T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

January

31,

2024

(Unaudited)

1

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

405‌

Total

Albania

(Cost

$387

)

405‌

ANGOLA

0.2%

Government

Bonds

0.2%

Republic

of

Angola,

8.00%,

11/26/29

(USD) 

310,000‌

270‌

Republic

of

Angola,

8.75%,

4/14/32

(USD) 

350,000‌

302‌

Total

Angola

(Cost

$563

)

572‌

ARGENTINA

0.1%

Common

Stocks

0.0%

Globant

(USD) (2)

113‌

27‌

MercadoLibre

(USD) (2)

57‌

97‌

Tenaris,

ADR

(USD) 

421‌

13‌

137‌

Government

Bonds

0.1%

Argentine

Republic,

STEP,

3.625%,

7/9/35

(USD) 

550,000‌

185‌

185‌

Total

Argentina

(Cost

$265

)

322‌

AUSTRALIA

0.3%

Common

Stocks

0.0%

BHP

Group 

1,165‌

35‌

Goodman

Group 

519‌

8‌

Rio

Tinto 

173‌

15‌

Scentre

Group 

3,380‌

7‌

Vast

Solar,

Warrants,

6/29/28

(USD) (2)

25,200‌

2‌

67‌

Corporate

Bonds

0.2%

Mineral

Resources,

9.25%,

10/1/28

(USD) (1)

375,000‌

395‌

395‌

Government

Bonds

0.1%

Commonwealth

of

Australia,

Series

169,

4.75%,

6/21/54 

525,000‌

367‌

367‌

Total

Australia

(Cost

$749

)

829‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

AUSTRIA

0.3%

Common

Stocks

0.0%

BAWAG

Group 

172‌

9‌

OMV 

423‌

19‌

28‌

Corporate

Bonds

0.2%

Benteler

International,

9.375%,

5/15/28 (1)

285,000‌

329‌

Benteler

International,

10.50%,

5/15/28

(USD) (1)

255,000‌

273‌

602‌

Government

Bonds

0.1%

Republic

of

Austria,

0.85%,

6/30/2120 (1)

430,000‌

211‌

211‌

Total

Austria

(Cost

$757

)

841‌

AZERBAIJAN

0.1%

Corporate

Bonds

0.1%

Southern

Gas

Corridor

CJSC,

6.875%,

3/24/26

(USD) 

260,000‌

264‌

Total

Azerbaijan

(Cost

$265

)

264‌

BAHAMAS

0.1%

Government

Bonds

0.1%

Commonwealth

of

Bahamas,

6.00%,

11/21/28

(USD) (1)

310,000‌

280‌

Total

Bahamas

(Cost

$249

)

280‌

BRAZIL

1.3%

Common

Stocks

0.2%

NU

Holdings,

Class

A

(USD) (2)

2,412‌

21‌

Petroleo

Brasileiro,

ADR

(USD) 

13,988‌

239‌

XP,

Class

A

(USD) 

8,674‌

213‌

473‌

Corporate

Bonds

0.6%

Aegea

Finance,

9.00%,

1/20/31

(USD) (1)

610,000‌

642‌

Braskem

Netherlands

Finance,

4.50%,

1/31/30

(USD) 

260,000‌

206‌

Braskem

Netherlands

Finance,

5.875%,

1/31/50

(USD) (1)

200,000‌

141‌

Globo

Comunicacao

e

Participacoes,

4.875%,

1/22/30

(USD) (1)

480,000‌

415‌

Globo

Comunicacao

e

Participacoes,

5.50%,

1/14/32

(USD) 

310,000‌

267‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

MercadoLibre,

3.125%,

1/14/31

(USD) 

200,000‌

168‌

1,839‌

Government

Bonds

0.5%

Brazil

Notas

do

Tesouro

Nacional,

Series

NTNF,

10.00%,

1/1/29 

3,849,000‌

770‌

Republic

of

Brazil,

4.25%,

1/7/25

(USD) 

330,000‌

326‌

Republic

of

Brazil,

6.125%,

3/15/34

(USD) 

230,000‌

228‌

Republic

of

Brazil,

7.125%,

5/13/54

(USD) 

200,000‌

200‌

1,524‌

Total

Brazil

(Cost

$3,929

)

3,836‌

CANADA

1.5%

Asset-Backed

Securities

0.1%

Cologix

Canadian

Issuer,

Series

2022-1CAN,

Class

A2,

4.94%,

1/25/52 (1)

305,000‌

210‌

210‌

Bank

Loans

0.2%

(3)

GFL

Environmental,

FRN,

1M

TSFR

+

2.50%,

7.816%,

5/31/27

(USD) 

598,500‌

598‌

598‌

Common

Stocks

0.5%

Agnico

Eagle

Mines

(USD) 

260‌

13‌

Alamos

Gold,

Class

A

(USD) 

900‌

11‌

Cameco

(USD) 

609‌

29‌

Canadian

Apartment

Properties

REIT (4)

134‌

5‌

Canadian

Natural

Resources 

749‌

48‌

Canadian

Pacific

Kansas

City

(USD) 

9,695‌

780‌

Constellation

Software 

10‌

28‌

Constellation

Software,

Warrants,

3/31/40 (2)(5)

12‌

—‌

Descartes

Systems

Group

(USD) (2)

104‌

9‌

Enbridge

(USD) 

1,358‌

48‌

First

Quantum

Minerals 

373‌

3‌

Franco-Nevada 

102‌

11‌

Ivanhoe

Mines,

Class

A (2)(4)

1,215‌

13‌

Magna

International

(USD) (4)

92‌

5‌

MDA (2)

3,680‌

31‌

Nutrien

(USD) 

295‌

15‌

Osisko

Gold

Royalties 

927‌

14‌

Shopify,

Class

A

(USD) (2)

5,023‌

402‌

Suncor

Energy 

1,189‌

39‌

Teck

Resources,

Class

B

(USD) 

354‌

14‌

West

Fraser

Timber 

220‌

17‌

1,535‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.7%

1011778

BC

ULC,

5.75%,

4/15/25

(USD) (1)

1,216,000‌

1,213‌

GFL

Environmental,

4.25%,

6/1/25

(USD) (1)

21,000‌

20‌

Rogers

Communications,

2.95%,

3/15/25

(USD) 

53,000‌

52‌

Toronto-Dominion

Bank,

VR,

8.125%,

10/31/82

(USD) (4)(6)

200,000‌

211‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

570,000‌

570‌

2,066‌

Total

Canada

(Cost

$4,140

)

4,409‌

CHILE

0.6%

Corporate

Bonds

0.5%

AES

Andes,

VR,

7.125%,

3/26/79

(USD) (6)

310,000‌

298‌

Agrosuper,

4.60%,

1/20/32

(USD) 

250,000‌

214‌

Celulosa

Arauco

y

Constitucion,

3.875%,

11/2/27

(USD) 

290,000‌

272‌

Chile

Electricity,

6.01%,

1/20/33

(USD) (1)

200,000‌

205‌

Empresa

de

los

Ferrocarriles

del

Estado,

3.068%,

8/18/50

(USD) 

300,000‌

182‌

Mercury

Chile

Holdco,

6.50%,

1/24/27

(USD) 

310,000‌

289‌

1,460‌

Government

Bonds

0.1%

Bonos

de

la

Tesoreria

de

la

Republica,

6.00%,

4/1/33 (1)

420,000,000‌

474‌

474‌

Total

Chile

(Cost

$2,021

)

1,934‌

CHINA

0.6%

Common

Stocks

0.1%

58.com

(USD) (2)(5)

22,100‌

—‌

Alibaba

Group

Holding

(HKD) 

2,900‌

26‌

BeiGene,

ADR

(USD) (2)

77‌

11‌

Beijing

Capital

International

Airport,

Class

H

(HKD) (2)

34,000‌

10‌

BOE

Varitronix

(HKD) 

16,000‌

10‌

H

World

Group,

ADR

(USD) 

459‌

15‌

Kanzhun,

ADR

(USD) 

1,000‌

14‌

Legend

Biotech,

ADR

(USD) (2)

232‌

13‌

PDD

Holdings,

ADR

(USD) (2)

360‌

46‌

Silergy

(TWD) 

3,000‌

37‌

Tencent

Holdings

(HKD) 

5,509‌

191‌

Zai

Lab,

ADR

(USD) (2)(4)

177‌

4‌

377‌

Common

Stocks

-

China

A

Shares

0.0%

Estun

Automation,

A

Shares

(CNH) 

5,100‌

9‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

4,300‌

23‌

Kweichow

Moutai,

A

Shares

(CNH) 

100‌

22‌

NARI

Technology,

A

Shares

(CNH) 

9,513‌

28‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

1,700‌

13‌

95‌

Convertible

Bonds

0.2%

Xiaomi

Best

Time

International,

Zero

Coupon,

12/17/27

(USD) 

300,000‌

268‌

ZTO

Express

Cayman,

1.50%,

9/1/27

(USD) (4)

150,000‌

136‌

404‌

Corporate

Bonds

0.3%

AAC

Technologies

Holdings,

2.625%,

6/2/26

(USD) 

270,000‌

246‌

Country

Garden

Holdings,

3.125%,

10/22/25

(USD) (2)(7)

300,000‌

24‌

Kaisa

Group

Holdings,

11.95%,

10/22/22

(USD) (2)(7)

1,515,000‌

47‌

Longfor

Group

Holdings,

3.85%,

1/13/32

(USD) 

200,000‌

81‌

Shimao

Group

Holdings,

3.45%,

1/11/31

(USD) (2)(7)

200,000‌

10‌

Times

China

Holdings,

6.75%,

7/8/25

(USD) (2)(7)

200,000‌

7‌

West

China

Cement,

4.95%,

7/8/26

(USD) 

230,000‌

172‌

Zhongsheng

Group

Holdings,

3.00%,

1/13/26

(USD) 

310,000‌

289‌

876‌

Total

China

(Cost

$2,567

)

1,752‌

COLOMBIA

0.9%

Corporate

Bonds

0.4%

Aris

Mining,

6.875%,

8/9/26

(USD) (1)

315,000‌

276‌

Ecopetrol,

6.875%,

4/29/30

(USD) 

300,000‌

293‌

Ecopetrol,

8.375%,

1/19/36

(USD) 

280,000‌

284‌

Geopark,

5.50%,

1/17/27

(USD) 

