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: 811-22243
T. Rowe Price Global Multi-Sector Bond Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2024
Global Multi-Sector Bond Fund
This semi-annual shareholder report contains important information about Global Multi-Sector Bond Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Global Multi-Sector Bond Fund - Investor Class | $32 | 0.63% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $1,785,952 |
|---|
| Number of Portfolio Holdings | 470 |
|---|
| |
|---|
| Portfolio Turnover Rate | 47.2% |
|---|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
| Foreign Government Obligations & Municipalities | 39.4% |
| Corporate Bonds | 21.9 |
| Asset-Backed Securities | 13.0 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 10.9 |
| U.S. Treasury Obligations | 2.5 |
| Bond Mutual Funds | 2.4 |
| Non-U.S. Government Mortgage-Backed Securities | 1.8 |
| Bank Loans | 1.8 |
| Short-Term and Other | 6.3 |
Top Ten Holdings (as a % of Net Assets)
| U.S. Treasury Notes | 6.7% |
| United Kingdom Gilt | 6.7 |
| Government of Malaysia | 5.1 |
| U.S. Treasury Inflation-Indexed Notes | 2.8 |
| U.S. Treasury Bills | 2.5 |
| T. Rowe Price Institutional Floating Rate Fund - Institutional Class | 2.5 |
| Republic of Indonesia | 2.5 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Government of Singapore | 1.9 |
| Republic of Colombia | 1.9 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Global Multi-Sector Bond Fund
Investor Class (PRSNX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
Global Multi-Sector Bond Fund
This semi-annual shareholder report contains important information about Global Multi-Sector Bond Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Global Multi-Sector Bond Fund - Advisor Class | $47 | 0.91% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $1,785,952 |
|---|
| Number of Portfolio Holdings | 470 |
|---|
| |
|---|
| Portfolio Turnover Rate | 47.2% |
|---|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
| Foreign Government Obligations & Municipalities | 39.4% |
| Corporate Bonds | 21.9 |
| Asset-Backed Securities | 13.0 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 10.9 |
| U.S. Treasury Obligations | 2.5 |
| Bond Mutual Funds | 2.4 |
| Non-U.S. Government Mortgage-Backed Securities | 1.8 |
| Bank Loans | 1.8 |
| Short-Term and Other | 6.3 |
Top Ten Holdings (as a % of Net Assets)
| U.S. Treasury Notes | 6.7% |
| United Kingdom Gilt | 6.7 |
| Government of Malaysia | 5.1 |
| U.S. Treasury Inflation-Indexed Notes | 2.8 |
| U.S. Treasury Bills | 2.5 |
| T. Rowe Price Institutional Floating Rate Fund - Institutional Class | 2.5 |
| Republic of Indonesia | 2.5 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Government of Singapore | 1.9 |
| Republic of Colombia | 1.9 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Global Multi-Sector Bond Fund
Advisor Class (PRSAX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
Global Multi-Sector Bond Fund
This semi-annual shareholder report contains important information about Global Multi-Sector Bond Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Global Multi-Sector Bond Fund - I Class | $24 | 0.46% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $1,785,952 |
|---|
| Number of Portfolio Holdings | 470 |
|---|
| |
|---|
| Portfolio Turnover Rate | 47.2% |
|---|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
| Foreign Government Obligations & Municipalities | 39.4% |
| Corporate Bonds | 21.9 |
| Asset-Backed Securities | 13.0 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 10.9 |
| U.S. Treasury Obligations | 2.5 |
| Bond Mutual Funds | 2.4 |
| Non-U.S. Government Mortgage-Backed Securities | 1.8 |
| Bank Loans | 1.8 |
| Short-Term and Other | 6.3 |
Top Ten Holdings (as a % of Net Assets)
| U.S. Treasury Notes | 6.7% |
| United Kingdom Gilt | 6.7 |
| Government of Malaysia | 5.1 |
| U.S. Treasury Inflation-Indexed Notes | 2.8 |
| U.S. Treasury Bills | 2.5 |
| T. Rowe Price Institutional Floating Rate Fund - Institutional Class | 2.5 |
| Republic of Indonesia | 2.5 |
| Brazil Notas do Tesouro Nacional | 2.0 |
| Government of Singapore | 1.9 |
| Republic of Colombia | 1.9 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Global Multi-Sector Bond Fund
I Class (PGMSX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
PRSNX
Global
Multi-Sector
Bond
Fund
PRSAX
Global
Multi-
Sector
Bond
Fund–
.
Advisor Class
PGMSX
Global
Multi-Sector
Bond
Fund–
.
I Class
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9.87
$
9.52
$
10.45
$
11.87
$
11.13
$
11.32
Investment
activities
Net
investment
income
(1)(2)
0.24
0.51
0.34
0.33
0.35
0.38
Net
realized
and
unrealized
gain/
loss
0.24
0.36
(0.84)
(1.30)
0.81
(0.04)
Total
from
investment
activities
0.48
0.87
(0.50)
(0.97)
1.16
0.34
Distributions
Net
investment
income
(0.23)
(0.39)
(0.36)
(0.34)
(0.36)
(0.35)
Net
realized
gain
—
—
(0.07)
(0.11)
(0.06)
(0.16)
Tax
return
of
capital
—
(0.13)
—
—
—
(0.02)
Total
distributions
(0.23)
(0.52)
(0.43)
(0.45)
(0.42)
(0.53)
NET
ASSET
VALUE
End
of
period
$
10.12
$
9.87
$
9.52
$
10.45
$
11.87
$
11.13
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4.87%
9.30%
(4.75)%
(8.40)%
10.51%
3.01%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.68%
(4)
0.69%
0.71%
0.65%
0.65%
0.67%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.63%
(4)
0.63%
0.65%
0.65%
0.65%
0.66%
Net
investment
income
4.77%
(4)
5.25%
3.49%
2.90%
2.98%
3.37%
Portfolio
turnover
rate
(5)
47.2%
228.7%
257.6%
211.0%
90.7%
144.3%
Net
assets,
end
of
period
(in
thousands)
$837,549
$753,372
$664,681
$965,689
$1,336,300
$905,983
0%
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions;
had
these
transactions
been
excluded
from
the
calculation,
the
portfolio
turnover
for
the
periods
ending
11/30/24
and
5/31/24
would
have
been
29.2%
and
150.8%,
respectively.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9.88
$
9.53
$
10.46
$
11.88
$
11.15
$
11.33
Investment
activities
Net
investment
income
(1)(2)
0.23
0.48
0.32
0.30
0.32
0.35
Net
realized
and
unrealized
gain/
loss
0.24
0.36
(0.85)
(1.30)
0.79
(0.03)
Total
from
investment
activities
0.47
0.84
(0.53)
(1.00)
1.11
0.32
Distributions
Net
investment
income
(0.21)
(0.37)
(0.33)
(0.31)
(0.32)
(0.32)
Net
realized
gain
—
—
(0.07)
(0.11)
(0.06)
(0.16)
Tax
return
of
capital
—
(0.12)
—
—
—
(0.02)
Total
distributions
(0.21)
(0.49)
(0.40)
(0.42)
(0.38)
(0.50)
NET
ASSET
VALUE
End
of
period
$
10.14
$
9.88
$
9.53
$
10.46
$
11.88
$
11.15
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
4.82%
8.99%
(5.01)%
(8.66)%
10.07%
2.80%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.36%
(4)
1.59%
1.37%
1.00%
0.98%
1.06%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.91%
(4)
0.91%
0.93%
0.94%
0.95%
0.95%
Net
investment
income
4.50%
(4)
4.95%
3.25%
2.61%
2.69%
3.08%
Portfolio
turnover
rate
(5)
47.2%
228.7%
257.6%
211.0%
90.7%
144.3%
Net
assets,
end
of
period
(in
thousands)
$15,647
$16,331
$14,667
$14,758
$20,081
$16,388
0%
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions;
had
these
transactions
been
excluded
from
the
calculation,
the
portfolio
turnover
for
the
periods
ending
11/30/24
and
5/31/24
would
have
been
29.2%
and
150.8%,
respectively.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9.87
$
9.53
$
10.46
$
11.87
$
11.14
$
11.32
Investment
activities
Net
investment
income
(1)(2)
0.25
0.53
0.36
0.35
0.37
0.40
Net
realized
and
unrealized
gain/
loss
0.25
0.34
(0.84)
(1.29)
0.80
(0.03)
Total
from
investment
activities
0.50
0.87
(0.48)
(0.94)
1.17
0.37
Distributions
Net
investment
income
(0.24)
(0.40)
(0.38)
(0.36)
(0.38)
(0.36)
Net
realized
gain
—
—
(0.07)
(0.11)
(0.06)
(0.16)
Tax
return
of
capital
—
(0.13)
—
—
—
(0.03)
Total
distributions
(0.24)
(0.53)
(0.45)
(0.47)
(0.44)
(0.55)
NET
ASSET
VALUE
End
of
period
$
10.13
$
9.87
$
9.53
$
10.46
$
11.87
$
11.14
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
5.06%
9.36%
(4.58)%
(8.17)%
10.58%
3.27%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.54%
(4)
0.54%
0.55%
0.52%
0.53%
0.54%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.46%
(4)
0.47%
0.49%
0.49%
0.49%
0.50%
Net
investment
income
4.94%
(4)
5.43%
3.72%
3.09%
3.10%
3.53%
Portfolio
turnover
rate
(5)
47.2%
228.7%
257.6%
211.0%
90.7%
144.3%
Net
assets,
end
of
period
(in
thousands)
$932,756
$791,153
$566,416
$633,128
$281,219
$196,574
0%
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.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
(5)
The
portfolio
turnover
rate
calculation
includes
purchases
and
sales
from
the
mortgage
dollar
roll
transactions;
had
these
transactions
been
excluded
from
the
calculation,
the
portfolio
turnover
for
the
periods
ending
11/30/24
and
5/31/24
would
have
been
29.2%
and
150.8%,
respectively.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
November
30,
2024
(Unaudited)
Par/Shares
$
Value
(Amounts
in
000s)
‡
ASSET-BACKED
SECURITIES
13.0%
Car
Loan
1.0%
AmeriCredit
Automobile
Receivables
Trust
Series
2023-1,
Class
C
5.80%,
12/18/28
1,215
1,238
Avis
Budget
Rental
Car
Funding
AESOP
Series
2020-1A,
Class
D
3.34%,
8/20/26 (1)
5,000
4,910
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
B,
FRN
SOFR30A
+
1.30%,
6.034%,
12/26/31 (1)
715
716
Bayview
Opportunity
Master
Fund
VII
Series
2024-CAR1,
Class
C,
FRN
SOFR30A
+
1.50%,
6.234%,
12/26/31 (1)
185
186
Carvana
Auto
Receivables
Trust
Series
2024-N1,
Class
B
5.63%,
5/10/30 (1)
720
728
Carvana
Auto
Receivables
Trust
Series
2024-N1,
Class
C
5.80%,
5/10/30 (1)
1,900
1,932
Exeter
Automobile
Receivables
Trust
Series
2023-1A,
Class
D
6.69%,
6/15/29
265
270
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-1,
Class
B1
6.153%,
5/20/32 (1)
1,088
1,099
Huntington
Bank
Auto
Credit-Linked
Notes
Series
2024-2,
Class
B1
5.442%,
10/20/32 (1)
2,745
2,747
Santander
Drive
Auto
Receivables
Trust
Series
2021-4,
Class
E
4.03%,
3/15/29 (1)
3,500
3,452
U.S.
