0001707770falseN-CSRST. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.N-1A2025-04-300001707770trp:C000192517Member2024-11-012025-04-3000017077702024-11-012025-04-300001707770trp:C000192517Member2025-04-300001707770trp:C000192517Membertrp:CorporateBondsCTIMember2025-04-300001707770trp:C000192517Membertrp:CommonStocksCTIMember2025-04-300001707770trp:C000192517Membertrp:BankLoansCTIMember2025-04-300001707770trp:C000192517Membertrp:GovernmentBondsCTIMember2025-04-300001707770trp:C000192517Membertrp:USTreasuryObligationsCTIMember2025-04-300001707770trp:C000192517Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-04-300001707770trp:C000192517Membertrp:AssetMinusBackedSecuritiesCTIMember2025-04-300001707770trp:C000192517Membertrp:ConvertibleBondsCTIMember2025-04-300001707770trp:C000192517Membertrp:OtherHoldingsGroupingCTIMember2025-04-300001707770trp:C000192517Membertrp:USTreasuryBillsCTIMember2025-04-300001707770trp:C000192517Membertrp:USTreasuryNotesCTIMember2025-04-300001707770trp:C000192517Membertrp:BrazilNotasdoTesouroNacionalCTIMember2025-04-300001707770trp:C000192517Membertrp:NexstarMediaCTIMember2025-04-300001707770trp:C000192517Membertrp:TransDigmCTIMember2025-04-300001707770trp:C000192517Membertrp:LibertyBroadbandCTIMember2025-04-300001707770trp:C000192517Membertrp:LiveNationEntertainmentCTIMember2025-04-300001707770trp:C000192517Membertrp:TenetHealthcareCTIMember2025-04-300001707770trp:C000192517Membertrp:UnitedMexicanStatesCTIMember2025-04-300001707770trp:C000192517Membertrp:VertivGroupCTIMember2025-04-300001707770trp:C000192519Member2024-11-012025-04-300001707770trp:C000192519Member2025-04-300001707770trp:C000192519Membertrp:CorporateBondsCTIMember2025-04-300001707770trp:C000192519Membertrp:CommonStocksCTIMember2025-04-300001707770trp:C000192519Membertrp:BankLoansCTIMember2025-04-300001707770trp:C000192519Membertrp:GovernmentBondsCTIMember2025-04-300001707770trp:C000192519Membertrp:USTreasuryObligationsCTIMember2025-04-300001707770trp:C000192519Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-04-300001707770trp:C000192519Membertrp:AssetMinusBackedSecuritiesCTIMember2025-04-300001707770trp:C000192519Membertrp:ConvertibleBondsCTIMember2025-04-300001707770trp:C000192519Membertrp:OtherHoldingsGroupingCTIMember2025-04-300001707770trp:C000192519Membertrp:USTreasuryBillsCTIMember2025-04-300001707770trp:C000192519Membertrp:USTreasuryNotesCTIMember2025-04-300001707770trp:C000192519Membertrp:BrazilNotasdoTesouroNacionalCTIMember2025-04-300001707770trp:C000192519Membertrp:NexstarMediaCTIMember2025-04-300001707770trp:C000192519Membertrp:TransDigmCTIMember2025-04-300001707770trp:C000192519Membertrp:LibertyBroadbandCTIMember2025-04-300001707770trp:C000192519Membertrp:LiveNationEntertainmentCTIMember2025-04-300001707770trp:C000192519Membertrp:TenetHealthcareCTIMember2025-04-300001707770trp:C000192519Membertrp:UnitedMexicanStatesCTIMember2025-04-300001707770trp:C000192519Membertrp:VertivGroupCTIMember2025-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

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)

1307 Point Street, Baltimore, MD 21231

 

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

 

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Image

Semi-Annual Shareholder Report

April 30, 2025

Multi-Strategy Total Return Fund

Investor Class (TMSRX)

This semi-annual shareholder report contains important information about Multi-Strategy Total Return Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Multi-Strategy Total Return Fund - Investor Class
$60
1.20%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$306,465
Number of Portfolio Holdings
1,806
Portfolio Turnover Rate
69.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds
16.0%
Common Stocks
13.9
Bank Loans
11.3
Government Bonds
11.1
U.S. Treasury Obligations
3.4
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
3.0
Asset-Backed Securities
2.5
Convertible Bonds
2.0
Short-Term and Other*
36.8

*A portion of the Short-Term and Other includes collateral derivatives, which are excluded from the table.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills
3.3%
U.S. Treasury Notes
2.9
Brazil Notas do Tesouro Nacional
1.1
Nexstar Media
0.9
TransDigm
0.9
Liberty Broadband
0.8
Live Nation Entertainment
0.8
Tenet Healthcare
0.8
United Mexican States
0.8
Vertiv Group
0.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

202505-4461501

F1112-053 6/25

Multi-Strategy Total Return Fund 

Investor Class (TMSRX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2025

Multi-Strategy Total Return Fund

I Class (TMSSX)

This semi-annual shareholder report contains important information about Multi-Strategy Total Return Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Multi-Strategy Total Return Fund - I Class
$52
1.05%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$306,465
Number of Portfolio Holdings
1,806
Portfolio Turnover Rate
69.3%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Corporate Bonds
16.0%
Common Stocks
13.9
Bank Loans
11.3
Government Bonds
11.1
U.S. Treasury Obligations
3.4
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
3.0
Asset-Backed Securities
2.5
Convertible Bonds
2.0
Short-Term and Other*
36.8

*A portion of the Short-Term and Other includes collateral derivatives, which are excluded from the table.

Top Ten Holdings (as a % of Net Assets)

U.S. Treasury Bills
3.3%
U.S. Treasury Notes
2.9
Brazil Notas do Tesouro Nacional
1.1
Nexstar Media
0.9
TransDigm
0.9
Liberty Broadband
0.8
Live Nation Entertainment
0.8
Tenet Healthcare
0.8
United Mexican States
0.8
Vertiv Group
0.7

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

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

202505-4461501

F1113-053 6/25

Multi-Strategy Total Return Fund 

I Class (TMSSX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

 

