T. Rowe Price Multi-Strategy Total Return Fund - Investor Class (TMSRX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-23261

T. Rowe Price Multi-Strategy Total Return 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: October 31 

Date of reporting period: April 30, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2024

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TMSRX

Multi-Strategy

Total

Return

Fund

–

.

TMSSX

Multi-Strategy

Total

Return

Fund–

.

I Class

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Go

Paperless

Going

paperless

offers

a

host

of

benefits,

which

include:

Timely

delivery

of

important

documents

Convenient

access

to

your

documents

anytime,

anywhere

Strong

security

protocols

to

safeguard

sensitive

data

Waive

your

account

service

fee

by

going

paperless.*

To

Enroll:

˃

If

you

invest

directly

with

T.

Rowe

Price,

go

to

troweprice.com/paperless

.

If

you

invest

through

a

financial

intermediary

such

as

an

investment

advisor,

a

bank,

or

a

brokerage

firm,

please

contact

that

organization

and

ask

if

it

can

provide

electronic

documentation.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/

help/fees-and-minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

positive

results

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

April

30,

2024.

Investor

sentiment

was

bolstered

by

rising

hopes

at

the

end

of

2023

that

central

banks

would

be

able

to

cut

interest

rates

soon;

however,

stronger-than-expected

inflation

data

in

the

first

quarter

of

2024

contributed

to

a

downturn

in

April

that

offset

some

of

the

strong

gains

recorded

earlier

in

the

period.

Growth

stocks

outperformed

value

shares

over

the

six-month

period,

and

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets.

Currency

movements

were

mixed

over

the

period—a

weaker

U.S.

dollar

versus

some

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities,

while

a

downturn

in

the

Japanese

yen

had

the

reverse

effect.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

produced

some

of

the

strongest

results

in

the

equity

market.

Within

the

U.S.-focused

S&P

500

Index,

the

communication

services,

financials, information

technology,

and

industrials sectors

all

recorded

strong

gains,

while

returns

for

energy

companies

were

more

muted

as

oil

prices

dipped

at

the

end

of

2023

before

rebounding

in

the

new

year.

U.S.

Treasury

yields

finished

the

period

lower,

which

supported

broadly

positive

results

in

the

fixed

income

market.

High

yield

corporate

bonds

produced

some

of

the

strongest

returns,

aided

by

the

higher

coupons

that

have

become

available

since

the

Fed

began

hiking

rates

about

two

years

ago,

as

well

as

strength

in

the

economy

that

kept

default

expectations

at

low

levels.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

although

first-quarter

gross

domestic

product

growth—according

to

a

preliminary

estimate—slowed

from

the

level

reported

at

the

end

of

2023.

Meanwhile,

after

flirting

with

a

recession

late

last

year,

growth

in

the

eurozone

appeared

to

be

healthier

in

the

latest

reports,

and

China’s

economy

showed

signs

of

recovery

after

a

sluggish

performance

in

2023.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

2

The

positive

economic

news

aided

investor

sentiment

following

widespread

expectations

for

a

downturn

last

year.

But

the

outlook

for

monetary

policy

as

global

central

banks

continued

their

fight

against

inflation

was

more

difficult

to

decipher.

After

significant

progress

in

reducing

the

rate

of

price

increases—

12-month

consumer

price

index

inflation

dropped

from

6.4%

to

3.3%

over

the

course

of

2023—Federal

Reserve

policymakers

helped

boost

sentiment

when

their

year-end

economic

projections

indicated

that

three

quarter-point

interest

rate

cuts

were

likely

in

2024,

up

from

the

two

they

had

forecast

previously.

However,

with

inflation

improvements

stalling

so

far

this

year,

Fed

officials

indicated

that

they

will

take

a

patient

approach

to

loosening

monetary

policy,

a

message

that

weighed

on

markets

near

the

end

of

our

reporting

period.

Outside

the

U.S.,

the

European

Central

Bank was

also

facing

sticky

inflation,

but

officials

indicated

that

they

would

like

to

begin

cutting

rates

soon

if

upcoming

reports

are

favorable.

Meanwhile,

moving

in

the

other

direction,

the

Bank

of

Japan

lifted

short-term

interest

rates

from

negative

territory

for

the

first

time

in

over

seven

years

following

a

long

campaign

against

disinflation,

although

Japan’s

monetary

policy

remains

among

the

most

accommodative

in

the

world.

Global

economies

have

displayed

continued

resilience

in

the

year-to-date

period,

but

risks

remain

as

we

look

ahead.

Elevated

geopolitical

tensions,

uncertainty

about

the

path

of

monetary

policy,

and

fading

fiscal

stimulus

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely,

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Portfolio

Summary

3

SECURITY

DIVERSIFICATION

Non-

U.S.

U.S.

Percentage

of

Net

Assets

1

Equity

0.5‌%

2.5‌%

2

3.0‌%

Common

Stocks

4.9‌

13.3‌

18.2‌

Stock

Index

Futures

-4.8‌

-10.8‌

-15.6‌

Other

Equity

0.4‌

0.0‌

0.4‌

Equity

Derivatives

0.0‌

0.0‌

0.0‌

Fixed

Income

2.4‌%

30.2‌%

32.7‌%

Asset

Backed

0.1‌

1.5‌

1.5‌

Bank

Debt

0.9‌

11.7‌

12.6‌

Corporate

Bonds

8.4‌

10.0‌

18.4‌

Fixed

Income

Futures

-9.4‌

-2.9‌

-12.3‌

Government

Bonds

0.0‌

7.3‌

7.3‌

Other

Fixed

Income

2.5‌

2.7‌

5.3‌

Convertibles

0.3‌%

1.2‌%

1.5‌%

Cash/Short-Term

Investments

3

-7.1‌%

70.0‌%

62.8‌%

Total

4

-3.9‌%

103.9‌%

100.0‌%

1

The

percentage

of

total

net

assets

is

calculated

based

on

the

market

value

of

the

underlying

securities

as

of

April

30,

2024.

All

numbers

are

subject

to

rounding.

2

Negative

percentage

allocations

represent

short

positions.

3

A

significant

portion

of

the

fund’s

balance

is

held

in

cash

and

short-term

investments

as

collateral

for

derivatives.

4

Security

diversification

is

derived

using

the

fund’s

direct

holdings

plus

exposure

gained

indirectly

through

the

fund’s

holdings

in

underlying

funds.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

4

BOND

PORTFOLIO

PROFILE

Periods

Ended

10/31/23

4/30/24

Weighted

Average

Effective

Duration

(years)

0.8‌

1.7‌

Weighted

Average

Maturity

(years)

4.7‌

4.6‌

Credit

Quality

Diversification*

U.S.

Government

Agencies**

0.0‌%

0.0‌%

U.S.

Treasuries***

0.0‌ 

1.2‌ 

AAA

1.7‌ 

3.4‌ 

AA

4.9‌ 

3.0‌ 

A

3.0‌ 

4.3‌ 

BBB

29.9‌ 

22.7‌ 

BB

and

Below

58.0‌ 

62.5‌ 

Not

Rated

2.5‌ 

2.9‌ 

Total

100.0‌%

100.0‌%

*

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

**

U.S.

government

agency

securities

are

issued

or

guaranteed

by

a

U.S.

government

agency

and

may

include

conventional

pass-through

securities

and

collateralized

mortgage

obligations;

unlike

Treasuries,

government

agency

securities

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

may

have

credit

support

from

the

U.S.

Treasury

(e.g.,

FHLMC

and

FNMA

issues)

or

a

direct

government

guarantee

(e.g.,

GNMA

issues).

Therefore,

this

category

may

include

rated

and

unrated

securities.

***

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

5

Note:

Copyright

©

2024

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2024,

Moody’s

Corporation,

Moody’s

Investors

Service,

Inc.,

Moody’s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“Moody’s”).

All

rights

reserved.

Moody’s

ratings

and

other

information

(“Moody’s

Information”)

are

proprietary

to

Moody’s

and/

or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’s

Information

is

licensed

to

Client

by

Moody’s.

MOODY’S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2024,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“Content”)

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“Content

Providers”)

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

6

NVIDIA

0.8‌%

Amazon.com

0.7‌ 

Microsoft

0.7‌ 

Eli

Lilly

0.6‌ 

Apple

0.6‌ 

Pioneer

Natural

Resources

0.6‌ 

Charles

Schwab

0.5‌ 

Westrock

0.4‌ 

Equitrans

Midstream

0.3‌ 

ExxonMobil

0.3‌ 

Total

5.5‌%

United

Mexican

States

1.0‌%

Live

Nation

Entertainment

0.8‌ 

William

Morris

Endeavor

Entertainment

LLC

0.8‌ 

SRS

Distribution

0.6‌ 

Verscend

Holdings

LLC

0.6‌ 

Federal

Republic

of

Germany

0.6‌ 

U.S.

Treasuries

0.6‌ 

Walgreens

Boots

Alliance

0.5‌ 

Federative

Republic

of

Brazil

0.5‌ 

Carrols

Restaurant

Group

0.5‌ 

Total

6.5‌%

PORTFOLIO

HIGHLIGHTS

LARGEST

HOLDINGS

Stocks

Percent

of

Net

Assets

4/30/24

Bonds

Percent

of

Net

Assets

4/30/24

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

7

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

8

MULTI-STRATEGY

TOTAL

RETURN

FUND

Beginning

Account

Value

11/1/23

Ending

Account

Value

4/30/24

Expenses

Paid

During

Period*

11/1/23

to

4/30/24

Investor

Class

Actual

$1,000.00

$1,058.80

$6.14

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,018.90

  6.02

I

Class

Actual

  1,000.00

  1,059.60

  5.38

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.64

  5.27

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

1.20%,

and

the

2

I Class

was

1.05%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

9.70‌

$

9.49‌

$

10.70‌

$

10.56‌

$

9.75‌

$

9.70‌

Investment

activities

Net

investment

income

(1)(2)

0.20‌

0.37‌

0.15‌

0.10‌

0.16‌

0.26‌

Net

realized

and

unrealized

gain/

loss

0.34‌

0.06‌

(1.07‌)

0.40‌

0.92‌

0.12‌

Total

from

investment

activities

0.54‌

0.43‌

(0.92‌)

0.50‌

1.08‌

0.38‌

Distributions

Net

investment

income

(0.55‌)

(0.14‌)

(0.05‌)

(0.09‌)

(0.25‌)

(0.18‌)

Net

realized

gain

—‌

(0.08‌)

(0.24‌)

(0.27‌)

(0.02‌)

(0.15‌)

Total

distributions

(0.55‌)

(0.22‌)

(0.29‌)

(0.36‌)

(0.27‌)

(0.33‌)

NET

ASSET

VALUE

End

of

period

$

9.69‌

$

9.70‌

$

9.49‌

$

10.70‌

$

10.56‌

$

9.75‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

5.88‌%

4.58‌%

(8.75‌)%

4.74‌%

11.34‌%

4.09‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.35‌%

(4)

1.38‌%

1.37‌%

1.32‌%

1.56‌%

1.84‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.20‌%

(4)

1.20‌%

1.19‌%

1.04‌%

1.05‌%

1.06‌%

Net

investment

income

4.19‌%

(4)

3.87‌%

1.49‌%

0.96‌%

1.55‌%

2.69‌%

Portfolio

turnover

rate

65.9‌%

110.3‌%

133.8‌%

144.8‌%

99.5‌%

83.8‌%

Net

assets,

end

of

period

(in

thousands)

$20,818

$25,996

$42,153

$119,258

$120,127

$57,579

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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

9.67‌

$

9.55‌

$

10.75‌

$

10.59‌

$

9.76‌

$

9.70‌

Investment

activities

Net

investment

income

(1)(2)

0.20‌

0.38‌

0.17‌

0.08‌

0.17‌

0.27‌

Net

realized

and

unrealized

gain/

loss

0.35‌

0.06‌

(1.08‌)

0.44‌

0.93‌

0.12‌

Total

from

investment

activities

0.55‌

0.44‌

(0.91‌)

0.52‌

1.10‌

0.39‌

Distributions

Net

investment

income

(0.62‌)

(0.24‌)

(0.05‌)

(0.09‌)

(0.25‌)

(0.18‌)

Net

realized

gain

—‌

(0.08‌)

(0.24‌)

(0.27‌)

(0.02‌)

(0.15‌)

Total

distributions

(0.62‌)

(0.32‌)

(0.29‌)

(0.36‌)

(0.27‌)

(0.33‌)

NET

ASSET

VALUE

End

of

period

$

9.60‌

$

9.67‌

$

9.55‌

$

10.75‌

$

10.59‌

$

9.76‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

5.96‌%

4.74‌%

(8.62‌)%

4.92‌%

11.54‌%

4.19‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.11‌%

(4)

1.17‌%

1.14‌%

1.12‌%

1.50‌%

1.74‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.05‌%

(4)

1.05‌%

1.05‌%

1.01‌%

0.90‌%

0.90‌%

Net

investment

income

4.33‌%

(4)

4.04‌%

1.77‌%

0.73‌%

1.70‌%

2.83‌%

Portfolio

turnover

rate

65.9‌%

110.3‌%

133.8‌%

144.8‌%

99.5‌%

83.8‌%

Net

assets,

end

of

period

(in

thousands)

$289,809

$276,873

$310,096

$334,438

$8,777

$4,308

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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

April

30,

2024

(Unaudited)

13

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA  0.1%

Government

Bonds 0.1% 

Republic

of

Albania,

5.90%,

6/9/28

(EUR)  (1)

365,000‌

402‌

Total

Albania

(Cost

$387)

402‌

ANGOLA  0.3%

Government

Bonds 0.3% 

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

310,000‌

283‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) 

550,000‌

499‌

Total

Angola

(Cost

$745)

782‌

ARGENTINA  0.1%

Common

Stocks 0.0% 

Globant

(USD)  (2)

100‌

18‌

MercadoLibre

(USD)  (2)

55‌

80‌

Tenaris,

ADR

(USD) 

334‌

11‌

109‌

Government

Bonds 0.1% 

Republic

of

Argentina,

STEP,

3.625%,

7/9/35

(USD) 

550,000‌

254‌

254‌

Total

Argentina

(Cost

$262)

363‌

AUSTRALIA  0.1%

Common

Stocks 0.0% 

BHP

Group 

1,165‌

32‌

Goodman

Group 

641‌

13‌

Rio

Tinto 

109‌

9‌

Scentre

Group 

5,628‌

11‌

Vast

Solar,

Warrants,

6/29/28

(USD)  (2)

25,200‌

3‌

68‌

Government

Bonds 0.1% 

Commonwealth

of

Australia,

Series

169,

4.75%,

6/21/54 

570,000‌

367‌

367‌

Total

Australia

(Cost

$407)

435‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

AUSTRIA 0.1%

Common

Stocks 0.0% 

BAWAG

Group 

172‌

10‌

OMV 

337‌

16‌

26‌

Government

Bonds 0.1% 

Republic

of

Austria,

0.85%,

6/30/2120  (1)

364,000‌

170‌

170‌

Total

Austria

(Cost

$159)

196‌

AZERBAIJAN  0.1%

Corporate

Bonds 0.1% 

Southern

Gas

Corridor

CJSC,

6.875%,

3/24/26

(USD) 

260,000‌

262‌

Total

Azerbaijan

(Cost

$264)

262‌

BAHAMAS  0.1%

Government

Bonds 0.1% 

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD)  (1)

310,000‌

277‌

Total

Bahamas

(Cost

$251)

277‌

BELGIUM  0.0%

Common

Stocks 0.0% 

Shurgard

Self

Storage 

207‌

8‌

Total

Belgium

(Cost

$8)

8‌

BRAZIL  1.3%

Common

Stocks 0.0% 

NU

Holdings,

Class

A

(USD)  (2)

2,076‌

23‌

23‌

Corporate

Bonds 0.8% 

Aegea

Finance,

9.00%,

1/20/31

(USD)  (1)

310,000‌

325‌

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

260,000‌

219‌

Braskem

Netherlands

Finance,

7.25%,

2/13/33

(USD) 

480,000‌

455‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD)  (1)

480,000‌

419‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) 

310,000‌

270‌

MercadoLibre,

3.125%,

1/14/31

(USD) 

200,000‌

164‌

Nexa

Resources,

6.75%,

4/9/34

(USD)  (1)

200,000‌

201‌

Raizen

Fuels

Finance,

6.45%,

3/5/34

(USD)  (1)

200,000‌

199‌

Raizen

Fuels

Finance,

6.95%,

3/5/54

(USD)  (1)

200,000‌

195‌

2,447‌

Government

Bonds 0.5% 

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

4,605,000‌

844‌

Republic

of

Brazil,

4.25%,

1/7/25

(USD) 

330,000‌

327‌

Republic

of

Brazil,

6.125%,

3/15/34

(USD) 

230,000‌

220‌

Republic

of

Brazil,

7.125%,

5/13/54

(USD) 

200,000‌

192‌

1,583‌

Total

Brazil

(Cost

$4,123)

4,053‌

CANADA  1.7%

Asset-Backed

Securities 0.1% 

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52  (1)

305,000‌

204‌

204‌

Bank

Loans 0.3%  (3)

Nuvei

Technologies,

FRN,

1M

TSFR

+

3.00%,

12/19/30

(USD)  (4)

1,000,000‌

1,000‌

1,000‌

Common

Stocks 0.6% 

Agnico

Eagle

Mines

(USD) 

201‌

13‌

Alamos

Gold,

Class

A

(USD) 

900‌

13‌

Cameco

(USD) 

543‌

25‌

Canadian

Apartment

Properties

REIT 

134‌

4‌

Canadian

Imperial

Bank

of

Commerce 

232‌

11‌

Canadian

Natural

Resources 

699‌

53‌

Canadian

Pacific

Kansas

City

(USD) 

6,354‌

498‌

Celestica

(USD)  (2)

9,592‌

416‌

Constellation

Software 

10‌

26‌

Constellation

Software,

Warrants,

3/31/40  (2)(5)

12‌

—‌

Descartes

Systems

Group

(USD)  (2)

139‌

13‌

Enbridge

(USD)  (6)

1,236‌

44‌

Franco-Nevada 

102‌

12‌

Ivanhoe

Mines,

Class

A  (2)(6)

1,004‌

13‌

MDA  (2)

2,989‌

31‌

Osisko

Gold

Royalties 

716‌

11‌

Shopify,

Class

A

(USD)  (2)

7,730‌

543‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Suncor

Energy 

990‌

38‌

Teck

Resources,

Class

B

(USD) 

294‌

14‌

West

Fraser

Timber 

220‌

17‌

1,795‌

Corporate

Bonds 0.7% 

1011778

BC

ULC,

5.75%,

4/15/25

(USD)  (1)

1,216,000‌

1,207‌

Rogers

Communications,

2.95%,

3/15/25

(USD) 

53,000‌

52‌

TER

Finance

Jersey,

Series

21,

Zero

Coupon,

1/2/25

(USD)  (1)

(2)(5)

200,000‌

191‌

Toronto-Dominion

Bank,

VR,

8.125%,

10/31/82

(USD)  (7)

200,000‌

205‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

570,000‌

568‌

2,223‌

Total

Canada

(Cost

$5,008)

5,222‌

CHILE  0.7%

Corporate

Bonds 0.4% 

AES

Andes,

VR,

7.125%,

3/26/79

(USD)  (7)

310,000‌

307‌

Agrosuper,

4.60%,

1/20/32

(USD) 

250,000‌

211‌

Banco

de

Credito

e

Inversiones,

VR,

8.75%

(USD)  (7)(8)

200,000‌

205‌

Banco

del

Estado

de

Chile,

VR,

7.95%

(USD)  (1)(7)(8)

200,000‌

201‌

Mercury

Chile

Holdco,

6.50%,

1/24/27

(USD) 

310,000‌

298‌

1,222‌

Government

Bonds 0.3% 

Bonos

de

la

Tesoreria

de

la

Republica,

6.00%,

4/1/33  (1)

420,000,000‌

438‌

Chile

Electricity,

6.01%,

1/20/33

(USD)  (1)

200,000‌

199‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/15/51

(USD) 

480,000‌

284‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

300,000‌

176‌

1,097‌

Total

Chile

(Cost

$2,443)

2,319‌

CHINA  0.7%

Common

Stocks 0.1% 

58.com

(USD)  (2)(5)

22,100‌

—‌

Alibaba

Group

Holding

(HKD) 

2,200‌

20‌

BeiGene,

ADR

(USD)  (2)

95‌

14‌

BOE

Varitronix

(HKD)  (6)

20,000‌

14‌

H

World

Group,

ADR

(USD) 

380‌

14‌

Kanzhun,

ADR

(USD) 

790‌

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Legend

Biotech,

ADR

(USD)  (2)

158‌

7‌

Li

Auto,

Class

A

(HKD)  (2)

1,600‌

21‌

PDD

Holdings,

ADR

(USD)  (2)

352‌

44‌

Silergy

(TWD) 

3,000‌

40‌

Tencent

Holdings

(HKD) 

800‌

35‌

Zai

Lab,

ADR

(USD)  (2)(6)

177‌

3‌

228‌

Common

Stocks

-

China

A

Shares 0.0% 

Estun

Automation,

A

Shares

(CNH) 

5,300‌

12‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

3,900‌

27‌

Kweichow

Moutai,

A

Shares

(CNH) 

100‌

23‌

NARI

Technology,

A

Shares

(CNH) 

7,913‌

26‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

1,700‌

14‌

102‌

Convertible

Bonds 0.4% 

H

World

Group,

3.00%,

5/1/26

(USD) 

405,000‌

455‌

Li

Auto,

0.25%,

5/1/28

(USD) 

155,000‌

178‌

Xiaomi

Best

Time

International,

Zero

Coupon,

12/17/27

(USD) 

300,000‌

277‌

ZTO

Express

Cayman,

1.50%,

9/1/27

(USD) 

150,000‌

145‌

1,055‌

Corporate

Bonds 0.2% 

Country

Garden

Holdings,

3.125%,

10/22/25

(USD)  (2)(9)

300,000‌

18‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD)  (2)(9)

1,515,000‌

44‌

Longfor

Group

Holdings,

3.85%,

1/13/32

(USD) 

200,000‌

107‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD)  (2)(9)

200,000‌

4‌

Times

China

Holdings,

6.75%,

7/8/25

(USD)  (2)(9)

200,000‌

5‌

West

China

Cement,

4.95%,

7/8/26

(USD) 

230,000‌

188‌

Zhongsheng

Group

Holdings,

3.00%,

1/13/26

(USD) 

310,000‌

291‌

657‌

Total

China

(Cost

$2,801)

2,042‌

COLOMBIA  0.7%

Corporate

Bonds 0.3% 

Aris

Mining,

6.875%,

8/9/26

(USD)  (1)

315,000‌

293‌

Ecopetrol,

8.375%,

1/19/36

(USD) 

280,000‌

272‌

Geopark,

5.50%,

1/17/27

(USD) 

300,000‌

270‌

835‌

Government

Bonds 0.4% 

Ecopetrol,

6.875%,

4/29/30

(USD) 

300,000‌

286‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

2,554,100,000‌

550‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

1,600,000,000‌

333‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

710,400,000‌

208‌

1,377‌

Private

Investment

Company 0.0% 

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $—

(USD)  (2)(10)

†

3‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $37

(USD)  (2)(10)

†

50‌

53‌

Total

Colombia

(Cost

$2,042)

2,265‌

CZECH

REPUBLIC  0.3%

Government

Bonds 0.3% 

Republic

of

Czech,

Series

103,

2.00%,

10/13/33 

9,400,000‌

329‌

Republic

of

Czech,

Series

125,

1.50%,

4/24/40 

17,200,000‌

492‌

Total

Czech

Republic

(Cost

$847)

821‌

DENMARK  0.3%

Common

Stocks 0.3% 

Ascendis

Pharma,

ADR

(USD)  (2)

91‌

13‌

Novo

Nordisk,

ADR

(USD) 

260‌

33‌

Novo

Nordisk,

Class

B 

6,603‌

847‌

Total

Denmark

(Cost

$756)

893‌

EGYPT  0.4%

Government

Bonds 0.4% 

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

24.998%,

6/25/24 

7,650,000‌

154‌

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

26.917%,

12/24/24 

8,775,000‌

158‌

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

29.50%,

6/11/24 

38,650,000‌

787‌

Arab

Republic

of

Egypt

Treasury

Bills,

Series

364D,

30.00%,

9/17/24 

8,875,000‌

170‌

Total

Egypt

(Cost

$1,246)

1,269‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

EL

SALVADOR  0.0%

Government

Bonds 0.0% 

Republic

of

El

Salvador,

0.25%,

4/17/30

(USD)  (1)

150,000‌

5‌

Republic

of

El

Salvador,

9.25%,

4/17/30

(USD)  (1)

150,000‌

134‌

Total

El

Salvador

(Cost

$136)

139‌

FRANCE  0.4%

Bank

Loans 0.1%  (3)

Altice

France,

FRN,

1M

USD

LIBOR

+

2.75%,

8.341%,

7/31/25

(USD) 

199,495‌

178‌

178‌

Common

Stocks 0.2% 

Air

Liquide 

149‌

29‌

Airbus 

988‌

163‌

AXA 

578‌

20‌

Eurofins

Scientific 

318‌

20‌

Gecina 

43‌

4‌

Hermes

International 

23‌

55‌

L'Oreal 

67‌

31‌

LVMH

Moet

Hennessy

Louis

Vuitton 

94‌

77‌

Pernod

Ricard 

131‌

20‌

Remy

Cointreau 

71‌

7‌

Safran 

109‌

24‌

Schneider

Electric 

107‌

24‌

Sensorion  (2)

1,339‌

1‌

SPIE 

808‌

29‌

TotalEnergies 

948‌

69‌

573‌

Convertible

Preferred

Stocks 0.0% 

DNA

Script,

Series

C,

Acquisition

Date:

12/16/21,

Cost $7  (2)

(5)(10)

8‌

2‌

2‌

Corporate

Bonds 0.1% 

Altice

France

Holding,

4.00%,

2/15/28 

100,000‌

25‌

Altice

France

Holding,

10.50%,

5/15/27

(USD)  (1)

545,000‌

194‌

BNP

Paribas,

3.375%,

1/23/26

(GBP) 

100,000‌

120‌

339‌

Total

France

(Cost

$1,229)

1,092‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GERMANY 1.2%

Common

Stocks 0.3% 

BASF 

160‌

8‌

Beiersdorf 

95‌

14‌

Daimler

Truck

Holding 

585‌

26‌

Immatics

(USD)  (2)

362‌

4‌

Infineon

Technologies 

7,249‌

252‌

KION

Group 

435‌

20‌

LEG

Immobilien  (2)

98‌

8‌

SAP 

2,644‌

478‌

Siemens 

556‌

104‌

914‌

Corporate

Bonds 0.1% 

BMW

International

Investment,

5.50%,

6/6/26

(GBP) 

100,000‌

126‌

Deutsche

Bank,

2.625%,

12/16/24

(GBP) 

100,000‌

123‌

Mercedes-Benz

International

Finance,

1.625%,

11/11/24

(GBP) 

100,000‌

123‌

ZF

North

America

Capital,

4.75%,

4/29/25

(USD)  (1)

150,000‌

147‌

519‌

Government

Bonds 0.6% 

Deutsche

Bundesrepublik,

Inflation-Indexed,

0.10%,

4/15/26 

1,034,462‌

1,082‌

Kreditanstalt

fuer

Wiederaufbau,

1.125%,

7/4/25

(GBP) 

63,000‌

75‌

Kreditanstalt

fuer

Wiederaufbau,

1.375%,

12/9/24

(GBP) 

315,000‌

385‌

Kreditanstalt

fuer

Wiederaufbau,

2.00%,

5/2/25

(USD) 

306,000‌

295‌

1,837‌

Preferred

Stocks 0.2% 

Sartorius 

1,804‌

539‌

539‌

Total

Germany

(Cost

$3,722)

3,809‌

GHANA  0.2%

Corporate

Bonds 0.2% 

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

655,000‌

635‌

Total

Ghana

(Cost

$623)

635‌

GUATEMALA  0.2%

Government

Bonds 0.2% 

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

300,000‌

283‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) 

300,000‌

280‌

Total

Guatemala

(Cost

$601)

563‌

HONG

KONG  0.2%

Common

Stocks 0.1% 

Techtronic

Industries 

23,500‌

325‌

Techtronic

Industries,

ADR

(USD) 

531‌

36‌

361‌

Corporate

Bonds 0.1% 

CAS

Capital

No.