300,000‌

268‌

1,121‌

Government

Bonds

0.5%

Republic

of

Colombia,

8.75%,

11/14/53

(USD) 

210,000‌

229‌

Republic

of

Colombia,

Series

B,

7.00%,

3/26/31 

2,554,100,000‌

581‌

Republic

of

Colombia,

Series

B,

7.00%,

6/30/32 

1,600,000,000‌

356‌

Republic

of

Colombia,

Series

B,

13.25%,

2/9/33 

1,417,400,000‌

443‌

1,609‌

Private

Investment

Company

0.0%

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/1/22,

Cost $11

(USD) (2)(8)

†

15‌

Bona

Fide

Investments

Feeder

LLC,

Acquisition

date:

6/7/23,

Cost $38

(USD) (2)(8)

†

49‌

64‌

Total

Colombia

(Cost

$2,412

)

2,794‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CYPRUS

0.0%

Government

Bonds

0.0%

Republic

of

Cyprus,

2.75%,

5/3/49 (4)

140,000‌

124‌

Total

Cyprus

(Cost

$111

)

124‌

CZECH

REPUBLIC

0.2%

Government

Bonds

0.2%

Czech

Republic,

Series

125,

1.50%,

4/24/40 

17,200,000‌

531‌

Total

Czech

Republic

(Cost

$512

)

531‌

DENMARK

0.3%

Common

Stocks

0.3%

Ascendis

Pharma,

ADR

(USD) (2)

50‌

7‌

Novo

Nordisk,

ADR

(USD) 

4,468‌

513‌

Novo

Nordisk,

Class

B 

4,281‌

489‌

Total

Denmark

(Cost

$905

)

1,009‌

DOMINICAN

REPUBLIC

0.2%

Government

Bonds

0.2%

Dominican

Republic,

5.95%,

1/25/27

(USD) 

310,000‌

312‌

Dominican

Republic,

6.00%,

7/19/28

(USD) 

230,000‌

232‌

Total

Dominican

Republic

(Cost

$542

)

544‌

FRANCE

0.4%

Common

Stocks

0.2%

Air

Liquide 

149‌

28‌

Airbus 

687‌

109‌

AXA 

656‌

22‌

Eurofins

Scientific 

271‌

16‌

Gecina 

59‌

7‌

Hermes

International 

23‌

49‌

L'Oreal 

61‌

29‌

LVMH

Moet

Hennessy

Louis

Vuitton 

98‌

82‌

Pernod

Ricard 

131‌

21‌

Remy

Cointreau 

71‌

7‌

Safran 

195‌

36‌

Schneider

Electric 

107‌

21‌

SPIE 

808‌

27‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TotalEnergies 

1,082‌

70‌

524‌

Convertible

Preferred

Stocks

0.0%

DNA

Script,

Series

C,

Acquisition

Date:

12/16/21,

Cost $7 (2)

(5)(8)

8‌

3‌

3‌

Corporate

Bonds

0.2%

Altice

France

Holding,

4.00%,

2/15/28 

100,000‌

46‌

Altice

France

Holding,

10.50%,

5/15/27

(USD) (1)

545,000‌

311‌

BNP

Paribas,

3.375%,

1/23/26

(GBP) 

100,000‌

122‌

Societe

Generale,

VR,

7.132%,

1/19/55

(USD) (1)(6)

200,000‌

200‌

679‌

Total

France

(Cost

$1,197

)

1,206‌

GERMANY

0.9%

Common

Stocks

0.3%

BASF 

127‌

6‌

Daimler

Truck

Holding 

897‌

32‌

Immatics

(USD) (2)

18‌

—‌

Infineon

Technologies 

4,681‌

171‌

KION

Group 

564‌

26‌

LEG

Immobilien (2)

98‌

8‌

MorphoSys (2)

13‌

—‌

SAP 

2,734‌

474‌

Siemens 

588‌

105‌

Zalando (2)

238‌

5‌

827‌

Corporate

Bonds

0.4%

BMW

International

Investment,

5.50%,

6/6/26

(GBP) 

100,000‌

129‌

Deutsche

Bank,

2.625%,

12/16/24

(GBP) 

100,000‌

123‌

Kreditanstalt

fuer

Wiederaufbau,

1.125%,

7/4/25

(GBP) 

63,000‌

76‌

Kreditanstalt

fuer

Wiederaufbau,

1.375%,

12/9/24

(GBP) 

315,000‌

387‌

Kreditanstalt

fuer

Wiederaufbau,

2.00%,

5/2/25

(USD) 

306,000‌

296‌

Mercedes-Benz

International

Finance,

1.625%,

11/11/24

(GBP) 

100,000‌

123‌

ZF

North

America

Capital,

4.75%,

4/29/25

(USD) (1)

150,000‌

148‌

1,282‌

Preferred

Stocks

0.2%

Sartorius (4)

2,020‌

737‌

737‌

Total

Germany

(Cost

$2,622

)

2,846‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

8

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

631‌

Total

Ghana

(Cost

$620

)

631‌

GUATEMALA

0.2%

Government

Bonds

0.2%

Republic

of

Guatemala,

4.875%,

2/13/28

(USD) 

300,000‌

290‌

Republic

of

Guatemala,

4.90%,

6/1/30

(USD) 

300,000‌

287‌

Total

Guatemala

(Cost

$601

)

577‌

HONG

KONG

0.3%

Common

Stocks

0.2%

AIA

Group 

26,600‌

209‌

Samsonite

International (2)

2,700‌

7‌

Techtronic

Industries 

44,500‌

473‌

Techtronic

Industries,

ADR

(USD) 

574‌

31‌

720‌

Corporate

Bonds

0.1%

CAS

Capital

No.

1,

VR,

4.00%

(USD) (6)(9)

250,000‌

216‌

216‌

Total

Hong

Kong

(Cost

$930

)

936‌

HUNGARY

0.5%

Common

Stocks

0.0%

OTP

Bank 

148‌

7‌

7‌

Government

Bonds

0.5%

Magyar

Export-Import

Bank,

6.00%,

5/16/29

(EUR) 

100,000‌

114‌

Magyar

Export-Import

Bank,

6.125%,

12/4/27

(USD) (1)

200,000‌

202‌

MFB

Magyar

Fejlesztesi

Bank,

6.50%,

6/29/28

(USD) 

230,000‌

236‌

Republic

of

Hungary,

Series

32/A,

4.75%,

11/24/32 

240,330,000‌

624‌

Republic

of

Hungary,

Series

33/A,

2.25%,

4/20/33 

30,270,000‌

64‌

Republic

of

Hungary,

Series

38/A,

3.00%,

10/27/38 

144,000,000‌

284‌

1,524‌

Total

Hungary

(Cost

$1,356

)

1,531‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

INDIA

1.3%

Common

Stocks

0.3%

Container

Corp.

of

India 

1,609‌

17‌

HDFC

Bank 

26,445‌

465‌

ICICI

Bank 

37,890‌

468‌

Larsen

&

Toubro 

642‌

27‌

977‌

Corporate

Bonds

0.6%

Adani

International

Container

Terminal,

3.00%,

2/16/31

(USD) 

275,125‌

233‌

Adani

Renewable

Energy

RJ,

4.625%,

10/15/39

(USD) 

262,875‌

214‌

CA

Magnum

Holdings,

5.375%,

10/31/26

(USD) 

300,000‌

282‌

GMR

Hyderabad

International

Airport,

4.25%,

10/27/27

(USD) 

220,000‌

204‌

HDFC

Bank,

VR,

3.70%

(USD) (6)(9)

310,000‌

284‌

JSW

Infrastructure,

4.95%,

1/21/29

(USD) (4)

250,000‌

235‌

Shriram

Finance,

6.625%,

4/22/27

(USD) (1)

220,000‌

222‌

1,674‌

Government

Bonds

0.4%

Export-Import

Bank

of

India,

2.25%,

1/13/31

(USD) 

300,000‌

248‌

Republic

of

India,

6.45%,

10/7/29 

22,000,000‌

258‌

Republic

of

India,

7.26%,

8/22/32 

65,600,000‌

794‌

1,300‌

Total

India

(Cost

$3,942

)

3,951‌

INDONESIA

0.7%

Common

Stocks

0.1%

Bank

Central

Asia 

532,400‌

322‌

322‌

Corporate

Bonds

0.4%

Bank

Negara

Indonesia

Persero,

VR,

4.30%

(USD) (6)(9)

620,000‌

564‌

Minejesa

Capital,

4.625%,

8/10/30

(USD) 

300,000‌

286‌

Pakuwon

Jati,

4.875%,

4/29/28

(USD) 

300,000‌

280‌

1,130‌

Government

Bonds

0.2%

Republic

of

Indonesia,

Series

FR65,

6.625%,

5/15/33 

6,351,000,000‌

403‌

Republic

of

Indonesia,

Series

FR82,

7.00%,

9/15/30 

3,680,000,000‌

239‌

642‌

Total

Indonesia

(Cost

$2,024

)

2,094‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

10

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

135‌

AerCap

Ireland

Capital,

3.30%,

1/30/32

(USD) 

310,000‌

266‌

AerCap

Ireland

Capital,

6.15%,

9/30/30

(USD) 

150,000‌

156‌

Avolon

Holdings

Funding,

2.875%,

2/15/25

(USD) (1)

49,000‌

48‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD) (1)

31,000‌

31‌

Avolon

Holdings

Funding,

6.375%,

5/4/28

(USD) (1)

90,000‌

92‌

Total

Ireland

(Cost

$764

)

728‌

ISRAEL

0.3%

Corporate

Bonds

0.3%

Bank

Hapoalim,

VR,

3.255%,

1/21/32

(USD) (1)(4)(6)

300,000‌

263‌

Bank

Leumi

Le-Israel,

VR,

3.275%,

1/29/31

(USD) (1)(6)

325,000‌

295‌

Energian

Israel

Finance,

4.875%,

3/30/26

(USD) (1)

280,000‌

258‌

Total

Israel

(Cost

$850

)

816‌

ITALY

0.6%

Common

Stocks

0.2%

Davide

Campari-Milano 

2,091‌

21‌

Ferrari

(USD) 

609‌

211‌

GVS (2)

1,655‌

10‌

PRADA

(HKD) 

58,400‌

362‌

604‌

Corporate

Bonds

0.3%

Enel

Finance

International,

7.75%,

10/14/52

(USD) (1)