Bank
Series
2023-1,
Class
B
6.789%,
8/25/32 (1)
142
143
17,421
Other
Asset-Backed
Securities
11.8%
522
Funding
Series
2019-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.33%,
5.986%,
4/15/35 (1)
3,895
3,899
522
Funding
Series
2019-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.85%,
6.506%,
4/15/35 (1)
2,805
2,808
AGL
Series
2020-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.462%,
6.118%,
7/15/34 (1)
2,244
2,247
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Apidos
XVIII
Series
2018-18A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.33%,
1/22/38 (1)(2)
4,385
4,385
ARES
LI
Series
2019-51A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.36%,
5.922%,
10/15/37 (1)
3,135
3,131
ARES
Loan
Funding
III
Series
2022-ALF3A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.27%,
5.896%,
7/25/36 (1)
8,125
8,148
Ballyrock
Series
2021-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.322%,
5.978%,
4/15/34 (1)
3,255
3,261
CIFC
Funding
Series
2020-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.412%,
6.068%,
7/15/36 (1)
3,930
3,934
Cologix
Canadian
Issuer
Series
2022-1CAN,
Class
A2
4.94%,
1/25/52
(CAD) (1)
3,940
2,689
Crown
Point
Series
2018-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.23%,
5.847%,
10/20/31 (1)
3,180
3,183
Dell
Equipment
Finance
Trust
Series
2024-1,
Class
D
6.12%,
9/23/30 (1)
385
391
Driven
Brands
Funding
Series
2020-1A,
Class
A2
3.786%,
7/20/50 (1)
1,785
1,712
Dryden
Series
2016-45A,
Class
A1RR,
CLO,
FRN
3M
TSFR
+
1.08%,
5.736%,
10/15/30 (1)
3,020
3,025
Dryden
Series
2020-77A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.382%,
5.903%,
5/20/34 (1)
1,566
1,567
Dryden
Series
2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.009%,
7/17/34 (1)
3,840
3,841
Elara
HGV
Timeshare
Issuer
Series
2021-A,
Class
A
1.36%,
8/27/35 (1)
788
736
Elmwood
Series
2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
6.147%,
1/17/37 (1)
2,295
2,311
Elmwood
VIII
Series
2021-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.55%,
6.167%,
4/20/37 (1)
4,025
4,058
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
FirstKey
Homes
Trust
Series
2020-SFR2,
Class
D
1.968%,
10/19/37 (1)
3,455
3,342
Fortress
Credit
BSL
XV
Series
2022-2A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.40%,
6.032%,
10/18/33 (1)
3,965
3,978
Golub
Capital
Partners
Series
2019-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.34%,
5.889%,
10/20/37 (1)
2,835
2,835
Golub
Capital
Partners
Series
2022-60A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.31%,
5.936%,
10/25/34 (1)
2,865
2,873
Hardee's
Funding
Series
2020-1A,
Class
A2
3.981%,
12/20/50 (1)
4,510
4,236
Highbridge
Loan
Management
Series
5A-2015,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.06%,
6.068%,
10/15/30 (1)
1,220
1,219
HPS
Loan
Management
Series
11A-17,
Class
CR,
CLO,
FRN
3M
TSFR
+
2.212%,
6.743%,
5/6/30 (1)
7,190
7,201
Invesco
U.S.
Series
2023-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.57%,
6.202%,
4/22/37 (1)
1,410
1,419
Jamestown
XV
Series
2020-15A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.37%,
6.026%,
7/15/35 (1)
3,260
3,276
Jersey
Mike's
Funding
Series
2019-1A,
Class
A2
4.433%,
2/15/50 (1)
372
368
Jersey
Mike's
Funding
Series
2021-1A,
Class
A2I
2.891%,
2/15/52 (1)
50
48
Kings
Park
Series
2021-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.392%,
6.009%,
1/21/35 (1)
3,180
3,185
KKR
Series
2022-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.75%,
6.406%,
1/15/36 (1)
1,175
1,182
KKR
Series
2022-43A,
Class
BR,
CLO,
FRN
3M
TSFR
+
2.50%,
7.156%,
1/15/36 (1)
3,670
3,708
KKR
Series
40A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.30%,
5.917%,
10/20/34 (1)
1,345
1,352
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Madison
Park
Funding
XXIV
Series
2016-24A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.05%,
6.667%,
10/20/29 (1)
1,715
1,717
Madison
Park
Funding
XXXIII
Series
2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.946%,
10/15/32 (1)
3,135
3,138
Magnetite
XVII
Series
2016-17A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.50%,
6.117%,
4/20/37 (1)
3,895
3,912
MidOcean
Credit
XI
Series
2022-11A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.73%,
6.362%,
10/18/33 (1)
1,065
1,068
MidOcean
Credit
XI
Series
2022-11A,
Class
BR,
CLO,
FRN
3M
TSFR
+
2.65%,
7.282%,
10/18/33 (1)
1,600
1,605
MVW
Series
2020-1A,
Class
C
4.21%,
10/20/37 (1)
215
212
MVW
Series
2023-2A,
Class
A
6.18%,
11/20/40 (1)
3,240
3,307
Neuberger
Berman
Loan
Advisers
Series
2021-43A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.392%,
6.039%,
7/17/35 (1)
1,832
1,835
Northwoods
Capital
XIV
Series
2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.766%,
11/13/31 (1)
5,672
5,680
OCP
Series
2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.887%,
11/26/37 (1)
2,620
2,620
OCP
Series
2020-19A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.412%,
6.029%,
10/20/34 (1)
2,250
2,255
Octagon
Investment
Partners
49
Series
2020-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.52%,
6.176%,
4/15/37 (1)
1,205
1,209
Octane
Receivables
Trust
Series
2023-1A,
Class
C
6.37%,
9/20/29 (1)
3,340
3,395
Orion
Series
2023-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.90%,
6.526%,
10/25/36 (1)
2,200
2,213
OZLM
Funding
II
Series
2012-2A,
Class
A1A2,
CLO,
FRN
3M
TSFR
+
1.20%,
5.789%,
7/30/31 (1)
5,058
5,061
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Palmer
Square
Series
2020-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.65%,
6.173%,
11/15/36 (1)
2,955
2,969
Post
Road
Equipment
Finance
Series
2024-1A,
Class
A2
5.59%,
11/15/29 (1)
377
379
Rockford
Tower
Series
2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
5.651%,
8/20/32 (1)
7,672
7,651
RR
28
Series
2024-28RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.206%,
4/15/37 (1)
3,625
3,640
SEB
Funding
Series
2024-1A,
Class
A2
7.386%,
4/30/54 (1)
2,340
2,401
Signal
Peak
Series
2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.176%,
4/25/37 (1)
3,325
3,343
Signal
Peak
Series
2018-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
2.20%,
6.826%,
4/25/37 (1)
3,090
3,109
Sound
Point
XX
Series
2018-2A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.362%,
5.979%,
7/26/31 (1)
3,004
3,009
Sound
Point
XXII
Series
2019-1A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.65%,
1/20/32 (1)(2)
520
520
Symphony
Series
2023-30A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.54%,
6.157%,
10/20/37 (1)
2,085
2,103
Symphony
Series
2024-42A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.53%,
6.177%,
4/17/37 (1)
2,970
2,991
THL
Credit
Wind
River
Series
2018-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.20%,
5.856%,
7/15/30 (1)
2,846
2,850
THL
Credit
Wind
River
Series
2019-3A,
Class
CR2,
CLO,
FRN
3M
TSFR
+
2.00%,
4/15/31 (1)(2)
2,540
2,540
Trinitas
IX
Series
2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.817%,
1/20/32 (1)
3,966
3,972
Trinitas
VI
Series
2017-6A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.33%,
5.956%,
1/25/34 (1)
7,825
7,852