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
April
30,
2025
Financial
Statements
and
Other
Information
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
(Unaudited)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9
.72‌
$
9
.70‌
$
9
.49‌
$
10
.70‌
$
10
.56‌
$
9
.75‌
Investment
activities
Net
investment
income
(1)(2)
0
.19‌
0
.41‌
0
.37‌
0
.15‌
0
.10‌
0
.16‌
Net
realized
and
unrealized
gain/
loss
(
0
.14‌
)
0
.16‌
0
.06‌
(
1
.07‌
)
0
.40‌
0
.92‌
Total
from
investment
activities
0
.05‌
0
.57‌
0
.43‌
(
0
.92‌
)
0
.50‌
1
.08‌
Distributions
Net
investment
income
(
0
.62‌
)
(
0
.55‌
)
(
0
.14‌
)
(
0
.05‌
)
(
0
.09‌
)
(
0
.25‌
)
Net
realized
gain
—‌
—‌
(
0
.08‌
)
(
0
.24‌
)
(
0
.27‌
)
(
0
.02‌
)
Total
distributions
(
0
.62‌
)
(
0
.55‌
)
(
0
.22‌
)
(
0
.29‌
)
(
0
.36‌
)
(
0
.27‌
)
NET
ASSET
VALUE
End
of
period
$
9
.15‌
$
9
.72‌
$
9
.70‌
$
9
.49‌
$
10
.70‌
$
10
.56‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.47‌
%
6
.21‌
%
4
.58‌
%
(
8
.75‌
)
%
4
.74‌
%
11
.34‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.41‌
%
(4)
1
.41‌
%
1
.38‌
%
1
.37‌
%
1
.32‌
%
1
.56‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
1
.20‌
%
(4)
1
.20‌
%
1
.20‌
%
1
.19‌
%
1
.04‌
%
1
.05‌
%
Net
investment
income
4
.13‌
%
(4)
4
.27‌
%
3
.87‌
%
1
.49‌
%
0
.96‌
%
1
.55‌
%
Portfolio
turnover
rate
69
.3‌
%
126
.3‌
%
110
.3‌
%
133
.8‌
%
144
.8‌
%
99
.5‌
%
Net
assets,
end
of
period
(in
thousands)
$15,256
$18,761
$25,996
$42,153
$119,258
$120,127
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
4
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
NET
ASSET
VALUE
Beginning
of
period
$
9
.64‌
$
9
.67‌
$
9
.55‌
$
10
.75‌
$
10
.59‌
$
9
.76‌
Investment
activities
Net
investment
income
(1)(2)
0
.20‌
0
.42‌
0
.38‌
0
.17‌
0
.08‌
0
.17‌
Net
realized
and
unrealized
gain/
loss
(
0
.15‌
)
0
.17‌
0
.06‌
(
1
.08‌
)
0
.44‌
0
.93‌
Total
from
investment
activities
0
.05‌
0
.59‌
0
.44‌
(
0
.91‌
)
0
.52‌
1
.10‌
Distributions
Net
investment
income
(
0
.65‌
)
(
0
.62‌
)
(
0
.24‌
)
(
0
.05‌
)
(
0
.09‌
)
(
0
.25‌
)
Net
realized
gain
—‌
—‌
(
0
.08‌
)
(
0
.24‌
)
(
0
.27‌
)
(
0
.02‌
)
Total
distributions
(
0
.65‌
)
(
0
.62‌
)
(
0
.32‌
)
(
0
.29‌
)
(
0
.36‌
)
(
0
.27‌
)
NET
ASSET
VALUE
End
of
period
$
9
.04‌
$
9
.64‌
$
9
.67‌
$
9
.55‌
$
10
.75‌
$
10
.59‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
0
.55‌
%
6
.40‌
%
4
.74‌
%
(
8
.62‌
)
%
4
.92‌
%
11
.54‌
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1
.16‌
%
(4)
1
.15‌
%
1
.17‌
%
1
.14‌
%
1
.12‌
%
1
.50‌
%
Net
expenses
after
waivers/
payments
by
Price
Associates
1
.05‌
%
(4)
1
.05‌
%
1
.05‌
%
1
.05‌
%
1
.01‌
%
0
.90‌
%
Net
investment
income
4
.28‌
%
(4)
4
.42‌
%
4
.04‌
%
1
.77‌
%
0
.73‌
%
1
.70‌
%
Portfolio
turnover
rate
69
.3‌
%
126
.3‌
%
110
.3‌
%
133
.8‌
%
144
.8‌
%
99
.5‌
%
Net
assets,
end
of
period
(in
thousands)
$291,209
$289,529
$276,873
$310,096
$334,438
$8,777
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,
2025
(Unaudited)
6
Portfolio
of
Investments
‡
Par/Shares
$
Value
(
Cost
and
value
in
$000s)
‡
ANGOLA 0.1%
Government
Bonds 0.1% 
Republic
of
Angola,
8.00%,
11/26/29
(USD) 
310,000‌
248‌
Total
Angola
(Cost
$271)
248‌
ARGENTINA 0.5%
Common
Stocks 0.2% 
MercadoLibre
(USD) (1)
266‌
620‌
620‌
Government
Bonds 0.3% 
Republic
of
Argentina,
STEP,
3.50%,
7/9/41
(USD) 
550,000‌
333‌
Republic
of
Argentina,
STEP,
4.125%,
7/9/35
(USD) 
230,000‌
154‌
Republic
of
Argentina,
STEP,
4.125%,
7/9/46
(USD) 
34,205‌
23‌
Republic
of
Argentina,
STEP,
5.00%,
1/9/38
(USD) 
465,000‌
325‌
YPF,
9.50%,
1/17/31
(USD) 
195,000‌
201‌
1,036‌
Total
Argentina
(Cost
$1,424)
1,656‌
AUSTRALIA 0.0%
Common
Stocks 0.0% 
Vast
Renewables,
Warrants,
6/29/28
(USD) (1)
25,200‌
1‌
Total
Australia
(Cost
$1)
1‌
AUSTRIA 0.1%
Corporate
Bonds 0.1% 
Benteler
International,
10.50%,
5/15/28
(USD) (2)
295,000‌
301‌
Total
Austria
(Cost
$311)
301‌
AZERBAIJAN 0.1%
Government
Bonds 0.1% 
Republic
of
Azerbaijan,
3.50%,
9/1/32
(USD) 
340,000‌
298‌
Total
Azerbaijan
(Cost
$300)
298‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
7
Par/Shares
$
Value
(Cost
and
value
in
$000s)
BRAZIL 1.9%
Corporate
Bonds 0.7% 
CSN
Resources,
5.875%,
4/8/32
(USD) (3)
385,000‌
309‌
FS
Luxembourg,
8.875%,
2/12/31
(USD) (2)
250,000‌
251‌
FS
Luxembourg,
8.875%,
2/12/31
(USD) 
230,000‌
231‌
Globo
Comunicacao
e
Participacoes,
5.50%,
1/14/32
(USD) 
310,000‌
290‌
Nexa
Resources,
6.60%,
4/8/37
(USD) (2)
200,000‌
198‌
Raizen
Fuels
Finance,
5.70%,
1/17/35
(USD) (2)
200,000‌
187‌
Raizen
Fuels
Finance,
6.45%,
3/5/34
(USD) 
220,000‌
219‌
Raizen
Fuels
Finance,
6.70%,
2/25/37
(USD) (2)
290,000‌
284‌
Samarco
Mineracao,
9.50%,
6/30/31,
(9.00%
PIK)
(USD) (4)
272,601‌
257‌
2,226‌
Government
Bonds 1.2% 
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/29 
15,252,000‌
2,428‌
Brazil
Notas
do
Tesouro
Nacional,
Series
NTNF,
10.00%,
1/1/31 
5,560,000‌
839‌
Republic
of
Brazil,
6.00%,
10/20/33
(USD) 
345,000‌
341‌
3,608‌
Total
Brazil
(Cost
$5,805)
5,834‌
CANADA 0.2%
Asset-Backed
Securities 0.1% 
Cologix
Canadian
Issuer,
Series
2022-1CAN,
Class
A2,
4.94%,
1/25/52 (2)
305,000‌
218‌
218‌
Common
Stocks 0.1% 
Shopify,
Class
A
(USD) (1)
3,234‌
307‌
307‌
Convertible
Bonds 0.0% 
Kardium,
Acquisition
Date:
5/31/24,
Cost $1,
10.00%,
12/31/26
(USD) (1)(5)(6)
700‌
1‌
1‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
8
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.0% 
Toronto-Dominion
Bank,
VR,
8.125%,
10/31/82
(USD) (7)
200,000‌
204‌
204‌
Total
Canada
(Cost
$618)
730‌
CHILE 0.9%
Corporate
Bonds 0.4% 
AES
Andes,
VR,
8.15%,
6/10/55
(USD) (2)(7)
490,000‌
500‌
Agrosuper,
4.60%,
1/20/32
(USD) 
250,000‌
228‌
Banco
de
Credito
e
Inversiones,
VR,
7.50%
(USD) (7)(8)
230,000‌
224‌
Chile
Electricity
Mpc
II,
5.58%,
10/20/35
(USD) (2)
290,000‌
289‌
1,241‌
Government
Bonds 0.5% 
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
4.70%,
9/1/30 (2)
295,000,000‌
301‌
Bonos
de
la
Tesoreria
de
la
Republica
en
pesos,
6.00%,
4/1/33 (2)
665,000,000‌
719‌
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/15/51
(USD) 
480,000‌
295‌
Empresa
de
los
Ferrocarriles
del
Estado,
3.068%,
8/18/50
(USD) 
300,000‌
177‌
1,492‌
Total
Chile
(Cost
$2,788)
2,733‌
CHINA 0.6%
Common
Stocks 0.3% 
58.com
(USD) (1)(5)
22,100‌
—‌
Alibaba
Group
Holding
(HKD) 
20,200‌
302‌
Mixue
Group
(HKD) (1)
1,100‌
69‌
Tencent
Holdings
(HKD) 
8,600‌
527‌
898‌
Convertible
Bonds 0.1% 
H
World
Group,
3.00%,
5/1/26
(USD) 
135,000‌
145‌
ZTO
Express
Cayman,
1.50%,
9/1/27
(USD) 
180,000‌
177‌
322‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
9
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.2% 
Country
Garden
Holdings,
3.125%,
10/22/25
(USD) (1)(9)
300,000‌
26‌
Kaisa
Group
Holdings,
11.95%,
10/22/22
(USD) (1)(9)
1,515,000‌
65‌
Longfor
Group
Holdings,
3.85%,
1/13/32
(USD) 
200,000‌
146‌
Shimao
Group
Holdings,
3.45%,
1/11/31
(USD) (1)(9)
200,000‌
11‌
Times
China
Holdings,
6.75%,
7/8/25
(USD) (1)(9)
200,000‌
8‌
Zhongsheng
Group
Holdings,
5.98%,
1/30/28
(USD) 
285,000‌
279‌
535‌
Total
China
(Cost
$2,431)
1,755‌
COLOMBIA 1.0%
Corporate
Bonds 0.4% 
Ecopetrol,
7.75%,
2/1/32
(USD) 
290,000‌
277‌
Ecopetrol,
8.375%,
1/19/36
(USD) 
280,000‌
262‌
Ecopetrol,
8.875%,
1/13/33
(USD) 
362,000‌
362‌
Geopark,
5.50%,
1/17/27
(USD) 
300,000‌
289‌
1,190‌
Government
Bonds 0.6% 
Colombian
TES,
Series
B,
6.25%,
7/9/36 
612,000,000‌
93‌
Republic
of
Colombia,
3.25%,
4/22/32
(USD) 
370,000‌
286‌
Republic
of
Colombia,
4.125%,
5/15/51
(USD) 
505,000‌
281‌
Republic
of
Colombia,
7.50%,
2/2/34
(USD) 
285,000‌
278‌
Republic
of
Colombia,
Series
B,
7.00%,
3/26/31 
2,554,100,000‌
493‌
Republic
of
Colombia,
Series
B,
7.00%,
6/30/32 
1,600,000,000‌
295‌
Republic
of
Colombia,
Series
B,
13.25%,
2/9/33 
808,400,000‌
205‌
1,931‌
Private
Investment
Company 0.0% 
Bona
Fide
Investments
Feeder
LLC,
Acquisition
Date:
6/7/23,
Cost $38
(USD) (1)(6)
†
53‌
Bona
Fide
Investments
Holdings
III,
Acquisition
Date:
6/14/24,
Cost $30
(USD) (1)(6)
†
32‌
85‌
Total
Colombia
(Cost
$3,165)
3,206‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
10
Par/Shares
$
Value
(Cost
and
value
in
$000s)
COSTA
RICA 0.1%
Government
Bonds 0.1% 
Republic
of
Costa
Rica,
6.55%,
4/3/34
(USD) 
280,000‌
287‌
Total
Costa
Rica
(Cost
$291)
287‌
CÔTE
D'IVOIRE 0.2%
Government
Bonds 0.2% 
Republic
of
Ivory
Coast,
7.625%,
1/30/33
(USD) (2)
205,000‌
193‌
Republic
of
Ivory
Coast,
8.075%,
4/1/36
(USD) (2)
600,000‌
555‌
Total
Côte
d'Ivoire
(Cost
$787)
748‌
CYPRUS 0.1%
Corporate
Bonds 0.1% 
ASG
Finance
Designated
Activity,
9.75%,
5/15/29
(USD) 
230,000‌
219‌
Total
Cyprus
(Cost
$231)
219‌
CZECH
REPUBLIC 0.2%
Government
Bonds 0.2% 
Czech
Republic,
3.00%,
3/3/33 
14,950,000‌
639‌
Total
Czech
Republic
(Cost
$585)
639‌
ECUADOR 0.1%
Government
Bonds 0.1% 
Republic
of
Ecuador,
STEP,
5.50%,
7/31/35
(USD) 
330,000‌
199‌
Total
Ecuador
(Cost
$175)
199‌
EGYPT 0.3%
Government
Bonds 0.3% 
Arab
Republic
of
Egypt,
5.875%,
2/16/31
(USD) 
350,000‌
284‌
Arab
Republic
of
Egypt,
8.625%,
2/4/30
(USD) (2)
610,000‌
583‌
Arab
Republic
of
Egypt,
9.45%,
2/4/33
(USD) (2)
200,000‌
184‌
Total
Egypt
(Cost
$1,103)
1,051‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
11
Par/Shares
$
Value
(Cost
and
value
in
$000s)
EL
SALVADOR 0.3%
Government
Bonds 0.3% 
Republic
of
El
Salvador,
0.25%,
4/17/30
(USD) (2)
150,000‌
3‌
Republic
of
El
Salvador,
9.25%,
4/17/30
(USD) (2)
615,000‌
635‌
Republic
of
El
Salvador,
9.25%,
4/17/30
(USD) 
170,000‌
176‌
Total
El
Salvador
(Cost
$776)
814‌
FRANCE 0.3%
Common
Stocks 0.2% 
Airbus 
2,120‌
360‌
Societe
Generale 
7,042‌
367‌
727‌
Convertible
Preferred
Stocks 0.0% 
DNA
Script,
Series
C,
Acquisition
Date:
12/16/21,
Cost $7 (1)(5)(6)
8‌
1‌
1‌
Corporate
Bonds 0.1% 
BNP
Paribas,
3.375%,
1/23/26
(GBP) 
100,000‌
132‌
132‌
Total
France
(Cost
$761)
860‌
GAMBIA 0.2%
Corporate
Bonds 0.2% 
Africell
Holding,
10.50%,
10/23/29
(USD) (2)
575,000‌
541‌
Total
Gambia
(Cost
$575)
541‌
GERMANY 2.0%
Common
Stocks 0.4% 
Infineon
Technologies 
14,260‌
472‌
Rheinmetall 
238‌
405‌
SAP 
1,242‌
364‌
1,241‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
12
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.8% 
BMW
International
Investment,
5.50%,
6/6/26
(GBP) 
100,000‌
134‌
Deutsche
Bank,
Series
USTR,
VR,
8.13%
(USD) (3)(7)(8)
400,000‌
397‌
TK
Elevator
Holdco,
7.625%,
7/15/28
(USD) (2)
1,000,000‌
1,001‌
TK
Elevator
U.S.
Newco,
5.25%,
7/15/27
(USD) (2)
600,000‌
588‌
ZF
North
America
Capital,
6.75%,
4/23/30
(USD) (2)
355,000‌
323‌
2,443‌
Government
Bonds 0.6% 
Deutsche
Bundesrepublik,
Inflation-Indexed,
0.10%,
4/15/26 
1,248,422‌
1,404‌
KfW,
1.125%,
7/4/25
(GBP) 
63,000‌
84‌
KfW,
2.00%,
5/2/25
(USD) 
306,000‌
306‌
1,794‌
Preferred
Stocks 0.2% 
Sartorius 
2,750‌
714‌
714‌
Total
Germany
(Cost
$5,983)
6,192‌
GHANA 0.1%
Corporate
Bonds 0.1% 
Kosmos
Energy,
8.75%,
10/1/31
(USD) (2)(3)
300,000‌
243‌
Total
Ghana
(Cost
$300)
243‌
GUATEMALA 0.2%
Government
Bonds 0.2% 
Republic
of
Guatemala,
3.70%,
10/7/33
(USD) (2)
350,000‌
292‌
Republic
of
Guatemala,
4.90%,
6/1/30
(USD) 
300,000‌
290‌
Total
Guatemala
(Cost
$591)
582‌
HONG
KONG 0.0%
Common
Stocks 0.0% 
Duality
Biotherapeutics (1)
2,000‌
53‌
Total
Hong
Kong
(Cost
$25)
53‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
13
Par/Shares
$
Value
(Cost
and
value
in
$000s)
HUNGARY 0.3%
Corporate
Bonds 0.1% 
OTP
Bank,
VR,
8.75%,
5/15/33
(USD) (7)
250,000‌
265‌
265‌
Government
Bonds 0.2% 
MFB
Magyar
Fejlesztesi
Bank,
6.50%,
6/29/28
(USD) 
230,000‌
237‌
Republic
of
Hungary,
5.50%,
6/16/34
(USD) 
290,000‌
280‌
Republic
of
Hungary,
Series
38/A,
3.00%,
10/27/38 
144,000,000‌
267‌
784‌
Total
Hungary
(Cost
$1,052)
1,049‌
INDIA 0.8%
Common
Stocks 0.4% 
ICICI
Bank 
29,212‌
491‌
Kotak
Mahindra
Bank 
22,727‌
594‌
1,085‌
Corporate
Bonds 0.2% 
Adani
International
Container
Terminal,
3.00%,
2/16/31
(USD) 
248,000‌
212‌
HDFC
Bank,
VR,
3.70%
(USD) (7)(8)
310,000‌
296‌
Shriram
Finance,
6.15%,
4/3/28
(USD) (3)
230,000‌
226‌
734‌
Government
Bonds 0.2% 
Republic
of
India,
6.45%,
10/7/29 
12,680,000‌
153‌
Republic
of
India,
7.18%,
8/14/33 
31,000,000‌
386‌
539‌
Total
India
(Cost
$2,105)
2,358‌
INDONESIA 0.2%
Common
Stocks 0.1% 
Bank
Central
Asia 
545,200‌
290‌
290‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
14
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.1% 
Krakatau
Posco,
6.375%,
6/11/29
(USD) 
300,000‌
297‌
297‌
Government
Bonds 0.0% 
Republic
of
Indonesia,
Series
FR82,
7.00%,
9/15/30 
2,044,000,000‌
125‌
125‌
Total
Indonesia
(Cost
$751)
712‌
IRELAND 0.1%
Corporate
Bonds 0.1% 
AerCap
Ireland
Capital,
3.00%,
10/29/28
(USD) 
150,000‌
142‌
AerCap
Ireland
Capital,
6.15%,
9/30/30
(USD) 
150,000‌
158‌
Avolon
Holdings
Funding,
6.375%,
5/4/28
(USD) (2)
90,000‌
93‌
Total
Ireland
(Cost
$388)
393‌
ISRAEL 0.0%
Common
Stocks 0.0% 
CyberArk
Software
(USD) (1)
446‌
157‌
Total
Israel
(Cost
$151)
157‌
ITALY 0.2%
Common
Stocks 0.2% 
PRADA
(HKD) 
48,400‌
302‌
UniCredit 
4,589‌
267‌
Total
Italy
(Cost
$531)
569‌
JAMAICA 0.1%
Corporate
Bonds 0.1% 
Kingston
Airport
Revenue
Finance,
6.75%,
12/15/36
(USD) (2)
200,000‌
198‌
Total
Jamaica
(Cost
$200)
198‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
15
Par/Shares
$
Value
(Cost
and
value
in
$000s)
JAPAN 1.1%
Common
Stocks 1.1% 
Asics 
31,300‌
673‌
Chugai
Pharmaceutical 
17,000‌
979‌
Mitsubishi
Heavy
Industries 
17,600‌
347‌
Mitsubishi
UFJ
Financial
Group 
18,900‌
238‌
Nintendo 
8,200‌
681‌
Rakuten
Bank (1)
5,800‌
244‌
Recruit
Holdings 
1,900‌
105‌
Tokyo
Electron 
1,100‌
164‌
Total
Japan
(Cost
$2,643)
3,431‌
KAZAKHSTAN 0.2%
Corporate
Bonds 0.1% 
Kaspi.KZ,
6.25%,
3/26/30
(USD) (2)
300,000‌
294‌
294‌
Government
Bonds 0.1% 
KazMunayGas
National,
3.50%,
4/14/33
(USD) 
280,000‌
233‌
233‌
Total
Kazakhstan
(Cost
$533)
527‌
MALAYSIA 0.2%
Government
Bonds 0.2% 
Government
of
Malaysia,
Series
0123,
4.457%,
3/31/53 
1,475,000‌
365‌
Government
of
Malaysia,
Series
0518,
4.921%,
7/6/48 
510,000‌
134‌
Total
Malaysia
(Cost
$443)
499‌
MAURITIUS 0.1%
Corporate
Bonds 0.1% 
Axian
Telecom,
7.375%,
2/16/27
(USD) (2)
230,000‌
229‌
Total
Mauritius
(Cost
$230)
229‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
16
Par/Shares
$
Value
(Cost
and
value
in
$000s)
MEXICO 1.9%
Bank
Loans 0.2% (10)
Mercury
Data
Center
Bidco,
FRN,
3M
TSFR
+
4.75%,
9.06%,
9/5/29
(USD) (5)
484,999‌
482‌
482‌
Corporate
Bonds 0.6% 
Banco
Mercantil
del
Norte,
VR,
7.50%
(USD) (7)(8)
240,000‌
235‌
BBVA
Mexico,
VR,
5.125%,
1/18/33
(USD) (7)
310,000‌
294‌
BBVA
Mexico,
VR,
8.125%,
1/8/39
(USD) (2)(7)
455,000‌
464‌
Comision
Federal
de
Electricidad,
5.70%,
1/24/30
(USD) (2)
700,000‌
689‌
Grupo
Televisa,
5.25%,
5/24/49
(USD) 
250,000‌
169‌
Metalsa,
3.75%,
5/4/31
(USD) (2)
150,000‌
121‌
1,972‌
Government
Bonds 1.1% 
Banco
Nacional
de
Comercio
Exterior
SNC,
VR,
2.72%,
8/11/31
(USD) (7)
300,000‌
283‌
Comision
Federal
de
Electricidad,
3.348%,
2/9/31
(USD) 
350,000‌
300‌
FIEMEX
Energia
-
Banco
Actinver
Institucion
de
Banca
Multiple,
7.25%,
1/31/41
(USD) 
288,333‌
287‌
Petroleos
Mexicanos,
6.50%,
1/23/29
(USD) 
135,000‌
125‌
United
Mexican
States,
4.875%,
5/19/33
(USD) 
320,000‌
295‌
United
Mexican
States,
Series
M,
7.50%,
5/26/33 
24,030,000‌
1,108‌
United
Mexican
States,
Series
M,
7.75%,
5/29/31 
3,125,000‌
151‌
United
Mexican
States,
Series
M,
7.75%,
11/23/34 
16,463,000‌
760‌
3,309‌
Total
Mexico
(Cost
$5,703)
5,763‌
MONTENEGRO 0.2%
Government
Bonds 0.2% 
Republic
of
Montenegro,
7.25%,
3/12/31
(USD) (2)
600,000‌
606‌
Total
Montenegro
(Cost
$610)
606‌
MOROCCO 0.3%
Corporate
Bonds 0.1% 
Vivo
Energy
Investments,
5.125%,
9/24/27
(USD) 
240,000‌
234‌
234‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
17
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Government
Bonds 0.2% 
Kingdom
of
Morocco,
3.00%,
12/15/32
(USD) 
700,000‌
579‌
579‌
Total
Morocco
(Cost
$797)
813‌
NETHERLANDS 0.5%
Common
Stocks 0.3% 
Adyen (1)
426‌
689‌
BE
Semiconductor
Industries 
3,106‌
336‌
1,025‌
Corporate
Bonds 0.2% 
Trivium
Packaging
Finance,
5.50%,
8/15/26
(USD) (2)
500,000‌
495‌
495‌
Total
Netherlands
(Cost
$1,318)
1,520‌
NEW
ZEALAND 0.3%
Government
Bonds 0.3% 
Government
of
New
Zealand,
Series
0551,
2.75%,
5/15/51 
1,636,000‌
641‌
Government
of
New
Zealand,
Series
0554,
5.00%,
5/15/54 
778,000‌
450‌
Total
New
Zealand
(Cost
$1,264)
1,091‌
NIGERIA 0.1%
Government
Bonds 0.1% 
Republic
of
Nigeria,
8.747%,
1/21/31
(USD) 
300,000‌
277‌
Total
Nigeria
(Cost
$292)
277‌
OMAN 0.1%
Government
Bonds 0.1% 
Oryx
Funding,
5.80%,
2/3/31
(USD) 
300,000‌
301‌
Total
Oman
(Cost
$298)
301‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
18
Par/Shares
$
Value
(Cost
and
value
in
$000s)
PANAMA 0.3%
Corporate
Bonds 0.1% 
C&W
Senior
Finance,
9.00%,
1/15/33
(USD) (2)
240,000‌
241‌
241‌
Government
Bonds 0.2% 
Banco
Nacional
de
Panama,
2.50%,
8/11/30
(USD) 
310,000‌
255‌
Republic
of
Panama,
2.252%,
9/29/32
(USD) 
230,000‌
169‌
Republic
of
Panama,
3.16%,
1/23/30
(USD) 
250,000‌
219‌
643‌
Total
Panama
(Cost
$919)
884‌
PARAGUAY 0.1%
Government
Bonds 0.1% 
Republic
of
Paraguay,
2.739%,
1/29/33
(USD) 
281,000‌
237‌
Total
Paraguay
(Cost
$232)
237‌
PERU 0.1%
Government
Bonds 0.1% 
Republic
of
Peru,
6.15%,
8/12/32 
1,050,000‌
292‌
Total
Peru
(Cost
$235)
292‌
PHILIPPINES 0.2%
Government
Bonds 0.2% 
Republic
of
Philippines,
6.25%,
1/14/36 
36,000,000‌
631‌
Total
Philippines
(Cost
$752)
631‌
POLAND 0.4%
Government
Bonds 0.4% 
Republic
of
Poland,
Series
1033,
6.00%,
10/25/33 
1,880,000‌
527‌
Republic
of
Poland,
Series
1034,
5.00%,
10/25/34 
2,300,000‌
599‌
Total
Poland
(Cost
$1,037)
1,126‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
19
Par/Shares
$
Value
(Cost
and
value
in
$000s)
ROMANIA 0.1%
Government
Bonds 0.1% 
Republic
of
Romania,
3.00%,
2/14/31
(USD) 
250,000‌
208‌
Total
Romania
(Cost
$213)
208‌
SAUDI
ARABIA 0.3%
Corporate
Bonds 0.2% 
Al
Rajhi
Bank,
VR,
6.375%
(USD) (7)(8)
230,000‌
233‌
Greensaif
Pipelines
Bidco,
5.853%,
2/23/36
(USD) (2)
200,000‌
202‌
Greensaif
Pipelines
Bidco,
6.129%,
2/23/38
(USD) 
275,000‌
281‌
716‌
Government
Bonds 0.1% 
NCB
Tier
1
Sukuk,
VR,
3.50%
(USD) (7)(8)
225,000‌
217‌
217‌
Total
Saudi
Arabia
(Cost
$923)
933‌
SERBIA 0.2%
Government
Bonds 0.2% 
Republic
of
Serbia,
6.25%,
5/26/28
(USD) 
300,000‌
308‌
Republic
of
Serbia,
Series
12.5,
4.50%,
8/20/32 
41,050,000‌
388‌
Total
Serbia
(Cost
$737)
696‌
SINGAPORE 0.1%
Common
Stocks 0.1% 
Sea,
ADR
(USD) (1)
1,506‌
202‌
Total
Singapore
(Cost
$185)
202‌
SOUTH
AFRICA 0.5%
Government
Bonds 0.5% 
Eskom
Holdings,
4.314%,
7/23/27
(USD) 
300,000‌
287‌
Republic
of
South
Africa,
5.875%,
4/20/32
(USD) (3)
310,000‌
293‌
Republic
of
South
Africa,
Series
2035,
8.875%,
2/28/35 
17,150,000‌
827‌
Transnet,
8.25%,
2/6/28
(USD) 
235,000‌
237‌
Total
South
Africa
(Cost
$1,698)
1,644‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
20
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SOUTH
KOREA 0.2%
Common
Stocks 0.2% 
SK
Hynix 
4,680‌
584‌
Total
South
Korea
(Cost
$572)
584‌
SRI
LANKA 0.2%
Government
Bonds 0.2% 
Republic
of
Sri
Lanka,
4.00%,
4/15/28
(USD) (2)(3)
181,151‌
168‌
Republic
of
Sri
Lanka,
STEP,
3.10%,
1/15/30
(USD) (2)(3)
181,281‌
147‌
Republic
of
Sri
Lanka,
STEP,
3.60%,
6/15/35
(USD) (2)
240,100‌
157‌
Republic
of
Sri
Lanka,
STEP,
3.60%,
5/15/36
(USD) (2)
58,084‌
41‌
Republic
of
Sri
Lanka,
STEP,
3.60%,
2/15/38
(USD) (2)
236,218‌
167‌
Total
Sri
Lanka
(Cost
$710)
680‌
SUPRANATIONAL 0.2%
Government
Bonds 0.2% 
European
Bank
for
Reconstruction
&
Development,
6.30%,
10/26/27
(INR) 
16,200,000‌
191‌
International
Bank
for
Reconstruction
&
Development,
6.85%,
4/24/28
(INR) 
29,000,000‌
346‌
Total
Supranational
(Cost
$539)
537‌
SURINAME 0.5%
Government
Bonds 0.5% 
Republic
of
Suriname,
7.95%,
7/15/33,
(4.95%
Cash
and
3.00%
PIK)
(USD) (2)(4)
1,037,199‌
958‌
Republic
of
Suriname,
VR,
9.00%,
12/31/50
(USD) (2)
551,000‌
583‌
Total
Suriname
(Cost
$1,160)
1,541‌
SWEDEN 0.2%
Bank
Loans 0.2% (10)
Anticimex
Global,
FRN,
3M
TSFR
+
3.15%,
7.49%,
11/16/28
(USD) 
580,500‌
575‌
Total
Sweden
(Cost
$579)
575‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
21
Par/Shares
$
Value
(Cost
and
value
in
$000s)
SWITZERLAND 0.2%
Common
Stocks 0.2% 
Cie
Financiere
Richemont,
Class
A 
1,881‌
333‌
Sonova
Holding 
720‌
221‌
Total
Switzerland
(Cost
$482)
554‌
TAIWAN 0.5%
Common
Stocks 0.5% 
Airtac
International
Group 
9,000‌
247‌
Alchip
Technologies 
3,000‌
200‌
MediaTek 
6,000‌
255‌
Taiwan
Semiconductor
Manufacturing 
29,000‌
822‌
Total
Taiwan
(Cost
$1,324)
1,524‌
TANZANIA 0.1%
Corporate
Bonds 0.1% 
HTA
Group,
7.50%,
6/4/29
(USD) (2)
310,000‌
312‌
Total
Tanzania
(Cost
$309)
312‌
THAILAND 0.3%
Government
Bonds 0.3% 
Kingdom
of
Thailand,
3.60%,
6/17/67 
6,200,000‌
221‌
Kingdom
of
Thailand,
Series
ILB,
Inflation-Indexed,
1.25%,
3/12/28 
26,736,434‌
785‌
Total
Thailand
(Cost
$1,040)
1,006‌
TRINIDAD
AND
TOBAGO 0.1%
Government
Bonds 0.1% 
Republic
of
Trinidad
and
Tobago,
4.50%,
6/26/30
(USD) 
310,000‌
281‌
Total
Trinidad
and
Tobago
(Cost
$289)
281‌
TÜRKIYE 0.4%
Corporate
Bonds 0.3% 
Akbank
TAS,
VR,
9.369%
(USD) (7)(8)
210,000‌
210‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
22
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TAV
Havalimanlari
Holding,
8.50%,
12/7/28
(USD) 
230,000‌
236‌
Turkcell
Iletisim
Hizmetleri,
7.45%,
1/24/30
(USD) (2)
570,000‌
573‌
1,019‌
Government
Bonds 0.1% 
Republic
of
Turkiye,
Series
7Y,
7.125%,
2/12/32
(USD) 
300,000‌
294‌
294‌
Total
Türkiye
(Cost
$1,321)
1,313‌
UNITED
ARAB
EMIRATES 0.2%
Corporate
Bonds 0.1% 
Aldar
Properties,
VR,
6.623%,
4/15/55
(USD) (7)
230,000‌
231‌
Sobha
Sukuk,
8.75%,
7/17/28
(USD) 
245,000‌
251‌
482‌
Government
Bonds 0.1% 
Government
of
Abu
Dhabi,
3.00%,
9/15/51
(USD) 
420,000‌
277‌
277‌
Total
United
Arab
Emirates
(Cost
$765)
759‌
UNITED
KINGDOM 1.5%
Bank
Loans 0.2% (10)
CD&R
Firefly
Bidco,
FRN,
3M
EURIBOR
+
3.75%,
5.936%,
4/29/29
(EUR) (5)
215,000‌
241‌
CD&R
Firefly
Bidco,
FRN,
GBP
SONIA
+
5.25%,
9.709%,
6/21/28 (5)
116,250‌
151‌
Crown
Finance
U.S.,
FRN,
1M
TSFR
+
5.25%,
9.579%,
12/2/31
(USD) 
199,500‌
198‌
590‌
Common
Stocks 0.9% 
Barclays 
43,092‌
172‌
London
Stock
Exchange
Group 
6,529‌
1,017‌
Standard
Chartered 
20,500‌
295‌
Unilever 
21,652‌
1,378‌
2,862‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
23
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Convertible
Bonds 0.0% 
Immunocore
Holdings,
2.50%,
2/1/30
(USD) 
19,000‌
16‌
16‌
Corporate
Bonds 0.4% 
NatWest
Markets,
6.625%,
6/22/26 
100,000‌
136‌
Rolls-Royce,
3.625%,
10/14/25
(USD) (2)
900,000‌
894‌
1,030‌
Total
United
Kingdom
(Cost
$4,055)
4,498‌
UNITED
STATES 38.7%
Asset-Backed
Securities 2.4% 
AMSR
Trust,
Series
2020-SFR2,
Class
G,
4.00%,
7/17/37 (2)
335,000‌
333‌
AMSR
Trust,
Series
2020-SFR2,
Class
I,
5.25%,
7/17/37 (2)
145,000‌
144‌
Applebee's
Funding,
Series
2019-1A,
Class
A2II,
4.723%,
6/5/49 (2)
84,150‌
83‌
Applebee's
Funding,
Series
2023-1A,
Class
A2,
7.824%,
3/5/53 (2)
60,000‌
62‌
Auxilior
Term
Funding,
Series
2023-1A,
Class
E,
10.97%,
12/15/32 (2)
230,000‌
241‌
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2023-2A,
Class
D,
7.26%,
10/20/27 (2)
100,000‌
100‌
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2023-3A,
Class
D,
7.32%,
2/20/28 (2)
100,000‌
100‌
Bayview
Opportunity
Master
Fund
VII,
Series
2024-CAR1,
Class
D,
FRN,
SOFR30A
+
2.05%,
6.404%,
12/26/31 (2)
149,050‌
149‌
Blackbird
Capital
Aircraft
Lease
Securitization,
Series
2016-
1A,
Class
A,
STEP,
4.213%,
12/16/41 (2)
151,778‌
152‌
Blue
Owl
Asset
Leasing
Trust,
Series
2024-1A,
Class
D,
8.00%,
12/15/31 (2)
250,000‌
254‌
Carvana
Auto
Receivables
Trust,
Series
2021-N3,
Class
C,
1.02%,
6/12/28 
10,007‌
10‌
Elara
HGV
Timeshare
Issuer,
Series
2019-A,
Class
C,
3.45%,
1/25/34 (2)
26,528‌
26‌
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
D,
10.10%,
2/25/38 (2)
119,328‌
123‌
Frontier
Issuer,
Series
2023-1,
Class
C,
11.50%,
8/20/53 (2)
990,586‌
1,039‌
Frontier
Issuer,
Series
2024-1,
Class
C,
11.16%,
6/20/54 (2)
320,360‌
354‌
Goto
Foods
Funding,
Series
2022-1,
Class
A2,
7.206%,
7/30/52 (2)
243,125‌
246‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
24
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Hardee's
Funding,
Series
2020-1A,
Class
A2,
3.981%,
12/20/50 (2)
76,600‌
73‌
Hardee's
Funding,
Series
2021-1A,
Class
A2,
2.865%,
6/20/51 (2)
283,938‌
258‌
Hardee's
Funding,
Series
2024-1A,
Class
A2,
7.253%,
3/20/54 (2)
220,984‌
228‌
Huntington
Bank
Auto
Credit-Linked
Notes,
Series
2024-1,
Class
C,
FRN,
SOFR30A
+
3.15%,
7.50%,
5/20/32 (2)
160,979‌
162‌
JPMorgan
Chase
Bank,
Series
2021-3,
Class
D,
1.009%,
2/26/29 (2)
791‌
1‌
JPMorgan
Chase
Bank,
Series
2021-3,
Class
E,
2.102%,
2/26/29 (2)
1,611‌
2‌
Octane
Receivables
Trust,
Series
2021-2A,
Class
A,
1.21%,
9/20/28 (2)
428‌
—‌
Octane
Receivables
Trust,
Series
2021-2A,
Class
C,
2.53%,
5/21/29 (2)
320,000‌
314‌
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (2)
18,081‌
18‌
Octane
Receivables
Trust,
Series
2023-1A,
Class
E,
9.25%,
8/20/30 (2)
295,000‌
304‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-A,
Class
B,
5.281%,
5/15/32 (2)
3,394‌
3‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2022-C,
Class
D,
8.197%,
12/15/32 (2)
20,255‌
20‌
Santander
Bank
Auto
Credit-Linked
Notes,
Series
2023-B,
Class
E,
8.408%,
12/15/33 (2)
180,866‌
182‌
SEB
Funding,
Series
2024-1A,
Class
A2,
7.386%,
4/30/54 (2)
440,000‌
451‌
Sierra
Timeshare
Receivables
Funding,
Series
2021-1A,
Class
D,
3.17%,
11/20/37 (2)
93,320‌
91‌
Stonepeak,
Series
2021-1A,
Class
B,
3.821%,
2/28/33 (2)
140,372‌
134‌
TPIC
SPV
I,
Series
2024-1A,
Class
A,
Acquisition
Date:
12/10/24,
Cost $49,
7.131%,
11/30/44 (5)(6)
49,128‌
49‌
Ziply
Fiber
Issuer,
Series
2024-1A,
Class
C,
11.17%,
4/20/54 (2)
1,500,000‌
1,606‌
7,312‌
Bank
Loans 10.7% (10)
AMC
Entertainment
Holdings,
FRN,
1M
TSFR
+
7.00%,
11.32%,
1/4/29 
397,256‌
390‌
Applied
Systems,
FRN,
3M
TSFR
+
2.75%,
7.049%,
2/24/31 
397,253‌
396‌
Ascend
Learning,
FRN,
1M
TSFR
+
5.75%,
10.172%,
12/10/29 
141,060‌
138‌
AssuredPartners,
FRN,
1M
TSFR
+
3.50%,
2/14/31 (11)