200,000‌

246‌

Golden

Goose,

FRN,

3M

EURIBOR

+

4.875%,

8.877%,

5/14/27 

472,000‌

513‌

759‌

Government

Bonds

0.1%

Republic

of

Italy,

2.375%,

10/17/24

(USD) 

310,000‌

304‌

304‌

Total

Italy

(Cost

$1,489

)

1,667‌

IVORY

COAST

0.5%

Government

Bonds

0.5%

Republic

of

Ivory

Coast,

5.875%,

10/17/31

(EUR) 

340,000‌

331‌

Republic

of

Ivory

Coast,

6.375%,

3/3/28

(USD) (4)

310,000‌

304‌

Republic

of

Ivory

Coast,

7.625%,

1/30/33

(USD) (1)

625,000‌

620‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Republic

of

Ivory

Coast,

8.25%,

1/30/37

(USD) (1)

250,000‌

250‌

Total

Ivory

Coast

(Cost

$1,479

)

1,505‌

JAPAN

0.7%

Common

Stocks

0.7%

Asics 

600‌

18‌

Daiichi

Sankyo 

28,100‌

841‌

Daikin

Industries 

200‌

32‌

Harmonic

Drive

Systems 

10,900‌

264‌

Hoshizaki 

800‌

29‌

Idec 

400‌

8‌

Industrial

&

Infrastructure

Fund

Investment 

3‌

3‌

Keyence 

1,400‌

626‌

MatsukiyoCocokara 

500‌

9‌

Mitsui

Fudosan 

600‌

15‌

Miura 

1,300‌

24‌

Nippon

Sanso

Holdings 

600‌

15‌

Persol

Holdings 

8,700‌

14‌

Recruit

Holdings 

1,000‌

39‌

Sanrio 

300‌

13‌

Seven

&

i

Holdings 

500‌

20‌

Shin-Etsu

Chemical 

700‌

28‌

Shionogi 

2,200‌

106‌

Sony

Group,

ADR

(USD) 

401‌

39‌

Total

Japan

(Cost

$1,909

)

2,143‌

JORDAN

0.1%

Government

Bonds

0.1%

Kingdom

of

Jordan,

5.85%,

7/7/30

(USD) 

230,000‌

207‌

Kingdom

of

Jordan,

7.50%,

1/13/29

(USD) (1)

200,000‌

196‌

Total

Jordan

(Cost

$408

)

403‌

KAZAKHSTAN

0.2%

Corporate

Bonds

0.2%

KazMunayGas

National,

5.375%,

4/24/30

(USD) 

310,000‌

305‌

Tengizchevroil

Finance

International,

3.25%,

8/15/30

(USD) 

300,000‌

248‌

Total

Kazakhstan

(Cost

$561

)

553‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KENYA

0.1%

Government

Bonds

0.1%

Republic

of

Kenya,

7.00%,

5/22/27

(USD) 

200,000‌

184‌

Total

Kenya

(Cost

$186

)

184‌

KUWAIT

0.1%

Corporate

Bonds

0.1%

MEGlobal

Canada,

5.875%,

5/18/30

(USD) 

200,000‌

203‌

Total

Kuwait

(Cost

$205

)

203‌

LUXEMBOURG

0.1%

Bank

Loans

0.1%

(3)

Altice

Financing,

FRN,

3M

EURIBOR

+

5.00%,

8.942%,

10/31/27 

224,438‌

237‌

Total

Luxembourg

(Cost

$229

)

237‌

MALAYSIA

0.2%

Government

Bonds

0.2%

Government

of

Malaysia,

Series

0123,

4.457%,

3/31/53 

2,350,000‌

517‌

Government

of

Malaysia,

Series

0518,

4.921%,

7/6/48 

770,000‌

180‌

Total

Malaysia

(Cost

$704

)

697‌

MAURITIUS

0.2%

Corporate

Bonds

0.2%

Axian

Telecom,

7.375%,

2/16/27

(USD) (1)

230,000‌

218‌

Axian

Telecom,

7.375%,

2/16/27

(USD) 

310,000‌

293‌

Total

Mauritius

(Cost

$537

)

511‌

MEXICO

2.5%

Corporate

Bonds

1.2%

Banco

Mercantil

del

Norte,

VR,

6.75%

(USD) (6)(9)

310,000‌

309‌

Banco

Nacional

de

Comercio

Exterior

SNC,

VR,

2.72%,

8/11/31

(USD) (6)

300,000‌

256‌

BBVA

Bancomer,

VR,

5.125%,

1/18/33

(USD) (6)

310,000‌

284‌

BBVA

Bancomer,

VR,

8.125%,

1/8/39

(USD) (1)(6)

455,000‌

463‌

Braskem

Idesa

SAPI,

6.99%,

2/20/32

(USD) 

668,000‌

436‌

Comision

Federal

de

Electricidad,

4.75%,

2/23/27

(USD) 

240,000‌

235‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Petroleos

Mexicanos,

5.35%,

2/12/28

(USD) 

310,000‌

272‌

Petroleos

Mexicanos,

6.49%,

1/23/27

(USD) 

250,000‌

235‌

Petroleos

Mexicanos,

6.50%,

1/23/29

(USD) 

595,000‌

529‌

Petroleos

Mexicanos,

6.70%,

2/16/32

(USD) 

435,000‌

355‌

Sixsigma

Networks

Mexico,

7.50%,

5/2/25

(USD) 

365,000‌

344‌

3,718‌

Government

Bonds

1.3%

United

Mexican

States,

Series

M,

5.75%,

3/5/26 

5,070,000‌

272‌

United

Mexican

States,

Series

M,

7.50%,

6/3/27 

4,888,000‌

269‌

United

Mexican

States,

Series

M,

7.50%,

5/26/33 

21,500,000‌

1,117‌

United

Mexican

States,

Series

M,

7.75%,

5/29/31 

8,800,000‌

473‌

United

Mexican

States,

Series

M,

7.75%,

11/13/42 

22,390,000‌

1,119‌

United

Mexican

States,

Series

M,

8.50%,

5/31/29 

8,380,000‌

475‌

3,725‌

Total

Mexico

(Cost

$7,269

)

7,443‌

MOROCCO

0.1%

Corporate

Bonds

0.1%

Vivo

Energy

Investments,

5.125%,

9/24/27

(USD) 

310,000‌

294‌

Total

Morocco

(Cost

$306

)

294‌

NETHERLANDS

0.7%

Common

Stocks

0.6%

Adyen (2)

354‌

444‌

Argenx,

ADR

(USD) (2)

105‌

40‌

ASM

International 

87‌

48‌

ASML

Holding 

759‌

659‌

ASML

Holding

(USD) 

22‌

19‌

BE

Semiconductor

Industries 

2,783‌

418‌

Heineken 

251‌

25‌

Pharvaris

(USD) (2)

82‌

2‌

TKH

Group,

CVA 

665‌

27‌

Universal

Music

Group 

258‌

8‌

1,690‌

Corporate

Bonds

0.1%

GTCR

W-2

Merger,

8.50%,

1/15/31

(GBP) (1)

125,000‌

170‌

LeasePlan,

VR,

7.375% (6)(9)

200,000‌

216‌

386‌

Total

Netherlands

(Cost

$1,578

)

2,076‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NEW

ZEALAND

0.2%

Government

Bonds

0.2%

Government

of

New

Zealand,

Series

0551,

2.75%,

5/15/51 

1,776,000‌

741‌

Total

New

Zealand

(Cost

$925

)

741‌

NORWAY

0.0%

Common

Stocks

0.0%

Equinor 

838‌

24‌

Seadrill

(USD) (2)

666‌

29‌

Total

Norway

(Cost

$46

)

53‌

OMAN

0.1%

Corporate

Bonds

0.1%

Oryx

Funding,

5.80%,

2/3/31

(USD) 

300,000‌

299‌

Total

Oman

(Cost

$297

)

299‌

PANAMA

0.2%

Corporate

Bonds

0.1%

Banco

Nacional

de

Panama,

2.50%,

8/11/30

(USD) 

310,000‌

237‌

237‌

Government

Bonds

0.1%

Republic

of

Panama,

3.16%,

1/23/30

(USD) 

250,000‌

210‌

210‌

Total

Panama

(Cost

$497

)

447‌

PARAGUAY

0.1%

Government

Bonds

0.1%

Republic

of

Paraguay,

2.739%,

1/29/33

(USD) 

370,000‌

300‌

Total

Paraguay

(Cost

$309

)

300‌

PERU

0.5%

Common

Stocks

0.0%

Southern

Copper

(USD) 

174‌

14‌

14‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.2%

Banco

de

Credito

del

Peru,

VR,

3.125%,

7/1/30

(USD) (4)(6)

310,000‌

296‌

InRetail

Consumer,

3.25%,

3/22/28

(USD) 

300,000‌

268‌

564‌

Government

Bonds

0.3%

Fondo

MIVIVIENDA,

4.625%,

4/12/27

(USD) 

300,000‌

292‌

Republic

of

Peru,

6.15%,

8/12/32 

1,050,000‌

272‌

Republic

of

Peru,

6.95%,

8/12/31 

989,000‌

272‌

836‌

Total

Peru

(Cost

$1,341

)

1,414‌

PHILIPPINES

0.1%

Government

Bonds

0.1%

Republic

of

Philippines,

6.25%,

1/14/36 

23,000,000‌

382‌

Total

Philippines

(Cost

$539

)

382‌

PORTUGAL

0.1%

Common

Stocks

0.0%

Galp

Energia 

1,168‌

18‌

Jeronimo

Martins 

516‌

12‌

30‌

Government

Bonds

0.1%

Portuguese

Republic,

5.125%,

10/15/24

(USD) 

199,000‌

199‌

199‌

Total

Portugal

(Cost

$220

)

229‌

QATAR

0.1%

Corporate

Bonds

0.1%

QatarEnergy,

3.125%,

7/12/41

(USD) 

370,000‌

275‌

Total

Qatar

(Cost

$283

)

275‌

ROMANIA

0.4%

Corporate

Bonds

0.3%

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (6)

840,000‌

959‌

959‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.1%

Republic

of

Romania,

5.25%,

11/25/27

(USD) 

206,000‌

205‌

205‌

Total

Romania

(Cost

$1,141

)

1,164‌

SAUDI

ARABIA

0.2%

Corporate

Bonds

0.0%

Riyad

Sukuk,

VR,

3.174%,

2/25/30

(USD) (6)

