UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-23261

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

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: October 31, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

October

31,

2023

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TMSRX

Multi-Strategy

Total

Return

Fund

–

.

TMSSX

Multi-Strategy

Total

Return

Fund–

.

I Class

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

HIGHLIGHTS

The

Multi-Strategy

Total

Return

Fund

produced

positive

absolute

returns

and

performed

broadly

in

line

with

the

ICE

Bank

of

America

U.S.

3-Month

Treasury

Bill

Index

for

the12-month

period

ended

October

31,

2023.

Within

the

underlying

components,

the

Macro

and

Absolute

Return

Strategy,

Equity

Research

Long/Short

Strategy,

and

Global

Stock

Strategy

added

value.

However,

our

equity

hedges

and

the

Fixed

Income

Absolute

Return

Strategy

detracted

from

relative

performance.

Our

current

positioning

is

characterized

by

a

relatively

neutral

risk

appetite

against

an

uncertain

market

backdrop.

Overall,

we

have

targeted

an

average

level

of

exposure

to

broader

markets

relative

to

the

fund’s

history.

Considering

this

uncertain

environment,

we

are

looking

at

commonly

accepted

market

narratives

with

caution.

While

the

traditional

view

suggests

that

as

growth

slows,

interest

rates

will

rally,

this

may

not

necessarily

be

the

case

in

the

current

market

where

forces

pull

the

global

economy

in

multiple

directions.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/help/fees-and-

minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

results

during

your

fund’s

fiscal

year,

the

12-month

period

ended

October

31,

2023,

although

a

downturn

over

the

past

six

months

offset

some

of

the

strong

gains

recorded

in

the

first

half

of

the

period.

Global

economies

managed

to

avoid

the

recession

that

was

widely

predicted

at

the

start

of

2023,

but

signs

that

central

banks

might

need

to

keep

interest

rates

higher

for

longer

than

previously

expected

weighed

on

market

sentiment.

Growth

stocks

outperformed

value

shares

over

the

12-month

period,

and

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

produced

some

of

the

strongest

results

in

the

equity

market.

Within

the

S&P

500

Index,

the

communication

services

and

information

technology

sectors

were

lifted

by

the

rally

in

tech-related

companies

and

recorded

significant

gains.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

in

negative

territory.

Corporate

fundamentals

were

broadly

supportive.

Although

year-over-year

earnings

growth

contracted

in

the

first

and

second

quarters

of

2023,

results

were

better

than

expected,

and

preliminary

estimates

pointed

to

a

resumption

of

growth

in

the

third

quarter.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

with

gross

domestic

product

growth

coming

in

at

4.9%

in

the

third

quarter’s

initial

estimate,

the

highest

since

the

end

of

2021.

Growth

in

Europe

and

Japan

was

more

sluggish,

and

China’s

economy

was

beset

by

worries

about

its

property

sector

after

an

initial

boost

from

its

decision

at

the

end

of

2022

to

lift

most

of

its

pandemic-related

restrictions.

A

protracted

debt

ceiling

standoff

in

the

U.S.,

the

ongoing

conflict

between

Ukraine

and

Russia,

and

the

outbreak

of

war

in

the

Middle

East

following

the

attack

on

Israel

by

Hamas

produced

headwinds

for

markets

at

various

times.

Investors

also

remained

focused

on

inflation

as

price

increases

moderated

but

remained

well

above

the

Federal

Reserve’s

2%

target.

In

response,

the

Fed

continued

to

raise

its

short-term

lending

benchmark

rate,

lifting

it

to

a

target

range

of

5.25%

to

5.50%

by

the

end

of

July,

the

highest

level

since

March

2001.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

2

U.S.

Treasury

yields

increased

as

the

Fed

tightened

monetary

policy

and

investors

priced

in

the

possibility

that

the

central

bank

may

have

to

keep

rates

higher

for

longer

than

previously

anticipated.

In

addition,

Treasuries

were

pressured

by

Fitch

Ratings’

decision

to

downgrade

the

credit

rating

of

U.S.

government

debt

from

the

highest

level,

AAA,

to

AA+

along

with

expectations

for

higher

levels

of

borrowing

by

the

Treasury

Department.

The

yield

on

the

benchmark

10-year

Treasury

note

briefly

reached

5.00%

in

October

for

the

first

time

since

late

2007

before

falling

back

to

4.88%

by

period-end.

Increasing

yields

over

the

past

six

months

led

to

weak

results

across

most

of

the

fixed

income

market,

although

high

yield

bonds,

which

are

less

sensitive

to

rising

rates,

held

up

relatively

well

as

default

rates

remained

low

by

historical

standards.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead

to

2024.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

have

the

potential

to add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely,

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

strong,

long-term

risk-adjusted

returns.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Multi-Strategy

Total

Return

Fund

returned

4.58%

during

the

12

months

ended

October

31,

2023.

The

fund

performed

broadly

in

line

with

the

ICE

Bank

of

America

(BofA)

U.S.

3-Month

Treasury

Bill

Index.

(Returns

for

the

I

Class

shares

varied

slightly,

reflecting

a

different

fee

structure.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Most

of

the

underlying

components

advanced

during

the

reporting

period.

Equity

markets

overcame

bearish

factors,

including

U.S.

regional

banking

turmoil,

heightened

geopolitical

tensions,

and

elevated

interest

rates

to

produce

positive

returns

thanks

to

resilient

economic

activity

and

mostly

favorable

corporate

earnings.

Global

fixed

income

markets

also

generally

advanced,

as

solid

returns

in

higher-yielding

segments

like

below

investment-grade

debt,

corporate

bonds,

and

emerging

markets

debt

offset

weakness

in

government

and

long

duration

debt.

Against

this

backdrop,

the

Macro

and

Absolute

Return

Strategy

(MARS)

generated

positive

absolute

returns.

In

particular,

the

strategy

benefited

from

holdings

in

credit

and

short-term

securitized

debt,

as

well

as

positioning

within

shorter-dated

loans

and

high

yield

credit.

This

component

also

employs

a

merger

arbitrage

strategy,

which

added

value

over

the

reporting

period.

The

Equity

Research

Long/Short

Strategy

also

bolstered

relative

performance,

driven

by

short

positions

in

the

U.S.

and

long

positions

outside

the

U.S.

Among

our

portable

alpha,

equity

long/short

strategies,

the

Global

Stock

component,

which

is

based

on

long-term

mandates

and

an

investment

process

driven

by

fundamental

security

selection,

contributed

to

relative

performance.

The

Multi-Strategy

Total

Return

Fund

has

long

positions

in

securities

owned

by

this

component,

and

the

fund

shorts

custom

benchmarks

to

isolate

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

10/31/23

6

Months

12

Months

Multi-Strategy

Total

Return

Fund

–

.

1.68‌%

4.58‌%

Multi-Strategy

Total

Return

Fund–

.

I  Class

1.79‌

4.74‌

ICE

BofA

U.S.

3-Month

Treasury

Bill

Index

2.65‌

4.80‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

4

their

respective

security

selection

alpha.

Within

the

Global

Stock

component,

holdings

in

the

information

technology

sector

generated

a

substantial

gain.

Most

notably,

shares

of

semiconductor

companies

Advanced

Micro

Devices

and

NVIDIA

recorded

extraordinary

returns,

stoked

by

tailwinds

from

enthusiasm

around

generative

artificial

intelligence

and

elevated

demand

amid

healthy

consumer

spending

and

improved

supply

chains.

(Please

refer

to

the

portfolio

of

investments

for

a

list

of

holdings

and

the

amount

each

represents

in

the

portfolio.)

The

fund

maintains

material

holdings

in

various

types

of

derivatives,

which

are

used

to

efficiently

access

or

adjust

exposure

to

certain

market

segments

and/or

to

manage

portfolio

volatility.

Among

these,

broad

market-level

equity

and

fixed

income

derivatives

are

used

to

manage

or

hedge

the

overall

market

exposure

of

the

portfolio,

particularly

with

regard

to

equity

markets.

Entering

the

reporting

period,

we

believed

there

was

potential

for

persistent

market

volatility,

and

therefore

employed

hedges

to

reduce

our

effective

exposure

to

equity

markets.

In

an

environment

where

equities

generally

advanced,

the

fund’s

overall

exposure

to

these

hedge

positions

detracted

from

1

The

percentage

of

total

net

assets

is

calculated

based

on

the

market

value

of

the

underlying

securities

as

of

October

31,

2023.

All

numbers

are

subject

to

rounding.

2

Negative

percentage

allocations

represent

short

positions.

3

A

significant

portion

of

the

fund’s

balance

is

held

in

cash

and

short-term

investments

as

collateral

for

derivatives.

4

Security

diversification

is

derived

using

the

fund’s

direct

holdings

plus

exposure

gained

indirectly

through

the

fund’s

holdings

in

underlying

funds.

SECURITY

DIVERSIFICATION

Non-U.S.

U.S.

Percentage

of

Net

Assets

1

Equity

4.4‌%

9.2‌%

2

13.5‌%

Common

Stocks

4.9‌

12.4‌

17.4‌

Stock

Index

Futures

-0.9‌

-3.7‌

-4.7‌

Other

Equity

0.4‌

0.4‌

0.8‌

Equity

Derivatives

0.0‌

0.0‌

0.0‌

Fixed

Income

23.7‌%

21.4‌%

45.1‌%

Asset

Backed

0.1‌

2.0‌

2.1‌

Bank

Debt

0.5‌

10.0‌

10.5‌

Corporate

Bonds

10.0‌

15.5‌

25.5‌

Fixed

Income

Futures

1.8‌

-8.7‌

-6.8‌

Government

Bonds

8.5‌

0.0‌

8.5‌

Other

Fixed

Income

2.9‌

2.6‌

5.4‌

Convertibles

0.1‌%

1.1‌%

1.2‌%

Cash/Short-Term

Investments

3

0.1‌%

40.2‌%

40.2‌%

Total

4

28.2‌%

71.8‌%

100.0‌%

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

5

relative

performance.

The

Fixed

Income

Absolute

Return

Strategy

also

negatively

impacted

relative

performance,

driven

by

defensive

positions

in

credit

and

equity

markets,

as

well

as

duration

positioning

in

the

U.S.

and

currency

selection

in

certain

markets.

How

is

the

fund

positioned?

The

Multi-Strategy

Total

Return

Fund

sources

its

returns

from

multiple

distinct

investment

strategies,

and

each

component

is

internally

managed

as

an

independent

strategy

by

a

dedicated

T.

Rowe

Price

portfolio

management

team.

Given

their

varying

mandates

(in

areas

such

as

risk

level,

opportunity

set,

and

portfolio

characteristics),

the

fund’s

allocations

to

the

strategies

depend

on

a

wide

range

of

considerations

and

can

be

increased

or

decreased

as

our

assessment

evolves

and

incorporates

changes

in

the

market

environment.

We

opened

the

reporting

period

with

what

could

fairly

be

described

as

a

rock-

bottom

appetite

for

risk,

informed

by

our

belief

that

the

interest

rate

cycle

and

its

impact

on

risk

assets

was

still

very

much

unfolding.

We

*

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

**

U.S.

government

agency

securities

are

issued

or

guaranteed

by

a

U.S.

government

agency

and

may

include

conventional

pass-through

securities

and

collateralized

mortgage

obligations;

unlike

Treasuries,

government

agency

securities

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

may

have

credit

support

from

the

U.S.

Treasury

(e.g.,

FHLMC

and

FNMA

issues)

or

a

direct

government

guarantee

(e.g.,

GNMA

issues).

Therefore,

this

category

may

include

rated

and

unrated

securities.

***

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

BOND

PORTFOLIO

PROFILE

Periods

Ended

4/30/23

10/31/23

Weighted

Average

Effective

Duration

(years)

0.7‌

0.8‌

Weighted

Average

Maturity

(years)

4.7‌

4.7‌

Credit

Quality

Diversification*

U.S.

Government

Agencies**

0.0‌%

0.0‌%

U.S.

Treasuries***

0.0‌ 

0.0‌ 

AAA

4.4‌ 

1.7‌ 

AA

5.2‌ 

4.9‌ 

A

4.2‌ 

3.0‌ 

BBB

31.9‌ 

29.9‌ 

BB

and

Below

52.3‌ 

58.0‌ 

Not

Rated

2.0‌ 

2.5‌ 

Total

100.0‌%

100.0‌%

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

6

added

slightly

to

risk

through

the

first

quarter

of

2023–although

the

banking

crisis

gave

us

cause

for

caution.

We

further

normalized

our

exposure

to

risk

over

the

remainder

of

the

reporting

period,

albeit

with

some

oscillation

as

economic

and

geopolitical

events

unfolded.

Neither

market

bulls,

who

have

predicted

a

soft

landing

that

sidesteps

a

meaningful

recession,

nor

bears,

who

feared

the

reaccelerating

inflation

would

lead

to

overtightening

and

a

hard

landing,

can

make

a

compelling

case

given

the

current

economic

environment.

Against

this

backdrop,

our

risk

appetite

has

improved

relative

to

the

beginning

of

the

period

and

our

current

positioning

is

closer

to

a

neutral

stance.

In

our

view,

adopting

a

more

defensive

posture

would

need

to

be

predicated

on

a

more

bearish

view

than

we

can

substantiate,

and

we

view

a

more

neutral

equity

beta

target

as

prudent

against

this

uncertain

backdrop.

Contribution

to

risk

from

the

underlying

components

reflected

increased

risk

in

the

style

premia

and

fixed

income

strategies

through

much

of

the

period.

However,

active

risk

in

these

strategies

pulled

back

in

the

final

months

of

the

reporting

period,

particularly

as

the

dynamic

fixed

income

components

adopted

more

defensive

positions

in

response

to

renewed

interest

rate

volatility

and

uncertainty

about

the

trajectory

of

the

current

policy

cycle.

The

contribution

to

risk

from

the

MARS

component

also

came

down

over

the

period,

reaching

its

lowest

level

since

the

first

quarter

of

2021.

While

these

shifts

drove

down

the

fund’s

risk

profile

in

aggregate,

we

recognize

that

these

fluctuations

are

driven

by

alpha-seeking

positioning

within

the

individual

strategies.

Rather

than

adjusting

our

exposure

to

alpha

sources

at

the

overall

portfolio

level,

we

prefer

to

rely

on

the

allocation

adjustments

made

by

the

underlying

component

portfolio

managers

to

navigate

their

respective

investment

universes.

What

is

portfolio

management’s

outlook?

The

fund

aims

to

generate

positive

absolute

returns

four

to

five

percentage

points

above

the

cash

benchmark

with

limited

correlation

to

the

direction

of

traditional

asset

classes,

such

as

stocks

and

bonds.

We

seek

to

accomplish

this

by

allocating

the

fund’s

capital

to

a

variety

of

absolute

return

investment

strategies

that

seek

attractive

return

potential

per

unit

of

risk.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

7

Over

the

past

year,

volatility

has

been

spurred

by

a

tug

of

war

between

economic

data

and

monetary

policy,

as

market

participants

have

attempted

to

gauge

whether

the

battle

against

inflation

has

reached

an

inflection

point

that

would

allow

the

Federal

Reserve

to

pivot

to

a

more

dovish

posture.

While

recent

employment

data

could

suggest

that

previous

rate

increases

have

started

to

take

hold

and

that

we

may

be

nearing

a

peak

in

tightening,

our

view

is

that

interest

rate

cuts

are

unlikely

to

materialize

in

the

near

term.

Looking

ahead,

we

believe

the

Fed’s

path

in

2024

will

be

determined

by

the

actual

impact

of

its

monetary

policy.

While

the

consensus

in

markets

is

that

monetary

policy

is

restrictive,

that

hasn’t

translated

into

a

slowdown

in

growth

to

the

extent

that

some

anticipated.

In

part,

a

mismatch

between

monetary

and

fiscal

policy

is

to

blame,

as

stimulative

fiscal

policy

in

the

U.S.

has

been

at

odds

with

the

central

bank’s

hawkish

stance.

The

economic

recovery

in

China

will

also

be

a

key

driver

of

global

growth,

in

our

view.

Despite

a

weaker-than-hoped-for

recovery

in

2023

to

date,

the

country’s

central

bank

has

communicated

a

commitment

to

accommodative

monetary

and

credit

policies

to

invigorate

growth

and

employment

and

stabilize

prices,

which

could

complicate

the

path

of

monetary

policy

globally.

Against

this

uncertain

backdrop,

we

are

looking

at

commonly

accepted

market

narratives

with

caution.

While

the

traditional

view

suggests

that

as

growth

slows,

interest

rates

will

rally,

this

may

not

necessarily

be

the

case

in

the

current

market

where

forces

pull

the

global

economy

in

multiple

directions.

Should

the

current

higher

interest

rate

environment

fail

to

act

as

a

material

impediment

to

growth,

it

reinforces

not

only

the

belief

that

rates

will

remain

higher

for

longer,

but

also

that

the

neutral

rate

of

growth

in

the

U.S.

could

be

much

higher

than

anticipated.

In

an

environment

where

historical

correlations

break

down,

we

believe

fundamental

analysis

and

security

selection

become

even

more

crucial.

Analyzing

these

trends

is

what

our

extensive

global

investment

professionals

do

every

day.

But

more

importantly,

the

fund

benefits

substantially

from

components

(such

as

the

Equity

Research

Long/Short

Strategy)

that

emphasize

idiosyncratic

security

selection

and

that

can

perform

well

regardless

of

how

these

macroeconomic

uncertainties

are

ultimately

resolved.

We

believe

that

our

ability

to

leverage

our

in-house

research

team’s

insights

at

these

different

levels

is

a

unique

benefit

to

the

fund,

and

we

expect

to

continue

to

capitalize

on

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

8

this

advantage

as

we

pursue

our

return

objectives.

In

our

view,

our

combination

of

diversified

components

is

well

suited

to

the

current

market

environment,

and

they

validate

the

benefit

of

having

the

Multi-Strategy

Total

Return

Fund

as

part

of

a

diversified

portfolio.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

9

RISKS

OF

INVESTING

IN

THE

FUND

There

is

risk

that

the

fund’s

investments

will

correlate

with

stocks

and

bonds

to

a

greater

degree

than

anticipated

and

that

the

risk

models

used

to

construct

the

portfolio

may

not

achieve

the

desired

results.

The

fund

may

underperform

during

up

markets

and

be

negatively

affected

in

down

markets.

Diversification

does

not

assure

a

profit

or

eliminate

the

risk

of

loss.

International

investments

can

be

riskier

than

U.S.

investments

due

to

the

effects

of

currency

exchange

rates

and

differences

in

market

structure

and

liquidity,

as

well

as

specific

country,

regional,

and

economic

developments.

These

risks

are

generally

greater

for

emerging

markets.

Fixed

income

securities

are

subject

to

interest

rate,

inflation,

credit,

and

default

risk.

As

interest

rates

rise,

bond

prices

usually

fall,

and

vice

versa.

Derivatives

may

be

more

volatile

than

other

types

of

investments

because

they

can

be

more

sensitive

to

changes

in

market

or

economic

conditions;

risks

include

currency,

leverage,

liquidity,

index,

pricing,

and

counterparty.

Short

sales

are

speculative

transactions

with

potentially

unlimited

losses;

use

of

leverage

can

magnify

the

effect

of

losses.

For

a

thorough

discussion

of

risks,

please

see

the

fund’s

prospectus.

BENCHMARK

INFORMATION

Note:

ICE

Data

Indices,

LLC

(“ICE

DATA”),

is

used

with

permission.

ICE

DATA,

ITS

AFFILIATES

AND

THEIR

RESPECTIVE

THIRD-

PARTY

SUPPLIERS

DISCLAIM

ANY

AND

ALL

WARRANTIES

AND

REPRESENTATIONS,

EXPRESS

AND/OR

IMPLIED,

INCLUDING

ANY

WARRANTIES

OF

MERCHANTABILITY

OR

FITNESS

FOR

A

PARTICULAR

PURPOSE

OR

USE,

INCLUDING

THE

INDICES,

INDEX

DATA

AND

ANY

DATA

INCLUDED

IN,

RELATED

TO,

OR

DERIVED

THEREFROM.

NEITHER

ICE

DATA,

ITS

AFFILIATES

NOR

THEIR

RESPECTIVE

THIRD-PARTY

SUPPLIERS

SHALL

BE

SUBJECT

TO

ANY

DAMAGES

OR

LIABILITY

WITH

RESPECT

TO

THE

ADEQUACY,

ACCURACY,

TIMELINESS

OR

COMPLETENESS

OF

THE

INDICES

OR

THE

INDEX

DATA

OR

ANY

COMPONENT

THEREOF,

AND

THE

INDICES

AND

INDEX

DATA

AND

ALL

COMPONENTS

THEREOF

ARE

PROVIDED

ON

AN

“AS

IS”

BASIS

AND

YOUR

USE

IS

AT

YOUR

OWN

RISK.

ICE

DATA,

ITS

AFFILIATES

AND

THEIR

RESPECTIVE

THIRD-PARTY

SUPPLIERS

DO

NOT

SPONSOR,

ENDORSE,

OR

RECOMMEND

T.

ROWE

PRICE

OR

ANY

OF

ITS

PRODUCTS

OR

SERVICES.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

10

ICE

Benchmark

Administration

Limited

makes

no

warranty,

express

or

implied,

either

as

to

the

results

to

be

obtained

from

the

use

of

ICE

LIBOR

and/or

the

figure

at

which

ICE

LIBOR

stands

at

any

particular

time

on

any

particular

day

or

otherwise.

ICE

Benchmark

Administration

Limited

makes

no

express

or

implied

warranties

of

merchantability

or

fitness

for

a

particular

purpose

in

respect

of

any

use

of

ICE 

LIBOR.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

11

Microsoft

0.7‌%

Amazon.com

0.7‌ 

Apple

0.7‌ 

NVIDIA

0.5‌ 

Eli

Lilly

0.4‌ 

UnitedHealth

Group

0.4‌ 

London

Stock

Exchange

0.4‌ 

Pioneer

Natural

Resources

0.3‌ 

Daiichi

Sankyo

0.3‌ 

ExxonMobil

0.3‌ 

Total

4.7‌%

United

Mexican

States

1.4‌%

United

Kingdom

of

Great

Britain

and

Northern

Ireland

1.2‌ 

Charter

Communications

1.0‌ 

HCA

Healthcare

1.0‌ 

VICI

Properties

0.9‌ 

Ardagh

0.8‌ 

Service

Properties

Trust

0.7‌ 

Verscend

Holdings

LLC

0.6‌ 

Republic

of

Colombia

0.6‌ 

Tenet

Healthcare

0.6‌ 

Total

8.8‌%

PORTFOLIO

HIGHLIGHTS

LARGEST

HOLDINGS

Stocks

Percent

of

Net

Assets

10/31/23

Bonds

Percent

of

Net

Assets

10/31/23

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

12

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual fund

averages

and

indexes.

MULTI-STRATEGY

TOTAL

RETURN

FUND 

Note:

Performance

for

the

I

Class shares

will

vary

due

to

its differing

fee

structure.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

10/31/23

1

Year

5

Years

Since

Inception

2/23/18

Multi-Strategy

Total

Return

Fund

–

.

4.58‌%

2.98‌%

2.07‌%

Multi-Strategy

Total

Return

Fund–

.

I  Class

4.74‌

3.14‌

2.21‌

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

13

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Multi-Strategy

Total

Return

Fund

1.37‌%

Multi-Strategy

Total

Return

Fund–I

Class

1.14‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

14

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

MULTI-STRATEGY

TOTAL

RETURN

FUND

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period*

5/1/23

to

10/31/23

Investor

Class

Actual

$1,000.00

$1,016.80

$6.10

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.16

  6.11

I

Class

Actual

  1,000.00

  1,017.90

  5.34

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.91

  5.35

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

1.20%,

and

the

2

I Class

was

1.05%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

15

QUARTER-END

RETURNS

Periods

Ended

9/30/23

1

Year

5

Years

Since

Inception

2/23/18

Multi-Strategy

Total

Return

Fund

–

.

3.71‌%

2.50‌%

2.05‌%

Multi-Strategy

Total

Return

Fund–

.

I  Class

3.87‌ 

2.68‌ 

2.18‌ 

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

I

Class

shares,

1-800-638-8790.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

9.49‌

$

10.70‌

$

10.56‌

$

9.75‌

$

9.70‌

Investment

activities

Net

investment

income

(1)(2)

0.37‌

0.15‌

0.10‌

0.16‌

0.26‌

Net

realized

and

unrealized

gain/

loss

0.06‌

(1.07‌)

0.40‌

0.92‌

0.12‌

Total

from

investment

activities

0.43‌

(0.92‌)

0.50‌

1.08‌

0.38‌

Distributions

Net

investment

income

(0.14‌)

(0.05‌)

(0.09‌)

(0.25‌)

(0.18‌)

Net

realized

gain

(0.08‌)

(0.24‌)

(0.27‌)

(0.02‌)

(0.15‌)

Total

distributions

(0.22‌)

(0.29‌)

(0.36‌)

(0.27‌)

(0.33‌)

NET

ASSET

VALUE

End

of

period

$

9.70‌

$

9.49‌

$

10.70‌

$

10.56‌

$

9.75‌

Ratios/Supplemental

Data

Total

return

(2)(3)

4.58‌%

(8.75‌)%

4.74‌%

11.34‌%

4.09‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.38‌%

1.37‌%

1.32‌%

1.56‌%

1.84‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.20‌%

1.19‌%

1.04‌%

1.05‌%

1.06‌%

Net

investment

income

3.87‌%

1.49‌%

0.96‌%

1.55‌%

2.69‌%

Portfolio

turnover

rate

110.3‌%

133.8‌%

144.8‌%

99.5‌%

83.8‌%

Net

assets,

end

of

period

(in

thousands)

$25,996

$42,153

$119,258

$120,127

$57,579

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

9.55‌

$

10.75‌

$

10.59‌

$

9.76‌

$

9.70‌

Investment

activities

Net

investment

income

(1)(2)

0.38‌

0.17‌

0.08‌

0.17‌

0.27‌

Net

realized

and

unrealized

gain/

loss

0.06‌

(1.08‌)

0.44‌

0.93‌

0.12‌

Total

from

investment

activities

0.44‌

(0.91‌)

0.52‌

1.10‌

0.39‌

Distributions

Net

investment

income

(0.24‌)

(0.05‌)

(0.09‌)

(0.25‌)

(0.18‌)

Net

realized

gain

(0.08‌)

(0.24‌)

(0.27‌)

(0.02‌)

(0.15‌)

Total

distributions

(0.32‌)

(0.29‌)

(0.36‌)

(0.27‌)

(0.33‌)

NET

ASSET

VALUE

End

of

period

$

9.67‌

$

9.55‌

$

10.75‌

$

10.59‌

$

9.76‌

Ratios/Supplemental

Data

Total

return

(2)(3)

4.74‌%

(8.62‌)%

4.92‌%

11.54‌%

4.19‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.17‌%

1.14‌%

1.12‌%

1.50‌%

1.74‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.05‌%

1.05‌%

1.01‌%

0.90‌%

0.90‌%

Net

investment

income

4.04‌%

1.77‌%

0.73‌%

1.70‌%

2.83‌%

Portfolio

turnover

rate

110.3‌%

133.8‌%

144.8‌%

99.5‌%

83.8‌%

Net

assets,

end

of

period

(in

thousands)

$276,873

$310,096

$334,438

$8,777

$4,308

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

October

31,

2023

18

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ALBANIA

0.1%

Government

Bonds

0.1%

Republic

of

Albania,

5.90%,

6/9/28

(EUR)  (1)

365,000‌

374‌

Total

Albania

(Cost

$387

)

374‌

ANGOLA

0.2%

Government

Bonds

0.2%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

545,000‌

436‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) 

200,000‌

156‌

Total

Angola

(Cost

$633

)

592‌

ARGENTINA

0.1%

Common

Stocks

0.0%

Globant

(USD)  (2)

165‌

28‌

MercadoLibre

(USD)  (2)

63‌

78‌

Tenaris,

ADR

(USD) 

421‌

14‌

120‌

Government

Bonds

0.1%

Argentine

Republic,

STEP,

3.625%,

7/9/35

(USD) 

550,000‌

137‌

137‌

Total

Argentina

(Cost

$277

)

257‌

AUSTRALIA

0.3%

Common

Stocks

0.1%

BHP

Group 

1,093‌

31‌

Goodman

Group 

1,010‌

14‌

IGO 

885‌

5‌

Northern

Star

Resources 

1,682‌

12‌

Rio

Tinto 

173‌

13‌

Scentre

Group 

3,380‌

5‌

80‌

Corporate

Bonds

0.1%

Mineral

Resources,

9.25%,

10/1/28

(USD)  (1)

375,000‌

375‌

375‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.1%

Commonwealth

of

Australia,

Series

169,

4.75%,

6/21/54 

525,000‌

304‌

304‌

Total

Australia

(Cost

$767

)

759‌

AUSTRIA

0.6%

Common

Stocks

0.0%

BAWAG

Group 

172‌

8‌

OMV 

423‌

18‌

26‌

Corporate

Bonds

0.2%

Benteler

International,

9.375%,

5/15/28  (1)

285,000‌

306‌

Benteler

International,

10.50%,

5/15/28

(USD)  (1)

255,000‌

257‌

563‌

Government

Bonds

0.4%

Republic

of

Austria,

0.85%,

6/30/2120  (1)

3,581,000‌

1,308‌

1,308‌

Total

Austria

(Cost

$2,066

)

1,897‌

BAHAMAS

0.1%

Government

Bonds

0.1%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD)  (1)

310,000‌

257‌

Total

Bahamas

(Cost

$246

)