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Voya
Series
2018-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.20%,
5.856%,
10/15/31 (1)
3,122
3,124
Wellfleet
Series
2018-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
0.818%,
5.436%,
10/20/31 (1)
4,285
4,285
Wellfleet
Series
2021-1A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.482%,
6.099%,
4/20/34 (1)
3,825
3,835
Wind
River
Series
2022-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.34%,
5.972%,
7/20/35 (1)
7,880
7,894
Wise
Series
2024-2A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.46%,
6.76%,
7/15/37 (1)
7,890
7,911
211,153
Student
Loan
0.2%
Navient
Private
Education
Loan
Trust
Series
2017-A,
Class
B
3.91%,
12/16/58 (1)
559
551
Navient
Private
Education
Refi
Loan
Trust
Series
2020-BA,
Class
B
2.77%,
1/15/69 (1)
2,365
1,985
Navient
Private
Education
Refi
Loan
Trust
Series
2020-DA,
Class
B
3.33%,
5/15/69 (1)
2,005
1,723
4,259
Total
Asset-Backed
Securities
(Cost
$232,992)
232,833
BANK
LOANS
1.8%
(3)
FINANCIAL
INSTITUTIONS
0.5%
Brokerage
Asset
Managers
Exchanges
0.3%
Hightower
Holding,
FRN
3M
TSFR
+
3.50%,
8.071%,
4/21/28
4,815
4,857
4,857
Insurance
0.2%
Asurion
,
FRN
1M
TSFR
+
5.25%,
9.937%,
1/20/29
2,690
2,617
TIH
Insurance
Holdings,
FRN
3M
TSFR
+
3.25%,
7.854%,
5/6/31
1,335
1,338
TIH
Insurance
Holdings,
FRN
3M
TSFR
+
4.75%,
9.354%,
5/6/32
511
521
4,476
Total
Financial
Institutions
9,333
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
INDUSTRIAL
1.2%
Capital
Goods
0.4%
Engineered
Machinery
Holdings,
FRN
3M
TSFR
+
6.00%,
10.865%,
5/21/29
1,974
1,975
LTI
Holdings,
FRN
1M
TSFR
+
4.75%,
9.323%,
7/29/29
3,880
3,887
Pro
Mach
Group,
FRN
1M
TSFR
+
3.50%,
8.073%,
8/31/28
1,015
1,026
6,888
Communications
0.1%
Mercury
Data
Center
Bidco
,
FRN
3M
TSFR
+
4.75%,
9.762%,
9/5/29 (4)
2,500
2,488
2,488
Consumer
Non-Cyclical
0.2%
Medline
Borrower,
FRN
1M
TSFR
+
2.25%,
6.823%,
10/23/28
1,925
1,936
Triton
Water
Holdings,
FRN
3M
TSFR
+
4.00%,
8.604%,
3/31/28
1,042
1,049
2,985
Technology
0.5%
Ascend
Learning,
FRN
1M
TSFR
+
5.75%,
10.423%,
12/10/29
2,635
2,628
AthenaHealth
Group,
FRN
1M
TSFR
+
3.25%,
7.823%,
2/15/29
2,278
2,284
Delta
Topco,
FRN
3M
TSFR
+
3.50%,
8.198%,
11/30/29
2,200
2,214
Project
Alpha
Intermediate
Holding,
FRN
1M
TSFR
+
3.25%,
10/28/30 (2)
1,180
1,186
RealPage
,
FRN
1M
TSFR
+
6.50%,
11.187%,
4/23/29
995
982
9,294
Total
Industrial
21,655
UTILITY
0.1%
Electric
0.1%
Vistra
Zero
Operating,
FRN
1M
TSFR
+
2.75%,
7.323%,
4/30/31
1,647
1,659
Total
Utility
1,659
Total
Bank
Loans
(Cost
$32,483)
32,647
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
BOND
MUTUAL
FUNDS
2.4%
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.45% (5)(6)
4,602
43,720
Total
Bond
Mutual
Funds
(Cost
$42,608)
43,720
COMMON
STOCKS
0.0%
INDUSTRIAL
0.0%
Industrial
Other
0.0%
Mriya
Farming,
Recovery
Certificates
(EUR),
Acquisition
Date:
8/23/18,
Cost $— (4)(7)(8)
128
1
Total
Industrial
1
Total
Common
Stocks
(Cost
$–)
1
CONVERTIBLE
BONDS
0.2%
INDUSTRIAL
0.2%
Consumer
Cyclical
0.2%
Alibaba
Group
Holding,
0.50%,
6/1/31 (1)
700
756
Meituan
,
Zero
Coupon,
4/27/27
3,300
3,236
Total
Industrial
3,992
Total
Convertible
Bonds
(Cost
$4,040)
3,992
CORPORATE
BONDS
21.9%
FINANCIAL
INSTITUTIONS
9.1%
Banking
7.0%
American
Express,
VR,
5.043%,
7/26/28 (9)
1,780
1,791
Banca
Transilvania
,
VR,
8.875%,
4/27/27
(EUR) (9)
2,675
2,995
Banco
Comercial
Portugues
,
VR,
6.888%,
12/7/27
(EUR) (9)
2,200
2,512
Banco
de
Sabadell,
VR,
5.125%,
11/10/28
(EUR) (9)
3,500
3,925
Banco
Santander,
VR,
7.525%,
10/1/28 (9)
2,975
3,114
Bangkok
Bank,
VR,
3.733%,
9/25/34 (9)
3,445
3,152
Bank
of
America,
VR,
5.819%,
9/15/29 (9)
3,920
4,058
Bank
of
the
Philippine
Islands,
5.25%,
3/26/29
3,050
3,095
Barclays,
VR,
4.837%,
9/10/28 (9)
10,120
10,031
BBVA
Bancomer
,
VR,
8.125%,
1/8/39 (1)(9)(10)
2,950
3,024
CaixaBank
,
VR,
5.375%,
11/14/30
(EUR) (9)
3,400
3,970
Canadian
Imperial
Bank
of
Commerce,
VR,
4.508%,
9/11/27 (9)
11,745
11,714
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Ceska
sporitelna
,
VR,
5.737%,
3/8/28
(EUR) (9)
6,200
6,903
Commerzbank,
VR,
5.125%,
1/18/30
(EUR) (9)
2,800
3,170
Danske
Bank,
VR,
4.298%,
4/1/28 (1)(9)
5,475
5,398
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (9)
2,395
2,383
ING
Groep
,
VR,
6.114%,
9/11/34 (9)
5,255
5,547
Intesa
Sanpaolo,
1.75%,
3/20/28
(EUR)
5,550
5,666
mBank
,
VR,
8.375%,
9/11/27
(EUR) (9)
2,500
2,850
National
Bank
of
Canada,
4.50%,
10/10/29 (10)
5,095
5,010
OTP
Bank,
VR,
7.35%,
3/4/26
(EUR) (9)
2,850
3,037
Standard
Chartered,
VR,
0.85%,
1/27/28
(EUR) (9)
4,015
4,059
Standard
Chartered,
VR,
2.819%,
1/30/26 (1)(9)
7,205
7,174
Sumitomo
Mitsui
Trust
Bank,
4.45%,
9/10/27 (1)
11,125
11,064
UBS
Group,
VR,
7.75%,
3/1/29
(EUR) (9)
5,175
6,262
Wells
Fargo,
VR,
3.526%,
3/24/28 (9)
2,815
2,737
124,641
Finance
Companies
0.2%
AerCap
Ireland
Capital,
3.00%,
10/29/28
3,745
3,499
3,499
Financial
Other
0.5%
Blackstone
Property
Partners
Europe
Holdings,
1.00%,
5/4/28
(EUR)
4,205
4,088
Country
Garden
Holdings,
5.125%,
1/17/25 (8)(11)
2,400
240
Kaisa
Group
Holdings,
11.25%,
4/9/22 (8)(11)
5,000
275
MAF
Global
Securities,
VR,
7.875% (9)(12)
4,200
4,352
8,955
Insurance
0.9%
AIA
Group,
3.20%,
9/16/40
4,200
3,261
Athene
Global
Funding,
5.684%,
2/23/26 (1)
5,370
5,412
CNO
Global
Funding,
4.95%,
9/9/29 (1)
1,880
1,880
Equitable
Financial
Life
Global
Funding,
5.50%,
12/2/25 (1)
2,545
2,565
UnitedHealth
Group,
4.50%,
4/15/33
3,350
3,259
16,377
Real
Estate
Investment
Trusts
0.5%
Klepierre
,
3.875%,
9/23/33
(EUR)
1,400
1,524
MPT
Operating
Partnership,
0.993%,
10/15/26
(EUR) (10)
4,065
3,523
MPT
Operating
Partnership,
2.50%,
3/24/26
(GBP) (10)
1,400
1,535
Praemia
Healthcare
SACA,
0.875%,
11/4/29
(EUR)
3,500
3,277
9,859
Total
Financial
Institutions
163,331
INDUSTRIAL
11.3%
Basic
Industry
0.8%
CSN
Resources,
8.875%,
12/5/30
602
620
Hanwha
Totalenergies
Petrochemical,
5.50%,
7/18/29
3,050
3,101
IMCD,
4.875%,
9/18/28
(EUR)
3,650
4,069
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
POSCO,
5.625%,
1/17/26 (1)
1,450
1,461
POSCO,
5.75%,
1/17/28 (1)
1,740
1,788
Sociedad
Quimica
y
Minera
de
Chile,
6.50%,
11/7/33
3,049
3,181
14,220
Capital
Goods
0.9%
Boeing,
2.196%,
2/4/26
2,650
2,559
Boeing,
3.10%,
5/1/26
4,395
4,264
Highland
Holdings,
2.875%,
11/19/27
(EUR)
3,450
3,666
Itelyum
Regeneration,
4.625%,
10/1/26
(EUR)
2,700
2,829
TK
Elevator
Holdco,
6.625%,
7/15/28
(EUR)
2,201
2,324
15,642
Communications
2.1%
Africell
Holding,
10.50%,
10/23/29 (1)
3,665
3,629
Axian
Telecom,
7.375%,
2/16/27
3,600
3,615
Axian
Telecom,
7.375%,
2/16/27 (1)
1,490
1,497
Cellnex
Finance,
1.50%,
6/8/28
(EUR)
3,700
3,720
Charter
Communications
Operating,
6.384%,
10/23/35
4,300
4,410
CSC
Holdings,
11.25%,
5/15/28 (1)
2,615
2,582
HTA
Group,
7.50%,
6/4/29 (1)
1,350
1,376
Netflix,
3.625%,
5/15/27
(EUR)
3,730
4,034
Netflix,
4.625%,
5/15/29
(EUR)
4,705
5,349
Prosus
,
3.061%,
7/13/31
3,750
3,201
T-Mobile
USA,
3.875%,
4/15/30
4,176
3,990
37,403
Consumer
Cyclical
1.8%
Ferrari,
3.625%,
5/21/30
(EUR)
3,000
3,268
Motion
Bondco
,
4.50%,
11/15/27
(EUR)
2,875
2,848
Pandora,
4.50%,
4/10/28
(EUR)
4,330
4,777
Sands
China,
4.375%,