700,000‌
700‌
Asurion,
FRN,
1M
TSFR
+
3.25%,
7.686%,
12/23/26 (11)
982,141‌
973‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
25
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Avalara,
FRN,
1M
TSFR
+
3.25%,
7.553%,
3/26/32 
210,000‌
209‌
Azek
Group,
FRN,
1M
TSFR
+
2.00%,
9/26/31 (11)
600,000‌
595‌
Bausch
+
Lomb,
FRN,
1M
TSFR
+
3.25%,
7.67%,
5/10/27 
1,395,390‌
1,377‌
ChampionX,
FRN,
1M
TSFR
+
2.75%,
7.172%,
6/7/29 
1,487,424‌
1,484‌
Chromalloy,
FRN,
3M
TSFR
+
3.75%,
8.039%,
3/27/31 
471,438‌
463‌
Cloud
Software
Group,
FRN,
3M
TSFR
+
3.75%,
8.049%,
3/21/31 
244,388‌
241‌
CMG
Media,
FRN,
3M
TSFR
+
3.50%,
7.899%,
6/18/29 
663,324‌
626‌
ConnectWise,
FRN,
3M
TSFR
+
3.50%,
8.061%,
9/29/28 
580,500‌
579‌
CSC
Holdings,
FRN,
1M
TSFR
+
1.50%,
9.00%,
4/15/27 
278,779‌
268‌
CSC
Holdings,
FRN,
1M
TSFR
+
4.50%,
8.822%,
1/18/28 
236,708‌
230‌
Delta
Topco,
FRN,
6M
TSFR
+
5.25%,
9.512%,
11/29/30 
435,000‌
428‌
Directv
Financing,
FRN,
3M
TSFR
+
5.00%,
9.541%,
8/2/27 
524,844‌
524‌
Eagle
Broadband
Investments,
FRN,
3M
TSFR
+
3.00%,
7.561%,
11/12/27 
397,922‌
396‌
Edelman
Financial
Engines
Center,
FRN,
1M
TSFR
+
5.25%,
9.572%,
10/6/28 
805,000‌
782‌
Ellucian
Holdings,
FRN,
1M
TSFR
+
4.75%,
9.072%,
11/22/32 
366,112‌
366‌
Everi
Holdings,
FRN,
1M
TSFR
+
2.50%,
6.936%,
8/3/28 
965,547‌
965‌
First
Eagle
Holdings,
FRN,
3M
TSFR
+
2.50%,
2/1/27 (11)
400,000‌
399‌
Fleet
U.S.
Bidco,
FRN,
6M
TSFR
+
2.75%,
7.055%,
2/21/31 (5)
96,417‌
96‌
Frontier
Communications
Holdings,
FRN,
1M
TSFR
+
2.50%,
6.792%,
7/1/31 
997,500‌
992‌
Graham
Packaging,
FRN,
1M
TSFR
+
2.50%,
6.822%,
8/4/27 
983,675‌
982‌
Gray
Media,
FRN,
1M
TSFR
+
5.25%,
6/4/29 (11)
54,612‌
53‌
Icon
Parent,
FRN,
3M
TSFR
+
5.00%,
9.315%,
11/12/32 
400,000‌
393‌
Javelin
Buyer,
FRN,
3M
TSFR
+
3.25%,
7.563%,
12/5/31 
110,000‌
110‌
Javelin
Buyer,
FRN,
3M
TSFR
+
5.25%,
9.563%,
10/7/32 
55,000‌
54‌
Kaseya,
FRN,
1M
TSFR
+
5.00%,
9.322%,
3/20/33 
417,735‌
407‌
Live
Nation
Entertainment,
FRN,
1M
TSFR
+
1.75%,
6.17%,
10/19/26 
1,989,474‌
1,984‌
LTI
Holdings,
FRN,
1M
TSFR
+
4.25%,
8.572%,
7/29/29 
888,463‌
843‌
Lumen
Technologies,
FRN,
1M
TSFR
+
6.00%,
10.322%,
6/1/28 
200,000‌
199‌
Main
Street
Sports
Group,
12.00%,
1/2/28,
(12%
Cash
or
15%
PIK) (4)
10,282‌
9‌
Mallinckrodt,
FRN,
1M
TSFR
+
9.50%,
11/14/28 (11)
1,496,203‌
1,549‌
MH
Sub
I,
FRN,
1M
TSFR
+
4.25%,
8.572%,
5/3/28 
118,146‌
112‌
MIC
Glen,
FRN,
1M
TSFR
+
3.50%,
7.822%,
7/21/28 
438,526‌
438‌
Neptune
Bidco
U.S.,
FRN,
3M
TSFR
+
5.00%,
9.33%,
4/11/29 
234,220‌
206‌
Nexstar
Media,
FRN,
1M
TSFR
+
2.50%,
6.936%,
9/18/26 
2,641,715‌
2,640‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
26
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Peloton
Interactive,
FRN,
1M
TSFR
+
5.50%,
9.813%,
5/30/29 
198,997‌
198‌
Playa
Resorts
Holding,
FRN,
1M
TSFR
+
2.75%,
1/5/29 (11)
1,300,000‌
1,297‌
Primo
Brands,
FRN,
3M
TSFR
+
2.25%,
6.549%,
3/31/28 
1,001,866‌
993‌
Project
Alpha
Intermediate
Holding,
FRN,
1M
TSFR
+
5.00%,
11/21/32 (11)
405,000‌
387‌
QXO,
FRN,
1M
TSFR
+
3.00%,
4/23/32 (11)
240,000‌
240‌
Radiate
Holdco,
FRN,
1M
TSFR
+
3.25%,
7.686%,
9/25/26 
564,175‌
494‌
RealPage,
FRN,
3M
TSFR
+
3.75%,
8.049%,
4/24/28 
400,000‌
399‌
RFS
OPCO,
FRN,
1M
TSFR
+
4.75%,
9.049%,
4/4/31 (5)
208,950‌
207‌
Spirit
AeroSystems,
FRN,
3M
TSFR
+
4.50%,
8.78%,
1/15/27 
988,347‌
988‌
Townsquare
Media,
FRN,
3M
TSFR
+
5.00%,
9.323%,
2/6/30 (5)
340,000‌
309‌
TransDigm,
FRN,
3M
TSFR
+
2.75%,
7.049%,
3/22/30 
1,485,000‌
1,481‌
U.S.
Renal
Care,
FRN,
1M
TSFR
+
5.00%,
9.436%,
6/20/28 (11)
312,251‌
287‌
Vertiv
Group,
FRN,
1M
TSFR
+
1.75%,
6.073%,
3/2/27 
1,990,000‌
1,981‌
32,857‌
Common
Stocks 8.7% 
Advanced
Micro
Devices (1)
1,680‌
164‌
AirJoule
Technologies,
Warrants,
3/15/29 (1)
36,900‌
24‌
Alphabet,
Class
A 
2,404‌
382‌
Altera
Infrastructure,
Acquisition
Date:
1/19/23,
Cost $15 (1)
(6)
700‌
17‌
Amazon.com (1)
6,070‌
1,119‌
Analog
Devices 
1,148‌
224‌
ANSYS (1)
2,010‌
647‌
Apple 
3,712‌
789‌
AppLovin,
Class
A (1)
146‌
39‌
AvalonBay
Communities,
REIT 
940‌
197‌
Bank
of
America 
4,625‌
184‌
Bicara
Therapeutics (1)
2,206‌
32‌
Block (1)
4,834‌
283‌
Boeing (1)
3,010‌
552‌
BRC,
Class
A (1)(3)
801‌
2‌
Broadcom 
1,546‌
298‌
Canva,
Acquisition
Date:
8/16/21
-
12/22/21,
Cost $245 (1)
(5)(6)
144‌
207‌
Capitalworks
Emerging
Markets
Acquisition,
Warrants,
4/27/28 (1)
36,400‌
—‌
Carvana (1)
869‌
212‌
Charles
Schwab 
15,868‌
1,292‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
27
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Citigroup 
7,486‌
512‌
Classover
Holdings,
Warrants,
4/7/30 (1)
36,700‌
2‌
CME
Group 
2,136‌
592‌
ConocoPhillips 
5,897‌
525‌
Constellation
Energy 
810‌
181‌
Copart (1)
6,791‌
414‌
Crowdstrike
Holdings,
Class
A (1)
271‌
116‌
Deere 
1,288‌
597‌
Diamond
Sports
Group,
Acquisition
Date:
1/2/25,
Cost $1 (1)
(6)
464‌
7‌
Diamondback
Energy 
1,216‌
160‌
Eli
Lilly 
1,088‌
978‌
Exxon
Mobil 
6,266‌
662‌
Flowco
Holdings,
Class
A (1)
1,917‌
37‌
Freeport-McMoRan 
1,644‌
59‌
GCT
Semiconductor
Holding,
Warrants,
12/31/28 (1)
24,750‌
2‌
General
Electric 
2,295‌
462‌
Gilead
Sciences 
3,250‌
346‌
Helix
Acquisition
Corp.
II (1)(3)
35,386‌
385‌
HubSpot (1)
611‌
374‌
iCapital,
Acquisition
Date:
3/10/25
-
4/17/25,
Cost $59 (1)(5)
(6)
4,183‌
59‌
Intuitive
Surgical (1)
487‌
251‌
Kenvue 
24,562‌
580‌
Liberty
Broadband,
Class
C (1)
27,652‌
2,499‌
Mastercard,
Class
A 
1,230‌
674‌
Meta
Platforms,
Class
A 
1,474‌
809‌
Metsera (1)
4,764‌
115‌
Microsoft 
4,555‌
1,800‌
Monolithic
Power
Systems 
160‌
95‌
Netflix (1)
595‌
673‌
NextEra
Energy 
2,556‌
171‌
NVIDIA 
7,439‌
810‌
Palantir
Technologies,
Class
A (1)
1,010‌
120‌
Patreon,
Acquisition
Date:
10/14/21,
Cost $9 (1)(5)(6)
165‌
3‌
Perception
Capital
IV,
Warrants,
11/10/26 (1)
24,850‌
3‌
ProfoundBio,
Escrow
Fund
Payment,
EC,
Acquisition
Date:
5/24/24,
Cost $— (1)(5)(6)
94‌
—‌
ProfoundBio,
Expense
Fund
Payment,
EC,
Acquisition
Date:
5/24/24,
Cost $— (1)(5)(6)
—‌
—‌
Radius
Recycling 
29,000‌
851‌
Rambus (1)
3,600‌
176‌
Reliance 
1,123‌
324‌
Repligen (1)
4,611‌
636‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
28
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Revolution
Medicines,
Warrants,
11/14/28 (1)
2,200‌
—‌
ServiceNow (1)
222‌
212‌
ServiceTitan,
Class
A (1)
156‌
18‌
Sherwin-Williams 
1,371‌
484‌
Sionna
Therapeutics,
Acquisition
Date:
3/4/24,
Cost $— (1)
(6)
16‌
—‌
Socure,
Acquisition
Date:
12/22/21,
Cost $1 (1)(5)(6)
89‌
—‌
Starbucks 
2,388‌
191‌
Structure
Therapeutics,
ADR (1)(3)
1,282‌
35‌
Synopsys (1)
629‌
289‌
Tesla (1)
500‌
141‌
Texas
Instruments 
600‌
96‌
Tradeweb
Markets,
Class
A 
1,341‌
185‌
UnitedHealth
Group 
1,156‌
476‌
Volato
Group,
Warrants,
12/3/28 (1)
36,400‌
2‌
Xcel
Energy 
10,323‌
730‌
26,583‌
Convertible
Bonds 1.9% 
Airbnb,
Zero
Coupon,
3/15/26 
1,505,000‌
1,443‌
BlackLine,
Zero
Coupon,
3/15/26 
300,000‌
290‌
Block,
Zero
Coupon,
5/1/26 
433,000‌
412‌
Cable
One,
Zero
Coupon,
3/15/26 
500,000‌
473‌
Galvanize
Therapeutics,
Acquisition
Date:
2/28/24,
Cost $1,
2/13/27 (1)(5)(6)
800‌
1‌
Insulet,
0.375%,
9/1/26 
818,000‌
1,010‌
Match
Group
Financeco
2,
0.875%,
6/15/26 (2)
600,000‌
572‌
Peloton
Interactive,
Zero
Coupon,
2/15/26 
300,000‌
283‌
Rapid7,
0.25%,
3/15/27 
300,000‌
275‌
Rivian
Automotive,
4.625%,
3/15/29 
38,000‌
38‌
Spotify
USA,
Zero
Coupon,
3/15/26 
204,000‌
260‌
U.S.
Steel,
5.00%,
11/1/26 
239,000‌
779‌
Wolfspeed,
1.875%,
12/1/29 
320,000‌
91‌
5,927‌
Convertible
Preferred
Stocks 0.2% 
ABL
Space
Systems,
Series
A-9,
Acquisition
Date:
10/22/21,
Cost $91 (1)(5)(6)
1,504‌
1‌
Anduril
Industries,
Series
G,
Acquisition
Date:
4/17/25,
Cost $8 (1)(5)(6)
195‌
8‌
Ares
Management,
Series
B,
6.75%,
10/1/27 
1,677‌
83‌
Arsenal
Biosciences,
Series
C,
Acquisition
Date:
7/9/24,
Cost $2 (1)(5)(6)
100‌
2‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
29
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Bluejay
Therapeutics,
Series
C,
Acquisition
Date:
5/1/24,
Cost $3 (1)(5)(6)
386‌
3‌
Boeing,
6.00%,
10/15/27 
1,855‌
114‌
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $14 (1)(5)(6)
8‌
12‌
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $2 (1)
(5)(6)
1‌
1‌
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $9 (1)
(5)(6)
423‌
1‌
Coalition,
Series
E,
Acquisition
Date:
9/7/21,
Cost $23 (1)
(5)(6)
1,376‌
12‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $36 (1)
(5)(6)
489‌
45‌
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $18 (1)
(5)(6)
249‌
23‌
Eikon
Therapeutics,
Series
B,
Acquisition
Date:
12/3/21,
Cost $6 (1)(5)(6)
330‌
2‌
Element
Biosciences,
Series
D,
Acquisition
Date:
6/28/24,
Cost $— (1)(5)(6)
38‌
—‌
Element
Biosciences,
Series
D-1,
Acquisition
Date:
6/28/24,
Cost $— (1)(5)(6)
38‌
—‌
EndeavorBio,
Series
C,
Acquisition
Date:
4/22/24,
Cost $— (1)(5)(6)
68‌
—‌
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $11 (1)
(5)(6)
1,889‌
5‌
FOG
Pharma,
Series
E,
Acquisition
Date:
2/29/24,
Cost $— (1)(5)(6)
41‌
—‌
Form
Energy,
Series
F,
Acquisition
Date:
10/4/24,
Cost $53 (1)(5)(6)
2,193‌
53‌
Formagrid,
Series
F,
Acquisition
Date:
12/8/21,
Cost $42 (1)
(5)(6)
222‌
13‌
Freenome
Holdings,
Series
D,
Acquisition
Date:
11/22/21,
Cost $26 (1)(5)(6)
3,412‌
19‌
Freenome
Holdings,
Series
F,
Acquisition
Date:
1/26/24,
Cost $— (1)(5)(6)
24‌
—‌
Generate
Bio,
Series
B,
Acquisition
Date:
9/2/21,
Cost $8 (1)
(5)(6)
666‌
8‌
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22,
Cost $8 (1)(5)(6)
63‌
8‌
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $10 (1)(5)(6)
384‌
33‌
Kobold
Metals,
Series
C-2,
Acquisition
Date:
9/20/24,
Cost $81 (1)(5)(6)
1,032‌
88‌
Laronde,
Series
B,
Acquisition
Date:
7/28/21,
Cost $5 (1)(5)
(6)
162‌
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
30
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Lightmatter,
Series
B-1,
Acquisition
Date:
12/16/24,
Cost $11 (1)(5)(6)
180‌
11‌
Lightmatter,
Series
D,
Acquisition
Date:
10/11/24,
Cost $55 (1)(5)(6)
689‌
55‌
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $15 (1)(5)(6)
1,156‌
11‌
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $26 (1)(5)
(6)
1,232‌
16‌
Obsidian
Therapeutics,
Series
C,
Acquisition
Date:
3/27/24,
Cost $1 (1)(5)(6)
625‌
1‌
Patreon,
Series
D,
Acquisition
Date:
10/21/21,
Cost $13 (1)
(5)(6)
238‌
4‌
Rappi,
Series
E,
Acquisition
Date:
9/8/20,
Cost $109 (1)(5)
(6)
1,822‌
40‌
Rappi,
Series
F,
Acquisition
Date:
7/8/21,
Cost $34 (1)(5)(6)
534‌
12‌
Redwood
Materials,
Series
D,
Acquisition
Date:
6/2/23,
Cost $3 (1)(5)(6)
69‌
4‌
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $2 (1)(5)
(6)
109‌
1‌
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $1 (1)
(5)(6)
89‌
—‌
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (1)
(5)(6)
2‌
—‌
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $3 (1)(5)
(6)
207‌
1‌
Third
Arc
Bio,
Series
A,
Acquisition
Date:
7/16/24,
Cost $1 (1)(5)(6)
285‌
1‌
Treeline
Biosciences,
Series
A,
Acquisition
Date:
9/26/22,
Cost $1 (1)(5)(6)
88‌
1‌
692‌
Corporate
Bonds 10.0% 
1261229
BC,
10.00%,
4/15/32 (2)
400,000‌
391‌
Alliant
Holdings
Intermediate,
7.375%,
10/1/32 (2)
35,000‌
35‌
Allied
Universal
Holdco,
9.75%,
7/15/27 (2)
400,000‌
401‌
Ally
Financial,
VR,
6.848%,
1/3/30 (7)
70,000‌
72‌
American
Airlines
Group,
10.75%,
2/15/26,
(10.75%
Cash
or
11.5%
PIK) (2)(4)
1,000,000‌
1,010‌
American
Airlines
Group,
10.75%,
2/15/26,
(10.75%
Cash
or
12%
PIK) (2)(4)
200,000‌
202‌
American
Electric
Power,
5.699%,
8/15/25 
52,000‌
52‌
American
Express,
VR,
5.098%,
2/16/28 (7)
80,000‌
81‌
AssuredPartners,
5.625%,
1/15/29 (2)
800,000‌
796‌
At
Home
Group,
4.875%,
7/15/28 (2)
240,000‌
62‌
Axon
Enterprise,
6.125%,
3/15/30 (2)
55,000‌
56‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
31
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Axon
Enterprise,
6.25%,
3/15/33 (2)
40,000‌
41‌
Boost
Newco
Borrower,
7.50%,
1/15/31 (2)
200,000‌
211‌
Brandywine
Operating
Partnership,
8.875%,
4/12/29 
200,000‌
210‌
Capital
One
Financial,
VR,
6.312%,
6/8/29 (7)
95,000‌
99‌
Capital
One
Financial,
VR,
6.377%,
6/8/34 (7)
95,000‌
99‌
Carnival,
7.625%,
3/1/26 (2)
1,500,000‌
1,500‌
CCO
Holdings,
4.25%,
1/15/34 (2)(3)
223,000‌
187‌
CEC
Entertainment,
6.75%,
5/1/26 (2)
110,000‌
108‌
Centene,
4.625%,
12/15/29 
161,000‌
154‌
Charter
Communications
Operating,
2.80%,
4/1/31 
187,000‌
162‌
Charter
Communications
Operating,
3.70%,
4/1/51 
30,000‌
18‌
Charter
Communications
Operating,
3.90%,
6/1/52 
653,000‌
414‌
Charter
Communications
Operating,
4.908%,
7/23/25 
13,000‌
13‌
Chobani
Holdco
II,
8.75%,
10/1/29,
(8.75%
Cash
or
9.5%
PIK) (2)(4)
359,476‌
381‌
CHS,
10.875%,
1/15/32 (2)
35,000‌
36‌
Cloud
Software
Group,
8.25%,
6/30/32 (2)
352,000‌
367‌
Cloud
Software
Group,
9.00%,
9/30/29 (2)
300,000‌
303‌
CMG
Media,
8.875%,
6/18/29 (2)
100,000‌
88‌
Comstock
Resources,
6.75%,
3/1/29 (2)
241,000‌
229‌
Constellation
Energy
Generation,
3.25%,
6/1/25 
54,000‌
54‌
Crescent
Energy
Finance,
7.375%,
1/15/33 (2)
195,000‌
174‌
DISH
DBS,
5.25%,
12/1/26 (2)
546,000‌
497‌
DISH
DBS,
7.75%,
7/1/26 
210,000‌
183‌
DISH
Network,
11.75%,
11/15/27 (2)
380,000‌
399‌
Everi
Holdings,
5.00%,
7/15/29 (2)
600,000‌
603‌
Ferrellgas,
5.375%,
4/1/26 (2)
900,000‌
875‌
Frontier
Communications
Holdings,
6.00%,
1/15/30 (2)
400,000‌
400‌
General
Motors
Financial,
6.05%,
10/10/25 
49,000‌
49‌
GPD,
10.125%,
4/1/26 (2)(3)
200,000‌
182‌
Gray
Media,
5.375%,
11/15/31 (2)
425,000‌
252‌
H&E
Equipment
Services,
3.875%,
12/15/28 (2)
1,400,000‌
1,393‌
Hewlett
Packard
Enterprise,
4.55%,
10/15/29 
953,000‌
946‌
Hilcorp
Energy
I,
6.00%,
4/15/30 (2)
63,000‌
58‌
Hyundai
Capital
America,
5.50%,
3/30/26 (2)
70,000‌
70‌
LCPR
Senior
Secured
Financing,
6.75%,
10/15/27 (2)
335,000‌
276‌
Level
3
Financing,
10.75%,
12/15/30 (2)
56,305‌
62‌
Level
3
Financing,
11.00%,
11/15/29 (2)
23,655‌
26‌
Live
Nation
Entertainment,
6.50%,
5/15/27 (2)
500,000‌
506‌
Mallinckrodt
International
Finance,
14.75%,
11/14/28 (2)
183,868‌
192‌
Match
Group
Holdings
II,
4.625%,
6/1/28 (2)
200,000‌
192‌
Nationstar
Mortgage
Holdings,
5.50%,
8/15/28 (2)
600,000‌
594‌
Navient,
6.75%,
6/25/25 
11,000‌
11‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
32
Par/Shares
$
Value
(Cost
and
value
in
$000s)
NCL,
5.875%,
3/15/26 (2)
47,000‌
47‌
Neptune
Bidco
U.S.,
9.29%,
4/15/29 (2)
716,000‌
637‌
Nexstar
Media,
5.625%,
7/15/27 (2)
200,000‌
197‌
NGL
Energy
Operating,
8.125%,
2/15/29 (2)
109,000‌
102‌
Ovintiv,
5.65%,
5/15/25 
51,000‌
51‌
PennyMac
Financial
Services,
5.375%,
10/15/25 (2)
1,500,000‌
1,491‌
Primo
Water
Holdings,
6.25%,
4/1/29 (2)
400,000‌
399‌
Quikrete
Holdings,
6.375%,
3/1/32 (2)
445,000‌
447‌
Rivian
Holdings,
FRN,
6M
TSFR
+
6.053%,
10.151%,
10/15/26 (2)
175,000‌
174‌
Rocket
Mortgage,
2.875%,
10/15/26 (2)
500,000‌
484‌
Santander
Holdings
USA,
VR,
6.124%,
5/31/27 (3)(7)
150,000‌
152‌
Service
Properties
Trust,
4.375%,
2/15/30 (3)
100,000‌
75‌
Service
Properties
Trust,
5.25%,
2/15/26 
400,000‌
394‌
Service
Properties
Trust,
8.875%,
6/15/32 (3)
100,000‌
97‌
Shutterfly
Finance,
9.75%,
10/1/27 (2)
36,006‌
36‌
Sirius
XM
Radio,
5.00%,
8/1/27 (2)
53,000‌
52‌
Southern,
VR,
1.875%,
9/15/81
(EUR) (7)
230,000‌
247‌
Sprint,
7.625%,
3/1/26 
49,000‌
50‌
Stagwell
Global,
5.625%,
8/15/29 (2)
168,000‌
158‌
Synopsys,
5.15%,
4/1/35 
45,000‌
45‌
Synopsys,
5.70%,
4/1/55 
95,000‌
91‌
TEGNA,
4.75%,
3/15/26 (2)
1,000,000‌
986‌
Tenet
Healthcare,
6.25%,
2/1/27 
2,400,000‌
2,397‌
Time
Warner
Cable,
6.55%,
5/1/37 
19,000‌
19‌
Time
Warner
Cable,
6.75%,
6/15/39 
46,000‌
46‌
TransDigm,
5.50%,
11/15/27 
1,200,000‌
1,191‌
Transocean,
8.75%,
2/15/30 (2)
299,200‌
293‌
Triumph
Group,
9.00%,
3/15/28 (2)
600,000‌
629‌
U.S.
Airways
PTT,
Series
2013-1,
Class
A,
3.95%,
11/15/25 
33,312‌
33‌
United
Airlines,
4.375%,
4/15/26 (2)
375,000‌
370‌
United
Rentals
North
America,
6.00%,
12/15/29 (2)
1,000,000‌
1,013‌
United
Wholesale
Mortgage,
5.50%,
11/15/25 (2)
300,000‌
298‌
Venture
Global
LNG,
VR,
9.00% (2)(7)(8)
295,000‌
252‌
Venture
Global
Plaquemines
LNG,
7.50%,
5/1/33 (2)
315,000‌
322‌
Vistra,
VR,
7.00% (2)(7)(8)
82,000‌
82‌
Walgreens
Boots
Alliance,
3.45%,
6/1/26 
600,000‌
586‌
Western
Digital,
4.75%,
2/15/26 
804,000‌
795‌
30,510‌
Municipal
Securities 0.6% 
Colorado
HFA,
Covenant
Living
Community,
Series
B,
4.48%,
12/1/40 
250,000‌
216‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
33
Par/Shares
$
Value
(Cost
and
value
in
$000s)
Michigan
Tobacco
Settlement
Fin.
Auth.,
Series
B,
Zero
Coupon,
6/1/46 
30,000‌
4‌
Port
of
Beaumont
Navigation
Dist.,
Jefferson
Gulf
Coast,
Series
B,
10.00%,
7/1/26 (2)
365,000‌
375‌
Puerto
Rico
Commonwealth,
GO,
VR,
11/1/43 (12)
1,077,683‌
644‌
Puerto
Rico
Electric
Power
Auth.,
Build
America,
5.95%,
7/1/30 (1)(13)
45,000‌
25‌
Puerto
Rico
Electric
Power
Auth.,
Build
America,
6.05%,
7/1/32 (1)(13)
370,000‌
205‌
Tobacco
Settlement
Fin.,
Series
A-1,
6.706%,
6/1/46 
275,000‌
220‌
Tobacco
Settlement
Fin.
Auth.,
Series
B,
4.875%,
6/1/49 
100,000‌
92‌
Tobacco
Settlement
Fin.
Auth.,
Series
B,
Zero
Coupon,
6/1/47 
500,000‌
46‌
1,827‌
Non-U.S.
Government
Mortgage-Backed
Securities 0.5% 
Alen
Mortgage
Trust,
Series
2021-ACEN,
Class
A,
ARM,
1M
TSFR
+
1.264%,
5.586%,
4/15/34 (2)
75,000‌
71‌
Bayview
Financing
Trust,
Series
2024-2F,
Class
A,
CMO,
ARM,
Acquisition
Date:
8/29/24,
Cost $90,
7.084%,
9/25/29 (5)(6)
89,540‌
90‌
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
E,
ARM,
1M
TSFR
+
2.964%,
7.286%,
11/15/34 (2)
130,000‌
1‌
BBCMS
Trust,
Series
2015-SRCH,
Class
D,
ARM,
5.122%,
8/10/35 (2)
100,000‌
93‌
BSREP
Commercial
Mortgage
Trust,
Series
2021-DC,
Class
C,
ARM,
1M
TSFR
+
1.664%,
5.986%,
8/15/38 (2)
38,345‌
32‌
BX
Trust,
Series
2021-VIEW,
Class
F,
ARM,
1M
TSFR
+
4.044%,
8.366%,
6/15/36 (2)
160,000‌
151‌
CAMB
Commercial
Mortgage
Trust,
Series
2019-LIFE,
Class
E,
ARM,
1M
TSFR
+
2.447%,
6.769%,
12/15/37 (2)
100,000‌
99‌
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65C,
ARM,
4.123%,
5/15/52 (2)
125,000‌
15‌
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65D,
ARM,
4.66%,
5/15/52 (2)
80,000‌
1‌
Connecticut
Avenue
Securities
Trust,
Series
2022-R06,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.75%,
7.104%,
5/25/42 (2)
37,726‌
38‌
Finance
of
America
HECM
Buyout,
Series
2024-HB1,
Class
M5,
ARM,
6.00%,
10/1/34 (2)
275,000‌
204‌
Oceanview
Mortgage
Loan
Trust,
Series
2020-1,
Class
A3,
CMO,
ARM,
3.285%,
5/28/50 (2)
115,000‌
99‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-
DNA2,
Class
M1A,
CMO,
ARM,
SOFR30A
+
1.30%,
5.654%,
2/25/42 (2)
44,662‌
45‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
34
Par/Shares
$
Value
(Cost
and
value
in
$000s)
TRK
Trust,
Series
2022-INV1,
Class
A1,
CMO,
ARM,
2.577%,
2/25/57 (2)
122,241‌
114‌
TX
Trust,
Series
2024-HOU,
Class
D,
ARM,
1M
TSFR
+
3.239%,
7.561%,
6/15/39 (2)
100,000‌
99‌
Verus
Securitization
Trust,
Series
2021-2,
Class
M1,
CMO,
ARM,
2.187%,
2/25/66 (2)
175,000‌
137‌
Verus
Securitization
Trust,
Series
2022-1,
Class
A1,
CMO,
STEP,
2.724%,
1/25/67 (2)
162,811‌
151‌
1,440‌
Preferred
Stocks 0.1% 
AH
Parent,
Series
A,
Acquisition
Date:
9/27/24,
Cost $295 (1)(5)(6)
300‌
295‌
295‌
U.S.
Government
&
Agency
Mortgage-Backed
Securities 0.6% 
Federal
Home
Loan
Mortgage,
CMO,
IO 
2.00%,
10/25/50
-
6/15/52 
1,171,149‌
154‌
2.50%,
4/25/51 
394,502‌
61‌
5.00%,
7/25/48
-
10/25/54 
623,068‌
141‌
5.50%,
11/25/53 
179,361‌
43‌
Federal
National
Mortgage
Assn.,
CMO,
IO 
2.00%,
2/25/51
-
4/25/52 
2,868,854‌
378‌
2.50%,
5/25/47
-
3/25/51 
1,395,845‌
204‌
5.00%,
8/25/54 
638,889‌
156‌
5.50%,
9/25/53
-
11/25/54 
1,000,525‌
243‌
Government
National
Mortgage
Assn.,
CMO,
IO 
2.00%,
11/20/50
-
3/20/51 
650,915‌
84‌
2.50%,
8/20/49
-
11/20/51 
1,617,966‌
228‌
3.00%,
8/20/50
-
8/20/51 
764,618‌
129‌
1,821‌
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed) 3.0% 
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/26 
438,016‌
435‌
U.S.
Treasury
Notes,
3.00%,
7/15/25 
1,180,000‌
1,177‌
U.S.
Treasury
Notes,
3.50%,
9/15/25 
1,725,000‌
1,720‌
U.S.
Treasury
Notes,
4.25%,
5/31/25 
776,200‌
776‌
U.S.
Treasury
Notes,
4.25%,
10/15/25 
1,350,000‌
1,350‌
U.S.
Treasury
Notes,
4.625%,
6/30/25 
990,000‌
990‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
35
Par/Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Notes,
6.875%,
8/15/25 (3)
2,800,000‌
2,816‌
9,264‌
Total
United
States
(Cost
$115,109)
118,528‌
UZBEKISTAN 0.2%
Government
Bonds 0.2% 
JSCB
Agrobank,
9.25%,
10/2/29
(USD) (2)
250,000‌
259‌
Navoi
Mining
&
Metallurgical
Combinat,
6.95%,
10/17/31
(USD) (2)
200,000‌
202‌
Republic
of
Uzbekistan,
3.70%,
11/25/30
(USD) 
300,000‌
258‌
Total
Uzbekistan
(Cost
$723)
719‌
VIETNAM 0.0%
Common
Stocks 0.0% 
FPT 
500‌
2‌
Hoa
Phat
Group (1)
2,000‌
2‌
Total
Vietnam
(Cost
$5)
4‌
ZAMBIA 0.0%
Government
Bonds 0.0% 
Republic
of
Zambia,
0.50%,
12/31/53
(USD) 
235,000‌
134‌
Total
Zambia
(Cost
$143)
134‌
SHORT-TERM
INVESTMENTS 36.4%
Money
Market
Funds 33.0%
T.
Rowe
Price
Government
Reserve
Fund,
4.38% (14)(15)
101,203,903‌
101,204‌
101,204‌
U.S.
Treasury
Obligations 3.4%
U.S.
Treasury
Bills,
4.017%,
10/30/25 
1,000,000‌
979‌
U.S.
Treasury
Bills,
4.166%,
7/10/25 
1,000,000‌
992‌
U.S.
Treasury
Bills,
4.172%,
9/18/25 
1,000,000‌
984‌
U.S.
Treasury
Bills,
4.243%,
5/22/25 
3,285,000‌
3,277‌
U.S.
Treasury
Bills,
4.253%,
7/24/25 
1,000,000‌
990‌
U.S.
Treasury
Bills,
4.289%,
6/12/25 
1,000,000‌
995‌
U.S.
Treasury
Bills,
4.298%,
8/14/25 
1,000,000‌
988‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
36
Par/Shares
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Bills,
4.421%,
5/1/25 
1,000,000‌
1,000‌
10,205‌
Total
Short-Term
Investments
(Cost
$111,410)
111,409‌
SECURITIES
LENDING
COLLATERAL 1.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.4%
Money
Market
Funds 0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.38% (14)(15)
1,118,471‌
1,118‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
1,118‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.7%
Money
Market
Funds 0.7%
T.
Rowe
Price
Government
Reserve
Fund,
4.38% (14)(15)
2,153,563‌
2,154‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
2,154‌
Total
Securities
Lending
Collateral
(Cost
$3,272)
3,272‌
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.4%
OTC
Options
Purchased
0.4%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
2
Year
Interest
Rate
Swap,
12/23/27
Receive
Fixed
3.00%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/19/25
@
3.00%* (1)
1‌
6,590‌
45‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
37
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
30
Year
Interest
Rate
Swap,
12/30/55
Pay
Fixed
4.50%
Annually,
Receive
Variable
4.41%
(SOFR)
Annually,
12/26/25
@
4.50%* (1)
1‌
1,361‌
22‌
Citibank
5
Year
Interest
Rate
Swap,
12/10/30
Receive
Fixed
2.25%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/8/25
@
2.25%* (1)
1‌
2,500‌
8‌
Citibank
USD
/
CNH,
Call,
7/8/25
@
CNH7.70 (1)
1‌
2,300‌
1‌
Citibank
USD
/
CNH,
Call,
1/6/26
@
CNH8.00 (1)
1‌
1,337‌
2‌
Citibank
USD
/
JPY,
Put,
9/4/25
@
JPY136.00 (1)
1‌
2,444‌
37‌
Citibank
USD
/
SAR,
Call,
10/13/25
@
SAR3.77 (1)
1‌
730‌
2‌
Goldman
Sachs
10
Year
Interest
Rate
Swap,
3/24/36
Pay
Fixed
4.39%
Annually,
Receive
Variable
4.41%
(SOFR)
Annually,
3/20/26
@
4.39%* (1)
2‌
5,714‌
68‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
38
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
2
Year
Interest
Rate
Swap,
12/16/27
Receive
Fixed
3.00%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/12/25
@
3.00%* (1)
1‌
25,100‌
169‌
Goldman
Sachs
5
Year
Interest
Rate
Swap,
12/10/30
Receive
Fixed
2.00%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/8/25
@
2.00%* (1)
1‌
2,500‌
5‌
Goldman
Sachs
Credit
Default
Swap,
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S44,
5
Year
Index,
6/20/30),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
5/21/25
@
0.58%* (1)
1‌
10,100‌
2‌
Goldman
Sachs
NASDAQ
100
Stock
Index,
Put,
5/16/25
@
$15,500.00 (1)
2‌
3,914‌
2‌
Goldman
Sachs
USD
/
EUR,
Put,
4/14/26
@
USD1.24 (1)
1‌
804‌
8‌
JPMorgan
Chase
Chevron,
Call,
6/20/25
@
$155.00 (1)
134‌
1,823‌
8‌
JPMorgan
Chase
Exxon
Mobil,
Call,
6/20/25
@
$115.00 (1)
244‌
2,577‌
24‌
JPMorgan
Chase
USD
/
KRW,
Put,
6/2/25
@
KRW1,414.40 (1)
1‌
1,485‌
15‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
39
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
10
Year
Interest
Rate
Swap,
3/24/36
Pay
Fixed
4.39%
Annually,
Receive
Variable
4.41%
(SOFR)
Annually,
3/20/26
@
4.39%* (1)
2‌
5,198‌
61‌
Morgan
Stanley
2
Year
Interest
Rate
Swap,
12/15/27
Receive
Fixed
2.75%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/11/25
@
2.75%* (1)
1‌
6,600‌
32‌
Morgan
Stanley
30
Year
Interest
Rate
Swap,
12/30/55
Pay
Fixed
4.50%
Annually,
Receive
Variable
4.41%
(SOFR)
Annually,
12/26/25
@
4.50%* (1)
2‌
2,715‌
44‌
Morgan
Stanley
30
Year
Interest
Rate
Swap,
7/14/55
Pay
Fixed
5.25%
Annually,
Receive
Variable
4.41%
(SOFR)
Annually,
7/10/25
@
5.25%* (1)
2‌
5,370‌
1‌
Morgan
Stanley
5
Year
Interest
Rate
Swap,
12/10/30
Receive
Fixed
2.00%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/8/25
@
2.00%* (1)
1‌
100‌
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
40
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
5
Year
Interest
Rate
Swap,
12/10/30
Receive
Fixed
2.25%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
12/8/25
@
2.25%* (1)
1‌
100‌
—‌
Morgan
Stanley
5
Year
Interest
Rate
Swap,
5/6/31
Receive
Fixed
3.00%
Annually,
Pay
Variable
4.41%
(SOFR)
Annually,
5/4/26
@
3.00%* (1)
1‌
2,550‌
34‌
Morgan
Stanley
Intra-Cellular
Therapies,
Put,
8/15/25
@
$110.00 (1)
158‌
2,084‌
—‌
Morgan
Stanley
NASDAQ
100
Stock
Index,
Call,
5/16/25
@
$20,400.00 (1)
4‌
7,828‌
39‌
Morgan
Stanley
Radius
Recycling,
Put,
10/17/25
@
$22.50 (1)
290‌
851‌
15‌
Morgan
Stanley
S&P
500
Index,
Call,
6/20/25
@
$5,850.00 (1)
42‌
23,390‌
234‌
Morgan
Stanley
SPDR
Euro
STOXX
50
ETF,
Put,
8/15/25
@
$50.00 (1)
20‌
113‌
2‌
UBS
Investment
Bank
ConocoPhillips,
Call,
6/20/25
@
$100.00 (1)
194‌
1,729‌
23‌
UBS
Investment
Bank
S&P
500
Index,
Put,