257‌

BRAZIL

1.1%

Common

Stocks

0.0%

Minerva 

9,389‌

14‌

NU

Holdings,

Class

A

(USD)  (2)

2,808‌

23‌

Suzano 

1,137‌

12‌

49‌

Corporate

Bonds

0.7%

Aegea

Finance,

9.00%,

1/20/31

(USD)  (1)(3)

610,000‌

609‌

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

260,000‌

200‌

Braskem

Netherlands

Finance,

5.875%,

1/31/50

(USD)  (1)

200,000‌

129‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD)  (1)

1,180,000‌

937‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) 

310,000‌

243‌

MercadoLibre,

3.125%,

1/14/31

(USD) 

200,000‌

152‌

2,270‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.4%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/27 

2,660,000‌

511‌

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

1,350,000‌

252‌

Republic

of

Brazil,

4.25%,

1/7/25

(USD) 

330,000‌

324‌

1,087‌

Total

Brazil

(Cost

$3,752

)

3,406‌

CANADA

1.4%

Asset-Backed

Securities

0.1%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52  (1)

305,000‌

199‌

199‌

Common

Stocks

0.4%

Agnico

Eagle

Mines

(USD) 

412‌

19‌

Alamos

Gold,

Class

A

(USD)  (3)

1,144‌

14‌

Cameco

(USD)  (3)

1,420‌

58‌

Canadian

Apartment

Properties

REIT 

134‌

4‌

Canadian

Natural

Resources 

472‌

30‌

Canadian

Pacific

Kansas

City

(USD) 

8,456‌

600‌

Constellation

Software 

12‌

24‌

Constellation

Software,

Warrants,

3/31/40  (2)(4)

12‌

—‌

Descartes

Systems

Group

(USD)  (2)

167‌

12‌

ERO

Copper  (2)

1,070‌

15‌

First

Quantum

Minerals 

2,481‌

29‌

Franco-Nevada 

157‌

19‌

Ivanhoe

Mines,

Class

A  (2)(3)

1,215‌

9‌

Magna

International

(USD)  (3)

141‌

7‌

MDA  (2)

4,213‌

35‌

Nutrien

(USD) 

363‌

19‌

Shopify,

Class

A

(USD)  (2)

6,195‌

292‌

Suncor

Energy 

1,036‌

34‌

Teck

Resources,

Class

B

(USD) 

495‌

17‌

Tourmaline

Oil 

172‌

9‌

West

Fraser

Timber 

220‌

15‌

Whitecap

Resources  (3)

2,044‌

16‌

1,277‌

Corporate

Bonds

0.9%

1011778

BC

ULC,

5.75%,

4/15/25

(USD)  (1)

1,216,000‌

1,207‌

Enbridge,

VR,

8.50%,

1/15/84

(USD)  (5)

350,000‌

332‌

Enbridge,

Series

NC5,

VR,

8.25%,

1/15/84

(USD)  (5)

350,000‌

335‌

GFL

Environmental,

4.25%,

6/1/25

(USD)  (1)

21,000‌

20‌

Rogers

Communications,

2.95%,

3/15/25

(USD) 

53,000‌

51‌

Toronto-Dominion

Bank,

VR,

8.125%,

10/31/82

(USD)  (5)

200,000‌

194‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

570,000‌

567‌

2,706‌

Total

Canada

(Cost

$4,259

)

4,182‌

CHILE

0.5%

Corporate

Bonds

0.4%

AES

Andes,

VR,

7.125%,

3/26/79

(USD)  (5)

310,000‌

292‌

Agrosuper,

4.60%,

1/20/32

(USD) 

250,000‌

200‌

Chile

Electricity,

6.01%,

1/20/33

(USD)  (1)

200,000‌

195‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

300,000‌

163‌

Mercury

Chile

Holdco,

6.50%,

1/24/27

(USD) 

310,000‌

279‌

1,129‌

Government

Bonds

0.1%

Bonos

de

la

Tesoreria

de

la

Republica,

6.00%,

4/1/33  (1)

420,000,000‌

451‌

451‌

Total

Chile

(Cost

$1,750

)

1,580‌

CHINA

0.6%

Common

Stocks

0.2%

58.com

(USD)  (2)(4)

22,100‌

—‌

Alibaba

Group

Holding

(HKD)  (2)

3,300‌

34‌

BeiGene,

ADR

(USD)  (2)

77‌

14‌

Beijing

Capital

International

Airport,

Class

H

(HKD)  (2)

34,000‌

13‌

H

World

Group,

ADR

(USD)  (2)

459‌

17‌

Jiumaojiu

International

Holdings

(HKD)  (3)

139,000‌

151‌

Kanzhun,

ADR

(USD)  (2)

1,000‌

15‌

Legend

Biotech,

ADR

(USD)  (2)

232‌

15‌

Li

Ning

(HKD) 

3,000‌

9‌

PDD

Holdings,

ADR

(USD)  (2)

260‌

26‌

Silergy

(TWD) 

4,000‌

36‌

Tencent

Holdings

(HKD) 

7,309‌

271‌

Zai

Lab,

ADR

(USD)  (2)(3)

177‌

5‌

606‌

Common

Stocks

-

China

A

Shares

0.0%

Estun

Automation,

A

Shares

(CNH) 

5,100‌

13‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

4,800‌

25‌

Kweichow

Moutai,

A

Shares

(CNH) 

100‌

23‌

NARI

Technology,

A

Shares

(CNH) 

10,713‌

33‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

1,700‌

14‌

108‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Convertible

Bonds

0.1%

Xiaomi

Best

Time

International,

Zero

Coupon,

12/17/27

(USD) 

300,000‌

260‌

260‌

Corporate

Bonds

0.3%

AAC

Technologies

Holdings,

2.625%,

6/2/26

(USD) 

270,000‌

230‌

Country

Garden

Holdings,

3.125%,

10/22/25

(USD)  (2)(6)

300,000‌

13‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD)  (2)(6)

1,515,000‌

71‌

Longfor

Group

Holdings,

3.85%,

1/13/32

(USD) 

200,000‌

65‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD)  (2)(6)

200,000‌

5‌

Times

China

Holdings,

6.75%,

7/8/25

(USD)  (2)(6)

200,000‌

7‌

West

China

Cement,

4.95%,

7/8/26

(USD) 

230,000‌

161‌

Zhongsheng

Group

Holdings,

3.00%,

1/13/26

(USD) 

310,000‌

283‌

835‌

Total

China

(Cost

$2,744

)

1,809‌

COLOMBIA

0.8%

Corporate

Bonds

0.3%

Aris

Mining,

6.875%,

8/9/26

(USD)  (1)

315,000‌

260‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

300,000‌

270‌

Geopark,

5.50%,

1/17/27

(USD) 

300,000‌

252‌

782‌

Government

Bonds

0.5%

Republic

of

Colombia,

4.50%,

1/28/26

(USD) 

200,000‌

192‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

2,554,100,000‌

490‌

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

1,600,000,000‌

294‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

2,528,000,000‌

664‌

1,640‌

Private

Investment

Company

0.0%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $12

(USD)  (2)(7)

†

17‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $37

(USD)  (2)(7)

†

44‌

61‌

Total

Colombia

(Cost

$2,364

)

2,483‌

CYPRUS

0.0%

Government

Bonds

0.0%

Republic

of

Cyprus,

2.75%,

5/3/49 

140,000‌

106‌

Total

Cyprus

(Cost

$111

)

106‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CZECH

REPUBLIC

0.2%

Government

Bonds

0.2%

Czech

Republic

Government

Bond,

Series

125,

1.50%,

4/24/40 

18,750,000‌

514‌

Total

Czech

Republic

(Cost

$557

)

514‌

DENMARK

0.1%

Common

Stocks

0.1%

Ascendis

Pharma,

ADR

(USD)  (2)

50‌

5‌

Genmab  (2)

19‌

5‌

Novo

Nordisk,

ADR

(USD) 

202‌

20‌

Novo

Nordisk,

Class

B 

2,242‌

216‌

Total

Denmark

(Cost

$248

)

246‌

DOMINICAN

REPUBLIC

0.2%

Government

Bonds

0.2%

Dominican

Republic,

5.95%,

1/25/27

(USD) 

310,000‌

299‌

Dominican

Republic,

6.00%,

7/19/28

(USD) 

230,000‌

219‌

Total

Dominican

Republic

(Cost

$542

)

518‌

ECUADOR

0.1%

Government

Bonds

0.1%

Republic

of

Ecuador,

STEP,

6.00%,

7/31/30

(USD)  (1)

560,000‌

286‌

Total

Ecuador

(Cost

$299

)

286‌

FRANCE

0.3%

Common

Stocks

0.2%

Airbus 

857‌

115‌

AXA 

656‌

19‌

Eurofins

Scientific 

271‌

14‌

Gecina 

91‌

9‌

Hermes

International 

23‌

43‌

L'Oreal 

30‌

13‌

LVMH

Moet

Hennessy

Louis

Vuitton 

121‌

87‌

Pernod

Ricard 

141‌

25‌

Remy

Cointreau 

71‌

8‌

Safran 

263‌

41‌

Schneider

Electric 

216‌

33‌

SPIE 

962‌

25‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TotalEnergies 

1,186‌

79‌

511‌

Convertible

Preferred

Stocks

0.0%

DNA

Script,

Series

C,

Acquisition

Date:

12/16/21,

Cost $7  (2)

(4)(7)

8‌

6‌

6‌

Corporate

Bonds

0.1%

Altice

France

Holding,

4.00%,

2/15/28 

100,000‌

46‌

Altice

France

Holding,

10.50%,

5/15/27

(USD)  (1)

545,000‌

299‌

345‌

Total

France

(Cost

$903

)

862‌

GEORGIA

0.1%

Corporate

Bonds

0.1%

Georgian

Railway,

4.00%,

6/17/28

(USD) 

310,000‌

267‌

Total

Georgia

(Cost

$277

)

267‌

GERMANY

0.6%

Common

Stocks

0.2%

Covestro  (2)

224‌

12‌

Daimler

Truck

Holding 

897‌

28‌

KION

Group 

564‌

17‌

LEG

Immobilien  (2)

141‌

9‌

SAP 

3,595‌

482‌

Siemens 

665‌

88‌

Zalando  (2)

238‌

6‌

642‌

Corporate

Bonds

0.3%

Kreditanstalt

fuer

Wiederaufbau,

2.00%,

5/2/25

(USD) 

306,000‌

292‌

TK

Elevator

Holdco,

7.625%,

7/15/28

(USD)  (1)

400,000‌

361‌

ZF

North

America

Capital,

4.75%,

4/29/25

(USD)  (1)

150,000‌

144‌

797‌

Preferred

Stocks

0.1%

Sartorius  (3)

1,935‌

485‌

485‌

Total

Germany

(Cost

$2,143

)

1,924‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GHANA

0.2%

Corporate

Bonds

0.2%

Kosmos

Energy,

7.125%,

4/4/26

(USD) 

655,000‌

602‌

Total

Ghana

(Cost

$616

)

602‌

GUATEMALA

0.2%

Government

Bonds

0.2%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

300,000‌

276‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) 

300,000‌

268‌

Total

Guatemala

(Cost

$601

)

544‌

HONG

KONG

0.4%

Common

Stocks

0.3%

AIA

Group 

53,000‌

460‌

Samsonite

International  (2)

4,200‌

13‌

Techtronic

Industries 

44,500‌

406‌

Techtronic

Industries,

ADR

(USD) 

472‌

22‌

901‌

Corporate

Bonds

0.1%

CAS

Capital

No.

1,

VR,

4.00%

(USD)  (5)(8)

250,000‌

197‌

197‌

Total

Hong

Kong

(Cost

$1,162

)

1,098‌

HUNGARY

0.5%

Common

Stocks

0.0%

OTP

Bank 

148‌

5‌

Wizz

Air

Holdings

(GBP)  (2)

37‌

1‌

6‌

Corporate

Bonds

0.1%

OTP

Bank,

VR,

7.50%,

5/25/27

(USD)  (5)

230,000‌

231‌

231‌

Government

Bonds

0.4%

Magyar

Export-Import

Bank,

6.125%,

12/4/27

(USD)  (1)

200,000‌

196‌

MFB

Magyar

Fejlesztesi

Bank,

6.50%,

6/29/28

(USD) 

230,000‌

227‌

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

240,330,000‌

549‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

30,270,000‌

56‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

144,000,000‌

241‌

1,269‌

Total

Hungary

(Cost

$1,475

)

1,506‌

INDIA

0.9%

Common

Stocks

0.3%

Container

Corp.

of

India 

2,195‌

18‌

HDFC

Bank 

24,271‌

430‌

ICICI

Bank 

37,890‌

417‌

Larsen

&

Toubro 

979‌

35‌

900‌

Corporate

Bonds

0.4%

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

275,125‌

204‌

Adani

Renewable

Energy

RJ,

4.625%,

10/15/39

(USD) 

262,875‌

183‌

GMR

Hyderabad

International

Airport,

4.25%,

10/27/27

(USD) 

220,000‌

194‌

HDFC

Bank,

VR,

3.70%

(USD)  (5)(8)

310,000‌

268‌

JSW

Infrastructure,

4.95%,

1/21/29

(USD)  (3)

250,000‌

214‌

1,063‌

Government

Bonds

0.2%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

300,000‌

231‌

Export-Import

Bank

of

India,

3.875%,

2/1/28

(USD) 

300,000‌

276‌

Republic

of

India,

6.45%,

10/7/29 

22,000,000‌

252‌

759‌

Total

India

(Cost

$2,916

)

2,722‌

INDONESIA

0.5%

Corporate

Bonds

0.3%

Bank

Negara

Indonesia

Persero,

VR,

4.30%

(USD)  (5)(8)

620,000‌

505‌

Minejesa

Capital,

4.625%,

8/10/30

(USD) 

300,000‌

269‌

Pakuwon

Jati,

4.875%,

4/29/28

(USD) 

300,000‌

266‌

1,040‌

Government

Bonds

0.2%

Republic

of

Indonesia,

2.15%,

7/28/31

(USD) 

320,000‌

248‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

3,680,000,000‌

230‌

478‌

Total

Indonesia

(Cost

$1,548

)

1,518‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

IRELAND

0.2%

Corporate

Bonds

0.2%

AerCap

Ireland

Capital,

3.00%,

10/29/28

(USD) 

150,000‌

127‌

AerCap

Ireland

Capital,

3.30%,

1/30/32

(USD) 

310,000‌

240‌

AerCap

Ireland

Capital,

6.15%,

9/30/30

(USD) 

150,000‌

143‌

Avolon

Holdings

Funding,

2.875%,

2/15/25

(USD)  (1)

49,000‌

46‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD)  (1)

31,000‌

30‌

Avolon

Holdings

Funding,

6.375%,

5/4/28

(USD)  (1)

90,000‌

87‌

Total

Ireland

(Cost

$762

)

673‌

ISRAEL

0.4%

Corporate

Bonds

0.2%

Bank

Hapoalim,

VR,

3.255%,

1/21/32

(USD)  (1)(5)

300,000‌

242‌

Bank

Leumi

Le-Israel,

VR,

3.275%,

1/29/31

(USD)  (1)(5)

325,000‌

278‌

Energian

Israel

Finance,

4.875%,

3/30/26

(USD)  (1)

280,000‌

245‌

765‌

Government

Bonds

0.2%

State

of

Israel,

Series

0347,

3.75%,

3/31/47 

2,700,000‌

531‌

531‌

Total

Israel

(Cost

$1,575

)

1,296‌

ITALY

0.5%

Common

Stocks

0.3%

Davide

Campari-Milano 

2,091‌

23‌

Ferrari

(USD) 

1,249‌

377‌

GVS  (2)

1,655‌

7‌

PRADA

(HKD) 

58,400‌

352‌

759‌

Corporate

Bonds

0.2%

Enel

Finance

International,

7.75%,

10/14/52

(USD)  (1)

200,000‌

205‌

Golden

Goose,

FRN,

3M

EURIBOR

+

4.875%,

8.656%,

5/14/27 

472,000‌

496‌

701‌

Total

Italy

(Cost

$1,317

)

1,460‌

IVORY

COAST

0.3%

Government

Bonds

0.3%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

560,000‌

484‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ivory

Coast,

6.375%,

3/3/28

(USD)  (3)

310,000‌

289‌

Total

Ivory

Coast

(Cost

$816

)

773‌

JAPAN

0.9%

Common

Stocks

0.7%

Asics 

600‌

19‌

Astellas

Pharma 

500‌

6‌

Daiichi

Sankyo 

31,500‌

812‌

Daikin

Industries 

300‌

43‌

Harmonic

Drive

Systems 

10,900‌

236‌

Hoshizaki 

800‌

26‌

Idec 

700‌

13‌

Industrial

&

Infrastructure

Fund

Investment 

3‌

3‌

Keyence 

1,300‌

503‌

MatsukiyoCocokara 

500‌

9‌

Mitsubishi

UFJ

Financial

Group 

40,100‌

336‌

Mitsui

Fudosan 

600‌

13‌

Miura 

1,300‌

25‌

Nippon

Sanso

Holdings 

1,200‌

30‌

Recruit

Holdings 

1,100‌

32‌

Sanrio 

500‌

21‌

Seven

&

i

Holdings 

500‌

18‌

Shionogi 

2,200‌

103‌

Sony

Group,

ADR

(USD) 

458‌

38‌

Suzuki

Motor 

100‌

4‌

2,290‌

Government

Bonds

0.2%

Government

of

Japan,

Series

14,

0.70%,

3/20/61 

83,050,000‌

375‌

Government

of

Japan,

Series

15,

1.00%,

3/20/62 

37,350,000‌

186‌

561‌

Total

Japan

(Cost

$2,856

)

2,851‌

JORDAN

0.1%

Government

Bonds

0.1%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

300,000‌

254‌

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD)  (1)

200,000‌

187‌

Total

Jordan

(Cost

$475

)

441‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KAZAKHSTAN

0.2%

Corporate

Bonds

0.2%

KazMunayGas

National,

5.375%,

4/24/30

(USD)  (3)

310,000‌

278‌

Tengizchevroil

Finance

International,

3.25%,

8/15/30

(USD) 

300,000‌

224‌

Total

Kazakhstan

(Cost

$559

)

502‌

LUXEMBOURG

0.1%

Bank

Loans

0.1%

(9)

Altice

Financing,

FRN,

3M

EURIBOR

+

5.00%,

10/31/27  (10)

225,000‌

221‌

Total

Luxembourg

(Cost

$229

)

221‌

MALAYSIA

0.1%

Government

Bonds

0.1%

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

770,000‌

169‌

Total

Malaysia

(Cost

$182

)

169‌

MAURITIUS

0.2%

Corporate

Bonds

0.2%

Axian

Telecom,

7.375%,

2/16/27

(USD)  (3)

310,000‌

277‌

Axian

Telecom,

7.375%,

2/16/27

(USD)  (1)(3)

230,000‌

205‌

Total

Mauritius

(Cost

$537

)

482‌

MEXICO

2.3%

Corporate

Bonds

1.0%

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD)  (5)(8)

310,000‌

302‌

Banco

Nacional

de

Comercio

Exterior

SNC,

VR,

2.72%,

8/11/31

(USD)  (5)

300,000‌

241‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD)  (3)(5)

310,000‌

263‌

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) 

425,000‌

251‌

Comision

Federal

de

Electricidad,

4.75%,

2/23/27

(USD) 

240,000‌

228‌

Mexico

City

Airport

Trust,

4.25%,

10/31/26

(USD) 

290,000‌

270‌

Petroleos

Mexicanos,

5.35%,

2/12/28

(USD) 

310,000‌

250‌

Petroleos

Mexicanos,

6.49%,

1/23/27

(USD) 

250,000‌

222‌

Petroleos

Mexicanos,

6.50%,

1/23/29

(USD) 

595,000‌

480‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD) 

435,000‌

321‌

2,828‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

1.3%

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

5,070,000‌

253‌

United

Mexican

States,

Series

M,

7.50%,

6/3/27 

4,888,000‌

248‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

21,500,000‌

997‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

8,800,000‌

426‌

United

Mexican

States,

Series

M,

7.75%,

11/13/42 

22,390,000‌

992‌

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

20,830,000‌

1,075‌

3,991‌

Total

Mexico

(Cost

$7,277

)

6,819‌

MONGOLIA

0.1%

Government

Bonds

0.1%

Mongolia

Government

Bond,

3.50%,

7/7/27

(USD)  (3)

250,000‌

210‌

Total

Mongolia

(Cost

$217

)

210‌

MOROCCO

0.2%

Corporate

Bonds

0.1%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) 

310,000‌

281‌

281‌

Government

Bonds

0.1%

Kingdom

of

Morocco,

5.95%,

3/8/28

(USD)  (1)

270,000‌

265‌

265‌

Total

Morocco

(Cost

$573

)

546‌

NETHERLANDS

0.3%

Common

Stocks

0.3%

Adyen  (2)

23‌

16‌

Akzo

Nobel 

114‌

8‌

Argenx,

ADR

(USD)  (2)

104‌

49‌

ASM

International 

110‌

45‌

ASML

Holding 

659‌

396‌

ASML

Holding

(USD) 

22‌

13‌

BE

Semiconductor

Industries 

3,080‌

318‌

Heineken 

251‌

23‌

TKH

Group,

CVA 

665‌

24‌

Universal

Music

Group 

258‌

6‌

898‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

GTCR

W-2

Merger,

8.50%,

1/15/31

(GBP)  (1)

125,000‌

152‌

152‌

Total

Netherlands

(Cost

$968

)

1,050‌

NEW

ZEALAND

0.2%

Government

Bonds

0.2%

Government

of

New

Zealand,

Series

0551,

2.75%,

5/15/51 

1,776,000‌

611‌

Total

New

Zealand

(Cost

$924

)

611‌

NORWAY

0.0%

Common

Stocks

0.0%

Equinor 

1,186‌

40‌

Seadrill

(USD)  (2)

666‌

26‌

Total

Norway

(Cost

$57

)

66‌

OMAN

0.2%

Corporate

Bonds

0.2%

OmGrid

Funding,

5.196%,

5/16/27

(USD) 

300,000‌

282‌

Oryx

Funding,

5.80%,

2/3/31

(USD) 

300,000‌

278‌

Total

Oman

(Cost

$595

)

560‌

PANAMA

0.1%

Corporate

Bonds

0.1%

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) 

310,000‌

231‌

231‌

Government

Bonds

0.0%

Republic

of

Panama,

3.16%,

1/23/30

(USD) 

250,000‌

202‌

202‌

Total

Panama

(Cost

$494

)

433‌

PARAGUAY

0.1%

Government

Bonds

0.1%

Republic

of

Paraguay,

2.739%,

1/29/33

(USD) 

370,000‌

278‌

Total

Paraguay

(Cost

$308

)

278‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PERU

0.4%

Common

Stocks

0.0%

Southern

Copper

(USD) 

310‌

22‌

22‌

Corporate

Bonds

0.2%

Banco

de

Credito

del

Peru,

VR,

3.125%,

7/1/30

(USD)  (3)(5)

310,000‌

284‌

InRetail

Consumer,

3.25%,

3/22/28

(USD) 

300,000‌

252‌

536‌

Government

Bonds

0.2%

Fondo

MIVIVIENDA,

4.625%,

4/12/27

(USD) 

300,000‌

284‌

Republic

of

Peru,

6.15%,

8/12/32 

1,050,000‌

250‌

Republic

of

Peru,

6.95%,

8/12/31 

989,000‌

251‌

785‌

Total

Peru

(Cost

$1,346

)

1,343‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

6.25%,

1/14/36 

23,000,000‌

385‌

Total

Philippines

(Cost

$540

)

385‌

PORTUGAL

0.0%

Common

Stocks

0.0%

Galp

Energia 

1,537‌

23‌

Jeronimo

Martins 

848‌

20‌

43‌

Government

Bonds

0.0%

Portuguese

Republic,

5.125%,

10/15/24

(USD) 

97,000‌

96‌

96‌

Total

Portugal

(Cost

$131

)

139‌

QATAR

0.1%

Corporate

Bonds

0.1%

QatarEnergy,

3.125%,

7/12/41

(USD) 

370,000‌

244‌

Total

Qatar

(Cost

$282

)

244‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ROMANIA

0.5%

Corporate

Bonds

0.3%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR)  (5)

840,000‌

921‌

921‌

Government

Bonds

0.2%

Republic

of

Romania,

2.125%,

3/7/28

(EUR) 

220,000‌

202‌

Republic

of

Romania,

3.00%,

2/27/27

(USD) 

260,000‌

236‌

438‌

Total

Romania

(Cost

$1,415

)

1,359‌

SAUDI

ARABIA

0.1%

Corporate

Bonds

0.1%

Riyad

Sukuk,

VR,

3.174%,

2/25/30

(USD)  (5)

200,000‌

191‌

Total

Saudi

Arabia

(Cost

$204

)

191‌

SENEGAL

0.1%

Government

Bonds

0.1%

Republic

of

Senegal,

6.25%,

5/23/33

(USD)  (3)

310,000‌

246‌

Total

Senegal

(Cost

$291

)

246‌

SERBIA

0.2%

Government

Bonds

0.2%

Republic

of

Serbia,

6.25%,

5/26/28

(USD)  (3)

300,000‌

293‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

41,000,000‌

326‌

Total

Serbia

(Cost

$752

)

619‌

SINGAPORE

0.0%

Common

Stocks

0.0%

CapitaLand

Integrated

Commercial

Trust 

4,900‌

6‌

Total

Singapore

(Cost

$7

)

6‌

SOUTH

AFRICA

0.1%

Corporate

Bonds

0.1%

Transnet,

8.25%,

2/6/28

(USD)  (1)

200,000‌

190‌

190‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.0%

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

4,519,000‌

170‌

170‌

Total

South

Africa

(Cost

$404

)

360‌

SOUTH

KOREA

0.0%

Common

Stocks

0.0%

Hyundai

Mobis 

84‌

13‌

Samsung

Electronics 

1,776‌

88‌

Total

South

Korea

(Cost

$99

)

101‌

SPAIN

0.3%

Common

Stocks

0.2%

Amadeus

IT

Group,

Class

A 

10,434‌

596‌

Cellnex

Telecom 

79‌

2‌

598‌

Corporate

Bonds

0.1%

Banco

Bilbao

Vizcaya

Argentaria,

VR,

9.375%

(USD)  (5)(8)

400,000‌

387‌

387‌

Total

Spain

(Cost

$996

)

985‌

SRI

LANKA

0.2%

Government

Bonds

0.2%

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD)  (2)(6)

310,000‌

161‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD)  (2)(6)

560,000‌

293‌

Republic

of

Sri

Lanka,

11.00%,

6/1/26 

91,000,000‌

256‌

Total

Sri

Lanka

(Cost

$626

)

710‌

SUPRANATIONAL

0.0%

Government

Bonds

0.0%

International

Bank

for

Reconstruction

&

Development,

0.625%,

4/22/25

(USD) 

135,000‌

126‌

Total

Supranational

(Cost

$126

)

126‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SURINAME

0.4%

Government

Bonds

0.4%

Republic

of

Suriname,

9.25%,

10/26/26

(USD)  (2)(6)

1,200,000‌

1,095‌

Total

Suriname

(Cost

$883

)

1,095‌

SWEDEN

0.6%

Bank

Loans

0.2%

(9)

Anticimex

Global,

FRN,

3M

TSFR

+

3.15%,

8.45%,

11/16/28

(USD) 

589,500‌

580‌

Anticimex

Global,

FRN,

3M

TSFR

+

3.65%,

8.95%,

11/16/28

(USD) 

98,250‌

97‌

677‌

Common

Stocks

0.2%

Sandvik 

1,888‌

32‌

Spotify

Technology

(USD)  (2)

149‌

25‌

Svenska

Cellulosa,

Class

B 

33,542‌

460‌

517‌

Corporate

Bonds

0.2%

Castellum,

2.125%,

11/20/23

(EUR) 

200,000‌

211‌

Heimstaden

Bostad

Treasury,

0.75%,

9/6/29

(EUR) 

495,000‌

329‌

Heimstaden

Bostad

Treasury,

1.375%,

3/3/27

(EUR) 

200,000‌

167‌

707‌

Total

Sweden

(Cost

$1,924

)

1,901‌

SWITZERLAND

0.2%

Common

Stocks

0.2%

Cie

Financiere

Richemont,

Class

A 

2,508‌

296‌

Julius

Baer

Group 

465‌

27‌

Montana

Aerospace  (2)

1,718‌

21‌

Nestle 

2,654‌

286‌

On

Holding,

Class

A

(USD)  (2)

465‌

12‌

Roche

Holding 

12‌

3‌

Total

Switzerland

(Cost

$755

)

645‌

TAIWAN

0.3%

Common

Stocks

0.3%

Taiwan

Semiconductor

Manufacturing 

42,000‌

686‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

2,222‌

192‌

Total

Taiwan

(Cost

$911

)

878‌

THAILAND

0.5%

Corporate

Bonds

0.2%

Bangkok

Bank,

VR,

3.733%,

9/25/34

(USD)  (5)

310,000‌

253‌

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

300,000‌

290‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

310,000‌

171‌

714‌

Government

Bonds

0.3%

Kingdom

of

Thailand,

3.60%,

6/17/67 

7,700,000‌

196‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

24,150,792‌

635‌

831‌

Total

Thailand

(Cost

$1,825

)

1,545‌

UNITED

ARAB

EMIRATES

0.0%

Corporate

Bonds

0.0%

Sweihan

PV

Power,

3.625%,

1/31/49

(USD) 

1,425‌

1‌

Total

United

Arab

Emirates

(Cost

$1

)