6/18/30 (10)
3,880
3,640
Uber
Technologies,
4.30%,
1/15/30
8,820
8,622
VF,
4.125%,
3/7/26
(EUR)
4,496
4,740
Vivo
Energy
Investments,
5.125%,
9/24/27 (1)
2,510
2,443
Vivo
Energy
Investments,
5.125%,
9/24/27
1,050
1,022
31,360
Consumer
Non-Cyclical
1.2%
Bimbo
Bakeries
USA,
6.05%,
1/15/29 (1)
2,975
3,067
CVS
Health,
5.05%,
3/25/48
4,425
3,908
Haleon
Netherlands
Capital,
1.75%,
3/29/30
(EUR)
6,550
6,569
JAB
Holdings,
5.00%,
6/12/33
(EUR)
3,400
3,966
LifePoint
Health,
11.00%,
10/15/30 (1)
3,850
4,235
21,745
Energy
2.4%
Eni,
5.50%,
5/15/34 (1)
2,729
2,758
Kosmos
Energy,
8.75%,
10/1/31 (1)(10)
3,860
3,673
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Occidental
Petroleum,
8.875%,
7/15/30
6,204
7,150
ONEOK,
4.25%,
9/24/27
6,915
6,830
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
3,005
3,084
TER
Finance
Jersey,
Series
21,
Zero
Coupon,
1/2/25 (1)(4)
8,400
8,359
Venture
Global
LNG,
8.375%,
6/1/31 (1)
3,080
3,234
Venture
Global
LNG,
VR,
9.00% (1)(9)(12)
1,670
1,731
Wintershall
Dea
Finance,
1.332%,
9/25/28
(EUR)
6,600
6,476
43,295
Industrial
Other
0.4%
SMIC
SG
Holdings,
5.375%,
7/24/29
6,500
6,470
6,470
Technology
1.0%
Cadence
Design
Systems,
4.20%,
9/10/27
2,325
2,309
Cloud
Software
Group,
8.25%,
6/30/32 (1)
3,085
3,209
Fortinet,
2.20%,
3/15/31
3,627
3,127
Hewlett
Packard
Enterprise,
4.45%,
9/25/26
6,795
6,729
SK
Hynix,
5.50%,
1/16/29 (1)(10)
3,050
3,102
18,476
Transportation
0.7%
APRR,
1.875%,
1/3/29
(EUR)
3,900
3,977
Autostrade
per
l'Italia
,
2.00%,
12/4/28
(EUR)
3,175
3,218
Brambles
Finance,
1.50%,
10/4/27
(EUR)
3,930
4,026
Fraport
Frankfurt
Airport
Services
Worldwide,
1.875%,
3/31/28
(EUR)
1,789
1,814
13,035
Total
Industrial
201,646
UTILITY
1.5%
Electric
1.0%
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (1)
3,740
3,688
Duke
Energy,
3.75%,
4/1/31
(EUR)
5,275
5,705
NRG
Energy,
VR,
10.25% (1)(9)(12)
2,830
3,134
PG&E,
VR,
7.375%,
3/15/55 (9)
4,221
4,348
Vistra
Operations,
6.00%,
4/15/34 (1)
1,320
1,373
18,248
Natural
Gas
0.5%
APA
Infrastructure,
0.75%,
3/15/29
(EUR)
3,445
3,293
APA
Infrastructure,
2.00%,
3/22/27
(EUR)
1,000
1,033
Engie
,
3.50%,
9/27/29
(EUR)
3,800
4,118
8,444
Total
Utility
26,692
Total
Corporate
Bonds
(Cost
$398,037)
391,669
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
39.4%
Government
Guarantee
0.2%
Magyar
Export-Import
Bank,
6.00%,
5/16/29
(EUR)
980
1,117
Magyar
Export-Import
Bank,
6.125%,
12/4/27 (1)
2,730
2,769
3,886
Owned
No
Guarantee
2.0%
Aena
,
4.25%,
10/13/30
(EUR)
3,400
3,823
Bank
Negara
Indonesia
Persero
,
3.75%,
3/30/26
3,225
3,147
Corp.
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53 (1)
1,505
1,518
Ecopetrol
,
8.375%,
1/19/36
3,085
3,041
Korea
National
Oil,
4.875%,
4/3/28 (1)
3,360
3,377
NBN,
5.75%,
10/6/28 (1)
4,000
4,146
Orsted
,
2.25%,
6/14/28
(EUR)
4,700
4,853
QatarEnergy
,
3.125%,
7/12/41 (1)
15,680
11,946
35,851
Sovereign
6.3%
Republic
of
Albania,
3.50%,
6/16/27
(EUR) (1)
1,635
1,709
Republic
of
Albania,
5.90%,
6/9/28
(EUR) (1)
4,140
4,589
Republic
of
Angola,
8.25%,
5/9/28
9,210
8,752
Republic
of
Angola,
9.50%,
11/12/25
7,730
7,809
Republic
of
Argentina,
1.00%,
7/9/29
11,600
9,007
Republic
of
Bulgaria,
5.00%,
3/5/37
3,920
3,742
Republic
of
Colombia,
7.75%,
11/7/36
17,900
17,991
Republic
of
Ecuador,
STEP,
6.90%,
7/31/30 (1)
12,400
8,416
Republic
of
El
Salvador,
7.125%,
1/20/50
5,450
4,600
Republic
of
El
Salvador,
9.25%,
4/17/30 (1)
4,380
4,605
Republic
of
Ivory
Coast,
5.875%,
10/17/31
(EUR)
3,700
3,700
Republic
of
Montenegro,
7.25%,
3/12/31 (1)
3,110
3,234
Republic
of
North
Macedonia,
6.96%,
3/13/27
(EUR) (1)
1,580
1,741
Republic
of
Serbia,
3.125%,
5/15/27
(EUR)
4,550
4,757
Republic
of
Serbia,
6.25%,
5/26/28 (1)
1,570
1,613
Republic
of
South
Africa,
7.95%,
11/19/54 (1)
8,520
8,630
Republic
of
Sri
Lanka,
6.125%,
6/3/25 (8)(11)
4,195
2,848
Republic
of
Sri
Lanka,
6.825%,
7/18/26 (8)(11)
5,515
3,724
Republic
of
Sri
Lanka,
6.85%,
11/3/25 (8)(11)
200
137
Republic
of
Sri
Lanka,
7.85%,
3/14/29 (8)(11)
3,375
2,299
State
of
Mongolia,
5.125%,
4/7/26
7,530
7,423
111,326
Treasuries
30.9%
Arab
Republic
of
Egypt,
Treasury
Bills,
28.60%,
3/4/25
(EGP)
503,300
9,456
Arab
Republic
of
Egypt,
Treasury
Bills,
28.688%,
3/11/25
(EGP)
379,825
7,098
Arab
Republic
of
Egypt,
Treasury
Bills,
29.00%,
3/18/25
(EGP)
112,800
2,097
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Arab
Republic
of
Egypt,
Treasury
Bills
,
31.25%,
12/10/24
(EGP)
466,450
9,379
Bonos
de
la
Tesoreria
de
la
Republica
,
6.00%,
4/1/33
(CLP) (1)
11,455,000
12,022
Brazil
Notas
do
Tesouro
Nacional,
10.00%,
1/1/31
(BRL)
243,340
34,897
Bundesrepublik
Deutschland
Bundesanleihe
,
2.50%,
8/15/54
(EUR)
15,106
16,568
Deutsche
Bundesrepublik
,
Inflation-Indexed,
0.10%,
4/15/33
(EUR)
26,196
27,369
Government
of
Japan,
1.30%,
3/20/63
(JPY)
4,099,050
19,354
Government
of
Japan,
2.20%,
6/20/54
(JPY)
279,300
1,853
Government
of
Japan,
Inflation-Indexed,
0.005%,
3/10/34
(JPY)
696,436
4,826
Government
of
Japan,
Inflation-Indexed,
0.10%,
3/10/25
(JPY)
1,085,840
7,305
Government
of
Malaysia,
3.733%,
6/15/28
(MYR)
15,960
3,616
Government
of
Malaysia,
4.498%,
4/15/30
(MYR)
215,980
50,605
Government
of
Malaysia,
4.642%,
11/7/33
(MYR)
153,809
36,774
Government
of
Singapore,
3.375%,
5/1/34
(SGD)
43,865
34,454
Italy
Buoni
Poliennali
Del
Tesoro,
4.50%,
10/1/53
(EUR) (1)
7,031
8,244
Kingdom
of
Spain,
1.90%,
10/31/52
(EUR) (1)
5,852
4,561
Kingdom
of
Sweden,
Inflation-Indexed,
0.125%,
6/1/32
(SEK)
65,637
5,947
People's
Republic
of
China,
3.32%,
4/15/52
(CNY)
15,000
2,527
People's
Republic
of
China,
3.53%,
10/18/51
(CNY)
10,000
1,740
People's
Republic
of
China,
4.00%,
6/24/69
(CNY)
10,000
2,059
Republic
of
Austria,
0.75%,
3/20/51
(EUR) (1)
11,318
7,493
Republic
of
Austria,
3.15%,
10/20/53
(EUR) (1)
7,081
7,904
Republic
of
Colombia,
13.25%,
2/9/33
(COP)
62,271,300
15,940
Republic
of
Cyprus,
1.25%,
1/21/40
(EUR)
120
96
Republic
of
Cyprus,
2.75%,
2/26/34
(EUR)
917
959
Republic
of
Czech,
1.50%,
4/24/40
(CZK)
236,610
7,018
Republic
of
India,
6.54%,
1/17/32
(INR)
1,375,920
16,096
Republic
of
India,
7.18%,
8/14/33
(INR)
930,240
11,236
Republic
of
Indonesia,
7.00%,
9/15/30
(IDR)
500,185,000
31,768
Republic
of
Indonesia,
7.375%,
10/15/30
(IDR)
184,390,000
11,932
Republic
of
Poland,
5.00%,
10/25/34
(PLN)
9,547
2,261
Republic
of
South
Africa,
8.875%,
2/28/35
(ZAR)
258,290
13,198
United
Kingdom
Gilt,
4.00%,
10/22/63
(GBP)
16,488
18,446
United
Kingdom
Gilt,
4.125%,
7/22/29
(GBP)
79,445
101,241
United
Mexican
States,
7.75%,
11/23/34
(MXN)
88,164
3,738
552,077
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$709,717)
703,140
MUNICIPAL
SECURITIES
1.5%
Colorado
0.2%
Colorado
HFA,
Covenant
Living
Community,
Series B,
3.36%,
12/1/30
3,955
3,562
3,562
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Puerto
Rico
0.3%
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (13)
9,427
5,821
5,821
Texas
0.2%
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series B,
10.00%,
7/1/26 (1)
3,610
3,689
3,689
Virginia
0.6%
Tobacco
Settlement
Fin.,
Series A-1,
6.706%,
6/1/46
12,320
10,538
10,538
West
Virginia
0.2%
Tobacco
Settlement
Fin.