200,000‌

193‌

193‌

Government

Bonds

0.2%

Kingdom

of

Saudi

Arabia,

5.75%,

1/16/54

(USD) (1)

560,000‌

553‌

553‌

Total

Saudi

Arabia

(Cost

$752

)

746‌

SERBIA

0.2%

Government

Bonds

0.2%

Republic

of

Serbia,

6.25%,

5/26/28

(USD) (4)

300,000‌

306‌

Republic

of

Serbia,

Series

12.5,

4.50%,

8/20/32 

41,000,000‌

342‌

Total

Serbia

(Cost

$751

)

648‌

SINGAPORE

0.0%

Common

Stocks

0.0%

CapitaLand

Integrated

Commercial

Trust 

4,900‌

7‌

Total

Singapore

(Cost

$7

)

7‌

SOUTH

AFRICA

0.1%

Corporate

Bonds

0.1%

Transnet,

8.25%,

2/6/28

(USD) (1)

200,000‌

202‌

202‌

Government

Bonds

0.0%

Republic

of

South

Africa,

Series

2048,

8.75%,

2/28/48 

4,519,000‌

177‌

177‌

Total

South

Africa

(Cost

$404

)

379‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SOUTH

KOREA

0.0%

Common

Stocks

0.0%

LG

Chem 

89‌

29‌

Samsung

Electronics 

1,447‌

78‌

Total

South

Korea

(Cost

$102

)

107‌

SPAIN

0.5%

Common

Stocks

0.2%

Amadeus

IT

Group,

Class

A 

8,839‌

619‌

Cellnex

Telecom 

79‌

3‌

622‌

Corporate

Bonds

0.3%

Banco

Bilbao

Vizcaya

Argentaria,

VR,

9.375%

(USD) (6)(9)

400,000‌

424‌

Cirsa

Finance

International,

6.50%,

3/15/29 (1)

115,000‌

124‌

Cirsa

Finance

International,

FRN,

3M

EURIBOR

+

4.50%,

8.412%,

7/31/28 (1)

175,000‌

192‌

740‌

Total

Spain

(Cost

$1,220

)

1,362‌

SRI

LANKA

0.2%

Government

Bonds

0.2%

Republic

of

Sri

Lanka,

6.825%,

7/18/26

(USD) (2)(7)

310,000‌

163‌

Republic

of

Sri

Lanka,

6.85%,

11/3/25

(USD) (2)(7)

560,000‌

293‌

Republic

of

Sri

Lanka,

11.00%,

6/1/26 

96,000,000‌

292‌

Total

Sri

Lanka

(Cost

$642

)

748‌

SUPRANATIONAL

0.2%

Corporate

Bonds

0.2%

European

Investment

Bank,

1.625%,

3/14/25

(USD) 

192,000‌

186‌

International

Bank

for

Reconstruction

&

Development,

0.625%,

4/22/25

(USD) 

390,000‌

371‌

557‌

Government

Bonds

0.0%

European

Bank

for

Reconstruction

&

Development,

6.30%,

10/26/27

(INR) 

5,200,000‌

61‌

International

Bank

for

Reconstruction

&

Development,

6.85%,

4/24/28

(INR) 

5,500,000‌

66‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

International

Finance,

6.30%,

11/25/24

(INR) 

5,170,000‌

62‌

189‌

Total

Supranational

(Cost

$742

)

746‌

SURINAME

0.2%

Government

Bonds

0.2%

Republic

of

Suriname,

7.95%,

7/15/33,

(4.95%

Cash

and

3.00%

PIK)

(USD) (1)(10)

230,240‌

197‌

Republic

of

Suriname,

VR,

9.00%,

12/31/50

(USD) (1)

551,000‌

372‌

Total

Suriname

(Cost

$364

)

569‌

SWEDEN

0.4%

Bank

Loans

0.2%

(3)

Anticimex

Global,

FRN,

3M

TSFR

+

3.15%,

8.46%,

11/16/28

(USD) 

588,000‌

584‌

Anticimex

Global,

FRN,

3M

TSFR

+

3.65%,

8.96%,

11/16/28

(USD) 

98,000‌

97‌

681‌

Common

Stocks

0.2%

Sandvik 

1,406‌

29‌

Spotify

Technology

(USD) (2)

149‌

32‌

Svenska

Cellulosa,

Class

B 

34,284‌

467‌

528‌

Total

Sweden

(Cost

$1,214

)

1,209‌

SWITZERLAND

0.3%

Common

Stocks

0.2%

Cie

Financiere

Richemont,

Class

A 

3,035‌

451‌

Julius

Baer

Group 

349‌

19‌

Montana

Aerospace (2)

1,469‌

29‌

Nestle 

765‌

87‌

On

Holding,

Class

A

(USD) (2)(4)

383‌

10‌

596‌

Corporate

Bonds

0.1%

UBS

Group,

VR,

5.699%,

2/8/35

(USD) (1)(6)

200,000‌

202‌

202‌

Total

Switzerland

(Cost

$779

)

798‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TAIWAN

0.3%

Common

Stocks

0.3%

Taiwan

Semiconductor

Manufacturing 

38,000‌

761‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

1,699‌

192‌

Total

Taiwan

(Cost

$784

)

953‌

THAILAND

0.5%

Corporate

Bonds

0.2%

Indorama

Ventures

Global

Services,

4.375%,

9/12/24

(USD) 

300,000‌

295‌

Thaioil

Treasury

Center,

3.50%,

10/17/49

(USD) 

310,000‌

207‌

502‌

Government

Bonds

0.3%

Kingdom

of

Thailand,

3.60%,

6/17/67 

7,700,000‌

215‌

Kingdom

of

Thailand,

Series

ILB,

Inflation-Indexed,

1.25%,

3/12/28 

23,936,940‌

638‌

853‌

Total

Thailand

(Cost

$1,534

)

1,355‌

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

1.9%

Common

Stocks

0.5%

Ashtead

Group 

471‌

31‌

AstraZeneca,

ADR

(USD) 

617‌

41‌

BP,

ADR

(USD) 

1,361‌

48‌

Compass

Group 

1,138‌

31‌

Derwent

London 

253‌

7‌

Glencore 

2,432‌

13‌

Immunocore

Holdings,

ADR

(USD) (2)

267‌

19‌

London

Stock

Exchange

Group 

9,742‌

1,102‌

Next 

130‌

14‌

Novocure

(USD) (2)

232‌

3‌

Rentokil

Initial 

5,139‌

26‌

Shell 

2,039‌

63‌

Smiths

Group 

1,259‌

26‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Unilever

(EUR) 

610‌

30‌

UNITE

Group 

384‌

5‌

Wise,

Class

A (2)

2,426‌

25‌

1,484‌

Convertible

Bonds

0.0%

Immunocore

Holdings,

2.50%,

2/1/30

(USD) (1)

21,000‌

23‌

23‌

Corporate

Bonds

0.7%

Clear

Channel

International,

6.625%,

8/1/25

(USD) (1)

400,000‌

400‌

Drax

Finco,

6.625%,

11/1/25

(USD) (1)

625,000‌

620‌

Lloyds

Bank,

7.625%,

4/22/25 

26,000‌

34‌

NatWest

Markets,

6.625%,

6/22/26 

100,000‌

131‌

Reynolds

American,

4.45%,

6/12/25

(USD) 

52,000‌

51‌

Rolls-Royce,

3.625%,

10/14/25

(USD) (1)

900,000‌

867‌

2,103‌

Government

Bonds

0.7%

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/24 

680,142‌

858‌

United

Kingdom

Inflation-Linked

Gilt,

Series

3MO,

0.125%,

3/22/26 

1,088,467‌

1,368‌

2,226‌

Total

United

Kingdom

(Cost

$5,483

)

5,836‌

UNITED

STATES

41.2%

Asset-Backed

Securities

2.3%

Amur

Equipment

Finance

Receivables

X,

Series

2022-1A,

Class

E,

5.02%,

12/20/28 (1)

465,000‌

428‌

Applebee's

Funding,

Series

2023-1A,

Class

A2,

7.824%,

3/5/53 (1)

465,000‌

482‌

Auxilior

Term

Funding,

Series

2023-1A,

Class

E,

10.97%,

12/15/32 (1)

230,000‌

233‌

Blackbird

Capital

Aircraft

Lease

Securitization,

Series

2016-1A,

Class

A,

STEP,

4.213%,

12/16/41 (1)

276,451‌

270‌

CarMax

Auto

Owner

Trust,

Series

2023-1,

Class

A2A,

5.23%,

1/15/26 

36,582‌

37‌

Carvana

Auto

Receivables

Trust,

Series

2021-N3,

Class

C,

1.02%,

6/12/28 

18,382‌

17‌

CyrusOne

Data

Centers

Issuer

I,

Series

2023-2A,

Class

A2,

5.56%,

11/20/48 (1)

455,000‌

435‌

DLLAD,

Series

2023-1A,

Class

A2,

5.19%,

4/20/26 (1)

62,565‌

62‌

Driven

Brands

Funding,

Series

2018-1A,

Class

A2,

4.739%,

4/20/48 (1)

160,225‌

157‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Elara

HGV

Timeshare

Issuer,

Series

2019-A,

Class

C,

3.45%,

1/25/34 (1)

44,050‌

42‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

D,

10.10%,

2/25/38 (1)

178,700‌

183‌

ExteNet,

Series

2019-1A,

Class

B,

4.14%,

7/25/49 (1)

260,000‌

255‌

FOCUS

Brands

Funding,

Series

2022-1,

Class

A2,

7.206%,

7/30/52 (1)

246,250‌

248‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.19%,

6/15/25 

58,268‌

58‌

Ford

Credit

Auto

Lease

Trust,

Series

2023-B,

Class

D,

6.97%,

6/15/28 

60,000‌

62‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (1)

170,550‌

165‌

Hardee's

Funding,

Series

2020-1A,

Class

A2,

3.981%,

12/20/50 (1)

77,600‌

69‌

Hardee's

Funding,

Series

2021-1A,

Class

A2,

2.865%,

6/20/51 (1)

287,625‌

243‌

HPEFS

Equipment

Trust,

Series

2024-1A,

Class

D,

5.82%,

11/20/31 (1)

260,000‌

260‌

JPMorgan

Chase

Bank,

Series

2021-1,

Class

D,

1.174%,

9/25/28 (1)