1‌

UNITED

KINGDOM

2.8%

Bank

Loans

0.2%

(9)

EG

America,

FRN,

1M

TSFR

+

4.00%,

9.414%,

2/7/25

(USD) 

460,963‌

459‌

459‌

Common

Stocks

0.5%

ARM

Holdings,

ADR

(USD)  (2)(3)

882‌

43‌

Ashtead

Group 

471‌

27‌

AstraZeneca,

ADR

(USD) 

856‌

54‌

BP,

ADR

(USD) 

1,574‌

58‌

Compass

Group 

1,516‌

38‌

Derwent

London 

150‌

3‌

Glencore 

2,432‌

13‌

Immunocore

Holdings,

ADR

(USD)  (2)(3)

267‌

12‌

London

Stock

Exchange

Group 

10,863‌

1,096‌

Next 

130‌

11‌

Novocure

(USD)  (2)

232‌

3‌

Rentokil

Initial 

5,671‌

29‌

Shell 

1,942‌

63‌

Smiths

Group 

814‌

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Unilever

(EUR) 

672‌

32‌

UNITE

Group 

384‌

4‌

Wise,

Class

A  (2)

2,839‌

23‌

1,525‌

Corporate

Bonds

0.9%

Clear

Channel

International,

6.625%,

8/1/25

(USD)  (1)

400,000‌

392‌

Connect

Finco,

6.75%,

10/1/26

(USD)  (1)

520,000‌

484‌

Drax

Finco,

6.625%,

11/1/25

(USD)  (1)

625,000‌

602‌

eG

Global

Finance,

8.50%,

10/30/25

(USD)  (1)

461,000‌

451‌

Reynolds

American,

4.45%,

6/12/25

(USD) 

52,000‌

51‌

Rolls-Royce,

3.625%,

10/14/25

(USD)  (1)

900,000‌

843‌

2,823‌

Government

Bonds

1.2%

United

Kingdom

Gilt,

1.625%,

10/22/71 

904,000‌

462‌

United

Kingdom

Gilt,

3.50%,

7/22/68 

324,000‌

300‌

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/24 

1,300,288‌

1,567‌

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/26 

1,086,448‌

1,300‌

3,629‌

Total

United

Kingdom

(Cost

$8,411

)

8,436‌

UNITED

STATES

38.6%

Asset-Backed

Securities

1.8%

Amur

Equipment

Finance

Receivables

X,

Series

2022-1A,

Class

E,

5.02%,

12/20/28  (1)

465,000‌

415‌

Applebee's

Funding,

Series

2023-1A,

Class

A2,

7.824%,

3/5/53  (1)

465,000‌

455‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-1A,

Class

A,

STEP,

4.213%,

12/16/41  (1)

396,203‌

365‌

CarMax

Auto

Owner

Trust,

Series

2023-1,

Class

A2A,

5.23%,

1/15/26 

51,040‌

51‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

C,

1.02%,

6/12/28 

20,434‌

19‌

DLLAD,

Series

2023-1A,

Class

A2,

5.19%,

4/20/26  (1)

75,514‌

75‌

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34  (1)

47,781‌

45‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38  (1)

200,000‌

199‌

ExteNet,

Series

2019-1A,

Class

B,

4.14%,

7/25/49  (1)

260,000‌

250‌

FOCUS

Brands

Funding,

Series

2018-1,

Class

A2,

5.184%,

10/30/48  (1)

536,750‌

512‌

FOCUS

Brands

Funding,

Series

2022-1,

Class

A2,

7.206%,

7/30/52  (1)

246,875‌

239‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.19%,

6/15/25 

91,567‌

91‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

D,

6.97%,

6/15/28 

60,000‌

60‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48  (1)

137,750‌

130‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51  (1)

263,925‌

206‌

JPMorgan

Chase

Bank,

Series

2021-1,

Class

D,

1.174%,

9/25/28  (1)

36,854‌

36‌

JPMorgan

Chase

Bank,

Series

2021-3,

Class

D,

1.009%,

2/26/29  (1)

75,423‌

72‌

JPMorgan

Chase

Bank,

Series

2021-3,

Class

E,

2.102%,

2/26/29  (1)

153,640‌

146‌

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-1,

Class

A2,

5.09%,

1/15/26 

94,513‌

94‌

Nissan

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.10%,

3/17/25 

108,614‌

108‌

Octane

Receivables

Trust,

Series

2021-1A,

Class

A,

0.93%,

3/22/27  (1)

36,496‌

36‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

A,

1.21%,

9/20/28  (1)

30,170‌

29‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

C,

2.53%,

5/21/29  (1)

320,000‌

289‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29  (1)

69,914‌

70‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

D,

7.76%,

3/20/30  (1)

260,000‌

260‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30  (1)

295,000‌

279‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

D,

7.58%,

9/20/29  (1)

100,000‌

100‌

Progress

Residential

Trust,

Series

2020-SFR3,

Class

F,

2.796%,

10/17/27  (1)

140,000‌

127‌

Progress

Residential

Trust,

Series

2022-SFR5,

Class

D,

5.734%,

6/17/39  (1)

100,000‌

95‌

Santander

Bank,

Series

2021-1A,

Class

B,

1.833%,

12/15/31  (1)

64,651‌

63‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32  (1)

98,013‌

97‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32  (1)

216,346‌

216‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-C,

Class

D,

8.197%,

12/15/32  (1)

150,618‌

151‌

Stonepeak,

Series

2021-1A,

Class

B,

3.821%,

2/28/33  (1)

240,443‌

203‌

5,583‌

Bank

Loans

8.9%

(9)

Applied

Systems,

FRN,

3M

TSFR

+

4.50%,

9.89%,

9/18/26 

1,293,500‌

1,295‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Aretec

Group,

FRN,

1M

TSFR

+

4.25%,

9.674%,

10/1/25 

996,341‌

994‌

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.674%,

8/19/28 

331,705‌

316‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.689%,

1/31/28 

101,879‌

88‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.689%,

1/20/29 

700,000‌

596‌

Boxer

Parent,

FRN,

1M

TSFR

+

3.75%,

9.189%,

10/2/25 

497,649‌

497‌

Charter

Communications

Operating,

FRN,

1M

TSFR

+

1.75%,

7.133%,

4/30/25 

992,105‌

992‌

CNT

Holdings

I,

FRN,

1M

USD

LIBOR

+

3.50%,

8.926%,

11/8/27 

586,466‌

583‌

ConnectWise,

FRN,

1M

TSFR

+

3.50%,

8.939%,

9/29/28 

589,500‌

573‌

Crown

Finance

U.S.,

FRN,

1M

TSFR

+

8.50%,

14.381%,

7/31/28 

300,000‌

306‌

Delta

Topco,

FRN,

3M

TSFR

+

7.25%,

12.569%,

12/1/28 

310,000‌

305‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

6.75%,

12.189%,

7/20/26 

805,000‌

801‌

Engineered

Machinery

Holdings,

FRN,

1M

TSFR

+

6.00%,

11.652%,

5/21/29  (4)

465,000‌

451‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.50%,

12.152%,

5/21/29  (4)

145,000‌

141‌

Fertitta

Entertainment,

FRN,

1M

TSFR

+

4.00%,

9.324%,

1/27/29 

492,500‌

481‌

Fitness

International,

FRN,

3M

TSFR

+

3.25%,

8.674%,

4/18/25 

300,000‌

297‌

Fleet

U.S.

Bidco,

FRN,

1M

USD

LIBOR

+

3.00%,

8.439%,

10/7/26  (4)

86,220‌

86‌

Infinite

Bidco,

FRN,

3M

TSFR

+

3.75%,

9.395%,

3/2/28 

391,045‌

378‌

Infinite

Bidco,

FRN,

3M

TSFR

+

7.00%,

12.645%,

3/2/29 

400,000‌

347‌

IRB

Holding,

FRN,

1M

TSFR

+

3.00%,

8.424%,

12/15/27 

527,153‌

521‌

Life

Time,

FRN,

1M

TSFR

+

4.75%,

10.611%,

1/15/26 

1,600,000‌

1,599‌

LTI

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.939%,

9/6/25 

397,906‌

378‌

LTI

Holdings,

FRN,

1M

TSFR

+

6.75%,

12.189%,

9/6/26 

200,000‌

177‌

MH

Sub

I,

FRN,

1M

TSFR

+

3.75%,

9.189%,

9/13/24 

176,703‌

177‌

MH

Sub

I,

FRN,

1M

TSFR

+

3.75%,

9.189%,

9/13/24 

254,800‌

255‌

MIC

Glen,

FRN,

1M

TSFR

+

3.25%,

8.689%,

7/21/28 

195,250‌

191‌

MIC

Glen,

FRN,

1M

TSFR

+

6.75%,

12.174%,

7/20/29 

800,000‌

747‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

10.507%,

4/11/29 

237,805‌

207‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

TSFR

+

3.25%,

8.689%,

3/10/28 

585,733‌

573‌

RealPage,

FRN,

1M

TSFR

+

3.00%,

8.439%,

4/24/28 

847,700‌

828‌

RealPage,

FRN,

1M

TSFR

+

6.50%,

11.939%,

4/23/29 

795,000‌

791‌

Recorded

Books,

FRN,

1M

TSFR

+

4.00%,

9.324%,

8/29/25 

287,238‌

286‌

S2P

Acquisition

Borrower,

FRN,

1M

TSFR

+

4.00%,

9.424%,

8/14/26 

276,839‌

276‌

SBA

Senior

Finance

II,

FRN,

1M

TSFR

+

1.75%,

7.18%,

4/11/25 

1,296,579‌

1,296‌

Select

Medical,

FRN,

1M

TSFR

+

3.00%,

8.324%,

3/6/27 

997,500‌

993‌

Sophia,

FRN,

3M

TSFR

+

3.50%,

8.924%,

10/7/27 

989,684‌

976‌

Sovos

Brands

Intermediate,

FRN,

3M

TSFR

+

3.50%,

9.145%,

6/8/28  (10)

1,319,832‌

1,319‌

Summit

Materials,

FRN,

1M

TSFR

+

3.00%,

8.571%,

12/14/27 

598,492‌

600‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Surgery

Center

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.203%,

8/31/26 

500,000‌

499‌

Tacala

Investment,

FRN,

1M

TSFR

+

4.00%,

9.439%,

2/5/27 

488,373‌

485‌

Tacala

Investment,

FRN,

1M

TSFR

+

8.00%,

13.439%,

2/4/28 

495,000‌

476‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.876%,

5/17/30 

89,775‌

90‌

Upbound

Group,

FRN,

1M

TSFR

+

3.25%,

8.952%,

2/17/28  (4)

408,123‌

403‌

Verscend

Holding,

FRN,

1M

TSFR

+

4.00%,

9.439%,

8/27/25 

696,440‌

695‌

Wand

NewCo

3,

FRN,

1M

TSFR

+

2.75%,

8.174%,

2/5/26 

810,128‌

808‌

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.189%,

5/18/25 

1,464,802‌

1,462‌

Woof

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.397%,

12/21/27 

366,380‌

296‌

26,931‌

Common

Stocks

11.2%

10X

Genomics,

Class

A  (2)

185‌

7‌

3M 

232‌

21‌

AbbVie 

84‌

12‌

ACADIA

Pharmaceuticals  (2)

220‌

5‌

Acadia

Realty

Trust,

REIT 

372‌

5‌

Adobe  (2)

959‌

510‌

Advanced

Micro

Devices  (2)

2,910‌

287‌

Affiliated

Managers

Group 

73‌

9‌

Agilent

Technologies 

224‌

23‌

agilon

health  (2)(3)

366‌

7‌

Airbnb,

Class

A  (2)

53‌

6‌

Akero

Therapeutics  (2)

105‌

1‌

Alexandria

Real

Estate

Equities,

REIT 

48‌

4‌

Allstate 

104‌

13‌

Alnylam

Pharmaceuticals  (2)

182‌

28‌

Alphabet,

Class

A  (2)

6,232‌

773‌

Alphabet,

Class

C  (2)

930‌

117‌

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $15  (2)(4)

(7)

700‌

18‌

Amazon.com (2)

15,698‌

2,089‌

Ameren 

86‌

7‌

American

Express 

51‌

7‌

American

Financial

Group 

113‌

12‌

American

Homes

4

Rent,

Class

A,

REIT 

257‌

8‌

American

International

Group 

1,018‌

62‌

American

Tower,

REIT 

110‌

20‌

Ameriprise

Financial 

179‌

56‌

Amgen 

142‌

36‌

Amphenol,

Class

A 

2,218‌

179‌

Apellis

Pharmaceuticals  (2)

81‌

4‌

Apogee

Therapeutics  (2)

9,715‌

167‌

Apollo

Global

Management 

293‌

23‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Apple 

12,150‌

2,075‌

Apple

Hospitality

REIT,

REIT 

221‌

3‌

Aptiv  (2)

342‌

30‌

Arch

Capital

Group  (2)

261‌

23‌

Ares

Management,

Class

A 

1,610‌

159‌

Armstrong

World

Industries 

293‌

22‌

Arthur

J

Gallagher 

57‌

13‌

AT&T 

2,829‌

44‌

Atlassian,

Class

A  (2)

743‌

134‌

Atmus

Filtration

Technologies  (2)

652‌

12‌

AvalonBay

Communities,

REIT 

1,411‌

234‌

Avantor  (2)

406‌

7‌

Axis

Capital

Holdings 

645‌

37‌

Baker

Hughes 

610‌

21‌

Ball 

160‌

8‌

Bank

of

America 

4,648‌

122‌

Bank

of

New

York

Mellon 

1,423‌

60‌

Barings

BDC 

1,370‌

12‌

Battery

Future

Acquisition,

Warrants,

5/26/28  (2)

36,700‌

1‌

Beard

Energy

Transition

Acquisition,

Warrants,

12/31/27  (2)

37,050‌

1‌

Becton

Dickinson

&

Company 

145‌

37‌

Belden 

140‌

10‌

BILL

Holdings  (2)

262‌

24‌

Biogen  (2)

40‌

10‌

BioMarin

Pharmaceutical  (2)

116‌

9‌

Bio-Techne 

63‌

3‌

Blueprint

Medicines  (2)(3)

192‌

11‌

Boeing  (2)

3,759‌

702‌

Booking

Holdings  (2)

15‌

42‌

Booz

Allen

Hamilton

Holding 

121‌

15‌

Boston

Beer,

Class

A  (2)

13‌

4‌

Boston

Scientific  (2)

236‌

12‌

BRC,

Class

A  (2)(3)

801‌

2‌

Bright

Horizons

Family

Solutions  (2)

3,508‌

260‌

Broadcom 

11‌

9‌

Bruker 

128‌

7‌

Burlington

Stores  (2)

312‌

38‌

Cactus,

Class

A 

172‌

8‌

Cadence

Design

Systems  (2)

194‌

47‌

Camden

Property

Trust,

REIT 

18‌

2‌

Canva,

Acquisition

Date:

8/16/21

-

12/22/21,

Cost $245  (2)(4)(7)

144‌

154‌

Capital

One

Financial 

809‌

82‌

Capitalworks

Emerging

Markets

Acquisition,

Warrants,

4/27/28  (2)

36,400‌

1‌

Catalent  (2)

177‌

6‌

Cava

Group  (2)(3)

1,024‌

32‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Cboe

Global

Markets 

315‌

52‌

CC

Neuberger

Principal

Holdings

III,

Class

A,

Warrants,

12/31/27  (2)

8,398‌

2‌

Centene  (2)

258‌

18‌

Cerevel

Therapeutics

Holdings  (2)(3)

331‌

8‌

Ceridian

HCM

Holding  (2)

55‌

4‌

CF

Industries

Holdings 

266‌

21‌

ChampionX 

448‌

14‌

Charles

River

Laboratories

International  (2)

26‌

4‌

Charles

Schwab 

14,734‌

767‌

Charter

Communications,

Class

A  (2)

85‌

34‌

Chesapeake

Energy  (3)

336‌

29‌

Chevron 

326‌

48‌

Chipotle

Mexican

Grill  (2)

18‌

35‌

Chubb 

3,424‌

735‌

Cigna

Group 

102‌

32‌

Citigroup 

1,903‌

75‌

CME

Group 

130‌

28‌

Colgate-Palmolive 

8,696‌

653‌

Comcast,

Class

A 

1,014‌

42‌

Concord

Acquisition

Corp.

III,

Warrants,

12/31/28  (2)

24,750‌

3‌

Confluent,

Class

A  (2)

674‌

19‌

ConocoPhillips 

5,872‌

698‌

Constellation

Energy 

2,217‌

250‌

Corebridge

Financial 

2,556‌

51‌

Costco

Wholesale 

156‌

86‌

CSX 

2,374‌

71‌

CubeSmart,

REIT 

181‌

6‌

Cummins 

241‌

52‌

Danaher 

2,955‌

567‌

Darling

Ingredients  (2)

157‌

7‌

Datadog,

Class

A  (2)

2,142‌

175‌

Denali

Therapeutics  (2)

180‌

3‌

Dexcom  (2)

114‌

10‌

Diamondback

Energy 

320‌

51‌

Discover

Financial

Services 

142‌

12‌

Dollar

General 

263‌

31‌

Dollar

Tree  (2)

129‌

14‌

Dominion

Energy 

144‌

6‌

DoorDash,

Class

A  (2)

556‌

42‌

Douglas

Emmett,

REIT 

222‌

2‌

DraftKings,

Class

A  (2)

286‌

8‌

East

West

Bancorp 

745‌

40‌

Edwards

Lifesciences  (2)

114‌

7‌

Elevance

Health 

166‌

75‌

Eli

Lilly 

2,411‌

1,336‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Endeavor

Group

Holdings,

Class

A 

349‌

8‌

Entegris 

620‌

55‌

EOG

Resources 

359‌

45‌

EQRx,

Warrants,

12/20/26  (2)

2,200‌

—‌

EQT 

7,295‌

309‌

Equinix,

REIT 

85‌

62‌

Equitable

Holdings 

1,082‌

29‌

Equitrans

Midstream 

1,145‌

10‌

Equity

LifeStyle

Properties,

REIT 

194‌

13‌

Equity

Residential,

REIT 

209‌

12‌

Essex

Property

Trust,

REIT 

36‌

8‌

Exact

Sciences  (2)

185‌

11‌

Exelixis  (2)

331‌

7‌

Expro

Group

Holdings  (2)

512‌

8‌

Exxon

Mobil 

7,378‌

781‌

Fate

Therapeutics  (2)

310‌

1‌

FedEx 

251‌

60‌

Fifth

Third

Bancorp 

2,243‌

53‌

First

American

Financial 

357‌

18‌

FirstEnergy 

197‌

7‌

Fiserv  (2)

234‌

27‌

FleetCor

Technologies  (2)

78‌

18‌

Floor

&

Decor

Holdings,

Class

A  (2)(3)

170‌

14‌

Freeport-McMoRan 

970‌

33‌

Gaming

&

Leisure

Properties,

REIT 

218‌

10‌

GE

HealthCare

Technologies 

91‌

6‌

General

Electric 

3,454‌

375‌

Global

Payments 

214‌

23‌

Goldman

Sachs

Group 

56‌

17‌

Guardant

Health  (2)

205‌

5‌

Halliburton 

710‌

28‌

Hartford

Financial

Services

Group 

1,154‌

85‌

HCA

Healthcare 

74‌

17‌

Hess 

415‌

60‌

Hilton

Worldwide

Holdings 

273‌

41‌

Hologic  (2)

210‌

14‌

Home

Depot 

351‌

100‌

Honeywell

International 

442‌

81‌

Hubbell 

35‌

9‌

HubSpot  (2)

274‌

116‌

Humana 

95‌

50‌

Huntington

Bancshares 

4,665‌

45‌

Huntington

Ingalls

Industries 

115‌

25‌

Illumina  (2)

30‌

3‌

Inari

Medical  (2)

37‌

2‌

Incyte  (2)

69‌

4‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Infinite

Acquisition,

Warrants,

11/23/28  (2)

37,454‌

2‌

Ingersoll

Rand 

805‌

49‌

Insmed  (2)

281‌

7‌

Insulet  (2)

60‌

8‌

Intellia

Therapeutics  (2)

69‌

2‌

Intercontinental

Exchange 

86‌

9‌

Interpublic

Group 

83‌

2‌

Intuit 

52‌

26‌

Intuitive

Surgical  (2)

249‌

65‌

Invesco 

1,731‌

22‌

Ionis

Pharmaceuticals  (2)

177‌

8‌

IQVIA

Holdings  (2)

28‌

5‌

Ivanhoe

Electric  (2)

1,405‌

14‌

JB

Hunt

Transport

Services 

197‌

34‌

JPMorgan

Chase 

406‌

56‌

Karuna

Therapeutics  (2)

101‌

17‌

Kenvue 

3,624‌

67‌

Keurig

Dr

Pepper 

606‌

18‌

KeyCorp 

1,176‌

12‌

Kilroy

Realty,

REIT 

102‌

3‌

KKR 

345‌

19‌

KLA 

282‌

132‌

Klaviyo,

Class

A  (2)

258‌

7‌

Kosmos

Energy  (2)

3,014‌

22‌

L3Harris

Technologies 

252‌

45‌

Lam

Research 

79‌

46‌

Lamar

Advertising,

Class

A,

REIT 

57‌

5‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C  (2)

7,189‌

465‌

Linde 

265‌

101‌

Live

Nation

Entertainment  (2)

96‌

8‌

LPL

Financial

Holdings 

227‌

51‌

Lululemon

Athletica  (2)

71‌

28‌

M&T

Bank 

164‌

18‌

Magnolia

Oil

&

Gas,

Class

A 

343‌

8‌

Main

Street

Capital  (3)

162‌

6‌

Maplebear  (2)

1,296‌

32‌

Marathon

Petroleum 

155‌

23‌

MarketAxess

Holdings 

106‌

23‌

Marsh

&

McLennan 

398‌

75‌

Mastercard,

Class

A 

1,541‌

580‌

McDonald's 

247‌

65‌

McKesson 

18‌

8‌

Merck 

722‌

74‌

Meta

Platforms,

Class

A  (2)

2,267‌

683‌

MetLife 

818‌

49‌

MGM

Resorts

International 

282‌

10‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Microsoft 

6,570‌

2,221‌

Middleby  (2)

71‌

8‌

Molina

Healthcare  (2)

112‌

37‌

Mondelez

International,

Class

A 

606‌

40‌

MongoDB  (2)

229‌

79‌

Monster

Beverage  (2)

599‌

31‌

MoonLake

Immunotherapeutics  (2)

161‌

8‌

Morgan

Stanley 

471‌

33‌

Nabors

Energy

Transition,

Warrants,

11/17/26  (2)

25,200‌

4‌

Netflix  (2)

1,380‌

568‌

Neurocrine

Biosciences  (2)

35‌

4‌

Newmont 

369‌

14‌

Newmont,

CDI

(AUD)  (2)

179‌

7‌

News,

Class

A 

628‌

13‌

NextEra

Energy 

306‌

18‌

NIKE,

Class

B 

4,036‌

415‌

Noble 

351‌

16‌

Norfolk

Southern 

48‌

9‌

NOV 

4,916‌

98‌

NVIDIA 

3,872‌

1,579‌

Old

Dominion

Freight

Line 

778‌

293‌

Omnicom

Group 

125‌

9‌

OneMain

Holdings 

207‌

7‌

Onyx

Acquisition

I,

Class

A,

Warrants,

11/30/28  (2)

24,800‌

1‌

O'Reilly

Automotive  (2)

46‌

43‌

Pacific

Biosciences

of

California  (2)(3)

469‌

3‌

Packaging

Corp.

of

America 

97‌

15‌

Patreon,

Acquisition

Date:

10/14/21,

Cost $9  (2)(4)(7)

165‌

2‌

Paylocity

Holding  (2)

116‌

21‌

PennyMac

Financial

Services 

174‌

12‌

Penumbra  (2)

94‌

18‌

PepsiCo 

463‌

76‌

Pfizer 

818‌

25‌

PG&E  (2)

447‌

7‌

Pioneer

Natural

Resources 

3,466‌

828‌

Popular 

492‌

32‌

PotlatchDeltic,

REIT 

41‌

2‌

Power

&

Digital

Infrastructure

Acquisition

II,

Warrants,

12/14/28  (2)

36,900‌

3‌

PROCEPT

BioRobotics  (2)

134‌

4‌

Procter

&

Gamble 

4,302‌

645‌

Prologis,

REIT 

329‌

33‌

PROOF

Acquisition

Corp.

I,

Warrants,

12/3/28  (2)

36,400‌

2‌

Prothena  (2)

128‌

5‌

Public

Storage,

REIT 

52‌

12‌

Quaker

Chemical  (3)

179‌

26‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

QUALCOMM 

128‌

14‌

Quanta

Services 

43‌

7‌

Range

Resources 

1,275‌

46‌

Raymond

James

Financial 

405‌

39‌

Rayonier,

REIT 

38‌

1‌

RCF

Acquisition,

Warrants,

11/10/26  (2)

24,850‌

2‌

Regency

Centers,

REIT 

189‌

11‌

Regeneron

Pharmaceuticals  (2)

120‌

94‌

Regions

Financial 

1,012‌

15‌

Reinsurance

Group

of

America 

164‌

25‌

Reliance

Steel

&

Aluminum 

20‌

5‌

RenaissanceRe

Holdings 

198‌

43‌

Repligen  (2)

39‌

5‌

REVOLUTION

Medicines  (2)

205‌

4‌

Rexford

Industrial

Realty,

REIT 

153‌

7‌

RH  (2)

535‌

117‌

Rivian

Automotive,

Class

A  (2)

1,354‌

22‌

Roivant

Sciences  (2)

422‌

4‌

Roper

Technologies 

222‌

108‌

Ross

Stores 

276‌

32‌

Royalty

Pharma,

Class

A 

179‌

5‌

RPM

International 

72‌

7‌

Salesforce  (2)

124‌

25‌

Sarepta

Therapeutics  (2)

68‌

5‌

Schlumberger 

7,835‌

436‌

Seaport

Global

Acquisition

II,

Warrants,

11/17/26  (2)

24,625‌

1‌

Seer  (2)

386‌

1‌

ServiceNow  (2)

471‌

274‌

Sherwin-Williams 

29‌

7‌

Shoals

Technologies

Group,

Class

A  (2)

512‌

8‌

Shockwave

Medical  (2)

80‌

17‌

Simon

Property

Group,

REIT 

140‌

15‌

Skyward

Specialty

Insurance

Group  (2)

173‌

5‌

SLM 

1,105‌

14‌

Socure,

Acquisition

Date:

12/22/21,

Cost $1  (2)(4)(7)

89‌

—‌

Southern 

196‌

13‌

Southwest

Airlines 

510‌

11‌

Southwestern

Energy  (2)

2,787‌

20‌

Stanley

Black

&

Decker 

582‌

50‌

Starbucks 

246‌

23‌

State

Street 

149‌

10‌

Steel

Dynamics 

132‌

14‌

StepStone

Group,

Class

A 

508‌

14‌

Structure

Therapeutics,

ADR  (2)

1,416‌

105‌

Stryker 

223‌

60‌

Sun

Communities,

REIT 

28‌

3‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Surgery

Partners  (2)

219‌

5‌

Synopsys  (2)

708‌

332‌

T-Mobile

U.S.  (2)

624‌

90‌

TechnipFMC 

3,098‌

67‌

Teleflex 

33‌

6‌

Terreno

Realty,

REIT 

107‌

6‌

Tesla  (2)

2,079‌

418‌

Textron 

86‌

7‌

Thermo

Fisher

Scientific 

196‌

87‌

TKO

Group

Holdings 

16‌

1‌

Trade

Desk,

Class

A  (2)

257‌

18‌

Tradeweb

Markets,

Class

A 

3,147‌

283‌

TransDigm

Group  (2)

39‌

32‌

Travelers 

215‌

36‌

Trinity

Capital 

610‌

8‌

Truist

Financial 

372‌

11‌

Tyler

Technologies  (2)

23‌

9‌

U.S.

Bancorp 

2,101‌

67‌

Uber

Technologies  (2)

774‌

33‌

Ultragenyx

Pharmaceutical  (2)

159‌

6‌

United

Parcel

Service,

Class

B 

64‌

9‌

UnitedHealth

Group 

2,244‌

1,202‌

Valero

Energy 

176‌

22‌

Vaxcyte  (2)

90‌

4‌

Veeva

Systems,

Class

A  (2)

207‌

40‌

Ventas,

REIT 

262‌

11‌

VeriSign  (2)

52‌

10‌

Verizon

Communications 

1,615‌

57‌

Verra

Mobility  (2)

742‌

15‌

Vertex

Pharmaceuticals  (2)

192‌

70‌

Virtus

Investment

Partners 

115‌

21‌

Visa,

Class

A 

300‌

71‌

Voya

Financial 

143‌

10‌

Vulcan

Materials 

44‌

9‌

Walt

Disney  (2)

351‌

29‌

Warby

Parker,

Class

A  (2)

207‌

3‌

Warner

Music

Group,

Class

A 

91‌

3‌

Warrior

Met

Coal 

167‌

8‌

Webster

Financial 

1,013‌

38‌

Wells

Fargo 

2,383‌

95‌

Welltower,

REIT 

237‌

20‌

West

Pharmaceutical

Services 

58‌

18‌

Western

Alliance

Bancorp 

553‌

23‌

Williams 

809‌

28‌

Willis

Towers

Watson 

31‌

7‌

Wingstop 

119‌

22‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Workday,

Class

A  (2)

224‌

47‌

Zebra

Technologies,

Class

A  (2)

31‌

6‌

Zentalis

Pharmaceuticals  (2)

160‌

3‌

Zimmer

Biomet

Holdings 

36‌

4‌

Zoetis 

2,475‌

389‌

Zscaler  (2)

192‌

30‌

33,914‌

Convertible

Bonds

0.8%

Air

Transport

Services

Group,

1.125%,

10/15/24 

200,000‌

190‌

Citigroup

Global

Markets

Holdings,

Series

1299,

Zero

Coupon,

2/26/26

(HKD) 

2,000,000‌

234‌

NCL,

6.00%,

5/15/24 

546,000‌

629‌

Rivian

Automotive,

4.625%,

3/15/29  (1)

120,000‌

128‌

U.S.