Auth.,
Series B,
4.875%,
6/1/49
2,450
2,353
2,353
Total
Municipal
Securities
(Cost
$27,500)
25,963
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.8%
Collateralized
Mortgage
Obligations
0.7%
Angel
Oak
Mortgage
Trust
Series
2021-2,
Class
M1,
CMO,
ARM,
2.336%,
4/25/66 (1)
1,830
1,289
Bayview
Financing
Trust
Series
2024-2F,
Class
A,
CMO,
ARM,
8.10%,
9/25/29,
Acquisition
Date:
8/29/24,
Cost $2,103 (4)(7)
2,103
2,103
Bellemeade
Re
Series
2022-1,
Class
M1B,
CMO,
ARM,
SOFR30A
+
2.15%,
6.884%,
1/26/32 (1)
3,624
3,642
COLT
Mortgage
Loan
Trust
Series
2020-3,
Class
M1,
CMO,
ARM,
3.359%,
4/27/65 (1)
1,562
1,458
Galton
Funding
Mortgage
Trust
Series
2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
73
66
OBX
Trust
Series
2021-NQM1,
Class
M1,
CMO,
ARM,
2.219%,
2/25/66 (1)
1,095
928
Sequoia
Mortgage
Trust
Series
2017-2,
Class
B3,
CMO,
ARM,
3.558%,
2/25/47 (1)
2,775
2,312
Sequoia
Mortgage
Trust
Series
2018-CH3,
Class
A19,
CMO,
ARM,
4.50%,
8/25/48 (1)
11
10
SG
Residential
Mortgage
Trust
Series
2019-3,
Class
A3,
CMO,
ARM,
3.082%,
9/25/59 (1)
27
27
Starwood
Mortgage
Residential
Trust
Series
2020-INV1,
Class
A3,
CMO,
ARM,
1.593%,
11/25/55 (1)
224
213
Verus
Securitization
Trust
Series
2023-8,
Class
A3,
CMO,
STEP,
6.968%,
12/25/68 (1)
1,605
1,623
13,671
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
Commercial
Mortgage-Backed
Securities
1.1%
280
Park
Avenue
Mortgage
Trust
Series
2017-280P,
Class
B,
ARM,
1M
TSFR
+
1.38%,
6.003%,
9/15/34 (1)
995
965
Arbor
Multifamily
Mortgage
Securities
Trust
Series
2020-MF1,
Class
E,
1.75%,
5/15/53 (1)
1,515
1,151
BANK
Series
2018-BN13,
Class
AS,
ARM,
4.467%,
8/15/61
904
870
Benchmark
Mortgage
Trust
Series
2024-V9,
Class
AS,
ARM,
6.064%,
8/15/57
2,150
2,219
Cantor
Commercial
Real
Estate
Lending
Series
2019-CF1,
Class
65B,
ARM,
4.14%,
5/15/52 (1)
1,055
453
Citigroup
Commercial
Mortgage
Trust
Series
2019-C7,
Class
805B,
ARM,
3.917%,
12/15/72 (1)
6,110
2,131
Commercial
Mortgage
Trust
Series
2014-CR14,
Class
B,
ARM,
3.794%,
2/10/47
778
745
HILT
Commercial
Mortgage
Trust
Series
2024-ORL,
Class
B,
ARM,
1M
TSFR
+
1.941%,
6.55%,
5/15/37 (1)
1,540
1,539
ILPT
Commercial
Mortgage
Trust
Series
2022-LPFX,
Class
C,
ARM,
3.951%,
3/15/32 (1)
4,315
3,657
SDR
Commercial
Mortgage
Trust
Series
2024-DSNY,
Class
B,
ARM,
1M
TSFR
+
1.741%,
6.35%,
5/15/39 (1)
1,290
1,276
SMRT
Series
2022-MINI,
Class
D,
ARM,
1M
TSFR
+
1.95%,
6.56%,
1/15/39 (1)
4,470
4,386
19,392
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$39,802)
33,063
PRIVATE
INVESTMENT
COMPANY
0.1%
Government
Guarantee
0.1%
Bona
Fide
Investments
Feeder
LLC,
Acquisition
Date:
6/7/23,
Cost $828 (7)(8)
†
1,071
Bona
Fide
Investments
Holdings
III,
Acquisition
Date:
6/14/24,
Cost $660 (7)(8)
†
665
Total
Private
Investment
Company
(Cost
$1,488)
1,736
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
10.9%
U.S.
Treasury
Obligations
10.9%
U.S.
Treasury
Bonds,
3.25%,
5/15/42
19,340
16,533
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par/Shares
$
Value
(Amounts
in
000s)
U.S.
Treasury
Inflation-Indexed
Bonds,
1.50%,
2/15/53
8,875
7,643
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
27,251
24,560
U.S.
Treasury
Inflation-Indexed
Notes,
1.375%,
7/15/33
9,240
8,860
U.S.
Treasury
Inflation-Indexed
Notes,
2.375%,
10/15/28
16,635
17,054
U.S.
Treasury
Notes,
4.625%,
9/15/26 (14)
38,128
38,390
U.S.
Treasury
Notes,
4.875%,
4/30/26 (14)
81,083
81,742
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$193,936)
194,782
SHORT-TERM
INVESTMENTS
6.1%
Money
Market
Funds
3.6%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (5)(15)
63,484
63,484
63,484
U.S.
Treasury
Obligations
2.5%
U.S.
Treasury
Bills,
4.478%,
12/17/24
44,145
44,061
44,061
Total
Short-Term
Investments
(Cost
$107,541)
107,545
SECURITIES
LENDING
COLLATERAL
1.0%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.3%
Money
Market
Funds 0.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (5)(15)
5,314
5,314
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,314
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.7%
Money
Market
Funds 0.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (5)(15)
11,827
11,827
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
11,827
Total
Securities
Lending
Collateral
(Cost
$17,141)
17,141
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.1%
Exchange-Traded
Options
Purchased 0.1%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Call,
1/24/25
@
$110.50 (8)
876
97,400
1,287
Total
Options
Purchased
(Cost
$891)
1,287
Total
Investments
in
Securities
100.2%
of
Net
Assets
(Cost
$1,808,176)
$
1,789,519
‡
Par/Shares
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
†
Investment
fund
is
not
unitized.
(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
$457,353
and
represents
25.6%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
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.
(4)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(5)
Affiliated
Companies
(6)
SEC
30-day
yield
(7)
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
$3,840
and
represents
0.2%
of
net
assets.
(8)
Non-income
producing
(9)
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.
(10)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2024.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
.
.
.
.
.
.
.
.
.
.
(11)
Security
is
in
default
or
has
failed
to
make
a
scheduled
interest
and/or
principal
payment.
(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)
At
November
30,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(15)
Seven-day
yield
1
Day
INR
MIBOR
One
day
INR
MIBOR
(Mumbai
interbank
offered
rate)
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
CZK
PRIBOR
Six
month
CZK
PRIBOR
(Prague
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
BRL
Brazilian
Real
BRL
CDI
One
day
Brazilian
interbank
deposit
rate
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CLP
Chilean
Peso
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
CNY
China
Renminbi
COP
Colombian
Peso
CPI
Consumer
Price
Index
CZK
Czech
Koruna
EGP
Egyptian
Pound
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HFA
Health
Facility
Authority
HUF
Hungarian
Forint
IDR
Indonesian
Rupiah
INR
Indian
Rupee
JPY
Japanese
Yen
MXN
Mexican
Peso
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
.
.
.
.
.
.
.
.
.
.
MYR
Malaysian
Ringgit
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PLN
Polish
Zloty
SEK
Swedish
Krona
SGD
Singapore
Dollar
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.
TBA
To-Be-Announced
TONA
Tokyo
overnight
average
rate
TRY
Turkish
Lira
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Par
$
Value
(Cost
and
value
in
$000s)
TBA
SALES
COMMITMENTS
(9.4)%
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
(9.4)%
U.S.