8/15/25
@
$5,350.00 (1)
23‌
12,809‌
366‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
41
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Wells
Fargo
Technology
Select
Sector
SPDR
Fund,
Put,
12/19/25
@
$196.00 (1)
18‌
378‌
20‌
Wells
Fargo
Technology
Select
Sector
SPDR
Fund,
Put,
12/19/25
@
$198.00 (1)
9‌
189‌
11‌
Total
Options
Purchased
(Cost
$1,244)
1,300‌
Total
Investments
in
Securities
99.9%
of
Net
Assets
(Cost
$300,588)
$
306,066‌
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Par/Shares
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
†
Investment
fund
is
not
unitized.
*
Exercise
Spread
(1)
Non-income
producing
(2)
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
$47,656
and
represents
15.6%
of
net
assets.
(3)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
April
30,
2025.
(4)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(5)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(6)
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
$1,310
and
represents
0.4%
of
net
assets.
(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.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
42
.
.
.
.
.
.
.
.
.
.
(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)
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.
(11)
All
or
a
portion
of
this
loan
is
unsettled
as
of
April
30,
2025.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(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
1M
CHF
LIBOR
One
month
CHF
LIBOR
(London
interbank
offered
rate)
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
SEK
STIBOR
One
month
SEK
STIBOR
(Stockholm
interbank
offered
rate)
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
EURIBOR
Three
month
EURIBOR
(Euro
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
CZK
PRIBOR
Six
month
CZK
PRIBOR
(Prague
interbank
offered
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
43
.
.
.
.
.
.
.
.
.
.
COP
Colombian
Peso
CORRA
Canadian
Overnight
Repo
Rate
Average
CPI
Consumer
Price
Index
CZK
Czech
Koruna
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
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
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KES
Kenya
Shilling
KRW
South
Korean
Won
KZT
Kazakhstan
Tenge
MXIBTIIE
Mexican
Interbank
28
day
interest
rate
MXN
Mexican
Peso
MYR
Malaysian
Ringgit
NGN
Nigerian
Naira
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PEN
Peruvian
New
Sol
PHP
Philippines
Peso
PIK
Payment-in-kind
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
SAR
Saudi
Riyal
SARON
Swiss
Average
Rate
Overnight
SEK
Swedish
Krona
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
44
.
.
.
.
.
.
.
.
.
.
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
UAH
Ukraine
Hryvnia
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
ZAR
South
African
Rand
ZMW
Zambian
Kwacha
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
45
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
 (0.1)%
OTC
Options
Written (0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Bank
of
America
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
iTraxx
Europe-S42,
5
Year
Index,
12/20/29),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/18/25
@
0.58%*
(EUR)
1
2,630
(13‌)
Citibank
USD
/
JPY,
Put,
9/4/25
@
JPY145.37
1
815
(36‌)
Goldman
Sachs
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S43,
5
Year
Index,
12/20/29),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
5/21/25
@
1.05%*
1
1,360
(22‌)
JPMorgan
Chase
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
5/16/25
@
$76.00
933
7,333
(12‌)
Morgan
Stanley
Intra-Cellular
Therapies,
Call,
12/19/25
@
$135.00
79
1,042
—‌
Morgan
Stanley
S&P
500
Index,
Put,
6/20/25
@
$5,000.00
42
23,390
(184‌)
RBC
Capital
Markets
Credit
Default
Swap,
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S43,
5
Year
Index,
12/20/29),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
5/21/25
@
1.06%*
1
1,350
(34‌)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
5/16/25
@
$78.00
734
5,769
(59‌)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
5/16/25
@
$78.00
734
5,769
(36‌)
Total
Options
Written
(Premiums
$(494))
$
(396‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
46
(Amounts
in
000s)
SWAPS
(0.8)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
(0.4)%
Credit
Default
Swaps,
Protection
Bought
(0.1)%
United
States
(0.1)%
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
1,438
(175)
(170)
(5‌)
Total
United
States
(170)
(5‌)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
(170)
(5‌)
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
14
16
(2‌)
Total
Luxembourg
16
(2‌)
Mexico
(0.0)%
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Petroleos
Mexicanos,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/25
(USD)
*
55
—
—
—‌
Barclays
Bank,
Protection
Sold (Relevant
Credit:
Petroleos
Mexicanos,
B3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
(USD)
*
324
(6)
(4)
(2‌)
Total
Mexico
(4)
(2‌)
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
12
(4‌)
Total
Return
Swaps
(0.3)%
Australia
0.0%
Citibank,
Pay
Underlying
Reference:
Commonwealth
Bank
of
Australia
Monthly,
Receive
Variable
3.710%
(1M
ADBB
+
(0.40)%)
Monthly,
1/20/26
783
(60)
—
(60‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
47
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Pay
Underlying
Reference:
QBE
Insurance
Group
Monthly,
Receive
Variable
3.710%
(1M
ADBB
+
(0.40)%)
Monthly,
1/20/26
410
(25)
—
(25‌)
Citibank,
Pay
Underlying
Reference:
REA
Group
Monthly,
Receive
Variable
3.710%
(1M
ADBB
+
(0.40)%)
Monthly,
1/20/26
820
(35)
—
(35‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Westpac
Banking
Monthly,
Receive
Variable
3.668%
(1M
ADBB
+
(0.40)%)
Monthly,
1/20/26
640
(27)
—
(27‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Downer
EDI
Monthly,
Pay
Variable
4.618%
(1M
ADBB
+
0.55%)
Monthly,
1/20/26
431
13
—
13‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ANZ
Group
Holdings
Monthly,
Pay
Variable
4.468%
(1M
ADBB
+
0.40%)
Monthly,
1/20/26
356
19
—
19‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ANZ
Group
Holdings
Monthly,
Pay
Variable
4.473%
(1M
ADBB
+
0.40%)
Monthly,
1/20/26
819
62
—
62‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Mirvac
Monthly,
Pay
Variable
4.510%
(1M
ADBB
+
0.40%)
Monthly,
1/20/26
1,177
63
—
63‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Northern
Star
Resources
Monthly,
Pay
Variable
4.510%
(1M
ADBB
+
0.40%)
Monthly,
1/20/26
4
—
—
—‌
Total
Australia
—
10‌
Austria
0.0%
Citibank,
Pay
Underlying
Reference:
Erste
Group
Bank
Monthly,
Receive
Variable
2.023%
(EUR
ESTR
+
(0.30)%)
Monthly,
1/20/26
816
(50)
—
(50‌)
JPMorgan
Chase,
Receive
Underlying
Reference:
BAWAG
Group
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
489
51
—
51‌
Total
Austria
—
1‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
48
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Belgium
(0.0)%
JPMorgan
Chase,
Receive
Underlying
Reference:
Syensqo
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Syensqo
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
UCB
Monthly,
Receive
Variable
1.817%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
450
(48)
—
(48‌)
Total
Belgium
—
(48‌)
Bermuda
0.0%
Goldman
Sachs,
Receive
Underlying
Reference:
RenaissanceRe
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
3
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
Norwegian
Cruise
Line
Holdings
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
265
5
—
5‌
Total
Bermuda
—
5‌
Brazil
0.0%
Bank
of
America,
Receive
Underlying
Reference:
Localiza
Rent
a
Car
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/21/26
127
18
—
18‌
Morgan
Stanley,
Receive
Underlying
Reference:
Banco
do
Brasil
Monthly,
Pay
Variable
4.777%
(SOFR
+
0.45%)
Monthly,
1/21/26
1
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Banco
do
Brasil
Monthly,
Pay
Variable
4.779%
(SOFR
+
0.45%)
Monthly,
1/21/26
—
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Localiza
Rent
a
Car
Monthly,
Pay
Variable
4.779%
(SOFR
+
0.45%)
Monthly,
1/21/26
1
—
—
—‌
Total
Brazil
—
18‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
49
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Canada
(0.0)%
Bank
of
America,
Receive
Underlying
Reference:
Franco-Nevada
Monthly,
Pay
Variable
3.254%
(CORRA
+
0.50%)
Monthly,
1/19/26
647
—
—
—‌
Bank
of
America,
Receive
Underlying
Reference:
Great-West
Lifeco
Monthly,
Pay
Variable
3.254%
(CORRA
+
0.50%)
Monthly,
1/19/26
974
20
—
20‌
Citibank,
Receive
Underlying
Reference:
Fairfax
Financial
Holdings
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
6
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Franco-Nevada
Monthly,
Pay
Variable
3.204%
(CORRA
+
0.45%)
Monthly,
1/19/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Franco-Nevada
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
4
—
—
—‌
Citibank,
Receive
Underlying
Reference:
GFL
Environmental
Monthly,
Pay
Variable
3.204%
(CORRA
+
0.45%)
Monthly,
1/19/26
1
—
—
—‌
Citibank,
Receive
Underlying
Reference:
GFL
Environmental
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
5
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Shopify,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Toronto-Dominion
Bank
Monthly,
Pay
Variable
3.204%
(CORRA
+
0.45%)
Monthly,
1/19/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Toronto-Dominion
Bank
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
3
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
50
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Wheaton
Precious
Metals
Monthly,
Pay
Variable
4.750%
(SOFR
+
0.42%)
Monthly,
1/20/26
1
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Wheaton
Precious
Metals
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citigroup
Global
Markets,
Receive
Underlying
Reference:
Franco-Nevada
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
—
—
—
—‌
Citigroup
Global
Markets,
Receive
Underlying
Reference:
GFL
Environmental
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
1
—
—
—‌
Goldman
Sachs,
Pay
Underlying
Reference:
Bank
of
Montreal
Monthly,
Receive
Variable
2.454%
(CORRA
+
(0.30)%)
Monthly,
1/19/26
289
(7)
—
(7‌)
Goldman
Sachs,
Pay
Underlying
Reference:
Brookfield
Asset
Management,
Class
A
Monthly,
Receive
Variable
2.454%
(CORRA
+
(0.30)%)
Monthly,
1/19/26
560
(33)
—
(33‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Interfor
Monthly,
Pay
Variable
3.054%
(CORRA
+
0.30%)
Monthly,
1/19/26
446
(13)
—
(13‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Suncor
Energy
Monthly,
Pay
Variable
3.054%
(CORRA
+
0.30%)
Monthly,
1/19/26
355
12
—
12‌
Morgan
Stanley,
Pay
Underlying
Reference:
Bank
of
Montreal
Monthly,
Receive
Variable
2.354%
(CORRA
+
(0.40)%)
Monthly,
1/19/26
129
(3)
—
(3‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Manulife
Financial
Monthly,
Receive
Variable
2.354%
(CORRA
+
(0.40)%)
Monthly,
1/19/26
616
(19)
—
(19‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
51
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
Shopify,
Class
A
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
160
(20)
—
(20‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Shopify,
Class
A
Monthly,
Receive
Variable
4.132%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
79
(9)
—
(9‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Sun
Life
Financial
Monthly,
Receive
Variable
2.354%
(CORRA
+
(0.40)%)
Monthly,
1/19/26
1,367
(38)
—
(38‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Canadian
Pacific
Kansas
City
Monthly,
Pay
Variable
3.304%
(CORRA
+
0.55%)
Monthly,
1/19/26
753
(16)
—
(16‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Shopify,
Class
A
Monthly,
Pay
Variable
3.304%
(CORRA
+
0.55%)
Monthly,
1/19/26
405
34
—
34‌
Total
Canada
—
(89‌)
Cayman
Islands
0.0%
Citibank,
Receive
Underlying
Reference:
Alibaba
Group
Holding
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
BeiGene
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
119
28
—
28‌
Citibank,
Receive
Underlying
Reference:
Futu
Holdings
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Futu
Holdings
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Galaxy
Digital
Holdings
Monthly,
Pay
Variable
3.206%
(CORRA
+
0.45%)
Monthly,
1/19/26
(CAD)
2
1
—
1‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
52
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
NU
Holdings,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
PDD
Holdings
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Sea
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Galaxy
Digital
Holdings
Monthly,
Pay
Variable
3.154%
(CORRA
+
0.40%)
Monthly,
1/19/26
(CAD)
1
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
Futu
Holdings
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
162
(16)
—
(16‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Futu
Holdings
Monthly,
Receive
Variable
4.132%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
79
(7)
—
(7‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Alibaba
Group
Holding
Monthly,
Pay
Variable
4.619%
(1M
HKD
HIBOR
+
0.55%)
Monthly,
1/20/26
(HKD)
12
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Alibaba
Group
Holding
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Alibaba
Group
Holding
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
NU
Holdings,
Class
A
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
192
28
—
28‌
Morgan
Stanley,
Receive
Underlying
Reference:
Structure
Therapeutics
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
22
9
—
9‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
53
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
UBS
Investment
Bank,
Receive
Underlying
Reference:
Tencent
Holdings
Monthly,
Pay
Variable
3.861%
(1M
HKD
HIBOR
+
0.35%)
Monthly,
1/20/26
(HKD)
1,100
12
—
12‌
Total
Cayman
Islands
—
57‌
China
0.0%
UBS
Investment
Bank,
Receive
Underlying
Reference:
Sany
Heavy
Industry,
Class
A
Monthly,
Pay
Variable
3.050%
(1M
CNH
HIBOR
+
0.75%)
Monthly,
1/21/26
1,765
2
—
2‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Weichai
Power,
Class
A
Monthly,
Pay
Variable
3.050%
(1M
CNH
HIBOR
+
0.75%)
Monthly,
1/21/26
1,800
6
—
6‌
Total
China
—
8‌
Curacao
(0.0)%
Bank
of
America,
Receive
Underlying
Reference:
Schlumberger
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
203
(3)
—
(3‌)
Total
Curacao
—
(3‌)
Cyprus
0.0%
UBS
Investment
Bank,
Receive
Underlying
Reference:
TCS
Group
Holding
Monthly,
Pay
Variable
4.684%
(SOFR
+
0.35%)
Monthly,
1/18/26
—
—
—
—‌
Total
Cyprus
—
—‌
Denmark
(0.0)%
Bank
of
America,
Receive
Underlying
Reference:
Carlsberg,
Class
B
Monthly,
Pay
Variable
2.567%
(1M
DKK
CIBOR
+
0.35%)
Monthly,
1/20/26
1,859
10
—
10‌
Citibank,
Pay
Underlying
Reference:
Genmab
Monthly,
Receive
Variable
1.867%
(1M
DKK
CIBOR
+
(0.35)%)
Monthly,
1/20/26
1,838
(21)
—
(21‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
54
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
Novo
Nordisk,
Class
B
Monthly,
Receive
Variable
1.867%
(1M
DKK
CIBOR
+
(0.35)%)
Monthly,
1/20/26
2,616
(8)
—
(8‌)
Total
Denmark
—
(19‌)
Finland
(0.0)%
Citibank,
Pay
Underlying
Reference:
Neste
Monthly,
Receive
Variable
2.023%
(EUR
ESTR
+
(0.30)%)
Monthly,
1/20/26
393
(119)
—
(119‌)
Citibank,
Receive
Underlying
Reference:
Stora
Enso,
Class
R
Monthly,
Pay
Variable
2.723%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
556
36
—
36‌
Goldman
Sachs,
Receive
Underlying
Reference:
UPM-Kymmene
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
552
3
—
3‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Sampo,
Class
A
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
693
30
—
30‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Stora
Enso,
Class
R
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
166
12
—
12‌
Morgan
Stanley,
Pay
Underlying
Reference:
Fortum
Monthly,
Receive
Variable
1.925%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
484
(57)
—
(57‌)
Total
Finland
—
(95‌)
France
0.1%
Citibank,
Pay
Underlying
Reference:
Pernod
Ricard
Monthly,
Receive
Variable
2.023%
(EUR
ESTR
+
(0.30)%)
Monthly,
1/20/26
734
(53)
—
(53‌)
Goldman
Sachs,
Receive
Underlying
Reference:
AXA
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/17/26
271
21
—
21‌
Goldman
Sachs,
Receive
Underlying
Reference:
BNP
Paribas
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
993
58
—
58‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
55
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Receive
Underlying
Reference:
Cie
de
Saint-Gobain
Monthly,
Pay
Variable
2.568%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Cie
de
Saint-Gobain
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Sanofi
Monthly,
Pay
Variable
2.568%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Sanofi
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Societe
Generale
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
TotalEnergies
Monthly,
Pay
Variable
2.568%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
TotalEnergies
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
4
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Vinci
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
250
10
—
10‌
JPMorgan
Chase,
Receive
Underlying
Reference:
SPIE
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
165
14
—
14‌
Morgan
Stanley,
Pay
Underlying
Reference:
Unibail-Rodamco-Westfield
Monthly,
Receive
Variable
1.925%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
343
(24)
—
(24‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Societe
Generale
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
106
16
—
16‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
56
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
UBS
Investment
Bank,
Pay
Underlying
Reference:
Capgemini
Monthly,
Receive
Variable
1.923%
(EUR
ESTR
+
(0.40)%)
Monthly,
1/20/26
915
(108)
—
(108‌)
Total
France
—
(66‌)
Germany
0.0%
Citibank,
Pay
Underlying
Reference:
Dr
Ing
hc
F
Porsche
Monthly,
Receive
Variable
2.023%
(EUR
ESTR
+
(0.30)%)
Monthly,
1/20/26
179
(6)
—
(6‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Beiersdorf
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
1,612
75
—
75‌
Goldman
Sachs,
Receive
Underlying
Reference:
Deutsche
Telekom
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
237
(1)
—
(1‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Volkswagen
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
496
38
—
38‌
JPMorgan
Chase,
Receive
Underlying
Reference:
BASF
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
203
14
—
14‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Continental
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Daimler
Truck
Holding
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Fresenius
SE
&
Co
KGaA
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
588
45
—
45‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Infineon
Technologies
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
294
22
—
22‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
57
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Muenchener
Rueckversicherungs-Gesellschaft
AG
in
Muenchen
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
5
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
SAP
Monthly,
Pay
Variable
2.520%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
SAP
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
11
1
—
1‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Siemens
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
3
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
Fresenius
Medical
Care
Monthly,
Receive
Variable
1.925%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
374
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
SAP
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
224
24
—
24‌
UBS
Investment
Bank,
Pay
Underlying
Reference:
Vonovia
Monthly,
Receive
Variable
1.923%
(EUR
ESTR
+
(0.40)%)
Monthly,
1/20/26
438
(65)
—
(65‌)
Total
Germany
—
147‌
Hong
Kong
0.0%
UBS
Investment
Bank,
Receive
Underlying
Reference:
Tencent
Holdings
Monthly,
Pay
Variable
3.861%
(1M
HKD
HIBOR
+
0.35%)
Monthly,
1/20/26
44
—
—
—‌
Total
Hong
Kong
—
—‌
Indonesia
0.0%
UBS
Investment
Bank,
Receive
Underlying
Reference:
Bank
Central
Asia
Monthly,
Pay
Variable
5.079%
(SOFR
+
0.75%)
Monthly,
1/21/26
153
8
—
8‌
Total
Indonesia
—
8‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
58
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Ireland
0.0%
Bank
of
America,
Receive
Underlying
Reference:
Medtronic
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
248
7
—
7‌
Citibank,
Receive
Underlying
Reference:
Smurfit
WestRock
Monthly,
Pay
Variable
4.750%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Smurfit
WestRock
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Pay
Underlying
Reference:
James
Hardie
Industries
Monthly,
Receive
Variable
(1.128)%
(SOFR
+
(5.455)%)
Monthly,
1/20/26
393
(34)
—
(34‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Pentair
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
384
(40)
—
(40‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Linde
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1,232
4
—
4‌
Morgan
Stanley,
Receive
Underlying
Reference:
Seagate
Technology
Holdings
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
220
57
—
57‌
Morgan
Stanley,
Receive
Underlying
Reference:
Seagate
Technology
Holdings
Monthly,
Pay
Variable
4.760%
(SOFR
+
0.40%)
Monthly,
1/20/26
137
16
—
16‌
Total
Ireland
—
10‌
Israel
0.0%
JPMorgan
Chase,
Pay
Underlying
Reference:
Global-e
Online
Monthly,
Receive
Variable
4.077%
(SOFR
+
(0.25)%)
Monthly,
1/20/26
296
(30)
—
(30‌)
Morgan
Stanley,
Receive
Underlying
Reference:
CyberArk
Software
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
518
26
—
26‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
59
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Monday.com
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
392
46
—
46‌
Total
Israel
—
42‌
Italy
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
FinecoBank
Banca
Fineco
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
386
6
—
6‌
Morgan
Stanley,
Pay
Underlying
Reference:
Amplifon
Monthly,
Receive
Variable
1.925%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
122
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Interpump
Group
Monthly,
Pay
Variable
2.545%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
142
11
—
11‌
Morgan
Stanley,
Receive
Underlying
Reference:
UniCredit
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
460
13
—
13‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Intesa
Sanpaolo
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Intesa
Sanpaolo
Monthly,
Pay
Variable
2.673%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Total
Italy
—
30‌
Japan
0.0%
Citibank,
Pay
Underlying
Reference:
SCREEN
Holdings
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
13,155
(9)
—
(9‌)
Citibank,
Receive
Underlying
Reference:
FUJIFILM
Holdings
Monthly,
Pay
Variable
0.857%
(JPY
TONA
+
0.38%)
Monthly,
1/20/26
216,770
(37)
—
(37‌)
Citibank,
Receive
Underlying
Reference:
Mercari
Monthly,
Pay
Variable
0.857%
(JPY
TONA
+
0.38%)
Monthly,
1/20/26
23,274
1
—
1‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
60
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Sumitomo
Mitsui
Trust
Group
Monthly,
Pay
Variable
0.857%
(JPY
TONA
+
0.38%)
Monthly,
1/20/26
58,517
46
—
46‌
Citigroup
Global
Markets,
Pay
Underlying
Reference:
Murata
Manufacturing
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
84,906
(63)
—
(63‌)
Citigroup
Global
Markets,
Pay
Underlying
Reference:
SCREEN
Holdings
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
6,139
(4)
—
(4‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Aisin
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
32,995
(58)
—
(58‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Central
Japan
Railway
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
148,457
(22)
—
(22‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Eisai
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
51,805
(45)
—
(45‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Fast
Retailing
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
37,120
(3)
—
(3‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Hitachi
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
102,835
(49)
—
(49‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Honda
Motor
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
41,557
(25)
—
(25‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Hoya
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
53,312
(26)
—
(26‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
61
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
Isuzu
Motors
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
44,080
(26)
—
(26‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Mitsubishi
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
36,405
(29)
—
(29‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Nippon
Telegraph
&
Telephone
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
67,340
(18)
—
(18‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Olympus
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
121,958
(43)
—
(43‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Recruit
Holdings
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
180,762
(59)
—
(59‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Shionogi
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
87,306
(29)
—
(29‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Shiseido
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
34,128
2
—
2‌
Morgan
Stanley,