1,

VR,

4.00%

(USD)  (7)(8)

250,000‌

227‌

227‌

Total

Hong

Kong

(Cost

$481)

588‌

HUNGARY  0.3%

Common

Stocks 0.0% 

OTP

Bank 

148‌

7‌

7‌

Government

Bonds 0.3% 

Magyar

Export-Import

Bank,

6.00%,

5/16/29

(EUR) 

100,000‌

112‌

Magyar

Export-Import

Bank,

6.125%,

12/4/27

(USD)  (1)

200,000‌

200‌

MFB

Magyar

Fejlesztesi

Bank,

6.50%,

6/29/28

(USD) 

230,000‌

232‌

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

110,000,000‌

255‌

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

144,000,000‌

252‌

1,051‌

Total

Hungary

(Cost

$983)

1,058‌

INDIA  1.1%

Common

Stocks 0.3% 

Container

Corp.

of

India 

1,095‌

13‌

HDFC

Bank 

26,445‌

479‌

ICICI

Bank 

37,890‌

522‌

Larsen

&

Toubro 

548‌

24‌

1,038‌

Corporate

Bonds 0.3% 

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

266,600‌

222‌

GMR

Hyderabad

International

Airport,

4.25%,

10/27/27

(USD) 

220,000‌

203‌

HDFC

Bank,

VR,

3.70%

(USD)  (7)(8)

310,000‌

287‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JSW

Infrastructure,

4.95%,

1/21/29

(USD)  (6)

250,000‌

230‌

942‌

Government

Bonds 0.5% 

Republic

of

India,

6.45%,

10/7/29 

22,000,000‌

256‌

Republic

of

India,

7.18%,

8/14/33 

31,000,000‌

371‌

Republic

of

India,

7.26%,

8/22/32 

65,600,000‌

788‌

1,415‌

Total

India

(Cost

$3,326)

3,395‌

INDONESIA  0.6%

Common

Stocks 0.1% 

Bank

Central

Asia 

808,700‌

486‌

486‌

Corporate

Bonds 0.2% 

Minejesa

Capital,

4.625%,

8/10/30

(USD) 

278,940‌

261‌

Pakuwon

Jati,

4.875%,

4/29/28

(USD) 

300,000‌

278‌

539‌

Government

Bonds 0.3% 

Pertamina

Persero,

2.30%,

2/9/31

(USD) 

340,000‌

275‌

Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33 

6,351,000,000‌

383‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

3,680,000,000‌

224‌

882‌

Total

Indonesia

(Cost

$1,947)

1,907‌

IRELAND  0.2%

Common

Stocks 0.0% 

ICON

(USD)  (2)

33‌

10‌

10‌

Corporate

Bonds 0.2% 

AerCap

Ireland

Capital,

3.00%,

10/29/28

(USD) 

150,000‌

134‌

AerCap

Ireland

Capital,

3.30%,

1/30/32

(USD) 

310,000‌

259‌

AerCap

Ireland

Capital,

6.15%,

9/30/30

(USD) 

150,000‌

152‌

Avolon

Holdings

Funding,

2.875%,

2/15/25

(USD)  (1)

49,000‌

48‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD)  (1)

31,000‌

31‌

Avolon

Holdings

Funding,

6.375%,

5/4/28

(USD)  (1)

90,000‌

90‌

714‌

Total

Ireland

(Cost

$774)

724‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ITALY 0.3%

Common

Stocks 0.2% 

Davide

Campari-Milano 

1,760‌

18‌

Ferrari

(USD) 

96‌

40‌

GVS  (2)

2,293‌

13‌

PRADA

(HKD) 

48,400‌

395‌

Stellantis 

720‌

16‌

482‌

Government

Bonds 0.1% 

Republic

of

Italy,

2.375%,

10/17/24

(USD) 

310,000‌

305‌

305‌

Total

Italy

(Cost

$665)

787‌

IVORY

COAST  0.5%

Government

Bonds 0.5% 

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

340,000‌

328‌

Republic

of

Ivory

Coast,

6.375%,

3/3/28

(USD) 

310,000‌

301‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD)  (1)

625,000‌

600‌

Republic

of

Ivory

Coast,

8.25%,

1/30/37

(USD)  (1)

250,000‌

240‌

Total

Ivory

Coast

(Cost

$1,480)

1,469‌

JAPAN  0.8%

Common

Stocks 0.8% 

Asics 

200‌

9‌

Chugai

Pharmaceutical 

4,100‌

130‌

Daiichi

Sankyo 

21,900‌

737‌

Daikin

Industries 

200‌

27‌

Disco 

500‌

142‌

Disco,

ADR

(USD)  (6)

500‌

14‌

Harmonic

Drive

Systems 

11,200‌

280‌

Hoshizaki 

600‌

21‌

Idec 

400‌

7‌

Keyence 

1,400‌

616‌

MatsukiyoCocokara 

500‌

7‌

Mitsubishi

Estate 

700‌

13‌

Mitsubishi

UFJ

Financial

Group 

17,700‌

176‌

Mitsui

Fudosan 

1,300‌

13‌

Miura 

1,300‌

21‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nippon

Sanso

Holdings 

600‌

18‌

Omron 

400‌

14‌

Persol

Holdings 

11,200‌

16‌

Recruit

Holdings 

1,000‌

43‌

Sanrio 

900‌

15‌

Seven

&

i

Holdings 

1,100‌

14‌

Shin-Etsu

Chemical 

700‌

27‌

Shionogi 

2,300‌

107‌

Sony

Group,

ADR

(USD) 

368‌

30‌

Visional  (2)

300‌

14‌

Total

Japan

(Cost

$2,336)

2,511‌

JORDAN  0.1%

Government

Bonds 0.1% 

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

230,000‌

207‌

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD)  (1)

200,000‌

198‌

Total

Jordan

(Cost

$409)

405‌

KENYA  0.1%

Government

Bonds 0.1% 

Republic

of

Kenya,

7.00%,

5/22/27

(USD) 

200,000‌

193‌

Total

Kenya

(Cost

$187)

193‌

KUWAIT  0.1%

Government

Bonds 0.1% 

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

200,000‌

199‌

Total

Kuwait

(Cost

$205)

199‌

LUXEMBOURG  0.1%

Common

Stocks 0.0% 

CVC

Capital

Partners  (2)

425‌

8‌

8‌

Corporate

Bonds 0.1% 

Altice

Financing,

9.625%,

7/15/27

(USD)  (1)

220,000‌

207‌

207‌

Total

Luxembourg

(Cost

$224)

215‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

MALAYSIA 0.3%

Common

Stocks 0.1% 

Tenaga

Nasional 

58,600‌

147‌

147‌

Government

Bonds 0.2% 

Government

of

Malaysia,

Series

0123,

4.457%,

3/31/53 

2,705,000‌

581‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

770,000‌

177‌

758‌

Total

Malaysia

(Cost

$925)

905‌

MAURITIUS  0.2%

Corporate

Bonds 0.2% 

Axian

Telecom,

7.375%,

2/16/27

(USD)  (1)

230,000‌

224‌

Axian

Telecom,

7.375%,

2/16/27

(USD) 

310,000‌

301‌

Total

Mauritius

(Cost

$537)

525‌

MEXICO  2.2%

Corporate

Bonds 0.6% 

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD)  (7)(8)

310,000‌

307‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD)  (7)

310,000‌

283‌

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD)  (1)(7)

455,000‌

461‌

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) 

668,000‌

502‌

Sixsigma

Networks

Mexico,

7.50%,

5/2/25

(USD) 

365,000‌

348‌

1,901‌

Government

Bonds 1.6% 

Banco

Nacional

de

Comercio

Exterior

SNC,

VR,

2.72%,

8/11/31

(USD)  (7)

300,000‌

266‌

Comision

Federal

de

Electricidad,

4.75%,

2/23/27

(USD) 

240,000‌

230‌

Petroleos

Mexicanos,

5.35%,

2/12/28

(USD) 

310,000‌

271‌

Petroleos

Mexicanos,

6.49%,

1/23/27

(USD) 

250,000‌

235‌

Petroleos

Mexicanos,

6.50%,

1/23/29

(USD) 

595,000‌

527‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD) 

435,000‌

356‌

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

5,070,000‌

272‌

United

Mexican

States,

Series

M,

7.50%,

6/3/27 

4,888,000‌

264‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

21,500,000‌

1,071‌

United

Mexican

States,

Series

M,

7.75%,

11/13/42 

22,390,000‌

1,056‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

5,180,000‌

284‌

4,832‌

Total

Mexico

(Cost

$6,679)

6,733‌

MONTENEGRO  0.1%

Government

Bonds 0.1% 

Republic

of

Montenegro,

7.25%,

3/12/31

(USD)  (1)

400,000‌

401‌

Total

Montenegro

(Cost

$400)

401‌

MOROCCO  0.1%

Government

Bonds 0.1% 

Kingdom

of

Morocco,

3.00%,

12/15/32

(USD) 

350,000‌

273‌

Total

Morocco

(Cost

$275)

273‌

NETHERLANDS  0.7%

Common

Stocks 0.5% 

Adyen  (2)

363‌

435‌

Argenx,

ADR

(USD)  (2)

111‌

42‌

ASM

International 

80‌

50‌

ASML

Holding 

621‌

541‌

ASML

Holding

(USD) 

18‌

16‌

BE

Semiconductor

Industries 

2,114‌

280‌

Heineken 

218‌

21‌

Pharvaris

(USD)  (2)

82‌

2‌

TKH

Group,

CVA 

508‌

22‌

Universal

Music

Group 

258‌

8‌

1,417‌

Corporate

Bonds 0.2% 

Boost

Newco

Borrower,

8.50%,

1/15/31

(GBP)  (1)

125,000‌

166‌

LeasePlan,

VR,

7.375%  (7)(8)

200,000‌

214‌

Trivium

Packaging

Finance,

5.50%,

8/15/26

(USD)  (1)

300,000‌

293‌

673‌

Total

Netherlands

(Cost

$1,704)

2,090‌

NEW

ZEALAND  0.3%

Government

Bonds 0.3% 

Government

of

New

Zealand,

Series

0551,

2.75%,

5/15/51 

1,776,000‌

682‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

of

New

Zealand,

Series

0554,

5.00%,

5/15/54 

178,000‌

102‌

Total

New

Zealand

(Cost

$1,034)

784‌

NORWAY  0.0%

Common

Stocks 0.0% 

Equinor 

750‌

20‌

Seadrill

(USD)  (2)

726‌

35‌

Total

Norway

(Cost

$47)

55‌

OMAN  0.1%

Government

Bonds 0.1% 

Oryx

Funding,

5.80%,

2/3/31

(USD) 

300,000‌

296‌

Total

Oman

(Cost

$298)

296‌

PANAMA  0.4%

Government

Bonds 0.4% 

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) 

310,000‌

234‌

Republic

of

Panama,

2.252%,

9/29/32

(USD) 

230,000‌

160‌

Republic

of

Panama,

3.16%,

1/23/30

(USD) 

250,000‌

204‌

Republic

of

Panama,

7.50%,

3/1/31

(USD) 

200,000‌

203‌

Republic

of

Panama,

7.875%,

3/1/57

(USD) 

200,000‌

196‌

Republic

of

Panama,

8.00%,

3/1/38

(USD) 

200,000‌

204‌

Total

Panama

(Cost

$1,256)

1,201‌

PARAGUAY  0.1%

Government

Bonds 0.1% 

Republic

of

Paraguay,

2.739%,

1/29/33

(USD) 

570,000‌

449‌

Total

Paraguay

(Cost

$470)

449‌

PERU  0.4%

Common

Stocks 0.0% 

Southern

Copper

(USD) 

140‌

16‌

16‌

Corporate

Bonds 0.2% 

Banco

de

Credito

del

Peru,

VR,

3.125%,

7/1/30

(USD)  (6)(7)

310,000‌

295‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

InRetail

Consumer,

3.25%,

3/22/28

(USD) 

300,000‌

268‌

563‌

Government

Bonds 0.2% 

Republic

of

Peru,

6.15%,

8/12/32 

1,050,000‌

263‌

Republic

of

Peru,

6.95%,

8/12/31 

989,000‌

265‌

528‌

Total

Peru

(Cost

$1,048)

1,107‌

PHILIPPINES  0.2%

Government

Bonds 0.2% 

Republic

of

Philippines,

6.25%,

1/14/36 

36,000,000‌

586‌

Total

Philippines

(Cost

$755)

586‌

POLAND  0.5%

Government

Bonds 0.5% 

Republic

of

Poland,

Series

1033,

6.00%,

10/25/33 

1,953,000‌

491‌

Republic

of

Poland,

Series

1034,

5.00%,

10/25/34 

3,954,000‌

920‌

Total

Poland

(Cost

$1,461)

1,411‌

PORTUGAL  0.1%

Common

Stocks 0.0% 

Galp

Energia 

5,633‌

121‌

Jeronimo

Martins 

516‌

11‌

132‌

Government

Bonds 0.1% 

Portuguese

Republic,

5.125%,

10/15/24

(USD) 

199,000‌

197‌

197‌

Total

Portugal

(Cost

$314)

329‌

QATAR  0.1%

Government

Bonds 0.1% 

QatarEnergy,

3.125%,

7/12/41

(USD) 

370,000‌

265‌

Total

Qatar

(Cost

$283)

265‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ROMANIA 0.4%

Corporate

Bonds 0.3% 

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR)  (7)

840,000‌

949‌

949‌

Government

Bonds 0.1% 

Republic

of

Romania,

5.25%,

11/25/27

(USD) 

206,000‌

200‌

200‌

Total

Romania

(Cost

$1,140)

1,149‌

SAUDI

ARABIA  0.1%

Corporate

Bonds 0.0% 

Riyad

Sukuk,

VR,

3.174%,

2/25/30

(USD)  (7)

200,000‌

195‌

195‌

Government

Bonds 0.1% 

NCB

Tier

1

Sukuk,

VR,

3.50%

(USD)  (7)(8)

225,000‌

209‌

209‌

Total

Saudi

Arabia

(Cost

$414)

404‌

SENEGAL  0.1%

Government

Bonds 0.1% 

Republic

of

Senegal,

6.25%,

5/23/33

(USD)  (6)

365,000‌

309‌

Total

Senegal

(Cost

$315)

309‌

SERBIA  0.2%

Government

Bonds 0.2% 

Republic

of

Serbia,

6.25%,

5/26/28

(USD) 

300,000‌

301‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

45,400,000‌

378‌

Total

Serbia

(Cost

$788)

679‌

SINGAPORE  0.0%

Common

Stocks 0.0% 

CapitaLand

Integrated

Commercial

Trust 

4,900‌

7‌

Total

Singapore

(Cost

$8)

7‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SOUTH

AFRICA  0.4%

Government

Bonds 0.4% 

Eskom

Holdings,

6.35%,

8/10/28

(USD) 

290,000‌

275‌

Republic

of

South

Africa,

Series

2035,

8.875%,

2/28/35 

13,000,000‌

556‌

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

4,519,000‌

170‌

Transnet,

8.25%,

2/6/28

(USD)  (1)

200,000‌

197‌

Total

South

Africa

(Cost

$1,244)

1,198‌

SOUTH

KOREA  0.2%

Common

Stocks 0.2% 

LG

Chem 

101‌

29‌

Samsung

Electronics 

1,448‌

81‌

SK

Hynix 

3,528‌

435‌

Total

South

Korea

(Cost

$551)

545‌

SPAIN  0.2%

Common

Stocks 0.0% 

Amadeus

IT

Group,

Class

A 

274‌

17‌

Cellnex

Telecom 

79‌

3‌

20‌

Corporate

Bonds 0.2% 

Banco

Bilbao

Vizcaya

Argentaria,

VR,

9.375%

(USD)  (7)(8)

400,000‌

421‌

Cirsa

Finance

International,

6.50%,

3/15/29  (1)

115,000‌

125‌

Cirsa

Finance

International,

FRN,

3M

EURIBOR

+

4.50%,

8.365%,

7/31/28  (1)

175,000‌

190‌

736‌

Total

Spain

(Cost

$734)

756‌

SRI

LANKA  0.3%

Government

Bonds 0.3% 

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD)  (2)(9)

610,000‌

349‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD)  (2)(9)

560,000‌

321‌

Republic

of

Sri

Lanka,

11.00%,

6/1/26 

96,000,000‌

325‌

Total

Sri

Lanka

(Cost

$817)

995‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SUPRANATIONAL 0.3%

Government

Bonds 0.3% 

European

Bank

for

Reconstruction

&

Development,

6.30%,

10/26/27

(INR) 

5,200,000‌

60‌

European

Investment

Bank,

1.625%,

3/14/25

(USD) 

192,000‌

186‌

International

Bank

for

Reconstruction

&

Development,

0.625%,

4/22/25

(USD) 

390,000‌

373‌

International

Bank

for

Reconstruction

&

Development,

6.85%,

4/24/28

(INR) 

29,000,000‌

342‌

International

Finance,

6.30%,

11/25/24

(INR) 

5,170,000‌

62‌

Total

Supranational

(Cost

$1,030)

1,023‌

SURINAME  0.2%

Government

Bonds 0.2% 

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD)  (1)(11)

230,240‌

214‌

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD)  (1)

551,000‌

415‌

Total

Suriname

(Cost

$367)

629‌

SWEDEN  0.4%

Bank

Loans 0.2%  (3)

Anticimex

Global,

FRN,

3M

TSFR

+

3.15%,

8.461%,

11/16/28

(USD) 

586,500‌

587‌

Anticimex

Global,

FRN,

3M

TSFR

+

3.65%,

8.961%,

11/16/28

(USD) 

97,750‌

98‌

685‌

Common

Stocks 0.2% 

Sandvik  (6)

605‌

12‌

Spotify

Technology

(USD)  (2)

130‌

36‌

Svenska

Cellulosa,

Class

B 

33,546‌

492‌

540‌

Total

Sweden

(Cost

$1,184)

1,225‌

SWITZERLAND  0.2%

Common

Stocks 0.1% 

Cie

Financiere

Richemont,

Class

A 

2,349‌

325‌

Julius

Baer

Group 

349‌

19‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Montana

Aerospace  (2)

1,631‌

32‌

Nestle 

686‌

69‌

On

Holding,

Class

A

(USD)  (2)

383‌

12‌

TE

Connectivity

(USD) 

180‌

25‌

482‌

Corporate

Bonds 0.1% 

UBS

Group,

VR,

5.699%,

2/8/35

(USD)  (1)(7)

200,000‌

194‌

194‌

Total

Switzerland

(Cost

$681)

676‌

TAIWAN  0.3%

Common

Stocks 0.3% 

Taiwan

Semiconductor

Manufacturing 

37,000‌

886‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

1,476‌

203‌

Total

Taiwan

(Cost

$746)

1,089‌

THAILAND  0.5%

Common

Stocks 0.1% 

WHA 

1,666,300‌

225‌

225‌

Corporate

Bonds 0.1% 

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

300,000‌

295‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

310,000‌

207‌

502‌

Government

Bonds 0.3% 

Kingdom

of

Thailand,

3.60%,

6/17/67 

7,700,000‌

202‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

24,149,134‌

622‌

824‌

Total

Thailand

(Cost

$1,761)

1,551‌

TÜRKIYE  0.1%

Corporate

Bonds 0.1% 

Sisecam

U.K.,

8.25%,

5/2/29

(USD)  (1)

200,000‌

204‌

Sisecam

U.K.,

8.625%,

5/2/32

(USD)  (1)

200,000‌

203‌

Total

Türkiye

(Cost

$400)

407‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UKRAINE 0.1%

Corporate

Bonds 0.1% 

Kernel

Holding,

6.50%,

10/17/24

(USD) 

200,000‌

178‌

Total

Ukraine

(Cost

$186)

178‌

UNITED

ARAB

EMIRATES  0.0%

Government

Bonds 0.0% 

Sweihan

PV

Power,

3.625%,

1/31/49

(USD) 

1,425‌

1‌

Total

United

Arab

Emirates

(Cost

$1)

1‌

UNITED

KINGDOM  1.7%

Bank

Loans 0.3%  (3)

CD&R

Firefly

Bidco,

FRN,

1M

USD

LIBOR

+

5.75%,

3/1/29  (4)

155,000‌

194‌

CD&R

Firefly

Bidco,

FRN,

3M

EURIBOR

+

4.50%,

3/1/29

(EUR)  (4)

215,000‌

229‌

Clear

Channel

International,

7.50%,

4/1/27

(USD)  (5)

415,000‌

409‌

832‌

Common

Stocks 0.5% 

Ashtead

Group 

339‌

25‌

AstraZeneca,

ADR

(USD) 

671‌

51‌

Autolus

Therapeutics,

ADR

(USD)  (2)

561‌

2‌

BP,

ADR

(USD) 

1,268‌

49‌

Compass

Group 

1,138‌

32‌

Derwent

London 

91‌

2‌

Glencore 

1,109‌

6‌

Immunocore

Holdings,

ADR

(USD)  (2)

216‌

13‌

InterContinental

Hotels

Group 

142‌

14‌

London

Stock

Exchange

Group 

9,161‌

1,010‌

Next 

44‌

5‌

Novocure

(USD)  (2)

232‌

3‌

Rentokil

Initial 

4,581‌

23‌

Segro 

910‌

10‌

Shell 

1,926‌

68‌

Smiths

Group 

1,157‌

23‌

Unilever

(EUR) 

610‌

32‌

UNITE

Group 

384‌

4‌

Wise,

Class

A  (2)

2,070‌

20‌

1,392‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Convertible

Bonds 0.0% 

Immunocore

Holdings,

2.50%,

2/1/30

(USD)  (1)

21,000‌

21‌

21‌

Corporate

Bonds 0.5% 

Lloyds

Bank,

7.625%,

4/22/25 

26,000‌

33‌

NatWest

Markets,

6.625%,

6/22/26 

100,000‌

128‌

Reynolds

American,

4.45%,

6/12/25

(USD) 

52,000‌

51‌

Rolls-Royce,

3.625%,

10/14/25

(USD)  (1)

900,000‌

867‌

Vmed

O2

U.K.