Steel,

5.00%,

11/1/26 

477,000‌

1,233‌

2,414‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $91  (2)(4)(7)

1,345‌

43‌

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $14  (2)(4)(7)

8‌

9‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $2  (2)(4)(7)

1‌

1‌

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $9  (2)(4)(7)

423‌

1‌

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $23  (2)(4)(7)

1,376‌

23‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $60  (2)(4)

(7)

816‌

60‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $24  (2)(4)

(7)

329‌

24‌

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $6  (2)(4)(7)

330‌

7‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $11  (2)(4)(7)

1,889‌

10‌

Formagrid,

Series

F,

Acquisition

Date:

12/8/21,

Cost $42  (2)(4)

(7)

222‌

15‌

Freenome

Holdings,

Series

D,

Acquisition

Date:

11/22/21,

Cost $26  (2)(4)(7)

3,412‌

40‌

Generate

Bio,

Series

B,

Acquisition

Date:

9/2/21,

Cost $8  (2)(4)

(7)

666‌

8‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22,

Cost $8  (2)

(4)(7)

63‌

8‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $10  (2)(4)(7)

384‌

16‌

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $4  (2)(4)(7)

162‌

1‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $15  (2)

(4)(7)

1,156‌

15‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $26  (2)(4)(7)

1,232‌

8‌

Patreon,

Series

D,

Acquisition

Date:

10/21/21,

Cost $13  (2)(4)(7)

238‌

3‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Rappi,

Series

E,

Acquisition

Date:

9/8/20,

Cost $109  (2)(4)(7)

1,822‌

66‌

Rappi,

Series

F,

Acquisition

Date:

7/8/21,

Cost $34  (2)(4)(7)

534‌

19‌

Redwood

Materials,

Series

C,

Acquisition

Date:

6/2/23,

Cost $3  (2)(4)(7)

69‌

3‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2  (2)(4)(7)

109‌

1‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $1  (2)(4)(7)

89‌

—‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $—  (2)(4)(7)

2‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $3  (2)(4)(7)

207‌

1‌

Treeline,

Series

A,

Acquisition

Date:

9/26/22,

Cost $1  (2)(4)(7)

88‌

1‌

383‌

Corporate

Bonds

13.5%

AbbVie,

3.80%,

3/15/25 

52,000‌

51‌

Ally

Financial,

5.125%,

9/30/24 

41,000‌

40‌

Ally

Financial,

Series

C,

VR,

4.70%  (5)(8)

415,000‌

243‌

American

Airlines,

11.75%,

7/15/25  (1)

65,000‌

69‌

American

Electric

Power,

5.699%,

8/15/25 

52,000‌

52‌

Ardagh

Packaging

Finance,

5.25%,

4/30/25  (1)

2,400,000‌

2,304‌

Arsenal

AIC

Parent,

8.00%,

10/1/30  (1)

165,000‌

163‌

At

Home

Group,

4.875%,

7/15/28  (1)

240,000‌

79‌

B&G

Foods,

5.25%,

4/1/25 

105,000‌

101‌

Bank

of

America,

VR,

0.976%,

4/22/25  (5)

49,000‌

48‌

Bank

of

America,

VR,

1.843%,

2/4/25  (5)

50,000‌

49‌

Bank

of

America,

VR,

3.841%,

4/25/25  (5)

50,000‌

49‌

Bausch

&

Lomb

Escrow,

8.375%,

10/1/28  (1)

155,000‌

153‌

Boeing,

4.875%,

5/1/25 

52,000‌

51‌

Brandywine

Operating

Partnership,

4.10%,

10/1/24  (3)

400,000‌

385‌

Broadcom

Corp.,

3.625%,

1/15/24 

500,000‌

497‌

Caesars

Entertainment,

6.25%,

7/1/25  (1)

400,000‌

394‌

Capital

One

Financial,

4.25%,

4/30/25  (3)

53,000‌

51‌

Capital

One

Financial,

VR,

2.636%,

3/3/26  (5)

55,000‌

51‌

Capital

One

Financial,

VR,

6.312%,

6/8/29  (5)

95,000‌

90‌

Capital

One

Financial,

VR,

6.377%,

6/8/34  (5)

95,000‌

87‌

Capstone

Borrower,

8.00%,

6/15/30  (1)

330,000‌

320‌

Carnival,

4.00%,

8/1/28  (1)

355,000‌

309‌

Carpenter

Technology,

7.625%,

3/15/30 

255,000‌

252‌

Carrier

Global,

2.242%,

2/15/25 

50,000‌

48‌

CEC

Entertainment,

6.75%,

5/1/26  (1)

110,000‌

103‌

Cedar

Fair,

5.50%,

5/1/25  (1)

1,078,000‌

1,054‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

51,000‌

51‌

Charter

Communications

Operating,

4.908%,

7/23/25 

53,000‌

52‌

Charter

Communications

Operating,

FRN,

3M

TSFR

+

1.912%,

7.289%,

2/1/24 

2,000,000‌

2,003‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25 

51,000‌

51‌

Cinemark

USA,

5.875%,

3/15/26  (1)(3)

500,000‌

476‌

Cinemark

USA,

8.75%,

5/1/25  (1)

9,000‌

9‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Citigroup,

4.40%,

6/10/25 

84,000‌

81‌

Clear

Channel

Outdoor

Holdings,

9.00%,

9/15/28  (1)

45,000‌

44‌

Comstock

Resources,

5.875%,

1/15/30  (1)

235,000‌

200‌

Constellation

Energy

Generation,

3.25%,

6/1/25 

54,000‌

52‌

CSC

Holdings,

5.25%,

6/1/24  (3)

170,000‌

159‌

CSC

Holdings,

6.50%,

2/1/29  (1)

355,000‌

279‌

DCP

Midstream

Operating,

5.375%,

7/15/25 

53,000‌

52‌

Delta

Air

Lines,

2.90%,

10/28/24 

105,000‌

101‌

Diamond

Sports

Group,

5.375%,

8/15/26  (1)(2)(6)

345,000‌

3‌

DISH

Network,

11.75%,

11/15/27  (1)

580,000‌

571‌

Energy

Transfer,

2.90%,

5/15/25 

54,000‌

51‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

53,000‌

50‌

Ford

Motor

Credit,

2.30%,

2/10/25 

200,000‌

189‌

General

Motors

Financial,

6.05%,

10/10/25  (3)

49,000‌

49‌

Global

Net

Lease,

3.75%,

12/15/27  (1)

610,000‌

462‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

49,000‌

47‌

Goldman

Sachs

Group,

VR,

1.757%,

1/24/25  (5)

101,000‌

100‌

GPD,

10.125%,

4/1/26  (1)(3)

450,000‌

406‌

GrafTech

Global

Enterprises,

9.875%,

12/15/28  (1)(3)

360,000‌

321‌

Graphic

Packaging

International,

4.125%,

8/15/24 

500,000‌

487‌

GTCR

W-2

Merger,

7.50%,

1/15/31  (1)

200,000‌

197‌

HCA,

5.00%,

3/15/24 

3,000,000‌

2,989‌

HCA,

5.375%,

2/1/25 

52,000‌

51‌

Hillenbrand,

5.75%,

6/15/25 

13,000‌

13‌

Howmet

Aerospace,

5.125%,

10/1/24 

669,000‌

661‌

Hyundai

Capital

America,

5.50%,

3/30/26  (1)

70,000‌

69‌

iHeartCommunications,

4.75%,

1/15/28  (1)(3)

415,000‌

292‌

Jane

Street

Group,

4.50%,

11/15/29  (1)(3)

520,000‌

441‌

JPMorgan

Chase,

VR,

0.563%,

2/16/25  (5)

51,000‌

50‌

JPMorgan

Chase,

VR,

0.824%,

6/1/25  (5)

49,000‌

47‌

Kilroy

Realty,

3.45%,

12/15/24 

54,000‌

52‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29  (1)

430,000‌

335‌

LifePoint

Health,

9.875%,

8/15/30  (1)

370,000‌

332‌

Live

Nation

Entertainment,

4.875%,

11/1/24  (1)(3)

1,400,000‌

1,368‌

Morgan

Stanley,

VR,

1.164%,

10/21/25  (5)

49,000‌

46‌

Morgan

Stanley,

VR,

3.62%,

4/17/25  (5)

50,000‌

49‌

Morgan

Stanley,

Series

I,

VR,

0.864%,

10/21/25  (5)

100,000‌

94‌

Navient,

11.50%,

3/15/31 

460,000‌

459‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29  (1)

565,000‌

497‌

NextEra

Energy

Capital

Holdings,

6.051%,

3/1/25 

48,000‌

48‌

NGL

Energy

Partners,

6.125%,

3/1/25 

38,000‌

37‌

Occidental

Petroleum,

5.875%,

9/1/25 

51,000‌

51‌

Ovintiv,

5.65%,

5/15/25 

51,000‌

51‌

Ovintiv,

6.25%,

7/15/33 

250,000‌

237‌

Ovintiv,

7.10%,

7/15/53 

80,000‌

76‌

Perrigo

Finance

Unlimited,

3.90%,

12/15/24 

600,000‌

579‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26  (5)

52,000‌

51‌

Prime

Security

Services

Borrower,

5.25%,

4/15/24  (1)

1,000,000‌

991‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

11.493%,

10/15/26  (1)

175,000‌

175‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27  (1)

1,000,000‌

1,083‌

SeaWorld

Parks

&

Entertainment,

8.75%,

5/1/25  (1)

400,000‌

404‌

Sensata

Technologies,

5.625%,

11/1/24  (1)

36,000‌

36‌

Service

Properties

Trust,

4.35%,

10/1/24 

200,000‌

192‌

Service

Properties

Trust,

4.65%,

3/15/24 

1,100,000‌

1,085‌

Service

Properties

Trust,

7.50%,

9/15/25 

704,000‌

684‌

Shutterfly

Finance,

8.50%,

10/1/27,

(4.25%

Cash

and

4.25%

PIK)  (1)(11)

297,000‌

193‌

Shutterfly

Finance,

9.75%,

10/1/27  (1)

36,006‌

36‌

Sirius

XM

Radio,

3.875%,

9/1/31  (1)

785,000‌

587‌

Sirius

XM

Radio,

5.00%,

8/1/27  (1)

53,000‌

48‌

Southern,

VR,

1.875%,

9/15/81

(EUR)  (5)

230,000‌

194‌

Sprint,

7.625%,

3/1/26 

49,000‌

50‌

Stagwell

Global,

5.625%,

8/15/29  (1)(3)

633,000‌

521‌

Star

Parent,

9.00%,

10/1/30  (1)(3)

155,000‌

153‌

Sunoco,

4.50%,

4/30/30 

68,000‌

58‌

Surgery

Center

Holdings,

10.00%,

4/15/27  (1)(3)

300,000‌

299‌

Talen

Energy

Supply,

8.625%,

6/1/30  (1)

330,000‌

333‌

Teekay

Offshore

Partners,

EC,

8.50%,

7/15/23  (1)(2)(4)

170,000‌

—‌

Tenet

Healthcare,

4.875%,

1/1/26 

1,800,000‌

1,724‌

Tenneco,

8.00%,

11/17/28  (1)

730,000‌

584‌

Townsquare

Media,

6.875%,

2/1/26  (1)(3)

530,000‌

490‌

TransDigm,

6.25%,

3/15/26  (1)

1,700,000‌

1,658‌

U.S.

Airways

PTT,

Series

2013-1,

Class

A,

3.95%,

11/15/25 

43,157‌

40‌

United

Airlines,

4.375%,

4/15/26  (1)

375,000‌

349‌

United

Wholesale

Mortgage,

5.50%,

11/15/25  (1)

300,000‌

285‌

Venture

Global

LNG,

8.375%,

6/1/31  (1)

815,000‌

772‌

Venture

Global

LNG,

9.50%,

2/1/29  (1)

530,000‌

535‌

Venture

Global

LNG,

9.875%,

2/1/32  (1)

125,000‌

126‌

Verscend

Escrow,

9.75%,

8/15/26  (1)

1,200,000‌

1,191‌

Viasat,

7.50%,

5/30/31  (1)

140,000‌

91‌

VICI

Properties,

5.625%,

5/1/24  (1)

2,800,000‌

2,776‌

Vistra,

VR,

7.00%  (1)(5)(8)

197,000‌

180‌

Vistra,

VR,

8.00%  (1)(5)(8)

205,000‌

195‌

Walgreens

Boots

Alliance,

3.80%,

11/18/24 

53,000‌

52‌

Warnermedia

Holdings,

3.638%,

3/15/25 

53,000‌

51‌

Western

Midstream

Operating,

3.10%,

2/1/25 

54,000‌

52‌

Williams,

4.00%,

9/15/25 

50,000‌

48‌

40,932‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Municipal

Securities

0.7%

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

250,000‌

186‌

Illinois,

Build

America,

GO,

7.10%,

7/1/35 

165,000‌

167‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46 

30,000‌

3‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series

B,

6.00%,

1/1/25  (1)

225,000‌

212‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43  (12)

1,129,044‌

562‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/24 

7,433‌

7‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A,

GO,

Zero

Coupon,

7/1/33 

58,668‌

34‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

45,589‌

40‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

40,979‌

34‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

35,170‌

29‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

47,818‌

37‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

49,730‌

36‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

50,774‌

51‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

50,314‌

51‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

49,497‌

51‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

48,077‌

49‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30  (2)(13)

45,000‌

11‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32  (2)(13)

370,000‌

93‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

280,000‌

226‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

115,000‌

102‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

500,000‌

38‌

2,019‌

Non-U.S.

Government

Mortgage-Backed

Securities

1.6%

BAMLL

Commercial

Mortgage

Securities

Trust,

Series

2021-

JACX,

Class

E,

ARM,

1M

TSFR

+

3.864%,

9.199%,

9/15/38  (1)

100,000‌

80‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

8.298%,

11/15/34  (1)

130,000‌

29‌

BFLD,

Series

2019-DPLO,

Class

F,

ARM,

1M

TSFR

+

2.654%,

7.988%,

10/15/34  (1)

85,000‌

83‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

TSFR

+

2.196%,

7.53%,

4/15/34  (1)

160,000‌

157‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

9.378%,

6/15/36  (1)

160,000‌

142‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65C,

ARM,

4.123%,

5/15/52  (1)

125,000‌

103‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52  (1)

80,000‌

57‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

AM,

4.08%,

8/10/47 

155,000‌

149‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

E,

ARM,

4.129%,

8/10/47  (1)

175,000‌

140‌

Commercial

Mortgage

Trust,

Series

2017-PANW,

Class

D,

ARM,

3.935%,

10/10/29  (1)

325,000‌

287‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R06,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.75%,

8.071%,

5/25/42  (1)

54,034‌

55‌

Credit

Suisse

Mortgage

Trust,

Series

2020-TMIC,

Class

C,

ARM,

1M

TSFR

+

7.364%,

12.699%,

12/15/35  (1)

100,000‌

100‌

Finance

of

America

HECM

Buyout,

Series

2022-HB1,

Class

M3,

ARM,

5.084%,

2/25/32  (1)

460,000‌

386‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

F,

ARM,

1M

TSFR

+

3.245%,

8.579%,

12/15/36  (1)

180,000‌

177‌

Imperial

Fund

Mortgage

Trust,

Series

2023-NQM1,

Class

M1,

CMO,

ARM,

8.24%,

2/25/68  (1)

500,000‌

495‌

JPMorgan

Mortgage

Trust,

Series

2022-LTV1,

Class

A2,

CMO,

ARM,

3.52%,

7/25/52  (1)

87,056‌

68‌

New

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

A2,

CMO,

STEP,

7.319%,

10/25/63  (1)

350,430‌

352‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50  (1)

115,000‌

84‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

1.30%,

6.621%,

2/25/42  (1)

89,916‌

90‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

3.75%,

9.071%,

2/25/42  (1)

665,000‌

674‌

TRK

Trust,

Series

2022-INV1,

Class

A1,

CMO,

ARM,

2.577%,

2/25/57  (1)

158,846‌

136‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66  (1)

175,000‌

111‌

Verus

Securitization

Trust,

Series

2022-1,

Class

A1,

CMO,

STEP,

2.724%,

1/25/67  (1)

186,322‌

157‌

Verus

Securitization

Trust,

Series

2022-4,

Class

A2,

CMO,

ARM,

4.74%,

4/25/67  (1)

284,065‌

258‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

M1,

CMO,

ARM,

7.602%,

2/25/68  (1)

446,000‌

437‌

4,807‌

Total

United

States

(Cost

$116,135

)

116,983‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UZBEKISTAN

0.1%

Government

Bonds

0.1%

Republic

of

Uzbekistan,

3.70%,

11/25/30

(USD) 

300,000‌

229‌

Total

Uzbekistan

(Cost

$264

)

229‌

VIETNAM

0.1%

Corporate

Bonds

0.1%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

380,000‌

345‌

Total

Vietnam

(Cost

$352

)

345‌

SHORT-TERM

INVESTMENTS

33.1%

Money

Market

Funds

33.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (14)(15)

100,170,825‌

100,171‌

Total

Short-Term

Investments

(Cost

$100,171)

100,171‌

SECURITIES

LENDING

COLLATERAL

2.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.7%

Money

Market

Funds

0.7%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (14)(15)

2,186,639‌

2,187‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

2,187‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

1.6%

Money

Market

Funds

1.6%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (14)(15)

4,897,942‌

4,898‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

4,898‌

Total

Securities

Lending

Collateral

(Cost

$7,085)

7,085‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

55

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

Exchange-Traded

Options

Purchased

0.0%

Description

Contracts

Notional

Amount

$

Value

Norwegian

Cruise

Line

Holdings,

Put,

1/19/24

@

$10.00  (2)

59‌

80‌

2‌

U.S.

Treasury

10-Year

Notes

Futures,

Put,

11/24/23

@

$105.00  (2)

72‌

7,644‌

29‌

U.S.

Treasury

10-Year

Notes

Futures,

Put,

11/24/23

@

$105.50  (2)

86‌

9,131‌

50‌

Total

Exchange-Traded

Options

Purchased

(Cost

$95)

81‌

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

Comerica,

Put,

1/19/24

@

$20.00  (2)

150‌

591‌

3‌

Barclays

Bank

Credit

Default

Swap

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index,

12/20/28),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

@

1.02%*  (2)

1‌

2,530‌

3‌

Barclays

Bank

S&P

500

Index,

Put,

11/17/23

@

$3,850.00  (2)

6‌

2,516‌

3‌

Citibank

10

Year

Interest

Rate

Swap,

1/8/34

Pay

Fixed

4.75%

Annually,

Receive

Variable

5.35%

(SOFR)

Annually,

1/4/24

@

4.75%*  (2)

1‌

3,852‌

38‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

56

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Citibank

Credit

Default

Swap

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index,

12/20/28),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

11/15/23

@

1.01%*  (2)

1‌

1,270‌

1‌

Citibank

USD

/

CNH,

Call,

1/15/24

@

CNH7.37  (2)

1‌

1,360‌

7‌

Citibank

USD

/

EUR,

Call,

1/24/24

@

EUR1.04  (2)

1‌

1,290‌

9‌

Citibank

USD

/

EUR,

Call,

9/12/24

@

EUR1.05  (2)

1‌

1,592‌

28‌

Citibank

USD

/

GBP,

Call,

1/31/24

@

GBP1.20  (2)

1‌

1,285‌

13‌

Goldman

Sachs

10

Year

Interest

Rate

Swap,

12/6/33

Pay

Fixed

4.75%

Annually,

Receive

Variable

5.35%

(SOFR)

Annually,

12/4/23

@

4.75%*  (2)

1‌

3,853‌

23‌

Goldman

Sachs

10

Year

Interest

Rate

Swap,

4/12/34

Pay

Fixed

4.75%

Annually,

Receive

Variable

5.35%

(SOFR)

Annually,

4/10/24

@

4.75%*  (2)

1‌

2,435‌

43‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

57

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Credit

Default

Swap

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index,

12/20/28),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

1/17/24

@

1.02%*  (2)

1‌

2,490‌

3‌

Goldman

Sachs

USD

/

TWD,

Call,

5/22/24

@

TWD32.50  (2)

1‌

800‌

10‌

Goldman

Sachs

Zions

Bancorp,

Put,

1/19/24

@

$15.00  (2)

189‌

583‌

5‌

UBS

Investment

Bank

M&T

Bank,

Put,

12/15/23

@

$70.00  (2)

108‌

1,218‌

4‌

UBS

Investment

Bank

S&P

500

Index,

Put,

12/1/23

@

$4,000.00  (2)

6‌

2,516‌

15‌

UBS

Investment

Bank

S&P

500

Index,

Put,

12/1/23

@

$4,125.00  (2)

1‌

419‌

5‌

UBS

Investment

Bank

USD

/

GBP,

Call,

1/31/24

@

GBP1.20  (2)

1‌

1,700‌

17‌

UBS

Investment

Bank

USD

/

JPY,

Put,

11/29/23

@

JPY145.00  (2)

1‌

2,555‌

4‌

UBS

Investment

Bank

USD

/

MXN,

Call,

1/4/24

@

MXN18.50  (2)

1‌

1,277‌

22‌

Wells

Fargo

S&P

500

Index,

Put,

11/17/23

@

$4,000.00  (2)

13‌

5,452‌

17‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

58

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Wells

Fargo

SPDR

S&P

Regional

Banking

ETF,

Put,

11/17/23

@

$35.00  (2)

787‌

3,122‌

13‌

Total

OTC

Options

Purchased

(Cost

$464)

286‌

Total

Options

Purchased

(Cost

$559)

367‌

Total

Investments

in

Securities

97.8%

of

Net

Assets

(Cost

$299,859)

$

296,245‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

†

Investment

fund

is

not

unitized.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$48,573

and

represents

16.0%

of

net

assets.

(2)

Non-income

producing

(3)

See

Note

4.

All

or

a

portion

of

this

security

is

on

loan

at

October

31,

2023.

(4)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(5)

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.

(6)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(7)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$624

and

represents

0.2%

of

net

assets.

(8)

Perpetual

security

with

no

stated

maturity

date.

(9)

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.

(10)

All

or

a

portion

of

this

loan

is

unsettled

as

of

October

31,

2023.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

59

.

.

.

.

.

.

.

.

.

.

(11)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(12)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(13)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14)

Seven-day

yield

(15)

Affiliated

Companies

1

Day

INR

MIBOR

One

day

INR

MIBOR

(Mumbai

interbank

offered

rate)

1M

CAD

CDOR

One

month

CAD

CDOR

(Canadian

Dollar

offered

rate)

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

JPY

LIBOR

One

month

JPY

LIBOR

(London

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)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

3M

KWCDC

Three

month

KRW

certificate

of

deposit

3M

NDBB

Three

month

NZD

bank

bill

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

USD

LIBOR

Six

month

USD

LIBOR

(London

interbank

offered

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

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CORRA

Canadian

Overnight

Repo

Rate

Average

CPI

Consumer

Price

Index

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

60

.

.

.

.

.

.

.

.

.

.

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

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.

ESTR

Euro

short-term

rate

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GBP

SONIA

Sterling

Overnight

Index

Average

GO

General

Obligation

HFA

Health

Facility

Authority

HKD

Hong

Kong

Dollar

HUF

Hungarian

Forint

IDR

Indonesian

Rupiah

ILS

Israeli

Shekel

INR

Indian

Rupee

JPY

Japanese

Yen

KRW

South

Korean

Won

MXIBTIIE

Mexican

Interbank

28

day

interest

rate

MXN

Mexican

Peso

MYR

Malaysian

Ringgit

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

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

RON

New

Romanian

Leu

RSD

Serbian

Dinar

SARON

Swiss

Average

Rate

Overnight

SEK

Swedish

Krona

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

THB

Thai

Baht

TONA

Tokyo

overnight

average

rate

TRY

Turkish

Lira

TWD

Taiwan

Dollar

USD

U.S.

Dollar

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

61

.

.

.

.

.

.

.

.

.

.

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

ZAR

South

African

Rand

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

62

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.5)%

OTC

Options

Written

(0.5)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

12/15/23

@

$72.00

2,512

18,230

(251‌)

Morgan

Stanley

S&P

500

Index,

Call,

12/15/23

@

$4,200.00

109

45,712

(1,102‌)

Citibank

USD

/

EUR,

Call,

9/12/24

@

EUR1.00

1

1,592

(12‌)

Citibank

USD

/

GBP,

Call,

1/31/24

@

GBP1.12

1

2,565

(3‌)

UBS

Investment

Bank

USD

/

MXN,

Call,

11/3/23

@

MXN19.50

1

1,609

—‌

UBS

Investment

Bank

USD

/

MXN,

Call,

1/4/24

@

MXN19.25

1

1,277

(10‌)

Total

Options

Written

(Premiums

$(1,243))

$

(1,378‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

63

(Amounts

in

000s)

SWAPS

0.4%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Bought

(0.3)%

United

States

(0.3)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/21/26

*

1,675

(181)

(146)

(35‌)

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

722

(57)

(44)

(13‌)

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

127

(5)

(5)

—‌

Citibank,

Protection

Bought

(Relevant

Credit:

Avis

Budget

Car

Rental),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

640

(36)

15

(51‌)

Citibank,

Protection

Bought

(Relevant

Credit:

Avis

Budget

Group),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

580

(32)

(22)

(10‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

4,150

(448)

(73)

(375‌)

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

*

454

(36)

(24)

(12‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

571

(23)

(28)

5‌

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Post

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

250

(30)

(27)

(3‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

*

300

(32)

(23)

(9‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

64

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

*

21

—

2

(2‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

1,387

(108)

(95)

(13‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

285

(12)

(13)

1‌

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S15,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/64

*

465

126

85

41‌

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.BBB-S15,

40

Year

Index),

Pay

3.00%

Monthly,

Receive

upon

credit

default,

11/18/64

*

190

52

56

(4‌)

Total

United

States

(342)

(480‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(342)

(480‌)

Credit

Default

Swaps,

Protection

Sold

(0.3)%

Luxembourg

0.0%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

345

32

38

(6‌)

Total

Luxembourg

38

(6‌)

Mexico

(0.1)%

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Petroleos

Mexicanos,

B1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

*

658

(134)

(143)

9‌

Total

Mexico

(143)

9‌

United

States

(0.2)%

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

American

Airlines

Group,

B3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

55

1

—

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

65

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

CCO

Holdings,

B1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

80

1

1

—‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Murphy

Oil,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

190

—

(1)

1‌

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Royal

Caribbean

Cruises,

B1*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/23

*

46

1

—

1‌

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

1,245

(301)

(402)

101‌

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

1,245

(300)

(408)

108‌

Total

United

States

(810)

212‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(915)

215‌

Total

Return

Swaps

0.6%

Australia

(0.0)%

Citibank,

Pay

Underlying

Reference:

Fortescue

Metals

Group

Monthly,

Receive

Variable

3.653%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/24

409

(20)

—

(20‌)

Citibank,

Pay

Underlying

Reference:

Suncorp

Group

Monthly,

Receive

Variable

3.670%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/24

2,791

(20)

—

(20‌)

Citibank,

Receive

Underlying

Reference:

Challenger

Monthly,

Pay

Variable

4.453%

(1M

ADBB

+

0.40%)

Monthly,

1/17/24

816

(40)

—

(40‌)

Citibank,

Receive

Underlying

Reference:

IDP

Education

Monthly,

Pay

Variable

4.453%

(1M

ADBB

+

0.40%)

Monthly,

1/17/24

944

7

—

7‌

Citibank,

Receive

Underlying

Reference:

Insurance

Australia

Group

Monthly,

Pay

Variable

4.550%

(1M

ADBB

+

0.40%)

Monthly,

1/17/24

778

(3)

—

(3‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

66

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Receive

Underlying

Reference:

Orica

Monthly,

Pay

Variable

4.453%

(1M

ADBB

+

0.40%)

Monthly,

1/17/24

1,431

(45)

—

(45‌)

Morgan

Stanley,

Pay

Underlying

Reference:

WiseTech

Global

Monthly,

Receive

Variable

3.665%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/24

636

26

—

26‌

Morgan

Stanley,

Receive

Underlying

Reference:

Harvey

Norman

Holdings

Monthly,

Pay

Variable

4.615%

(1M

ADBB

+

0.55%)

Monthly,

1/17/24

424

1

—

1‌

Total

Australia

—

(94‌)

Austria

(0.0)%

Citibank,

Pay

Underlying

Reference:

Erste

Group

Bank

Monthly,

Receive

Variable

3.393%

(EUR

ESTR

+

(0.30)%)

Monthly,

1/17/24

444

(20)

—

(20‌)

Morgan

Stanley,

Receive

Underlying

Reference:

OMV

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

519

(37)

—

(37‌)

Morgan

Stanley,

Receive

Underlying

Reference:

voestalpine

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

203

(14)

—

(14‌)

Total

Austria

—

(71‌)

Bermuda

0.0%

Citibank,

Pay

Underlying

Reference:

Norwegian

Cruise

Line

Holdings

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

661

124

—

124‌

Goldman

Sachs,

Receive

Underlying

Reference:

Norwegian

Cruise

Line

Holdings

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

623

(58)