Pay
Underlying
Reference:
Sompo
Holdings
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
43,040
(29)
—
(29‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Sumitomo
Mitsui
Financial
Group
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
125,336
(53)
—
(53‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Tokyo
Metro
Monthly,
Receive
Variable
0.057%
(JPY
TONA
+
(0.42)%)
Monthly,
1/20/26
44,438
20
—
20‌
Morgan
Stanley,
Receive
Underlying
Reference:
Asics
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
37,956
30
—
30‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
62
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Calbee
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
32,772
10
—
10‌
Morgan
Stanley,
Receive
Underlying
Reference:
Chugai
Pharmaceutical
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
49,121
82
—
82‌
Morgan
Stanley,
Receive
Underlying
Reference:
Daiichi
Sankyo
Monthly,
Pay
Variable
1.010%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
57,164
3
—
3‌
Morgan
Stanley,
Receive
Underlying
Reference:
Denso
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
29,409
13
—
13‌
Morgan
Stanley,
Receive
Underlying
Reference:
Isetan
Mitsukoshi
Holdings
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
38,259
16
—
16‌
Morgan
Stanley,
Receive
Underlying
Reference:
KDDI
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
12,575
1
—
1‌
Morgan
Stanley,
Receive
Underlying
Reference:
Kusuri
no
Aoki
Holdings
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
40,597
16
—
16‌
Morgan
Stanley,
Receive
Underlying
Reference:
Kyushu
Railway
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
60,126
8
—
8‌
Morgan
Stanley,
Receive
Underlying
Reference:
Mitsubishi
Electric
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
38,123
19
—
19‌
Morgan
Stanley,
Receive
Underlying
Reference:
Mitsubishi
Estate
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
101,545
33
—
33‌
Morgan
Stanley,
Receive
Underlying
Reference:
Nintendo
Monthly,
Pay
Variable
1.006%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
1,129
1
—
1‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
63
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Nintendo
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
49,464
53
—
53‌
Morgan
Stanley,
Receive
Underlying
Reference:
Nippon
Sanso
Holdings
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
54,312
2
—
2‌
Morgan
Stanley,
Receive
Underlying
Reference:
Otsuka
Holdings
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
77,828
10
—
10‌
Morgan
Stanley,
Receive
Underlying
Reference:
Rakuten
Bank
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
41,167
3
—
3‌
Morgan
Stanley,
Receive
Underlying
Reference:
Renesas
Electronics
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
72,333
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Seven
&
i
Holdings
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
76,048
49
—
49‌
Morgan
Stanley,
Receive
Underlying
Reference:
Shin-Etsu
Chemical
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
23,163
19
—
19‌
Morgan
Stanley,
Receive
Underlying
Reference:
Sumitomo
Realty
&
Development
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
71,550
3
—
3‌
Morgan
Stanley,
Receive
Underlying
Reference:
Sysmex
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
134,838
(19)
—
(19‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Toyota
Industries
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
39,076
93
—
93‌
Morgan
Stanley,
Receive
Underlying
Reference:
Trial
Holdings
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
37,440
(13)
—
(13‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
64
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Unicharm
Monthly,
Pay
Variable
1.007%
(JPY
TONA
+
0.53%)
Monthly,
1/20/26
80,427
36
—
36‌
UBS
Investment
Bank,
Pay
Underlying
Reference:
Dai-ichi
Life
Holdings
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
19,229
(16)
—
(16‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
Dai-ichi
Life
Holdings
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
32,830
(24)
—
(24‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
FANUC
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
32,670
(24)
—
(24‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
Mitsubishi
Heavy
Industries
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
86,238
(126)
—
(126‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
Mizuho
Financial
Group
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
52,833
(44)
—
(44‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
Omron
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
58,090
(39)
—
(39‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
Shimadzu
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
110,617
(57)
—
(57‌)
UBS
Investment
Bank,
Pay
Underlying
Reference:
SoftBank
Monthly,
Receive
Variable
0.077%
(JPY
TONA
+
(0.40)%)
Monthly,
1/20/26
132,113
(77)
—
(77‌)
UBS
Investment
Bank,
Receive
Underlying
Reference:
CKD
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
55,774
78
—
78‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Ibiden
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
338
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
65
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
UBS
Investment
Bank,
Receive
Underlying
Reference:
ITOCHU
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
633
1
—
1‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
KDDI
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
29,900
16
—
16‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Keyence
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
166,253
137
—
137‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Kyocera
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
314
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Nextage
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
158
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Nextage
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
138
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Nippon
Sanso
Holdings
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
437
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Nitori
Holdings
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
92,188
60
—
60‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Optex
Group
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
35,178
16
—
16‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Renesas
Electronics
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
338
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Seven
&
i
Holdings
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
387
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
66
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
UBS
Investment
Bank,
Receive
Underlying
Reference:
SMC
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
42,111
1
—
1‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Taiheiyo
Cement
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/17/26
84,123
46
—
46‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Tokio
Marine
Holdings
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
114,210
99
—
99‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Tokyo
Electron
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
94,605
95
—
95‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Toyota
Motor
Monthly,
Pay
Variable
0.827%
(JPY
TONA
+
0.35%)
Monthly,
1/20/26
65,628
66
—
66‌
Total
Japan
—
118‌
Liberia
(0.0)%
Morgan
Stanley,
Pay
Underlying
Reference:
Royal
Caribbean
Cruises
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
576
(63)
—
(63‌)
Total
Liberia
—
(63‌)
Luxembourg
(0.0)%
Citibank,
Pay
Underlying
Reference:
ArcelorMittal
Monthly,
Receive
Variable
2.023%
(EUR
ESTR
+
(0.30)%)
Monthly,
1/20/26
187
(31)
—
(31‌)
Citibank,
Pay
Underlying
Reference:
Spotify
Technology
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
179
(33)
—
(33‌)
Citibank,
Receive
Underlying
Reference:
Globant
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Tenaris
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/17/26
242
6
—
6‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
67
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Spotify
Technology
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
249
18
—
18‌
Total
Luxembourg
—
(40‌)
Mexico
(0.0)%
Morgan
Stanley,
Receive
Underlying
Reference:
Controladora
AXTEL
Monthly,
Pay
Variable
9.457%
(MXIBTIIE
+
0.55%)
Monthly,
1/19/26
312
(2)
—
(2‌)
Total
Mexico
—
(2‌)
Netherlands
0.0%
Bank
of
America,
Receive
Underlying
Reference:
BE
Semiconductor
Industries
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
Bank
of
America,
Receive
Underlying
Reference:
BE
Semiconductor
Industries
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
3
—
—
—‌
Bank
of
America,
Receive
Underlying
Reference:
Ferrari
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
354
19
—
19‌
Bank
of
America,
Receive
Underlying
Reference:
Koninklijke
Philips
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
Bank
of
America,
Receive
Underlying
Reference:
Koninklijke
Philips
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Adyen
Monthly,
Pay
Variable
2.570%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
232
(8)
—
(8‌)
Citibank,
Receive
Underlying
Reference:
NXP
Semiconductors
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Prosus
Monthly,
Pay
Variable
2.723%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
217
21
—
21‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
68
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Receive
Underlying
Reference:
AerCap
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
1
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
AerCap
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
1
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Heineken
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/17/26
152
10
—
10‌
Goldman
Sachs,
Receive
Underlying
Reference:
Heineken
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
69
5
—
5‌
JPMorgan
Chase,
Receive
Underlying
Reference:
NXP
Semiconductors
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
Akzo
Nobel
Monthly,
Receive
Variable
1.818%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
232
(28)
—
(28‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Koninklijke
Philips
Monthly,
Receive
Variable
1.925%
(EUR
ESTR
+
(0.35)%)
Monthly,
1/20/26
800
(44)
—
(44‌)
UBS
Investment
Bank,
Receive
Underlying
Reference:
Adyen
Monthly,
Pay
Variable
2.517%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Adyen
Monthly,
Pay
Variable
2.673%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
7
1
—
1‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Airbus
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Airbus
Monthly,
Pay
Variable
2.673%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
3
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
69
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
UBS
Investment
Bank,
Receive
Underlying
Reference:
ASM
International
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ASM
International
Monthly,
Pay
Variable
2.673%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
3
1
—
1‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ASML
Holding
Monthly,
Pay
Variable
2.517%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ASML
Holding
Monthly,
Pay
Variable
2.518%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ASML
Holding
Monthly,
Pay
Variable
2.673%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
10
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
ASR
Nederland
Monthly,
Pay
Variable
2.673%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
268
34
—
34‌
Total
Netherlands
—
12‌
Norway
0.0%
Citibank,
Pay
Underlying
Reference:
Aker
BP
Monthly,
Receive
Variable
4.210%
(1M
NOK
NIBOR
+
(0.35)%)
Monthly,
1/20/26
2,912
(6)
—
(6‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Equinor
Monthly,
Receive
Variable
4.210%
(1M
NOK
NIBOR
+
(0.35)%)
Monthly,
1/20/26
2,510
10
—
10‌
Morgan
Stanley,
Pay
Underlying
Reference:
Norsk
Hydro
Monthly,
Receive
Variable
4.210%
(1M
NOK
NIBOR
+
(0.35)%)
Monthly,
1/20/26
2,310
(2)
—
(2‌)
Total
Norway
—
2‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
70
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Panama
(0.0)%
Bank
of
America,
Pay
Underlying
Reference:
Carnival
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
210
(4)
—
(4‌)
Total
Panama
—
(4‌)
Portugal
0.0%
Bank
of
America,
Receive
Underlying
Reference:
Galp
Energia
SGPS
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Jeronimo
Martins
SGPS
Monthly,
Pay
Variable
2.675%
(EUR
ESTR
+
0.40%)
Monthly,
1/20/26
182
9
—
9‌
Morgan
Stanley,
Receive
Underlying
Reference:
Galp
Energia
SGPS
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
263
9
—
9‌
Total
Portugal
—
18‌
South
Korea
(0.0)%
Citibank,
Receive
Underlying
Reference:
SK
Hynix
Monthly,
Pay
Variable
4.878%
(SOFR
+
0.55%)
Monthly,
1/21/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
SK
Hynix
Monthly,
Pay
Variable
4.884%
(SOFR
+
0.55%)
Monthly,
1/21/26
3
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Samsung
Electronics
Monthly,
Pay
Variable
5.177%
(SOFR
+
0.85%)
Monthly,
1/21/26
81
(2)
—
(2‌)
Total
South
Korea
—
(2‌)
Spain
(0.0)%
JPMorgan
Chase,
Receive
Underlying
Reference:
Puig
Brands,
Class
B
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
141
15
—
15‌
Morgan
Stanley,
Receive
Underlying
Reference:
Redeia
Monthly,
Pay
Variable
2.625%
(EUR
ESTR
+
0.35%)
Monthly,
1/20/26
978
(35)
—
(35‌)
Total
Spain
—
(20‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
71
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Sweden
0.0%
Bank
of
America,
Receive
Underlying
Reference:
Boliden
Monthly,
Pay
Variable
2.627%
(1M
SEK
STIBOR
+
0.35%)
Monthly,
1/20/26
16
—
—
—‌
Citibank,
Pay
Underlying
Reference:
Svenska
Cellulosa,
Class
B
Monthly,
Receive
Variable
1.954%
(1M
SEK
STIBOR
+
(0.35)%)
Monthly,
1/20/26
11,607
(16)
—
(16‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Telefonaktiebolaget
LM
Ericsson,
Class
B
Monthly,
Pay
Variable
2.627%
(1M
SEK
STIBOR
+
0.35%)
Monthly,
1/20/26
6,395
16
—
16‌
Morgan
Stanley,
Receive
Underlying
Reference:
Kinnevik,
Class
B
Monthly,
Pay
Variable
2.627%
(1M
SEK
STIBOR
+
0.35%)
Monthly,
1/20/26
2,915
4
—
4‌
UBS
Investment
Bank,
Pay
Underlying
Reference:
Hexagon,
Class
B
Monthly,
Receive
Variable
1.904%
(1M
SEK
STIBOR
+
(0.40)%)
Monthly,
1/20/26
9,983
(8)
—
(8‌)
UBS
Investment
Bank,
Receive
Underlying
Reference:
Essity,
Class
B
Monthly,
Pay
Variable
2.654%
(1M
SEK
STIBOR
+
0.35%)
Monthly,
1/17/26
5,102
6
—
6‌
Total
Sweden
—
2‌
Switzerland
0.0%
Bank
of
America,
Pay
Underlying
Reference:
Straumann
Holding
Monthly,
Receive
Variable
(0.161)%
(SARON
+
(0.35)%)
Monthly,
1/20/26
161
(5)
—
(5‌)
Citibank,
Pay
Underlying
Reference:
Sika
Monthly,
Receive
Variable
(0.229)%
(1M
CHF
LIBOR
+
(0.42)%)
Monthly,
1/20/26
204
(22)
—
(22‌)
Citibank,
Receive
Underlying
Reference:
Chubb
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Alcon
Monthly,
Pay
Variable
0.479%
(SARON
+
0.29%)
Monthly,
1/20/26
288
20
—
20‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
72
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Cie
Financiere
Richemont,
Class
A
Monthly,
Pay
Variable
0.589%
(SARON
+
0.40%)
Monthly,
1/20/26
213
18
—
18‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Zurich
Insurance
Group
Monthly,
Pay
Variable
0.589%
(1M
CHF
LIBOR
+
0.40%)
Monthly,
1/20/26
3
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Sonova
Holding
Monthly,
Pay
Variable
0.479%
(1M
CHF
LIBOR
+
0.29%)
Monthly,
1/20/26
75
7
—
7‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Sonova
Holding
Monthly,
Pay
Variable
0.541%
(1M
CHF
LIBOR
+
0.35%)
Monthly,
1/20/26
154
16
—
16‌
Total
Switzerland
—
34‌
Taiwan
0.0%
Citibank,
Receive
Underlying
Reference:
Taiwan
Semiconductor
Manufacturing
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Taiwan
Semiconductor
Manufacturing
Monthly,
Pay
Variable
4.766%
(SOFR
+
0.42%)
Monthly,
1/20/26
1
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Taiwan
Semiconductor
Manufacturing
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
217
13
—
13‌
Total
Taiwan
—
13‌
United
Kingdom
0.0%
Bank
of
America,
Receive
Underlying
Reference:
Admiral
Group
Monthly,
Pay
Variable
4.812%
(GBP
SONIA
+
0.35%)
Monthly,
1/20/26
148
4
—
4‌
Bank
of
America,
Receive
Underlying
Reference:
ARM
Holdings
Monthly,
Pay
Variable
4.660%
(SOFR
+
0.30%)
Monthly,
1/20/26
142
3
—
3‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
73
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Pay
Underlying
Reference:
Diageo
Monthly,
Receive
Variable
4.154%
(GBP
SONIA
+
(0.31)%)
Monthly,
1/17/26
652
(19)
—
(19‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Admiral
Group
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
773
23
—
23‌
Goldman
Sachs,
Receive
Underlying
Reference:
AstraZeneca
Monthly,
Pay
Variable
4.841%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
—
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
AstraZeneca
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Aviva
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
160
15
—
15‌
Goldman
Sachs,
Receive
Underlying
Reference:
Barclays
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/17/26
219
18
—
18‌
Goldman
Sachs,
Receive
Underlying
Reference:
Imperial
Brands
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
597
31
—
31‌
Goldman
Sachs,
Receive
Underlying
Reference:
National
Grid
Monthly,
Pay
Variable
4.841%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
—
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
National
Grid
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Standard
Chartered
Monthly,
Pay
Variable
4.841%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
—
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Standard
Chartered
Monthly,
Pay
Variable
4.842%
(GBP
SONIA
+
0.38%)
Monthly,
1/20/26
292
26
—
26‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
74
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Receive
Underlying
Reference:
TechnipFMC
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
211
25
—
25‌
JPMorgan
Chase,
Pay
Underlying
Reference:
Rentokil
Initial
Monthly,
Receive
Variable
4.112%
(GBP
SONIA
+
(0.35)%)
Monthly,
1/20/26
365
(23)
—
(23‌)
JPMorgan
Chase,
Receive
Underlying
Reference:
Admiral
Group
Monthly,
Pay
Variable
4.811%
(GBP
SONIA
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Admiral
Group
Monthly,
Pay
Variable
4.812%
(GBP
SONIA
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Aviva
Monthly,
Pay
Variable
4.812%
(GBP
SONIA
+
0.35%)
Monthly,
1/20/26
211
19
—
19‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Coca-Cola
Europacific
Partners
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Coca-Cola
Europacific
Partners
Monthly,
Pay
Variable
4.696%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
HSBC
Holdings
Monthly,
Receive
Variable
4.152%
(GBP
SONIA
+
(0.31)%)
Monthly,
1/20/26
436
(35)
—
(35‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Barclays
Monthly,
Pay
Variable
4.852%
(GBP
SONIA
+
0.39%)
Monthly,
1/20/26
92
8
—
8‌
Morgan
Stanley,
Receive
Underlying
Reference:
ConvaTec
Group
Monthly,
Pay
Variable
4.850%
(GBP
SONIA
+
0.39%)
Monthly,
1/20/26
202
2
—
2‌
Morgan
Stanley,
Receive
Underlying
Reference:
Prudential
Monthly,
Pay
Variable
4.852%
(GBP
SONIA
+
0.39%)
Monthly,
1/20/26
211
15
—
15‌
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:
Shell
Monthly,
Pay
Variable
4.852%
(GBP
SONIA
+
0.39%)
Monthly,
1/20/26
583
21
—
21‌
Morgan
Stanley,
Receive
Underlying
Reference:
Standard
Chartered
Monthly,
Pay
Variable
4.852%
(GBP
SONIA
+
0.39%)
Monthly,
1/20/26
92
6
—
6‌
Morgan
Stanley,
Receive
Underlying
Reference:
Wise,
Class
A
Monthly,
Pay
Variable
4.852%
(GBP
SONIA
+
0.39%)
Monthly,
1/20/26
330
2
—
2‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Unilever
Monthly,
Pay
Variable
4.814%
(GBP
SONIA
+
0.35%)
Monthly,
1/20/26
3
—
—
—‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Wise,
Class
A
Monthly,
Pay
Variable
4.814%
(GBP
SONIA
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Total
United
Kingdom
—
141‌
United
States
(0.4)%
Bank
of
America,
Pay
Underlying
Reference:
Biogen
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
224
(8)
—
(8‌)
Bank
of
America,
Pay
Underlying
Reference:
Constellation
Brands,
Class
A
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
285
(7)
—
(7‌)
Bank
of
America,
Pay
Underlying
Reference:
Eversource
Energy
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
524
(13)
—
(13‌)
Bank
of
America,
Pay
Underlying
Reference:
Ford
Motor
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
308
(18)
—
(18‌)
Bank
of
America,
Pay
Underlying
Reference:
Honeywell
International
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
356
(20)
—
(20‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
76
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Bank
of
America,
Pay
Underlying
Reference:
Teradyne
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
178
—
—
—‌
Bank
of
America,
Pay
Underlying
Reference:
Travelers
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
693
(39)
—
(39‌)
Bank
of
America,
Pay
Underlying
Reference:
United
States
Steel
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
786
(43)
—
(43‌)
Bank
of
America,
Pay
Underlying
Reference:
Walt
Disney
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
212
(14)
—
(14‌)
Bank
of
America,
Receive
Underlying
Reference:
ARM
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
234
23
—
23‌
Bank
of
America,
Receive
Underlying
Reference:
Booking
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
373
38
—
38‌
Bank
of
America,
Receive
Underlying
Reference:
Chipotle
Mexican
Grill
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
222
7
—
7‌
Bank
of
America,
Receive
Underlying
Reference:
Dover
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
411
18
—
18‌
Bank
of
America,
Receive
Underlying
Reference:
Frontier
Communications
Parent
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2,624
26
—
26‌
Bank
of
America,
Receive
Underlying
Reference:
Gilead
Sciences
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
657
4
—
4‌
Bank
of
America,
Receive
Underlying
Reference:
Meta
Platforms,
Class
A
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
353
18
—
18‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
77
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Bank
of
America,
Receive
Underlying
Reference:
Procter
&
Gamble
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
567
(18)
—
(18‌)
Bank
of
America,
Receive
Underlying
Reference:
Rockwell
Automation
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
211
13
—
13‌
Bank
of
America,
Receive
Underlying
Reference:
Saia
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
152
(40)
—
(40‌)
Bank
of
America,
Receive
Underlying
Reference:
Targa
Resources
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
229
5
—
5‌
Bank
of
America,
Receive
Underlying
Reference:
Texas
Instruments
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
255
17
—
17‌
Bank
of
America,
Receive
Underlying
Reference:
Williams
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
193
—
—
—‌
Citibank,
Pay
Underlying
Reference:
Apollo
Global
Management
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
1,102
(257)
—
(257‌)
Citibank,
Pay
Underlying
Reference:
Crowdstrike
Holdings,
Class
A
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
452
(143)
—
(143‌)
Citibank,
Pay
Underlying
Reference:
Hershey
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
236
(11)
—
(11‌)
Citibank,
Pay
Underlying
Reference:
IDEXX
Laboratories
Monthly,
Receive
Variable
4.150%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
198
(24)
—
(24‌)
Citibank,
Pay
Underlying
Reference:
IDEXX
Laboratories
Monthly,
Receive
Variable
4.151%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
76
(10)
—
(10‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
78
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Pay
Underlying
Reference:
Kraft
Heinz
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
336
(16)
—
(16‌)
Citibank,
Pay
Underlying
Reference:
Nasdaq
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
480
(70)
—
(70‌)
Citibank,
Pay
Underlying
Reference:
Synopsys
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
161
(32)
—
(32‌)
Citibank,
Pay
Underlying
Reference:
United
Rentals
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
320
(45)
—
(45‌)
Citibank,
Pay
Underlying
Reference:
Williams-Sonoma
Monthly,
Receive
Variable
4.158%
(SOFR
+
(0.18)%)
Monthly,
1/20/26
197
(22)
—
(22‌)
Citibank,
Receive
Underlying
Reference:
AbbVie
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
AbbVie
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
5
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Adobe
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Advanced
Micro
Devices
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
6
2
—
2‌
Citibank,
Receive
Underlying
Reference:
Allstate
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Alphabet,
Class
C
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Alphabet,
Class
C
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
79
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Amazon.com
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
301
23
—
23‌
Citibank,
Receive
Underlying
Reference:
Analog
Devices
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Apollo
Global