23,815‌

23‌

JPMorgan

Chase

Bank,

Series

2021-3,

Class

D,

1.009%,

2/26/29 (1)

60,406‌

58‌

JPMorgan

Chase

Bank,

Series

2021-3,

Class

E,

2.102%,

2/26/29 (1)

123,049‌

119‌

Mercedes-Benz

Auto

Receivables

Trust,

Series

2023-1,

Class

A2,

5.09%,

1/15/26 

66,174‌

66‌

Nissan

Auto

Lease

Trust,

Series

2023-A,

Class

A2A,

5.10%,

3/17/25 

81,322‌

81‌

Octane

Receivables

Trust,

Series

2021-1A,

Class

A,

0.93%,

3/22/27 (1)

25,066‌

25‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

A,

1.21%,

9/20/28 (1)

24,534‌

24‌

Octane

Receivables

Trust,

Series

2021-2A,

Class

C,

2.53%,

5/21/29 (1)

320,000‌

299‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (1)

60,477‌

61‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

D,

7.76%,

3/20/30 (1)

260,000‌

268‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

E,

9.25%,

8/20/30 (1)

295,000‌

289‌

Octane

Receivables

Trust,

Series

2023-3A,

Class

D,

7.58%,

9/20/29 (1)

100,000‌

102‌

Progress

Residential,

Series

2021-SFR1,

Class

F,

2.757%,

4/17/38 (1)

295,000‌

266‌

Progress

Residential

Trust,

Series

2020-SFR3,

Class

F,

2.796%,

10/17/27 (1)

140,000‌

131‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Progress

Residential

Trust,

Series

2022-SFR5,

Class

D,

5.734%,

6/17/39 (1)

100,000‌

99‌

Santander

Bank,

Series

2021-1A,

Class

B,

1.833%,

12/15/31 (1)

48,809‌

48‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-A,

Class

B,

5.281%,

5/15/32 (1)

78,940‌

78‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-B,

Class

D,

6.793%,

8/16/32 (1)

165,158‌

165‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2022-C,

Class

D,

8.197%,

12/15/32 (1)

126,443‌

128‌

Santander

Bank

Auto

Credit-Linked

Notes,

Series

2023-B,

Class

E,

8.408%,

12/15/33 (1)

250,000‌

252‌

Stonepeak,

Series

2021-1A,

Class

B,

3.821%,

2/28/33 (1)

224,802‌

204‌

Tricon

Residential

Trust,

Series

2023-SFR2,

Class

D,

5.00%,

12/17/40 (1)

230,000‌

218‌

U.S.

Bank,

Series

2023-1,

Class

B,

6.789%,

8/25/32 (1)

232,539‌

234‌

6,944‌

Bank

Loans

8.8%

(3)

Applied

Systems,

FRN,

3M

TSFR

+

4.50%,

9.848%,

9/18/26 

1,290,250‌

1,293‌

Asurion,

FRN,

1M

TSFR

+

4.25%,

9.683%,

8/19/28 

330,872‌

327‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.697%,

1/31/28 

101,879‌

97‌

Asurion,

FRN,

1M

TSFR

+

5.25%,

10.697%,

1/20/29 

400,000‌

379‌

Boxer

Parent,

FRN,

1M

TSFR

+

4.25%,

9.583%,

12/29/28 

877,649‌

878‌

Caesars

Entertainment,

FRN,

1M

USD

LIBOR

+

2.75%,

1/24/31 (11)

475,000‌

474‌

Carrols

Restaurant

Group,

FRN,

1M

TSFR

+

3.25%,

4/30/26 (11)

1,000,000‌

1,000‌

CMG

Media,

FRN,

3M

TSFR

+

3.50%,

12/17/26 (11)

48,529‌

45‌

CNT

Holdings

I,

FRN,

1M

TSFR

+

3.50%,

8.817%,

11/8/27 

584,962‌

583‌

ConnectWise,

FRN,

1M

TSFR

+

3.50%,

8.947%,

9/29/28 

588,000‌

587‌

Delta

Topco,

FRN,

3M

TSFR

+

7.25%,

12.621%,

12/1/28 

310,000‌

309‌

Edelman

Financial

Engines

Center,

FRN,

1M

TSFR

+

6.75%,

12.197%,

7/20/26 

805,000‌

805‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.00%,

11.61%,

5/21/29 (5)

465,000‌

454‌

Engineered

Machinery

Holdings,

FRN,

3M

TSFR

+

6.50%,

12.11%,

5/21/29 (5)

145,000‌

138‌

Fertitta

Entertainment,

FRN,

1M

TSFR

+

4.00%,

9.333%,

1/27/29 

491,250‌

490‌

Fitness

International,

FRN,

3M

TSFR

+

3.25%,

8.683%,

4/18/25 

300,000‌

299‌

Fleet

U.S.

Bidco,

FRN,

1M

USD

LIBOR

+

3.00%,

8.447%,

10/7/26 (5)

85,995‌

86‌

Infinite

Bidco,

FRN,

3M

TSFR

+

3.75%,

9.324%,

3/2/28 

390,060‌

377‌

Infinite

Bidco,

FRN,

3M

TSFR

+

7.00%,

12.574%,

3/2/29 

400,000‌

334‌

IRB

Holding,

FRN,

1M

TSFR

+

2.75%,

8.183%,

12/15/27 

525,815‌

524‌

Jane

Street

Group,

FRN,

1M

TSFR

+

2.50%,

1/26/28 (11)

300,000‌

299‌

Life

Time,

FRN,

1M

TSFR

+

4.25%,

9.824%,

1/15/26 

1,600,000‌

1,606‌

LTI

Holdings,

FRN,

1M

TSFR

+

3.50%,

8.947%,

9/6/25 (11)

517,356‌

504‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

LTI

Holdings,

FRN,

1M

TSFR

+

6.75%,

12.197%,

9/6/26 

200,000‌

181‌

MH

Sub

I,

FRN,

1M

TSFR

+

4.25%,

9.583%,

5/3/28 

200,419‌

196‌

MIC

Glen,

FRN,

1M

TSFR

+

3.25%,

8.697%,

7/21/28 

194,750‌

194‌

MIC

Glen,

FRN,

1M

TSFR

+

6.75%,

12.183%,

7/20/29 

800,000‌

786‌

Neptune

Bidco

U.S.,

FRN,

1M

TSFR

+

5.00%,

10.423%,

4/11/29 

237,208‌

218‌

NFP,

FRN,

1M

TSFR

+

3.25%,

2/16/27 (11)

1,000,000‌

1,001‌

NGL

Energy

Operating,

FRN,

1M

USD

LIBOR

+

4.50%,

1/27/31 (11)

110,000‌

110‌

PG&E,

FRN,

1M

TSFR

+

2.50%,

7.833%,

6/23/27 

400,000‌

400‌

Project

Ruby

Ultimate

Parent,

FRN,

1M

TSFR

+

3.25%,

8.697%,

3/10/28 

584,231‌

580‌

Radiate

Holdco,

FRN,

1M

TSFR

+

3.25%,

9/25/26 (11)

136,643‌

110‌

RealPage,

FRN,

1M

TSFR

+

3.00%,

8.447%,

4/24/28 

845,538‌

827‌

RealPage,

FRN,

1M

TSFR

+

6.50%,

11.947%,

4/23/29 

795,000‌

794‌

S2P

Acquisition

Borrower,

FRN,

1M

TSFR

+

4.00%,

9.433%,

8/14/26 

276,118‌

276‌

Select

Medical,

FRN,

1M

TSFR

+

3.00%,

8.333%,

3/6/27 

995,000‌

993‌

Sophia,

FRN,

3M

TSFR

+

3.50%,

8.933%,

10/7/27 

987,159‌

985‌

Sovos

Brands

Intermediate,

FRN,

3M

TSFR

+

3.50%,

9.074%,

6/8/28 

1,819,832‌

1,822‌

Tacala

Investment,

FRN,

1M

TSFR

+

4.00%,

9.72%,

2/5/27 

487,081‌

487‌

Tacala

Investment,

FRN,

1M

USD

LIBOR

+

4.00%,

1/25/31 (11)

488,000‌

487‌

Talen

Energy

Supply,

FRN,

1M

TSFR

+

4.50%,

9.869%,

5/17/30 

89,550‌

90‌

Upbound

Group,

FRN,

1M

TSFR

+

3.25%,

9.119%,

2/17/28 

407,025‌

406‌

Verscend

Holding,

FRN,

1M

TSFR

+

4.00%,

9.447%,

8/27/25 

694,659‌

694‌

Wand

NewCo

3,

FRN,

1M

TSFR

+

2.75%,

8.22%,

2/5/26 

—‌

—‌

Wec

U.S.

Holdings,

FRN,

1M

TSFR

+

3.75%,

8/1/25 (11)

797,980‌

799‌

William

Morris

Endeavor

Entertainment,

FRN,

1M

TSFR

+

2.75%,

8.197%,

5/18/25 

2,057,893‌

2,056‌

Woof

Holdings,

FRN,

1M

TSFR

+

3.75%,

9.36%,

12/21/27 

222,487‌

180‌

26,560‌

Common

Stocks

12.8%

10X

Genomics,

Class

A (2)

226‌

9‌

3M 

283‌

27‌

AbbVie 

84‌

14‌

ACADIA

Pharmaceuticals (2)

220‌

6‌

Acadia

Realty

Trust,

REIT 

372‌

6‌

Adobe (2)

922‌

570‌

Advanced

Micro

Devices (2)

5,359‌

899‌

Affiliated

Managers

Group 

82‌

12‌

Agilent

Technologies 

161‌

21‌

agilon

health (2)

366‌

2‌

Airbnb,

Class

A (2)

53‌

8‌

Akero

Therapeutics (2)

105‌

2‌

Alexandria

Real

Estate

Equities,

REIT 

3‌

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Allstate 

132‌

21‌

Alnylam

Pharmaceuticals (2)

182‌

31‌

Alphabet,

Class

A (2)

4,462‌

625‌

Alphabet,

Class

C (2)

790‌

112‌

Altera

Infrastructure,

Acquisition

Date:

1/19/23,

Cost $15 (2)(5)

(8)

700‌

18‌

Amazon.com (2)