Government
Agency
Obligations
(9.4)%
UMBS,
TBA
4.50%,
12/1/54
95,655
(91,845)
5.00%,
12/1/54
42,815
(42,010)
5.50%,
12/1/54
33,845
(33,803)
Total
TBA
Sales
Commitments
(Proceeds
$(165,761))
(167,658)
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
SWAPS
(0.6)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Sold
0.0%
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Hellenic
Republic,
BBB-*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
*
4,200
86
(107)
193
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Republic
of
Vietnam,
Ba2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
5,245
55
29
26
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
(78)
219
Interest
Rate
Swaps
(0.0)%
Goldman
Sachs,
8
Year
Interest
Rate
Swap,
Receive
Fixed
12.595%
at
Maturity,
Pay
Variable
11.15%,
(BRL
CDI),
at
Maturity,
1/3/33
(BRL)
77,200
(341)
—
(341)
Total
Bilateral
Interest
Rate
Swaps
—
(341)
Total
Bilateral
Swaps
(78)
(122)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.6)%
Credit
Default
Swaps,
Protection
Bought
(0.7)%
Protection
Bought
(Relevant
Credit:
Bombardier),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
6,250
(808)
(253)
(555)
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S43,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/29
124,476
(11,944)
(11,140)
(804)
Protection
Bought
(Relevant
Credit:
Murphy
Oil),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
6,505
(56)
423
(479)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(1,838)
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Protection
Sold
(Relevant
Credit:
SES
S.A.,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(EUR)
8,000
(671)
(524)
(147)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(147)
Interest
Rate
Swaps
0.1%
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.054%
Annually,
Pay
Variable
3.620%
(6M
EURIBOR)
Semi-Annually,
7/20/26
(EUR)
35,565
423
—
423
2
Year
Interest
Rate
Swap,
Receive
Fixed
3.365%
Annually,
Pay
Variable
2.905%
(6M
EURIBOR)
Semi-Annually,
4/30/26
(EUR)
36,560
1,268
—
1,268
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.418%
Annually,
Receive
Variable
0.227%
(JPY
TONA)
Annually,
8/10/28
(JPY)
17,350,000
1,307
—
1,307
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.569%
Annually,
Receive
Variable
0.227%
(JPY
TONA)
Annually,
9/26/29
(JPY)
1,004,600
64
—
64
5
Year
Interest
Rate
Swap,
Pay
Fixed
0.645%
Annually,
Receive
Variable
0.169%
(JPY
TONA)
Annually,
5/15/29
(JPY)
1,400,000
27
—
27
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.431%
Annually,
Pay
Variable
3.930%
(6M
CZK
PRIBOR)
Semi-
Annually,
10/15/29
(CZK)
561,155
(21)
—
(21)
5
Year
Interest
Rate
Swap,
Receive
Fixed
6.450%
Semi-Annually,
Pay
Variable
6.760%
(1
Day
INR
MIBOR)
Semi-Annually,
6/5/29
(INR)
1,562,800
286
—
286
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.341%
Annually,
Receive
Variable
3.364%
(6M
EURIBOR)
Semi-Annually,
3/9/54
(EUR)
9,986
(942)
—
(942)
Total
Centrally
Cleared
Interest
Rate
Swaps
2,412
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Zero-Coupon
Inflation
Swaps
0.0%
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.305%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
9/24/29
85,700
535
—
535
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
535
Total
Centrally
Cleared
Swaps
962
Net
payments
(receipts)
of
variation
margin
to
date
(1,184)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(222)
*
Credit
ratings
as
of
November
30,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(1,080).
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
12/6/24
MYR
153,102
USD
34,293
$
159
Bank
of
America
12/6/24
USD
53,185
MYR
231,115
1,177
Bank
of
America
1/16/25
TRY
185,127
USD
4,898
176
Bank
of
America
1/24/25
NZD
97
USD
58
(1)
Bank
of
America
3/7/25
USD
34,436
MYR
153,102
(143)
Barclays
Bank
12/3/24
BRL
50,543
USD
8,835
(438)
Barclays
Bank
12/3/24
USD
8,349
BRL
50,543
(47)
Barclays
Bank
1/17/25
MXN
307,486
USD
15,587
(562)
Barclays
Bank
1/17/25
USD
13,545
ZAR
239,116
334
Barclays
Bank
1/17/25
USD
17,103
ZAR
311,823
(126)
Barclays
Bank
1/17/25
ZAR
307,392
USD
17,641
(657)
Barclays
Bank
1/24/25
CHF
76
USD
88
(2)
Barclays
Bank
1/24/25
JPY
2,733,189
USD
18,000
404
Barclays
Bank
1/24/25
JPY
142,003
USD
959
(3)
Barclays
Bank
1/24/25
NZD
548
USD
327
(2)
Barclays
Bank
1/24/25
USD
138
CHF
118
3
Barclays
Bank
1/24/25
USD
1,462
CZK
34,957
(3)
Barclays
Bank
1/24/25
USD
69,606
JPY
10,309,030
189
Barclays
Bank
2/21/25
GBP
15,048
USD
19,062
82
Barclays
Bank
2/21/25
USD
120,153
GBP
95,286
(1,065)
Barclays
Bank
3/14/25
USD
7,579
CNH
53,522
162
BNP
Paribas
2/14/25
USD
712
PLN
2,859
10
BNP
Paribas
2/21/25
USD
3,644
EUR
3,442
(6)
BNY
Mellon
1/24/25
USD
1,422
CZK
34,200
(11)
Citibank
12/3/24
BRL
51,763
USD
8,551
48
Citibank
12/3/24
USD
9,075
BRL
51,763
476
Citibank
12/6/24
COP
83,207,804
USD
18,959
(209)
Citibank
12/6/24
USD
897
COP
3,669,535
70
Citibank
1/17/25
USD
16,986
HUF
6,662,534
(27)
Citibank
1/17/25
USD
11,336
IDR
175,557,916
280
Citibank
1/24/25
AUD
26,558
USD
17,707
(378)
Citibank
1/24/25
CHF
14,865
USD
17,329
(342)
Citibank
1/24/25
JPY
5,183,213
USD
34,510
392
Citibank
1/24/25
USD
1,321
CZK
31,563
(1)
Citibank
3/4/25
EGP
121,431
USD
2,324
7
Citibank
3/7/25
USD
18,745
COP
83,207,804
206
Citibank
3/12/25
EGP
204,669
USD
3,659
254
Citibank
3/14/25
USD
9,642
CNH
67,323
312
Deutsche
Bank
12/3/24
BRL
62,767
USD
10,369
58
Deutsche
Bank
12/3/24
BRL
98,567
USD
17,227
(853)
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
12/3/24
USD
11,034
BRL
62,767
$
607
Deutsche
Bank
12/3/24
USD
16,283
BRL
98,567
(91)
Deutsche
Bank
12/6/24
USD
5,764
COP
25,266,695
70
Deutsche
Bank
12/13/24
USD
33,842
SGD
43,793
1,123
Deutsche
Bank
1/24/25
AUD
579
USD
381
(3)
Deutsche
Bank
1/24/25
JPY
30,784
USD
208
(1)
Deutsche
Bank
1/24/25
NOK
2,138
USD
194
—
Deutsche
Bank
1/24/25
NOK
12,447
USD
1,142
(14)
Deutsche
Bank
1/24/25
USD
139
NZD
233
1
Deutsche
Bank
1/24/25
USD
198
NZD
338
(3)
Deutsche
Bank
2/7/25
USD
21,410
CLP
20,288,908
601
Deutsche
Bank
2/14/25
USD
528
PLN
2,117
8
Deutsche
Bank
2/21/25
EUR
1,913
USD
2,026
3
Deutsche
Bank
2/21/25
USD
233,603
EUR
220,566
(373)
Goldman
Sachs
12/3/24
BRL
124,550
USD
21,371
(681)
Goldman
Sachs
12/3/24
USD
20,575
BRL
124,550
(115)
Goldman
Sachs
1/17/25
USD
9,686
IDR
147,459,008
400
Goldman
Sachs
1/17/25
USD
18,311
INR
1,542,886
112
Goldman
Sachs
1/24/25
USD
235
CAD
327
1
Goldman
Sachs
2/21/25
USD
190
GBP
151
(2)
Goldman
Sachs
3/6/25
USD
38,352
BRL
228,027
987
Goldman
Sachs
3/14/25
CNH
176,835
USD
25,524
(1,019)
HSBC
Bank
12/3/24
BRL
71,575
USD
11,824
66
HSBC
Bank
12/3/24
USD
12,659
BRL
71,575
769
HSBC
Bank
12/6/24
MYR
250,967
USD
56,245
230
HSBC
Bank
12/6/24
MYR
134,954
USD
32,047
(1,679)
HSBC
Bank
12/6/24
USD
70,708
MYR
311,478
616
HSBC
Bank
1/17/25
USD
4,751
IDR
72,843,805
164
HSBC
Bank
1/17/25
USD
802
INR
67,684
4
HSBC
Bank
1/24/25
CAD
254
USD
183
(1)
HSBC
Bank
1/24/25
MXN
45,744
USD
2,313
(80)
HSBC
Bank
1/24/25
USD
104
AUD
161
(1)
HSBC
Bank
3/7/25
USD
56,481
MYR
250,967
(201)
HSBC
Bank
3/14/25
USD
3,863
CNH
27,229
89
JPMorgan
Chase
12/3/24
BRL
39,101
USD
6,459
36
JPMorgan
Chase
12/3/24
USD
6,951
BRL
39,101
456
JPMorgan
Chase
12/6/24
MYR
3,570
USD
806
(3)
JPMorgan
Chase
12/13/24
USD
1,506
SGD
1,965
38
JPMorgan
Chase
1/24/25
AUD
101
USD
66
(1)
JPMorgan
Chase
1/24/25
USD
210
JPY
32,309
(7)
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
JPMorgan
Chase
2/14/25
USD
605
PLN
2,465
$
—
JPMorgan
Chase
2/21/25
EUR
106
USD
112
1
Morgan
Stanley
1/24/25
NZD
1,675
USD
1,017
(24)
Morgan
Stanley
1/24/25
USD
194
CHF
169
1
Morgan
Stanley
1/24/25
USD
16,530
NZD
27,226
395
Nomura
Securities
International
1/24/25
NZD
27,226
USD
16,499
(364)
Societe
Generale
12/6/24
USD
12,224
COP
53,463,882
177
Standard
Chartered
1/17/25
USD
19,874
IDR
311,023,601
288
Standard
Chartered
1/24/25
JPY
5,800,000
USD
37,980
1,075
Standard
Chartered
2/28/25
USD
5,776
SEK
63,245
(59)
State
Street
12/3/24
BRL
48,455
USD
8,004
45
State
Street
12/3/24
USD
8,656
BRL
48,455
607
State
Street
1/17/25
HUF
6,662,534
USD
17,749
(736)
State
Street
1/17/25
USD
3,833
MXN
77,985
22
State
Street
1/24/25
CAD
12,615
USD
9,035
(5)
State
Street
1/24/25
CHF
14,740
USD
17,207
(363)
State
Street
1/24/25
JPY
7,165,226
USD
47,234
1,015
State
Street
1/24/25
MXN
361,451
USD
17,632
11
State
Street
1/24/25
MXN
358,997
USD
17,606
(83)
State
Street
1/24/25
USD
2,844
CZK
68,077
(9)
State
Street
1/24/25
USD
17,278
JPY
2,622,794
(383)
State
Street
2/14/25
PLN
70,643
USD
17,635
(300)
State
Street
2/14/25
USD
404
PLN
1,623
6
State
Street
2/21/25
EUR
16,643
USD
17,692
(37)
State
Street
2/21/25
USD
23,546
EUR
22,465
(285)
State
Street
2/21/25
USD
1,301
GBP
1,024
(2)
State
Street
2/28/25
USD
453
SEK
4,950
(4)
Toronto-Dominion
Bank
1/24/25
CAD
24,396
USD
17,605
(142)
Toronto-Dominion
Bank
1/24/25
USD
2,703
CAD
3,726
36
UBS
Investment
Bank
1/16/25
TRY
124,674
USD