—

(58‌)

Morgan

Stanley,

Receive

Underlying

Reference:

RenaissanceRe

Holdings

Monthly,

Pay

Variable

5.433%

(1M

USD

LIBOR

+

0.40%)

Monthly,

1/18/24

567

3

—

3‌

Total

Bermuda

—

69‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

67

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Brazil

(0.0)%

Morgan

Stanley,

Receive

Underlying

Reference:

Magazine

Luiza

Monthly,

Pay

Variable

5.483%

(SOFR

+

0.45%)

Monthly,

1/18/24

204

(53)

—

(53‌)

Total

Brazil

—

(53‌)

Canada

0.0%

Bank

of

America,

Pay

Underlying

Reference:

CGI

Monthly,

Receive

Variable

4.670%

(CORRA

+

(0.10)%)

Monthly,

1/17/26

723

5

—

5‌

Bank

of

America,

Pay

Underlying

Reference:

Thomson

Reuters

Monthly,

Receive

Variable

4.670%

(CORRA

+

(0.10)%)

Monthly,

1/17/26

346

11

—

11‌

Bank

of

America,

Receive

Underlying

Reference:

Canadian

National

Railway

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

300

(11)

—

(11‌)

Bank

of

America,

Receive

Underlying

Reference:

Definity

Financial

Monthly,

Pay

Variable

5.284%

(CORRA

+

0.50%)

Monthly,

1/17/26

175

(4)

—

(4‌)

Bank

of

America,

Receive

Underlying

Reference:

Element

Fleet

Management

Monthly,

Pay

Variable

5.284%

(CORRA

+

0.50%)

Monthly,

1/17/26

278

(7)

—

(7‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Bank

of

Montreal

Monthly,

Receive

Variable

4.484%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

250

9

—

9‌

Goldman

Sachs,

Pay

Underlying

Reference:

Barrick

Gold

Monthly,

Receive

Variable

4.484%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

491

(9)

—

(9‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Brookfield

Asset

Management,

Class

A

Monthly,

Receive

Variable

4.484%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

368

30

—

30‌

Goldman

Sachs,

Pay

Underlying

Reference:

Toronto-Dominion

Bank

Monthly,

Receive

Variable

4.484%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

1,600

56

—

56‌

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:

Definity

Financial

Monthly,

Pay

Variable

5.084%

(CORRA

+

0.30%)

Monthly,

1/17/26

166

(4)

—

(4‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Suncor

Energy

Monthly,

Pay

Variable

5.084%

(CORRA

+

0.30%)

Monthly,

1/17/26

944

(27)

—

(27‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Agnico

Eagle

Mines

Monthly,

Receive

Variable

4.384%

(CORRA

+

(0.40)%)

Monthly,

1/17/24

585

5

—

5‌

Morgan

Stanley,

Pay

Underlying

Reference:

Bank

of

Montreal

Monthly,

Receive

Variable

4.384%

(CORRA

+

(0.40)%)

Monthly,

1/17/24

111

4

—

4‌

Morgan

Stanley,

Pay

Underlying

Reference:

Enbridge

Monthly,

Receive

Variable

4.384%

(CORRA

+

(0.40)%)

Monthly,

1/17/24

898

11

—

11‌

Morgan

Stanley,

Pay

Underlying

Reference:

Restaurant

Brands

International

Monthly,

Receive

Variable

4.384%

(CORRA

+

(0.40)%)

Monthly,

1/17/24

424

(24)

—

(24‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Sun

Life

Financial

Monthly,

Receive

Variable

4.384%

(CORRA

+

(0.40)%)

Monthly,

1/17/24

3,338

136

—

136‌

Morgan

Stanley,

Receive

Underlying

Reference:

Canadian

Apartment

Properties

REIT

Monthly,

Pay

Variable

5.334%

(CORRA

+

0.55%)

Monthly,

1/17/24

709

(53)

—

(53‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Canadian

Pacific

Kansas

City

Monthly,

Pay

Variable

5.334%

(CORRA

+

0.55%)

Monthly,

1/17/24

432

(3)

—

(3‌)

Morgan

Stanley,

Receive

Underlying

Reference:

ERO

Copper

Monthly,

Pay

Variable

5.334%

(1M

CAD

CDOR

+

0.55%)

Monthly,

1/17/24

464

(23)

—

(23‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

69

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Ivanhoe

Mines,

Class

A

Monthly,

Pay

Variable

5.334%

(CORRA

+

0.55%)

Monthly,

1/17/24

672

(43)

—

(43‌)

Morgan

Stanley,

Receive

Underlying

Reference:

National

Bank

of

Canada

Monthly,

Pay

Variable

5.334%

(CORRA

+

0.55%)

Monthly,

1/17/24

2,045

(29)

—

(29‌)

Total

Canada

—

30‌

Cayman

Islands

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

KE

Holdings

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

257

(20)

—

(20‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Chindata

Group

Holdings

Monthly,

Pay

Variable

1.850%

(SOFR

+

0.40%)

Monthly,

1/18/24

139

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

Chindata

Group

Holdings

Monthly,

Pay

Variable

5.700%

(SOFR

+

0.40%)

Monthly,

1/18/24

208

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

NU

Holdings,

Class

A

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

117

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Structure

Therapeutics

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

75

9

—

9‌

Total

Cayman

Islands

—

(6‌)

China

0.0%

UBS

Investment

Bank,

Pay

Underlying

Reference:

PICC

Proerty

&

Casualty,

Class

H

Monthly,

Receive

Variable

4.560%

(1M

HKD

HIBOR

+

(0.40)%)

Monthly,

1/17/26

(HKD)

1,537

(4)

1

(5‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Hangzhou

Huawang

New

Material

Technology,

Class

A

Monthly,

Pay

Variable

5.211%

(1M

CNH

HIBOR

+

0.75%)

Monthly,

1/17/26

1,166

(15)

—

(15‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

70

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Weichai

Power,

Class

A

Monthly,

Pay

Variable

5.211%

(1M

CNH

HIBOR

+

0.75%)

Monthly,

1/17/26

1,934

25

—

25‌

Total

China

1

5‌

Curacao

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

167

(11)

—

(11‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

425

(28)

—

(28‌)

Total

Curacao

—

(39‌)

Cyprus

(0.0)%

UBS

Investment

Bank,

Receive

Underlying

Reference:

TCS

Group

Holding

Monthly,

Pay

Variable

5.475%

(SOFR

+

0.35%)

Monthly,

1/18/26

15

(15)

—

(15‌)

Total

Cyprus

—

(15‌)

Denmark

0.0%

Bank

of

America,

Pay

Underlying

Reference:

ROCKWOOL,

Class

B

Monthly,

Receive

Variable

3.550%

(1M

DKK

CIBOR

+

(0.35)%)

Monthly,

1/17/26

2,117

(10)

—

(10‌)

Citibank,

Pay

Underlying

Reference:

Pandora

Monthly,

Receive

Variable

3.550%

(1M

DKK

CIBOR

+

(0.35)%)

Monthly,

1/17/24

2,201

7

—

7‌

Goldman

Sachs,

Receive

Underlying

Reference:

Novo

Nordisk,

Class

B

Monthly,

Pay

Variable

4.250%

(1M

DKK

CIBOR

+

0.35%)

Monthly,

1/17/26

2,016

(12)

—

(12‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Tryg

Monthly,

Pay

Variable

4.250%

(1M

DKK

CIBOR

+

0.35%)

Monthly,

1/17/26

3,679

2

—

2‌

Morgan

Stanley,

Pay

Underlying

Reference:

Carlsberg,

Class

B

Monthly,

Receive

Variable

3.550%

(1M

DKK

CIBOR

+

(0.35)%)

Monthly,

1/17/24

3,513

27

—

27‌

Total

Denmark

—

14‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

71

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Finland

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Kojamo

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

260

(2)

—

(2‌)

Total

Finland

—

(2‌)

France

(0.1)%

Bank

of

America,

Pay

Underlying

Reference:

L'Oreal

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/26

1,407

(34)

—

(34‌)

Bank

of

America,

Receive

Underlying

Reference:

Legrand

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/26

240

(13)

—

(13‌)

Goldman

Sachs,

Receive

Underlying

Reference:

AXA

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

1,794

(8)

—

(8‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

336

(26)

—

(26‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Alstom

Monthly,

Receive

Variable

3.210%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

714

(19)

—

(19‌)

Morgan

Stanley,

Pay

Underlying

Reference:

BNP

Paribas

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

1,014

67

—

67‌

Morgan

Stanley,

Pay

Underlying

Reference:

Hermes

International

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

542

(18)

—

(18‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Orange

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

666

(10)

—

(10‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Teleperformance

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

724

70

—

70‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

72

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Unibail-Rodamco-Westfield

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

318

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

387

(30)

—

(30‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Sartorius

Stedim

Biotech

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

279

(20)

—

(20‌)

Total

France

—

(46‌)

Germany

0.0%

Bank

of

America,

Pay

Underlying

Reference:

Allianz

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/26

1,078

19

—

19‌

Bank

of

America,

Pay

Underlying

Reference:

Henkel

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/26

773

(8)

—

(8‌)

Bank

of

America,

Pay

Underlying

Reference:

Infineon

Technologies

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/26

474

71

—

71‌

Citibank,

Pay

Underlying

Reference:

Delivery

Hero

Monthly,

Receive

Variable

3.393%

(EUR

ESTR

+

(0.30)%)

Monthly,

1/17/24

256

29

—

29‌

Goldman

Sachs,

Receive

Underlying

Reference:

Deutsche

Telekom

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

1,191

5

—

5‌

Goldman

Sachs,

Receive

Underlying

Reference:

KION

Group

Monthly,

Pay

Variable

3.960%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

137

(27)

—

(27‌)

Goldman

Sachs,

Receive

Underlying

Reference:

KION

Group

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

132

(25)

—

(25‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

73

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Merck

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

464

(24)

—

(24‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Puma

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

758

36

—

36‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Deutsche

Boerse

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

164

(6)

—

(6‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Hannover

Rueck

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

1,070

9

—

9‌

JPMorgan

Chase,

Receive

Underlying

Reference:

KION

Group

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

268

(51)

—

(51‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Fresenius

Medical

Care

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

619

33

—

33‌

Morgan

Stanley,

Receive

Underlying

Reference:

Evotec

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

155

(10)

—

(10‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SAP

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

737

24

—

24‌

Morgan

Stanley,

Receive

Underlying

Reference:

Zalando

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

525

(17)

—

(17‌)

Total

Germany

—

58‌

Hong

Kong

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

Galaxy

Entertainment

Group

Monthly,

Pay

Variable

5.512%

(1M

HKD

HIBOR

+

0.55%)

Monthly,

1/17/24

1,095

—

—

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

74

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Receive

Underlying

Reference:

AIA

Group

Monthly,

Pay

Variable

5.307%

(1M

HKD

HIBOR

+

0.35%)

Monthly,

1/17/26

7,707

6

—

6‌

Total

Hong

Kong

—

6‌

Ireland

0.1%

Citibank,

Pay

Underlying

Reference:

Aon,

Class

A

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

403

23

—

23‌

Citibank,

Pay

Underlying

Reference:

Smurfit

Kappa

Group

Monthly,

Receive

Variable

4.693%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

(GBP)

439

3

—

3‌

Citibank,

Receive

Underlying

Reference:

Medtronic

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

505

(32)

—

(32‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Seagate

Techology

Holdings

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

294

3

—

3‌

Morgan

Stanley,

Pay

Underlying

Reference:

Trane

Technologies

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

1,403

123

—

123‌

Morgan

Stanley,

Receive

Underlying

Reference:

Accenture,

Class

A

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

664

(17)

—

(17‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Linde

Monthly,

Pay

Variable

5.433%

(1M

USD

LIBOR

+

0.40%)

Monthly,

1/18/24

1,144

6

—

6‌

Total

Ireland

—

109‌

Italy

0.0%

Goldman

Sachs,

Pay

Underlying

Reference:

Snam

Monthly,

Receive

Variable

3.315%

(EUR

ESTR

+

(0.27)%)

Monthly,

1/17/26

682

32

—

32‌

Goldman

Sachs,

Receive

Underlying

Reference:

Enel

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

293

13

—

13‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

75

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Intesa

Sanpaolo

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

758

12

—

12‌

Morgan

Stanley,

Receive

Underlying

Reference:

UniCredit

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

884

23

—

23‌

Total

Italy

—

80‌

Japan

0.0%

Citigroup

Global

Markets,

Pay

Underlying

Reference:

ZOZO

Monthly,

Receive

Variable

(0.437)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

35,500

(5)

—

(5‌)

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Calbee

Monthly,

Pay

Variable

0.363%

(JPY

TONA

+

0.38%)

Monthly,

1/17/24

85,436

30

—

30‌

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Kao

Monthly,

Pay

Variable

0.363%

(JPY

TONA

+

0.38%)

Monthly,

1/17/24

44,064

(1)

—

(1‌)

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Nidec

Monthly,

Pay

Variable

0.363%

(JPY

TONA

+

0.38%)

Monthly,

1/17/24

36,199

(48)

—

(48‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Advantest

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

217,115

172

—

172‌

Morgan

Stanley,

Pay

Underlying

Reference:

Bridgestone

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

228,441

34

—

34‌

Morgan

Stanley,

Pay

Underlying

Reference:

Fujitsu

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

34,110

(33)

—

(33‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Honda

Motor

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

168,628

88

—

88‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

76

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Hoya

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

188,604

69

—

69‌

Morgan

Stanley,

Pay

Underlying

Reference:

Isuzu

Motors

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

43,752

16

—

16‌

Morgan

Stanley,

Pay

Underlying

Reference:

ITOCHU

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

96,982

(4)

—

(4‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Kirin

Holdings

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

41,180

(8)

—

(8‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Lasertec

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

191,772

68

—

68‌

Morgan

Stanley,

Pay

Underlying

Reference:

Mitsubishi

Chemical

Group

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

340,944

13

—

13‌

Morgan

Stanley,

Pay

Underlying

Reference:

Nissan

Motor

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

114,114

60

—

60‌

Morgan

Stanley,

Pay

Underlying

Reference:

Pan

Pacific

International

Holdings

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

86,217

(5)

—

(5‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Renesas

Electronics

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

36,110

36

—

36‌

Morgan

Stanley,

Pay

Underlying

Reference:

SoftBank

Group

Monthly,

Receive

Variable

(0.215)%

(JPY

TONA

+

(0.20)%)

Monthly,

1/17/24

17,213

4

—

4‌

Morgan

Stanley,

Pay

Underlying

Reference:

Sumitomo

Metal

Mining

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

55,315

4

—

4‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

77

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Toray

Industries

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

46,179

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

Tosoh

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

51,521

(8)

—

(8‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Welcia

Holdings

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

31,671

(15)

—

(15‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Yakult

Honsha

Monthly,

Receive

Variable

(0.435)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/24

43,493

(2)

—

(2‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Yamaha

Monthly,

Receive

Variable

(0.742)%

(JPY

TONA

+

(0.75)%)

Monthly,

1/17/24

59,481

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

Aiful

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

40,786

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

Benefit

One

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

31,397

28

—

28‌

Morgan

Stanley,

Receive

Underlying

Reference:

Denso

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

206,367

(89)

—

(89‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Disco

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

40,516

(26)

—

(26‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Hamamatsu

Photonics

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

196,099

(110)

—

(110‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Horiba

Monthly,

Pay

Variable

0.512%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

42,586

(12)

—

(12‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

78

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Horiba

Monthly,

Pay

Variable

0.514%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

19,263

(7)

—

(7‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Horiba

Monthly,

Pay

Variable

0.514%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

18,258

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Horiba

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

33,875

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

JINS

Holdings

Monthly,

Pay

Variable

0.514%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

40,706

23

—

23‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Chemical

Group

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

61,392

(18)

—

(18‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Electric

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

59,229

(19)

—

(19‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsui

Fudosan

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

49,506

2

—

2‌

Morgan

Stanley,

Receive

Underlying

Reference:

Murata

Manufacturing

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

69,870

(31)

—

(31‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Nitori

Holdings

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

116,888

44

—

44‌

Morgan

Stanley,

Receive

Underlying

Reference:

Olympus

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

78,154

17

—

17‌

Morgan

Stanley,

Receive

Underlying

Reference:

Omron

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

35,274

(35)

—

(35‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

79

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Persol

Holdings

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

51,525

5

—

5‌

Morgan

Stanley,

Receive

Underlying

Reference:

Recruit

Holdings

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

38,365

(7)

—

(7‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Sanrio

Monthly,

Pay

Variable

0.511%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

37,053

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Sanrio

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

57,528

(20)

—

(20‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Suntory

Beverage

&

Food

Monthly,

Pay

Variable

0.515%

(1M

JPY

LIBOR

+

0.53%)

Monthly,

1/17/24

40,673

3

—

3‌

Morgan

Stanley,

Receive

Underlying

Reference:

Taiheiyo

Cement

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

21,739

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

Tokyo

Seimitsu

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

184,250

(64)

—

(64‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Toyota

Motor

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/17/24

251,636

(25)

—

(25‌)

UBS

Investment

Bank,

Pay

Underlying

Reference:

Sumitomo

Electric

Industries

Monthly,

Receive

Variable

(0.406)%

(JPY

TONA

+

(0.40)%)

Monthly,

1/17/26

45,707

24

—

24‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Daiichi

Sankyo

Monthly,

Pay

Variable

0.333%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

26,704

(8)

—

(8‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Daikin

Industries

Monthly,

Pay

Variable

0.333%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

107,249

(51)

—

(51‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

80

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Hoshizaki

Monthly,

Pay

Variable

0.333%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

70,980

(30)

—

(30‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Keyence

Monthly,

Pay

Variable

0.333%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

194,915

57

—

57‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Taiheiyo

Cement

Monthly,

Pay

Variable

0.333%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

92,650

(5)

—

(5‌)

Total

Japan

—

94‌

Jersey

(0.0)%

Citibank,

Receive

Underlying

Reference:

Amcor

Monthly,

Pay

Variable

4.453%

(1M

ADBB

+

0.40%)

Monthly,

1/17/24

(AUD)

404

(6)

—

(6‌)

Total

Jersey

—

(6‌)

Liberia

(0.0)%

Morgan

Stanley,

Receive

Underlying

Reference:

Royal

Caribbean

Cruises

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

312

(8)

—

(8‌)

Total

Liberia

—

(8‌)

Luxembourg

(0.0)%

Citibank,

Receive

Underlying

Reference:

Globant

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

769

(107)

—

(107‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Tenaris

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

571

(32)

—

(32‌)

Total

Luxembourg

—

(139‌)

Mexico

0.0%

Morgan

Stanley,

Pay

Underlying

Reference:

Alpek

Monthly,

Receive

Variable

10.007%

(MXIBTIIE

+

(1.50)%)

Monthly,

1/17/24

2,098

26

—

26‌

Morgan

Stanley,

Receive

Underlying

Reference:

Alfa,

Class

A

Monthly,

Pay

Variable

12.057%

(MXIBTIIE

+

0.55%)

Monthly,

1/17/24

4,798

6

—

6‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

81

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Controladora

AXTEL

Monthly,

Pay

Variable

12.057%

(MXIBTIIE

+

0.55%)

Monthly,

1/17/24

110

(1)

—

(1‌)

Total

Mexico

—

31‌

Netherlands

0.1%

Bank

of

America,

Receive

Underlying

Reference:

Airbus

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/26

549

15

—

15‌

Goldman

Sachs,

Receive

Underlying

Reference:

Heineken

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

168

3

—

3‌

JPMorgan

Chase,

Pay

Underlying

Reference:

STMicroelectronics

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

462

64

—

64‌

Morgan

Stanley,

Pay

Underlying

Reference:

NXP

Semiconductors

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

619

86

—

86‌

Morgan

Stanley,

Receive

Underlying

Reference:

BE

Semiconductor

Industries

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

394

50

—

50‌

UBS

Investment

Bank,

Pay

Underlying

Reference:

Koninklijke

Ahold

Delhaize

Monthly,

Receive

Variable

3.293%

(EUR

ESTR

+

(0.40)%)

Monthly,

1/17/26

547

4

—

4‌

Total

Netherlands

—

222‌

Norway

(0.0)%

Citibank,

Pay

Underlying

Reference:

Aker

Monthly,

Receive

Variable

4.150%

(1M

NOK

NIBOR

+

(0.35)%)

Monthly,

1/17/24

10,839

(62)

—

(62‌)

Goldman

Sachs,

Receive

Underlying

Reference:

DNB

Bank

Monthly,

Pay

Variable

4.810%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/17/26

3,178

(25)

—

(25‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Storebrand

Monthly,

Pay

Variable

4.850%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/17/26

5,307

48

—

48‌

Total

Norway

—

(39‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

82

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Portugal

(0.0)%

Morgan

Stanley,

Receive

Underlying

Reference:

Galp

Energia

SGPS

Monthly,

Pay

Variable

3.935%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/24

1,032

(39)

—

(39‌)

Total

Portugal

—

(39‌)

Spain

0.0%

Goldman

Sachs,

Receive

Underlying

Reference:

Amadeus

IT

Group

Monthly,

Pay

Variable

3.985%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

219

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Industria

de

Diseno

Textil

Monthly,

Receive

Variable

3.235%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/24

1,564

69

—

69‌

Total

Spain

—

58‌

Sweden

(0.0)%

Citibank,

Receive

Underlying

Reference:

Assa

Abloy,

Class

B

Monthly,

Pay

Variable

4.408%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/24

3,990

(6)

—

(6‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Svenska

Cellulosa,

Class

B

Monthly,

Pay

Variable

4.395%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

9,402

(38)

—

(38‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Boliden

Monthly,

Pay

Variable

4.445%

(1M

SEK

STIBOR

+

0.40%)

Monthly,

1/17/24

3,248

(25)

—

(25‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Industrivarden,

Class

C

Monthly,

Receive

Variable

3.695%

(1M

SEK

STIBOR

+

(0.35)%)

Monthly,

1/17/24

10,882

18

—

18‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Essity,

Class

B

Monthly,

Pay

Variable

4.408%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

5,690

47

—

47‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Sandvik

Monthly,

Pay

Variable

4.408%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

6,438

(15)

—

(15‌)

Total

Sweden

—

(19‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

83

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Switzerland

(0.1)%

Bank

of

America,

Pay

Underlying

Reference:

Kuehne

+

Nagel

International

Monthly,

Receive

Variable

1.214%

(SARON

+

(0.35)%)

Monthly,

1/17/26

245

22

—

22‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Geberit

Monthly,

Receive

Variable

1.190%

(1M

CHF

LIBOR

+

(0.42)%)

Monthly,

1/17/24

232

17

—

17‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

SGS

Monthly,

Receive

Variable

1.360%

(1M

CHF

LIBOR

+

(0.25)%)

Monthly,

1/17/24

192

10

—

10‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

UBS

Group

Monthly,

Receive

Variable

1.280%

(SARON

+

(0.42)%)

Monthly,

1/17/24

228

—

—

—‌

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Nestle

Monthly,

Pay

Variable

1.890%

(1M

CHF

LIBOR

+

0.28%)

Monthly,

1/17/24

707

(26)

—

(26‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Nestle

Monthly,

Pay

Variable

1.854%

(SARON

+

0.29%)

Monthly,

1/17/26

337

(17)

—

(17‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Cie

Financiere

Richemont,

Class

A

Monthly,

Pay

Variable

1.964%

(1M

CHF

LIBOR

+

0.40%)

Monthly,

1/17/24

604

5

—

5‌

Morgan

Stanley,

Pay

Underlying

Reference:

CRISPR

Therapeutics

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

77

10

—

10‌

Morgan

Stanley,

Pay

Underlying

Reference:

Roche

Holding

Monthly,

Receive

Variable

1.154%

(1M

CHF

LIBOR

+

(0.41)%)

Monthly,

1/17/24

370

30

—

30‌

Morgan

Stanley,

Pay

Underlying

Reference:

Schindler

Holding

Monthly,

Receive

Variable

1.154%

(1M

CHF

LIBOR

+

(0.41)%)

Monthly,

1/17/24

260

1

—

1‌

Morgan

Stanley,

Pay

Underlying

Reference:

Swiss

Re

Monthly,

Receive

Variable

1.154%

(1M

CHF

LIBOR

+

(0.41)%)

Monthly,

1/17/24

277

(6)

—

(6‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

84

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Nestle

Monthly,

Pay

Variable

1.854%

(1M

CHF

LIBOR

+

0.29%)

Monthly,

1/17/24

476

(24)

—

(24‌)

UBS

Investment

Bank,

Pay

Underlying

Reference:

Schindler

Holding

Monthly,

Receive

Variable

1.210%

(SARON

+

(0.40)%)

Monthly,

1/17/26

255

(5)

(6)

1‌

Total

Switzerland

(6)

23‌

United

Kingdom

(0.0)%

Bank

of

America,

Receive

Underlying

Reference:

Endava

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

334

(49)

—

(49‌)

Bank

of

America,

Receive

Underlying

Reference:

Rentokil

Initial

Monthly,

Pay

Variable

4.872%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

117

(14)

—

(14‌)

Bank

of

America,

Receive

Underlying

Reference:

Wise,

Class

A

Monthly,

Pay

Variable

5.256%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

754

(23)

—

(23‌)

Citibank,

Pay

Underlying

Reference:

Burberry

Group

Monthly,

Receive

Variable

4.693%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

153

11

—

11‌

Citibank,

Pay

Underlying

Reference:

Diageo

Monthly,

Receive

Variable

4.880%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

261

(3)

—

(3‌)

Citibank,

Pay

Underlying

Reference:

JD

Sports

Fashion

Monthly,

Receive

Variable

4.693%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

258

26

—

26‌

Citibank,

Pay

Underlying

Reference:

Legal

&

General

Group

Monthly,

Receive

Variable

4.693%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

435

9

—

9‌

Citibank,

Pay

Underlying

Reference:

Shell

Monthly,

Receive

Variable

4.693%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

1,040

5

—

5‌

Citibank,

Receive

Underlying

Reference:

Anglo

American

Monthly,

Pay

Variable

5.393%

(GBP

SONIA

+

0.39%)

Monthly,

1/17/24

1,207

(41)

—

(41‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

85

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Receive

Underlying

Reference:

Melrose

Industries

Monthly,

Pay

Variable

5.393%

(GBP

SONIA

+

0.39%)

Monthly,

1/17/24

265

8

—

8‌

Goldman

Sachs,

Receive

Underlying

Reference:

Barclays

Monthly,

Pay

Variable

5.286%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

778

(136)

—

(136‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Bunzl

Monthly,

Pay

Variable

5.286%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

1,037

(18)

—

(18‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Endeavour

Mining

Monthly,

Pay

Variable

5.286%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

488

8

—

8‌

Goldman

Sachs,

Receive

Underlying

Reference:

Imperial

Brands

Monthly,

Pay

Variable

5.286%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

655

10

—

10‌

Goldman

Sachs,

Receive

Underlying

Reference:

Segro

Monthly,

Pay

Variable

5.286%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

790

(26)

—

(26‌)

Goldman

Sachs,

Receive

Underlying

Reference:

TechnipFMC

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

400

20

—

20‌

JPMorgan

Chase,

Receive

Underlying

Reference:

BP

Monthly,

Pay

Variable

5.256%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/24

726

(77)

—

(77‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Prudential

Monthly,

Pay

Variable

5.256%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/24

348

(20)

—

(20‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Antofagasta

Monthly,

Receive

Variable

4.596%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

607

35

—

35‌

Morgan

Stanley,

Pay

Underlying

Reference:

GSK

Monthly,

Receive

Variable

4.596%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

970

31

—

31‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

86

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Kingfisher

Monthly,

Receive

Variable

4.596%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

592

(16)

—

(16‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Mondi

Monthly,

Receive

Variable

4.596%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/24

1,302

58

—

58‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.095%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

185

(8)

—

(8‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.207%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

8

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.233%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

11

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.256%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

19

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.275%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

20

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.292%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

16

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.333%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

12

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.344%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

9

(1)

—

(1‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.353%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

143

(4)

—

(4‌)

Total

United

Kingdom

—

(221‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

87

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

United

States

0.6%

Bank

of

America,

Pay

Underlying

Reference:

Blackstone

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,388

154

—

154‌

Bank

of

America,

Pay

Underlying

Reference:

Caterpillar

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

477

78

—

78‌

Bank

of

America,

Pay

Underlying

Reference:

CBIZ

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

422

16

—

16‌

Bank

of

America,

Pay

Underlying

Reference:

CVS

Health

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

409

12

—

12‌

Bank

of

America,

Pay

Underlying

Reference:

Eversource

Energy

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,509

68

—

68‌

Bank

of

America,

Pay

Underlying

Reference:

Goldman

Sachs

Group

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

521

19

—

19‌

Bank

of

America,

Pay

Underlying

Reference:

Mettler-Toledo

International

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,270

89

—

89‌

Bank

of

America,

Pay

Underlying

Reference:

Mettler-Toledo

International

Monthly,

Receive

Variable

5.000%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

328

(15)

—

(15‌)

Bank

of

America,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,924

183

—

183‌

Bank

of

America,

Pay

Underlying

Reference:

SPDR

S&P

500

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

3,378

145

—

145‌

Bank

of

America,

Pay

Underlying

Reference:

UDR

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

211

26

—

26‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

88

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Pay

Underlying

Reference:

United

States

Steel

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

393

(10)

—

(10‌)

Bank

of

America,

Pay

Underlying

Reference:

Vanguard

Information

Technology

Monthly,

Receive

Variable

4.714%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

243

12

—

12‌

Bank

of

America,

Pay

Underlying

Reference:

Walt

Disney

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

270

14

—

14‌

Bank

of

America,

Receive

Underlying

Reference:

Ares

Management,

Class

A

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

609

(65)

—

(65‌)

Bank

of

America,

Receive

Underlying

Reference:

Carrier

Global

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

654

(67)

—

(67‌)

Bank

of

America,

Receive

Underlying

Reference:

Chipotle

Mexican

Grill

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

319

22

—

22‌

Bank

of

America,

Receive

Underlying

Reference:

Citigroup

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

472

(18)

—

(18‌)

Bank

of

America,

Receive

Underlying

Reference:

Colgate-Palmolive

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

377

17

—

17‌

Bank

of

America,

Receive

Underlying

Reference:

DENTSPLY

SIRONA

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

629

(21)

—

(21‌)

Bank

of

America,

Receive

Underlying

Reference:

Edwards

Lifesciences

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

263

(28)

—

(28‌)

Bank

of

America,

Receive

Underlying

Reference:

Elevance

Health

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

569

(17)

—

(17‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

89

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Humana

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

640

(2)

—

(2‌)

Bank

of

America,

Receive

Underlying

Reference:

Intercontinental

Exchange

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

365

(15)

—

(15‌)

Bank

of

America,

Receive

Underlying

Reference:

Keurig

Dr

Pepper

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

331

20

—

20‌

Bank

of

America,

Receive

Underlying

Reference:

Kraft

Heinz

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

350

(2)

—

(2‌)

Bank

of

America,

Receive

Underlying

Reference:

Las

Vegas

Sands

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

162

7

—

7‌

Bank

of

America,

Receive

Underlying

Reference:

Monolithic

Power

Systems

Monthly,

Pay

Variable

1.750%

(SOFR

+

0.30%)

Monthly,

1/18/26

372

33

—

33‌

Bank

of

America,

Receive

Underlying

Reference:

Netfilx

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

924

128

—

128‌

Bank

of

America,

Receive

Underlying

Reference:

NOV

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

185

(5)

—

(5‌)

Bank

of

America,

Receive

Underlying

Reference:

NVIDIA

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

516

(61)

—

(61‌)

Bank

of

America,

Receive

Underlying

Reference:

Philip

Morris

International

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

374

(17)

—

(17‌)

Bank

of

America,

Receive

Underlying

Reference:

Pioneer

Natural

Resources

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

964

(40)

—

(40‌)

Bank

of

America,

Receive

Underlying

Reference:

Procter

&

Gamble

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

2,589

81

—

81‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

90

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Qualcomm

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

1,916

(31)

—

(31‌)

Bank

of

America,

Receive

Underlying

Reference:

Saia

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

513

(53)

—

(53‌)

Bank

of

America,

Receive

Underlying

Reference:

Samsara,

Class

A

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

955

(55)

—

(55‌)

Bank

of

America,

Receive

Underlying

Reference:

Southwest

Airlines

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

651

(87)

—

(87‌)

Bank

of

America,

Receive

Underlying

Reference:

Tenet

Healthcare

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

191

(2)

—

(2‌)

Bank

of

America,

Receive

Underlying

Reference:

Williams

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

118

(5)

—

(5‌)

Citibank,

Pay

Underlying

Reference:

Advanced

Micro

Devices

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

1,707

141

—

141‌

Citibank,

Pay

Underlying

Reference:

Centene

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

400

12

—

12‌

Citibank,

Pay

Underlying

Reference:

Discover

Financial

Services

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

593

54

—

54‌

Citibank,

Pay

Underlying

Reference:

Encore

Wire

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

246

10

—

10‌

Citibank,

Pay

Underlying

Reference:

IQVIA

Holdings

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

907

88

—

88‌

Citibank,

Pay

Underlying

Reference:

KeyCorp

Monthly,

Receive

Variable

3.200%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

48

(1)

—

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

91

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

KeyCorp

Monthly,

Receive

Variable

4.359%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

138

(7)

—

(7‌)

Citibank,

Pay

Underlying

Reference:

KeyCorp

Monthly,

Receive

Variable

4.488%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

101

(4)

—

(4‌)

Citibank,

Pay

Underlying

Reference:

Palo

Alto

Networks

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

754

32

—

32‌

Citibank,

Pay

Underlying

Reference:

Ralph

Lauren

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

225

4

—

4‌

Citibank,

Pay

Underlying

Reference:

Rockwell

Automation

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

258

25

—

25‌

Citibank,

Pay

Underlying

Reference:

ServiceNow

Monthly,

Receive

Variable

4.949%

(SOFR

+

(0.18)%)

Monthly,

1/18/24

1,075

(30)

—

(30‌)

Citibank,

Receive

Underlying

Reference:

Bath

&

Body

Works

Monthly,

Pay

Variable

5.407%

(SOFR

+

0.42%)

Monthly,

1/18/24

177

(16)

—

(16‌)

Citibank,

Receive

Underlying

Reference:

Boeing

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

886

(11)

—

(11‌)

Citibank,

Receive

Underlying

Reference:

Broadridge

Financial

Solutions

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

333

(22)

—

(22‌)

Citibank,

Receive

Underlying

Reference:

Catelent

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

778

(177)

—

(177‌)

Citibank,

Receive

Underlying

Reference:

Colgate-Palmolive

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

519

45

—

45‌

Citibank,

Receive

Underlying

Reference:

ConocoPhillips

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

972

(28)

—

(28‌)

Citibank,

Receive

Underlying

Reference:

EQT

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

282

(13)

—

(13‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

92

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Receive

Underlying

Reference:

Freeport-McMoRan

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

915

(75)

—

(75‌)

Citibank,

Receive

Underlying

Reference:

JPMorgan

Chase

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

362

(16)

—

(16‌)

Citibank,

Receive

Underlying

Reference:

Lululemon

Athletica

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

892

47

—

47‌

Citibank,

Receive

Underlying

Reference:

MKS

Instruments

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

213

(45)

—

(45‌)

Citibank,

Receive

Underlying

Reference:

ON

Semiconductor

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

266

(84)

—

(84‌)

Citibank,

Receive

Underlying

Reference:

Stanley

Black

&

Decker

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

851

63

—

63‌

Citibank,

Receive

Underlying

Reference:

Sun

Communities

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

267

(15)

—

(15‌)

Citibank,

Receive

Underlying

Reference:

Target

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

314

14

—

14‌

Citibank,

Receive

Underlying

Reference:

Teleflex

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

464

(26)

—

(26‌)

Citibank,

Receive

Underlying

Reference:

TransDigm

Group

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

760

(37)

—

(37‌)

Citibank,

Receive

Underlying

Reference:

Westrock

Monthly,

Pay

Variable

5.549%

(SOFR

+

0.42%)

Monthly,

1/18/24

594

(10)

—

(10‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Allient

Energy

Monthly,

Receive

Variable

4.711%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

862

19

—

19‌

Goldman

Sachs,

Pay

Underlying

Reference:

American

Electric

Power

Monthly,

Receive

Variable

4.527%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

244

(5)

—

(5‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

93

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

American

Electric

Power

Monthly,

Receive

Variable

4.711%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

224

1

—

1‌

Goldman

Sachs,

Pay

Underlying

Reference:

American

Electric

Power

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

877

8

—

8‌

Goldman

Sachs,

Pay

Underlying

Reference:

Charles

River

Laboratories

International

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

464

60

—

60‌

Goldman

Sachs,

Pay

Underlying

Reference:

Comcast,

Class

A

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

345

24

—

24‌

Goldman

Sachs,

Pay

Underlying

Reference:

Estee

Lauder,

Class

A

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

517

43

—

43‌

Goldman

Sachs,

Pay

Underlying

Reference:

Gilead

Sciences

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

271

3

—

3‌

Goldman

Sachs,

Pay

Underlying

Reference:

Invitation

Homes

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

913

86

—

86‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

Biotechnology

Monthly,

Receive

Variable

4.333%

(SOFR

+

(0.70)%)

Monthly,

1/18/26

236

17

—

17‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

U.S.

Consumer

Discretionary

Monthly,

Receive

Variable

3.161%

(SOFR

+

(1.873)%)

Monthly,

1/18/26

245

9

—

9‌

Goldman

Sachs,

Pay

Underlying

Reference:

Lululemon

Athletica

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

281

16

—

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

94

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

Markit

iBoxx

EUR

Liquid

High

Yield

Index

Quarterly,

Receive

Variable

3.903%

(3M

EURIBOR

+

0.00%)

Quarterly,

12/20/23

(EUR)

1,900

18

—

18‌

Goldman

Sachs,

Pay

Underlying

Reference:

Moderna

Monthly,

Receive

Variable

1.150%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

123

(5)

—

(5‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Moderna

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

154

27

—

27‌

Goldman

Sachs,

Pay

Underlying

Reference:

Pinnacle

West

Capital

Monthly,

Receive

Variable

4.711%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

328

5

—

5‌

Goldman

Sachs,

Pay

Underlying

Reference:

SBA

Communications

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,583

(42)

—

(42‌)

Goldman

Sachs,

Pay

Underlying

Reference:

State

Street

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

171

3

—

3‌

Goldman

Sachs,

Pay

Underlying

Reference:

Tesla

Monthly,

Receive

Variable

1.150%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

142

5

—

5‌

Goldman

Sachs,

Pay

Underlying

Reference:

Tesla

Monthly,

Receive

Variable

4.687%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

742

131

—

131‌

Goldman

Sachs,

Pay

Underlying

Reference:

United

States

Steel

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

785

(20)

—

(20‌)

Goldman

Sachs,

Pay

Underlying

Reference:

VeriSign

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,027

58

—

58‌

Goldman

Sachs,

Pay

Underlying

Reference:

VICI

Properties

Monthly,

Receive

Variable

4.733%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

314

16

—

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

95

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Amgen

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

919

(102)

—

(102‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Analog

Devices

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

553

(51)

—

(51‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Cencora

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

496

(6)

—

(6‌)

Goldman

Sachs,

Receive

Underlying

Reference:

CF

Industries

Holdings

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

167

(9)

—

(9‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Eli

Lilly

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

144

(15)

—

(15‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Evergy

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

1,381

(38)

—

(38‌)

Goldman

Sachs,

Receive

Underlying

Reference:

International

Paper

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

337

(13)

—

(13‌)

Goldman

Sachs,

Receive

Underlying

Reference:

iShares

U.S.

Healthcare

Providers

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

242

(6)

—

(6‌)

Goldman

Sachs,

Receive

Underlying

Reference:

LPL

Financial

Holdings

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

291

(10)

—

(10‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Monster

Beverage

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

281

13

—

13‌

Goldman

Sachs,

Receive

Underlying

Reference:

Morgan

Stanley

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

820

(75)

—

(75‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Rivian

Automotive,

Class

A

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

528

(93)

—

(93‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

96

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

SPDR

S&P

Indurance

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

253

(7)

—

(7‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Stanley

Black

&

Decker

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

304

9

—

9‌

Goldman

Sachs,

Receive

Underlying

Reference:

Vanguard

Communicaiton

Services

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

238

(12)

—

(12‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Visa,

Class

A

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

413

(9)

—

(9‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Welltower

Monthly,

Pay

Variable

5.333%

(SOFR

+

0.30%)

Monthly,

1/18/26

1,152

(30)

—

(30‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

974

46

—

46‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

Quarterly,

Receive

Variable

4.775%

(SOFR

+

(0.55)%)

Quarterly,

3/20/24

1,526

135

(9)

144‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Automatic

Data

Processing

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

198

25

—

25‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Bank

of

America

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

808

21

—

21‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Carnival

Quarterly,

Receive

Variable

4.575%

(SOFR

+

(0.75)%)

Quarterly,

3/20/24

2,184

19

(58)

77‌

JPMorgan

Chase,

Pay

Underlying

Reference:

CoStar

Group

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

684

70

—

70‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

97

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Pay

Underlying

Reference:

Exxon

Mobil

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

615

24

—

24‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Halliburton

Quarterly,

Receive

Variable

4.825%

(SOFR

+

(0.50)%)

Quarterly,

3/20/24

502

23

(10)

33‌

JPMorgan

Chase,

Pay

Underlying

Reference:

J

M

Smucker

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

39

—

—

—‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Lowe's

Monthly,

Receive

Variable

4.783%

(1M

USD

LIBOR

+

(0.25)%)

Monthly,

1/18/24

364

13

—

13‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Macy's

Retail

Holdings

Quarterly,

Receive

Variable

4.705%

(SOFR

+

(0.62)%)

Quarterly,

3/20/24

1,629

22

(2)

24‌

JPMorgan

Chase,

Pay

Underlying

Reference:

MPT

Operating

Partnership

Quarterly,

Receive

Variable

4.675%

(SOFR

+

(0.65)%)

Quarterly,

3/20/24

674

(45)

(29)

(16‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Okta

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

112

25

—

25‌

JPMorgan

Chase,

Pay

Underlying

Reference:

PayPal

Holdings

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

206

19

—

19‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Quanta

Services

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

708

39

—

39‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Texas

Instruments

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

1,083

80

—

80‌

JPMorgan

Chase,

Pay

Underlying

Reference:

United

Parcel

Service,

Class

B

Monthly,

Receive

Variable

4.783%

(SOFR

+

(0.25)%)

Monthly,

1/18/24

624

63

—

63‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

98

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

Adobe

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

1,274

(46)

—

(46‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Applied

Materials

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

284

(18)

—

(18‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Cerevel

Therapeutics

Holdings

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

183

3

—

3‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Coupang

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

356

(27)

—

(27‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Eli

Lilly

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

1,824

(190)

—

(190‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Hostess

Brands

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

382

2

—

2‌

JPMorgan

Chase,

Receive

Underlying

Reference:

KLA

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

1,250

(58)

—

(58‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Norfolk

Southern

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

252

(21)

—

(21‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

NVIDIA

Monthly,

Pay

Variable

5.383%

(SOFR

+

0.35%)

Monthly,

1/18/24

237

(28)

—

(28‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Abbott

Laboratories

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

521

(15)

—

(15‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Albemarle

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

721

178

—

178‌

Morgan

Stanley,

Pay

Underlying

Reference:

Ally

Financial

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

169

5

—

5‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

99

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

AMN

Healthcare

Services

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

177

(4)

—

(4‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Automatic

Data

Processing

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

569

72

—

72‌

Morgan

Stanley,

Pay

Underlying

Reference:

Bristol-Myers

Squibb

Monthly,

Receive

Variable

1.250%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

269

(3)

—

(3‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Bristol-Myers

Squibb

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

2,459

224

—

224‌

Morgan

Stanley,

Pay

Underlying

Reference:

CarMax

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

353

38

—

38‌

Morgan

Stanley,

Pay

Underlying

Reference:

Caterpillar

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

1,273

207

—

207‌

Morgan

Stanley,

Pay

Underlying

Reference:

Celanese

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

1,188

54

—

54‌

Morgan

Stanley,

Pay

Underlying

Reference:

Crowdstrike

Holdings,

Class

A

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

146

9

—

9‌

Morgan

Stanley,

Pay

Underlying

Reference:

Devon

Energy

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

2,513

150

—

150‌

Morgan

Stanley,

Pay

Underlying

Reference:

Ford

Motor

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

773

133

—

133‌

Morgan

Stanley,

Pay

Underlying

Reference:

Gartner

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

1,633

109

—

109‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

100

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Generac

Holdings

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

385

63

—

63‌

Morgan

Stanley,

Pay

Underlying

Reference:

Goldman

Sachs

Group

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

290

11

—

11‌

Morgan

Stanley,

Pay

Underlying

Reference:

Henry

Schein

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

471

46

—

46‌

Morgan

Stanley,

Pay

Underlying

Reference:

Host

Hotels

&

Resorts

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

831

42

—

42‌

Morgan

Stanley,

Pay

Underlying

Reference:

IDEXX

Laboratories

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

387

28

—

28‌

Morgan

Stanley,

Pay

Underlying

Reference:

Incyte

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

530

35

—

35‌

Morgan

Stanley,

Pay

Underlying

Reference:

iShares

Expanded

Tec-

Software

Sector

Monthly,

Receive

Variable

1.921%

(SOFR

+

(3.98)%)

Monthly,

1/18/24

248

12

—

12‌

Morgan

Stanley,

Pay

Underlying

Reference:

iShares

Semiconductor

Monthly,

Receive

Variable

3.585%

(SOFR

+

(1.38)%)

Monthly,

1/18/24

234

20

—

20‌

Morgan

Stanley,

Pay

Underlying

Reference:

J

M

Smucker

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

798

(6)

—

(6‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Jack

Henry

&

Associates

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

891

44

—

44‌

Morgan

Stanley,

Pay

Underlying

Reference:

Johnson

&

Johnson

Monthly,

Receive

Variable

4.833%

(1M

USD

LIBOR

+

(0.20)%)

Monthly,

1/18/24

635

39

—

39‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

101

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Kimco

Realty

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

280

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Kroger

Monthly,

Receive

Variable

4.833%

(1M

USD

LIBOR

+

(0.20)%)

Monthly,

1/18/24

322

(7)

—

(7‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Lincoln

Electric

Holdings

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

347

20

—

20‌

Morgan

Stanley,

Pay

Underlying

Reference:

Microchip

Technology

Monthly,

Receive

Variable

4.833%

(1M

USD

LIBOR

+

(0.20)%)

Monthly,

1/18/24

711

71

—

71‌

Morgan

Stanley,

Pay

Underlying

Reference:

Mid-America

Apartment

Communities

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

223

25

—

25‌

Morgan

Stanley,

Pay

Underlying

Reference:

Okta

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

191

43

—

43‌

Morgan

Stanley,

Pay

Underlying

Reference:

Pfizer

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

334

28

—

28‌

Morgan

Stanley,

Pay

Underlying

Reference:

Pool

Monthly,

Receive

Variable

4.833%

(1M

USD

LIBOR

+

(0.20)%)

Monthly,

1/18/24

269

26

—

26‌

Morgan

Stanley,

Pay

Underlying

Reference:

Snap-on

Monthly,

Receive

Variable

4.833%

(1M

USD

LIBOR

+

(0.20)%)

Monthly,

1/18/24

653

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

Southern

Copper

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

242

8

—

8‌

Morgan

Stanley,

Pay

Underlying

Reference:

Synchrony

Financial

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

247

12

—

12‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

102

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Tractor

Supply

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

481

32

—

32‌

Morgan

Stanley,

Pay

Underlying

Reference:

Union

Pacific

Monthly,

Receive

Variable

4.627%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

849

16

—

16‌

Morgan

Stanley,

Pay

Underlying

Reference:

Vanguard

Consumer

Discretionary

Monthly,

Receive

Variable

3.949%

(SOFR

+

(0.93)%)

Monthly,

1/18/24

238

13

—

13‌

Morgan

Stanley,

Pay

Underlying

Reference:

Waters

Monthly,

Receive

Variable

4.833%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

459

31

—

31‌

Morgan

Stanley,

Pay

Underlying

Reference:

Waters

Monthly,

Receive

Variable

5.100%

(SOFR

+

(0.20)%)

Monthly,

1/18/24

549

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Altaba

Monthly,

Pay

Variable

5.433%

(1M

USD

LIBOR

+

0.40%)

Monthly,

1/18/24

18

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

Ameren

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

230

(8)

—

(8‌)

Morgan

Stanley,

Receive

Underlying

Reference:

American

Express

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

600

(26)

—

(26‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Ball

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

322

22

—

22‌

Morgan

Stanley,

Receive

Underlying

Reference:

Bank

of

New

York

Mellon

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

960

22

—

22‌

Morgan

Stanley,

Receive

Underlying

Reference:

Blueprint

Medicines

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

221

47

—

47‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

103

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Burlington

Stores

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

256

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Cboe

Global

Markets

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

595

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

CF

Industries

Holdings

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

398

(22)

—

(22‌)

Morgan

Stanley,

Receive

Underlying

Reference:

CSX

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

337

(18)

—

(18‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Dominion

Energy

Monthly,

Pay

Variable

5.433%

(1M

USD

LIBOR

+

0.40%)

Monthly,

1/18/24

179

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

FedEx

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

549

(18)

—

(18‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Fifth

Third

Bancorp

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

209

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Financial

Select

Sector

SPDR

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

236

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

FleetCor

Technologies

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

351

(36)

—

(36‌)

Morgan

Stanley,

Receive

Underlying

Reference:

FMC

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

346

(60)

—

(60‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Hess

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

1,125

(121)

—

(121‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Huntington

Ingalls

Industries

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

1,010

(26)

—

(26‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

104

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Insmed

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

211

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

JB

Hunt

Transport

Services

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

523

(67)

—

(67‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Karuna

Therapeutics

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

63

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Kenvue

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

215

(11)

—

(11‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Kymera

Therapeutics

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

72

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Lam

Research

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

313

(31)

—

(31‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Mckesson

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

350

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Micron

Technology

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

286

(10)

—

(10‌)

Morgan

Stanley,

Receive

Underlying

Reference:

News,

Class

A

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

1,464

(85)

—

(85‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Philip

Morris

International

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

657

(30)

—

(30‌)

Morgan

Stanley,

Receive

Underlying

Reference:

RAPT

Therapeutics

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

110

7

—

7‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

105

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Regeneron

Pharmaceuticals

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

321

(25)

—

(25‌)

Morgan

Stanley,

Receive

Underlying

Reference:

ResMed

Monthly,

Pay

Variable

5.433%

(1M

USD

LIBOR

+

0.40%)

Monthly,

1/18/24

233

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Rexford

Industrial

Realty

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

212

(27)

—

(27‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Roper

Technologies

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

341

(10)

—

(10‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Ross

Stores

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

662

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Seagen

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

1,081

(13)

—

(13‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

249

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SPDR

S&P

Retail

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

232

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Thermo

Fisher

Scientific

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

245

(23)

—

(23‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Vaxcyte

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

71

2

—

2‌

Morgan

Stanley,

Receive

Underlying

Reference:

Viatris

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

642

(40)

—

(40‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

106

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Vulcan

Materials

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

558

(45)

—

(45‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Weyerhaeuser

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

312

(15)

—

(15‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Zimmer

Biomet

Holdings

Monthly,

Pay

Variable

5.433%

(SOFR

+

0.40%)

Monthly,

1/18/24

279

(2)

—

(2‌)

Total

United

States

(108)

1,814‌

Total

Bilateral

Total

Return

Swaps

(113)

1,816‌

Interest

Rate

Swaps

(0.0)%

Brazil

(0.0)%

Goldman

Sachs,

3

Year

Interest

Rate

Swap,

Receive

Fixed

11.075%

at

Maturity,

Pay

Variable

12.65%,

(BRL

CDI)

at

Maturity,

1/4/27

*

5,000

(3)

—

(3‌)

Total

Brazil

—

(3‌)

Total

Bilateral

Interest

Rate

Swaps

—

(3‌)

Total

Bilateral

Swaps

(1,370)

1,548‌

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.4%

Credit

Default

Swaps,

Protection

Bought

0.0%

Australia

(0.0)%

Protection

Bought

(Relevant

Credit:

Glencore

International),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

(EUR)

85

(12)

(19)

7‌

Total

Australia

7‌

Canada

(0.0)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,895

(15)

(74)

59‌

Total

Canada

59‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

107

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Chile

(0.0)%

Protection

Bought

(Relevant

Credit:

Republic

of

Chile),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

535

(6)

(7)

1‌

Total

Chile

1‌

Colombia

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

Colombia),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

441

17

39

(22‌)

Total

Colombia

(22‌)

Foreign/Europe

0.0%

Protection

Bought

(Relevant

Credit:

Lanxess),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

200

14

9

5‌

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

450

(24)

(17)

(7‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S40,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

850

(23)

(21)

(2‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Europe

Subordinated

Financials-S39,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

1,890

53

99

(46‌)

Total

Foreign/Europe

(50‌)

Oman

0.0%

Protection

Bought

(Relevant

Credit:

Sultanate

of

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

703

15

18

(3‌)

Total

Oman

(3‌)

Peru

(0.0)%

Protection

Bought

(Relevant

Credit:

Republic

of

Peru),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

267

—

(1)

1‌

Total

Peru

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

108

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

South

Africa

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

740

37

49

(12‌)

Total

South

Africa

(12‌)

United

States

0.0%

Protection

Bought

(Relevant

Credit:

American

Axle

&

Manufacturing),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

1,230

(24)

(5)

(19‌)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

880

(3)

47

(50‌)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

45

—

2

(2‌)

Protection

Bought

(Relevant

Credit:

Beazer

Homes

USA),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

760

(42)

(71)

29‌

Protection

Bought

(Relevant

Credit:

Citigroup),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

822

(6)

1

(7‌)

Protection

Bought

(Relevant

Credit:

ConocoPhillips),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

800

(19)

(13)

(6‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

420

(43)

(8)

(35‌)

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

762

(98)

(91)

(7‌)

Protection

Bought

(Relevant

Credit:

Macy's),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

255

23

46

(23‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.EM-S40,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

6,951

372

413

(41‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S33,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

1,320

(35)

(17)

(18‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

109

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

902

(8)

(20)

12‌

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

7,660

(79)

(85)

6‌

Protection

Bought

(Relevant

Credit:

Marriott

International),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

1,995

(32)

(2)

(30‌)

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

83

1

10

(9‌)

Protection

Bought

(Relevant

Credit:

Murphy

Oil),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

870

9

57

(48‌)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

320

(4)

17

(21‌)

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(EUR)

150

(4)

(3)

(1‌)

Protection

Bought

(Relevant

Credit:

The

Gap),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

240

20

42

(22‌)

Protection

Bought

(Relevant

Credit:

Xerox),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

200

22

30

(8‌)

Total

United

States

(300‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(319‌)

Credit

Default

Swaps,

Protection

Sold

0.1%

China

0.0%

Protection

Sold

(Relevant

Credit:

People’s

Republic

of

China,

A1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

840

9

7

2‌

Total

China

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

110

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Foreign/Europe

0.0%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

1,642

85

72

13‌

Total

Foreign/Europe

13‌

Israel

(0.0)%

Protection

Sold

(Relevant

Credit:

Teva

Pharmaceutical

Industries,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

340

(34)

(32)

(2‌)

Total

Israel

(2‌)

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

Spain

0.0%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BB+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

200

30

31

(1‌)

Total

Spain

(1‌)

United

States

0.1%

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

82

—

(3)

3‌

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

105

(2)

(8)

6‌

Protection

Sold

(Relevant

Credit:

DISH

DBS,

Caa2*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/26

250

(64)

(47)

(17‌)

Protection

Sold

(Relevant

Credit:

FedEx,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

305

6

4

2‌

Protection

Sold

(Relevant

Credit:

Macy's,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

2,005

(138)

(206)

68‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

6,100

206

(91)

297‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

111

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

2,396

32

9

23‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

3,592

30

69

(39‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

1,710

(1)

7

(8‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

927

11

6

5‌

Total

United

States

340‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

353‌

Interest

Rate

Swaps

0.3%

Canada

0.0%

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.145%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/1/33

279

—

—

—‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.153%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/1/33

284

—

—

—‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.173%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/1/33

559

—

—

—‌

Total

Canada

—‌

China

(0.0)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.830%

Quarterly,

Receive

Variable

2.500%

(7

Day

Interbank

Repo)

Quarterly,

3/20/28

10,360

(28)

—

(28‌)

Total

China

(28‌)

Czech

Republic

(0.0)%

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.060%

Annually,

Pay

Variable

7.090%

(6M

CZK

PRIBOR)

Semi-Annually,

7/20/28

8,787

(10)

—

(10‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

112

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.120%

Annually,

Pay

Variable

7.100%

(6M

CZK

PRIBOR)

Semi-Annually,

7/19/28

4,394

(4)

—

(4‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.130%

Annually,

Pay

Variable

7.100%

(6M

CZK

PRIBOR)

Semi-Annually,

7/19/28

1,794

(2)

—

(2‌)

Total

Czech

Republic

(16‌)

Foreign/Europe

0.1%

2

Year

Interest

Rate

Swap,

Receive

Fixed

3.723%

Annually,

Pay

Variable

3.972%

(6M

EURIBOR)

Semi-Annually,

7/28/25

2,613

—

—

—‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

3.726%

Annually,

Pay

Variable

3.972%

(6M

EURIBOR)

Semi-Annually,

7/28/25

1,712

—

—

—‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.242%

Annually,

Pay

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/7/28

4,949

(8)

—

(8‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.261%

Annually,

Pay

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/11/28

2,344

(2)

—

(2‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.375%

Annually,

Pay

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/27/28

3,439

15

—

15‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.393%

Annually,

Pay

Variable

4.092%

(6M

EURIBOR)

Semi-Annually,

10/27/28

3,121

19

—

19‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.394%

Annually,

Pay

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/27/28

3,708

20

—

20‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.816%

Annually,

Receive

Variable

3.940%

(6M

EURIBOR)

Semi-Annually,

8/8/53

134

9

—

9‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.851%

Annually,

Receive

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/8/53

1,151

67

—

67‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.852%

Annually,

Receive

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/11/53

773

45

—

45‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.059%

Annually,

Receive

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/29/53

803

13

—

13‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.062%

Annually,

Receive

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/29/53

785

13

—

13‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

113

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.176%

Annually,

Receive

Variable

4.092%

(6M

EURIBOR)

Semi-Annually,

10/27/53

763

(6)

—

(6‌)

Total

Foreign/Europe

185‌

India

0.1%

2

Year

Interest

Rate

Swap,

Receive

Fixed

6.590%

Semi-Annually,

Pay

Variable

6.840%

(1

Day

INR

MIBOR)

Semi-Annually,

5/30/24

45,000

(1)