15,748‌

2,444‌

Ameren 

86‌

6‌

American

Express 

71‌

14‌

American

Financial

Group 

167‌

20‌

American

Homes

4

Rent,

Class

A,

REIT 

257‌

9‌

American

International

Group 

614‌

43‌

American

Tower,

REIT 

132‌

26‌

Ameriprise

Financial 

134‌

52‌

Amgen 

166‌

52‌

Amphenol,

Class

A 

2,708‌

274‌

Analog

Devices 

178‌

34‌

Apellis

Pharmaceuticals (2)

235‌

15‌

Apollo

Global

Management 

234‌

24‌

Apple 

8,677‌

1,600‌

Apple

Hospitality

REIT,

REIT 

221‌

4‌

Aptiv (2)

390‌

32‌

Arch

Capital

Group (2)

285‌

24‌

Ares

Management,

Class

A 

2,756‌

335‌

Armstrong

World

Industries 

223‌

22‌

Arthur

J

Gallagher 

55‌

13‌

AT&T 

2,126‌

38‌

Atlassian,

Class

A (2)

723‌

181‌

Atmus

Filtration

Technologies (2)

652‌

15‌

Autodesk (2)

680‌

173‌

AvalonBay

Communities,

REIT 

76‌

14‌

Axis

Capital

Holdings 

86‌

5‌

Baker

Hughes 

758‌

22‌

Ball 

257‌

14‌

Bank

of

America 

3,218‌

109‌

Bank

of

New

York

Mellon 

1,077‌

60‌

Barings

BDC 

1,051‌

9‌

Battery

Future

Acquisition,

Warrants,

5/26/28 (2)

36,700‌

2‌

Becton

Dickinson

&

Company 

104‌

25‌

Belden 

140‌

10‌

Berkshire

Hathaway,

Class

B (2)

33‌

13‌

Biogen (2)

60‌

15‌

Biohaven (2)

291‌

13‌

BioMarin

Pharmaceutical (2)

147‌

13‌

Bio-Techne 

63‌

4‌

Blueprint

Medicines (2)

238‌

19‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Boeing (2)

2,991‌

631‌

Booking

Holdings (2)

16‌

56‌

Booz

Allen

Hamilton

Holding 

83‌

12‌

Boston

Scientific (2)

289‌

18‌

BRC,

Class

A (2)(4)

801‌

3‌

Bright

Horizons

Family

Solutions (2)

3,828‌

376‌

BrightSpring

Health

Services (2)

154‌

2‌

Broadcom 

11‌

13‌

Bruker 

117‌

8‌

Burlington

Stores (2)

213‌

41‌

Cadence

Design

Systems (2)

147‌

42‌

Camden

Property

Trust,

REIT 

18‌

2‌

Canva,

Acquisition

Date:

8/16/21

-

12/22/21,

Cost $245 (2)(5)(8)

144‌

154‌

Capital

One

Financial 

624‌

84‌

Capitalworks

Emerging

Markets

Acquisition,

Warrants,

4/27/28 (2)

36,400‌

1‌

Cardinal

Health 

75‌

8‌

Catalent (2)

177‌

9‌

Cava

Group (2)

589‌

28‌

Cboe

Global

Markets 

288‌

53‌

Celsius

Holdings (2)

2,744‌

137‌

Centene (2)

194‌

15‌

Cerevel

Therapeutics

Holdings (2)(4)

8,330‌

349‌

Ceridian

HCM

Holding (2)

9‌

1‌

CF

Industries

Holdings 

317‌

24‌

CG

oncology (2)

6,849‌

255‌

Charles

River

Laboratories

International (2)

24‌

5‌

Charles

Schwab 

18,296‌

1,151‌

Charter

Communications,

Class

A (2)

35‌

13‌

Chesapeake

Energy 

155‌

12‌

Chevron 

363‌

54‌

Chipotle

Mexican

Grill (2)

113‌

272‌

Chubb 

462‌

113‌

Cigna

Group 

84‌

25‌

Citigroup 

1,673‌

94‌

Cleveland-Cliffs (2)

695‌

14‌

CME

Group 

55‌

11‌

Coca-Cola 

1,182‌

70‌

Coinbase

Global,

Class

A (2)

88‌

11‌

Colgate-Palmolive 

5,993‌

505‌

Comcast,

Class

A 

909‌

42‌

Concord

Acquisition

Corp.

III,

Warrants,

12/31/28 (2)

24,750‌

2‌

Confluent,

Class

A (2)

570‌

13‌

ConocoPhillips 

6,994‌

782‌

Constellation

Energy 

3,517‌

429‌

Corebridge

Financial 

2,104‌

51‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Costco

Wholesale 

140‌

97‌

CSX 

2,045‌

73‌

CubeSmart,

REIT 

181‌

8‌

Cummins 

218‌

52‌

Cytokinetics (2)

141‌

11‌

Danaher 

3,331‌

799‌

Datadog,

Class

A (2)

2,838‌

353‌

Denali

Therapeutics (2)

180‌

3‌

Dexcom (2)

2,084‌

253‌

Diamondback

Energy 

270‌

42‌

Discover

Financial

Services 

142‌

15‌

DocuSign (2)

3,615‌

220‌

Dollar

General 

1,908‌

252‌

Dollar

Tree (2)

129‌

17‌

Dominion

Energy 

144‌

7‌

DoorDash,

Class

A (2)

424‌

44‌

Douglas

Emmett,

REIT 

222‌

3‌

DraftKings,

Class

A (2)

286‌

11‌

East

West

Bancorp 

583‌

42‌

Edwards

Lifesciences (2)

229‌

18‌

Elevance

Health 

143‌

71‌

Eli

Lilly 

2,489‌

1,607‌

Endeavor

Group

Holdings,

Class

A 

115‌

3‌

Entegris 

1,768‌

208‌

EOG

Resources 

412‌

47‌

EQT 

7,067‌

250‌

Equinix,

REIT 

69‌

57‌

Equitable

Holdings 

871‌

28‌

Equitrans

Midstream 

647‌

7‌

Equity

LifeStyle

Properties,

REIT 

139‌

9‌

Equity

Residential,

REIT 

174‌

10‌

Essex

Property

Trust,

REIT 

36‌

8‌

Exact

Sciences (2)

134‌

9‌

Exelixis (2)

179‌

4‌

Expro

Group

Holdings (2)

512‌

9‌

Exxon

Mobil 

6,287‌

646‌

FedEx 

215‌

52‌

Fifth

Third

Bancorp 

1,346‌

46‌

First

American

Financial 

357‌

22‌

FirstEnergy 

197‌

7‌

Fiserv (2)

199‌

28‌

FleetCor

Technologies (2)

57‌

17‌

Floor

&

Decor

Holdings,

Class

A (2)

170‌

17‌

Fortinet (2)

872‌

56‌

Freeport-McMoRan 

923‌

37‌

Gaming

&

Leisure

Properties,

REIT 

218‌

10‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GE

HealthCare

Technologies 

152‌

11‌

General

Electric 

760‌

101‌

Global

Payments 

214‌

29‌

Goldman

Sachs

Group 

47‌

18‌

Guardant

Health (2)

205‌

5‌

Halliburton 

710‌

25‌

Hartford

Financial

Services

Group 

900‌

78‌

HB

Fuller 

152‌

12‌

HCA

Healthcare 

73‌

22‌

Hess 

444‌

62‌

Hilton

Worldwide

Holdings 

257‌

49‌

Hologic (2)

215‌

16‌

Home

Depot 

299‌

106‌

Honeywell

International 

388‌

78‌

Hubbell 

35‌

12‌

HubSpot (2)

123‌

75‌

Humana 

55‌

21‌

Huntington

Bancshares 

2,201‌

28‌

Huntington

Ingalls

Industries 

96‌

25‌

Huntsman 

564‌

14‌

Illumina (2)

30‌

4‌

Incyte (2)

69‌

4‌

Ingersoll

Rand 

740‌

59‌

Insmed (2)

281‌

8‌

Insulet (2)

36‌

7‌

Intellia

Therapeutics (2)

69‌

2‌

Intercontinental

Exchange 

86‌

11‌

International

Flavors

&

Fragrances 

154‌

12‌

Interpublic

Group 

83‌

3‌

Intuit 

52‌

33‌

Intuitive

Surgical (2)

471‌

178‌

Invesco 

1,731‌

27‌

Ionis

Pharmaceuticals (2)

229‌

12‌

IQVIA

Holdings (2)

28‌

6‌

Ivanhoe

Electric (2)

989‌

8‌

JB

Hunt

Transport

Services 

176‌

35‌

JPMorgan

Chase 

416‌

73‌

Kenvue 

3,285‌

68‌

Keurig

Dr

Pepper 

606‌

19‌

Kilroy

Realty,

REIT 

102‌

4‌

Kinder

Morgan 

556‌

9‌

KKR 

260‌

23‌

KLA 

325‌

193‌

Kosmos

Energy (2)

2,495‌

15‌

Kymera

Therapeutics (2)

207‌

7‌

L3Harris

Technologies 

218‌

45‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Lam

Research 

63‌

52‌

Lamar

Advertising,

Class

A,

REIT 

57‌

6‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C (2)

3,789‌

255‌

Linde 

280‌

113‌

Live

Nation

Entertainment (2)

96‌

9‌

Longboard

Pharmaceuticals (2)

134‌

3‌

Louisiana-Pacific 

170‌

11‌

LPL

Financial

Holdings 

226‌

54‌

Lululemon

Athletica (2)

544‌

247‌

M&T

Bank 

192‌

27‌

Main

Street

Capital (4)

162‌

7‌

Maplebear (2)

1,069‌

26‌

Marathon

Petroleum 

280‌

46‌

MarketAxess

Holdings 

503‌

113‌

Marsh

&

McLennan 

342‌

66‌

Mastercard,

Class

A 

745‌

335‌

McDonald's 

227‌

66‌

McKesson 

18‌

9‌

Merck 

675‌

82‌

Meta

Platforms,

Class

A (2)

1,837‌

717‌

MetLife 

637‌

44‌

MGM

Resorts

International 

282‌

12‌

Microsoft 

5,642‌

2,243‌

Middleby (2)

71‌

10‌

Molina

Healthcare (2)

83‌

30‌

Mondelez

International,

Class

A 

606‌

46‌

MongoDB (2)

71‌

28‌

Monster

Beverage (2)

521‌

29‌

MoonLake

Immunotherapeutics (2)

161‌

9‌

Morgan

Stanley 

199‌

17‌

Netflix (2)