Management
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Apollo
Global
Management
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Apple
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
31
7
—
7‌
Citibank,
Receive
Underlying
Reference:
AppLovin,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
AutoZone
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Berkshire
Hathaway,
Class
B
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
10
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Block
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
1
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Block
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Broadcom
Monthly,
Pay
Variable
4.750%
(SOFR
+
0.42%)
Monthly,
1/20/26
1
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Broadcom
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
19
5
—
5‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
80
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Broadcom
Monthly,
Pay
Variable
4.766%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Cadence
Design
Systems
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Charles
Schwab
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Ciena
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Cognex
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Coinbase
Global,
Class
A
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Coinbase
Global,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Colgate-Palmolive
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
663
29
—
29‌
Citibank,
Receive
Underlying
Reference:
Confluent,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
1
—
—
—‌
Citibank,
Receive
Underlying
Reference:
ConocoPhillips
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
659
50
—
50‌
Citibank,
Receive
Underlying
Reference:
Constellation
Energy
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
1
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Corning
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
81
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Datadog,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Dayforce
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
136
6
—
6‌
Citibank,
Receive
Underlying
Reference:
Dayforce
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
299
51
—
51‌
Citibank,
Receive
Underlying
Reference:
Deere
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Diamondback
Energy
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
DoorDash,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Elevance
Health
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Eli
Lilly
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
222
52
—
52‌
Citibank,
Receive
Underlying
Reference:
Entegris
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
EQT
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
302
12
—
12‌
Citibank,
Receive
Underlying
Reference:
Exxon
Mobil
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
5
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Fiserv
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Fortinet
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
82
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Fortive
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
General
Electric
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
HubSpot
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
JPMorgan
Chase
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
6
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Kenvue
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
—
—
—‌
Citibank,
Receive
Underlying
Reference:
L3Harris
Technologies
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Lattice
Semiconductor
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Marvell
Technology
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
MercadoLibre
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
2
—
2‌
Citibank,
Receive
Underlying
Reference:
Mettler-Toledo
International
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
403
39
—
39‌
Citibank,
Receive
Underlying
Reference:
Micron
Technology
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Microsoft
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
34
3
—
3‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
83
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Citibank,
Receive
Underlying
Reference:
Netflix
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Norfolk
Southern
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
NVIDIA
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
59
8
—
8‌
Citibank,
Receive
Underlying
Reference:
Robinhood
Markets,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Salesforce
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Samsara,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
ServiceNow
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
5
1
—
1‌
Citibank,
Receive
Underlying
Reference:
ServiceTitan,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Sherwin-Williams
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
467
57
—
57‌
Citibank,
Receive
Underlying
Reference:
Stanley
Black
&
Decker
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
251
18
—
18‌
Citibank,
Receive
Underlying
Reference:
Sun
Communities
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
261
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,
Receive
Underlying
Reference:
Synopsys
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Taiwan
Semiconductor
Manufacturing
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Tesla
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
—
—
—‌
Citibank,
Receive
Underlying
Reference:
T-Mobile
U.S.
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
5
—
—
—‌
Citibank,
Receive
Underlying
Reference:
UnitedHealth
Group
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
7
(2)
—
(2‌)
Citibank,
Receive
Underlying
Reference:
Walmart
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
4
1
—
1‌
Citibank,
Receive
Underlying
Reference:
Wheaton
Precious
Metals
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Williams
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
45
3
—
3‌
Citibank,
Receive
Underlying
Reference:
Workday,
Class
A
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
2
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Zscaler
Monthly,
Pay
Variable
4.747%
(SOFR
+
0.42%)
Monthly,
1/20/26
—
—
—
—‌
Citibank,
Receive
Underlying
Reference:
Zscaler
Monthly,
Pay
Variable
4.758%
(SOFR
+
0.42%)
Monthly,
1/20/26
3
1
—
1‌
Goldman
Sachs,
Pay
Underlying
Reference:
Alphabet,
Class
C
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
195
(2)
—
(2‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
85
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Pay
Underlying
Reference:
American
Electric
Power
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
575
(8)
—
(8‌)
Goldman
Sachs,
Pay
Underlying
Reference:
Bristol-Myers
Squibb
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
692
(7)
—
(7‌)
Goldman
Sachs,
Pay
Underlying
Reference:
iShares
iBoxx
Liquid
Leveraed
Loan
Index
Quarterly,
Receive
Variable
4.349%
(SOFR
+
0.00%)
Quarterly,
6/20/25
1,665
27
—
27‌
Goldman
Sachs,
Pay
Underlying
Reference:
MSCI
ACWI
IT
Index
Monthly,
Receive
Variable
4.477%
(SOFR
+
0.15%)
Monthly,
1/20/26
394
(16)
—
(16‌)
Goldman
Sachs,
Pay
Underlying
Reference:
MSCI
ACWI
IT
Index
Monthly,
Receive
Variable
4.511%
(SOFR
+
0.15%)
Monthly,
1/20/26
43
—
—
—‌
Goldman
Sachs,
Pay
Underlying
Reference:
MSCI
All
Country
World
Index
Monthly,
Receive
Variable
4.997%
(SOFR
+
0.67%)
Monthly,
1/20/26
37,068
(1,359)
—
(1,359‌)
Goldman
Sachs,
Pay
Underlying
Reference:
MSCI
All
Country
World
Index
Monthly,
Receive
Variable
4.998%
(SOFR
+
0.67%)
Monthly,
1/20/26
9
(1)
—
(1‌)
Goldman
Sachs,
Pay
Underlying
Reference:
MSCI
All
Country
World
Index
Monthly,
Receive
Variable
5.031%
(SOFR
+
0.67%)
Monthly,
1/20/26
4
—
—
—‌
Goldman
Sachs,
Pay
Underlying
Reference:
ONEOK
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
792
20
—
20‌
Goldman
Sachs,
Pay
Underlying
Reference:
Target
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
183
(9)
—
(9‌)
Goldman
Sachs,
Pay
Underlying
Reference:
Williams-Sonoma
Monthly,
Receive
Variable
4.027%
(SOFR
+
(0.30)%)
Monthly,
1/20/26
226
(19)
—
(19‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
86
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Receive
Underlying
Reference:
Advanced
Micro
Devices
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
1
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Amphenol,
Class
A
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
723
122
—
122‌
Goldman
Sachs,
Receive
Underlying
Reference:
Atmus
Filtration
Technologies
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Baker
Hughes
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
210
(16)
—
(16‌)
Goldman
Sachs,
Receive
Underlying
Reference:
Booz
Allen
Hamilton
Holding
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Charter
Communications,
Class
A
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
239
33
—
33‌
Goldman
Sachs,
Receive
Underlying
Reference:
Chevron
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
326
3
—
3‌
Goldman
Sachs,
Receive
Underlying
Reference:
CME
Group
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
289
15
—
15‌
Goldman
Sachs,
Receive
Underlying
Reference:
CMS
Energy
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
405
4
—
4‌
Goldman
Sachs,
Receive
Underlying
Reference:
Corebridge
Financial
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Corpay
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
3
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
87
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Receive
Underlying
Reference:
Devon
Energy
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
397
25
—
25‌
Goldman
Sachs,
Receive
Underlying
Reference:
Exact
Sciences
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
194
8
—
8‌
Goldman
Sachs,
Receive
Underlying
Reference:
Exxon
Mobil
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
244
5
—
5‌
Goldman
Sachs,
Receive
Underlying
Reference:
Fortive
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
546
31
—
31‌
Goldman
Sachs,
Receive
Underlying
Reference:
Intel
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
MicroStrategy,
Class
A
Monthly,
Pay
Variable
4.646%
(SOFR
+
0.30%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Oracle
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Phillips
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
203
16
—
16‌
Goldman
Sachs,
Receive
Underlying
Reference:
Select
Medical
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
1
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
SS&C
Technologies
Holdings
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
3
—
—
—‌
Goldman
Sachs,
Receive
Underlying
Reference:
Visa,
Class
A
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
578
16
—
16‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
88
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Goldman
Sachs,
Receive
Underlying
Reference:
Western
Alliance
Bancorp
Monthly,
Pay
Variable
4.627%
(SOFR
+
0.30%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Pay
Underlying
Reference:
Charter
Communications,
Class
A
Monthly,
Receive
Variable
4.077%
(SOFR
+
(0.25)%)
Monthly,
1/20/26
3,232
(453)
—
(453‌)
JPMorgan
Chase,
Pay
Underlying
Reference:
Charter
Communications,
Class
A
Monthly,
Receive
Variable
4.110%
(SOFR
+
(0.25)%)
Monthly,
1/20/26
1,418
(32)
—
(32‌)
JPMorgan
Chase,
Pay
Underlying
Reference:
Insulet
Monthly,
Receive
Variable
4.077%
(SOFR
+
(0.25)%)
Monthly,
1/20/26
786
15
—
15‌
JPMorgan
Chase,
Pay
Underlying
Reference:
Match
Group
Monthly,
Receive
Variable
4.077%
(SOFR
+
(0.25)%)
Monthly,
1/20/26
201
(4)
—
(4‌)
JPMorgan
Chase,
Pay
Underlying
Reference:
Quanta
Services
Monthly,
Receive
Variable
4.077%
(SOFR
+
(0.25)%)
Monthly,
1/20/26
254
(18)
—
(18‌)
JPMorgan
Chase,
Receive
Underlying
Reference:
Advanced
Micro
Devices
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Analog
Devices
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Apple
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
11
1
—
1‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Apple
Monthly,
Pay
Variable
4.696%
(SOFR
+
0.35%)
Monthly,
1/20/26
5
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
89
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
AZEK
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
811
49
—
49‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Berkshire
Hathaway,
Class
B
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Block
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
190
12
—
12‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Broadcom
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
3
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Cadence
Design
Systems
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Cencora
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Coeur
Mining
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
CubeSmart
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
213
11
—
11‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Deere
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Elevance
Health
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Entegris
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
90
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Exelon
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
409
1
—
1‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Exxon
Mobil
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Fiserv
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Fiserv
Monthly,
Pay
Variable
4.696%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Fortinet
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
250
11
—
11‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Home
Depot
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
694
11
—
11‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Kenvue
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Lattice
Semiconductor
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Liberty
Broadband,
Class
C
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2,208
314
—
314‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Micron
Technology
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Microsoft
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
6
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
91
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Microsoft
Monthly,
Pay
Variable
4.696%
(SOFR
+
0.35%)
Monthly,
1/20/26
5
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Norfolk
Southern
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
264
7
—
7‌
JPMorgan
Chase,
Receive
Underlying
Reference:
NVIDIA
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
11
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
NVIDIA
Monthly,
Pay
Variable
4.696%
(SOFR
+
0.35%)
Monthly,
1/20/26
5
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
PTC
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
471
24
—
24‌
JPMorgan
Chase,
Receive
Underlying
Reference:
ServiceNow
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Synopsys
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
T-Mobile
U.S.
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
UnitedHealth
Group
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
UnitedHealth
Group
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
1
—
—
—‌
JPMorgan
Chase,
Receive
Underlying
Reference:
Walmart
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
—
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
92
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
JPMorgan
Chase,
Receive
Underlying
Reference:
Workday,
Class
A
Monthly,
Pay
Variable
4.677%
(SOFR
+
0.35%)
Monthly,
1/20/26
2
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
AbbVie
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
252
(30)
—
(30‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Adobe
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
467
(32)
—
(32‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Airbnb,
Class
A
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
214
(13)
—
(13‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Alcoa
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
97
—
—
—‌
Morgan
Stanley,
Pay
Underlying
Reference:
Alphabet,
Class
C
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
824
(10)
—
(10‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Axos
Financial
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
140
(10)
—
(10‌)
Morgan
Stanley,
Pay
Underlying
Reference:
BlackRock
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
561
(15)
—
(15‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Cardinal
Health
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
371
(19)
—
(19‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Caterpillar
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
996
(57)
—
(57‌)
Morgan
Stanley,
Pay
Underlying
Reference:
CenterPoint
Energy
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
913
(38)
—
(38‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
93
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
Corning
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
599
(36)
—
(36‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Costco
Wholesale
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
1,008
(16)
—
(16‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Coterra
Energy
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
267
9
—
9‌
Morgan
Stanley,
Pay
Underlying
Reference:
Dick's
Sporting
Goods
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
200
(3)
—
(3‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Edison
International
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
338
21
—
21‌
Morgan
Stanley,
Pay
Underlying
Reference:
Evergy
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
522
(8)
—
(8‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Extra
Space
Storage
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
813
(47)
—
(47‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Fastenal
Monthly,
Receive
Variable
4.160%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
751
(9)
—
(9‌)
Morgan
Stanley,
Pay
Underlying
Reference:
FirstEnergy
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
1,585
(68)
—
(68‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Gartner
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
867
(36)
—
(36‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Generac
Holdings
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
336
(3)
—
(3‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
94
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
Goldman
Sachs
Group
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
274
(21)
—
(21‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Herc
Holdings
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
261
19
—
19‌
Morgan
Stanley,
Pay
Underlying
Reference:
Hologic
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
211
(1)
—
(1‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Insulet
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
366
7
—
7‌
Morgan
Stanley,
Pay
Underlying
Reference:
International
Business
Machines
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
556
(2)
—
(2‌)
Morgan
Stanley,
Pay
Underlying
Reference:
iShares
iBoxx
Liquid
High
Yield
Index
Quarterly,
Receive
Variable
4.349%
(SOFR
+
0.00%)
Quarterly,
9/22/25
1,650
(5)
9
(14‌)
Morgan
Stanley,
Pay
Underlying
Reference:
J
M
Smucker
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
371
1
—
1‌
Morgan
Stanley,
Pay
Underlying
Reference:
Johnson
&
Johnson
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
872
(13)
—
(13‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Lam
Research
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
231
(10)
—
(10‌)
Morgan
Stanley,
Pay
Underlying
Reference:
MongoDB
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
92
(8)
—
(8‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
95
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
NiSource
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
292
1
—
1‌
Morgan
Stanley,
Pay
Underlying
Reference:
Skyworks
Solutions
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
432
(51)
—
(51‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Snap-on
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
856
61
—
61‌
Morgan
Stanley,
Pay
Underlying
Reference:
Tapestry
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
540
(56)
—
(56‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Tesla
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
274
(30)
—
(30‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Tractor
Supply
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
271
3
—
3‌
Morgan
Stanley,
Pay
Underlying
Reference:
Tyler
Technologies
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
260
16
—
16‌
Morgan
Stanley,
Pay
Underlying
Reference:
Uber
Technologies
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
612
(57)
—
(57‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Union
Pacific
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
506
11
—
11‌
Morgan
Stanley,
Pay
Underlying
Reference:
United
Parcel
Service,
Class
B
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
300
4
—
4‌
Morgan
Stanley,
Pay
Underlying
Reference:
Veralto
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
431
(27)
—
(27‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
96
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Pay
Underlying
Reference:
VeriSign
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
271
(34)
—
(34‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Verizon
Communications
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
1,076
(4)
—
(4‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Waters
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
484
(35)
—
(35‌)
Morgan
Stanley,
Pay
Underlying
Reference:
Zebra
Technologies,
Class
A
Monthly,
Receive
Variable
4.127%
(SOFR
+
(0.20)%)
Monthly,
1/20/26
530
(51)
—
(51‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Agilent
Technologies
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
309
13
—
13‌
Morgan
Stanley,
Receive
Underlying
Reference:
Albertsons
Cos,
Class
A
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
201
22
—
22‌
Morgan
Stanley,
Receive
Underlying
Reference:
Allstate
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
276
5
—
5‌
Morgan
Stanley,
Receive
Underlying
Reference:
Altaba,
EC
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
—
14
—
14‌
Morgan
Stanley,
Receive
Underlying
Reference:
Ameren
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
290
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
American
Express
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
272
8
—
8‌
Morgan
Stanley,
Receive
Underlying
Reference:
Applied
Materials
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
227
8
—
8‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
97
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
AZEK
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
406
24
—
24‌
Morgan
Stanley,
Receive
Underlying
Reference:
Bank
of
America
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
556
27
—
27‌
Morgan
Stanley,
Receive
Underlying
Reference:
Bank
of
New
York
Mellon
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
484
18
—
18‌
Morgan
Stanley,
Receive
Underlying
Reference:
Banzai
International
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Bath
&
Body
Works
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
305
31
—
31‌
Morgan
Stanley,
Receive
Underlying
Reference:
Boston
Scientific
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
261
23
—
23‌
Morgan
Stanley,
Receive
Underlying
Reference:
Carvana
Monthly,
Pay
Variable
4.738%
(SOFR
+
0.40%)
Monthly,
1/20/26
356
36
—
36‌
Morgan
Stanley,
Receive
Underlying
Reference:
Cboe
Global
Markets
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
282
4
—
4‌
Morgan
Stanley,
Receive
Underlying
Reference:
Cencora
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
4
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Citigroup
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
4
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Citigroup
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
98
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Consolidated
Edison
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1,262
8
—
8‌
Morgan
Stanley,
Receive
Underlying
Reference:
CSX
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
299
1
—
1‌
Morgan
Stanley,
Receive
Underlying
Reference:
CVS
Health
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
639
(16)
—
(16‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Docusign
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
2
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
DTE
Energy
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
791
23
—
23‌
Morgan
Stanley,
Receive
Underlying
Reference:
Dun
&
Bradstreet
Holdings
Monthly,
Pay
Variable
4.738%
(SOFR
+
0.40%)
Monthly,
1/20/26
804
(13)
—
(13‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Eli
Lilly
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
204
38
—
38‌
Morgan
Stanley,
Receive
Underlying
Reference:
Entergy
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