Financing

I,

7.75%,

4/15/32

(USD)  (1)

615,000‌

604‌

1,683‌

Government

Bonds 0.4% 

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/26 

1,099,143‌

1,366‌

1,366‌

Total

United

Kingdom

(Cost

$5,091)

5,294‌

UNITED

STATES  40.1%

Asset-Backed

Securities 1.5% 

Applebee's

Funding,

Series

2023-1A,

Class

A2,

7.824%,

3/5/53  (1)

60,000‌

61‌

Auxilior

Term

Funding,

Series

2023-1A,

Class

E,

10.97%,

12/15/32  (1)

230,000‌

227‌

Bayview

Opportunity

Master

Fund

VII,

Series

2024-CAR1,

Class

D,

FRN,

SOFR30A

+

2.05%,

7.38%,

12/26/31  (1)

241,412‌

242‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-1A,

Class

A,

STEP,

4.213%,

12/16/41  (1)

265,160‌

261‌

CarMax

Auto

Owner

Trust,

Series

2023-1,

Class

A2A,

5.23%,

1/15/26 

22,855‌

23‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

C,

1.02%,

6/12/28 

16,425‌

15‌

DLLAD,

Series

2023-1A,

Class

A2,

5.19%,

4/20/26  (1)

51,101‌

51‌

Driven

Brands

Funding,

Series

2018-1A,

Class

A2,

4.739%,

4/20/48  (1)

220,900‌

217‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34  (1)

39,701‌

38‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38  (1)

163,681‌

165‌

ExteNet,

Series

2019-1A,

Class

B,

4.14%,

7/25/49  (1)

260,000‌

258‌

FOCUS

Brands

Funding,

Series

2022-1,

Class

A2,

7.206%,

7/30/52  (1)

245,625‌

246‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.19%,

6/15/25 

16,004‌

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50  (1)

77,400‌

69‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51  (1)

286,888‌

240‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54  (1)

330,000‌

324‌

JPMorgan

Chase

Bank,

Series

2021-1,

Class

D,

1.174%,

9/25/28  (1)

11,716‌

12‌

JPMorgan

Chase

Bank,

Series

2021-3,

Class

D,

1.009%,

2/26/29  (1)

46,397‌

45‌

JPMorgan

Chase

Bank,

Series

2021-3,

Class

E,

2.102%,

2/26/29  (1)

94,513‌

92‌

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-1,

Class

A2,

5.09%,

1/15/26 

39,678‌

40‌

Nissan

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.10%,

3/17/25 

32,268‌

32‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

A,

1.21%,

9/20/28  (1)

18,727‌

18‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

C,

2.53%,

5/21/29  (1)

320,000‌

300‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29  (1)

50,916‌

51‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30  (1)

295,000‌

292‌

Santander

Bank,

Series

2021-1A,

Class

B,

1.833%,

12/15/31  (1)

33,765‌

33‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32  (1)

60,787‌

61‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32  (1)

116,935‌

117‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-C,

Class

D,

8.197%,

12/15/32  (1)

102,775‌

104‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

E,

8.408%,

12/15/33  (1)

250,000‌

250‌

SEB

Funding,

Series

2024-1A,

Class

A2,

7.386%,

4/30/54  (1)

485,000‌

481‌

Stonepeak,

Series

2021-1A,

Class

B,

3.821%,

2/28/33  (1)

204,735‌

187‌

4,568‌

Bank

Loans 11.7%  (3)

Applied

Systems,

FRN,

1M

TSFR

+

3.50%,

8.809%,

2/24/31 

400,250‌

403‌

Applied

Systems,

FRN,

1M

TSFR

+

5.25%,

10.559%,

2/23/32 

40,000‌

41‌

AppLovin,

FRN,

1M

TSFR

+

2.50%,

7.816%,

8/16/30 

100,919‌

101‌

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.666%,

8/19/28 

330,038‌

321‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.68%,

1/31/28 

101,879‌

93‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.68%,

1/20/29 

400,000‌

359‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Belron

Finance

U.S.,

FRN,

3M

TSFR

+

2.25%,

7.821%,

11/13/25 

997,368‌

998‌

Boxer

Parent,

FRN,

1M

TSFR

+

4.25%,

9.566%,

12/29/28 

875,455‌

880‌

Caesars

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.066%,

2/6/31 

475,000‌

475‌

Carrols

Restaurant

Group,

FRN,

1M

TSFR

+

3.25%,

8.666%,

4/30/26 

992,034‌

992‌

Catalent

Pharma

Solutions,

FRN,

1M

TSFR

+

3.00%,

8.315%,

2/22/28  (4)(5)

1,500,000‌

1,506‌

ChampionX,

FRN,

1M

TSFR

+

2.75%,

6/7/29  (4)

1,000,000‌

1,003‌

Chromalloy,

FRN,

1M

TSFR

+

3.75%,

9.058%,

3/21/31 

475,000‌

477‌

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

8.909%,

12/17/26 

48,404‌

41‌

CNT

Holdings

I,

FRN,

1M

TSFR

+

3.50%,

8.83%,

11/8/27 

583,500‌

585‌

ConnectWise,

FRN,

1M

TSFR

+

3.50%,

9.064%,

9/29/28 

586,500‌

587‌

Delta

Topco,

FRN,

1M

TSFR

+

5.25%,

12/2/30  (4)

235,000‌

237‌

Delta

Topco,

FRN,

3M

TSFR

+

7.25%,

12.591%,

12/1/28 

310,000‌

311‌

Diamond

Sports

Group,

5.00%,

12/2/24,

(5.00%

PIK)  (11)

22,593‌

36‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

6.75%,

12.18%,

7/20/26 

805,000‌

807‌

Ellucian

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.916%,

10/9/29 

484,229‌

486‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.00%,

11.571%,

5/21/29 

465,000‌

462‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.50%,

12.071%,

5/21/29 

145,000‌

144‌

EPIC

Crude

Services,

FRN,

6M

TSFR

+

5.00%,

10.605%,

3/2/26 

299,223‌

300‌

Everi

Holdings,

FRN,

1M

TSFR

+

2.50%,

8/3/28  (4)

1,000,000‌

1,001‌

Fleet

Midco

I,

FRN,

1M

TSFR

+

3.25%,

8.566%,

2/21/31  (5)

106,000‌

106‌

GFL

Environmental,

FRN,

1M

TSFR

+

2.50%,

7.826%,

5/31/27 

597,000‌

599‌

Infinite

Bidco,

FRN,

3M

TSFR

+

7.00%,

12.591%,

3/2/29 

400,000‌

337‌

IRB

Holding,

FRN,

1M

TSFR

+

2.75%,

8.166%,

12/15/27 

525,815‌

526‌

Jane

Street

Group,

FRN,

1M

TSFR

+

2.50%,

7.93%,

1/26/28 

299,227‌

299‌

Life

Time,

FRN,

1M

TSFR

+

4.00%,

9.591%,

1/15/26 

1,600,000‌

1,606‌

Lions

Gate

Capital

Holdings,

FRN,

1M

TSFR

+

2.25%,

3/24/25  (4)

700,000‌

698‌

LTI

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.93%,

9/6/25  (4)

1,003,630‌

992‌

LTI

Holdings,

FRN,

1M

TSFR

+

6.75%,

12.18%,

9/6/26 

200,000‌

186‌

MH

Sub

I,

FRN,

1M

TSFR

+

4.25%,

9.566%,

5/3/28 

199,915‌

199‌

MIC

Glen,

FRN,

1M

TSFR

+

3.25%,

8.68%,

7/21/28 

194,250‌

194‌

MIC

Glen,

FRN,

1M

TSFR

+

4.25%,

9.68%,

7/21/28 

250,000‌

251‌

Mileage

Plus

Holdings,

FRN,

3M

TSFR

+

5.25%,

6/21/27  (4)

278,571‌

286‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

10.406%,

4/11/29 

236,610‌

222‌

Nexstar

Media,

FRN,

1M

TSFR

+

2.75%,

9/18/26  (4)

800,000‌

800‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NGL

Energy

Operating,

FRN,

1M

TSFR

+

4.50%,

9.816%,

2/3/31 

110,000‌

110‌

PG&E,

FRN,

1M

TSFR

+

2.50%,

7.816%,

6/23/27 

400,000‌

400‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

TSFR

+

3.25%,

8.68%,

3/10/28 

582,729‌

582‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

8.68%,

9/25/26  (4)

379,030‌

304‌

RealPage,

FRN,

1M

TSFR

+

6.50%,

11.93%,

4/23/29 

795,000‌

780‌

RFS

OPCO,

FRN,

1M

TSFR

+

5.00%,

4/4/31  (4)

210,000‌

201‌

S2P

Acquisition

Borrower,

FRN,

1M

TSFR

+

4.00%,

9.416%,

8/14/26 

863,387‌

864‌

Select

Medical,

FRN,

1M

TSFR

+

3.00%,

8.316%,

3/6/27 

957,394‌

958‌

Snap

One

Holdings,

FRN,

1M

TSFR

+

4.50%,

12/8/28  (4)

1,000,000‌

1,004‌

Spirit

AeroSystems,

FRN,

1M

TSFR

+

4.25%,

9.58%,

1/15/27 

797,975‌

802‌

SRS

Distribution,

FRN,

1M

TSFR

+

3.75%,

6/2/28  (4)

2,000,000‌

2,014‌

Tacala

Investment,

FRN,

1M

TSFR

+

4.00%,

9.316%,

1/31/31 

488,000‌

490‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.826%,

5/17/30 

89,325‌

90‌

TransDigm,

FRN,

1M

TSFR

+

2.75%,

3/22/30  (4)

1,500,000‌

1,506‌

Triton

Water

Holdings,

FRN,

1M

TSFR

+

4.00%,

9.316%,

3/31/28 

109,725‌

110‌

U.S.

Silica,

FRN,

1M

USD

LIBOR

+

4.00%,

3/25/30  (4)

1,000,000‌

1,001‌

Univision

Communications,

FRN,

1M

TSFR

+

3.25%,

8.68%,

3/15/26  (4)

798,462‌

798‌

Upbound

Group,

FRN,

1M

TSFR

+

3.25%,

8.68%,

2/17/28 

405,927‌

406‌

Verscend

Holding,

FRN,

1M

TSFR

+

4.00%,

9.428%,

8/27/25 

692,878‌

693‌

Vistra

Zero

Operating,

FRN,

1M

TSFR

+

2.75%,

8.068%,

4/30/31 

255,000‌

256‌

Wand

NewCo

3,

FRN,

1M

TSFR

+

3.75%,

9.066%,

1/30/31 

406,206‌

408‌

Wec

U.S.

Holdings,

FRN,

1M

TSFR

+

2.75%,

8.066%,

1/20/31 

197,980‌

198‌

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.18%,

5/18/25 

2,349,977‌

2,355‌

36,277‌

Common

Stocks 13.4% 

10X

Genomics,

Class

A  (2)

226‌

7‌

3M 

344‌

33‌

AbbVie 

68‌

11‌

ACADIA

Pharmaceuticals  (2)

114‌

2‌

Acadia

Realty

Trust,

REIT 

372‌

6‌

Advanced

Micro

Devices  (2)

2,820‌

447‌

Affiliated

Managers

Group 

82‌

13‌

Agilent

Technologies 

165‌

23‌

agilon

health  (2)

366‌

2‌

Airbnb,

Class

A  (2)

163‌

26‌

Akero

Therapeutics  (2)

126‌

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Alcoa 

206‌

7‌

Alexandria

Real

Estate

Equities,

REIT 

33‌

4‌

Alkermes  (2)

279‌

7‌

Allstate 

189‌

32‌

Alnylam

Pharmaceuticals  (2)

207‌

30‌

Alphabet,

Class

A  (2)

3,593‌

585‌

Alphabet,

Class

C  (2)

725‌

119‌

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $15  (2)(5)

(10)

700‌

20‌

Alto

Neuroscience  (2)

67‌

1‌

Amazon.com  (2)

13,091‌

2,291‌

Ameren 

86‌

6‌

American

Express 

71‌

17‌

American

Financial

Group 

36‌

5‌

American

Homes

4

Rent,

Class

A,

REIT 

257‌

9‌

American

International

Group 

500‌

38‌

American

Tower,

REIT 

23‌

4‌

Ameriprise

Financial 

112‌

46‌

Amgen 

123‌

34‌

Amphenol,

Class

A 

3,007‌

363‌

Analog

Devices 

228‌

46‌

Apellis

Pharmaceuticals  (2)

181‌

8‌

Apogee

Therapeutics  (2)

147‌

7‌

Apollo

Global

Management 

153‌

17‌

Apple 

10,650‌

1,814‌

Apple

Hospitality

REIT,

REIT 

221‌

3‌

Aptiv  (2)

352‌

25‌

Arch

Capital

Group  (2)

183‌

17‌

Ares

Management,

Class

A 

2,756‌

367‌

Arthur

J

Gallagher 

71‌

17‌

Arvinas  (2)

176‌

6‌

Astera

Labs  (2)

645‌

55‌

AT&T 

1,905‌

32‌

Atlas

Energy

Solutions 

369‌

8‌

Atlassian,

Class

A  (2)

214‌

37‌

Atmus

Filtration

Technologies  (2)

785‌

24‌

Autodesk  (2)

80‌

17‌

AvalonBay

Communities,

REIT 

76‌

14‌

Avidity

Biosciences  (2)

406‌

10‌

Axis

Capital

Holdings 

423‌

26‌

Baker

Hughes 

664‌

22‌

Ball 

257‌

18‌

Banc

of

California 

774‌

11‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Bank

of

America 

3,005‌

111‌

Bank

of

New

York

Mellon 

881‌

50‌

Barings

BDC 

1,051‌

10‌

Battery

Future

Acquisition,

Warrants,

5/26/28  (2)

36,700‌

2‌

Becton

Dickinson

&

Company 

90‌

21‌

Belden 

140‌

11‌

Biogen  (2)

60‌

13‌

Biohaven  (2)

314‌

12‌

BioMarin

Pharmaceutical  (2)

106‌

9‌

Bio-Techne 

148‌

9‌

Blueprint

Medicines  (2)

320‌

29‌

Boeing  (2)

427‌

72‌

Booking

Holdings 

16‌

55‌

Booz

Allen

Hamilton

Holding 

59‌

9‌

Boston

Scientific  (2)

414‌

30‌

BRC,

Class

A  (2)(6)

801‌

3‌

Bright

Horizons

Family

Solutions  (2)

3,008‌

312‌

BrightSpring

Health

Services  (2)

154‌

2‌

Broadcom 

16‌

21‌

Bruker 

73‌

6‌

Burlington

Stores  (2)

185‌

33‌

Cadence

Design

Systems  (2)

131‌

36‌

Camden

Property

Trust,

REIT 

18‌

2‌

Canva,

Acquisition

Date:

8/16/21

-

12/22/21,

Cost $245  (2)(5)

(10)

144‌

154‌

Capital

One

Financial 

508‌

73‌

Capitalworks

Emerging

Markets

Acquisition,

Warrants,

4/27/28  (2)

36,400‌

2‌

Cardinal

Health 

112‌

12‌

Catalent  (2)

6,453‌

360‌

Cava

Group  (2)

397‌

29‌

Cboe

Global

Markets 

284‌

51‌

Celldex

Therapeutics  (2)

222‌

8‌

Celsius

Holdings  (2)

2,600‌

185‌

Cencora 

32‌

8‌

Centene  (2)

155‌

11‌

Centessa

Pharmaceuticals,

ADR  (2)

254‌

2‌

CF

Industries

Holdings 

273‌

22‌

CG

oncology  (2)

127‌

5‌

Charles

River

Laboratories

International  (2)

21‌

5‌

Charles

Schwab 

19,389‌

1,434‌

Chesapeake

Energy 

196‌

18‌

Chevron 

318‌

51‌

Chipotle

Mexican

Grill  (2)

18‌

57‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Chubb 

436‌

108‌

Ciena  (2)

294‌

14‌

Cigna

Group 

113‌

40‌

Citigroup 

1,781‌

109‌

Cleveland-Cliffs  (2)

516‌

9‌

CME

Group 

55‌

12‌

Coca-Cola 

1,249‌

77‌

Cognex 

525‌

22‌

Coinbase

Global,

Class

A  (2)

146‌

30‌

Colgate-Palmolive 

5,403‌

497‌

Comcast,

Class

A 

805‌

31‌

Confluent,

Class

A  (2)

484‌

14‌

ConocoPhillips 

7,771‌

976‌

Constellation

Energy 

3,705‌

689‌

Copart  (2)

1,900‌

103‌

Corebridge

Financial 

1,883‌

50‌

Corning 

686‌

23‌

Corpay  (2)

57‌

17‌

Costco

Wholesale 

138‌

100‌

Crinetics

Pharmaceuticals  (2)

141‌

6‌

CSX 

1,570‌

52‌

CubeSmart,

REIT 

181‌

7‌

Cummins 

142‌

40‌

Cytokinetics  (2)

88‌

5‌

Danaher 

2,901‌

715‌

Datadog,

Class

A  (2)

2,807‌

352‌

Dayforce  (2)

9‌

1‌

Denali

Therapeutics  (2)

211‌

3‌

Dexcom  (2)

97‌

12‌

Diamondback

Energy 

1,743‌

351‌

Discover

Financial

Services 

82‌

10‌

Dollar

General 

3,058‌

426‌

Dollar

Tree  (2)

132‌

16‌

Dominion

Energy 

144‌

7‌

DoorDash,

Class

A  (2)

388‌

50‌

Douglas

Emmett,

REIT 

222‌

3‌

DraftKings,

Class

A  (2)

286‌

12‌

East

West

Bancorp 

583‌

43‌

Edwards

Lifesciences  (2)

310‌

26‌

Elevance

Health 

160‌

85‌

Eli

Lilly 

2,410‌

1,882‌

Entegris 

2,195‌

292‌

Envestnet  (2)

139‌

9‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

EOG

Resources 

384‌

51‌

EQT 

9,217‌

369‌

Equinix,

REIT 

72‌

51‌

Equitable

Holdings 

667‌

25‌

Equitrans

Midstream 

78,077‌

1,056‌

Equity

LifeStyle

Properties,

REIT 

139‌

8‌

Equity

Residential,

REIT 

174‌

11‌

Essex

Property

Trust,

REIT 

52‌

13‌

Everest

Group 

36‌

13‌

Exact

Sciences  (2)

134‌

8‌

Exelixis  (2)

179‌

4‌

Expro

Group

Holdings  (2)

295‌

6‌

Exxon

Mobil 

8,733‌

1,033‌

FedEx 

229‌

60‌

Fifth

Third

Bancorp 

697‌

25‌

First

American

Financial 

107‌

6‌

FirstEnergy 

197‌

8‌

Fiserv  (2)

166‌

25‌

Floor

&

Decor

Holdings,

Class

A  (2)

138‌

15‌

Fortinet  (2)

4,400‌

278‌

Freeport-McMoRan 

3,534‌

176‌

Fulton

Financial 

654‌

11‌

Gaming

&

Leisure

Properties,

REIT 

218‌

9‌

GCT

Semiconductor

Holding,

Warrants,

12/31/28  (2)

24,750‌

5‌

GE

HealthCare

Technologies 

123‌

9‌

GE

Vernova  (2)

1,995‌

307‌

General

Electric 

3,632‌

588‌

Global

Payments 

192‌

24‌

GoDaddy,

Class

A  (2)

1,790‌

219‌

Goldman

Sachs

Group 

34‌

14‌

Guardant

Health  (2)

83‌

1‌

Halliburton 

1,118‌

42‌

Hartford

Financial

Services

Group 

793‌

77‌

HB

Fuller 

152‌

11‌

HCA

Healthcare 

65‌

20‌

Helix

Acquisition

Corp.

II  (2)

35,497‌

364‌

Hess 

266‌

42‌

Hilton

Worldwide

Holdings 

276‌

54‌

Hologic  (2)

173‌

13‌

Home

Depot 

292‌

98‌

Honeywell

International 

379‌

73‌

Hubbell 

28‌

10‌

HubSpot  (2)

462‌

279‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Humana 

29‌

9‌

Huntington

Bancshares 

2,201‌

30‌

Huntington

Ingalls

Industries 

19‌

5‌

Huntsman 

456‌

11‌

Ideaya

Biosciences  (2)

175‌

7‌

IDEX 

80‌

18‌

Immunome  (2)

192‌

3‌

Incyte  (2)

69‌

4‌

Ingersoll

Rand 

578‌

54‌

Insmed  (2)

281‌

7‌

Inspire

Medical

Systems  (2)

38‌

9‌

Insulet  (2)

36‌

6‌

Intellia

Therapeutics  (2)

69‌

1‌

Intercontinental

Exchange 

111‌

14‌

International

Flavors

&

Fragrances 

154‌

13‌

Intuit 

43‌

27‌

Intuitive

Surgical  (2)

1,084‌

402‌

Invesco 

1,557‌

22‌

Ionis

Pharmaceuticals  (2)

146‌

6‌

Iovance

Biotherapeutics  (2)

426‌

5‌

IQVIA

Holdings  (2)

32‌

7‌

Ivanhoe

Electric  (2)

914‌

9‌

JB

Hunt

Transport

Services 

104‌

17‌

JPMorgan

Chase 

367‌

70‌

Kenvue 

3,285‌

62‌

Keurig

Dr

Pepper 

338‌

11‌

Kilroy

Realty,

REIT 

102‌

3‌

Kinder

Morgan 

556‌

10‌

KKR 

239‌

22‌

KLA 

278‌

192‌

Kosmos

Energy  (2)

2,495‌

14‌

Krystal

Biotech  (2)

56‌

9‌

Kymera

Therapeutics  (2)

207‌

7‌

Kyverna

Therapeutics  (2)

51‌

1‌

L3Harris

Technologies 

197‌

42‌

Lam

Research 

56‌

50‌

Lamar

Advertising,

Class

A,

REIT 

56‌

6‌

Lattice

Semiconductor  (2)

229‌

16‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C  (2)

120‌

8‌

Linde 

245‌

108‌

Live

Nation

Entertainment  (2)

65‌

6‌

Loar

Holdings  (2)

847‌

44‌

Longboard

Pharmaceuticals  (2)

134‌

3‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Louisiana-Pacific 

170‌

12‌

LPL

Financial

Holdings 

226‌

61‌

Lululemon

Athletica  (2)

55‌

20‌

M&T

Bank 

96‌

14‌

Madrigal

Pharmaceuticals  (2)

55‌

11‌

Main

Street

Capital  (6)

162‌

8‌

Maplebear  (2)

984‌

34‌

Marathon

Petroleum 

253‌

46‌

Marsh

&

McLennan 

345‌

69‌

Mastercard,

Class

A 

947‌

427‌

McDonald's 

202‌

55‌

McKesson 

18‌

10‌

Merck 

676‌

87‌

Meta

Platforms,

Class

A 

2,267‌

975‌

MetLife 

606‌

43‌

MGM

Resorts

International  (2)

282‌

11‌

Micron

Technology 

2,768‌

313‌

Microsoft 

5,411‌

2,107‌

Middleby  (2)

93‌

13‌

Molina

Healthcare  (2)

73‌

25‌

Mondelez

International,

Class

A 

426‌

31‌

MongoDB  (2)

58‌

21‌

Monster

Beverage  (2)

459‌

25‌

Montana

Technologies,

Warrants,

3/15/29  (2)

36,900‌

23‌

MoonLake

Immunotherapeutics  (2)

161‌

7‌

Morgan

Stanley 

199‌

18‌

Mosaic 

380‌

12‌

Netflix  (2)

711‌

391‌

Neurocrine

Biosciences  (2)

131‌

18‌

New

York

Community

Bancorp 

2,515‌

7‌

News,

Class

A 

520‌

12‌

NextEra

Energy 

306‌

20‌

NIKE,

Class

B 

340‌

31‌

Noble 

351‌

16‌

Norfolk

Southern 

48‌

11‌

NVIDIA 

2,793‌

2,413‌

NXP

Semiconductors 

93‌

24‌

Old

Dominion

Freight

Line 

1,834‌

333‌

Omnicom

Group 

30‌

3‌

OneMain

Holdings 

28‌

1‌

Onyx

Acquisition

I,

Class

A,

Warrants,

11/30/28  (2)

24,800‌

1‌

O'Reilly

Automotive  (2)

44‌

45‌

Pacific

Biosciences

of

California  (2)

469‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Packaging

Corp.

of

America 

98‌

17‌

Patreon,

Acquisition

Date:

10/14/21,

Cost $9  (2)(5)(10)

165‌

3‌

PennyMac

Financial

Services 

126‌

11‌

Penumbra  (2)

103‌

20‌

PepsiCo 

4,428‌

779‌

PG&E 

599‌

10‌

Phillips

66 

122‌

17‌

Pioneer

Natural

Resources 

6,539‌

1,761‌

Popular 

442‌

38‌

Praxis

Precision

Medicines  (2)

88‌

5‌

Prime

Medicine  (2)

32‌

—‌

PROCEPT

BioRobotics  (2)

124‌

7‌

Procter

&

Gamble 

693‌

113‌

Progressive 

58‌

12‌

Prologis,

REIT 

294‌

30‌

Prothena  (2)

128‌

3‌

Public

Storage,

REIT 

52‌

13‌

Quaker

Chemical 

118‌

22‌

QUALCOMM 

108‌

18‌

Quanta

Services 

43‌

11‌

Range

Resources 

618‌

22‌

Raymond

James

Financial 

341‌

42‌

RCF

Acquisition,

Warrants,

11/10/26  (2)

24,850‌

2‌

Regency

Centers,

REIT 

189‌

11‌

Regeneron

Pharmaceuticals  (2)

61‌

54‌

Regions

Financial 

1,073‌

21‌

Reinsurance

Group

of

America 

124‌

23‌

RenaissanceRe

Holdings 

137‌

30‌

Repligen  (2)

39‌

6‌

REVOLUTION

Medicines  (2)

205‌

8‌

REVOLUTION

Medicines,

Warrants,

11/14/28  (2)

2,200‌

1‌

Rexford

Industrial

Realty,

REIT 

227‌

10‌

RH  (2)

591‌

146‌

Rivian

Automotive,

Class

A  (2)(6)

725‌

6‌

ROBLOX,

Class

A  (2)

180‌

6‌

Rockwell

Automation 

994‌

269‌

Roivant

Sciences  (2)

21‌

—‌

Roper

Technologies 

139‌

71‌

Ross

Stores 

304‌

39‌

RPM

International 

136‌

15‌

Salesforce 

109‌

29‌

Samsara,

Class

A  (2)

806‌

28‌

Sana

Biotechnology  (2)

414‌

4‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sarepta

Therapeutics  (2)

39‌

5‌

Schlumberger 

1,770‌

84‌

ServiceNow  (2)

343‌

238‌

Sherwin-Williams 

89‌

27‌

Simon

Property

Group,

REIT 

117‌

16‌

SLM 

827‌

18‌

Socure,

Acquisition

Date:

12/22/21,

Cost $1  (2)(5)(10)

89‌

1‌

Southern 

158‌

12‌

Southwest

Airlines 

510‌

13‌

Southwestern

Energy  (2)

3,083‌

23‌

SpringWorks

Therapeutics  (2)

190‌

9‌

Stanley

Black

&

Decker 

534‌

49‌

State

Street 

440‌

32‌

Steel

Dynamics 

105‌

14‌

StepStone

Group,

Class

A 

559‌

20‌

Structure

Therapeutics,

ADR  (2)

1,416‌

56‌

Stryker 

225‌

76‌

Sun

Communities,

REIT 

77‌

9‌

Surgery

Partners  (2)

104‌

3‌

Synopsys  (2)

435‌

231‌

Synovus

Financial 

321‌

11‌

T-Mobile

U.S. 

550‌

90‌

Targa

Resources 

255‌

29‌

Tarsus

Pharmaceuticals  (2)

32‌

1‌

TechnipFMC 

2,261‌

58‌

Teleflex 

6‌

1‌

Tenet

Healthcare  (2)

94‌

11‌

Terreno

Realty,

REIT 

107‌

6‌

Tesla  (2)

1,987‌

364‌

Thermo

Fisher

Scientific 

160‌

91‌

Toll

Brothers 

2‌

—‌

Toro 

308‌

27‌

Trade

Desk,

Class

A  (2)

203‌

17‌

Tradeweb

Markets,

Class

A 

5,521‌

562‌

TransDigm

Group 

34‌

42‌

Travelers 

180‌

38‌

Trinity

Capital 

516‌

8‌

Tyler

Technologies  (2)

23‌

11‌

U.S.

Bancorp 

697‌

28‌

Uber

Technologies  (2)

7,712‌

511‌

Ultragenyx

Pharmaceutical  (2)

211‌

9‌

United

Parcel

Service,

Class

B 

63‌

9‌

United

States

Steel 

2,677‌

98‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UnitedHealth

Group 

717‌

347‌

Valero

Energy 

223‌

36‌

Vaxcyte  (2)

139‌

8‌

Veeva

Systems,

Class

A  (2)

32‌

6‌

Ventas,

REIT 

262‌

12‌

Vera

Therapeutics  (2)

136‌

5‌

Verizon

Communications 

1,095‌

43‌

Verra

Mobility  (2)

621‌

15‌

Vertex

Pharmaceuticals  (2)

108‌

42‌

Vertiv

Holdings,

Class

A 

4,780‌

445‌

Virtus

Investment

Partners 

94‌

21‌

Visa,

Class

A 

303‌

81‌

Volato

Group,

Warrants,

12/3/28  (2)

36,400‌

2‌

Voya

Financial 

509‌

35‌

Voyager

Therapeutics  (2)

22‌

—‌

Vulcan

Materials 

74‌

19‌

Walt

Disney 

424‌

47‌

Warrior

Met

Coal 

163‌

11‌

Webster

Financial 

812‌

36‌

Wells

Fargo 

2,019‌

120‌

Welltower,

REIT 

178‌

17‌

West

Pharmaceutical

Services 

34‌

12‌

Western

Alliance

Bancorp 

607‌

34‌

Westrock 

28,797‌

1,381‌

Williams 

1,114‌

43‌

Willis

Towers

Watson 

22‌

6‌

Wingstop 

106‌

41‌

WisdomTree 

1,255‌

11‌

Workday,

Class

A  (2)

173‌

42‌

Zebra

Technologies,

Class

A  (2)

65‌

20‌

Zentalis

Pharmaceuticals  (2)

160‌

2‌

Zimmer

Biomet

Holdings 

76‌

9‌

Zoetis 

78‌

12‌

Zscaler  (2)

117‌

20‌

41,820‌

Convertible

Bonds 0.9% 

Air

Transport

Services

Group,

1.125%,

10/15/24 

200,000‌

195‌

Alteryx,

1.00%,

8/1/26 

500,000‌

500‌

Citigroup

Global

Markets

Holdings,

Series

1299,

Zero

Coupon,

2/26/26

(HKD) 

2,000,000‌

234‌

Galvanize

Therapeutics,

Acquisition

Date:

2/28/24,

Cost $1,

2/13/27  (2)(5)(10)

800‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kobold

Metals,

Acquisition

date:

3/6/24,

Cost $75,

2/26/25  (2)

(5)(10)

75,000‌

75‌

Rivian

Automotive,

4.625%,

3/15/29 

38,000‌

27‌

U.S.