868‌

490‌

Neurocrine

Biosciences (2)

70‌

10‌

News,

Class

A 

628‌

15‌

NextEra

Energy 

306‌

18‌

NIKE,

Class

B 

4,424‌

449‌

Noble 

351‌

16‌

Norfolk

Southern 

48‌

11‌

NOV 

4,916‌

96‌

NVIDIA 

3,340‌

2,055‌

Old

Dominion

Freight

Line 

1,047‌

409‌

Omnicom

Group 

60‌

5‌

OneMain

Holdings 

109‌

5‌

Onyx

Acquisition

I,

Class

A,

Warrants,

11/30/28 (2)

24,800‌

1‌

O'Reilly

Automotive (2)

46‌

47‌

Pacific

Biosciences

of

California (2)(4)

469‌

3‌

Packaging

Corp.

of

America 

114‌

19‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Patreon,

Acquisition

Date:

10/14/21,

Cost $9 (2)(5)(8)

165‌

2‌

PennyMac

Financial

Services 

174‌

15‌

Penumbra (2)

116‌

29‌

PG&E 

447‌

8‌

Phillips

66 

122‌

18‌

Pioneer

Natural

Resources 

7,603‌

1,747‌

Popular 

431‌

37‌

Power

&

Digital

Infrastructure

Acquisition

II,

Warrants,

12/14/28 (2)

36,900‌

3‌

PROCEPT

BioRobotics (2)

134‌

6‌

Procter

&

Gamble 

729‌

115‌

Progressive 

99‌

18‌

Prologis,

REIT 

257‌

33‌

Prothena (2)

128‌

4‌

Public

Storage,

REIT 

52‌

15‌

Quaker

Chemical 

118‌

22‌

QUALCOMM 

128‌

19‌

Quanta

Services 

43‌

8‌

Range

Resources 

618‌

18‌

Raymond

James

Financial 

438‌

48‌

RCF

Acquisition,

Warrants,

11/10/26 (2)

24,850‌

1‌

Regency

Centers,

REIT 

189‌

12‌

Regeneron

Pharmaceuticals (2)

57‌

54‌

Regions

Financial 

1,227‌

23‌

Reinsurance

Group

of

America 

136‌

24‌

RenaissanceRe

Holdings 

176‌

40‌

Repligen (2)

39‌

7‌

REVOLUTION

Medicines (2)

205‌

6‌

REVOLUTION

Medicines,

Warrants,

11/14/28 (2)

2,200‌

—‌

Rexford

Industrial

Realty,

REIT 

153‌

8‌

RH (2)

595‌

151‌

Rivian

Automotive,

Class

A (2)(4)

987‌

15‌

Roivant

Sciences (2)

422‌

4‌

Roper

Technologies 

145‌

78‌

Ross

Stores 

276‌

39‌

Royalty

Pharma,

Class

A 

179‌

5‌

RPM

International 

136‌

15‌

Salesforce (2)

139‌

39‌

Sarepta

Therapeutics (2)

68‌

8‌

Schlumberger 

9,034‌

440‌

ServiceNow (2)

427‌

327‌

Sherwin-Williams 

99‌

30‌

Shockwave

Medical (2)

75‌

17‌

Simon

Property

Group,

REIT 

117‌

16‌

SLM 

827‌

16‌

Socure,

Acquisition

Date:

12/22/21,

Cost $1 (2)(5)(8)

89‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Southern 

158‌

11‌

Southwest

Airlines 

510‌

15‌

Southwestern

Energy (2)

3,083‌

20‌

SpringWorks

Therapeutics (2)

190‌

8‌

Stanley

Black

&

Decker 

497‌

46‌

State

Street 

247‌

18‌

Steel

Dynamics 

123‌

15‌

StepStone

Group,

Class

A 

559‌

19‌

Structure

Therapeutics,

ADR (2)

1,416‌

62‌

Stryker 

214‌

72‌

Sun

Communities,

REIT 

77‌

10‌

Surgery

Partners (2)

219‌

7‌

Synopsys (2)

519‌

277‌

T-Mobile

U.S. 

567‌

91‌

Targa

Resources 

227‌

19‌

TechnipFMC 

2,237‌

43‌

Teleflex 

33‌

8‌

Terreno

Realty,

REIT 

107‌

6‌

Tesla (2)

2,399‌

449‌

Textron 

86‌

7‌

Thermo

Fisher

Scientific 

154‌

83‌

TJX 

3,242‌

308‌

Toro 

159‌

15‌

Trade

Desk,

Class

A (2)

203‌

14‌

Tradeweb

Markets,

Class

A 

3,611‌

344‌

TransDigm

Group 

34‌

37‌

Travelers 

195‌

41‌

Trinity

Capital 

610‌

8‌

Truist

Financial 

284‌

11‌

Tyler

Technologies (2)

23‌

10‌

U.S.

Bancorp 

910‌

38‌

Uber

Technologies (2)

4,681‌

306‌

Ultragenyx

Pharmaceutical (2)

159‌

7‌

United

Parcel

Service,

Class

B 

31‌

4‌

UnitedHealth

Group 

1,337‌

684‌

Valero

Energy 

257‌

36‌

Vaxcyte (2)

99‌

7‌

Veeva

Systems,

Class

A (2)

55‌

11‌

Ventas,

REIT 

262‌

12‌

Vera

Therapeutics (2)

45‌

2‌

Verizon

Communications 

1,407‌

60‌

Verra

Mobility (2)

621‌

15‌

Vertex

Pharmaceuticals (2)

131‌

57‌

Virtus

Investment

Partners 

94‌

22‌

Visa,

Class

A 

246‌

67‌

Volato

Group,

Warrants,

12/3/28 (2)

36,400‌

5‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Voya

Financial 

143‌

10‌

Voyager

Therapeutics (2)

22‌

—‌

Vulcan

Materials 

74‌

17‌

Walt

Disney 

386‌

37‌

Warner

Music

Group,

Class

A 

91‌

3‌

Warrior

Met

Coal 

218‌

14‌

Webster

Financial 

859‌

43‌

Wells

Fargo 

2,401‌

120‌

Welltower,

REIT 

178‌

15‌

West

Pharmaceutical

Services 

43‌

16‌

Western

Alliance

Bancorp 

553‌

35‌

Westrock 

19,398‌

781‌

Williams 

1,179‌

41‌

Willis

Towers

Watson 

31‌

8‌

Wingstop 

119‌

33‌

Workday,

Class

A (2)

213‌

62‌

Yelp (2)

3,301‌

144‌

Zebra

Technologies,

Class

A (2)

31‌

7‌

Zentalis

Pharmaceuticals (2)

160‌

2‌

Zimmer

Biomet

Holdings 

66‌

8‌

Zoetis 

3,671‌

689‌

Zscaler (2)

136‌

32‌

38,834‌

Convertible

Bonds

1.3%

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

236‌

Rivian

Automotive,

4.625%,

3/15/29 (1)

120,000‌

129‌

Splunk,

1.125%,

6/15/27 

1,094,000‌

1,060‌

U.S.

Steel,

5.00%,

11/1/26 

477,000‌

1,677‌

Uber

Technologies,

Series

2028,

0.875%,

12/1/28 (1)

527,735‌

588‌

3,880‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $91 (2)(5)(8)

1,345‌

47‌

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $14 (2)(5)(8)

8‌

9‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $2 (2)(5)(8)

1‌

1‌

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $9 (2)(5)(8)

423‌

1‌

Coalition,

Series

E,

Acquisition

Date:

9/7/21,

Cost $23 (2)(5)(8)

1,376‌

13‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $60 (2)(5)

(8)

816‌

60‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $24 (2)(5)

(8)

329‌

24‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Eikon

Therapeutics,

Series

B,

Acquisition

Date:

12/3/21,

Cost $6 (2)(5)(8)

330‌

7‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $11 (2)(5)(8)

1,889‌

9‌

Formagrid,

Series

F,

Acquisition

Date:

12/8/21,

Cost $42 (2)(5)

(8)

222‌

11‌

Freenome

Holdings,

Series

D,

Acquisition

Date:

11/22/21,

Cost $26 (2)(5)(8)

3,412‌

25‌

Freenome

Holdings,

Series

F,

Acquisition

Date:

1/26/24,

Cost $— (2)(5)(8)

24‌

—‌

Generate

Bio,

Series

B,

Acquisition

Date:

9/2/21,

Cost $8 (2)(5)

(8)

666‌

8‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22,

Cost $8 (2)

(5)(8)

63‌

8‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $10 (2)(5)(8)

384‌

17‌

Laronde,

Series

B,

Acquisition

Date:

7/28/21,

Cost $5 (2)(5)(8)

162‌

1‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $15 (2)

(5)(8)

1,156‌

16‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $26 (2)(5)(8)

1,232‌

5‌

Patreon,

Series

D,

Acquisition

Date:

10/21/21,

Cost $13 (2)(5)(8)

238‌

3‌

Rappi,

Series

E,

Acquisition

Date:

9/8/20,

Cost $109 (2)(5)(8)

1,822‌

41‌

Rappi,

Series

F,

Acquisition

Date:

7/8/21,

Cost $34 (2)(5)(8)

534‌

12‌

Redwood

Materials,

Series

D,

Acquisition

Date:

6/2/23,

Cost $3 (2)(5)(8)

69‌

3‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $2 (2)(5)(8)

109‌

1‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $1 (2)(5)(8)

89‌

1‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $— (2)(5)(8)

2‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $3 (2)(5)(8)

207‌

1‌

Treeline,

Series

A,

Acquisition

Date:

9/26/22,

Cost $1 (2)(5)(8)

88‌

1‌

325‌

Corporate

Bonds

14.0%

AbbVie,

3.80%,

3/15/25 

52,000‌

52‌

Ally

Financial,

5.125%,

9/30/24 

41,000‌

41‌

Alteryx,

8.75%,

3/15/28 (1)

800,000‌

853‌

American

Electric

Power,

5.699%,

8/15/25 

52,000‌

52‌

Ardagh

Packaging

Finance,

5.25%,

4/30/25 (1)

2,400,000‌

2,346‌

At

Home

Group,

4.875%,

7/15/28 (1)

240,000‌

106‌

B&G

Foods,

5.25%,

4/1/25 

505,000‌

495‌

Bank

of

America,

VR,

0.976%,

4/22/25 (6)

49,000‌

48‌

Bank

of

America,

VR,

0.981%,

9/25/25 (6)

55,000‌

53‌

Bank

of

America,

VR,

1.843%,

2/4/25 (6)

50,000‌

50‌

Bank

of

America,

VR,

3.841%,

4/25/25 (6)

50,000‌

50‌

Bayer

U.S.