528
(3)
—
(3‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Equity
Residential
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
258
12
—
12‌
Morgan
Stanley,
Receive
Underlying
Reference:
Ferguson
Enterprises
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
283
6
—
6‌
Morgan
Stanley,
Receive
Underlying
Reference:
Fifth
Third
Bancorp
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
296
7
—
7‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
99
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Freeport-McMoRan
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
375
31
—
31‌
Morgan
Stanley,
Receive
Underlying
Reference:
GoDaddy,
Class
A
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
410
30
—
30‌
Morgan
Stanley,
Receive
Underlying
Reference:
H&E
Equipment
Services
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1,567
(23)
—
(23‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Insmed
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
145
2
—
2‌
Morgan
Stanley,
Receive
Underlying
Reference:
International
Paper
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
230
(6)
—
(6‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Intuit
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
610
33
—
33‌
Morgan
Stanley,
Receive
Underlying
Reference:
Kellanova
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1,577
6
—
6‌
Morgan
Stanley,
Receive
Underlying
Reference:
Kenvue
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
252
7
—
7‌
Morgan
Stanley,
Receive
Underlying
Reference:
Keurig
Dr
Pepper
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
4
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
KeyCorp
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
473
19
—
19‌
Morgan
Stanley,
Receive
Underlying
Reference:
Keysight
Technologies
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
183
11
—
11‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
100
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Middleby
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
259
7
—
7‌
Morgan
Stanley,
Receive
Underlying
Reference:
MKS
Instruments
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
MKS
Instruments
Monthly,
Pay
Variable
4.746%
(SOFR
+
0.40%)
Monthly,
1/20/26
1
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Monolithic
Power
Systems
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
359
31
—
31‌
Morgan
Stanley,
Receive
Underlying
Reference:
Moody's
Monthly,
Pay
Variable
4.738%
(SOFR
+
0.40%)
Monthly,
1/20/26
438
20
—
20‌
Morgan
Stanley,
Receive
Underlying
Reference:
Netflix
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
473
74
—
74‌
Morgan
Stanley,
Receive
Underlying
Reference:
Okta
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
261
30
—
30‌
Morgan
Stanley,
Receive
Underlying
Reference:
Pershing
Square,
EC
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
PG&E
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
266
(11)
—
(11‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Philip
Morris
International
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
821
56
—
56‌
Morgan
Stanley,
Receive
Underlying
Reference:
Radius
Recycling
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
827
11
—
11‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
101
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Receive
Underlying
Reference:
Regeneron
Pharmaceuticals
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
191
14
—
14‌
Morgan
Stanley,
Receive
Underlying
Reference:
Reliance
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
3
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Rockwell
Automation
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
447
27
—
27‌
Morgan
Stanley,
Receive
Underlying
Reference:
Roper
Technologies
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
386
(6)
—
(6‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Salesforce
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
489
25
—
25‌
Morgan
Stanley,
Receive
Underlying
Reference:
Samsung
Electronics
Monthly,
Pay
Variable
5.177%
(SOFR
+
0.85%)
Monthly,
1/21/26
100
(2)
—
(2‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Select
Medical
Holdings
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
—
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
ServiceNow
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
207
35
—
35‌
Morgan
Stanley,
Receive
Underlying
Reference:
Stanley
Black
&
Decker
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
2
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Tenet
Healthcare
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
3
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
U.S.
Bancorp
Monthly,
Pay
Variable
4.738%
(SOFR
+
0.40%)
Monthly,
1/20/26
269
5
—
5‌
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:
Valero
Energy
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
202
16
—
16‌
Morgan
Stanley,
Receive
Underlying
Reference:
Veeva
Systems,
Class
A
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
1
—
—
—‌
Morgan
Stanley,
Receive
Underlying
Reference:
Vertex
Pharmaceuticals
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
832
13
—
13‌
Morgan
Stanley,
Receive
Underlying
Reference:
Vertiv
Holdings,
Class
A
Monthly,
Pay
Variable
4.760%
(SOFR
+
0.40%)
Monthly,
1/20/26
566
(5)
—
(5‌)
Morgan
Stanley,
Receive
Underlying
Reference:
Xylem
Monthly,
Pay
Variable
4.727%
(SOFR
+
0.40%)
Monthly,
1/20/26
242
25
—
25‌
Morgan
Stanley,
Receive
Underlying
Reference:
Yum
China
Holdings
Monthly,
Pay
Variable
4.250%
(1M
HKD
HIBOR
+
0.55%)
Monthly,
1/20/26
(HKD)
1,918
26
—
26‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Bank
Mandiri
Persero
Monthly,
Pay
Variable
5.084%
(SOFR
+
0.75%)
Monthly,
1/21/26
146
9
—
9‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Bank
Rakyat
Indonesia
Persero
Monthly,
Pay
Variable
5.084%
(SOFR
+
0.75%)
Monthly,
1/21/26
146
10
—
10‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Semen
Indonesia
Persero
Monthly,
Pay
Variable
5.084%
(SOFR
+
0.75%)
Monthly,
1/21/26
152
26
—
26‌
UBS
Investment
Bank,
Receive
Underlying
Reference:
Taiwan
Semiconductor
Manufacturing
Monthly,
Pay
Variable
4.834%
(SOFR
+
0.50%)
Monthly,
1/21/26
25
4
—
4‌
Total
United
States
9
(1,303‌)
Total
Bilateral
Total
Return
Swaps
9
(1,078‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
103
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Interest
Rate
Swaps
0.0%
Brazil
0.0%
Goldman
Sachs,
2
Year
Interest
Rate
Swap,
Receive
Fixed
15.850%
at
Maturity,
Pay
Variable
14.15%,
(BRL
CDI)
at
Maturity,
1/4/27
15,917
81
—
81‌
Goldman
Sachs,
3
Year
Interest
Rate
Swap,
Receive
Fixed
9.870%
at
Maturity,
Pay
Variable
14.15%,
(BRL
CDI)
at
Maturity,
1/4/27
5,000
(55)
—
(55‌)
Goldman
Sachs,
6
Year
Interest
Rate
Swap,
Receive
Fixed
14.905%
at
Maturity,
Pay
Variable
14.15%,
(BRL
CDI)
at
Maturity,
1/2/31
771
4
—
4‌
Morgan
Stanley,
2
Year
Interest
Rate
Swap,
Receive
Fixed
13.968%
at
Maturity,
Pay
Variable
14.15%,
(BRL
CDI)
at
Maturity,
1/4/27
29,245
21
—
21‌
Total
Brazil
—
51‌
Total
Bilateral
Interest
Rate
Swaps
—
51‌
Total
Bilateral
Swaps
(149)
(1,036‌)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.4)%
Credit
Default
Swaps,
Protection
Bought
(0.5)%
Australia
(0.0)%
Protection
Bought
(Relevant
Credit:
Glencore
International),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/26
(EUR)
85
(8)
(19)
11‌
Total
Australia
11‌
Oman
(0.0)%
Protection
Bought
(Relevant
Credit:
Sultanate
of
Oman),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
(USD)
703
—
19
(19‌)
Total
Oman
(19‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
104
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
United
States
(0.5)%
Protection
Bought
(Relevant
Credit:
Bristol-Myers
Squibb),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/30
350
(8)
(8)
—‌
Protection
Bought
(Relevant
Credit:
Delta
Air
Lines),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/21/27
420
(37)
(8)
(29‌)
Protection
Bought
(Relevant
Credit:
Lamb
Weston
Holdings),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/29
675
8
5
3‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S38,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/27
880
(44)
(49)
5‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S40,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/28
3,242
(164)
(166)
2‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/28
2,393
(123)
(121)
(2‌)
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S42,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/29
898
(45)
(49)
4‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S43,
3
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
503
(21)
(25)
4‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S43,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/29
1,232
(54)
(74)
20‌
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S44,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
6/20/30
24,696
(1,038)
(944)
(94‌)
Protection
Bought
(Relevant
Credit:
Pfizer),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
6/20/30
350
(8)
(8)
—‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
105
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Bought
(Relevant
Credit:
Sealed
Air),
Pay
1.00%
Quarterly,
Receive
upon
credit
default,
12/20/29
338
7
2
5‌
Total
United
States
(82‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(90‌)
Credit
Default
Swaps,
Protection
Sold
0.1%
Foreign/Europe
(0.0)%
Protection
Sold
(Relevant
Credit:
SES
S.A.,
Baa3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/30
*
642
(50)
(51)
1‌
Total
Foreign/Europe
1‌
Luxembourg
0.0%
Protection
Sold
(Relevant
Credit:
ArcelorMittal,
Baa3*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
*
25
3
2
1‌
Total
Luxembourg
1‌
United
States
0.1%
Protection
Sold
(Relevant
Credit:
Avis
Budget
Car
Rental,
BB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
*
159
7
8
(1‌)
Protection
Sold
(Relevant
Credit:
Avis
Budget
Car
Rental,
BB-*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/27
*
100
5
4
1‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
2,007
103
8
95‌
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
675
35
43
(8‌)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S44,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/30
7,113
299
275
24‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
106
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
PG&E,
Ba2*),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
235
24
24
—‌
Total
United
States
111‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
113‌
Interest
Rate
Swaps
0.0%
China
(0.0)%
5
Year
Interest
Rate
Swap,
Pay
Fixed
1.569%
Quarterly,
Receive
Variable
1.840%
(7
Day
Interbank
Repo)
Quarterly,
2/18/30
10,260
(10)
—
(10‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
1.584%
Quarterly,
Receive
Variable
1.840%
(7
Day
Interbank
Repo)
Quarterly,
3/6/30
2,085
(2)
—
(2‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
1.586%
Quarterly,
Receive
Variable
1.840%
(7
Day
Interbank
Repo)
Quarterly,
3/6/30
2,124
(2)
—
(2‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
1.594%
Quarterly,
Receive
Variable
1.840%
(7
Day
Interbank
Repo)
Quarterly,
2/18/30
2,052
(2)
—
(2‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
1.600%
Quarterly,
Receive
Variable
1.840%
(7
Day
Interbank
Repo)
Quarterly,
2/18/30
2,052
(3)
—
(3‌)
5
Year
Interest
Rate
Swap,
Pay
Fixed
1.680%
Quarterly,
Receive
Variable
1.840%
(7
Day
Interbank
Repo)
Quarterly,
2/19/30
2,336
(4)
—
(4‌)
Total
China
(23‌)
Czech
Republic
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.090%
Annually,
Pay
Variable
3.610%
(6M
CZK
PRIBOR)
Semi-
Annually,
10/3/29
1,958
1
—
1‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.060%
Annually,
Pay
Variable
3.750%
(6M
CZK
PRIBOR)
Semi-
Annually,
7/20/28
8,787
19
—
19‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
107
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.120%
Annually,
Pay
Variable
3.750%
(6M
CZK
PRIBOR)
Semi-
Annually,
7/19/28
4,394
10
—
10‌
5
Year
Interest
Rate
Swap,
Receive
Fixed
4.130%
Annually,
Pay
Variable
3.750%
(6M
CZK
PRIBOR)
Semi-
Annually,
7/19/28
1,794
4
—
4‌
Total
Czech
Republic
34‌
Foreign/Europe
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
2.504%
Annually,
Pay
Variable
2.386%
(6M
EURIBOR)
Semi-Annually,
3/18/30
1,652
33
—
33‌
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.645%
Annually,
Receive
Variable
2.386%
(6M
EURIBOR)
Semi-Annually,
3/17/55
377
(19)
—
(19‌)
Total
Foreign/Europe
14‌
United
Kingdom
0.0%
30
Year
Interest
Rate
Swap,
Pay
Fixed
4.325%
Annually,
Receive
Variable
4.472%
(GBP
SONIA)
Annually,
3/5/55
161
1
—
1‌
Total
United
Kingdom
1‌
Total
Centrally
Cleared
Interest
Rate
Swaps
26‌
Zero-Coupon
Inflation
Swaps
(0.0)%
Foreign/Europe
(0.1)%
4
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.107%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/17/28
100
(1)
—
(1‌)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.093%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
804
(18)
—
(18‌)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.113%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
98
(3)
—
(3‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
108
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.203%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
8/16/27
798
(24)
—
(24‌)
Total
Foreign/Europe
(46‌)
United
States
0.1%
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.540%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
11/17/25
527
5
—
5‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.570%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
11/17/25
531
5
—
5‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.584%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/19/25
265
3
—
3‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.585%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/19/25
252
2
—
2‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.590%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
11/18/25
531
5
—
5‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.595%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/25
266
3
—
3‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.599%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/11/25
532
5
—
5‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.605%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
11/19/25
265
2
—
2‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.635%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
11/20/25
265
2
—
2‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
109
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.105%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/31/26
21,115
45
—
45‌
1
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
3.405%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/28/26
21,580
(14)
—
(14‌)
5
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.577%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/1/30
4,225
(20)
—
(20‌)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.420%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
246
1
—
1‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.423%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
246
1
—
1‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.425%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
246
—
—
—‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.443%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
266
—
—
—‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.450%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
12/12/33
246
—
—
—‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.490%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
1/25/33
118
1
—
1‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.507%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
6/14/34
649
(6)
—
(6‌)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.510%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
6/14/34
621
(5)
—
(5‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
110
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.539%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
423
—
—
—‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.543%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
3/28/33
194
—
—
—‌
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.605%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
4/11/34
150
(2)
—
(2‌)
10
Year
Zero-Coupon
Inflation
Swap
Pay
Fixed
2.607%
at
Maturity,
Receive
Variable
(Change
in
CPI)
at
Maturity,
5/31/34
3,200
(55)
—
(55‌)
Total
United
States
(22‌)
Total
Centrally
Cleared
Zero-Coupon
Inflation
Swaps
(68‌)
Total
Centrally
Cleared
Swaps
(19‌)
Net
payments
(receipts)
of
variation
margin
to
date
40‌
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
21‌
*
Credit
ratings
as
of
April
30,
2025.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(51)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
111
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
5/5/25
USD
3,558‌
MYR
15,772‌
$
(98‌)
Bank
of
America
5/23/25
USD
880‌
EUR
800‌
(27‌)
Bank
of
America
6/6/25
USD
410‌
COP
1,709,225‌
7‌
Bank
of
America
6/9/25
MYR
4,512‌
USD
1,019‌
29‌
Bank
of
America
6/9/25
USD
910‌
MYR
4,041‌
(28‌)
Barclays
Bank
5/5/25
EUR
1,344‌
USD
1,526‌
(3‌)
Barclays
Bank
5/5/25
INR
483,485‌
USD
5,622‌
97‌
Barclays
Bank
5/5/25
TRY
61,043‌
USD
1,536‌
40‌
Barclays
Bank
5/5/25
USD
5,684‌
INR
483,485‌
(35‌)
Barclays
Bank
5/5/25
USD
1,575‌
TRY
61,043‌
(1‌)
Barclays
Bank
5/23/25
EUR
140‌
USD
152‌
7‌
Barclays
Bank
5/23/25
EUR
290‌
USD
330‌
(1‌)
Barclays
Bank
5/23/25
GBP
473‌
USD
597‌
33‌
Barclays
Bank
6/3/25
TRY
61,043‌
USD
1,522‌
2‌
Barclays
Bank
7/14/25
TRY
26,309‌
USD
572‌
54‌
Barclays
Bank
7/17/25
TRY
6,350‌
USD
150‌
—‌
Barclays
Bank
7/17/25
TRY
2,240‌
USD
53‌
—‌
BNP
Paribas
5/5/25
COP
2,942,493‌
USD
697‌
(1‌)
BNP
Paribas
5/5/25
USD
676‌
COP
2,942,493‌
(20‌)
BNP
Paribas
5/16/25
USD
281‌
PLN
1,087‌
(6‌)
BNY
Mellon
5/5/25
USD
996‌
EUR
912‌
(37‌)
BNY
Mellon
5/5/25
USD
1,364‌
SEK
13,642‌
(48‌)
BNY
Mellon
5/23/25
USD
1,338‌
EUR
1,280‌
(114‌)
Canadian
Imperial
Bank
of
Commerce
5/5/25
PEN
2,917‌
USD
781‌
15‌
Canadian
Imperial
Bank
of
Commerce
5/5/25
USD
794‌
PEN
2,917‌
(2‌)
Canadian
Imperial
Bank
of
Commerce
5/6/25
USD
1,180‌
ILS
4,364‌
(19‌)
Citibank
5/2/25
USD
814‌
NZD
1,365‌
3‌
Citibank
5/5/25
CZK
25,070‌
USD
1,139‌
(1‌)
Citibank
5/5/25
TWD
58,413‌
USD
1,819‌
9‌
Citibank
5/5/25
USD
1,769‌
TWD
58,413‌
(58‌)
Citibank
5/9/25
UAH
1,135‌
USD
26‌
1‌
Citibank
5/16/25
USD
198‌
RSD
22,153‌
(16‌)
Citibank
6/4/25
NZD
1,364‌
USD
814‌
(3‌)
Citibank
6/6/25
UAH
589‌
USD
13‌
1‌
Citibank
7/11/25
KES
5,297‌
USD
40‌
—‌
Citibank
7/11/25
KZT
165,483‌
USD
306‌
8‌
Citibank
7/17/25
ZMW
783‌
USD
27‌
1‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
112
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Citibank
7/18/25
USD
180‌
RSD
19,145‌
$
(5‌)
Citibank
8/27/25
NGN
90,223‌
USD
56‌
(4‌)
Citibank
9/11/25
EGP
7,824‌
USD
141‌
4‌
Deutsche
Bank
5/2/25
NZD
1,364‌
USD
780‌
31‌
Deutsche
Bank
5/5/25
CHF
1,790‌
USD
2,171‌
—‌
Deutsche
Bank
5/5/25
IDR
24,744,183‌
USD
1,490‌
1‌
Deutsche
Bank
5/5/25
MYR
15,772‌
USD
3,586‌
70‌
Deutsche
Bank
5/5/25
PLN
5,487‌
USD
1,423‌
28‌
Deutsche
Bank
5/5/25
TWD
58,413‌
USD
1,797‌
31‌
Deutsche
Bank
5/5/25
USD
1,484‌
IDR
24,744,183‌
(8‌)
Deutsche
Bank
5/5/25
USD
1,819‌
TWD
58,413‌
(9‌)
Deutsche
Bank
5/7/25
CNH
115,660‌
USD
15,913‌
7‌
Deutsche
Bank
5/7/25
KRW
5,212,192‌
USD
3,653‌
14‌
Deutsche
Bank
5/7/25
USD
6,709‌
CNH
48,556‌
25‌
Deutsche
Bank
5/7/25
USD
3,568‌
KRW
5,212,192‌
(99‌)
Deutsche
Bank
5/9/25
UAH
1,102‌
USD
26‌
1‌
Deutsche
Bank
5/23/25
EUR
625‌
USD
670‌
39‌
Deutsche
Bank
5/23/25
GBP
260‌
USD
336‌
11‌
Deutsche
Bank
5/23/25
USD
336‌
GBP
260‌
(11‌)
Deutsche
Bank
6/3/25
USD
2,178‌
CHF
1,790‌
(1‌)
Deutsche
Bank
6/3/25
USD
1,805‌
TWD
58,413‌
(29‌)
Deutsche
Bank
6/4/25
USD
15,949‌
CNH
115,660‌
(7‌)
Deutsche
Bank
6/4/25
USD
1,798‌
MYR
7,895‌
(35‌)
Deutsche
Bank
6/13/25
CNH
6,350‌
USD
870‌
6‌
Deutsche
Bank
7/25/25
CHF
270‌
USD
330‌
—‌
Goldman
Sachs
5/2/25
JPY
105,586‌
USD
736‌
3‌
Goldman
Sachs
5/2/25
USD
4,666‌
JPY
669,665‌
(19‌)
Goldman
Sachs
5/5/25
MXN
31,086‌
USD
1,518‌
66‌
Goldman
Sachs
5/5/25
USD
1,590‌
MXN
31,086‌
5‌
Goldman
Sachs
5/23/25
USD
944‌
EUR
864‌
(37‌)
Goldman
Sachs
6/3/25
JPY
669,665‌
USD
4,683‌
19‌
Goldman
Sachs
6/3/25
MXN
31,086‌
USD
1,583‌
(5‌)
Goldman
Sachs
6/3/25
USD
75‌
BRL
441‌
(3‌)
Goldman
Sachs
6/3/25
USD
738‌
JPY
105,586‌
(3‌)
Goldman
Sachs
6/6/25
THB
29,822‌
USD
889‌
7‌
Goldman
Sachs
6/6/25
USD
979‌
THB
32,838‌
(7‌)
Goldman
Sachs
7/11/25
USD
126‌
IDR
2,095,245‌
—‌
Goldman
Sachs
7/11/25
USD
1,067‌
INR
92,231‌
(17‌)
Goldman
Sachs
7/17/25
ILS
483‌
USD
131‌
2‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
113
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Goldman
Sachs
9/11/25
EGP
8,033‌
USD
149‌
$
—‌
HSBC
Bank
5/2/25
AUD
1,501‌
USD
959‌
2‌
HSBC
Bank
5/2/25
USD
389‌
GBP
301‌
(12‌)
HSBC
Bank
5/6/25
USD
1,479‌
ILS
5,573‌
(53‌)
HSBC
Bank
5/6/25
USD
2,521‌
THB
85,416‌
(37‌)
HSBC
Bank
5/9/25
CLP
440,160‌
USD
459‌
6‌
HSBC
Bank
5/9/25
USD
301‌
CLP
286,214‌
(1‌)
HSBC
Bank
6/5/25
USD
621‌
PHP
36,098‌
(26‌)
HSBC
Bank
6/9/25
MYR
1,262‌
USD
285‌
8‌
HSBC
Bank
7/18/25
USD
172‌
CZK
3,866‌
(4‌)
HSBC
Bank
7/25/25
JPY
46,855‌
USD
332‌
(1‌)
HSBC
Bank
8/8/25
USD
459‌
CLP
440,160‌
(6‌)
JPMorgan
Chase
5/2/25
JPY
669,665‌
USD
4,595‌
89‌
JPMorgan
Chase
5/5/25
BRL
16,449‌
USD
2,863‌
32‌
JPMorgan
Chase
5/5/25
CLP
319,878‌
USD
335‌
3‌
JPMorgan
Chase
5/5/25
SEK
7,019‌
USD
729‌
(3‌)
JPMorgan
Chase
5/5/25
USD
2,906‌
BRL
16,449‌
11‌
JPMorgan
Chase
5/5/25
USD
349‌
CLP
319,878‌
11‌
JPMorgan
Chase
5/16/25
RSD
923‌
USD
8‌
1‌
JPMorgan
Chase
6/3/25
USD
84‌
BRL
482‌
—‌
JPMorgan
Chase
6/6/25
THB
9,735‌
USD
290‌
2‌
JPMorgan
Chase
6/11/25
EGP
4,400‌
USD
83‌
2‌
JPMorgan
Chase
7/11/25
IDR
9,755,107‌
USD
577‌
10‌
JPMorgan
Chase
7/11/25
INR
74,817‌
USD
863‌
16‌
JPMorgan
Chase
7/18/25
USD
196‌
MXN
4,108‌
(12‌)
Morgan
Stanley
5/5/25
USD
968‌
CZK
22,217‌
(41‌)
Morgan
Stanley
5/6/25
HUF
436,891‌
USD
1,176‌
47‌
Morgan
Stanley
5/6/25
THB
106,912‌
USD
3,191‌
11‌
Morgan
Stanley
5/23/25
EUR
330‌
USD
347‌
27‌
Morgan
Stanley
6/5/25
USD
3,198‌
THB
106,912‌
(11‌)
RBC
Dominion
Securities
5/2/25
USD
1,891‌
AUD
2,973‌
(14‌)
RBC
Dominion
Securities
5/5/25
EUR
980‌
USD
1,061‌
50‌
RBC
Dominion
Securities
5/5/25
IDR
24,744,183‌
USD
1,484‌
7‌
RBC
Dominion
Securities
5/5/25
INR
483,485‌
USD
5,684‌
35‌
RBC
Dominion
Securities
5/5/25
USD
3,062‌
EUR
2,694‌
10‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
114
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
RBC
Dominion
Securities
5/5/25
USD
1,466‌
IDR
24,744,183‌
$
(25‌)
RBC
Dominion
Securities
5/5/25
USD
5,645‌
INR
483,485‌
(74‌)
RBC
Dominion
Securities
5/7/25
KRW
6,634,866‌
USD
4,645‌
23‌
RBC
Dominion
Securities
5/7/25
USD
4,650‌
KRW
6,634,866‌
(18‌)
RBC
Dominion
Securities
5/9/25
CLP
496,263‌
USD
531‌
(6‌)
RBC
Dominion
Securities
5/23/25
USD
595‌
GBP
473‌
(35‌)
RBC
Dominion
Securities
6/3/25
AUD
2,973‌
USD
1,891‌
14‌
RBC
Dominion
Securities
6/3/25
EUR
2,694‌
USD
3,068‌
(10‌)
RBC
Dominion
Securities
6/3/25
IDR
10,344,644‌
USD
612‌
13‌
RBC
Dominion
Securities
6/3/25
INR
483,485‌
USD
5,634‌
66‌
RBC
Dominion
Securities
6/4/25
USD
4,652‌
KRW
6,634,866‌
(16‌)
RBC
Dominion
Securities
6/6/25
USD
213‌
COP
880,510‌
6‌
RBC
Dominion
Securities
7/18/25
USD
283‌
MXN
5,845‌
(12‌)
RBC
Dominion
Securities
8/8/25
USD
530‌
CLP
496,263‌
6‌
Societe
Generale
5/5/25
USD
737‌
NOK
7,634‌
3‌
Societe
Generale
6/3/25
BRL
410‌
USD
71‌
1‌
Societe
Generale
6/3/25
NOK
7,634‌
USD
737‌
(3‌)
Societe
Generale
6/3/25
USD
1,552‌
BRL
9,020‌
(23‌)
Standard
Chartered
5/1/25
CAD
1,569‌
USD
1,092‌
46‌
Standard
Chartered
5/1/25
USD
1,136‌
CAD
1,570‌
(2‌)
Standard
Chartered
5/5/25
PEN
4,758‌
USD
1,308‌
(11‌)
Standard
Chartered
5/5/25
USD
1,295‌
PEN
4,758‌
(3‌)
Standard
Chartered
5/23/25
EUR
157‌
USD
170‌
8‌
Standard
Chartered
5/23/25
USD
1,084‌
EUR
1,030‌
(85‌)
Standard
Chartered
6/2/25
CAD
1,569‌
USD
1,138‌
2‌
State
Street
5/2/25
GBP
301‌
USD
399‌
2‌
State
Street
5/5/25
CHF
520‌
USD
636‌
(5‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
115
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
State
Street
5/5/25
CLP
613,133‌
USD
642‌
$
6‌
State
Street
5/5/25
COP
3,221,225‌
USD
763‌
(1‌)
State
Street
5/5/25
NOK
10,362‌
USD
979‌
17‌
State
Street
5/5/25
USD
653‌
CLP
613,133‌
5‌
State
Street
5/5/25
USD
727‌
COP
3,221,225‌
(34‌)
State
Street
5/5/25
USD
78‌
EUR
69‌
—‌
State
Street
5/6/25
USD
641‌
THB
21,496‌
(2‌)
State
Street
5/7/25
KRW
1,422,674‌
USD
997‌
4‌
State
Street
5/7/25
USD
968‌
KRW
1,422,674‌
(33‌)
State
Street
5/16/25
PLN
1,087‌
USD
267‌
20‌
State
Street
5/23/25
EUR
495‌
USD
522‌
39‌
State
Street
6/3/25
BRL
3,255‌
USD
546‌
23‌
State
Street
6/3/25
EUR
68‌
USD
78‌
—‌
State
Street
6/3/25
MXN
15,899‌
USD
808‌
(1‌)
State
Street
6/6/25
USD
100‌
COP
419,111‌
2‌
State
Street
7/18/25
USD
37‌
HUF
13,290‌
—‌
State
Street
7/18/25
USD
176‌
MXN
3,644‌
(8‌)
State
Street
7/25/25
JPY
40,584‌
USD
288‌
(1‌)
Toronto-Dominion
Bank
5/5/25
COP
20,289,244‌
USD
4,859‌
(61‌)
Toronto-Dominion
Bank
5/5/25
EUR
1,350‌
USD
1,540‌
(10‌)
Toronto-Dominion
Bank
5/5/25
PEN
7,675‌
USD
2,088‌
5‌
Toronto-Dominion
Bank
5/5/25
USD
3,133‌
COP
13,226,481‌
5‌
Toronto-Dominion
Bank
5/5/25
USD
1,664‌
COP
7,062,763‌
(7‌)
Toronto-Dominion
Bank
5/5/25
USD
2,085‌
PEN
7,675‌
(9‌)
Toronto-Dominion
Bank
5/5/25
ZAR
30,831‌
USD
1,683‌
(26‌)
Toronto-Dominion
Bank
5/9/25
USD
597‌
CLP
556,447‌
9‌
Toronto-Dominion
Bank
5/23/25
EUR
168‌
USD
182‌
9‌
Toronto-Dominion
Bank
5/23/25
USD
680‌
GBP
535‌
(33‌)