Steel,

5.00%,

11/1/26  (6)

477,000‌

1,317‌

Uber

Technologies,

Series

2028,

0.875%,

12/1/28  (1)

180,000‌

202‌

Wolfspeed,

0.25%,

2/15/28 

33,000‌

20‌

Wolfspeed,

1.875%,

12/1/29 

660,000‌

384‌

2,955‌

Convertible

Preferred

Stocks 0.2% 

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $91  (2)(5)(10)

1,345‌

47‌

Apollo

Global

Management,

7/31/26 

4,895‌

300‌

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $14  (2)(5)(10)

8‌

9‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $2  (2)(5)

(10)

1‌

1‌

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $9  (2)(5)

(10)

423‌

1‌

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $23  (2)(5)

(10)

1,376‌

13‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $60  (2)

(5)(10)

816‌

60‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $24  (2)(5)

(10)

329‌

24‌

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $6  (2)(5)(10)

330‌

7‌

Endeavour

Bio

Services,

Series

C,

Acquisition

Date:

4/22/24,

Cost $—  (2)(5)(10)

68‌

—‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $11  (2)(5)

(10)

1,889‌

9‌

FOG

Pharma,

Series

E,

Acquisition

Date:

2/29/24,

Cost $—  (2)

(5)(10)

41‌

—‌

Formagrid,

Series

F,

Acquisition

Date:

12/8/21,

Cost $42  (2)(5)

(10)

222‌

11‌

Freenome

Holdings,

Series

D,

Acquisition

Date:

11/22/21,

Cost $26  (2)(5)(10)

3,412‌

19‌

Freenome

Holdings,

Series

F,

Acquisition

Date:

1/26/24,

Cost $—  (2)(5)(10)

24‌

—‌

Generate

Bio,

Series

B,

Acquisition

Date:

9/2/21,

Cost $8  (2)

(5)(10)

666‌

8‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22,

Cost $8  (2)

(5)(10)

63‌

8‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $11  (2)(5)(10)

384‌

28‌

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $5  (2)(5)(10)

162‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $15  (2)

(5)(10)

1,156‌

16‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $26  (2)(5)(10)

1,232‌

5‌

Obsidian

Therapeutics,

Series

C,

Acquisition

Date:

3/27/24,

Cost $1  (2)(5)(10)

625‌

1‌

Patreon,

Series

D,

Acquisition

Date:

10/21/21,

Cost $13  (2)(5)

(10)

238‌

4‌

ProfoundBio,

Series

B,

Acquisition

Date:

2/9/24,

Cost $1  (2)(5)

(10)

158‌

6‌

Rappi,

Series

E,

Acquisition

Date:

9/8/20,

Cost $109  (2)(5)(10)

1,822‌

42‌

Rappi,

Series

F,

Acquisition

Date:

7/8/21,

Cost $34  (2)(5)(10)

534‌

12‌

Redwood

Materials,

Series

D,

Acquisition

Date:

6/2/23,

Cost $3  (2)(5)(10)

69‌

3‌

Sionna

Therapeutics,

Series

C,

Acquisition

Date:

3/4/24,

Cost $—  (2)(5)(10)

24‌

—‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2  (2)(5)(10)

109‌

1‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $1  (2)(5)

(10)

89‌

1‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $—  (2)(5)

(10)

2‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $3  (2)(5)(10)

207‌

1‌

Spyre

Therapeutics

PIPE,

Series

B,

Acquisition

Date:

3/18/24,

Cost $2  (2)(10)

1‌

1‌

Treeline,

Series

A,

Acquisition

Date:

9/26/22,

Cost $1  (2)(5)(10)

88‌

1‌

640‌

Corporate

Bonds 10.0% 

AbbVie,

3.80%,

3/15/25 

52,000‌

51‌

Ally

Financial,

5.125%,

9/30/24 

41,000‌

41‌

Alteryx,

8.75%,

3/15/28  (1)

800,000‌

811‌

American

Electric

Power,

5.699%,

8/15/25 

52,000‌

52‌

American

Express,

VR,

5.098%,

2/16/28  (7)

80,000‌

79‌

Ardagh

Packaging

Finance,

5.25%,

4/30/25  (1)(6)

1,200,000‌

1,188‌

At

Home

Group,

4.875%,

7/15/28  (1)

240,000‌

114‌

B&G

Foods,

5.25%,

4/1/25 

505,000‌

498‌

Bank

of

America,

VR,

0.981%,

9/25/25  (7)

55,000‌

54‌

Boeing,

4.875%,

5/1/25 

52,000‌

51‌

Boost

Newco

Borrower,

7.50%,

1/15/31  (1)

200,000‌

206‌

Brandywine

Operating

Partnership,

8.875%,

4/12/29 

200,000‌

205‌

Capital

One

Financial,

4.25%,

4/30/25 

53,000‌

52‌

Capital

One

Financial,

VR,

2.636%,

3/3/26  (7)

55,000‌

53‌

Capital

One

Financial,

VR,

6.312%,

6/8/29  (7)

95,000‌

96‌

Capital

One

Financial,

VR,

6.377%,

6/8/34  (7)

95,000‌

95‌

Carnival,

4.00%,

8/1/28  (1)

355,000‌

325‌

Carnival

Holdings

Bermuda,

10.375%,

5/1/28  (1)

800,000‌

866‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Carpenter

Technology,

7.625%,

3/15/30 

255,000‌

259‌

Carrier

Global,

2.242%,

2/15/25 

50,000‌

49‌

Carrols

Restaurant

Group,

5.875%,

7/1/29  (1)

600,000‌

610‌

CEC

Entertainment,

6.75%,

5/1/26  (1)

110,000‌

108‌

Cedar

Fair,

5.50%,

5/1/25  (1)

1,000,000‌

1,000‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

51,000‌

51‌

Charter

Communications

Operating,

4.908%,

7/23/25 

53,000‌

52‌

Cinemark

USA,

5.875%,

3/15/26  (1)

500,000‌

492‌

Cinemark

USA,

8.75%,

5/1/25  (1)

18,000‌

18‌

Citigroup,

4.40%,

6/10/25 

108,000‌

106‌

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27  (1)

315,000‌

291‌

Clear

Channel

Outdoor

Holdings,

7.50%,

6/1/29  (1)

87,000‌

70‌

Clear

Channel

Outdoor

Holdings,

9.00%,

9/15/28  (1)(6)

45,000‌

46‌

Comstock

Resources,

6.75%,

3/1/29  (1)

385,000‌

362‌

Constellation

Energy

Generation,

3.25%,

6/1/25 

54,000‌

53‌

CSC

Holdings,

11.75%,

1/31/29  (1)

280,000‌

248‌

DCP

Midstream

Operating,

5.375%,

7/15/25 

34,000‌

34‌

Delta

Air

Lines,

2.90%,

10/28/24 

105,000‌

103‌

Diamond

Sports

Group,

5.375%,

8/15/26  (1)(2)(9)

345,000‌

8‌

DISH

DBS,

5.25%,

12/1/26  (1)

310,000‌

243‌

DISH

DBS,

7.75%,

7/1/26 

210,000‌

131‌

Energy

Transfer,

2.90%,

5/15/25 

54,000‌

52‌

Everi

Holdings,

5.00%,

7/15/29  (1)

600,000‌

587‌

Ferrellgas,

5.375%,

4/1/26  (1)

500,000‌

489‌

Fifth

Third

Bancorp,

2.375%,

1/28/25  (6)

53,000‌

52‌

Ford

Motor

Credit,

2.30%,

2/10/25 

200,000‌

194‌

General

Motors

Financial,

6.05%,

10/10/25 

49,000‌

49‌

GFL

Environmental,

4.25%,

6/1/25  (1)

21,000‌

21‌

Global

Net

Lease,

3.75%,

12/15/27  (1)

610,000‌

521‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

49,000‌

48‌

GPD,

10.125%,

4/1/26  (1)

450,000‌

422‌

Graphic

Packaging

International,

4.125%,

8/15/24 

500,000‌

494‌

HCA,

5.375%,

2/1/25 

52,000‌

52‌

Hillenbrand,

5.75%,

6/15/25 

13,000‌

13‌

Howmet

Aerospace,

5.125%,

10/1/24 

195,000‌

194‌

Hyundai

Capital

America,

5.50%,

3/30/26  (1)

70,000‌

70‌

Jane

Street

Group,

7.125%,

4/30/31  (1)

715,000‌

716‌

JPMorgan

Chase,

VR,

0.824%,

6/1/25  (7)

49,000‌

49‌

Kilroy

Realty,

3.45%,

12/15/24 

54,000‌

53‌

LifePoint

Health,

9.875%,

8/15/30  (1)

370,000‌

387‌

Live

Nation

Entertainment,

4.875%,

11/1/24  (1)

2,400,000‌

2,382‌

Michael

Kors

USA,

4.25%,

11/1/24  (1)

400,000‌

392‌

Morgan

Stanley,

VR,

1.164%,

10/21/25  (7)

49,000‌

48‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Morgan

Stanley,

Series

I,

VR,

0.864%,

10/21/25  (7)

100,000‌

98‌

Navient,

6.75%,

6/25/25 

11,000‌

11‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (1)

565,000‌

533‌

NextEra

Energy

Capital

Holdings,

6.051%,

3/1/25 

48,000‌

48‌

NGL

Energy

Operating,

8.125%,

2/15/29  (1)

110,000‌

111‌

NGL

Energy

Operating,

8.375%,

2/15/32  (1)

160,000‌

162‌

Occidental

Petroleum,

5.875%,

9/1/25 

51,000‌

51‌

OneMain

Finance,

6.875%,

3/15/25 

8,000‌

8‌

Ovintiv,

5.65%,

5/15/25 

51,000‌

51‌

PennyMac

Financial

Services,

5.375%,

10/15/25  (1)

800,000‌

788‌

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26  (7)

52,000‌

52‌

Rivian

Holdings,

FRN,

TSFR6M

+

6.028%,

11.31%,

10/15/26  (1)

175,000‌

172‌

SeaWorld

Parks

&

Entertainment,

8.75%,

5/1/25  (1)

400,000‌

400‌

Select

Medical,

6.25%,

8/15/26  (1)

600,000‌

598‌

Service

Properties

Trust,

4.50%,

3/15/25 

800,000‌

782‌

Service

Properties

Trust,

7.50%,

9/15/25 

600,000‌

604‌

Shutterfly

Finance,

8.50%,

10/1/27,

(4.25%

Cash

and

4.25%

PIK)  (1)(11)

303,031‌

243‌

Shutterfly

Finance,

9.75%,

10/1/27  (1)

36,006‌

36‌

Sirius

XM

Radio,

5.00%,

8/1/27  (1)

53,000‌

50‌

Southern,

VR,

1.875%,

9/15/81

(EUR)  (7)

230,000‌

216‌

Sprint,

7.625%,

2/15/25 

260,000‌

261‌

Sprint,

7.625%,

3/1/26 

49,000‌

50‌

Stagwell

Global,

5.625%,

8/15/29  (1)

633,000‌

565‌

Starwood

Property

Trust,

7.25%,

4/1/29  (1)

400,000‌

395‌

Tenet

Healthcare,

6.25%,

2/1/27 

800,000‌

797‌

Tenneco,

8.00%,

11/17/28  (1)

730,000‌

681‌

Townsquare

Media,

6.875%,

2/1/26  (1)

105,000‌

102‌

U.S.

Airways

PTT,

Series

2013-1,

Class

A,

3.95%,

11/15/25 

39,815‌

39‌

United

Airlines,

4.375%,

4/15/26  (1)

375,000‌

360‌

United

Airlines

Holdings,

4.875%,

1/15/25  (6)

28,000‌

28‌

United

Rentals

North

America,

6.00%,

12/15/29  (1)

1,000,000‌

986‌

United

Wholesale

Mortgage,

5.50%,

11/15/25  (1)

300,000‌

294‌

Venture

Global

LNG,

8.375%,

6/1/31  (1)

270,000‌

276‌

Venture

Global

LNG,

9.875%,

2/1/32  (1)

125,000‌

133‌

Verscend

Escrow,

9.75%,

8/15/26  (1)

1,200,000‌

1,201‌

Vistra,

VR,

7.00%  (1)(7)(8)

82,000‌

81‌

Walgreens

Boots

Alliance,

3.80%,

11/18/24 

1,653,000‌

1,629‌

Warnermedia

Holdings,

3.638%,

3/15/25 

53,000‌

52‌

Western

Digital,

4.75%,

2/15/26 

1,500,000‌

1,455‌

Western

Midstream

Operating,

3.10%,

2/1/25 

54,000‌

53‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Williams,

4.00%,

9/15/25 

50,000‌

49‌

30,957‌

Municipal

Securities 0.6% 

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

250,000‌

202‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46 

30,000‌

4‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series

B,

6.00%,

1/1/25  (1)

225,000‌

222‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (12)

732,963‌

436‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/24 

7,433‌

7‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/33 

58,668‌

38‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

45,589‌

45‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

40,979‌

40‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

35,170‌

34‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

47,818‌

44‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

49,730‌

45‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

50,774‌

51‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

50,314‌

52‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

49,497‌

53‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

48,077‌

54‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30  (2)(13)

45,000‌

12‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32  (2)(13)

370,000‌

97‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

280,000‌

237‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

115,000‌

107‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

500,000‌

45‌

1,825‌

Non-U.S.

Government

Mortgage-Backed

Securities 1.1% 

Alen

Mortgage

Trust,

Series

2021-ACEN,

Class

A,

ARM,

1M

TSFR

+

1.264%,

6.585%,

4/15/34  (1)

75,000‌

68‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

8.285%,

11/15/34  (1)

130,000‌

12‌

BFLD,

Series

2019-DPLO,

Class

F,

ARM,

1M

TSFR

+

2.654%,

7.975%,

10/15/34  (1)

85,000‌

84‌

BSREP

Commercial

Mortgage

Trust,

Series

2021-DC,

Class

C,

ARM,

1M

TSFR

+

1.664%,

6.985%,

8/15/38  (1)

42,647‌

36‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

TSFR

+

2.196%,

7.517%,

4/15/34  (1)

160,000‌

159‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

9.365%,

6/15/36  (1)

160,000‌

142‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

D,

ARM,

1M

TSFR

+

2.047%,

7.368%,

12/15/37  (1)

200,000‌

200‌

CAMB

Commercial

Mortgage

Trust,

Series

2019-LIFE,

Class

E,

ARM,

1M

TSFR

+

2.447%,

7.768%,

12/15/37  (1)

100,000‌

100‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52  (1)

125,000‌

66‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52  (1)

80,000‌

36‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

AM,

4.08%,

8/10/47 

155,000‌

153‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

E,

ARM,

4.263%,

8/10/47  (1)

175,000‌

147‌

Commercial

Mortgage

Trust,

Series

2017-PANW,

Class

D,

ARM,

4.343%,

10/10/29  (1)

325,000‌

290‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R06,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.75%,

8.08%,

5/25/42  (1)

48,723‌

50‌

DC

Trust,

Series

2024-HLTN,

Class

D,

ARM,

7.712%,

4/13/28  (1)

50,000‌

50‌

Finance

of

America

HECM

Buyout,

Series

2022-HB1,

Class

M3,

ARM,

5.084%,

2/25/32  (1)

460,000‌

417‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

F,

ARM,

1M

TSFR

+

3.445%,

8.766%,

12/15/36  (1)

138,176‌

138‌

JPMorgan

Mortgage

Trust,

Series

2022-LTV1,

Class

A2,

CMO,

ARM,

3.517%,

7/25/52  (1)

84,574‌

70‌

MED

Commercial

Mortgage

Trust,

Series

2024-MOB,

Class

B,

ARM,

1M

TSFR

+

1.991%,

7.301%,

5/15/41  (1)

125,000‌

125‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50  (1)

115,000‌

92‌

Progress

Residential,

Series

2021-SFR1,

Class

F,

2.757%,

4/17/38  (1)

295,000‌

267‌

Progress

Residential

Trust,

Series

2020-SFR3,

Class

F,

2.796%,

10/17/27  (1)

140,000‌

131‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

1.30%,

6.63%,

2/25/42  (1)

76,134‌

76‌

TRK

Trust,

Series

2022-INV1,

Class

A1,

CMO,

ARM,

2.577%,

2/25/57  (1)

148,588‌

131‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66  (1)

175,000‌

124‌

Verus

Securitization

Trust,

Series

2022-1,

Class

A1,

CMO,

STEP,

2.724%,

1/25/67  (1)

179,769‌

159‌

3,323‌

Preferred

Stocks 0.2% 

NuStar

Energy,

Series

A,

VR,

12.357%  (8)

20,035‌

512‌

512‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed) 0.5% 

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

1,423,671‌

1,387‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

307,663‌

293‌

1,680‌

Total

United

States

(Cost

$115,592)

124,557‌

URUGUAY  0.0%

Government

Bonds 0.0% 

Republic

of

Uruguay,

8.25%,

5/21/31 

5,850,000‌

146‌

Total

Uruguay

(Cost

$139)

146‌

UZBEKISTAN  0.1%

Government

Bonds 0.1% 

National

Bank

of

Uzbekistan,

4.85%,

10/21/25

(USD) 

200,000‌

192‌

Republic

of

Uzbekistan,

3.70%,

11/25/30

(USD) 

300,000‌

244‌

Total

Uzbekistan

(Cost

$457)

436‌

VIETNAM  0.1%

Corporate

Bonds 0.1% 

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

350,470‌

335‌

Total

Vietnam

(Cost

$327)

335‌

SHORT-TERM

INVESTMENTS  34.1%

Money

Market

Funds  34.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.37%  (14)(15)

105,811,949‌

105,812‌

105,812‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Obligations  0.0%

U.S.

Treasury

Bills,

5.276%,

5/30/24  (16)

160,000‌

159‌

159‌

Total

Short-Term

Investments

(Cost

$105,971)

105,971‌

SECURITIES

LENDING

COLLATERAL  0.9%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK  0.2%

Money

Market

Funds  0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.37%  (14)(15)

556,155‌

556‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

556‌

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,

5.37%  (14)(15)

2,364,633‌

2,365‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

2,365‌

Total

Securities

Lending

Collateral

(Cost

$2,921)

2,921‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED  0.3%

Exchange-Traded

Options

Purchased

0.0%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

5/24/24

@

$108.00  (2)

92‌

9,884‌

101‌

Total

Exchange-Traded

Options

Purchased

(Cost

$40)

101‌

OTC

Options

Purchased

0.3%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

CZK,

Call,

6/25/24

@

CZK23.68  (2)

1‌

1,125‌

11‌

Bank

of

America

USD

/

JPY,

Call,

9/5/24

@

JPY156.00  (2)

2‌

5,845‌

112‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

55

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

JPY,

Call,

9/30/24

@

JPY156.00  (2)

1‌

1,005‌

20‌

Bank

of

America

USD

/

PLN,

Call,

6/25/24

@

PLN4.08  (2)

1‌

1,125‌

12‌

Barclays

Bank

30

Year

Interest

Rate

Swap,

8/12/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

3.80%*  (2)

2‌

2,762‌

145‌

Barclays

Bank

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

3.80%*  (2)

1‌

387‌

20‌

Barclays

Bank

S&P

500

Index,

Put,

12/20/24

@

$4,700.00  (2)

7‌

3,525‌

73‌

Citibank

5

Year

Interest

Rate

Swap,

12/10/30

Receive

Fixed

2.25%

Annually,

Pay

Variable

5.34%

(SOFR)

Annually,

12/8/25

@

2.25%*  (2)

1‌

2,500‌

8‌

Citibank

EUR

/

CHF,

Put,

5/31/24

@

CHF0.93

(EUR)  (2)

1‌

1,160‌

—‌

Citibank

EUR

/

CHF,

Put,

9/3/24

@

CHF0.92

(EUR)  (2)

1‌

1,157‌

2‌

Citibank

NOK

/

SEK,

Call,

7/16/24

@

SEK1.01

(NOK)  (2)

1‌

8,404‌

4‌

Citibank

USD

/

AUD,

Call,

8/8/24

@

USD0.62  (2)

1‌

1,002‌

4‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

56

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

USD

/

CNH,

Call,

4/15/25

@

CNH7.36  (2)

1‌

1,265‌

14‌

Citibank

USD

/

EUR,

Call,

9/12/24

@

USD1.05  (2)

1‌

1,592‌

11‌

Goldman

Sachs

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

3.80%*  (2)

1‌

193‌

10‌

Goldman

Sachs

5

Year

Interest

Rate

Swap,

12/10/30

Receive

Fixed

2.00%

Annually,

Pay

Variable

5.34%

(SOFR)

Annually,

12/8/25

@

2.00%*  (2)

1‌

2,500‌

6‌

Goldman

Sachs

Credit

Default

Swap

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S42,

5

Year

Index,

6/20/29),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

@

1.07%*  (2)

1‌

2,000‌

5‌

Goldman

Sachs

S&P

500

Index,

Put,

5/17/24

@

$4,800.00  (2)

10‌

5,036‌

9‌

Goldman

Sachs

USD

/

TWD,

Call,

10/18/24

@

TWD32.75  (2)

1‌

763‌

8‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

57

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

30

Year

Interest

Rate

Swap,

8/12/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

3.80%*  (2)

1‌

194‌

10‌

Morgan

Stanley

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

3.80%*  (2)

1‌

387‌

20‌

Morgan

Stanley

S&P

500

Index,

Put,

6/21/24

@

$4,950.00  (2)

36‌

18,128‌

226‌

UBS

Investment

Bank

S&P

500

Index,

Put,

6/21/24

@

$4,400.00  (2)

10‌

5,036‌

8‌

UBS

Investment

Bank

S&P

500

Index,

Put,

9/20/24

@

$4,600.00  (2)

5‌

2,518‌

26‌

Total

OTC

Options

Purchased

(Cost

$671)

764‌

Total

Options

Purchased

(Cost

$711)

865‌

Total

Investments

in

Securities

100.5%

of

Net

Assets

(Cost

$302,139)

$

312,054‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$40,990

and

represents

13.2%

of

net

assets.

(2)

Non-income

producing

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

58

.

.

.

.

.

.

.

.

.

.

(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)

All

or

a

portion

of

this

loan

is

unsettled

as

of

April

30,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(5)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(6)

See

Note

4.

All

or

a

portion

of

this

security

is

on

loan

at

April

30,

2024.

(7)

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.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(10)

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

$649

and

represents

0.2%

of

net

assets.

(11)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(12)

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.

(13)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14)

Seven-day

yield

(15)

Affiliated

Companies

(16)

At

April

30,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

1M

CNH

HIBOR

One

month

CNH

HIBOR

(Hong

Kong

interbank

offered

rate)

1M

DKK

CIBOR

One

month

DKK

CIBOR

(Copenhagen

interbank

offered

rate)

1M

HKD

HIBOR

One

month

HKD

HIBOR

(Hong

Kong

interbank

offered

rate)

1M

NOK

NIBOR

One

month

NOK

NIBOR

(Norwegian

interbank

offered

rate)

1M

PLN

WIBOR

One

month

PLN

WIBOR

(Warsaw

interbank

offered

rate)

1M

SEK

STIBOR

One

month

SEK

STIBOR

(Stockholm

interbank

offered

rate)

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

1M

ZAR

JIBOR

One

month

ZAR

JIBOR

(Johannesburg

Interbank

average

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

59

.

.

.

.

.

.

.

.

.

.

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)

6M

TSFR

Six

month

Term

SOFR

(Secured

overnight

financing

rate)

1M

ADBB

One

month

AUD

bank

bill

ADR

American

Depositary

Receipts

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

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CORRA

Canadian

Overnight

Repo

Rate

Average

CPI

Consumer

Price

Index

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

CZK

Czech

Koruna

EGP

Egyptian

Pound

ESTR

Euro

short-term

rate

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GO

General

Obligation

HFA

Health

Facility

Authority

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

60

.

.

.

.

.

.

.

.

.

.