3,269
149
UBS
Investment
Bank
1/17/25
USD
8,601
INR
724,397
56
UBS
Investment
Bank
1/24/25
CHF
15,654
USD
17,860
28
UBS
Investment
Bank
1/24/25
JPY
105,994
USD
715
(1)
UBS
Investment
Bank
1/24/25
USD
114
AUD
172
1
UBS
Investment
Bank
1/24/25
USD
179
AUD
275
(1)
UBS
Investment
Bank
1/24/25
USD
79
CAD
109
1
UBS
Investment
Bank
1/24/25
USD
37,379
CHF
31,983
831
UBS
Investment
Bank
1/24/25
USD
51,903
JPY
7,694,865
88
UBS
Investment
Bank
1/24/25
USD
159
JPY
24,011
(2)
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
1/24/25
USD
74
NOK
811
$
—
UBS
Investment
Bank
1/24/25
USD
218
NOK
2,417
—
UBS
Investment
Bank
1/24/25
USD
149
NZD
246
4
UBS
Investment
Bank
2/7/25
CLP
8,497,326
USD
8,697
18
UBS
Investment
Bank
2/21/25
EUR
5,596
USD
5,873
64
UBS
Investment
Bank
3/6/25
BRL
8,675
USD
1,434
(13)
UBS
Investment
Bank
3/14/25
USD
11,563
CNH
81,483
271
Wells
Fargo
12/6/24
USD
198
COP
807,692
16
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
4,422
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
176
Commonwealth
of
Australia
ten
year
bond
contracts
12/24
13,002
$
(444)
Long,
856
Commonwealth
of
Australia
three
year
bond
contracts
12/24
59,106
(811)
Long,
440
Euro
BOBL
contracts
12/24
55,727
34
Long,
129
Euro
BUND
contracts
12/24
18,373
456
Long,
32
Euro
BUXL
thirty
year
bond
contracts
12/24
4,727
189
Short,
7
Government
of
Japan
ten
year
bond
contracts
12/24
(6,693)
63
Long,
386
Republic
of
South
Korea
ten
year
bond
contracts
12/24
33,015
616
Long,
395
Republic
of
South
Korea
three
year
bond
contracts
12/24
30,234
265
Long,
501
Government
of
Canada
ten
year
bond
contracts
3/25
44,165
1,076
Long,
374
U.K.
Gilt
ten
year
contracts
3/25
45,634
546
Long,
270
U.S.
Treasury
Long
Bond
contracts
3/25
32,265
814
Long,
354
U.S.
Treasury
Notes
five
year
contracts
3/25
38,091
298
Long,
438
U.S.
Treasury
Notes
ten
year
contracts
3/25
48,700
595
Short,
314
U.S.
Treasury
Notes
two
year
contracts
3/25
(64,718)
(199)
Long,
495
Ultra
U.S.
Treasury
Bonds
contracts
3/25
62,958
1,002
Long,
1,855
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/25
212,948
3,528
Short,
347
Three
Month
SOFR
Futures
contracts
3/26
(83,462)
(118)
Net
payments
(receipts)
of
variation
margin
to
date
(5,159)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
2,751
T.
ROWE
PRICE
Global
Multi-Sector
Bond
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
six
months
ended
November
30,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.45%
$
105
$
(109)
$
2,625
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
—
—
933++
Totals
$
105#
$
(109)
$
3,558+
Supplementary
Investment
Schedule
Affiliate
Value
5/31/24
Purchase
Cost
Sales
Cost
Value
11/30/24
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.45%
$
77,902
$
2,592
$
36,665
$
43,720
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
51,811
¤
¤
80,625
Total
$
124,345^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$3,558
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
$123,233.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$1,808,176)
$
1,789,519
Receivable
for
investment
securities
sold
174,788
Interest
receivable
18,916
Unrealized
gain
on
forward
currency
exchange
contracts
16,386
Foreign
currency
(cost
$9,633)
9,620
Variation
margin
receivable
on
futures
contracts
2,751
Receivable
for
shares
sold
1,792
Cash
441
Unrealized
gain
on
bilateral
swaps
219
Bilateral
swap
premiums
paid
29
Other
assets
181
Total
assets
2,014,642
Liabilities
TBA
Sales
Commitments
(proceeds
$165,761)
167,658
Payable
for
investment
securities
purchased
26,284
Obligation
to
return
securities
lending
collateral
17,141
Unrealized
loss
on
forward
currency
exchange
contracts
11,964
Payable
for
shares
redeemed
3,634
Investment
management
fees
payable
660
Unrealized
loss
on
bilateral
swaps
341
Variation
margin
payable
on
centrally
cleared
swaps
222
Bilateral
swap
premiums
received
107
Due
to
affiliates
23
Payable
to
directors
1
Other
liabilities
655
Total
liabilities
228,690
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
1,785,952
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
November
30,
2024
(Unaudited)
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)
$
(211,162)
Paid-in
capital
applicable
to
176,375,918
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
1,997,114
NET
ASSETS
$
1,785,952
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$837,549;
Shares
outstanding:
82,721,111)
$
10.12
Advisor
Class
(Net
assets:
$15,647;
Shares
outstanding:
1,543,597)
$
10.14
I
Class
(Net
assets:
$932,756;
Shares
outstanding:
92,111,210)
$
10.13
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
6
Months
Ended
11/30/24
Investment
Income
(Loss)
Income
Interest
(net
of
foreign
taxes
of
$299)
$
41,364
Dividend
3,818
Securities
lending
68
Total
income
45,250
Expenses
Investment
management
3,965
Shareholder
servicing
Investor
Class
$
649
Advisor
Class
46
I
Class
105
800
Rule
12b-1
fees
Advisor
Class
20
Prospectus
and
shareholder
reports
Investor
Class
30
Advisor
Class
1
I
Class
8
39
Custody
and
accounting
183
Registration
88
Legal
and
audit
26
Directors
3
Miscellaneous
31
Waived
/
paid
by
Price
Associates
(563)
Total
expenses
4,592
Net
investment
income
40,658
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$57)
526
Futures
2,911
Swaps
(152)
Options
written
1,131
Forward
currency
exchange
contracts
7,321
Foreign
currency
transactions
2,349
Net
realized
gain
14,086
Change
in
net
unrealized
gain
/
loss
Securities
12,834
Futures
8,226
Swaps
2,188
Forward
currency
exchange
contracts
3,877
TBA
Sales
Commitments
(1,897)
Other
assets
and
liabilities
denominated
in
foreign
currencies
(294)
Change
in
net
unrealized
gain
/
loss
24,934
Net
realized
and
unrealized
gain
/
loss
39,020
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
79,678
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
40,658
$
73,198
Net
realized
gain
14,086
29,002
Change
in
net
unrealized
gain
/
loss
24,934
17,550
Increase
in
net
assets
from
operations
79,678
119,750
Distributions
to
shareholders
Net
earnings
Investor
Class
(17,920)
(27,052)
Advisor
Class
(338)
(667)
I
Class
(20,397)
(26,405)
Tax
return
of
capital
–
–
Investor
Class
–
(9,538)
Advisor
Class
–
(202)
I
Class
–
(9,724)
Decrease
in
net
assets
from
distributions
(38,655)
(73,588)
Capital
share
transactions
*
Shares
sold
Investor
Class
142,585
245,324
Advisor
Class
1,391
8,873
I
Class
180,511
313,175
Distributions
reinvested
Investor
Class
17,332
35,713
Advisor
Class
334
873
I
Class
19,518
34,669
Shares
redeemed
Investor
Class
(95,078)
(215,647)
Advisor
Class
(2,805)
(8,685)
I
Class
(79,715)
(145,365)
Increase
in
net
assets
from
capital
share
transactions
184,073
268,930
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Net
Assets
Increase
during
period
225,096
315,092
Beginning
of
period
1,560,856
1,245,764
End
of
period
$
1,785,952
$
1,560,856
*Share
information
(000s)
Shares
sold
Investor
Class
14,146
25,065
Advisor
Class
138
916
I
Class
17,960
32,080
Distributions
reinvested
Investor
Class
1,724
3,657
Advisor
Class
33
89
I
Class
1,941
3,547
Shares
redeemed
Investor
Class
(9,477)
(22,183)
Advisor
Class
(280)
(890)
I
Class
(7,935)
(14,944)
Increase
in
shares
outstanding
18,250
27,337
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Global
Multi-Sector
Bond
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-end
management
investment
company. The
fund
seeks to
provide
high
income
and
some
capital
appreciation.
The
fund
has three classes
of
shares:
the
Global
Multi-Sector
Bond
Fund
(Investor
Class),
the
Global
Multi-Sector
Bond
Fund–
Advisor
Class
(Advisor
Class)
and
the
Global
Multi-Sector
Bond
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
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
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
as
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
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.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
In
November
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures,
which
improves
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
segment
expenses.
In
addition,
the
ASU
clarifies
that
a
public
entity
with
a
single
reportable
segment
provide
all
disclosures
required
by
the
ASU
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Debt
securities
generally
are
traded
in
the over-the-
counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
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,
decide 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
and
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
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.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
1,160,710
$
—
$
1,160,710
Bank
Loans
—
30,159
2,488
32,647
Bond
Mutual
Funds
43,720
—
—
43,720
Common
Stocks
—
—
1
1
Corporate
Bonds
—
383,310
8,359
391,669
Non-U.S.