Toronto-Dominion
Bank
6/3/25
PEN
7,675‌
USD
2,082‌
9‌
Toronto-Dominion
Bank
6/3/25
USD
1,654‌
JPY
234,634‌
6‌
Toronto-Dominion
Bank
6/4/25
COP
7,062,763‌
USD
1,657‌
6‌
Toronto-Dominion
Bank
7/25/25
USD
214‌
CAD
296‌
(1‌)
UBS
Investment
Bank
5/5/25
PHP
101,012‌
USD
1,751‌
58‌
UBS
Investment
Bank
5/5/25
USD
1,796‌
PHP
101,012‌
(13‌)
UBS
Investment
Bank
5/9/25
USD
402‌
CLP
397,996‌
(18‌)
UBS
Investment
Bank
5/16/25
USD
322‌
PLN
1,240‌
(6‌)
UBS
Investment
Bank
5/23/25
EUR
300‌
USD
325‌
16‌
UBS
Investment
Bank
6/3/25
PHP
101,012‌
USD
1,795‌
15‌
UBS
Investment
Bank
6/6/25
USD
292‌
THB
9,823‌
(3‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
116
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
7/18/25
USD
414‌
MXN
8,768‌
$
(28‌)
UBS
Investment
Bank
7/25/25
USD
1,077‌
NZD
1,845‌
(22‌)
UBS
Investment
Bank
9/11/25
EGP
1,496‌
USD
27‌
1‌
Wells
Fargo
5/2/25
AUD
1,472‌
USD
926‌
17‌
Wells
Fargo
5/2/25
USD
710‌
JPY
105,586‌
(28‌)
Wells
Fargo
5/5/25
BRL
16,449‌
USD
2,906‌
(11‌)
Wells
Fargo
5/5/25
CLP
933,011‌
USD
999‌
(14‌)
Wells
Fargo
5/5/25
SEK
6,623‌
USD
687‌
(1‌)
Wells
Fargo
5/5/25
SGD
8,891‌
USD
6,793‌
17‌
Wells
Fargo
5/5/25
USD
2,883‌
BRL
16,449‌
(12‌)
Wells
Fargo
5/5/25
USD
2,638‌
CHF
2,310‌
(163‌)
Wells
Fargo
5/5/25
USD
976‌
CLP
933,011‌
(9‌)
Wells
Fargo
5/5/25
USD
130‌
CZK
2,853‌
1‌
Wells
Fargo
5/5/25
USD
258‌
NOK
2,728‌
(4‌)
Wells
Fargo
5/5/25
USD
1,460‌
PLN
5,487‌
9‌
Wells
Fargo
5/5/25
USD
6,648‌
SGD
8,891‌
(161‌)
Wells
Fargo
5/5/25
USD
1,655‌
ZAR
30,831‌
(2‌)
Wells
Fargo
5/6/25
USD
1,228‌
HUF
436,891‌
5‌
Wells
Fargo
5/7/25
USD
9,072‌
CNH
67,104‌
(165‌)
Wells
Fargo
5/19/25
AUD
75‌
USD
48‌
—‌
Wells
Fargo
5/19/25
USD
668‌
AUD
1,105‌
(40‌)
Wells
Fargo
5/23/25
EUR
89‌
USD
97‌
4‌
Wells
Fargo
6/3/25
BRL
16,810‌
USD
2,925‌
11‌
Wells
Fargo
6/3/25
CZK
2,853‌
USD
130‌
(1‌)
Wells
Fargo
6/3/25
HUF
436,891‌
USD
1,227‌
(5‌)
Wells
Fargo
6/3/25
PLN
5,487‌
USD
1,459‌
(9‌)
Wells
Fargo
6/3/25
USD
1,362‌
BRL
7,935‌
(25‌)
Wells
Fargo
6/3/25
USD
999‌
CLP
933,011‌
14‌
Wells
Fargo
6/3/25
USD
688‌
SEK
6,623‌
1‌
Wells
Fargo
6/3/25
USD
5,253‌
SGD
6,859‌
(9‌)
Wells
Fargo
6/3/25
ZAR
30,831‌
USD
1,651‌
2‌
Wells
Fargo
7/11/25
USD
290‌
PEN
1,076‌
(3‌)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(762‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
117
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
22
CAC40
Index
contracts
5/25
1,877
$
62‌
Long,
7
Hang
Seng
Index
contracts
5/25
997
5‌
Long,
109
OMX
Swedish
Index
contracts
5/25
2,723
151‌
Long,
66
Euro
BOBL
contracts
6/25
8,945
118‌
Long,
21
Euro
BTP
contracts
6/25
2,862
18‌
Long,
81
Euro
BUND
contracts
6/25
12,092
138‌
Short,
23
Euro
BUXL
thirty
year
bond
contracts
6/25
(3,233)
(156‌)
Short,
21
Euro
OAT
contracts
6/25
(2,989)
(35‌)
Short,
154
Euro
SCHATZ
contracts
6/25
(18,767)
(109‌)
Short,
81
Euro
STOXX
contracts
6/25
(4,686)
169‌
Short,
50
FTSE
100
Index
contracts
6/25
(5,640)
79‌
Long,
51
Government
of
Canada
ten
year
bond
contracts
6/25
4,575
2‌
Long,
132
Micro
DAX
contracts
6/25
3,380
240‌
Long,
23
Mini
ten
year
JGB
contracts
6/25
2,263
5‌
Long,
3
MSCI
Emerging
Markets
Index
contracts
6/25
166
6‌
Short,
3
Nasdaq-100
E-Mini
Ind
ex
contracts
6/25
(1,180)
(78‌)
Short,
91
Nasdaq-100
Micro
E-Mini
Index
contracts
6/25
(3,578)
(236‌)
Long,
6
Republic
of
South
Korea
ten
year
bond
contracts
6/25
512
8‌
Short,
11
S&P
500
E-Mini
Index
Communication
Services
Sector
contracts
6/25
(1,380)
(22‌)
Short,
5
S&P
500
E-Mini
Index
Consumer
Discretionary
Sector
contracts
6/25
(1,002)
(63‌)
Long,
60
S&P
500
E-Mini
Index
Consumer
Staples
Sector
contracts
6/25
4,976
124‌
Short,
32
S&P
500
E-Mini
Index
contracts
6/25
(8,939)
(394‌)
Short,
14
S&P
500
E-Mini
Index
Energy
Sector
contracts
6/25
(1,185)
12‌
Long,
30
S&P
500
E-Mini
Index
Health
Care
Sector
contracts
6/25
4,274
(24‌)
Short,
50
S&P
500
E-Mini
Index
Real
Estate
Select
Sector
contracts
6/25
(2,533)
12‌
Short,
23
S&P
500
E-Mini
Index
Technology
Sector
contracts
6/25
(4,899)
(112‌)
Long,
14
S&P
500
E-Mini
Index
Utilities
Sector
contracts
6/25
1,120
3‌
Short,
16
S&P
500
Micro
E-Mini
Index
contracts
6/25
(447)
(7‌)
Long,
10
S&P/ASX
200
Index
contracts
6/25
1,304
96‌
Short,
4
S&P/TSX
60
Index
contracts
6/25
(868)
(7‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
118
FUTURES
CONTRACTS
(CONTINUED)
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
13
TOPIX
Index
contracts
6/25
2,423
$
78‌
Short,
118
TOPIX
Mini
Index
contracts
6/25
(2,199)
(78‌)
Long,
31
U.K.
Gilt
ten
year
contracts
6/25
3,864
54‌
Long,
8
U.S.
Treasury
Long
Bond
contracts
6/25
933
(2‌)
Short,
21
U.S.
Treasury
Notes
five
year
contracts
6/25
(2,293)
(31‌)
Short,
39
U.S.
Treasury
Notes
ten
year
contracts
6/25
(4,377)
(33‌)
Short,
45
U.S.
Treasury
Notes
two
year
contracts
6/25
(9,367)
(83‌)
Short,
61
Ultra
U.S.
Treasury
Bonds
contracts
6/25
(7,383)
(181‌)
Short,
80
Three
Month
SOFR
Futures
contracts
6/26
(19,382)
(50‌)
Net
payments
(receipts)
of
variation
margin
to
date
513‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
192‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
119
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,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Government
Reserve
Fund,
4.38%
$
—‌
$
—‌
$
2,185‌++
Totals
$
—‌#
$
—‌
$
2,185‌+
Supplementary
Investment
Schedule
Affiliate
Value
10/31/24
Purchase
Cost
Sales
Cost
Value
4/30/25
T.
Rowe
Price
Government
Reserve
Fund,
4.38%
$
95,436‌
 ¤
 ¤
$
104,476‌
Total
$
104,476‌^
#
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
$2,185
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
$104,476.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
April
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
120
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$300,588)
$
306,066‌
Unrealized
gain
on
bilateral
swaps
5,220‌
Cash
deposits
on
futures
contracts
3,383‌
Cash
deposits
on
centrally
cleared
swaps
2,682‌
Restricted
cash
pledged
for
bilateral
derivatives
2,440‌
Receivable
for
investment
securities
sold
1,786‌
Interest
and
dividends
receivable
1,718‌
Unrealized
gain
on
forward
currency
exchange
contracts
1,583‌
Variation
margin
receivable
on
futures
contracts
192‌
Cash
119‌
Foreign
currency
(cost
$110)
109‌
Receivable
for
shares
sold
59‌
Bilateral
swap
premiums
paid
25‌
Due
from
affiliates
22‌
Variation
margin
receivable
on
centrally
cleared
swaps
21‌
Other
assets
286‌
Total
assets
325,711‌
Liabilities
Unrealized
loss
on
bilateral
swaps
6,256‌
Payable
for
investment
securities
purchased
6,025‌
Obligation
to
return
securities
lending
collateral
3,272‌
Unrealized
loss
on
forward
currency
exchange
contracts
2,345‌
Options
written
(premiums
$494
)
396‌
Investment
management
fees
payable
250‌
Bilateral
swap
premiums
received
174‌
Payable
for
shares
redeemed
174‌
Other
liabilities
354‌
Total
liabilities
19,246‌
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
306,465‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
April
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
121
($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)
$
(58,493‌)
Paid-in
capital
applicable
to
33,881,632
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
364,958‌
NET
ASSETS
$
306,465‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$15,256;
Shares
outstanding:
1,667,007)
$
9.15‌
I
Class
(Net
assets:
$291,209;
Shares
outstanding:
32,214,625)
$
9.04‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
(Unaudited)
Statement
of
Operations
122
($000s)
6
Months
Ended
4/30/25
Investment
Income
(Loss)
Income
Interest
(net
of
foreign
taxes
of
$10)
$
5,684‌
Dividend
(net
of
foreign
taxes
of
$12)
2,505‌
Securities
lending
9‌
Total
income
8,198‌
Expenses
Investment
management
1,530‌
Shareholder
servicing
Investor
Class
$
20‌
I
Class
3‌
23‌
Prospectus
and
shareholder
reports
Investor
Class
2‌
I
Class
4‌
6‌
Custody
and
accounting
140‌
Legal
and
audit
69‌
Registration
28‌
Directors
1‌
Miscellaneous
19‌
Waived
/
paid
by
Price
Associates
(181‌)
Total
expenses
1,635‌
Net
investment
income
6,563‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
(Unaudited)
Statement
of
Operations
123
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/25
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$11)
2,228‌
Futures
(4,429‌)
Swaps
(323‌)
Options
written
460‌
Forward
currency
exchange
contracts
1,113‌
Foreign
currency
transactions
(76‌)
Net
realized
loss
(1,027‌)
Change
in
net
unrealized
gain
/
loss
Securities
(1,957‌)
Futures
(1,292‌)
Swaps
(133‌)
Options
written
448‌
Forward
currency
exchange
contracts
(818‌)
Other
assets
and
liabilities
denominated
in
foreign
currencies
7‌
Change
in
net
unrealized
gain
/
loss
(3,745‌)
Net
realized
and
unrealized
gain
/
loss
(4,772‌)
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
1,791‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
124
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/25
Year
Ended
10/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
6,563‌
$
13,567‌
Net
realized
gain
(loss)
(
1,027‌
)
325‌
Change
in
net
unrealized
gain
/
loss
(
3,745‌
)
5,026‌
Increase
in
net
assets
from
operations
1,791‌
18,918‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(
1,169‌
)
(
1,251‌
)
I
Class
(
19,737‌
)
(
17,605‌
)
Decrease
in
net
assets
from
distributions
(
20,906‌
)
(
18,856‌
)
Capital
share
transactions
*
Shares
sold
Investor
Class
1,651‌
3,409‌
I
Class
9,698‌
9,274‌
Distributions
reinvested
Investor
Class
1,163‌
1,246‌
I
Class
19,595‌
17,503‌
Shares
redeemed
Investor
Class
(
5,262‌
)
(
11,964‌
)
I
Class
(
9,555‌
)
(
14,109‌
)
Increase
in
net
assets
from
capital
share
transactions
17,290‌
5,359‌
Net
Assets
Increase
(decrease)
during
period
(
1,825‌
)
5,421‌
Beginning
of
period
308,290‌
302,869‌
End
of
period
$
306,465‌
$
308,290‌
*Share
information
(000s)
Shares
sold
Investor
Class
176‌
355‌
I
Class
1,032‌
970‌
Distributions
reinvested
Investor
Class
127‌
135‌
I
Class
2,163‌
1,913‌
Shares
redeemed
Investor
Class
(
566‌
)
(
1,241‌
)
I
Class
(
1,023‌
)
(
1,481‌
)
Increase
in
shares
outstanding
1,909‌
651‌
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
125
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Multi-Strategy
Total
Return
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. 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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
126
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
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.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
 In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
127
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
128
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.
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
129
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
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
130
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.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
April
30,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
131
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—‌
$
95,841‌
$
—‌
$
95,841‌
Asset-Backed
Securities
—‌
7,481‌
49‌
7,530‌
Bank
Loans
—‌
33,018‌
1,486‌
34,504‌
Common
Stocks
27,571‌
14,877‌
269‌
42,717‌
Convertible
Bonds
—‌
6,264‌
2‌
6,266‌
Convertible
Preferred
Stocks
197‌
—‌
496‌
693‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
1,350‌
90‌
1,440‌
Preferred
Stocks
—‌
714‌
295‌
1,009‌
Private
Investment
Company
2
—‌
—‌
—‌
85‌
Short-Term
Investments
101,204‌
10,205‌
—‌
111,409‌
Securities
Lending
Collateral
3,272‌
—‌
—‌
3,272‌
Options
Purchased
—‌
1,300‌
—‌
1,300‌
Total
Securities
132,244‌
171,050‌
2,687‌
306,066‌
Swaps*
—‌
5,558‌
—‌
5,558‌
Forward
Currency
Exchange
Contracts
—‌
1,583‌
—‌
1,583‌
Futures
Contracts*
1,380‌
—‌
—‌
1,380‌
Total
$
133,624‌
$
178,191‌
$
2,687‌
$
314,587‌
Liabilities
Options
Written
$
—‌
$
396‌
$
—‌
$
396‌
Swaps*
—‌
6,762‌
—‌
6,762‌
Forward
Currency
Exchange
Contracts
—‌
2,345‌
—‌
2,345‌
Futures
Contracts*
1,701‌
—‌
—‌
1,701‌
Total
$
1,701‌
$
9,503‌
$
—‌
$
11,204‌
1
Includes
Corporate
Bonds,
Government
Bonds,
Municipal
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
132
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
April
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
portfolio
duration
and
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
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,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure: 
2
In
accordance
with
Subtopic
820-10,
certain
investments
that
are
measured
at
fair
value
using
the
net
asset
value
per
share
(or
its
equivalent)
practical
expedient
have
not
been
classified
in
the
fair
value
hierarchy.
The
fair
value
amounts
presented
in
this
table
are
intended
to
permit
reconciliation
of
the
fair
value
hierarchy
to
the
amounts
presented
in
the
Portfolio
of
Investments.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
133
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Inflation
derivatives
Centrally
Cleared
Swaps
$
80‌
Interest
rate
derivatives
Bilateral
Swaps,
Centrally
Cleared
Swaps,
Futures,
Securities^
1,006‌
Foreign
exchange
derivatives
Forwards,
Securities^
1,648‌
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Securities^
219‌
Equity
derivatives
Bilateral
Swaps,
Futures,
Securities^
6,868‌
^
,*
Total
$
9,821‌
^
,*
Liabilities
Inflation
derivatives
Centrally
Cleared
Swaps
$
148‌
Interest
rate
derivatives
Bilateral
Swaps,
Centrally
Cleared
Swaps,
Futures
777‌
Foreign
exchange
derivatives
Forwards,
Options
Written
2,381‌
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps,
Options
Written
515‌
Equity
derivatives
Bilateral
Swaps,
Futures,
Options
Written
7,383‌
Total
$
11,204‌
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
134
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
April
30,
2025,
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
$
—‌
$
—‌
$
—‌
$
—‌
$
266‌
$
266‌
Interest
rate
derivatives
547‌
—‌
(1,184‌)
—‌
104‌
(533‌)
Foreign
exchange
derivatives
—‌
8‌
—‌
1,113‌
—‌
1,121‌
Credit
derivatives
(14‌)
22‌
—‌
—‌
(680‌)
(672‌)
Equity
derivatives
433‌
430‌
(3,245‌)
—‌
12‌
(2,370‌)
Commodity
derivatives
—‌
—‌
—‌
—‌
(25‌)
(25‌)
Total
$
966‌
$
460‌
$
(4,429‌)
$
1,113‌
$
(323‌)
$
(2,213‌)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
135
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
$
—‌
$
—‌
$
—‌
$
—‌
$
(66‌)
$
(66‌)
Interest
rate
derivatives
(256‌)
—‌
(605‌)
—‌
214‌
(647‌)
Foreign
exchange
derivatives
3‌
(11‌)
—‌
(818‌)
—‌
(826‌)
Credit
derivatives
33‌
90‌
—‌
—‌
328‌
451‌
Equity
derivatives
101‌
369‌
(687‌)
—‌
(634‌)
(851‌)
Commodity
derivatives
—‌
—‌
—‌
—‌
25‌
25‌
Total
$
(119‌)
$
448‌
$
(1,292‌)
$
(818‌)
$
(133‌)
$
(1,914‌)
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
136
(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,
2025,
cash
of $6,065,000 had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives. 
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
137
The
following
table
summarizes
the
fund’s
OTC
and
bilateral
derivatives
at
the
reporting
date
by
loss
exposure
to
each
counterparty
after
consideration
of
collateral,
if
any. 
($000s)
Gross
Value
on
Statements
of
Assets
and
Liabilities
Net
amount
due
(to)/from
Counterparty
or
Exchange
Collateral
Pledged
(Received)
by
Fund
Loss
Exposure,
After
Collateral*
(not
less
than
$0)
Counterparty
Assets
Liabilities
Bank
of
America
$
353‌
$
(398‌)
$
(45‌)
$
—‌
$
—‌
Barclays
Bank
233‌
(46‌)
187‌
—‌
187‌
BNP
Paribas
—‌
(27‌)
(27‌)
—‌
—‌
BNY
Mellon
—‌
(199‌)
(199‌)
260‌
61‌
Canadian
Imperial
Bank
of
Commerce
15‌
(21‌)
(6‌)
—‌
—‌
Citibank
624‌
(1,305‌)
(681‌)
770‌
89‌
Citigroup
Global
Markets
—‌
(67‌)
(67‌)
—‌
—‌
Deutsche
Bank
264‌
(199‌)
65‌
(260‌)
—‌
Goldman
Sachs
1,187‌
(1,834‌)
(647‌)
610‌
—‌
HSBC
Bank
16‌
(140‌)
(124‌)
—‌
—‌
JPMorgan
Chase
959‌
(621‌)
338‌
(326‌)
12‌
Morgan
Stanley
2,524‌
(2,265‌)
259‌
(450‌)
—‌
RBC
Capital
Markets
—‌
(34‌)
(34‌)
—‌
—‌
RBC
Dominion
Securities
230‌
(210‌)
20‌
—‌
20‌
Societe
Generale
4‌
(26‌)
(22‌)
—‌
—‌
Standard
Chartered
56‌
(101‌)
(45‌)
—‌
—‌
State
Street
118‌
(85‌)
33‌
—‌
33‌
Toronto-Dominion
Bank
49‌
(147‌)
(98‌)
270‌
172‌
UBS
Investment
Bank
1,373‌
(678‌)
695‌
(783‌)
—‌
Wells
Fargo
112‌
(757‌)
(645‌)
530‌
—‌
Total
$
8,117‌
$
(9,160‌)
*
In
situations
such
as
counterparty
default
or
bankruptcy,
the
fund
may
have
further
rights
of
offset
against
amounts
due
to
or
from
the
counterparty
under
other
agreements.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
138
Forward
Currency
Exchange
Contracts
 The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
April
30,
2025,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
21%
and
33%
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
139
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/
or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
April
30,
2025,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
44%
and
89%
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
140
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
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,
2025,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
62%
and
75%
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
141
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment. 
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
April
30,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $11,815,000
(3.9%
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.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
142
Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract’s
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment. 
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,
2025,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
103%
and
108%
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
143
interest
payments
and
adversely
affect
the
liquidity
or
value,
or
both,
of
such
securities.
Accordingly,
securities
issued
by
such
companies
carry
a
higher
risk
of
default
and
should
be
considered
speculative. 
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-than-anticipated
prepayments.
Bank
Loans
 The
fund
invests
in
bank
loans,
which
represent
an
interest
in
amounts
owed
by
a
borrower
to
a
syndicate
of
lenders.
Bank
loans
are
generally
noninvestment
grade
and
often
involve
borrowers
whose
financial
condition
is
highly
leveraged.
The
fund
may
invest
in
fixed
and
floating
rate
loans,
which
may
include
senior
floating
rate
loans;
secured
and
unsecured
loans,
second
lien
or
more
junior
loans;
and
bridge
loans
or
bridge
facilities.
Certain
bank
loans
may
be
revolvers
which
are
a
form
of
senior
bank
debt,
where
the
borrower
can
draw
down
the
credit
of
the
revolver
when
it
needs
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
144
flows
from
principal,
interest,
and
any
fee
payments
on
a
portion
of
a
loan;
however,
the
seller
continues
to
hold
legal
title
to
that
portion
of
the
loan.
As
a
result,
the
buyer
of
a
loan
participation
generally
has
no
direct
recourse
against
the
borrower
and
is
exposed
to
credit
risk
of
both
the
borrower
and
seller
of
the
participation.
Bank
loans
often
have
extended
settlement
periods,
generally
may
be
repaid
at
any
time
at
the
option
of
the
borrower,
and
may
require
additional
principal
to
be
funded
at
the
borrowers’
discretion
at
a
later
date
(e.g.,
unfunded
commitments
and
revolving
debt
instruments).
Until
settlement,
the
fund
maintains
liquid
assets
sufficient
to
settle
its
unfunded
loan
commitments.
The
fund
reflects
both
the
funded
portion
of
a
bank
loan
as
well
as
its
unfunded
commitment
in
the
Portfolio
of
Investments.
However,
if
a
credit
agreement
provides
no
initial
funding
of
a
tranche,
and
funding
of
the
full
commitment
at
a
future
date(s)
is
at
the
borrower’s
discretion
and
considered
uncertain,
a
loan
is
reflected
in
the
Portfolio
of
Investments
only
if,
and
only
to
the
extent
that,
the
fund
has
actually
settled
a
funding
commitment.
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
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,
2025,
the
value
of
loaned
securities
was
$3,236,000;
the
value
of
cash
collateral
and
related
investments
was
$3,272,000.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
145
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $126,247,000 and
$127,843,000,
respectively,
for
the
six
months ended
April
30,
2025. 
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
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,
2024,
the
fund
had
$63,365,000
of
available
capital
loss
carryforwards.
At
April
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$299,585,000.
Net
unrealized
gain
aggregated
$2,668,000
at
period-end,
of
which
$19,467,000
related
to
appreciated
investments
and
$16,799,000
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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
146
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.71%
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,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
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.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
147
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended April
30,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/
paid
by
Price
Associates
in
the
amount
of $1,081,000 remain
subject
to
repayment
by
the
fund
at
April
30,
2025. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
a
wholly
owned
subsidiary
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
For
the
six
months
ended
April
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$60,000
for
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
1.19%
0.05%
Expense
limitation
date
12/31/27
12/31/27
(Waived)/repaid
during
the
period
($000s)
$(19)
$(162)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
148
Price
Associates
and
$14,000
for
T.
Rowe
Price
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
(collectively,
Price
Funds
and
accounts)
may
invest
in
the
fund.
No
Price
fund
or
account
may
invest
for
the
purpose
of
exercising
management
or
control
over
the
fund.
At
April
30,
2025, 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,
2025,
the
aggregate
value
of
purchases
and
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates
was
less
than
1%
of
the
fund’s
net
assets
as
of
April
30,
2025. 
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
149
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
150
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
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
Hong
Kong
Limited
and
T.
Rowe
Price
International
Ltd
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
12–13,
2025
(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
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
151
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,
2024.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2024,
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,
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.
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,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that,
effective
January
1,
2024,
the
Adviser
began
using
brokerage
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
152
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
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
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
schedule
is
graduated
so
the
rate
decreases
as
total
T.
Rowe
Price
fund
assets
increase
and
increases
as
total
T.
Rowe
Price
fund
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
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
a
contractual
expense
limitation
that
requires
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
AGREEMENT
(continued)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
153
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
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
second
quintile
(Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
third
quintile
(Expense
Group)
and
second
quintile
(Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
third
quintile
(Expense
Group)
and
second
quintile
(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.
The
fee
schedules,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENT
(continued)
T.
ROWE
PRICE
Multi-Strategy
Total
Return
Fund
154
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
domestic
and
international
businesses
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
registered
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
other
domestic
and
international
businesses
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
registered
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
registered
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
AGREEMENT
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
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
6/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

    (2)    

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(b)        

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

SIGNATURES

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

 

T. Rowe Price Multi-Strategy Total Return Fund, Inc.
By  

/s/ David Oestreicher

  
  David Oestreicher  
  Principal Executive Officer      
Date    June 17, 2025  

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

 

By  

/s/ David Oestreicher

  
  David Oestreicher  
  Principal Executive Officer  
Date   

June 17, 2025

  

   

 

By  

/s/ Alan S. Dupski

  
  Alan S. Dupski      
  Principal Financial Officer  
Date   

June 17, 2025

  
 
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d946732dncsrs_htm.xml