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PEN

Peruvian

New

Sol

PHP

Philippines

Peso

PIK

Payment-in-kind

PIPE

Private

Investment

in

Public

Equity

PLN

Polish

Zloty

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RSD

Serbian

Dinar

SARON

Swiss

Average

Rate

Overnight

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

SONIA

Sterling

Overnight

Index

Average

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

THB

Thai

Baht

TONA

Tokyo

overnight

average

rate

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VND

Vietnam

Dong

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

Multi-Strategy

Total

Return

Fund

61

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

 (0.3)%

OTC

Options

Written  (0.3)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

USD

/

JPY,

Call,

9/5/24

@

JPY160.00

2

5,845

(61‌)

Bank

of

America

USD

/

JPY,

Call,

9/30/24

@

JPY160.00

1

1,005

(11‌)

Barclays

Bank

2

Year

Interest

Rate

Swap,

8/12/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

4.20%*

1

2,094

(26‌)

Barclays

Bank

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

3,711

(47‌)

Barclays

Bank

S&P

500

Index,

Put,

12/20/24

@

$5,300.00

3

1,511

(88‌)

Goldman

Sachs

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

1,827

(23‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

5/17/24

@

$77.00

1,838

14,022

(25‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

5/17/24

@

$77.00

548

4,181

(50‌)

Morgan

Stanley

2

Year

Interest

Rate

Swap,

8/12/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/8/24

@

4.20%*

1

1,907

(24‌)

Morgan

Stanley

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.34%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

3,711

(47‌)

Morgan

Stanley

S&P

500

Index,

Call,

6/21/24

@

$5,150.00

91

45,825

(553‌)

Morgan

Stanley

S&P

500

Index,

Put,

12/20/24

@

$5,300.00

2

1,007

(59‌)

Total

Options

Written

(Premiums

$(1,125))

$

(1,014‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

62

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

(0.0)%

Credit

Default

Swaps,

Protection

Bought

(0.1)%

United

States

(0.1)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

157

(20)

(9)

(11‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

339

(44)

(14)

(30‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

388

(53)

(17)

(36‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

227

(31)

(7)

(24‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

285

(39)

(12)

(27‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S15,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/64

*

345

58

73

(15‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S15,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/64

*

90

15

15

—‌

Total

United

States

29

(143‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

29

(143‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

63

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Credit

Default

Swaps,

Protection

Sold

(0.0)%

Luxembourg

0.0%

JPMorgan

Chase,

Protection

Sold (Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

345

29

30

(1‌)

Total

Luxembourg

30

(1‌)

Mexico

(0.0)%

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

*

658

(93)

(130)

37‌

Total

Mexico

(130)

37‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(100)

36‌

Total

Return

Swaps

0.1%

Australia

(0.0)%

Citibank,

Pay

Underlying

Reference:

Cochlear

Monthly,

Receive

Variable

3.895%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

390

1

—

1‌

Citibank,

Pay

Underlying

Reference:

Commonwealth

Bank

of

Australia

Monthly,

Receive

Variable

3.895%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

623

13

—

13‌

Citibank,

Pay

Underlying

Reference:

Fortescue

Monthly,

Receive

Variable

3.895%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/26

491

(14)

—

(14‌)

Citibank,

Pay

Underlying

Reference:

IDP

Education

Monthly,

Receive

Variable

3.895%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

897

18

—

18‌

Citibank,

Pay

Underlying

Reference:

Suncorp

Group

Monthly,

Receive

Variable

3.895%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/26

834

(8)

—

(8‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

64

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

Telstra

Group

Monthly,

Receive

Variable

3.910%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

580

(1)

—

(1‌)

Citibank,

Receive

Underlying

Reference:

Insurance

Australia

Group

Monthly,

Pay

Variable

4.695%

(1M

ADBB

+

0.40%)

Monthly,

1/17/26

669

(2)

—

(2‌)

Citibank,

Receive

Underlying

Reference:

Orica

Monthly,

Pay

Variable

4.695%

(1M

ADBB

+

0.40%)

Monthly,

1/20/26

769

4

—

4‌

Morgan

Stanley,

Pay

Underlying

Reference:

WiseTech

Global

Monthly,

Receive

Variable

3.902%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

575

(14)

—

(14‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Brambles

Monthly,

Pay

Variable

4.863%

(1M

ADBB

+

0.55%)

Monthly,

1/20/26

385

(5)

(1)

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Westpac

Banking

Monthly,

Pay

Variable

4.852%

(1M

ADBB

+

0.55%)

Monthly,

1/20/26

417

(3)

—

(3‌)

Total

Australia

(1)

(10‌)

Austria

(0.0)%

Citibank,

Pay

Underlying

Reference:

Erste

Group

Bank

Monthly,

Receive

Variable

3.613%

(EUR

ESTR

+

(0.30)%)

Monthly,

1/17/26

587

(16)

—

(16‌)

Morgan

Stanley,

Receive

Underlying

Reference:

OMV

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

520

2

—

2‌

Total

Austria

—

(14‌)

Belgium

0.0%

Bank

of

America,

Receive

Underlying

Reference:

Azelis

Group

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

258

24

—

24‌

Goldman

Sachs,

Receive

Underlying

Reference:

Warehouses

De

Pauw

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

239

5

—

5‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

65

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

UCB

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

271

12

—

12‌

Total

Belgium

—

41‌

Bermuda

0.0%

Bank

of

America,

Receive

Underlying

Reference:

James

River

Group

Holdings

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

101

3

—

3‌

Goldman

Sachs,

Receive

Underlying

Reference:

Norwegian

Cruise

Line

Holdings

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

236

21

—

21‌

Morgan

Stanley,

Receive

Underlying

Reference:

RenaissanceRe

Holdings

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

413

10

—

10‌

Total

Bermuda

—

34‌

Brazil

(0.0)%

Bank

of

America,

Receive

Underlying

Reference:

Localiza

Rent

a

Car

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

186

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

B3

Monthly,

Pay

Variable

5.746%

(SOFR

+

0.45%)

Monthly,

1/21/26

215

(14)

—

(14‌)

Total

Brazil

—

(20‌)

Canada

(0.0)%

Bank

of

America,

Pay

Underlying

Reference:

CGI

Monthly,

Receive

Variable

4.906%

(CORRA

+

(0.10)%)

Monthly,

1/17/26

760

11

—

11‌

Bank

of

America,

Receive

Underlying

Reference:

Canadian

National

Railway

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

353

(21)

—

(21‌)

Bank

of

America,

Receive

Underlying

Reference:

Celestica

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

228

(6)

—

(6‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

66

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Franco-Nevada

Monthly,

Pay

Variable

5.506%

(CORRA

+

0.50%)

Monthly,

1/20/26

682

15

—

15‌

Goldman

Sachs,

Pay

Underlying

Reference:

Bank

of

Montreal

Monthly,

Receive

Variable

4.706%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

286

6

—

6‌

Goldman

Sachs,

Pay

Underlying

Reference:

Barrick

Gold

Monthly,

Receive

Variable

4.706%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

546

19

—

19‌

Goldman

Sachs,

Pay

Underlying

Reference:

Brookfield

Asset

Management,

Class

A

Monthly,

Receive

Variable

4.706%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

438

4

—

4‌

Goldman

Sachs,

Pay

Underlying

Reference:

Toronto-Dominion

Bank

Monthly,

Receive

Variable

4.706%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

1,535

(51)

—

(51‌)

Goldman

Sachs,

Receive

Underlying

Reference:

BRP

Monthly,

Pay

Variable

5.306%

(CORRA

+

0.30%)

Monthly,

1/20/26

338

(12)

—

(12‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Interfor

Monthly,

Pay

Variable

5.306%

(CORRA

+

0.30%)

Monthly,

1/20/26

495

(11)

—

(11‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Shopify,

Class

A

Monthly,

Pay

Variable

5.306%

(CORRA

+

0.30%)

Monthly,

1/20/26

1,143

17

—

17‌

Goldman

Sachs,

Receive

Underlying

Reference:

Suncor

Energy

Monthly,

Pay

Variable

5.306%

(CORRA

+

0.30%)

Monthly,

1/17/26

1,037

17

—

17‌

Morgan

Stanley,

Pay

Underlying

Reference:

Agnico

Eagle

Mines

Monthly,

Receive

Variable

4.606%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

756

(15)

—

(15‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Bank

of

Montreal

Monthly,

Receive

Variable

4.606%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

127

2

—

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

67

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Lundin

Mining

Monthly,

Receive

Variable

4.607%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

1,424

(17)

—

(17‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Sun

Life

Financial

Monthly,

Receive

Variable

4.606%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

3,320

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Canadian

Apartment

Properties

REIT

Monthly,

Pay

Variable

5.556%

(CORRA

+

0.55%)

Monthly,

1/20/26

675

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

First

Quantum

Minerals

Monthly,

Pay

Variable

5.550%

(CORRA

+

0.55%)

Monthly,

1/20/26

362

(8)

—

(8‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Nuvei

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

535

(2)

—

(2‌)

Total

Canada

—

(64‌)

Cayman

Islands

0.0%

Citibank,

Receive

Underlying

Reference:

BeiGene

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

85

2

—

2‌

Goldman

Sachs,

Receive

Underlying

Reference:

Li

Auto

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

330

(27)

—

(27‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Sea

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

278

55

—

55‌

Morgan

Stanley,

Receive

Underlying

Reference:

NU

Holdings,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

163

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Structure

Therapeutics

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

43

2

—

2‌

Total

Cayman

Islands

—

30‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

68

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

China

0.0%

UBS

Investment

Bank,

Receive

Underlying

Reference:

Hangzhou

Huawang

New

Material

Technology,

Class

A

Monthly,

Pay

Variable

5.029%

(1M

CNH

HIBOR

+

0.75%)

Monthly,

1/17/26

1,117

8

—

8‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Sany

Heavy

Industry,

Class

A

Monthly,

Pay

Variable

5.029%

(1M

CNH

HIBOR

+

0.75%)

Monthly,

1/21/26

1,422

16

—

16‌

Total

China

—

24‌

Curacao

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

148

(12)

—

(12‌)

Total

Curacao

—

(12‌)

Cyprus

0.0%

UBS

Investment

Bank,

Receive

Underlying

Reference:

TCS

Group

Holdings

Monthly,

Pay

Variable

5.655%

(SOFR

+

0.35%)

Monthly,

1/18/26

—

—

—

—‌

Total

Cyprus

—

—‌

Denmark

0.0%

Goldman

Sachs,

Receive

Underlying

Reference:

Novo

Nordisk,

Class

B

Monthly,

Pay

Variable

4.207%

(1M

DKK

CIBOR

+

0.35%)

Monthly,

1/17/26

2,507

9

—

9‌

Total

Denmark

—

9‌

Finland

0.0%

Citibank,

Pay

Underlying

Reference:

Stora

Enso,

Class

R

Monthly,

Receive

Variable

3.608%

(EUR

ESTR

+

(0.30)%)

Monthly,

1/20/26

242

5

—

5‌

Total

Finland

—

5‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

69

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

France

(0.0)%

Bank

of

America,

Receive

Underlying

Reference:

Legrand

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/26

267

4

—

4‌

Goldman

Sachs,

Receive

Underlying

Reference:

AXA

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

711

5

—

5‌

Goldman

Sachs,

Receive

Underlying

Reference:

LVMH

Moet

Hennessy

Louis

Vuitton

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

447

(13)

—

(13‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

321

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

BNP

Paribas

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

1,154

(33)

—

(33‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Orange

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

632

(3)

—

(3‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Unibail-Rodamco-Westfield

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

361

(24)

—

(24‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

301

(1)

—

(1‌)

Total

France

—

(66‌)

Germany

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Allianz

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

1,017

8

—

8‌

Goldman

Sachs,

Receive

Underlying

Reference:

Deutsche

Telekom

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

1,128

18

—

18‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

70

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Siemens

Healthineers

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

698

(21)

—

(21‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Hannover

Rueck

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

239

(2)

—

(2‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Infineon

Technologies

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

485

5

—

5‌

Morgan

Stanley,

Pay

Underlying

Reference:

Brenntag

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

933

14

—

14‌

Morgan

Stanley,

Pay

Underlying

Reference:

Deutsche

Boerse

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

459

25

—

25‌

Morgan

Stanley,

Pay

Underlying

Reference:

Fresenius

Medical

Care

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

665

(83)

—

(83‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SAP

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

855

(12)

—

(12‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Volkswagen

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

264

(25)

—

(25‌)

Total

Germany

—

(73‌)

Hong

Kong

0.0%

UBS

Investment

Bank,

Receive

Underlying

Reference:

AIA

Group

Monthly,

Pay

Variable

4.636%

(1M

HKD

HIBOR

+

0.35%)

Monthly,

1/20/26

2,848

47

—

47‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

AIA

Group

Monthly,

Pay

Variable

4.728%

(1M

HKD

HIBOR

+

0.35%)

Monthly,

1/17/26

3,975

52

—

52‌

Total

Hong

Kong

—

99‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

71

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

India

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

ICICI

Bank

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

143

11

—

11‌

Total

India

—

11‌

Indonesia

(0.0)%

Bank

of

America,

Receive

Underlying

Reference:

Bank

Central

Asia

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

129

(1)

—

(1‌)

Total

Indonesia

—

(1‌)

Ireland

0.0%

Citibank,

Pay

Underlying

Reference:

Aon,

Class

A

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

394

47

—

47‌

Citibank,

Pay

Underlying

Reference:

Smurfit

Kappa

Group

Monthly,

Receive

Variable

4.934%

(GBP

SONIA

+

(0.272)%)

Monthly,

1/20/26

(GBP)

1,640

30

—

30‌

Citibank,

Receive

Underlying

Reference:

Medtronic

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

558

(20)

—

(20‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Bank

of

Ireland

Group

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

290

(10)

—

(10‌)

Morgan

Stanley,

Pay

Underlying

Reference:

James

Hardie

Industries

Monthly,

Receive

Variable

3.427%

(1M

ADBB

+

(0.50)%)

Monthly,

1/20/26

(AUD)

362

11

—

11‌

Morgan

Stanley,

Receive

Underlying

Reference:

Accenture,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

681

(26)

—

(26‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Linde

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,341

(15)

—

(15‌)

Total

Ireland

—

17‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

72

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Israel

(0.0)%

Morgan

Stanley,

Pay

Underlying

Reference:

Monday.com

Monthly,

Receive

Variable

5.076%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

171

(6)

—

(6‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Monday.com

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

862

(22)

—

(22‌)

Total

Israel

—

(28‌)

Italy

0.0%

Goldman

Sachs,

Pay

Underlying

Reference:

Snam

Monthly,

Receive

Variable

3.641%

(EUR

ESTR

+

(0.27)%)

Monthly,

1/17/26

642

(6)

—

(6‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Enel

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

298

17

—

17‌

Goldman

Sachs,

Receive

Underlying

Reference:

Intesa

Sanpaolo

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

502

31

—

31‌

JPMorgan

Chase,

Receive

Underlying

Reference:

FinecoBank

Banca

Fineco

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

812

20

—

20‌

Morgan

Stanley,

Receive

Underlying

Reference:

UniCredit

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

523

3

—

3‌

Total

Italy

—

65‌

Japan

0.1%

Citibank,

Receive

Underlying

Reference:

Sompo

Holdings

Monthly,

Pay

Variable

0.457%

(JPY

TONA

+

0.38%)

Monthly,

1/20/26

41,855

(1)

—

(1‌)

Citibank,

Receive

Underlying

Reference:

Tokio

Marine

Holdings

Monthly,

Pay

Variable

0.457%

(JPY

TONA

+

0.38%)

Monthly,

1/20/26

41,795

17

—

17‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

73

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Suzuki

Motor

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/26

42,940

(5)

—

(5‌)

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Kao

Monthly,

Pay

Variable

0.457%

(JPY

TONA

+

0.38%)

Monthly,

1/17/26

49,248

19

—

19‌

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Sanrio

Monthly,

Pay

Variable

0.457%

(JPY

TONA

+

0.38%)

Monthly,

1/20/26

40,865

(30)

—

(30‌)

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Sumitomo

Mitsui

Trust

Holdings

Monthly,

Pay

Variable

0.460%

(JPY

TONA

+

0.38%)

Monthly,

1/20/26

78,656

11

—

11‌

Morgan

Stanley,

Pay

Underlying

Reference:

Astellas

Pharma

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

204,898

(94)

—

(94‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Bridgestone

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

177,683

(37)

—

(37‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Honda

Motor

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

135,222

3

—

3‌

Morgan

Stanley,

Pay

Underlying

Reference:

Hoya

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

134,458

(76)

—

(76‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Isuzu

Motors

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

48,831

(5)

—

(5‌)

Morgan

Stanley,

Pay

Underlying

Reference:

ITOCHU

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

121,935

(46)

—

(46‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Kirin

Holdings

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

44,380

(10)

—

(10‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

74

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Lasertec

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

101,232

115

—

115‌

Morgan

Stanley,

Pay

Underlying

Reference:

M3

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

37,475

25

—

25‌

Morgan

Stanley,

Pay

Underlying

Reference:

MINEBEA

MITSUMI

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

148,305

(70)

—

(70‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Mitsubishi

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

210,772

(12)

—

(12‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Nissan

Motor

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

302,081

(99)

—

(99‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Oriental

Land

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

71,567

36

—

36‌

Morgan

Stanley,

Pay

Underlying

Reference:

Sumitomo

Mitsui

Financial

Group

Monthly,

Receive

Variable

(0.340)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

228,534

(31)

—

(31‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Toray

Industries

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

46,431

2

—

2‌

Morgan

Stanley,

Pay

Underlying

Reference:

Yakult

Honsha

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

36,088

(12)

—

(12‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Yamaha

Monthly,

Receive

Variable

(0.343)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

46,901

(19)

—

(19‌)

Morgan

Stanley,

Receive

Underlying

Reference:

CyberAgent

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

47,220

(16)

—

(16‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

75

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Daiichi

Sankyo

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

50,627

58

—

58‌

Morgan

Stanley,

Receive

Underlying

Reference:

Hamamatsu

Photonics

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

112,464

21

—

21‌

Morgan

Stanley,

Receive

Underlying

Reference:

Istyle

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

36,630

18

—

18‌

Morgan

Stanley,

Receive

Underlying

Reference:

MISUMI

Group

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

87,318

70

—

70‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Chemical

Group

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

63,136

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Electric

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

85,606

47

—

47‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Estate

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

21,949

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

UFJ

Financial

Group

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

40,243

2

—

2‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

UFJ

Financial

Group

Monthly,

Pay

Variable

0.610%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

39,452

5

—

5‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsui

Fudosan

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

76,471

(19)

—

(19‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Murata

Manufacturing

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

72,689

24

—

24‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

76

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Nintendo

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

88,949

11

—

11‌

Morgan

Stanley,

Receive

Underlying

Reference:

Nippon

Sanso

Holdings

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

93,129

30

—

30‌

Morgan

Stanley,

Receive

Underlying

Reference:

Nitori

Holdings

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

48,636

(24)

—

(24‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Olympus

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

88,415

7

—

7‌

Morgan

Stanley,

Receive

Underlying

Reference:

Recruit

Holdings

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

58,265

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

Resona

Holdings

Monthly,

Pay

Variable

0.610%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

79,384

7

—

7‌

Morgan

Stanley,

Receive

Underlying

Reference:

Sanrio

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

65,650

(23)

—

(23‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Shionogi

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

202,636

24

—

24‌

Morgan

Stanley,

Receive

Underlying

Reference:

Shiseido

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

83,169

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SMC

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

168,440

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SoftBank

Group

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

47,435

(14)

—

(14‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

77

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

SUMCO

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

140,079

(89)

—

(89‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Suntory

Beverage

&

Food

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

47,601

(3)

—

(3‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Taiheiyo

Cement

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

29,837

5

—

5‌

Morgan

Stanley,

Receive

Underlying

Reference:

Terumo

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

37,778

11

—

11‌

Morgan

Stanley,

Receive

Underlying

Reference:

Tokyo

Seimitsu

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

53,475

(30)

—

(30‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Toyota

Motor

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

206,432

(34)

—

(34‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Welcia

Holdings

Monthly,

Pay

Variable

0.607%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

128,268

7

—

7‌

UBS

Investment

Bank,

Pay

Underlying

Reference:

Sumitomo

Electric

Industries

Monthly,

Receive

Variable

(0.302)%

(JPY

TONA

+

(0.40)%)

Monthly,

1/17/26

62,578

(25)

—

(25‌)

UBS

Investment

Bank,

Pay

Underlying

Reference:

Unicharm

Monthly,

Receive

Variable

(0.273)%

(JPY

TONA

+

(0.35)%)

Monthly,

1/20/26

132,385

(24)

—

(24‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Harmonic

Drive

Systems

Monthly,

Pay

Variable

0.427%

(JPY

TONA

+

0.35%)

Monthly,

1/20/26

35,068

1

—

1‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Hoshizaki

Monthly,

Pay

Variable

0.427%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

76,857

(14)

—

(14‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

78

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Keyence

Monthly,

Pay

Variable

0.427%

(JPY

TONA

+

0.35%)

Monthly,

1/20/26

183,204

90

—

90‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Taiheiyo

Cement

Monthly,

Pay

Variable

0.427%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

127,018

23

—

23‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Taiyo

Yuden

Monthly,

Pay

Variable

0.427%

(JPY

TONA

+

0.35%)

Monthly,

1/20/26

118,515

45

—

45‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Tokyo

Electron

Monthly,

Pay

Variable

0.427%

(JPY

TONA

+

0.35%)

Monthly,

1/20/26

60,256

(24)

—

(24‌)

Total

Japan

—

(146‌)

Jersey

0.0%

Goldman

Sachs,

Receive

Underlying

Reference:

WPP

Monthly,

Pay

Variable

5.584%

(GBP

SONIA

+

0.38%)

Monthly,

1/20/26

1,093

75

—

75‌

Morgan

Stanley,

Pay

Underlying

Reference:

Glencore

Monthly,

Receive

Variable

4.890%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

398

4

—

4‌

Total

Jersey

—

79‌

Liberia

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

Royal

Caribbean

Cruises

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

297

28

—

28‌

Total

Liberia

—

28‌

Luxembourg

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Tenaris

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

306

(45)

—

(45‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

79

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Globant

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

418

(26)

—

(26‌)

Total

Luxembourg

—

(71‌)

Mexico

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

Controladora

AXTEL

Monthly,

Pay

Variable

11.795%

(MXIBTIIE

+

0.55%)

Monthly,

1/20/26

110

1

—

1‌

Total

Mexico

—

1‌

Netherlands

(0.1)%

Bank

of

America,

Receive

Underlying

Reference:

Airbus

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/26

578

(35)

—

(35‌)

Bank

of

America,

Receive

Underlying

Reference:

IMCD

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

242

(22)

—

(22‌)

Bank

of

America,

Receive

Underlying

Reference:

ING

Groep

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

572

17

—

17‌

Goldman

Sachs,

Receive

Underlying

Reference:

Heineken

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

178

9

—

9‌

Goldman

Sachs,

Receive

Underlying

Reference:

NN

Group

Monthly,

Pay

Variable

4.311%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

638

(2)

—

(2‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

AerCap

Holdings

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

279

(6)

—

(6‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

STMicroelectronics

Monthly,

Receive

Variable

3.561%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

435

15

—

15‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

80

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

ASML

Holding

Monthly,

Pay

Variable

4.258%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

206

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

NXP

Semiconductors

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

737

(82)

—

(82‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Adyen

Monthly,

Pay

Variable

4.263%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

290

(77)

—

(77‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

ASR

Nederland

Monthly,

Pay

Variable

4.263%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

441

10

—

10‌

Total

Netherlands

—

(173‌)

New

Zealand

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

Xero

Monthly,

Pay

Variable

4.852%

(1M

ADBB

+

0.55%)

Monthly,

1/20/26

(AUD)

459

5

—

5‌

Total

New

Zealand

—

5‌

Norway

0.0%

Citibank,

Pay

Underlying

Reference:

Aker

Monthly,

Receive

Variable

4.270%

(1M

NOK

NIBOR

+

(0.35)%)

Monthly,

1/20/26

10,223

19

—

19‌

Citibank,

Pay

Underlying

Reference:

Aker

Monthly,

Receive

Variable

4.280%

(1M

NOK

NIBOR

+

(0.35)%)

Monthly,

1/20/26

2,448

12

—

12‌

Goldman

Sachs,

Receive

Underlying

Reference:

Equinor

Monthly,

Pay

Variable

4.980%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/20/26

5,782

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Norsk

Hydro

Monthly,

Receive

Variable

4.270%

(1M

NOK

NIBOR

+

(0.35)%)

Monthly,

1/20/26

8,889

(1)

—

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

81

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Storebrand

Monthly,

Pay

Variable

4.970%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/17/26

5,990

64

—

64‌

Total

Norway

—

83‌

Poland

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Pepco

Group

Monthly,

Pay

Variable

6.240%

(1M

PLN

WIBOR

+

0.40%)

Monthly,

1/20/26

887

(3)

—

(3‌)

Total

Poland

—

(3‌)

Portugal

0.1%

Morgan

Stanley,

Receive

Underlying

Reference:

Galp

Energia

SGPS

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

322

84

—

84‌

Morgan

Stanley,

Receive

Underlying

Reference:

Jeronimo

Martins

SGPS

Monthly,

Pay

Variable

4.261%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

356

26

—

26‌

Total

Portugal

—

110‌

South

Korea

(0.0)%

Morgan

Stanley,

Receive

Underlying

Reference:

Samsung

Electronics

Monthly,

Pay

Variable

6.146%

(SOFR

+

0.85%)

Monthly,

1/21/26

150

(8)

—

(8‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SK

Hynix

Monthly,

Pay

Variable

6.146%

(SOFR

+

0.85%)

Monthly,

1/21/26

159

(12)

—

(12‌)

Total

South

Korea

—

(20‌)

Sweden

(0.0)%

Citibank,

Pay

Underlying

Reference:

H

&

M

Hennes

&

Mauritz,

Class

B

Monthly,

Receive

Variable

3.531%

(1M

SEK

STIBOR

+

(0.50)%)

Monthly,

1/20/26

5,487

(30)

—

(30‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Hexagon,

Class

B

Monthly,

Pay

Variable

4.360%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/20/26

2,853

(14)

—

(14‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

82

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Svenska

Cellulosa,

Class

B

Monthly,

Pay

Variable

4.360%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

5,607

20

—

20‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Boliden

Monthly,

Pay

Variable

4.410%

(1M

SEK

STIBOR

+

0.40%)

Monthly,

1/20/26

2,380

15

—

15‌

Morgan

Stanley,

Pay

Underlying

Reference:

SKF,

Class

B

Monthly,

Receive

Variable

3.660%

(1M

SEK

STIBOR

+

(0.35)%)

Monthly,

1/20/26

3,227

(10)

—

(10‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Kinnevik,

Class

B

Monthly,

Pay

Variable

4.336%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/20/26

805

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Kinnevik,

Class

B

Monthly,

Pay

Variable

4.360%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/20/26

9,310

(36)

—

(36‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Essity,

Class

B

Monthly,

Pay

Variable

4.381%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

6,273

39

—

39‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Sandvik

Monthly,

Pay

Variable

4.381%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

8,087

(51)

—

(51‌)

Total

Sweden

—

(63‌)

Switzerland

0.1%

Bank

of

America,

Receive

Underlying

Reference:

Julius

Baer

Group

Monthly,

Pay

Variable

1.796%

(SARON

+

0.35%)

Monthly,

1/20/26

481

7

—

7‌

Bank

of

America,

Receive

Underlying

Reference:

Sonova

Holding

Monthly,

Pay

Variable

1.796%

(SARON

+

0.35%)

Monthly,

1/20/26

268

(3)

—

(3‌)

Citibank,

Pay

Underlying

Reference:

SGS

Monthly,

Receive

Variable

1.084%

(SARON

+

(0.257)%)

Monthly,

1/17/26

—

(9)

—

(9‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

83

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Geberit

Monthly,

Receive

Variable

1.029%

(SARON

+

(0.42)%)

Monthly,

1/17/26

268

17

—

17‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

SGS

Monthly,

Receive

Variable

1.197%

(SARON

+

(0.257)%)

Monthly,

1/17/26

206

6

—

6‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

UBS

Group

Monthly,

Receive

Variable

1.029%

(SARON

+

(0.42)%)

Monthly,

1/17/26

303

39

—

39‌

Goldman

Sachs,

Receive

Underlying

Reference:

Alcon

Monthly,

Pay

Variable

1.736%

(SARON

+

0.29%)

Monthly,

1/20/26

286

(15)

—

(15‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Cie

Financiere

Richemont,

Class

A

Monthly,

Pay

Variable

1.846%

(SARON

+

0.40%)

Monthly,

1/20/26

302

(6)

—

(6‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Roche

Holding

Monthly,

Receive

Variable

1.036%

(SARON

+

(0.41)%)

Monthly,

1/20/26

330

7

—

7‌

Morgan

Stanley,

Pay

Underlying

Reference:

Swiss

Re

Monthly,

Receive

Variable

1.036%

(SARON

+

(0.41)%)

Monthly,

1/20/26

305

24

—

24‌

Total

Switzerland

—

67‌

United

Kingdom

(0.1)%

Bank

of

America,

Receive

Underlying

Reference:

HSBC

Holdings

Monthly,

Pay

Variable

5.554%

(GBP

SONIA

+

0.35%)

Monthly,

1/20/26

320

26

—

26‌

Bank

of

America,

Receive

Underlying

Reference:

Wise,

Class

A

Monthly,

Pay

Variable

5.554%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

333

(63)

—

(63‌)

Citibank,

Pay

Underlying

Reference:

Diageo

Monthly,

Receive

Variable

4.896%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/26

901

22

—

22‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

84

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

JD

Sports

Fashion

Monthly,

Receive

Variable

4.896%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/26

231

22

—

22‌

Citibank,

Pay

Underlying

Reference:

Rightmove

Monthly,

Receive

Variable

4.896%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

169

6

—

6‌

Citibank,

Pay

Underlying

Reference:

Shell

Monthly,

Receive

Variable

4.896%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

1,104

(20)

—

(20‌)

Citibank,

Receive

Underlying

Reference:

Melrose

Industries

Monthly,

Pay

Variable

5.596%

(GBP

SONIA

+

0.39%)

Monthly,

1/17/26

391

(28)

—

(28‌)

Citibank,

Receive

Underlying

Reference:

Unilever

Monthly,

Pay

Variable

5.596%

(GBP

SONIA

+

0.39%)

Monthly,

1/20/26

167

17

—

17‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Anglogold

Ashanti

Monthly,

Receive

Variable

7.492%

(1M

ZAR

JIBOR

+

(0.75)%)

Monthly,

1/21/26

(ZAR)

4,546

(11)

1

(12‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Barclays

Monthly,

Pay

Variable

5.584%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

479

62

—

62‌

Goldman

Sachs,

Receive

Underlying

Reference:

Bunzl

Monthly,

Pay

Variable

5.584%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

921

28

—

28‌

Goldman

Sachs,

Receive

Underlying

Reference:

Imperial

Brands

Monthly,

Pay

Variable

5.584%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

657

45

—

45‌

Goldman

Sachs,

Receive

Underlying

Reference:

Segro

Monthly,

Pay

Variable

5.584%

(GBP

SONIA

+

0.38%)

Monthly,

1/20/26

926

11

—

11‌

Goldman

Sachs,

Receive

Underlying

Reference:

Standard

Chartered

Monthly,

Pay

Variable

5.584%

(GBP

SONIA

+

0.38%)

Monthly,

1/20/26

439

50

—

50‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

85

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

TechnipFMC

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

225

1

—

1‌

Goldman

Sachs,

Receive

Underlying

Reference:

TechnipFMC

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

92

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

BP

Monthly,

Pay

Variable

5.554%

(GBP

SONIA

+

0.35%)

Monthly,

1/20/26

697

(14)

—

(14‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Antofagasta

Monthly,

Receive

Variable

4.894%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

211

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Kingfisher

Monthly,

Receive

Variable

4.894%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

1,050

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Mondi

Monthly,

Receive

Variable

4.894%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

573

(85)

—

(85‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Next

Monthly,

Receive

Variable

4.891%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

142

2

—

2‌

Morgan

Stanley,

Pay

Underlying

Reference:

Next

Monthly,

Receive

Variable

4.894%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

226

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Prudential

Monthly,

Receive

Variable

4.894%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

815

15

—

15‌

Morgan

Stanley,

Receive

Underlying

Reference:

Ascential

Monthly,

Pay

Variable

5.594%

(GBP

SONIA

+

0.39%)

Monthly,

1/20/26

929

(2)

—

(2‌)

Total

United

Kingdom

1

94‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

86

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

United

States

0.0%

Bank

of

America,

Pay

Underlying

Reference:

Blackstone

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

696

23

—

23‌

Bank

of

America,

Pay

Underlying

Reference:

CBIZ

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

340

16

—

16‌

Bank

of

America,

Pay

Underlying

Reference:

CVS

Health

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

271

3

—

3‌

Bank

of

America,

Pay

Underlying

Reference:

Eversource

Energy

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,301

(50)

—

(50‌)

Bank

of

America,

Pay

Underlying

Reference:

Mondelez

International,

Class

A

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

102

(9)

—

(9‌)

Bank

of

America,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

106

3

—

3‌

Bank

of

America,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

1,216

33

—

33‌

Bank

of

America,

Pay

Underlying

Reference:

Solventum

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

678

(35)

—

(35‌)

Bank

of

America,

Pay

Underlying

Reference:

UDR

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

209

(13)

—

(13‌)

Bank

of

America,

Pay

Underlying

Reference:

United

States

Steel

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

335

36

—

36‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

87

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Amazon.com

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

231

(11)

—

(11‌)

Bank

of

America,

Receive

Underlying

Reference:

Ares

Management,

Class

A

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

715

19

—

19‌

Bank

of

America,

Receive

Underlying

Reference:

Chipotle

Mexican

Grill

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

517

38

—

38‌

Bank

of

America,

Receive

Underlying

Reference:

Citigroup

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

536

24

—

24‌

Bank

of

America,

Receive

Underlying

Reference:

Constellation

Energy

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

459

—

—

—‌

Bank

of

America,

Receive

Underlying

Reference:

Dollar

Tree

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

496

(29)

—

(29‌)

Bank

of

America,

Receive

Underlying

Reference:

Dover

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

429

21

—

21‌

Bank

of

America,

Receive

Underlying

Reference:

Edwards

Lifesciences

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

329

(18)

—

(18‌)

Bank

of

America,

Receive

Underlying

Reference:

Elevance

Health

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

615

33

—

33‌

Bank

of

America,

Receive

Underlying

Reference:

Freeport-McMoRan

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

176

—

—

—‌

Bank

of

America,

Receive

Underlying

Reference:

Intercontinental

Exchange

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

425

(7)

—

(7‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

88

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Keurig

Dr

Pepper

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

195

20

—

20‌

Bank

of

America,

Receive

Underlying

Reference:

NOV

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

159

(6)

—

(6‌)

Bank

of

America,

Receive

Underlying

Reference:

Philip

Morris

International

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

356

25

—

25‌

Bank

of

America,

Receive

Underlying

Reference:

Pioneer

Natural

Resources

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

690

(1)

—

(1‌)

Bank

of

America,

Receive

Underlying

Reference:

Procter

&

Gamble

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

523

28

—

28‌

Bank

of

America,

Receive

Underlying

Reference:

QUALCOMM

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

591

(15)

—

(15‌)

Bank

of

America,

Receive

Underlying

Reference:

Rockwell

Automation

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

228

(13)

—

(13‌)

Bank

of

America,

Receive

Underlying

Reference:

Saia

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

265

(83)

—

(83‌)

Bank

of

America,

Receive

Underlying

Reference:

Southwest

Airlines

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

324

(23)

—

(23‌)

Bank

of

America,

Receive

Underlying

Reference:

Tenet

Healthcare

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

350

45

—

45‌

Bank

of

America,

Receive

Underlying

Reference:

Williams

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

125

1

—

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

89

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Xcel

Energy

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

866

7

—

7‌

Citibank,

Pay

Underlying

Reference:

American

Airlines

Group

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

110

3

—

3‌

Citibank,

Pay

Underlying

Reference:

Delta

Air

Lines

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

112

(7)

—

(7‌)

Citibank,

Pay

Underlying

Reference:

IQVIA

Holdings

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

608

26

—

26‌

Citibank,

Pay

Underlying

Reference:

MarketAxess

Holdings

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

485

54

—

54‌

Citibank,

Pay

Underlying

Reference:

Palo

Alto

Networks

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

652

(52)

—

(52‌)

Citibank,

Pay

Underlying

Reference:

Ralph

Lauren

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

336

15

—

15‌

Citibank,

Pay

Underlying

Reference:

United

Airlines

Holdings

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

110

(20)

—

(20‌)

Citibank,

Pay

Underlying

Reference:

United

Rentals

Monthly,

Receive

Variable

5.116%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

155

1

—

1‌

Citibank,

Pay

Underlying

Reference:

United

Rentals

Monthly,

Receive

Variable

5.118%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

110

2

—

2‌

Citibank,

Pay

Underlying

Reference:

United

Rentals

Monthly,

Receive

Variable

5.125%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

2,085

111

—

111‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

90

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Receive

Underlying

Reference:

Amazon.com

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

467

(27)

—

(27‌)

Citibank,

Receive

Underlying

Reference:

Apartment

Income

REIT

Monthly,

Pay

Variable

5.720%

(SOFR

+

0.42%)

Monthly,

1/21/26

551

(2)

—

(2‌)

Citibank,

Receive

Underlying

Reference:

Broadridge

Financial

Solutions

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

375

(22)

—

(22‌)

Citibank,

Receive

Underlying

Reference:

Colgate-Palmolive

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

656

33

—

33‌

Citibank,

Receive

Underlying

Reference:

ConocoPhillips

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

1,056

(58)

—

(58‌)

Citibank,

Receive

Underlying

Reference:

EQT

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

234

20

—

20‌

Citibank,

Receive

Underlying

Reference:

Freeport-McMoRan

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

822

—

—

—‌

Citibank,

Receive

Underlying

Reference:

JPMorgan

Chase

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

286

(11)

—

(11‌)

Citibank,

Receive

Underlying

Reference:

Lowe's

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

1,183

(70)

—

(70‌)

Citibank,

Receive

Underlying

Reference:

Mettler-Toledo

International

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

540

(33)

—

(33‌)

Citibank,

Receive

Underlying

Reference:

Stanley

Black

&

Decker

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

1,027

(45)

—

(45‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

91

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Receive

Underlying

Reference:

Sun

Communities

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

287

(35)

—

(35‌)

Citibank,

Receive

Underlying

Reference:

Target

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

631

(35)

—

(35‌)

Citibank,

Receive

Underlying

Reference:

Teleflex

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

516

(21)

—

(21‌)

Citibank,

Receive

Underlying

Reference:

TransDigm

Group

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

662

5

—

5‌

Citibank,

Receive

Underlying

Reference:

Westrock

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/18/26

803

(24)

—

(24‌)

Citibank,

Receive

Underlying

Reference:

Williams

Monthly,

Pay

Variable

5.725%

(SOFR

+

0.42%)

Monthly,

1/21/26

277

(5)

—

(5‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Allient

Energy

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

824

(37)

—

(37‌)

Goldman

Sachs,

Pay

Underlying

Reference:

American

Electric

Power

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,439

(88)

—

(88‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Charter

Communications,

Class

A

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

1,047

6

—

6‌

Goldman

Sachs,

Pay

Underlying

Reference:

Digital

Realty

Trust

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

272

—

—

—‌

Goldman

Sachs,

Pay

Underlying

Reference:

Estee

Lauder,

Class

A

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

506

(34)

—

(34‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

92

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

Gilead

Sciences

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

232

9

—

9‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

Biotechnology

ETF

Monthly,

Receive

Variable

4.583%

(SOFR

+

(0.738)%)

Monthly,

1/18/26

214

2

—

2‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

Biotechnology

ETF

Monthly,

Receive

Variable

4.583%

(SOFR

+

(0.738)%)

Monthly,

1/21/26

51

—

—

—‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

U.S.

Medical

Devices

ETF

Monthly,

Receive

Variable

4.758%

(SOFR

+

(0.538)%)

Monthly,

1/21/26

298

4

—

4‌

Goldman

Sachs,

Pay

Underlying

Reference:

Lululemon

Athletica

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

226

(17)

—

(17‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

238

6

—

6‌

Goldman

Sachs,

Pay

Underlying

Reference:

Pfizer

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

1,059

14

—

14‌

Goldman

Sachs,

Pay

Underlying

Reference:

Pinnacle

West

Capital

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

310

(10)

—

(10‌)

Goldman

Sachs,

Pay

Underlying

Reference:

SBA

Communications

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

758

54

—

54‌

Goldman

Sachs,

Pay

Underlying

Reference:

United

States

Steel

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

971

105

—

105‌

Goldman

Sachs,

Pay

Underlying

Reference:

VeriSign

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

891

69

—

69‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

93

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

VICI

Properties

Monthly,

Receive

Variable

4.996%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

296

(10)

—

(10‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Ally

Financial

Monthly,

Pay

Variable

5.569%

(SOFR

+

0.30%)

Monthly,

1/21/26

520

(20)

—

(20‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Amgen

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

452

13

—

13‌

Goldman

Sachs,

Receive

Underlying

Reference:

Analog

Devices

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

609

32

—

32‌

Goldman

Sachs,

Receive

Underlying

Reference:

Cencora

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

480

9

—

9‌

Goldman

Sachs,

Receive

Underlying

Reference:

CenterPoint

Energy

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

1,147

70

—

70‌

Goldman

Sachs,

Receive

Underlying

Reference:

Devon

Energy

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

509

(16)

—

(16‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Financial

Select

Sector

SPDR

Fund

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

301

3

—

3‌

Goldman

Sachs,

Receive

Underlying

Reference:

GE

Vernova

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

962

158

—

158‌

Goldman

Sachs,

Receive

Underlying

Reference:

KKR

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

781

(24)

—

(24‌)

Goldman

Sachs,

Receive

Underlying

Reference:

LPL

Financial

Holdings

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

330

7

—

7‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

94

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Monster

Beverage

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

312

(5)

—

(5‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Stanley

Black

&

Decker

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

485

2

—

2‌

Goldman

Sachs,

Receive

Underlying

Reference:

VanEck

Oil

Services

ETF

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/21/26

316

(17)

—

(17‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Visa,

Class

A

Monthly,

Pay

Variable

5.596%

(SOFR

+

0.30%)

Monthly,

1/18/26

467

(6)

—

(6‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Amazon.com

at

Maturity,

Receive

Variable

4.582%

(SOFR

+

(0.75)%)

at

Maturity,

9/20/24

117

7

—

7‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

at

Maturity,

Receive

Variable

4.582%

(SOFR

+

(0.75)%)

at

Maturity,

9/20/24

1,168

69

(7)

76‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

314

5

—

5‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Bank

of

America

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,076

(29)

—

(29‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Broadcom

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,721

18

—

18‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Crowdstrike

Holdings,

Class

A

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

220

6

—

6‌

JPMorgan

Chase,

Pay

Underlying

Reference:

EQT

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

999

(95)

—

(95‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

95

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Pay

Underlying

Reference:

Exxon

Mobil

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,774

25

—

25‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Halliburton

at

Maturity,

Receive

Variable

4.582%

(SOFR

+

(0.75)%)

at

Maturity,

9/20/24

205

(79)

(86)

7‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Humana

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

227

10

—

10‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Match

Group

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

221

8

—

8‌

JPMorgan

Chase,

Pay

Underlying

Reference:

ON

Semiconductor

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

440

(29)

—

(29‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Quanta

Services

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

999

(37)

—

(37‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Tapestry

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

545

13

—

13‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Texas

Instruments

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

519

(30)

—

(30‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

United

Parcel

Service,

Class

B

Monthly,

Receive

Variable

5.046%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

577

(9)

—

(9‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

684

(52)

—

(52‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Biogen

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

690

61

—

61‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

96

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

Corning

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

276

18

—

18‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Coupang

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

420

15

—

15‌

JPMorgan

Chase,

Receive

Underlying

Reference:

CubeSmart

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

236

(13)

—

(13‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

963

(26)

—

(26‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Home

Depot

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

662

(9)

—

(9‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Intel

Monthly,

Pay

Variable

5.626%

(SOFR

+

0.35%)

Monthly,

1/21/26

141

(16)

—

(16‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Intel

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

307

(50)

—

(50‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

KLA

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

662

9

—

9‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Microchip

Technology

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

693

49

—

49‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Micron

Technology

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

833

(60)

—

(60‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

NiSource

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

471

22

—

22‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

97

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

Norfolk

Southern

Monthly,

Pay

Variable

5.646%

(SOFR

+

0.35%)

Monthly,

1/21/26

298

(19)

—

(19‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Abbott

Laboratories

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

616

15

—

15‌

Morgan

Stanley,

Pay

Underlying

Reference:

Advanced

Micro

Devices

Monthly,

Receive

Variable

5.076%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

509

(32)

—

(32‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Advanced

Micro

Devices

Monthly,

Receive

Variable

5.085%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

396

(5)

—

(5‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Advanced

Micro

Devices

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

408

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Albertsons

Cos,

Class

A

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

525

(6)

—

(6‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Automatic

Data

Processing

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

557

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

BlackRock

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

482

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

CarMax

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

251

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Caterpillar

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,893

150

—

150‌

Morgan

Stanley,

Pay

Underlying

Reference:

Costco

Wholesale

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

741

(4)

—

(4‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

98

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Dexcom

Monthly,

Receive

Variable

5.110%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

261

(5)

—

(5‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Gartner

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,113

125

—

125‌

Morgan

Stanley,

Pay

Underlying

Reference:

Henry

Schein

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

464

11

—

11‌

Morgan

Stanley,

Pay

Underlying

Reference:

IDEXX

Laboratories

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

443

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

Intuit

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,631

(32)

—

(32‌)

Morgan

Stanley,

Pay

Underlying

Reference:

iShares

U.S.

Healthcare

Providers

ETF

Monthly,

Receive

Variable

3.777%

(SOFR

+

(1.48)%)

Monthly,

1/21/26

277

(7)

—

(7‌)

Morgan

Stanley,

Pay

Underlying

Reference:

J

M

Smucker

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

352

(14)

—

(14‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Jack

Henry

&

Associates

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

994

16

—

16‌

Morgan

Stanley,

Pay

Underlying

Reference:

Kroger

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

402

1

—

1‌

Morgan

Stanley,

Pay

Underlying

Reference:

Lululemon

Athletica

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

188

(14)

—

(14‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

99

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Mid-America

Apartment

Communities

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

212

(5)

—

(5‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Mondelez

International,

Class

A

Monthly,

Receive

Variable

5.110%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

263

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Moody's

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

518

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

NRG

Energy

Monthly,

Receive

Variable

5.081%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

551

(28)

—

(28‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Otis

Worldwide

Monthly,

Receive

Variable

4.969%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

956

21

—

21‌

Morgan

Stanley,

Pay

Underlying

Reference:

PACCAR

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

282

29

—

29‌

Morgan

Stanley,

Pay

Underlying

Reference:

Pool

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

288

9

—

9‌

Morgan

Stanley,

Pay

Underlying

Reference:

PVH

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

355

(7)

—

(7‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Robert

Half

Monthly,

Receive

Variable

5.110%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

256

1

—

1‌

Morgan

Stanley,

Pay

Underlying

Reference:

Snap-on

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

726

47

—

47‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

100

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Super

Micro

Computer

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

407

12

—

12‌

Morgan

Stanley,

Pay

Underlying

Reference:

Sysco

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

716

14

—

14‌

Morgan

Stanley,

Pay

Underlying

Reference:

Tractor

Supply

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

566

(72)

—

(72‌)

Morgan

Stanley,

Pay

Underlying

Reference:

U.S.

Bancorp

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,137

25

—

25‌

Morgan

Stanley,

Pay

Underlying

Reference:

Union

Pacific

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

939

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Utilities

Select

Sector

SPDR

Fund

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

292

(14)

—

(14‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Vanguard

Communication

Services

ETF

Monthly,

Receive

Variable

4.216%

(SOFR

+

(0.78)%)

Monthly,

1/21/26

254

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Vanguard

Consumer

Discretionary

ETF

Monthly,

Receive

Variable

4.002%

(SOFR

+

(1.28)%)

Monthly,

1/21/26

294

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Veeva

Systems,

Class

A

Monthly,

Receive

Variable

5.094%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

118

2

—

2‌

Morgan

Stanley,

Pay

Underlying

Reference:

Veeva

Systems,

Class

A

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

25

—

—

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

101

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Waters

Monthly,

Receive

Variable

5.096%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

972

34

—

34‌

Morgan

Stanley,

Pay

Underlying

Reference:

West

Pharmaceutical

Services

Monthly,

Receive

Variable

5.110%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

256

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Agilent

Technologies

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

972

(25)

—

(25‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Airbnb,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

734

12

—

12‌

Morgan

Stanley,

Receive

Underlying

Reference:

Allstate

Monthly,

Pay

Variable

5.710%

(SOFR

+

0.40%)

Monthly,

1/21/26

280

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

Altaba

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

18

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

Ameren

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

210

6

—

6‌

Morgan

Stanley,

Receive

Underlying

Reference:

Ball

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

462

34

—

34‌

Morgan

Stanley,

Receive

Underlying

Reference:

Bank

of

New

York

Mellon

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,264

39

—

39‌

Morgan

Stanley,

Receive

Underlying

Reference:

Banzai

International

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

—

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

Bio-Techne

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

788

(30)

—

(30‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

102

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Booking

Holdings

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

366

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Burlington

Stores

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

384

(11)

—

(11‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Catelent

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

865

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Cboe

Global

Markets

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

465

9

—

9‌

Morgan

Stanley,

Receive

Underlying

Reference:

CF

Industries

Holdings

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

368

3

—

3‌

Morgan

Stanley,

Receive

Underlying

Reference:

Cognex

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

149

6

—

6‌

Morgan

Stanley,

Receive

Underlying

Reference:

Comcast,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

385

(14)

—

(14‌)

Morgan

Stanley,

Receive

Underlying

Reference:

CSX

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

377

(22)

—

(22‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Danaher

Monthly,

Pay

Variable

5.693%

(SOFR

+

0.40%)

Monthly,

1/21/26

296

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

Danaher

Monthly,

Pay

Variable

5.694%

(SOFR

+

0.40%)

Monthly,

1/21/26

440

10

—

10‌

Morgan

Stanley,

Receive

Underlying

Reference:

Dayforce

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

228

6

—

6‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

103

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Dominion

Energy

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

203

12

—

12‌

Morgan

Stanley,

Receive

Underlying

Reference:

Domino's

Pizza

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

316

26

—

26‌

Morgan

Stanley,

Receive

Underlying

Reference:

Endeavor

Group

Holdings,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,103

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Essex

Property

Trust

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

234

10

—

10‌

Morgan

Stanley,

Receive

Underlying

Reference:

FedEx

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

592

(13)

—

(13‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Fifth

Third

Bancorp

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

292

15

—

15‌

Morgan

Stanley,

Receive

Underlying

Reference:

Huntington

Ingalls

Industries

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

784

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Industrial

Select

Sector

SPDR

Fund

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

290

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Insmed

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

93

(8)

—

(8‌)

Morgan

Stanley,

Receive

Underlying

Reference:

iShares

U.S.