Government
Mortgage-Backed
Securities
—
30,960
2,103
33,063
Private
Investment
Company
2
—
—
—
1,736
Short-Term
Investments
63,484
44,061
—
107,545
Securities
Lending
Collateral
17,141
—
—
17,141
Options
Purchased
1,287
—
—
1,287
Total
Securities
125,632
1,649,200
12,951
1,789,519
Swaps*
—
4,051
—
4,051
Forward
Currency
Exchange
Contracts
—
16,386
—
16,386
Futures
Contracts*
9,482
—
—
9,482
Total
$
135,114
$
1,669,637
$
12,951
$
1,819,438
Liabilities
TBA
Sales
Commitments
$
—
$
167,658
$
—
$
167,658
Swaps*
—
3,289
$
—
3,289
Forward
Currency
Exchange
Contracts
—
11,964
—
11,964
Futures
Contracts*
1,572
—
—
1,572
Total
$
1,572
$
182,911
$
—
$
184,483
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
1
Includes
Asset-Backed
Securities,
Convertible
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Inflation
derivatives
Centrally
Cleared
Swaps
$
535
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures,
Securities^
14,144
Foreign
exchange
derivatives
Forwards
16,386
Credit
derivatives
Bilateral
Swaps
and
Premiums
141
^
,*
Total
$
31,206
^
,*
Liabilities
Interest
rate
derivatives
Bilateral
Swaps,
Centrally
Cleared
Swaps
and
Futures
$
2,876
Foreign
exchange
derivatives
Forwards
11,964
Credit
derivatives
Centrally
Cleared
Swaps
1,985
Total
$
16,825
*
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
Global
Multi-Sector
Bond
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Inflation
derivatives
$
—
$
—
$
—
$
—
$
(555)
$
(555)
Interest
rate
derivatives
(1,519)
937
2,911
—
2,198
4,527
Foreign
exchange
derivatives
(155)
—
—
7,321
—
7,166
Credit
derivatives
(26)
194
—
—
(1,795)
(1,627)
Total
$
(1,700)
$
1,131
$
2,911
$
7,321
$
(152)
$
9,511
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
—
$
—
$
—
$
—
$
457
$
457
Interest
rate
derivatives
396
—
8,226
—
3,628
12,250
Foreign
exchange
derivatives
—
—
—
3,877
—
3,877
Credit
derivatives
—
—
—
—
(1,897)
(1,897)
Total
$
396
$
—
$
8,226
$
3,877
$
2,188
$
14,687
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
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
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
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
November
30,
2024,
securities
valued
at $31,863,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
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.
($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
$
1,598
$
(144)
$
1,454
$
(1,705)
$
—
Barclays
Bank
1,174
(2,905)
(1,731)
378
—
BNP
Paribas
10
(6)
4
(85)
—
BNY
Mellon
—
(11)
(11)
—
—
Citibank
2,045
(957)
1,088
(711)
377
Deutsche
Bank
2,471
(1,338)
1,133
(1,799)
—
Goldman
Sachs
1,555
(2,158)
(603)
715
112
HSBC
Bank
1,938
(1,962)
(24)
—
—
JPMorgan
Chase
531
(11)
520
(310)
210
Morgan
Stanley
396
(24)
372
(514)
—
Nomura
Securities
International
—
(364)
(364)
450
86
Societe
Generale
177
—
177
(83)
94
Standard
Chartered
1,363
(59)
1,304
(1,441)
—
State
Street
1,706
(2,207)
(501)
1,389
888
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
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
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
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
35%
and
44%
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,
and
mortgage
prepayments;
as
an
efficient
means
of
adjusting
exposure
to
all
Toronto-Dominion
Bank
$
36
$
(142)
$
(106)
$
—
$
—
UBS
Investment
Bank
1,511
(17)
1,494
(2,229)
—
Wells
Fargo
16
—
16
—
16
Total
$
16,527
$
(12,305)
*
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
Global
Multi-Sector
Bond
Fund
or
part
of
a
target
market;
as
a
cash
management
tool;
or
to
adjust
portfolio
duration. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
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
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
31%
and
39%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
foreign
currency
exchange
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
currency
options
give
the
holder
the
right,
but
not
the
obligation,
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
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,
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
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
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
15%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk,
credit
risk
and
inflation
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
portfolio
duration
and
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
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.
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
November
30,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $17,899,000
(1.0%
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
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
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
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
six
months ended
November
30,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
28%
and
46%
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
Global
Multi-Sector
Bond
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.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS 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.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
To
mitigate
counterparty
risk,
the
fund
has
entered
into
Master
Securities
Forward
Transaction
Agreements
(MSFTA)
with
counterparties
that
provide
for
collateral
and
the
right
to
offset
amounts
due
to
or
from
those
counterparties
under
specified
conditions.
Subject
to
minimum
transfer
amounts,
collateral
requirements
are
determined
and
transfers
made
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
TBA
commitments
and
other
forward
settling
mortgage
obligations
with
a
particular
counterparty
(collectively,
MSFTA
Transactions).
At
any
time,
the
fund’s
risk
of
loss
from
a
particular
counterparty
related
to
its
MSFTA
Transactions
is
the
aggregate
unrealized
gain
on
appreciated
MSFTA
Transactions
in
excess
of
unrealized
loss
on
depreciated
MSFTA
Transactions
and
collateral
received,
if
any,
from
such
counterparty. As
of
November
30,
2024,
securities
valued
at
$1,226,000 had
been
posted
by
the
fund
to
counterparties
for
MSFTA
Transactions. No
collateral
was
pledged
by
counterparties
to
the
fund
for
MSFTA
Transactions
as
of
November
30,
2024.
Dollar
Rolls
The
fund
enters
into
dollar
roll
transactions,
pursuant
to
which
it
sells
a
mortgage-backed
TBA
or
security
and
simultaneously
agrees
to
purchase
a
similar,
but
not
identical,
TBA
with
the
same
issuer,
rate,
and
terms
on
a
later
date
at
a
set
price
from
the
same
counterparty.
The
fund
may
execute
a
“roll”
to
obtain
better
underlying
mortgage
securities
or
to
enhance
returns.
While
the
fund
may
enter
into
dollar
roll
transactions
with
the
intention
of
taking
possession
of
the
underlying
mortgage
securities,
it
may
also
close
a
contract
prior
to
settlement
or
“roll”
settlement
to
a
later
date
if
deemed
to
be
in
the
best
interest
of
shareholders.
Actual
mortgages
received
by
the
fund
may
be
less
favorable
than
those
anticipated.
The
fund
accounts
for
dollar
roll
transactions
as
purchases
and
sales,
which
has
the
effect
of
increasing
its
portfolio
turnover
rate.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
Bank
Loans
The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
cash
and
repays
the
credit
when
the
borrower
has
excess
cash.
Certain
loans
may
be
“covenant-lite”
loans,
which
means
the
loans
contain
fewer
maintenance
covenants
than
other
loans
(in
some
cases,
none)
and
do
not
include
terms
which
allow
the
lender
to
monitor
the
performance
of
the
borrower
and
declare
a
default
if
certain
criteria
are
breached.
As
a
result
of
these
risks,
the
fund’s
exposure
to
losses
may
be
increased.
Bank
loans
may
be
in
the
form
of
either
assignments
or
participations.
A
loan
assignment
transfers
all
legal,
beneficial,
and
economic
rights
to
the
buyer,
and
transfer
typically
requires
consent
of
both
the
borrower
and
agent.
In
contrast,
a
loan
participation
generally
entitles
the
buyer
to
receive
the
cash
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
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
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
November
30,
2024,
the
value
of
loaned
securities
was
$16,148,000;
the
value
of
cash
collateral
and
related
investments
was
$17,141,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $809,703,000 and
$389,951,000,
respectively,
for
the
six
months ended
November
30,
2024. Purchases
and
sales
of
U.S.
government
securities
aggregated $252,752,000 and
$249,322,000,
respectively,
for
the
six
months ended
November
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2024,
the
fund
had
$206,709,000
of
available
capital
loss
carryforwards.
At
November
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$1,631,192,000.
Net
unrealized
loss
aggregated
$8,012,000
at
period-end,
of
which
$53,326,000
related
to
appreciated
investments
and
$61,338,000
related
to
depreciated
investments.
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
0.19%
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
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
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
November
30,
2024,
the
effective
annual
group
fee
rate
was
0.28%.
The Investor
Class and Advisor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
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.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2024 as
indicated
in
the
table
below
Including
these
amounts,
expenses
previously
waived/paid
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
by
Price
Associates
in
the
amount
of $2,172,000 remain
subject
to
repayment
by
the
fund
at
November
30,
2024. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
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.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
November
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$65,000
for
Price
Associates;
$337,000
for
T.
Rowe
Price
Services,
Inc.;
and
$4,000
for
T.
Rowe
Price
Retirement
Plan
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).
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
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
0.65%
0.93%
0.01%
Expense
limitation
date
09/30/25
09/30/25
09/30/25
(Waived)/repaid
during
the
period
($000s)
$(128)
$(34)
$(229)
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund’s
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
fund’s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
November
30,
2024,
are
as
follows:
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$81,000,
$2,000
and
$89,000 for
the
Investor
Class,
Advisor
Class
and
I
Class,
respectively,
for
the
six
months ended
November
30,
2024.
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
six
months
ended
November
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
$
172
Total
Management
Fee
Waived
$
172
T.
ROWE
PRICE
Global
Multi-Sector
Bond
Fund
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F175-051
1/25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 16. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
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 Global Multi-Sector Bond Fund, Inc.
| | |
By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
Date | | January 17, 2025 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | |
By | | /s/ David Oestreicher |
| | David Oestreicher |
| | Principal Executive Officer |
| |
Date | | January 17, 2025 |
| | |
By | | /s/ Alan S. Dupski |
| | Alan S. Dupski |
| | Principal Financial Officer |
| |
Date | | January 17, 2025 |