—

(1‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

6.870%

at

Maturity,

Pay

Variable

6.840%

(1

Day

INR

MIBOR)

at

Maturity,

6/24/24

44,500

—

—

—‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.675%

Semi-Annually,

Pay

Variable

6.840%

(1

Day

INR

MIBOR)

Semi-Annually,

9/11/28

108,500

—

—

—‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

6.896%

Semi-Annually,

Pay

Variable

6.840%

(1

Day

INR

MIBOR)

Semi-Annually,

10/10/28

53,200

5

—

5‌

Total

India

4‌

Japan

0.0%

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.303%

Annually,

Receive

Variable

(0.048)%

(JPY

TONA)

Annually,

7/24/28

138,115

13

—

13‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.507%

Annually,

Receive

Variable

(0.029)%

(JPY

TONA)

Annually,

9/13/28

68,361

2

—

2‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.512%

Annually,

Receive

Variable

(0.012)%

(JPY

TONA)

Annually,

9/14/28

99,693

3

—

3‌

5

Year

Interest

Rate

Swap,

Pay

Fixed

0.530%

Annually,

Receive

Variable

(0.012)%

(JPY

TONA)

Annually,

9/14/28

88,589

3

—

3‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.639%

Annually,

Receive

Variable

(0.047)%

(JPY

TONA)

Annually,

7/28/33

104,447

28

—

28‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.648%

Annually,

Receive

Variable

(0.047)%

(JPY

TONA)

Annually,

7/28/33

105,913

28

—

28‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.658%

Annually,

Receive

Variable

(0.050)%

(JPY

TONA)

Annually,

5/2/33

56,700

13

—

13‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

114

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.659%

Annually,

Receive

Variable

(0.050)%

(JPY

TONA)

Annually,

5/2/33

56,700

13

—

13‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

0.660%

Annually,

Receive

Variable

(0.050)%

(JPY

TONA)

Annually,

5/2/33

28,350

6

—

6‌

Total

Japan

109‌

Mexico

0.0%

10

Year

Interest

Rate

Swap,

Pay

Fixed

9.745%

28

Days,

Receive

Variable

11.505%

(MXIBTIIE)

28

Days,

10/13/33

22,009

(6)

—

(6‌)

20

Year

Interest

Rate

Swap,

Pay

Fixed

8.425%

28

Days,

Receive

Variable

11.505%

(MXIBTIIE)

28

Days,

4/15/43

18,322

117

—

117‌

Total

Mexico

111‌

New

Zealand

(0.0)%

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.074%

Semi-Annually,

Pay

Variable

5.640%

(3M

NDBB)

Quarterly,

2/21/25

1,340

(8)

—

(8‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.079%

Semi-Annually,

Pay

Variable

5.640%

(3M

NDBB)

Quarterly,

2/21/25

3,245

(16)

1

(17‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.369%

Semi-Annually,

Pay

Variable

5.645%

(3M

NDBB)

Quarterly,

2/28/25

1,958

(6)

—

(6‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.380%

Semi-Annually,

Pay

Variable

5.645%

(3M

NDBB)

Quarterly,

2/28/25

253

(1)

—

(1‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.425%

Semi-Annually,

Pay

Variable

5.650%

(3M

NDBB)

Quarterly,

2/28/25

2,314

(5)

—

(5‌)

Total

New

Zealand

(37‌)

South

Korea

(0.0)%

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.125%

Quarterly,

Receive

Variable

3.820%

(3M

KWCDC)

Quarterly,

10/27/33

487,193

—

—

—‌

Total

South

Korea

—‌

United

Kingdom

0.1%

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.213%

Annually,

Pay

Variable

5.187%

(GBP

SONIA)

Annually,

10/20/25

13,882

73

—

73‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

115

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.242%

Annually,

Pay

Variable

5.187%

(GBP

SONIA)

Annually,

10/20/25

6,976

41

—

41‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.525%

Annually,

Pay

Variable

5.185%

(GBP

SONIA)

Annually,

9/14/28

1,218

(1)

—

(1‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.432%

Annually,

Receive

Variable

5.187%

(GBP

SONIA)

Annually,

10/24/33

803

(5)

—

(5‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.491%

Annually,

Receive

Variable

5.187%

(GBP

SONIA)

Annually,

10/18/33

3,204

(38)

—

(38‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.550%

Annually,

Receive

Variable

5.187%

(GBP

SONIA)

Annually,

10/19/33

771

(13)

—

(13‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.912%

Annually,

Receive

Variable

5.199%

(GBP

SONIA)

Annually,

9/27/51

215

144

—

144‌

50

Year

Interest

Rate

Swap,

Pay

Fixed

4.085%

Annually,

Receive

Variable

5.194%

(GBP

SONIA)

Annually,

10/11/72

104

—

—

—‌

Total

United

Kingdom

201‌

United

States

0.0%

1

Year

Interest

Rate

Swap,

Receive

Fixed

5.140%

at

Maturity,

Pay

Variable

5.310%

(SOFR)

at

Maturity,

6/3/24

20,202

(57)

—

(57‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.843%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

8/21/25

8,815

(38)

—

(38‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.006%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

9/6/28

3,466

(87)

—

(87‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.420%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

9/29/28

3,135

(19)

—

(19‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.504%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

10/31/28

2,494

(3)

—

(3‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.531%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

10/31/28

2,494

(1)

—

(1‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.593%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

10/25/28

6,818

16

—

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

116

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

7

Year

Interest

Rate

Swap,

Pay

Fixed

4.082%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

8/21/30

2,760

78

—

78‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.750%

Annually,

Receive

Variable

5.167%

(SOFR)

Annually,

3/7/33

2,350

162

—

162‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.540%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

9/8/53

980

133

—

133‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.989%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

9/29/53

856

51

—

51‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.309%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

10/31/53

640

4

—

4‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.312%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

10/31/53

639

4

—

4‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

4.324%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

10/27/53

1,738

6

—

6‌

Total

United

States

249‌

Total

Centrally

Cleared

Interest

Rate

Swaps

778‌

Zero-Coupon

Inflation

Swaps

0.0%

Foreign/Europe

0.0%

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.093%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

804

5

—

5‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.113%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

98

1

—

1‌

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.203%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

798

1

—

1‌

Total

Foreign/Europe

7‌

United

States

0.0%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.490%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

118

2

—

2‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.539%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

423

6

—

6‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

117

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.543%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

194

3

—

3‌

Total

United

States

11‌

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

18‌

Total

Centrally

Cleared

Swaps

830‌

Net

payments

(receipts)

of

variation

margin

to

date

(845‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(15‌)

*

Credit

ratings

as

of

October

31,

2023.

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

$(119).

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

118

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

11/2/23

USD

2,256‌

NOK

25,109‌

$

9‌

Bank

of

America

11/2/23

USD

654‌

ZAR

12,771‌

(31‌)

Bank

of

America

11/24/23

EUR

600‌

USD

632‌

3‌

Bank

of

America

11/24/23

EUR

827‌

USD

898‌

(23‌)

Bank

of

America

11/24/23

USD

331‌

EUR

310‌

2‌

Bank

of

America

11/24/23

USD

321‌

EUR

304‌

(1‌)

Bank

of

America

11/24/23

USD

934‌

GBP

738‌

38‌

Bank

of

America

11/24/23

USD

484‌

SEK

5,423‌

(2‌)

Bank

of

America

12/4/23

NOK

25,109‌

USD

2,259‌

(9‌)

Bank

of

America

12/8/23

USD

76‌

MYR

351‌

2‌

Bank

of

America

1/12/24

CZK

1,418‌

USD

61‌

—‌

Bank

of

America

1/12/24

MXN

14,076‌

USD

759‌

12‌

Bank

of

America

1/12/24

RON

1,263‌

USD

268‌

1‌

Bank

of

America

1/12/24

USD

297‌

CZK

6,937‌

(1‌)

Bank

of

America

1/12/24

USD

338‌

RON

1,596‌

(1‌)

Bank

of

America

1/17/24

USD

593‌

INR

49,626‌

(1‌)

Bank

of

America

1/18/24

ILS

126‌

USD

31‌

—‌

Bank

of

America

1/19/24

USD

126‌

NZD

215‌

1‌

Barclays

Bank

11/2/23

USD

1,799‌

JPY

268,878‌

25‌

Barclays

Bank

11/2/23

USD

2,115‌

SEK

23,244‌

33‌

Barclays

Bank

11/2/23

USD

1,553‌

TRY

43,979‌

3‌

Barclays

Bank

11/17/23

PLN

234‌

USD

57‌

(2‌)

Barclays

Bank

11/17/23

USD

190‌

PLN

818‌

(4‌)

Barclays

Bank

11/24/23

USD

385‌

GBP

307‌

12‌

Barclays

Bank

12/4/23

TRY

43,979‌

USD

1,518‌

(5‌)

Barclays

Bank

12/7/23

USD

611‌

PHP

34,670‌

1‌

Barclays

Bank

1/12/24

CZK

4,341‌

USD

187‌

—‌

Barclays

Bank

1/17/24

IDR

2,535,490‌

USD

160‌

(1‌)

Barclays

Bank

1/17/24

INR

49,626‌

USD

593‌

1‌

Barclays

Bank

1/17/24

KRW

947,525‌

USD

709‌

(6‌)

Barclays

Bank

1/17/24

USD

1,929‌

INR

161,333‌

(3‌)

Barclays

Bank

1/17/24

USD

326‌

KRW

431,685‌

5‌

Barclays

Bank

1/18/24

ILS

136‌

USD

34‌

—‌

Barclays

Bank

1/19/24

USD

115‌

AUD

182‌

—‌

BNP

Paribas

11/2/23

KRW

5,598,900‌

USD

4,149‌

(3‌)

BNP

Paribas

11/2/23

SEK

57,010‌

USD

5,270‌

(163‌)

BNP

Paribas

11/2/23

USD

4,225‌

KRW

5,598,900‌

80‌

BNP

Paribas

11/10/23

USD

378‌

CLP

330,613‌

9‌

BNP

Paribas

11/17/23

PLN

1,608‌

USD

371‌

11‌

BNP

Paribas

11/24/23

EUR

764‌

USD

808‌

1‌

BNP

Paribas

11/24/23

EUR

250‌

USD

266‌

(1‌)

BNP

Paribas

11/24/23

GBP

30‌

USD

36‌

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

119

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

11/24/23

USD

3,876‌

EUR

3,543‌

$

123‌

BNP

Paribas

11/24/23

USD

2,225‌

GBP

1,791‌

48‌

BNP

Paribas

11/24/23

USD

319‌

SEK

3,410‌

13‌

BNP

Paribas

12/4/23

BRL

1,316‌

USD

267‌

(7‌)

BNP

Paribas

12/4/23

INR

92,321‌

USD

1,108‌

—‌

BNP

Paribas

12/4/23

USD

452‌

BRL

2,232‌

11‌

BNP

Paribas

12/7/23

USD

237‌

COP

1,000,100‌

(4‌)

BNP

Paribas

1/12/24

USD

495‌

ZAR

9,697‌

(22‌)

BNP

Paribas

1/18/24

ILS

79‌

USD

19‌

—‌

BNP

Paribas

1/19/24

CAD

88‌

USD

64‌

(1‌)

BNP

Paribas

1/19/24

USD

186‌

JPY

27,315‌

3‌

BNY

Mellon

11/2/23

NZD

5,051‌

USD

3,044‌

(101‌)

Canadian

Imperial

Bank

of

Commerce

11/2/23

USD

9,136‌

CAD

12,261‌

294‌

Canadian

Imperial

Bank

of

Commerce

11/3/23

MXN

5,826‌

USD

324‌

(1‌)

Canadian

Imperial

Bank

of

Commerce

11/24/23

USD

316‌

EUR

300‌

(1‌)

Canadian

Imperial

Bank

of

Commerce

12/4/23

USD

322‌

MXN

5,826‌

1‌

Canadian

Imperial

Bank

of

Commerce

1/19/24

AUD

1,435‌

USD

919‌

(7‌)

Canadian

Imperial

Bank

of

Commerce

1/19/24

CAD

347‌

USD

251‌

(1‌)

Canadian

Imperial

Bank

of

Commerce

1/19/24

USD

529‌

CAD

716‌

12‌

Canadian

Imperial

Bank

of

Commerce

1/19/24

USD

303‌

CAD

420‌

—‌

Citibank

11/2/23

USD

1,078‌

CHF

962‌

21‌

Citibank

11/10/23

CLP

145,940‌

USD

157‌

6‌

Citibank

11/10/23

USD

190‌

CLP

162,839‌

8‌

Citibank

11/17/23

TRY

3,762‌

USD

135‌

(4‌)

Citibank

11/24/23

GBP

310‌

USD

380‌

(3‌)

Citibank

11/24/23

USD

758‌

EUR

715‌

1‌

Citibank

11/24/23

USD

316‌

EUR

299‌

(1‌)

Citibank

12/7/23

USD

238‌

COP

1,010,202‌

(5‌)

Citibank

1/12/24

CHF

754‌

GBP

693‌

(7‌)

Citibank

1/12/24

RON

490‌

USD

104‌

—‌

Citibank

1/12/24

USD

339‌

MXN

6,190‌

(1‌)

Citibank

1/17/24

KRW

94,349‌

USD

70‌

—‌

Citibank

1/17/24

TWD

43,196‌

USD

1,349‌

(11‌)

Citibank

1/17/24

USD

1,285‌

TWD

41,221‌

8‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

120

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

1/18/24

USD

2,679‌

ILS

10,609‌

$

41‌

Citibank

1/19/24

NZD

41‌

USD

24‌

—‌

Citibank

1/19/24

NZD

595‌

USD

358‌

(11‌)

Citibank

1/19/24

USD

1,993‌

AUD

3,129‌

3‌

Citibank

1/19/24

USD

350‌

NZD

595‌

4‌

Deutsche

Bank

11/17/23

RSD

8,051‌

USD

73‌

—‌

Deutsche

Bank

11/17/23

USD

32‌

PLN

138‌

(1‌)

Deutsche

Bank

11/17/23

USD

402‌

RSD

45,063‌

(5‌)

Deutsche

Bank

11/24/23

EUR

206‌

USD

216‌

2‌

Deutsche

Bank

11/24/23

USD

104‌

GBP

85‌

—‌

Deutsche

Bank

12/7/23

PHP

853‌

USD

15‌

—‌

Deutsche

Bank

12/8/23

THB

4,302‌

USD

124‌

(4‌)

Deutsche

Bank

12/8/23

USD

498‌

THB

17,333‌

15‌

Deutsche

Bank

1/12/24

RON

162‌

USD

34‌

—‌

Deutsche

Bank

1/12/24

RON

490‌

USD

105‌

—‌

Deutsche

Bank

1/12/24

ZAR

443‌

USD

23‌

1‌

Deutsche

Bank

1/17/24

USD

236‌

TWD

7,553‌

2‌

Goldman

Sachs

11/2/23

AUD

3,318‌

USD

2,111‌

(7‌)

Goldman

Sachs

11/2/23

CHF

6,728‌

USD

7,386‌

12‌

Goldman

Sachs

11/2/23

INR

381,658‌

USD

4,583‌

—‌

Goldman

Sachs

11/2/23

USD

10,066‌

CHF

9,157‌

(3‌)

Goldman

Sachs

11/2/23

USD

4,587‌

INR

381,658‌

3‌

Goldman

Sachs

11/2/23

USD

2,908‌

NOK

31,863‌

55‌

Goldman

Sachs

11/2/23

USD

2,745‌

SEK

30,201‌

39‌

Goldman

Sachs

11/3/23

BRL

17,861‌

USD

3,513‌

28‌

Goldman

Sachs

11/3/23

USD

2,854‌

BRL

14,229‌

33‌

Goldman

Sachs

11/3/23

USD

718‌

BRL

3,632‌

(2‌)

Goldman

Sachs

11/10/23

CLP

477,221‌

USD

547‌

(14‌)

Goldman

Sachs

11/24/23

EUR

1,686‌

USD

1,824‌

(38‌)

Goldman

Sachs

11/24/23

GBP

316‌

USD

384‌

—‌

Goldman

Sachs

11/24/23

GBP

289‌

USD

356‌

(4‌)

Goldman

Sachs

11/24/23

USD

824‌

EUR

782‌

(4‌)

Goldman

Sachs

11/24/23

USD

605‌

GBP

475‌

28‌

Goldman

Sachs

11/24/23

USD

168‌

SEK

1,856‌

1‌

Goldman

Sachs

12/4/23

BRL

1,715‌

USD

336‌

3‌

Goldman

Sachs

12/4/23

BRL

1,316‌

USD

266‌

(6‌)

Goldman

Sachs

12/4/23

INR

226,552‌

USD

2,719‌

(1‌)

Goldman

Sachs

12/4/23

USD

2,114‌

AUD

3,318‌

6‌

Goldman

Sachs

12/4/23

USD

452‌

BRL

2,232‌

11‌

Goldman

Sachs

12/4/23

USD

385‌

BRL

1,964‌

(2‌)

Goldman

Sachs

12/8/23

CZK

8,730‌

USD

379‌

(4‌)

Goldman

Sachs

12/8/23

HUF

145,470‌

USD

398‌

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

121

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

12/8/23

THB

1,376‌

USD

38‌

$

1‌

Goldman

Sachs

12/15/23

CNH

37‌

USD

5‌

—‌

Goldman

Sachs

12/15/23

USD

270‌

CNH

1,952‌

4‌

Goldman

Sachs

1/12/24

ZAR

6,580‌

USD

343‌

8‌

Goldman

Sachs

1/17/24

USD

161‌

IDR

2,499,446‌

4‌

Goldman

Sachs

1/17/24

USD

629‌

KRW

841,869‌

4‌

Goldman

Sachs

1/17/24

USD

1,102‌

TWD

35,326‌

8‌

Goldman

Sachs

1/18/24

ILS

604‌

USD

150‌

—‌

Goldman

Sachs

1/18/24

ILS

293‌

USD

73‌

—‌

Goldman

Sachs

1/19/24

USD

58‌

AUD

91‌

—‌

Goldman

Sachs

1/19/24

USD

203‌

JPY

29,974‌

2‌

HSBC

Bank

11/2/23

GBP

1,335‌

USD

1,627‌

(4‌)

HSBC

Bank

11/2/23

KRW

1,059,329‌

USD

786‌

(1‌)

HSBC

Bank

11/2/23

USD

8,936‌

GBP

7,332‌

24‌

HSBC

Bank

11/2/23

USD

785‌

KRW

1,059,329‌

1‌

HSBC

Bank

11/2/23

USD

2,124‌

NZD

3,642‌

3‌

HSBC

Bank

11/24/23

EUR

729‌

USD

791‌

(19‌)

HSBC

Bank

11/24/23

GBP

215‌

USD

261‌

1‌

HSBC

Bank

11/24/23

USD

1,959‌

EUR

1,787‌

67‌

HSBC

Bank

11/24/23

USD

301‌

GBP

240‌

10‌

HSBC

Bank

12/4/23

GBP

7,332‌

USD

8,938‌

(24‌)

HSBC

Bank

12/4/23

NZD

3,642‌

USD

2,124‌

(3‌)

HSBC

Bank

12/4/23

USD

1,627‌

GBP

1,335‌

4‌

HSBC

Bank

12/7/23

USD

406‌

PHP

23,054‌

—‌

HSBC

Bank

12/8/23

USD

152‌

MYR

702‌

4‌

HSBC

Bank

12/15/23

CNH

73‌

USD

10‌

—‌

HSBC

Bank

12/15/23

USD

541‌

CNH

3,904‌

7‌

HSBC

Bank

12/15/23

USD

566‌

GBP

453‌

15‌

HSBC

Bank

1/12/24

MXN

3,929‌

USD

211‌

4‌

HSBC

Bank

1/17/24

INR

1,217‌

USD

15‌

—‌

HSBC

Bank

1/17/24

USD

158‌

IDR

2,446,764‌

5‌

JPMorgan

Chase

11/2/23

INR

298,220‌

USD

3,580‌

2‌

JPMorgan

Chase

11/2/23

INR

83,438‌

USD

1,005‌

(3‌)

JPMorgan

Chase

11/2/23

NOK

29,217‌

USD

2,662‌

(46‌)

JPMorgan

Chase

11/2/23

USD

927‌

CAD

1,282‌

3‌

JPMorgan

Chase

11/2/23

USD

2,305‌

CHF

2,072‌

26‌

JPMorgan

Chase

11/2/23

USD

4,583‌

INR

381,658‌

—‌

JPMorgan

Chase

11/3/23

BRL

10,597‌

USD

2,119‌

(18‌)

JPMorgan

Chase

11/3/23

USD

2,095‌

BRL

10,597‌

(6‌)

JPMorgan

Chase

11/10/23

USD

263‌

CLP

239,988‌

(5‌)

JPMorgan

Chase

11/24/23

EUR

865‌

USD

924‌

(8‌)

JPMorgan

Chase

11/24/23

SEK

10,689‌

USD

976‌

(18‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

122

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

JPMorgan

Chase

11/24/23

USD

1,391‌

EUR

1,300‌

$

14‌

JPMorgan

Chase

11/24/23

USD

312‌

EUR

295‌

—‌

JPMorgan

Chase

12/4/23

BRL

1,964‌

USD

385‌

3‌

JPMorgan

Chase

12/4/23

USD

2,643‌

BRL

13,229‌

30‌

JPMorgan

Chase

12/7/23

COP

221,706‌

USD

53‌

—‌

JPMorgan

Chase

12/7/23

USD

334‌

COP

1,426,222‌

(10‌)

JPMorgan

Chase

12/8/23

MYR

224‌

USD

47‌

—‌

JPMorgan

Chase

12/15/23

CNH

4,878‌

USD

672‌

(5‌)

JPMorgan

Chase

12/15/23

USD

611‌

CNH

4,460‌

2‌

JPMorgan

Chase

1/3/24

BRL

2,033‌

USD

405‌

(5‌)

JPMorgan

Chase

1/12/24

GBP

45‌

CHF

49‌

1‌

JPMorgan

Chase

1/17/24

INR

24,955‌

USD

299‌

(1‌)

JPMorgan

Chase

1/19/24

AUD

403‌

USD

258‌

(1‌)

JPMorgan

Chase

1/19/24

USD

27‌

AUD

42‌

—‌

JPMorgan

Chase

1/19/24

USD

256‌

AUD

407‌

(3‌)

JPMorgan

Chase

1/19/24

USD

1,325‌

JPY

195,666‌

16‌

JPMorgan

Chase

1/19/24

USD

152‌

NOK

1,700‌

—‌

Morgan

Stanley

11/2/23

JPY

1,087,959‌

USD

7,325‌

(145‌)

Morgan

Stanley

11/2/23

KRW

920,549‌

USD

683‌

(2‌)

Morgan

Stanley

11/2/23

NOK

26,868‌

USD

2,396‌

9‌

Morgan

Stanley

11/2/23

USD

958‌

JPY

142,301‌

19‌

Morgan

Stanley

11/2/23

USD

682‌

KRW

920,549‌

—‌

Morgan

Stanley

11/10/23

USD

436‌

CLP

382,838‌

8‌

Morgan

Stanley

11/24/23

EUR

45‌

USD

49‌

(2‌)

Morgan

Stanley

11/24/23

GBP

357‌

USD

435‌

(1‌)

Morgan

Stanley

12/7/23

COP

1,083,148‌

USD

251‌

10‌

Morgan

Stanley

12/15/23

CNH

2,431‌

USD

334‌

(1‌)

Morgan

Stanley

12/15/23

USD

817‌

CNH

5,918‌

8‌

Morgan

Stanley

1/12/24

GBP

150‌

CHF

162‌

3‌

Morgan

Stanley

1/18/24

ILS

231‌

USD

57‌

—‌

Morgan

Stanley

1/19/24

JPY

79,120‌

USD

537‌

(8‌)

Morgan

Stanley

1/19/24

USD

36‌

AUD

57‌

—‌

Morgan

Stanley

1/19/24

USD

484‌

JPY

71,406‌

7‌

RBC

Dominion

Securities

11/2/23

CAD

13,543‌

USD

9,796‌

(30‌)

RBC

Dominion

Securities

11/2/23

EUR

5,992‌

USD

6,333‌

7‌

RBC

Dominion

Securities

11/2/23

GBP

7,332‌

USD

8,989‌

(77‌)

RBC

Dominion

Securities

11/2/23

USD

6,410‌

EUR

6,047‌

11‌

RBC

Dominion

Securities

11/2/23

USD

1,732‌

GBP

1,413‌

15‌

RBC

Dominion

Securities

11/3/23

USD

332‌

MXN

5,826‌

9‌

RBC

Dominion

Securities

11/14/23

USD

305‌

CAD

420‌

2‌

RBC

Dominion

Securities

12/4/23

USD

9,801‌

CAD

13,543‌

30‌

RBC

Dominion

Securities

12/4/23

USD

6,341‌

EUR

5,992‌

(8‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

123

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

RBC

Dominion

Securities

1/12/24

MXN

5,115‌

USD

281‌

$

—‌

RBC

Dominion

Securities

1/12/24

USD

4,503‌

MXN

82,320‌

(7‌)

RBC

Dominion

Securities

1/12/24

ZAR

1,190‌

USD

62‌

2‌

RBC

Dominion

Securities

1/17/24

KRW

407,565‌

USD

304‌

(2‌)

RBC

Dominion

Securities

1/19/24

USD

49‌

AUD

77‌

—‌

RBC

Dominion

Securities

1/19/24

USD

13‌

AUD

21‌

—‌

RBC

Dominion

Securities

1/19/24

USD

73‌

JPY

10,810‌

1‌

Standard

Chartered

11/2/23

CHF

877‌

USD

967‌

(3‌)

Standard

Chartered

11/2/23

USD

835‌

NZD

1,409‌

15‌

Standard

Chartered

11/24/23

EUR

565‌

USD

596‌

2‌

Standard

Chartered

11/24/23

GBP

280‌

USD

340‌

—‌

Standard

Chartered

12/8/23

MYR

1,540‌

USD

323‌

1‌

Standard

Chartered

12/8/23

USD

331‌

MYR

1,540‌

7‌

Standard

Chartered

12/15/23

CNH

4,805‌

USD

658‌

(2‌)

Standard

Chartered

12/15/23

USD

320‌

CNH

2,320‌

3‌

Standard

Chartered

1/12/24

MXN

1,021‌

USD

55‌

1‌

Standard

Chartered

1/17/24

USD

685‌

KRW

922,630‌

—‌

Standard

Chartered

1/19/24

AUD

600‌

USD

384‌

(2‌)

State

Street

11/2/23

CHF

4,586‌

USD

5,087‌

(44‌)

State

Street

11/2/23

EUR

55‌

USD

58‌

—‌

State

Street

11/2/23

GBP

78‌

USD

95‌

—‌

State

Street

11/2/23

JPY

6,011‌

USD

40‌

(1‌)

State

Street

11/2/23

TRY

43,979‌

USD

1,552‌

(2‌)

State

Street

11/2/23

USD

321‌

SEK

3,565‌

2‌

State

Street

11/2/23

USD

203‌

ZAR

3,823‌

(2‌)

State

Street

11/2/23

ZAR

16,594‌

USD

877‌

13‌

State

Street

11/10/23

CLP

81,539‌

USD

87‌

4‌

State

Street

11/24/23

EUR

624‌

USD

658‌

3‌

State

Street

11/24/23

EUR

23‌

USD

25‌

(1‌)

State

Street

11/24/23

GBP

9‌

USD

12‌

—‌

State

Street

11/24/23

SEK

3,680‌

USD

340‌

(10‌)

State

Street

11/24/23

TRY

11,245‌

USD

418‌

(28‌)

State

Street

11/24/23

USD

3,041‌

EUR

2,778‌

99‌

State

Street

11/24/23

USD

515‌

EUR

488‌

(1‌)

State

Street

11/24/23

USD

596‌

GBP

483‌

8‌

State

Street

11/24/23

USD

529‌

GBP

436‌

(1‌)

State

Street

12/4/23

BRL

1,522‌

USD

296‌

4‌

State

Street

12/4/23

BRL

2,132‌

USD

423‌

(2‌)

State

Street

12/4/23

SEK

3,565‌

USD

322‌

(2‌)

State

Street

12/4/23

USD

561‌

BRL

2,868‌

(5‌)

State

Street

12/4/23

USD

5,105‌

CHF

4,586‌

43‌

State

Street

12/4/23

ZAR

3,822‌

USD

202‌

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

124

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

12/7/23

COP

607,816‌

USD

143‌

$

3‌

State

Street

12/7/23

COP

154,383‌

USD

38‌

—‌

State

Street

12/8/23

THB

6,915‌

USD

192‌

1‌

State

Street

12/8/23

THB

180‌

USD

5‌

—‌

State

Street

12/15/23

CNH

2,091‌

USD

288‌

(2‌)

State

Street

1/12/24

CZK

4,266‌

USD

183‌

—‌

State

Street

1/12/24

HUF

15,005‌

USD

41‌

—‌

State

Street

1/12/24

USD

398‌

HUF

148,258‌

(8‌)

State

Street

1/17/24

IDR

995,692‌

USD

62‌

—‌

State

Street

1/17/24

INR

817‌

USD

10‌

—‌

State

Street

1/17/24

INR

9,578‌

USD

115‌

—‌

State

Street

1/18/24

ILS

166‌

USD

41‌

—‌

State

Street

1/18/24

ILS

106‌

USD

26‌

—‌

State

Street

1/19/24

AUD

402‌

USD

257‌

(1‌)

State

Street

1/19/24

JPY

112,630‌

USD

762‌

(9‌)