Transportation

ETF

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

275

(12)

—

(12‌)

Morgan

Stanley,

Receive

Underlying

Reference:

JB

Hunt

Transport

Services

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

492

(61)

—

(61‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

104

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Kenvue

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

210

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Lam

Research

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,229

(70)

—

(70‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Materials

Select

Sector

SPDR

Fund

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

283

(3)

—

(3‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Netfilx

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

494

(47)

—

(47‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Neurocrine

Biosciences

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

71

3

—

3‌

Morgan

Stanley,

Receive

Underlying

Reference:

Newmont

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

300

16

—

16‌

Morgan

Stanley,

Receive

Underlying

Reference:

News,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

619

(14)

—

(14‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Pershing

Square

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/16/26

—

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

Philip

Morris

International

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

625

43

—

43‌

Morgan

Stanley,

Receive

Underlying

Reference:

Prologis

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

894

(108)

—

(108‌)

Morgan

Stanley,

Receive

Underlying

Reference:

ResMed

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

305

47

—

47‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

105

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Rexford

Industrial

Realty

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

337

(18)

—

(18‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Rockwell

Automation

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,238

(68)

—

(68‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Roper

Technologies

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

359

(12)

—

(12‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Ross

Stores

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

760

(25)

—

(25‌)

Morgan

Stanley,

Receive

Underlying

Reference:

ServiceNow

Monthly,

Pay

Variable

5.710%

(SOFR

+

0.40%)

Monthly,

1/21/26

259

(10)

—

(10‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Shockwave

Medical

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,102

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

SPDR

S&P

Insurance

ETF

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

289

3

—

3‌

Morgan

Stanley,

Receive

Underlying

Reference:

Teradyne

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

609

68

—

68‌

Morgan

Stanley,

Receive

Underlying

Reference:

Thermo

Fisher

Scientific

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

525

9

—

9‌

Morgan

Stanley,

Receive

Underlying

Reference:

Travelers

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

316

(14)

—

(14‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Uber

Technologies

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

446

(45)

—

(45‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

106

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

VanEck

Vietnam

ETF

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

398

(12)

—

(12‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Viatris

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

626

12

—

12‌

Morgan

Stanley,

Receive

Underlying

Reference:

Vistra

Monthly,

Pay

Variable

5.676%

(SOFR

+

0.40%)

Monthly,

1/21/26

263

34

—

34‌

Morgan

Stanley,

Receive

Underlying

Reference:

Vulcan

Materials

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

683

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Zebra

Technologies,

Class

A

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

142

15

—

15‌

Morgan

Stanley,

Receive

Underlying

Reference:

Zimmer

Biomet

Holdings

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

329

(11)

—

(11‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Zoetis

Monthly,

Pay

Variable

5.696%

(SOFR

+

0.40%)

Monthly,

1/21/26

186

12

—

12‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Taiwan

Semiconductor

Manufacturing

Monthly,

Pay

Variable

5.805%

(SOFR

+

0.50%)

Monthly,

1/21/26

293

(2)

—

(2‌)

Total

United

States

(93)

97‌

Virgin

Islands

(British)

(0.0)%

Citibank,

Pay

Underlying

Reference:

Capri

Holdings

Monthly,

Receive

Variable

5.080%

(SOFR

+

(0.18)%)

Monthly,

1/21/26

145

(2)

—

(2‌)

Total

Virgin

Islands

(British)

—

(2‌)

Total

Bilateral

Total

Return

Swaps

(93)

133‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

107

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Interest

Rate

Swaps

(0.0)%

Brazil

(0.0)%

Goldman

Sachs,

3

Year

Interest

Rate

Swap,

Receive

Fixed

10.955%

at

Maturity,

Pay

Variable

10.65%,

(BRL

CDI)

at

Maturity,

1/4/27

17,723

1

—

1‌

Goldman

Sachs,

3

Year

Interest

Rate

Swap,

Receive

Fixed

9.870%

at

Maturity,

Pay

Variable

10.65%,

(BRL

CDI)

at

Maturity,

1/4/27

5,000

(20)

—

(20‌)

Goldman

Sachs,

7

Year

Interest

Rate

Swap,

Receive

Fixed

11.565%

at

Maturity,

Pay

Variable

10.65%,

(BRL

CDI)

at

Maturity,

1/2/31

2,261

—

—

—‌

Total

Brazil

—

(19‌)

Total

Bilateral

Interest

Rate

Swaps

—

(19‌)

Total

Bilateral

Swaps

(164)

7‌

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Bought

(0.4)%

Australia

(0.0)%

Protection

Bought

(Relevant

Credit:

Glencore

International),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

(EUR)

85

(11)

(19)

8‌

Total

Australia

8‌

Canada

(0.1)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,765

(209)

(69)

(140‌)

Total

Canada

(140‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

108

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Chile

(0.0)%

Protection

Bought

(Relevant

Credit:

Republic

of

Chile),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

535

(11)

(7)

(4‌)

Total

Chile

(4‌)

Foreign/Europe

(0.1)%

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S40,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

850

(67)

(17)

(50‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

3,707

(326)

(354)

28‌

Total

Foreign/Europe

(22‌)

Oman

(0.0)%

Protection

Bought

(Relevant

Credit:

Sultanate

of

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

703

(3)

18

(21‌)

Total

Oman

(21‌)

Peru

(0.0)%

Protection

Bought

(Relevant

Credit:

Republic

of

Peru),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

267

(3)

(1)

(2‌)

Total

Peru

(2‌)

South

Africa

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

255

7

16

(9‌)

Total

South

Africa

(9‌)

Spain

0.0%

Protection

Bought

(Relevant

Credit:

Grifols),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

287

31

31

—‌

Total

Spain

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

109

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

United

States

(0.2)%

Protection

Bought

(Relevant

Credit:

American

Axle

&

Manufacturing),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

589

(39)

(11)

(28‌)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

880

(12)

46

(58‌)

Protection

Bought

(Relevant

Credit:

Beazer

Homes

USA),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

760

(84)

(71)

(13‌)

Protection

Bought

(Relevant

Credit:

Citigroup),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

822

(16)

1

(17‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

420

(54)

(8)

(46‌)

Protection

Bought

(Relevant

Credit:

Gap),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

130

1

21

(20‌)

Protection

Bought

(Relevant

Credit:

Hertz),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

315

82

2

80‌

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

762

(111)

(91)

(20‌)

Protection

Bought

(Relevant

Credit:

Macy's),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

90

3

16

(13‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S33,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

1,305

(38)

(17)

(21‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

4,076

(274)

(212)

(62‌)

Protection

Bought

(Relevant

Credit:

NOVA

Chemicals),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

437

(36)

(22)

(14‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

110

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

115

(2)

6

(8‌)

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(EUR)

150

(4)

(3)

(1‌)

Protection

Bought

(Relevant

Credit:

United

Airlines

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

599

(46)

2

(48‌)

Protection

Bought

(Relevant

Credit:

Xerox),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

200

10

30

(20‌)

Total

United

States

(309‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(499‌)

Credit

Default

Swaps,

Protection

Sold

0.4%

China

0.0%

Protection

Sold

(Relevant

Credit:

People’s

Republic

of

China,

A1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

840

13

6

7‌

Total

China

7‌

Foreign/Europe

0.0%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

485

43

41

2‌

Total

Foreign/Europe

2‌

Israel

(0.0)%

Protection

Sold

(Relevant

Credit:

Teva

Pharmaceutical

Industries,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

340

(3)

(32)

29‌

Total

Israel

29‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

111

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Luxembourg

0.0%

Protection

Sold

(Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

25

4

2

2‌

Total

Luxembourg

2‌

Spain

0.1%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BBB-*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

381

71

61

10‌

Total

Spain

10‌

United

States

0.3%

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

82

1

(3)

4‌

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

105

—

(8)

8‌

Protection

Sold

(Relevant

Credit:

FedEx,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

305

7

4

3‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

4,293

288

153

135‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S42,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

8,439

545

572

(27‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

927

20

6

14‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

2,565

57

52

5‌

Total

United

States

142‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

192‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

112

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Interest

Rate

Swaps

0.0%

China

(0.0)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.830%

Quarterly,

Receive

Variable

1.950%

(7

Day

Interbank

Repo)

Quarterly,

3/20/28

10,360

(42)

—

(42‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.068%

Quarterly,

Pay

Variable

1.900%

(7

Day

Interbank

Repo)

Quarterly,

4/11/29

776

—

—

—‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.210%

Quarterly,

Pay

Variable

1.900%

(7

Day

Interbank

Repo)

Quarterly,

1/10/29

1,508

1

—

1‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.230%

Quarterly,

Pay

Variable

1.900%

(7

Day

Interbank

Repo)

Quarterly,

1/10/29

3,882

3

—

3‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.244%

Quarterly,

Pay

Variable

2.080%

(7

Day

Interbank

Repo)

Quarterly,

1/9/29

7,866

6

—

6‌

Total

China

(32‌)

Czech

Republic

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.060%

Annually,

Pay

Variable

6.250%

(6M

CZK

PRIBOR)

Semi-

Annually,

7/20/28

8,787

2

—

2‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.120%

Annually,

Pay

Variable

6.260%

(6M

CZK

PRIBOR)

Semi-

Annually,

7/19/28

4,394

2

—

2‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.130%

Annually,

Pay

Variable

6.260%

(6M

CZK

PRIBOR)

Semi-

Annually,

7/19/28

1,794

1

—

1‌

Total

Czech

Republic

5‌

Foreign/Europe

(0.0)%

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.852%

Annually,

Receive

Variable

3.912%

(6M

EURIBOR)

Semi-Annually,

9/11/53

288

(22)

—

(22‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

113

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.062%

Annually,

Receive

Variable

3.855%

(6M

EURIBOR)

Semi-Annually,

9/29/53

785

(97)

—

(97‌)

Total

Foreign/Europe

(119‌)

Mexico

0.0%

20

Year

Interest

Rate

Swap,

Pay

Fixed

8.425%

28

Days,

Receive

Variable

11.249%

(MXIBTIIE)

28

Days,

4/15/43

18,322

116

—

116‌

Total

Mexico

116‌

United

Kingdom

0.0%

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.437%

Annually,

Pay

Variable

5.206%

(GBP

SONIA)

Annually,

4/9/26

430

(4)

—

(4‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.486%

Annually,

Pay

Variable

5.241%

(GBP

SONIA)

Annually,

12/15/25

2,654

(29)

—

(29‌)

5

Year

Interest

Rate

Swap,

Pay

Fixed

4.145%

Annually,

Receive

Variable

5.202%

(GBP

SONIA)

Annually,

4/23/29

1,173

7

—

7‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.912%

Annually,

Receive

Variable

5.269%

(GBP

SONIA)

Annually,

9/27/51

179

121

—

121‌

50

Year

Interest

Rate

Swap,

Pay

Fixed

4.085%

Annually,

Receive

Variable

5.264%

(GBP

SONIA)

Annually,

10/11/72

104

(5)

—

(5‌)

Total

United

Kingdom

90‌

United

States

0.0%

1

Year

Interest

Rate

Swap,

Receive

Fixed

5.140%

at

Maturity,

Pay

Variable

5.402%

(SOFR)

at

Maturity,

6/3/24

20,202

(57)

—

(57‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.940%

Annually,

Pay

Variable

5.334%

(SOFR)

Annually,

3/15/29

4,999

(130)

—

(130‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.419%

Annually,

Pay

Variable

5.321%

(SOFR)

Annually,

4/26/29

6,908

(21)

—

(21‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.576%

Annually,

Receive

Variable

5.370%

(SOFR)

Annually,

12/19/33

756

49

—

49‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

114

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.750%

Annually,

Receive

Variable

5.336%

(SOFR)

Annually,

3/7/33

2,350

105

—

105‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.000%

Annually,

Receive

Variable

5.319%

(SOFR)

Annually,

4/11/34

100

3

—

3‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.585%

Annually,

Receive

Variable

5.334%

(SOFR)

Annually,

3/16/54

1,093

87

—

87‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.007%

Annually,

Receive

Variable

5.321%

(SOFR)

Annually,

4/27/54

1,594

8

—

8‌

Total

United

States

44‌

Total

Centrally

Cleared

Interest

Rate

Swaps

104‌

Zero-Coupon

Inflation

Swaps

0.0%

Foreign/Europe

(0.0)%

4

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.107%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

4/17/28

100

—

—

—‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.093%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

804

(3)

—

(3‌)

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

98

—

—

—‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.203%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

798

(7)

1

(8‌)

Total

Foreign/Europe

(11‌)

United

States

0.0%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.497%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/29

3,760

23

—

23‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.420%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

4

—

4‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

115

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.423%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

4

—

4‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.425%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

4

—

4‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.443%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

266

4

—

4‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.450%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

4

—

4‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.470%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/20/33

3,065

40

—

40‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.490%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

118

3

—

3‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.539%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

423

6

—

6‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.543%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

194

2

—

2‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.544%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/34

3,200

27

—

27‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

116

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.605%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

4/11/34

150

—

—

—‌

Total

United

States

121‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

110‌

Total

Centrally

Cleared

Swaps

(93‌)

Net

payments

(receipts)

of

variation

margin

to

date

80‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(13‌)

*

Credit

ratings

as

of

April

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

$(75).

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

117

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

5/3/24

CHF

666‌

USD

733‌

$

(8‌)

Bank

of

America

5/3/24

COP

27,307,351‌

USD

7,004‌

(46‌)

Bank

of

America

5/3/24

USD

6,884‌

COP

27,307,351‌

(74‌)

Bank

of

America

5/17/24

USD

749‌

PLN

3,040‌

(1‌)

Bank

of

America

5/24/24

USD

1,252‌

EUR

1,155‌

18‌

Bank

of

America

5/24/24

USD

748‌

SEK

7,870‌

33‌

Bank

of

America

6/5/24

COP

27,307,351‌

USD

6,848‌

74‌

Bank

of

America

6/7/24

MYR

630‌

USD

132‌

—‌

Bank

of

America

6/7/24

USD

1,261‌

MYR

6,005‌

5‌

Bank

of

America

6/7/24

USD

123‌

THB

4,549‌

—‌

Bank

of

America

6/12/24

VND

6,856,581‌

USD

278‌

(7‌)

Bank

of

America

6/14/24

USD

403‌

CNH

2,911‌

1‌

Bank

of

America

7/12/24

HUF

14,849‌

USD

41‌

—‌

Bank

of

America

7/12/24

USD

2,089‌

MXN

34,804‌

81‌

Barclays

Bank

5/2/24

AUD

2,891‌

USD

1,897‌

(24‌)

Barclays

Bank

5/2/24

USD

1,635‌

GBP

1,308‌

1‌

Barclays

Bank

5/3/24

PEN

3,743‌

USD

1,001‌

(7‌)

Barclays

Bank

5/3/24

TRY

50,651‌

USD

1,510‌

49‌

Barclays

Bank

5/3/24

USD

997‌

PEN

3,743‌

3‌

Barclays

Bank

5/3/24

USD

3,519‌

TRY

114,080‌

8‌

Barclays

Bank

5/3/24

USD

3,488‌

ZAR

65,259‌

21‌

Barclays

Bank

5/3/24

ZAR

65,260‌

USD

3,438‌

28‌

Barclays

Bank

5/10/24

CLP

248,210‌

USD

258‌

1‌

Barclays

Bank

5/24/24

EUR

96‌

USD

105‌

(2‌)

Barclays

Bank

5/24/24

USD

316‌

EUR

293‌

3‌

Barclays

Bank

5/24/24

USD

5,050‌

GBP

4,008‌

41‌

Barclays

Bank

6/4/24

TRY

114,080‌

USD

3,407‌

(10‌)

Barclays

Bank

6/4/24

USD

1,899‌

AUD

2,891‌

24‌

Barclays

Bank

6/4/24

ZAR

65,260‌

USD

3,479‌

(21‌)

Barclays

Bank

6/7/24

USD

613‌

PHP

34,370‌

18‌

Barclays

Bank

6/14/24

USD

2,086‌

CNH

14,920‌

24‌

Barclays

Bank

7/12/24

HUF

18,779‌

USD

51‌

—‌

Barclays

Bank

7/12/24

TRY

20,214‌

USD

570‌

8‌

Barclays

Bank

7/12/24

USD

1,140‌

ZAR

21,392‌

10‌

Barclays

Bank

7/12/24

USD

281‌

ZAR

5,346‌

(1‌)

BNP

Paribas

5/3/24

BRL

27,460‌

USD

5,465‌

(179‌)

BNP

Paribas

5/3/24

MXN

139,087‌

USD

8,363‌

(248‌)

BNP

Paribas

5/3/24

TRY

40,851‌

USD

1,214‌

44‌

BNP

Paribas

5/3/24

USD

5,310‌

BRL

27,460‌

23‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

118

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

5/3/24

USD

775‌

MXN

13,377‌

$

(5‌)

BNP

Paribas

5/6/24

CNH

79,080‌

USD

10,893‌

12‌

BNP

Paribas

5/10/24

USD

214‌

CLP

210,713‌

(6‌)

BNP

Paribas

5/24/24

EUR

746‌

USD

795‌

2‌

BNP

Paribas

5/24/24

EUR

486‌

USD

521‌

(2‌)

BNP

Paribas

5/24/24

USD

1,293‌

EUR

1,206‌

4‌

BNP

Paribas

6/4/24

USD

10,909‌

CNH

79,080‌

(11‌)

BNP

Paribas

6/7/24

USD

580‌

THB

20,700‌

20‌

BNP

Paribas

6/28/24

HUF

145,470‌

USD

394‌

2‌

BNP

Paribas

7/12/24

HUF

33,055‌

USD

91‌

(1‌)

BNP

Paribas

7/12/24

USD

165‌

ZAR

3,090‌

2‌

BNY

Mellon

5/24/24

EUR

290‌

USD

311‌

(1‌)

BNY

Mellon

6/28/24

CZK

8,730‌

USD

373‌

(2‌)

Canadian

Imperial

Bank

of

Commerce

5/3/24

USD

1,237‌

ILS

4,607‌

6‌

Canadian

Imperial

Bank

of

Commerce

5/24/24

AUD

1,355‌

USD

893‌

(15‌)

Canadian

Imperial

Bank

of

Commerce

5/24/24

USD

619‌

AUD

945‌

7‌

Canadian

Imperial

Bank

of

Commerce

7/12/24

MXN

5,363‌

USD

310‌

—‌

Citibank

5/2/24

JPY

371,786‌

USD

2,389‌

(31‌)

Citibank

5/3/24

USD

2,701‌

ILS

10,228‌

(33‌)

Citibank

5/10/24

CLP

62,497‌

USD

64‌

1‌

Citibank

5/10/24

USD

1,087‌

CLP

1,037,514‌

6‌

Citibank

5/17/24

RSD

41,252‌

USD

377‌

(1‌)

Citibank

5/17/24

USD

389‌

RSD

42,174‌

5‌

Citibank

5/24/24

GBP

710‌

USD

900‌

(13‌)

Citibank

6/4/24

BRL

1,145‌

USD

229‌

(9‌)

Citibank

6/4/24

USD

2,401‌

JPY

371,786‌

31‌

Citibank

7/12/24

USD

408‌

HUF

147,512‌

7‌

Citibank

7/18/24

ILS

3,390‌

USD

911‌

(2‌)

Citibank

7/18/24

USD

2,254‌

ILS

8,446‌

(12‌)

Citibank

7/19/24

JPY

75,595‌

USD

492‌

(7‌)

Citibank

8/16/24

USD

376‌

RSD

41,252‌

(1‌)

Citibank

10/16/24

EGP

4,935‌

USD

98‌

—‌

Citibank

3/12/25

EGP

2,889‌

USD

51‌

3‌

Citibank

3/18/25

EGP

1,496‌

USD

27‌

2‌

Citibank

3/26/25

EGP

2,842‌

USD

53‌

1‌

Citibank

3/27/25

EGP

5,191‌

USD

95‌

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

119

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Deutsche

Bank

5/2/24

USD

2,630‌

JPY

397,032‌

$

112‌

Deutsche

Bank

5/2/24

USD

594‌

NZD

996‌

7‌

Deutsche

Bank

5/3/24

INR

318,873‌

USD

3,818‌

3‌

Deutsche

Bank

5/3/24

INR

318,873‌

USD

3,822‌

—‌

Deutsche

Bank

5/3/24

SGD

15,356‌

USD

11,286‌

(35‌)

Deutsche

Bank

5/3/24

TWD

185,132‌

USD

5,693‌

(9‌)

Deutsche

Bank

5/3/24

USD

3,827‌

INR

318,873‌

6‌

Deutsche

Bank

5/3/24

USD

3,818‌

INR

318,873‌

(3‌)

Deutsche

Bank

5/3/24

USD

745‌

SEK

7,883‌

30‌

Deutsche

Bank

5/3/24

USD

5,694‌

TWD

185,132‌

10‌

Deutsche

Bank

5/10/24

CLP

124,994‌

USD

129‌

1‌

Deutsche

Bank

5/17/24

PLN

3,040‌

USD

763‌

(14‌)

Deutsche

Bank

5/24/24

EUR

1,593‌

USD

1,727‌

(26‌)

Deutsche

Bank

5/24/24

SEK

14,320‌

USD

1,386‌

(85‌)

Deutsche

Bank

5/24/24

USD

1,194‌

AUD

1,820‌

14‌

Deutsche

Bank

5/24/24

USD

614‌

EUR

566‌

10‌

Deutsche

Bank

6/4/24

INR

318,873‌

USD

3,823‌

(8‌)

Deutsche

Bank

6/4/24

USD

11,302‌

SGD

15,356‌

35‌

Deutsche

Bank

6/4/24

USD

5,700‌

TWD

185,132‌

26‌

Deutsche

Bank

6/5/24

NZD

995‌

USD

594‌

(7‌)

Deutsche

Bank

6/7/24

USD

41‌

MYR

195‌

—‌

Deutsche

Bank

7/5/24

USD

244‌

IDR

3,873,710‌

7‌

Goldman

Sachs

5/3/24

KRW

5,994,353‌

USD

4,350‌

(13‌)

Goldman

Sachs

5/3/24

TWD

185,132‌

USD

5,694‌

(10‌)

Goldman

Sachs

5/3/24

USD

9,771‌

SGD

13,162‌

128‌

Goldman

Sachs

5/24/24

EUR

665‌

USD

722‌

(12‌)

Goldman

Sachs

5/24/24

USD

273‌

GBP

217‌

2‌

Goldman

Sachs

5/24/24

USD

613‌

SEK

6,450‌

27‌

Goldman

Sachs

6/4/24

BRL

1,989‌

USD

378‌

4‌

Goldman

Sachs

6/4/24

BRL

6,977‌

USD

1,377‌

(38‌)

Goldman

Sachs

6/4/24

USD

1,328‌

BRL

6,842‌

14‌

Goldman

Sachs

6/7/24

THB

9,204‌

USD

254‌

(5‌)

Goldman

Sachs

6/7/24

USD

891‌

COP

3,535,855‌

(5‌)

Goldman

Sachs

6/7/24

USD

264‌

THB

9,378‌

10‌

Goldman

Sachs

7/5/24

USD

116‌

IDR

1,896,822‌

—‌

Goldman

Sachs

7/5/24

USD

1,594‌

TWD

50,433‌

46‌

Goldman

Sachs

7/19/24

JPY

40,880‌

USD

264‌

(2‌)

Goldman

Sachs

7/19/24

NZD

83‌

USD

50‌

(1‌)

HSBC

Bank

5/2/24

GBP

375‌

USD

474‌

(5‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

120

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

5/2/24

USD

1,686‌

GBP

1,335‌

$

18‌

HSBC

Bank

5/3/24

CLP

810,702‌

USD

857‌

(13‌)

HSBC

Bank

5/3/24

MYR

44,293‌

USD

9,270‌

9‌

HSBC

Bank

5/3/24

NOK

8,220‌

USD

758‌

(18‌)

HSBC

Bank

5/3/24

THB

329,950‌

USD

8,951‌

(46‌)

HSBC

Bank

5/3/24

USD

661‌

EUR

616‌

3‌

HSBC

Bank

5/24/24

EUR

650‌

USD

696‌

(2‌)

HSBC

Bank

5/24/24

USD

282‌

GBP

227‌

(1‌)

HSBC

Bank

6/4/24

USD

856‌

CLP

810,702‌

12‌

HSBC

Bank

6/4/24

USD

1,126‌

KRW

1,545,906‌

9‌

HSBC

Bank

6/5/24

USD

9,290‌

MYR

44,293‌

27‌

HSBC

Bank

6/5/24

USD

8,967‌

THB

329,950‌

38‌

HSBC

Bank

6/7/24

PHP

15,489‌

USD

277‌

(9‌)

HSBC

Bank

6/7/24

THB

20,385‌

USD

563‌

(11‌)

HSBC

Bank

6/7/24

USD

562‌

MYR

2,651‌

8‌

HSBC

Bank

6/14/24

SGD

1,500‌

USD

1,121‌

(19‌)

HSBC

Bank

7/5/24

IDR

6,866,609‌

USD

434‌

(12‌)

HSBC

Bank

7/5/24

USD

312‌

INR

26,093‌

—‌

HSBC

Bank

7/5/24

USD

166‌

INR

13,879‌

—‌

HSBC

Bank

7/12/24

USD

30‌

CZK

698‌

—‌

HSBC

Bank

7/12/24

ZAR

10,691‌

USD

556‌

8‌

JPMorgan

Chase

5/2/24

JPY

25,246‌

USD

168‌

(7‌)

JPMorgan

Chase

5/3/24

BRL

5,561‌

USD

1,075‌

(5‌)

JPMorgan

Chase

5/3/24

CAD

2,964‌

USD

2,190‌

(37‌)

JPMorgan

Chase

5/3/24

CHF

1,273‌

USD

1,416‌

(31‌)

JPMorgan

Chase

5/3/24

HUF

733,149‌

USD

2,004‌

(6‌)

JPMorgan

Chase

5/3/24

KRW

2,161,206‌

USD

1,568‌

(5‌)

JPMorgan

Chase

5/3/24

TRY

22,578‌

USD

687‌

8‌

JPMorgan

Chase

5/3/24

USD

1,110‌

BRL

5,561‌

40‌

JPMorgan

Chase

5/3/24

USD

966‌

CZK

22,520‌

11‌

JPMorgan

Chase

5/3/24

USD

6,059‌

KRW

8,155,559‌

159‌

JPMorgan

Chase

5/3/24

USD

62‌

MXN

1,036‌

2‌

JPMorgan

Chase

5/3/24

USD

9,375‌

MYR

44,293‌

96‌

JPMorgan

Chase

5/3/24

USD

6,987‌

THB

254,977‌

105‌

JPMorgan

Chase

5/3/24

USD

5,788‌

TWD

185,132‌

103‌

JPMorgan

Chase

5/6/24

USD

10,907‌

CNH

79,080‌

2‌

JPMorgan

Chase

5/17/24

PLN

3,363‌

USD

837‌

(8‌)

JPMorgan

Chase

5/17/24

RSD

922‌

USD

9‌

—‌

JPMorgan

Chase

5/17/24

USD

59‌

PLN

233‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

121

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

5/24/24

AUD

1,410‌

USD

933‌

$

(19‌)

JPMorgan

Chase

5/24/24

USD

500‌

EUR

458‌

11‌

JPMorgan

Chase

5/24/24

USD

350‌

EUR

328‌

(1‌)

JPMorgan

Chase

5/24/24

USD

309‌

GBP

248‌

(1‌)

JPMorgan

Chase

6/7/24

COP

169,812‌

USD

44‌

(1‌)

JPMorgan

Chase

6/7/24

MYR

572‌

USD

120‌

—‌

JPMorgan

Chase

7/12/24

USD

280‌

ZAR

5,285‌

1‌

JPMorgan

Chase

9/4/24

EGP

4,400‌

USD

81‌

7‌

Morgan

Stanley

5/3/24

BRL

21,899‌

USD

4,234‌

(18‌)

Morgan

Stanley

5/3/24

PEN

3,743‌

USD

997‌

(3‌)

Morgan

Stanley

5/3/24

USD

4,236‌

BRL

21,899‌

20‌

Morgan

Stanley

5/3/24

USD

1,003‌

PEN

3,743‌

8‌

Morgan

Stanley

5/3/24

USD

2,052‌

THB

74,973‌

28‌

Morgan

Stanley

5/10/24

USD

215‌

CLP

210,713‌

(4‌)

Morgan

Stanley

5/24/24

USD

290‌

EUR

272‌

—‌

Morgan

Stanley

6/4/24

BRL

22,562‌

USD

4,359‌

(27‌)

Morgan

Stanley

6/4/24

PEN

3,743‌

USD

1,002‌

(9‌)

Morgan

Stanley

6/4/24

USD

620‌

BRL

3,115‌

22‌

Morgan

Stanley

6/7/24

USD

418‌

COP

1,673,201‌

(6‌)

Morgan

Stanley

6/7/24

USD

127‌

THB

4,676‌

—‌

Morgan

Stanley

7/5/24

USD

132‌

IDR

2,156,217‌

—‌

Morgan

Stanley

7/5/24

USD

362‌

TWD

11,545‌

7‌

NatWest

Bank

5/3/24

USD

479‌

NOK

5,157‌

15‌

RBC

Dominion

Securities

5/3/24

EUR

2,411‌

USD

2,578‌

(5‌)

RBC

Dominion

Securities

5/3/24

USD

2,169‌

CAD

2,964‌

16‌

RBC

Dominion

Securities

5/3/24

USD

1,941‌

EUR

1,795‌

25‌

RBC

Dominion

Securities

6/4/24

CAD

2,964‌

USD

2,170‌

(16‌)

RBC

Dominion

Securities

6/4/24

USD

2,581‌

EUR

2,411‌

5‌

RBC

Dominion

Securities

7/12/24

MXN

9,417‌

USD

548‌

(5‌)

RBC

Dominion

Securities

7/19/24

USD

490‌

AUD

753‌

1‌

RBC

Dominion

Securities

7/19/24

USD

204‌

CAD

281‌

(1‌)

Standard

Chartered

5/2/24

CAD

5,912‌

USD

4,303‌

(9‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

122

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Standard

Chartered

5/2/24

USD

2,168‌

AUD

3,318‌

$

18‌

Standard

Chartered

5/2/24

USD

4,371‌

CAD

5,912‌

76‌

Standard

Chartered

5/3/24

KRW

7,866,237‌

USD

5,741‌

(50‌)

