
Benchmark
Annual Report

Advisor Class Inception Date: 01/22/2015

Benchmark: 3 Month LIBOR in USD

Distributions (Advisor Class)

Period	Dividend From Net Income (USD)	Short-Term Capital Gains (USD)	Long-Term Capital Gains (USD)	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2020 Year End	-	-	-	12/15/2020	12/16/2020	12/17/2020	20201217
2019 Year End	-	-	-	12/16/2019	12/17/2019	12/18/2019	20191218
2018 Year End	-	$0.17	$0.003	12/14/2018	12/17/2018	12/18/2018	20181218
2017 Year End	-	-	-	12/15/2017	12/18/2017	12/19/2017	20171219

Future Declarations

Period	Declaration/Record Date	Ex-Dividend Date	Payment Date	Sort Column
2020 Year End	12/15/2020	12/16/2020	12/17/2020	20201217

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Number of years managing the fund. In the case of co-portfolio management, the longer tenure is displayed.

Figure applies to all share classes.

Morningstar (Category)

Morningstar(Overall Rating)1

Fund Manager Tenure2

Net Assets3(USD)

Price(USD)

Daily Price Change

Strategy

Investment Objective

Morningstar Fixed Income Style

Morningstar Rating

Yields & Dividends (Advisor Class)

30-Day SEC Standardized Yield

with waiver

without waiver

30-Day Annualized Dividend Yield

with waiver

Monthly Dividend(USD)

Monthly DividendRate

Average Annual Total Returns (Advisor Class)

1 YR

Benchmark

Value

3 YR

Benchmark

Value

5 YR

Benchmark

Value

Since Inception

Benchmark

Value

Expense Ratio

Gross

Net

Limitation Type

Current Year Performance (Advisor Class)

Daily YTD

Benchmark

Value

Monthly YTD

Benchmark

Value

One Month

Benchmark

Value

Three Months

Benchmark

Value

Asset Allocation

Net Assets(USD)

Holdings

TotalHoldings

Quality

Maturity

Weighted Average

Duration

Weighted Average

Top

BBB

Top

0-1 Years

Top

3-5 Years

Over

BBB

Over

0-1 Years

Over

3-5 Years

Sectors

TotalSectors

Over

Government

Under

Collateralised

Team (As of 12/31/2020)

Arif Husain, CFAPortfolio Manager

Stephane FertatPortfolio Specialist

Terry A. Moore, CFAPortfolio Specialist

How to Invest

Morningstar
(Overall Rating)¹

Fund Manager Tenure²

Net Assets³
(USD)

Price
(USD)

Monthly Dividend
(USD)

Monthly Dividend
Rate

Net Assets
(USD)

Total
Holdings

Total
Sectors

Arif Husain, CFA
Portfolio Manager

Stephane Fertat
Portfolio Specialist

Terry A. Moore, CFA
Portfolio Specialist

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