State

Street

1/19/24

NZD

36‌

USD

21‌

—‌

State

Street

1/19/24

USD

22‌

AUD

35‌

—‌

State

Street

1/19/24

USD

371‌

JPY

54,631‌

6‌

State

Street

1/19/24

USD

651‌

NZD

1,080‌

21‌

UBS

Investment

Bank

11/2/23

JPY

136,290‌

USD

907‌

(8‌)

UBS

Investment

Bank

11/2/23

KRW

3,619,022‌

USD

2,662‌

17‌

UBS

Investment

Bank

11/2/23

NOK

887‌

USD

84‌

(4‌)

UBS

Investment

Bank

11/2/23

USD

2,154‌

AUD

3,318‌

49‌

UBS

Investment

Bank

11/2/23

USD

5,453‌

JPY

819,081‌

48‌

UBS

Investment

Bank

11/2/23

USD

2,682‌

KRW

3,619,022‌

2‌

UBS

Investment

Bank

11/17/23

PLN

1,338‌

USD

317‌

—‌

UBS

Investment

Bank

11/17/23

USD

641‌

PLN

2,616‌

20‌

UBS

Investment

Bank

11/24/23

EUR

2,378‌

USD

2,516‌

2‌

UBS

Investment

Bank

11/24/23

EUR

518‌

USD

550‌

(2‌)

UBS

Investment

Bank

11/24/23

USD

1,099‌

EUR

1,020‌

19‌

UBS

Investment

Bank

11/24/23

USD

606‌

GBP

475‌

29‌

UBS

Investment

Bank

11/24/23

USD

838‌

SEK

9,274‌

6‌

UBS

Investment

Bank

12/4/23

JPY

819,081‌

USD

5,481‌

(46‌)

UBS

Investment

Bank

12/4/23

USD

550‌

BRL

2,761‌

5‌

UBS

Investment

Bank

12/4/23

USD

912‌

JPY

136,290‌

8‌

UBS

Investment

Bank

12/4/23

USD

2,667‌

KRW

3,619,022‌

(14‌)

UBS

Investment

Bank

12/7/23

USD

995‌

COP

4,167,174‌

(9‌)

UBS

Investment

Bank

12/8/23

THB

5,205‌

USD

150‌

(5‌)

UBS

Investment

Bank

12/8/23

USD

605‌

THB

20,967‌

20‌

UBS

Investment

Bank

12/8/23

USD

260‌

THB

9,507‌

(5‌)

UBS

Investment

Bank

1/12/24

RON

455‌

USD

97‌

—‌

UBS

Investment

Bank

1/12/24

USD

621‌

CZK

14,422‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

125

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

1/17/24

USD

155‌

IDR

2,401,429‌

$

4‌

UBS

Investment

Bank

1/18/24

ILS

169‌

USD

42‌

—‌

UBS

Investment

Bank

1/19/24

CHF

453‌

USD

513‌

(11‌)

UBS

Investment

Bank

1/19/24

JPY

23,454‌

USD

159‌

(2‌)

UBS

Investment

Bank

1/19/24

USD

127‌

NZD

216‌

1‌

Wells

Fargo

11/17/23

PLN

392‌

USD

93‌

—‌

Wells

Fargo

12/4/23

BRL

993‌

USD

191‌

5‌

Wells

Fargo

1/12/24

USD

337‌

ZAR

6,580‌

(14‌)

Wells

Fargo

1/19/24

AUD

95‌

USD

60‌

—‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

726‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

126

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

13

CAC40

Index

contracts

11/23

949

$

(6‌)

Long,

18

Hang

Seng

Index

contracts

11/23

1,972

(20‌)

Long,

155

OMX

Swedish

Index

contracts

11/23

2,886

(159‌)

Long,

8

DAX

Performance

Index

contracts

12/23

3,145

(151‌)

Short,

62

Euro

BOBL

contracts

12/23

(7,629)

61‌

Long,

9

Euro

BTP

contracts

12/23

1,050

11‌

Long,

20

Euro

BUND

contracts

12/23

2,730

17‌

Short,

55

Euro

BUXL

thirty

year

bond

contracts

12/23

(7,008)

242‌

Long,

49

Euro

OAT

contracts

12/23

6,392

55‌

Short,

79

Euro

SCHATZ

contracts

12/23

(8,792)

16‌

Short,

82

Euro

STOXX

contracts

12/23

(3,531)

175‌

Short,

21

FTSE

100

Index

contracts

12/23

(1,870)

41‌

Long,

8

FTSE

MIB

Index

contracts

12/23

1,171

(34‌)

Short,

29

Government

of

Canada

ten

year

bond

contracts

12/23

(2,403)

66‌

Short,

112

MSCI

EAFE

Index

contracts

12/23

(11,055)

683‌

Short,

81

MSCI

Emerging

Markets

Index

contracts

12/23

(3,723)

225‌

Long,

13

Republic

of

South

Korea

ten

year

bond

contracts

12/23

1,013

(35‌)

Short,

7

S&P

500

E-mini

Index

Communication

Services

Sector

contracts

12/23

(595)

30‌

Short,

8

S&P

500

E-mini

Index

Consumer

Discretionary

Sector

contracts

12/23

(1,236)

145‌

Long,

1

S&P

500

E-mini

Index

Consumer

Staples

Sector

contracts

12/23

69

(5‌)

Long,

30

S&P

500

E-Mini

Index

contracts

12/23

6,318

41‌

Long,

15

S&P

500

E-mini

Index

Energy

Sector

contracts

12/23

1,344

(109‌)

Short,

22

S&P

500

E-mini

Index

Financial

Sector

contracts

12/23

(2,202)

170‌

Long,

7

S&P

500

E-mini

Index

Health

Care

Sector

contracts

12/23

885

(58‌)

Long,

9

S&P

500

E-mini

Index

Industrial

Sector

contracts

12/23

895

(71‌)

Short,

19

S&P

500

E-mini

Index

Materials

Sector

contracts

12/23

(1,537)

21‌

Short,

9

S&P

500

E-mini

Index

Real

Estate

Select

Sector

contracts

12/23

(366)

39‌

Long,

2

S&P

500

E-mini

Index

Technology

Sector

contracts

12/23

332

(3‌)

Long,

16

S&P

500

E-mini

Index

Utilities

Sector

contracts

12/23

966

4‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

127

FUTURES

CONTRACTS

(CONTINUED)

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

7

S&P/ASX

200

Index

contracts

12/23

(753)

$

52‌

Short,

26

S&P/TSX

60

Index

contracts

12/23

(4,256)

284‌

Short,

15

TOPIX

Index

contracts

12/23

(2,231)

(13‌)

Long,

172

U.K.

Gilt

ten

year

contracts

12/23

19,476

(124‌)

Short,

104

U.S.

Treasury

Long

Bond

contracts

12/23

(11,382)

195‌

Long,

131

U.S.

Treasury

Notes

five

year

contracts

12/23

13,686

(64‌)

Short,

140

U.S.

Treasury

Notes

ten

year

contracts

12/23

(14,864)

516‌

Short,

30

U.S.

Treasury

Notes

two

year

contracts

12/23

(6,073)

23‌

Short,

40

Ultra

U.S.

Treasury

Bonds

contracts

12/23

(4,503)

547‌

Net

payments

(receipts)

of

variation

margin

to

date

(2,742‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

65‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

128

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

October

31,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

$

—‌

$

—‌

$

4,889‌++

Totals

$

—‌#

$

—‌

$

4,889‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/22

Purchase

Cost

Sales

Cost

Value

10/31/23

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

$

106,299‌

 ¤

  ¤

$

107,256‌

Total

$

107,256‌^

#

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

$4,889

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

$107,256.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

October

31,

2023

Statement

of

Assets

and

Liabilities

129

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$299,859)

$

296,245‌

Unrealized

gain

on

bilateral

swaps

7,813‌

Cash

deposits

on

futures

contracts

4,513‌

Cash

deposits

on

centrally

cleared

swaps

3,346‌

Receivable

for

investment

securities

sold

3,293‌

Unrealized

gain

on

forward

currency

exchange

contracts

1,975‌

Interest

and

dividends

receivable

1,808‌

Restricted

cash

pledged

for

bilateral

derivatives

1,200‌

Cash

1,178‌

Bilateral

swap

premiums

paid

198‌

Foreign

currency

(cost

$153)

153‌

Variation

margin

receivable

on

futures

contracts

65‌

Receivable

for

shares

sold

47‌

Due

from

affiliates

5‌

Other

assets

1,261‌

Total

assets

323,100‌

Liabilities

Obligation

to

return

securities

lending

collateral

7,085‌

Unrealized

loss

on

bilateral

swaps

6,265‌

Payable

for

investment

securities

purchased

1,772‌

Bilateral

swap

premiums

received

1,568‌

Options

written

(premiums

$1,243)

1,378‌

Unrealized

loss

on

forward

currency

exchange

contracts

1,249‌

Investment

management

fees

payable

271‌

Payable

for

shares

redeemed

85‌

Variation

margin

payable

on

centrally

cleared

swaps

15‌

Other

liabilities

543‌

Total

liabilities

20,231‌

NET

ASSETS

$

302,869‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

October

31,

2023

Statement

of

Assets

and

Liabilities

130

($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)

$

(39,488‌)

Paid-in

capital

applicable

to

31,322,475

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

342,357‌

NET

ASSETS

$

302,869‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$25,996;

Shares

outstanding:

2,681,247)

$

9.70‌

I

Class

(Net

assets:

$276,873;

Shares

outstanding:

28,641,228)

$

9.67‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Statement

of

Operations

131

($000s)

Year

Ended

10/31/23

Investment

Income

(Loss)

Income

    Interest

(net

of

foreign

taxes

of

$5)

$

11,607‌

Dividend

(net

of

foreign

taxes

of

$41)

5,565‌

Securities

lending

48‌

Total

income

17,220‌

Expenses

Investment

management

3,371‌

Shareholder

servicing

Investor

Class

$

63‌

I

Class

7‌

70‌

Prospectus

and

shareholder

reports

Investor

Class

6‌

I

Class

6‌

12‌

Custody

and

accounting

282‌

Proxy

and

annual

meeting

108‌

Legal

and

audit

95‌

Registration

64‌

Directors

1‌

Miscellaneous

32‌

Waived

/

paid

by

Price

Associates

(429‌)

Total

expenses

3,606‌

Net

investment

income

13,614‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Statement

of

Operations

132

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(6,190‌)

Futures

(14,454‌)

Swaps

2,893‌

Options

written

2,685‌

Forward

currency

exchange

contracts

(4,417‌)

Foreign

currency

transactions

334‌

Net

realized

loss

(19,149‌)

Change

in

net

unrealized

gain

/

loss

Securities

15,775‌

Futures

4,485‌

Swaps

621‌

Options

written

(171‌)

Forward

currency

exchange

contracts

(211‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

293‌

Change

in

net

unrealized

gain

/

loss

20,792‌

Net

realized

and

unrealized

gain

/

loss

1,643‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

15,257‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Statement

of

Changes

in

Net

Assets

133

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/23

10/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

13,614‌

$

6,619‌

Net

realized

loss

(19,149‌)

(22,157‌)

Change

in

net

unrealized

gain

/

loss

20,792‌

(21,152‌)

Increase

(decrease)

in

net

assets

from

operations

15,257‌

(36,690‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(819‌)

(3,073‌)

I

Class

(10,195‌)

(8,924‌)

Decrease

in

net

assets

from

distributions

(11,014‌)

(11,997‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

5,588‌

20,195‌

I

Class

7,608‌

31,605‌

Distributions

reinvested

Investor

Class

811‌

3,029‌

I

Class

10,060‌

8,871‌

Shares

redeemed

Investor

Class

(23,164‌)

(89,673‌)

I

Class

(54,526‌)

(26,787‌)

Decrease

in

net

assets

from

capital

share

transactions

(53,623‌)

(52,760‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Statement

of

Changes

in

Net

Assets

134

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/23

10/31/22

Net

Assets

Decrease

during

period

(49,380‌)

(101,447‌)

Beginning

of

period

352,249‌

453,696‌

End

of

period

$

302,869‌

$

352,249‌

*Share

information

(000s)

Shares

sold

Investor

Class

586‌

2,035‌

I

Class

802‌

3,164‌

Distributions

reinvested

Investor

Class

87‌

301‌

I

Class

1,087‌

877‌

Shares

redeemed

Investor

Class

(2,433‌)

(9,041‌)

I

Class

(5,702‌)

(2,686‌)

Decrease

in

shares

outstanding

(5,573‌)

(5,350‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

NOTES

TO

FINANCIAL

STATEMENTS

135

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified, open-end

management

investment

company. The

fund

seeks

strong,

long-term

risk-adjusted

returns.

The

fund

has

two classes

of

shares:

the

Multi-Strategy

Total

Return

Fund

(Investor

Class)

and

the

Multi-Strategy

Total

Return

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively. 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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

136

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes

and

investment

income

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class’s

settled

shares;

realized

and

unrealized

gains

and

losses

are

allocated

based

upon

the

relative

daily

net

assets

of

each

class’s

outstanding

shares.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

137

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

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Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

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

T.

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security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

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

T.

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Total

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Fund

140

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

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Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

October

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

43,297‌

$

—‌

$

43,297‌

Bank

Loans

—‌

27,207‌

1,081‌

28,288‌

Common

Stocks

35,975‌

11,585‌

174‌

47,734‌

Convertible

Preferred

Stocks

—‌

—‌

389‌

389‌

Corporate

Bonds

—‌

68,368‌

—‌

68,368‌

Preferred

Stocks

—‌

485‌

—‌

485‌

Private

Investment

Company

2

—‌

—‌

—‌

61‌

Short-Term

Investments

100,171‌

—‌

—‌

100,171‌

Securities

Lending

Collateral

7,085‌

—‌

—‌

7,085‌

Options

Purchased

79‌

288‌

—‌

367‌

Total

Securities

143,310‌

151,230‌

1,644‌

296,245‌

Swaps*

—‌

9,380‌

—‌

9,380‌

Forward

Currency

Exchange

Contracts

—‌

1,975‌

—‌

1,975‌

Futures

Contracts*

3,659‌

—‌

—‌

3,659‌

Total

$

146,969‌

$

162,585‌

$

1,644‌

$

311,259‌

Liabilities

Options

Written

$

—‌

$

1,378‌

$

—‌

$

1,378‌

Swaps*

—‌

8,372‌

—‌

8,372‌

Forward

Currency

Exchange

Contracts

—‌

1,249‌

—‌

1,249‌

Futures

Contracts*

852‌

—‌

—‌

852‌

Total

$

852‌

$

10,999‌

$

—‌

$

11,851‌

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Government

Bonds,

Municipal

Securities

and

Non-U.S.

Government

Mortgage-Backed

Securities.

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NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

October

31,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

portfolio

duration

and

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

October

31,

2023,

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

unit

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

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($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Inflation

derivatives

Centrally

Cleared

Swaps

$

18‌

Interest

rate

derivatives

Centrally

Cleared

Swaps

,

Futures

,

Securities^

3,076‌

Foreign

exchange

derivatives

Forwards

,

Securities^

2,085‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

,

Securities^

977‌

Equity

derivatives

Bilateral

Swaps

and

Premiums

,

Futures

,

Securities^

9,225‌

^

,*

Total

$

15,381‌

^

,*

Liabilities

Interest

rate

derivatives

Bilateral

Swaps,

Centrally

Cleared

Swaps,

Futures

$

592‌

Foreign

exchange

derivatives

Forwards

,

Options

Written

1,274‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

,

Options

Written

2,537‌

Commodity

derivatives

Bilateral

Swaps

9‌

Equity

derivatives

Bilateral

Swaps

and

Premiums

,

Futures

,

Options

Written

7,439‌

Total

$

11,851‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

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Fund

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Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

October

31,

2023,

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

$

—‌

$

—‌

$

—‌

$

—‌

$

150‌

$

150‌

Interest

rate

derivatives

211‌

164‌

(4,261‌)

—‌

102‌

(3,784‌)

Foreign

exchange

derivatives

(145‌)

119‌

—‌

(4,417‌)

—‌

(4,443‌)

Credit

derivatives

(266‌)

152‌

—‌

—‌

(1,561‌)

(1,675‌)

Equity

derivatives

(1,417‌)

2,250‌

(10,193‌)

—‌

4,170‌

(5,190‌)

Commodity

derivatives

—‌

—‌

—‌

—‌

32‌

32‌

Total

$

(1,617‌)

$

2,685‌

$

(14,454‌)

$

(4,417‌)

$

2,893‌

$

(14,910‌)

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Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

($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

$

—‌

$

—‌

$

—‌

$

—‌

$

32‌

$

32‌

Interest

rate

derivatives

(138‌)

—‌

1,741‌

—‌

58‌

1,661‌

Foreign

exchange

derivatives

2‌

2‌

—‌

(211‌)

—‌

(207‌)

Credit

derivatives

(12‌)

(49‌)

—‌

—‌

311‌

250‌

Equity

derivatives

168‌

(124‌)

2,744‌

—‌

226‌

3,014‌

Commodity

derivatives

—‌

—‌

—‌

—‌

(6‌)

(6‌)

Total

$

20‌

$

(171‌)

$

4,485‌

$

(211‌)

$

621‌

$

4,744‌

^

Options

purchased

are

reported

as

securities.

T.

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Fund

146

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

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

October

31,

2023,

cash

of $7,859,000 had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

The

following

table

summarizes

the

fund’s

OTC

and

bilateral

derivatives

at

the

reporting

date

by

loss

exposure

to

each

counterparty

after

consideration

of

collateral,

if

any. 

T.

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Total

Return

Fund

147

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

($000s)

Gross

Value

on

Statements

of

Assets

and

Liabilities

Net

amount

due

(to)/from

Counterparty

or

Exchange

Collateral

Pledged

(Received)

by

Fund

Loss

Exposure,

After

Collateral*

(not

less

than

$0)

Counterparty

Assets

Liabilities

Bank

of

America

$

1,335‌

$

(1,101‌)

$

234‌

$

(280‌)

$

—‌

Barclays

Bank

92‌

(21‌)

71‌

—‌

71‌

BNP

Paribas

299‌

(201‌)

98‌

—‌

98‌

BNY

Mellon

—‌

(101‌)

(101‌)

—‌

—‌

Canadian

Imperial

Bank

of

Commerce

307‌

(10‌)

297‌

(270‌)

27‌

Citibank

975‌

(1,148‌)

(173‌)

—‌

—‌

Citigroup

Global

Markets

57‌

(80‌)

(23‌)

—‌

—‌

Deutsche

Bank

20‌

(10‌)

10‌

—‌

10‌

Goldman

Sachs

1,143‌

(1,980‌)

(837‌)

1,200‌

363‌

HSBC

Bank

145‌

(51‌)

94‌

—‌

94‌

JPMorgan

Chase

839‌

(1,102‌)

(263‌)

—‌

—‌

Morgan

Stanley

3,868‌

(3,775‌)

93‌

(1,221‌)

—‌

RBC

Dominion

Securities

77‌

(124‌)

(47‌)

—‌

—‌

Standard

Chartered

29‌

(7‌)

22‌

—‌

22‌

State

Street

209‌

(119‌)

90‌

—‌

90‌

UBS

Investment

Bank

509‌

(283‌)

226‌

(195‌)

31‌

Wells

Fargo

35‌

(14‌)

21‌

—‌

21‌

Total

$

9,939‌

$

(10,127‌)

*

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.

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PRICE

Multi-Strategy

Total

Return

Fund

148

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

17%

and

28%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rate

and

yield

curve

movements,

security

prices,

foreign

currencies,

credit

quality,

and

mortgage

prepayments;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

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

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

48%

and

73%

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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

149

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

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

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

23%

and

61%

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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

150

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

portfolio

duration

and

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

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

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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

October

31,

2023,

the

notional

amount

of

protection

sold

by

the

fund

totaled $24,512,000

(8.1%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract’s

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Total

return

swaps

are

agreements

in

which

one

party

makes

payments

based

on

a

set

rate,

either

fixed

or

variable,

while

the

other

party

makes

payments

based

on

the

return

of

an

underlying

asset

(reference

asset),

such

as

an

index,

equity

security,

fixed

income

security

or

commodity-based

exchange-traded

fund,

which

includes

both

the

income

it

generates

and

any

change

in

its

value.

Risks

related

to

the

use

of

total

return

swaps

include

the

potential

for

unfavorable

changes

in

the

reference

asset,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

During

the

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

101%

and

174%

of

net

assets.

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NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

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Bank

Loans

 The

fund

invests

in

bank

loans,

which

represent

an

interest

in

amounts

owed

by

a

borrower

to

a

syndicate

of

lenders.

Bank

loans

are

generally

noninvestment

grade

and

often

involve

borrowers

whose

financial

condition

is

highly

leveraged.

The

fund

may

invest

in

fixed

and

floating

rate

loans,

which

may

include

senior

floating

rate

loans;

secured

and

unsecured

loans,

second

lien

or

more

junior

loans;

and

bridge

loans

or

bridge

facilities.

Certain

bank

loans

may

be

revolvers

which

are

a

form

of

senior

bank

debt,

where

the

borrower

can

draw

down

the

credit

of

the

revolver

when

it

needs

cash

and

repays

the

credit

when

the

borrower

has

excess

cash.

Certain

loans

may

be

“covenant-lite”

loans,

which

means

the

loans

contain

fewer

maintenance

covenants

than

other

loans

(in

some

cases,

none)

and

do

not

include

terms

which

allow

the

lender

to

monitor

the

performance

of

the

borrower

and

declare

a

default

if

certain

criteria

are

breached.

As

a

result

of

these

risks,

the

fund’s

exposure

to

losses

may

be

increased.

Bank

loans

may

be

in

the

form

of

either

assignments

or

participations.

A

loan

assignment

transfers

all

legal,

beneficial,

and

economic

rights

to

the

buyer,

and

transfer

typically

requires

consent

of

both

the

borrower

and

agent.

In

contrast,

a

loan

participation

generally

entitles

the

buyer

to

receive

the

cash

flows

from

principal,

interest,

and

any

fee

payments

on

a

portion

of

a

loan;

however,

the

seller

continues

to

hold

legal

title

to

that

portion

of

the

loan.

As

a

result,

the

buyer

of

a

loan

participation

generally

has

no

direct

recourse

against

the

borrower

and

is

exposed

to

credit

risk

of

both

the

borrower

and

seller

of

the

participation.

Bank

loans

often

have

extended

settlement

periods,

generally

may

be

repaid

at

any

time

at

the

option

of

the

borrower,

and

may

require

additional

principal

to

be

funded

at

the

borrowers’

discretion

at

a

later

date

(e.g.

unfunded

commitments

and

revolving

debt

instruments).

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

unfunded

loan

commitments.

The

fund

reflects

both

the

funded

portion

of

a

bank

loan

as

well

as

its

unfunded

commitment

in

the

Portfolio

of

Investments.

However,

if

a

credit

agreement

provides

no

initial

funding

of

a

tranche,

and

funding

of

the

full

commitment

at

a

future

date(s)

is

at

the

borrower’s

discretion

and

considered

uncertain,

a

loan

is

reflected

in

the

Portfolio

of

Investments

only

if,

and

only

to

the

extent

that,

the

fund

has

actually

settled

a

funding

commitment.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

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

T.

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Fund

154

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

October

31,

2023,

the

value

of

loaned

securities

was

$6,850,000,

including

securities

sold

but

not

yet

settled,

which

are

not

reflected

in

the

accompanying

Portfolio

of

Investments;

the

value

of

cash

collateral

and

related

investments

was

$7,085,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $234,502,000 and

$283,555,000,

respectively,

for

the

year ended

October

31,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return,

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

character

of

net

currency

gains

or

losses,

the

character

of

income

on

swaps,

the

character

of

income

on

passive

foreign

investment

companies

and

the

recharacterization

of

distributions.

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The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

October

31,

2023,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

October

31,

2023,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales,

the

realization

of

gains/losses

on

certain

open

derivative

contracts

and

the

character

of

income

on

certain

derivatives

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards

and

straddle

deferrals.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

($000s)

October

31,

2023

October

31,

2022

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

11,014‌

$

11,997‌

($000s)

Cost

of

investments

$

300,440‌

Unrealized

appreciation

$

18,986‌

Unrealized

depreciation

(24,692‌)

Net

unrealized

appreciation

(depreciation)

$

(5,706‌)

($000s)

Undistributed

ordinary

income

$

16,623‌

Net

unrealized

appreciation

(depreciation)

(5,706‌)

Loss

carryforwards

and

deferrals

(50,405‌)

Total

distributable

earnings

(loss)

$

(39,488‌)

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NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.71%

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

October

31,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The Investor Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

T.

ROWE

PRICE

Multi-Strategy

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Return

Fund

157

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver. 

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended October

31,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $1,063,000 remain

subject

to

repayment

by

the

fund

at

October

31,

2023.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

year

ended

October

31,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$114,000

for

Price

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

1.19%

0.05%

Expense

limitation

date

02/28/26

02/28/26

(Waived)/repaid

during

the

period

($000s)

$(60)

$(369)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

158

Associates;

$35,000

for

T.

Rowe

Price

Services,

Inc.;

and

less

than

$1,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).  

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

October

31,

2023, approximately

91%

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

year

ended

October

31,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades.

This

agreement

may

be

rescinded

at

any

time.

For

the

year ended

October

31,

2023,

this

reimbursement

amounted

to

$3,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

159

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

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

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

160

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

and

Shareholders

of

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund,

Inc.

(the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

161

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodians,

transfer

agent

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

December

19,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

162

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 10/31/23

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included

$2,702,000

from

short-term

capital

gains. 

For

taxable

non-corporate

shareholders,

$578,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$336,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction.  

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$15,000 of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

For

shareholders

subject

to

interest

expense

deduction

limitation

under

Section

163(j), $9,276,000 of

the

fund’s

income

qualifies

as

a

Section

163(j)

interest

dividend

and

can

be

treated

as

interest

income

for

purposes

of

Section

163(j),

subject

to

holding

period

requirements

and

other

limitations.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

163

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

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

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

32,840,099

48,008

Mark

J.

Parrell

32,872,429

14,618

Kellye

L.

Walker

32,887,798

3,274

Eric

L.

Veiel

32,885,111

4,900

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

164

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

165

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

that

was

prepared

by

the

LRC

on

behalf

of

the

Adviser

and

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

166

For the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

167

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

Associates,

Inc. (T.

Rowe

Price),

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[209]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Melody

Bianchetto

(1966)

2023

[209]

Vice

President

for

Finance,

University

of

Virginia

(2015

to

2023)

Bruce

W.

Duncan

(1951)

2017

[209]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chair

of

the

Board

(2016

to

2020)

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

2022);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2017

[209]

Chair

of

the

Board,

all

funds

(July

2018

to

present)

Paul

F.

McBride

(1956)

2017

[209]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

168

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Mark

J.

Parrell

(1966)

2023

[209]

Board

of

Trustees

Member

and

Chief

Executive

Officer

(2019

to

present),

President

(2018

to

present),

Executive

Vice

President

and

Chief

Financial

Officer

(2007

to

2018),

and

Senior

Vice

President

and

Treasurer

(2005

to

2007),

EQR;

Member,

Nareit

Dividends

Through

Diversity,

Equity

&

Inclusion

CEO

Council

and

Chair,

Nareit

2021

Audit

and

Investment

Committee

(2021);

Advisory

Board,

Ross

Business

School

at

University

of

Michigan

(2015

to

2016);

Member,

National

Multifamily

Housing

Council

and

served

as

Chair

of

the

Finance

Committee

(2015

to

2016);

Member,

Economic

Club

of

Chicago;

Director,

Brookdale

Senior

Living,

Inc.

(2015

to

2017);

Director,

Aviv

REIT,

Inc.

(2013

to

2015);

Director,

Real

Estate

Roundtable

and

the

2022

Executive

Board

Nareit;

Board

of

Directors

and

Chair

of

the

Finance

Committee,

Greater

Chicago

Food

Depository

Kellye

L.

Walker

(1966)

2021

[209]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[209]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

169

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[209]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

Vice

President,

Global

Funds

(a)

All

information

about

the

interested

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Position

Held

With Multi-Strategy

Total

Return

Fund 

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

and

Vice

President

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019)

Richard

de

los

Reyes

(1975)

Co-president 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

Emory

(1963)

Assistant

Secretary 

Assistant

Vice

President

and

Assistant

Secretary,

T.

Rowe

Price;

Assistant

Secretary,

T.

Rowe

Price

Group,

Inc.,

Price

Investment

Management,

Price

International,

Price

Hong

Kong,

Price

Singapore,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

170

Name

(Year

of

Birth)

Position

Held

With Multi-Strategy

Total

Return

Fund 

Principal

Occupation(s) 

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Stefan

Hubrich,

Ph.D.,

CFA

(1974)

Co-president 

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Arif

Husain,

CFA

(1972)

Vice

President

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

Price

International

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Trust

Company

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

John

D.

Linehan,

CFA

(1965)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Sébastien

Page 

(1977)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc., T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Richard

Sennett,

CPA

(1970)

Assistant

Treasurer

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Charles

M.

Shriver,

CFA

(1967)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Justin

Thomson

(1968)

Vice

President

Director,

Price

Hong

Kong;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

Director

and

Vice

President,

Price

International

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Ellen

York

(1988)

Vice

President

Vice

President,

Price

Investment

Management

and

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

202312-3146065

F1112-050

12/23

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)   Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2023		2022
Audit Fees	$	73,194	$	67,864
Audit-Related Fees		-		-
Tax Fees		-		-
All Other Fees		-		-

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

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

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

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

(g)   The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,584,000 and $2,760,000, respectively.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a)   Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b)   Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

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

SIGNATURES

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

T. Rowe Price Multi-Strategy Total Return Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	December 19, 2023

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	December 19, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	December 19, 2023