Standard

Chartered

5/3/24

USD

5,708‌

KRW

7,866,237‌

18‌

Standard

Chartered

5/10/24

USD

455‌

CLP

446,480‌

(10‌)

Standard

Chartered

6/4/24

USD

319‌

BRL

1,620‌

8‌

Standard

Chartered

6/4/24

USD

4,305‌

CAD

5,912‌

8‌

Standard

Chartered

6/4/24

USD

5,750‌

KRW

7,866,237‌

66‌

Standard

Chartered

6/7/24

USD

558‌

THB

20,385‌

6‌

Standard

Chartered

7/19/24

JPY

40,630‌

USD

264‌

(3‌)

State

Street

5/2/24

GBP

2,268‌

USD

2,844‌

(10‌)

State

Street

5/2/24

NZD

996‌

USD

598‌

(11‌)

State

Street

5/3/24

CHF

3,263‌

USD

3,583‌

(31‌)

State

Street

5/3/24

CZK

37,773‌

USD

1,610‌

(7‌)

State

Street

5/3/24

SEK

7,883‌

USD

719‌

(3‌)

State

Street

5/3/24

USD

280‌

CLP

273,575‌

(5‌)

State

Street

5/3/24

USD

2,011‌

HUF

733,149‌

13‌

State

Street

5/10/24

CLP

12,096‌

USD

12‌

—‌

State

Street

5/17/24

USD

1,434‌

PLN

5,697‌

30‌

State

Street

5/24/24

EUR

237‌

USD

258‌

(4‌)

State

Street

5/24/24

USD

5,118‌

EUR

4,732‌

63‌

State

Street

6/4/24

BRL

1,761‌

USD

352‌

(14‌)

State

Street

6/4/24

HUF

733,149‌

USD

2,008‌

(13‌)

State

Street

6/4/24

USD

495‌

BRL

2,511‌

13‌

State

Street

6/4/24

USD

3,595‌

CHF

3,263‌

31‌

State

Street

6/4/24

USD

1,610‌

CZK

37,773‌

7‌

State

Street

6/4/24

USD

2,844‌

GBP

2,268‌

10‌

State

Street

6/4/24

USD

720‌

SEK

7,883‌

3‌

State

Street

6/7/24

USD

7‌

THB

251‌

—‌

State

Street

7/12/24

HUF

39,295‌

USD

106‌

—‌

State

Street

7/12/24

HUF

11,499‌

USD

31‌

—‌

State

Street

7/12/24

ZAR

10,726‌

USD

562‌

4‌

State

Street

7/18/24

USD

430‌

ILS

1,591‌

4‌

State

Street

7/19/24

AUD

166‌

USD

107‌

1‌

State

Street

7/19/24

USD

923‌

JPY

139,338‌

29‌

State

Street

7/19/24

USD

883‌

NZD

1,467‌

19‌

UBS

Investment

Bank

5/3/24

ILS

20,068‌

USD

5,355‌

9‌

UBS

Investment

Bank

5/3/24

KRW

289,322‌

USD

216‌

(7‌)

UBS

Investment

Bank

5/3/24

USD

5,764‌

CHF

5,202‌

103‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

123

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

5/3/24

USD

642‌

CZK

15,253‌

$

(5‌)

UBS

Investment

Bank

5/3/24

USD

210‌

KRW

289,322‌

1‌

UBS

Investment

Bank

5/3/24

USD

7,340‌

MXN

124,674‌

66‌

UBS

Investment

Bank

5/3/24

USD

995‌

SGD

1,352‌

4‌

UBS

Investment

Bank

5/10/24

CLP

62,497‌

USD

64‌

1‌

UBS

Investment

Bank

5/10/24

CLP

250,477‌

USD

264‌

(3‌)

UBS

Investment

Bank

5/10/24

USD

115‌

CLP

109,167‌

1‌

UBS

Investment

Bank

5/10/24

USD

925‌

CLP

904,932‌

(18‌)

UBS

Investment

Bank

5/24/24

GBP

312‌

USD

389‌

1‌

UBS

Investment

Bank

5/24/24

GBP

682‌

USD

859‌

(6‌)

UBS

Investment

Bank

5/24/24

USD

1,375‌

EUR

1,271‌

17‌

UBS

Investment

Bank

6/4/24

BRL

2,880‌

USD

557‌

(4‌)

UBS

Investment

Bank

6/4/24

MXN

124,674‌

USD

7,303‌

(66‌)

UBS

Investment

Bank

6/4/24

USD

923‌

BRL

4,645‌

31‌

UBS

Investment

Bank

6/4/24

USD

5,362‌

ILS

20,068‌

(10‌)

UBS

Investment

Bank

6/7/24

PHP

13,944‌

USD

247‌

(6‌)

UBS

Investment

Bank

6/7/24

USD

138‌

COP

550,322‌

(2‌)

UBS

Investment

Bank

6/7/24

USD

245‌

PHP

13,725‌

8‌

UBS

Investment

Bank

6/7/24

USD

264‌

THB

9,441‌

8‌

UBS

Investment

Bank

7/12/24

HUF

11,566‌

USD

31‌

—‌

UBS

Investment

Bank

7/12/24

HUF

18,469‌

USD

50‌

—‌

UBS

Investment

Bank

7/19/24

USD

925‌

JPY

139,897‌

27‌

Wells

Fargo

5/2/24

AUD

427‌

USD

281‌

(5‌)

Wells

Fargo

5/3/24

COP

27,307,351‌

USD

7,062‌

(104‌)

Wells

Fargo

5/3/24

USD

571‌

CLP

537,127‌

12‌

Wells

Fargo

5/3/24

USD

7,004‌

COP

27,307,351‌

46‌

Wells

Fargo

5/3/24

USD

1,426‌

ILS

5,233‌

28‌

Wells

Fargo

5/3/24

USD

278‌

NOK

3,063‌

2‌

Wells

Fargo

5/3/24

USD

626‌

SGD

842‌

9‌

Wells

Fargo

5/10/24

CLP

1,914,467‌

USD

2,031‌

(37‌)

Wells

Fargo

5/10/24

USD

116‌

CLP

109,167‌

2‌

Wells

Fargo

5/10/24

USD

621‌

CLP

610,465‌

(15‌)

Wells

Fargo

6/4/24

NOK

3,063‌

USD

278‌

(2‌)

Wells

Fargo

6/7/24

COP

1,812,997‌

USD

458‌

2‌

Wells

Fargo

6/7/24

USD

138‌

COP

555,881‌

(3‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

886‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

124

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

19

CAC40

Index

contracts

5/24

(1,613)

$

6‌

Long,

5

Hang

Seng

Index

contracts

5/24

566

21‌

Long,

640

OMX

Swedish

Index

contracts

5/24

14,803

240‌

Long,

64

Commonwealth

of

Australia

ten

year

bond

contracts

6/24

4,665

(170‌)

Short,

12

DAX

Performance

Index

contracts

6/24

(5,793)

57‌

Short,

4

E-Mini

Dow

Jones

Industrial

Average

Index

Contract

6/24

(760)

23‌

Short,

136

Euro

BOBL

contracts

6/24

(16,898)

209‌

Long,

18

Euro

BTP

contracts

6/24

2,247

(1‌)

Long,

5

Euro

BUND

contracts

6/24

694

(6‌)

Long,

57

Euro

BUXL

thirty

year

bond

contracts

6/24

7,842

(300‌)

Long,

29

Euro

OAT

contracts

6/24

3,883

(67‌)

Short,

278

Euro

SCHATZ

contracts

6/24

(31,184)

180‌

Short,

146

Euro

STOXX

contracts

6/24

(7,630)

118‌

Short,

60

FTSE

100

Index

contracts

6/24

(6,117)

(104‌)

Long,

29

FTSE

MIB

Index

contracts

6/24

5,185

68‌

Short,

54

Government

of

Canada

ten

year

bond

contracts

6/24

(4,589)

125‌

Short,

4

Government

of

Japan

ten

year

bond

contracts

6/24

(3,665)

(9‌)

Long,

66

Mini

ten

year

JGB

contracts

6/24

6,046

(56‌)

Short,

102

MSCI

EAFE

Index

contracts

6/24

(11,564)

368‌

Short,

144

MSCI

Emerging

Markets

Index

contracts

6/24

(7,502)

(39‌)

Long,

7

Republic

of

South

Korea

ten

year

bond

contracts

6/24

562

(15‌)

Short,

12

S&P

500

E-Mini

Index

Communication

Services

Sector

contracts

6/24

(1,230)

35‌

Short,

10

S&P

500

E-Mini

Index

Consumer

Discretionary

Sector

contracts

6/24

(1,785)

24‌

Long,

10

S&P

500

E-Mini

Index

Consumer

Staples

Sector

contracts

6/24

765

3‌

Short,

26

S&P

500

E-Mini

Index

contracts

6/24

(6,587)

22‌

Short,

8

S&P

500

E-Mini

Index

Energy

Sector

contracts

6/24

(788)

18‌

Long,

17

S&P

500

E-Mini

Index

Financial

Sector

contracts

6/24

2,127

(52‌)

Long,

18

S&P

500

E-Mini

Index

Health

Care

Sector

contracts

6/24

2,566

(82‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

125

FUTURES

CONTRACTS

(CONTINUED)

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

15

S&P

500

E-Mini

Index

Industrial

Sector

contracts

6/24

1,848

$

(22‌)

Short,

6

S&P

500

E-Mini

Index

Materials

Sector

contracts

6/24

(567)

7‌

Long,

3

S&P

500

E-Mini

Index

Real

Estate

Select

Sector

contracts

6/24

133

(15‌)

Short,

32

S&P

500

E-Mini

Index

Technology

Sector

contracts

6/24

(6,372)

299‌

Long,

25

S&P

500

E-Mini

Index

Utilities

Sector

contracts

6/24

1,690

77‌

Short,

221

S&P

500

Micro

E-Mini

Index

contracts

6/24

(5,599)

91‌

Short,

38

S&P/ASX

200

Index

contracts

6/24

(4,729)

22‌

Short,

95

S&P/TSX

60

Index

contracts

6/24

(18,008)

261‌

Long,

48

TOPIX

Index

contracts

6/24

8,360

156‌

Long,

15

U.K.

Gilt

ten

year

contracts

6/24

1,795

(67‌)

Long,

27

U.S.

Treasury

Long

Bond

contracts

6/24

3,073

(41‌)

Long,

20

U.S.

Treasury

Notes

five

year

contracts

6/24

2,095

(13‌)

Short,

129

U.S.

Treasury

Notes

ten

year

contracts

6/24

(13,859)

338‌

Long,

30

U.S.

Treasury

Notes

two

year

contracts

6/24

6,080

(12‌)

Short,

47

Ultra

U.S.

Treasury

Bonds

contracts

6/24

(5,619)

343‌

Short,

7

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/24

(771)

27‌

Long,

84

Three

Month

SOFR

Futures

contracts

3/25

19,937

(35‌)

Short,

124

Three

Month

SOFR

Futures

contracts

3/26

(29,627)

54‌

Net

payments

(receipts)

of

variation

margin

to

date

(821‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

1,265‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

126

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

April

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

Government

Reserve

Fund,

5.37%

$

—‌

$

—‌

$

2,635‌++

Totals

$

—‌#

$

—‌

$

2,635‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

04/30/24

T.

Rowe

Price

Government

Reserve

Fund,

5.37%

$

107,256‌

 ¤

  ¤

$

108,733‌

Total

$

108,733‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$2,635

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

$108,733.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

127

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$302,139)

$

312,054‌

Cash

deposits

on

futures

contracts

8,572‌

Unrealized

gain

on

bilateral

swaps

4,875‌

Unrealized

gain

on

forward

currency

exchange

contracts

2,753‌

Receivable

for

investment

securities

sold

2,549‌

Cash

deposits

on

centrally

cleared

swaps

1,829‌

Interest

and

dividends

receivable

1,574‌

Variation

margin

receivable

on

futures

contracts

1,265‌

Restricted

cash

pledged

for

bilateral

derivatives

946‌

Foreign

currency

(cost

$472)

470‌

Bilateral

swap

premiums

paid

119‌

Cash

63‌

Receivable

for

shares

sold

22‌

Due

from

affiliates

5‌

Other

assets

735‌

Total

assets

337,831‌

Liabilities

Payable

for

investment

securities

purchased

15,897‌

Unrealized

loss

on

bilateral

swaps

4,868‌

Obligation

to

return

securities

lending

collateral

2,921‌

Unrealized

loss

on

forward

currency

exchange

contracts

1,867‌

Options

written

(premiums

$1,125)

1,014‌

Bilateral

swap

premiums

received

283‌

Investment

management

fees

payable

252‌

Variation

margin

payable

on

centrally

cleared

swaps

13‌

Payable

for

shares

redeemed

3‌

Other

liabilities

86‌

Total

liabilities

27,204‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

310,627‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

128

($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)

$

(

40,517‌

)

Paid-in

capital

applicable

to

32,327,536

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

351,144‌

NET

ASSETS

$

310,627‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$20,818;

Shares

outstanding:

2,148,173)

$

9.69‌

I

Class

(Net

assets:

$289,809;

Shares

outstanding:

30,179,363)

$

9.60‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Statement

of

Operations

129

($000s)

6

Months

Ended

4/30/24

Investment

Income

(Loss)

Income

    Interest

(net

of

foreign

taxes

of

$21)

$

5,198‌

Dividend

(net

of

foreign

taxes

of

$16)

2,970‌

Securities

lending

13‌

Other

5‌

Total

income

8,186‌

Expenses

Investment

management

1,513‌

Shareholder

servicing

Investor

Class

$

24‌

I

Class

4‌

28‌

Prospectus

and

shareholder

reports

Investor

Class

2‌

I

Class

6‌

8‌

Custody

and

accounting

105‌

Legal

and

audit

46‌

Registration

31‌

Directors

1‌

Waived

/

paid

by

Price

Associates

(104‌)

Total

expenses

1,628‌

Net

investment

income

6,558‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Statement

of

Operations

130

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

3,112‌

Futures

(461‌)

Swaps

3,172‌

Options

written

(5,332‌)

Forward

currency

exchange

contracts

(2‌)

Foreign

currency

transactions

30‌

Net

realized

gain

519‌

Change

in

net

unrealized

gain

/

loss

Securities

13,529‌

Futures

(721‌)

Swaps

(2,464‌)

Options

written

246‌

Forward

currency

exchange

contracts

160‌

Change

in

net

unrealized

gain

/

loss

10,750‌

Net

realized

and

unrealized

gain

/

loss

11,269‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

17,827‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

131

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

6,558‌

$

13,614‌

Net

realized

gain

(loss)

519‌

(

19,149‌

)

Change

in

net

unrealized

gain

/

loss

10,750‌

20,792‌

Increase

in

net

assets

from

operations

17,827‌

15,257‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

1,251‌

)

(

819‌

)

I

Class

(

17,605‌

)

(

10,195‌

)

Decrease

in

net

assets

from

distributions

(

18,856‌

)

(

11,014‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

2,041‌

5,588‌

I

Class

3,591‌

7,608‌

Distributions

reinvested

Investor

Class

1,246‌

811‌

I

Class

17,503‌

10,060‌

Shares

redeemed

Investor

Class

(

8,484‌

)

(

23,164‌

)

I

Class

(

7,110‌

)

(

54,526‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

8,787‌

(

53,623‌

)

Net

Assets

Increase

(decrease)

during

period

7,758‌

(

49,380‌

)

Beginning

of

period

302,869‌

352,249‌

End

of

period

$

310,627‌

$

302,869‌

*

Share

information

(000s)

Shares

sold

Investor

Class

214‌

586‌

I

Class

380‌

802‌

Distributions

reinvested

Investor

Class

135‌

87‌

I

Class

1,913‌

1,087‌

Shares

redeemed

Investor

Class

(

882‌

)

(

2,433‌

)

I

Class

(

755‌

)

(

5,702‌

)

Increase

(decrease)

in

shares

outstanding

1,005‌

(

5,573‌

)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

132

T.

Rowe

Price

Multi-Strategy

Total

Return

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

strong

long-term

risk-adjusted

returns.

The

fund

has two classes

of

shares:

the

Multi-

Strategy

Total

Return

Fund

(Investor

Class)

and

the

Multi-Strategy

Total

Return

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

133

earnings. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. 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

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

134

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

135

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the  over-the-

counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

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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. 

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

T.

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Fund

137

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.

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Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

April

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

$

—‌

$

48,453‌

$

—‌

$

48,453‌

Bank

Loans

—‌

36,951‌

2,021‌

38,972‌

Common

Stocks

44,136‌

13,215‌

178‌

57,529‌

Convertible

Bonds

—‌

3,955‌

76‌

4,031‌

Convertible

Preferred

Stocks

—‌

301‌

341‌

642‌

Corporate

Bonds

—‌

51,375‌

191‌

51,566‌

Preferred

Stocks

512‌

539‌

—‌

1,051‌

Private

Investment

Company

2

—‌

—‌

—‌

53‌

Short-Term

Investments

105,812‌

159‌

—‌

105,971‌

Securities

Lending

Collateral

2,921‌

—‌

—‌

2,921‌

Options

Purchased

101‌

764‌

—‌

865‌

Total

Securities

153,482‌

155,712‌

2,807‌

312,054‌

Swaps*

—‌

5,893‌

—‌

5,893‌

Forward

Currency

Exchange

Contracts

—‌

2,753‌

—‌

2,753‌

Futures

Contracts*

3,192‌

—‌

—‌

3,192‌

Total

$

156,674‌

$

164,358‌

$

2,807‌

$

323,892‌

Liabilities

Options

Written

$

—‌

$

1,014‌

$

—‌

$

1,014‌

Swaps*

—‌

6,143‌

—‌

6,143‌

Forward

Currency

Exchange

Contracts

—‌

1,867‌

—‌

1,867‌

Futures

Contracts*

1,106‌

—‌

—‌

1,106‌

Total

$

1,106‌

$

9,024‌

$

—‌

$

10,130‌

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

April

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.

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

April

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,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

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.

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($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

$

121‌

Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures,

Securities^

2,108‌

Foreign

exchange

derivatives

Forwards,

Securities^

2,951‌

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps,

Securities^

518‌

Commodity

derivatives

Bilateral

Swaps

19‌

Equity

derivatives

Bilateral

Swaps,

Futures,

Securities^

6,986‌

^

,*

Total

$

12,703‌

^

,*

Liabilities

Inflation

derivatives

Centrally

Cleared

Swaps

$

11‌

Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures,

Options

Written

1,386‌

Foreign

exchange

derivatives

Forwards,

Options

Written

1,939‌

Credit

derivatives

Bilateral

Swaps

and

Premiums,

Centrally

Cleared

Swaps,

Options

Written

1,076‌

Commodity

derivatives

Bilateral

Swaps

and

Premiums

11‌

Equity

derivatives

Bilateral

Swaps

and

Premiums,

Futures,

Options

Written

5,707‌

Total

$

10,130‌

*

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.

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Fund

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

April

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

$

—‌

$

—‌

$

—‌

$

—‌

$

(8‌)

$

(8‌)

Interest

rate

derivatives

(58‌)

(7‌)

1,162‌

—‌

(325‌)

772‌

Foreign

exchange

derivatives

(126‌)

22‌

—‌

(2‌)

—‌

(106‌)

Credit

derivatives

(103‌)

5‌

—‌

—‌

(562‌)

(660‌)

Equity

derivatives

(213‌)

(5,352‌)

(1,623‌)

—‌

4,103‌

(3,085‌)

Commodity

derivatives

—‌

—‌

—‌

—‌

(36‌)

(36‌)

Total

$

(500‌)

$

(5,332‌)

$

(461‌)

$

(2‌)

$

3,172‌

$

(3,123‌)

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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

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Change

in

Unrealized

Gain

(Loss)

Inflation

derivatives

$

—‌

$

—‌

$

—‌

$

—‌

$

92‌

$

92‌

Interest

rate

derivatives

141‌

(117‌)

(1,042‌)

—‌

(690‌)

(1,708‌)

Foreign

exchange

derivatives

75‌

(33‌)

—‌

160‌

—‌

202‌

Credit

derivatives

15‌

135‌

—‌

—‌

(373‌)

(223‌)

Equity

derivatives

115‌

261‌

321‌

—‌

(1,509‌)

(812‌)

Commodity

derivatives

—‌

—‌

—‌

—‌

16‌

16‌

Total

$

346‌

$

246‌

$

(721‌)

$

160‌

$

(2,464‌)

$

(2,433‌)

^

Options

purchased

are

reported

as

securities.

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(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

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

April

30,

2024, cash

of

$10,401,000 and

securities

valued

at $159,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

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The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

849‌

$

(698‌)

$

151‌

$

(296‌)

$

—‌

Barclays

Bank

477‌

(226‌)

251‌

(281‌)

—‌

BNP

Paribas

109‌

(452‌)

(343‌)

420‌

77‌

BNY

Mellon

—‌

(3‌)

(3‌)

—‌

—‌

Canadian

Imperial

Bank

of

Commerce

13‌

(15‌)

(2‌)

—‌

—‌

Citibank

606‌

(727‌)

(121‌)

—‌

—‌

Citigroup

Global

Markets

92‌

(46‌)

46‌

—‌

46‌

Deutsche

Bank

261‌

(187‌)

74‌

—‌

74‌

Goldman

Sachs

1,311‌

(829‌)

482‌

(800‌)

—‌

HSBC

Bank

132‌

(136‌)

(4‌)

(21‌)

—‌

JPMorgan

Chase

1,032‌

(733‌)

299‌

—‌

299‌

Morgan

Stanley

2,265‌

(3,205‌)

(940‌)

526‌

—‌

NatWest

Bank

15‌

—‌

15‌

—‌

15‌

RBC

Dominion

Securities

47‌

(27‌)

20‌

—‌

20‌

Standard

Chartered

200‌

(72‌)

128‌

—‌

128‌

State

Street

227‌

(98‌)

129‌

—‌

129‌

UBS

Investment

Bank

706‌

(344‌)

362‌

—‌

362‌

Wells

Fargo

101‌

(166‌)

(65‌)

—‌

—‌

Total

$

8,443‌

$

(7,964‌)

*

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.

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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

April

30,

2024,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

15%

and

42%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

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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

April

30,

2024,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

51%

and

74%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

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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

April

30,

2024,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

43%

and

54%

of

net

assets. 

Swaps

 The

fund

is

subject

to

interest

rate

risk,

credit

risk,

inflation

risk,

equity

price

risk

and

commodity

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

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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

April

30,

2024,

the

notional

amount

of

protection

sold

by

the

fund

totaled $19,873,000

(6.4%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

T.

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Multi-Strategy

Total

Return

Fund

149

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. 

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-

traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

six

months ended

April

30,

2024,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

109%

and

151%

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.

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. 

T.

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Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

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.

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.

T.

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Fund

151

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

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

April

30,

2024,

the

value

of

loaned

securities

was

$2,826,000;

the

value

of

cash

collateral

and

related

investments

was

$2,921,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

short-term and

U.S.

government

securities

aggregated $125,976,000 and

$130,731,000,

respectively,

for

the

six

months ended

April

30,

2024.

T.

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Fund

152

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. 

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

October

31,

2023,

the

fund

had

$49,618,000

of

available

capital

loss

carryforwards.

At

April

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$302,581,000.

Net

unrealized

gain

aggregated

$11,320,000

at

period-end,

of

which

$28,046,000

related

to

appreciated

investments

and

$16,726,000

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.

T.

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Fund

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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

0.71%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

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

April

30,

2024,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

154

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 April

30,

2024

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/

paid

by

Price

Associates

in

the

amount

of $1,024,000 remain

subject

to

repayment

by

the

fund

at

April

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

a

wholly

owned

subsidiary

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

For

the

six

months

ended

April

30,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$56,000

for

Price

Associates

and

$17,000

for

T.

Rowe

Price

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

1.19%

0.05%

Expense

limitation

date

02/28/26

02/28/26

(Waived)/repaid

during

the

period

($000s)

$(17)

$(87)

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Mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

(collectively,

Price

Funds

and

accounts)

may

invest

in

the

fund.

No

Price

fund

or

account

may

invest

for

the

purpose

of

exercising

management

or

control

over

the

fund.

At

April

30,

2024, approximately

92%

of

the

I

Class's

outstanding

shares

were

held

by

Price

Funds

and

accounts.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

April

30,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

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

T.

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exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

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INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.

com

.

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

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APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

Each

year,

the

fund’s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreements

(Subadvisory

Contracts)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd

and

T.

Rowe

Price

Hong

Kong

Limited

(Subadvisers)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

11–12,

2024

(Meeting),

the

Board,

including

all

of

the

fund’s

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund’s

Advisory

Contract

and

Subadvisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadvisers

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadvisers

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadvisers

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadvisers.

These

services

included,

but

were

not

limited

to,

directing

the

fund’s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’s

and

Subadvisers’

senior

management

teams

and

investment

personnel

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involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadvisers,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2023.

Additionally,

the

Board

reviewed

the

fund’s

relative

performance

information

as

of

September

30,

2023,

which

ranked

the

returns

of

the

fund’s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’s

performance,

the

length

of

the

fund’s

performance

track

record,

and

how

closely

the

fund’s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadvisers)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’s

portfolio

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

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transactions,

the

Board

noted

that

during

2023

the

Adviser

paid

the

costs

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

However,

effective

January

1,

2024,

the

Adviser

will

begin

using

brokerage

commissions

in

connection

with

certain

T.

Rowe

Price

funds’

securities

transactions

to

pay

for

research

when

permissible.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

While

the

Board

did

not

review

information

regarding

profits

realized

from

managing

the

fund

in

particular

because

the

fund

had

either

not

achieved

sufficient

portfolio

asset

size

or

not

recognized

sufficient

revenues

to

produce

meaningful

profit

margin

percentages,

the

Board

concluded

that

the

Adviser’s

profits

were

reasonable

in

light

of

the

services

provided

to

the

T.

Rowe

Price

funds.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components—a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’s

average

daily

net

assets—and

the

fund

pays

its

own

expenses

of

operations.

Under

each

Subadvisory

Contract,

the

Adviser

may

pay

each

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds,

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’s

net

assets.

The

expense

limitations

protect

shareholders

from

relatively

high

expenses

until

the

fund

reaches

greater

scale

and

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

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In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’s

and

Subadvisers’

ongoing

investments

in

their

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Expense

Group)

and

(ii)

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or

reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’s

contractual

management

fee

ranked

in

the

first

quintile

(Expense

Group),

the

fund’s

actual

management

fee

rate

ranked

in

the

first

quintile

(Expense

Group

and

Expense

Universe),

and

the

fund’s

total

expenses

ranked

in

the

second

quintile

(Expense

Group

and

Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

162

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

and

Subadvisory

Contracts

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

(continued)

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.

F1112-051

6/24

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 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. 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 11. 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

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

T. Rowe Price Multi-Strategy Total Return Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	June 17, 2024

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	June 17, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	June 17, 2024