Finance,

6.50%,

11/21/33 (1)

380,000‌

386‌

Bayer

U.S.

Finance,

6.875%,

11/21/53 (1)

200,000‌

204‌

Boeing,

4.875%,

5/1/25 

52,000‌

52‌

Brandywine

Operating

Partnership,

4.10%,

10/1/24 

600,000‌

591‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Caesars

Entertainment,

6.25%,

7/1/25 (1)

400,000‌

401‌

Callon

Petroleum,

8.00%,

8/1/28 (1)

800,000‌

833‌

Capital

One

Financial,

4.25%,

4/30/25 (4)

53,000‌

52‌

Capital

One

Financial,

VR,

2.636%,

3/3/26 (6)

55,000‌

53‌

Capital

One

Financial,

VR,

6.312%,

6/8/29 (6)

95,000‌

98‌

Capital

One

Financial,

VR,

6.377%,

6/8/34 (6)

95,000‌

99‌

Carnival,

4.00%,

8/1/28 (1)

355,000‌

328‌

Carpenter

Technology,

7.625%,

3/15/30 

255,000‌

263‌

Carrier

Global,

2.242%,

2/15/25 

50,000‌

48‌

Carrols

Restaurant

Group,

5.875%,

7/1/29 (1)(4)

600,000‌

614‌

CEC

Entertainment,

6.75%,

5/1/26 (1)

110,000‌

109‌

Cedar

Fair,

5.50%,

5/1/25 (1)

1,083,000‌

1,076‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

51,000‌

51‌

Charter

Communications

Operating,

4.908%,

7/23/25 

53,000‌

53‌

Cheniere

Corpus

Christi

Holdings,

5.875%,

3/31/25 

51,000‌

51‌

Cinemark

USA,

5.875%,

3/15/26 (1)

500,000‌

494‌

Cinemark

USA,

8.75%,

5/1/25 (1)

18,000‌

18‌

Citigroup,

4.40%,

6/10/25 

108,000‌

107‌

Clear

Channel

Outdoor

Holdings,

5.125%,

8/15/27 (1)

315,000‌

296‌

Clear

Channel

Outdoor

Holdings,

9.00%,

9/15/28 (1)

45,000‌

47‌

Constellation

Energy

Generation,

3.25%,

6/1/25 

54,000‌

53‌

CSC

Holdings,

11.75%,

1/31/29 (1)

280,000‌

285‌

DCP

Midstream

Operating,

5.375%,

7/15/25 

53,000‌

53‌

Delta

Air

Lines,

2.90%,

10/28/24 

105,000‌

103‌

Diamond

Sports

Group,

5.375%,

8/15/26 (1)(2)(7)

345,000‌

24‌

DISH

DBS,

5.25%,

12/1/26 (1)

310,000‌

244‌

DISH

DBS,

7.75%,

7/1/26 

210,000‌

124‌

Energy

Transfer,

2.90%,

5/15/25 

54,000‌

52‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

53,000‌

51‌

Ford

Motor

Credit,

2.30%,

2/10/25 

200,000‌

193‌

General

Motors

Financial,

6.05%,

10/10/25 

49,000‌

50‌

Global

Net

Lease,

3.75%,

12/15/27 (1)

610,000‌

515‌

Goldman

Sachs

Group,

3.50%,

4/1/25 

49,000‌

48‌

GPD,

10.125%,

4/1/26 (1)(4)

450,000‌

425‌

GrafTech

Global

Enterprises,

9.875%,

12/15/28 (1)(4)

360,000‌

269‌

Graphic

Packaging

International,

4.125%,

8/15/24 

500,000‌

495‌

GTCR

W-2

Merger,

7.50%,

1/15/31 (1)

200,000‌

209‌

HAT

Holdings

I,

8.00%,

6/15/27 (1)

315,000‌

326‌

HCA,

5.00%,

3/15/24 

3,000,000‌

2,996‌

HCA,

5.375%,

2/1/25 

52,000‌

52‌

Hilcorp

Energy

I,

8.375%,

11/1/33 (1)

240,000‌

257‌

Hillenbrand,

5.75%,

6/15/25 

13,000‌

13‌

Howmet

Aerospace,

5.125%,

10/1/24 

195,000‌

194‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

70,000‌

70‌

JPMorgan

Chase,

VR,

0.563%,

2/16/25 (6)

51,000‌

51‌

JPMorgan

Chase,

VR,

0.824%,

6/1/25 (6)

49,000‌

48‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kilroy

Realty,

3.45%,

12/15/24 

54,000‌

53‌

LCPR

Senior

Secured

Financing,

5.125%,

7/15/29 (1)

430,000‌

375‌

LifePoint

Health,

9.875%,

8/15/30 (1)

370,000‌

381‌

Live

Nation

Entertainment,

4.875%,

11/1/24 (1)

1,400,000‌

1,391‌

Michael

Kors

USA,

4.25%,

11/1/24 (1)

400,000‌

393‌

Morgan

Stanley,

VR,

1.164%,

10/21/25 (6)

49,000‌

47‌

Morgan

Stanley,

VR,

3.62%,

4/17/25 (6)

50,000‌

50‌

Morgan

Stanley,

Series

I,

VR,

0.864%,

10/21/25 (6)

100,000‌

97‌

Navient,

6.75%,

6/25/25 

11,000‌

11‌

Navient,

11.50%,

3/15/31 

460,000‌

501‌

Neptune

Bidco

U.S.,

9.29%,

4/15/29 (1)

565,000‌

540‌

NextEra

Energy

Capital

Holdings,

6.051%,

3/1/25 

48,000‌

48‌

NFP,

4.875%,

8/15/28 (1)

600,000‌

592‌

NGL

Energy

Operating,

8.125%,

2/15/29 (1)

110,000‌

111‌

NGL

Energy

Operating,

8.375%,

2/15/32 (1)

160,000‌

161‌

NGL

Energy

Partners,

6.125%,

3/1/25 

38,000‌

38‌

Occidental

Petroleum,

5.875%,

9/1/25 

51,000‌

51‌

OneMain

Finance,

6.875%,

3/15/25 

8,000‌

8‌

Ovintiv,

5.65%,

5/15/25 

51,000‌

51‌

PGT

Innovations,

4.375%,

10/1/29 (1)

1,000,000‌

1,005‌

PNC

Financial

Services

Group,

VR,

5.812%,

6/12/26 (6)

52,000‌

52‌

Prime

Security

Services

Borrower,

5.25%,

4/15/24 (1)

167,000‌

167‌

Rivian

Holdings,

FRN,

6M

USD

LIBOR

+

5.625%,

11.493%,

10/15/26 (1)

175,000‌

176‌

Royal

Caribbean

Cruises,

11.625%,

8/15/27 (1)

1,000,000‌

1,086‌

SeaWorld

Parks

&

Entertainment,

8.75%,

5/1/25 (1)

400,000‌

402‌

Service

Properties

Trust,

4.50%,

3/15/25 

400,000‌

390‌

Service

Properties

Trust,

7.50%,

9/15/25 

750,000‌

760‌

Shutterfly

Finance,

8.50%,

10/1/27,

(4.25%

Cash

and

4.25%

PIK) (1)(10)

303,031‌

223‌

Shutterfly

Finance,

9.75%,

10/1/27 (1)

36,006‌

36‌

Sirius

XM

Radio,

5.00%,

8/1/27 (1)

53,000‌

51‌

Southern,

VR,

1.875%,

9/15/81

(EUR) (6)

230,000‌

217‌

Sprint,

7.625%,

2/15/25 

260,000‌

264‌

Sprint,

7.625%,

3/1/26 

49,000‌

51‌

Stagwell

Global,

5.625%,

8/15/29 (1)

633,000‌

581‌

Surgery

Center

Holdings,

10.00%,

4/15/27 (1)

300,000‌

302‌

Talen

Energy

Supply,

8.625%,

6/1/30 (1)

330,000‌

350‌

Teekay

Offshore

Partners,

EC,

8.50%,

7/15/23 (1)(2)

170,000‌

4‌

Tenet

Healthcare,

4.875%,

1/1/26 

1,000,000‌

990‌

Tenet

Healthcare,

6.25%,

2/1/27 

800,000‌

797‌

Tenneco,

8.00%,

11/17/28 (1)

730,000‌

636‌

Townsquare

Media,

6.875%,

2/1/26 (1)(4)

530,000‌

520‌

TransDigm,

6.25%,

3/15/26 (1)

2,500,000‌

2,491‌

U.S.

Airways

PTT,

Series

2013-1,

Class

A,

3.95%,

11/15/25 

39,815‌

38‌

United

Airlines,

4.375%,

4/15/26 (1)

375,000‌

361‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

United

Airlines

Holdings,

4.875%,

1/15/25 

28,000‌

28‌

United

Wholesale

Mortgage,

5.50%,

11/15/25 (1)

300,000‌

295‌

Venture

Global

LNG,

8.375%,

6/1/31 (1)

815,000‌

821‌

Venture

Global

LNG,

9.50%,

2/1/29 (1)

130,000‌

138‌

Venture

Global

LNG,

9.875%,

2/1/32 (1)

125,000‌

131‌

Verscend

Escrow,

9.75%,

8/15/26 (1)

1,200,000‌

1,204‌

VICI

Properties,

5.625%,

5/1/24 (1)

2,800,000‌

2,786‌

Vistra,

VR,

7.00% (1)(6)(9)

197,000‌

192‌

Walgreens

Boots

Alliance,

3.80%,

11/18/24 

1,653,000‌

1,627‌

Wand

NewCo

3,

7.625%,

1/30/32 (1)

120,000‌

124‌

Warnermedia

Holdings,

3.638%,

3/15/25 

53,000‌

52‌

Western

Digital,

4.75%,

2/15/26 

400,000‌

389‌

Western

Midstream

Operating,

3.10%,

2/1/25 

54,000‌

53‌

Williams,

4.00%,

9/15/25 

50,000‌

49‌

42,408‌

Municipal

Securities

0.6%

Colorado

HFA,

Covenant

Living

Community,

Series

B,

4.48%,

12/1/40 

250,000‌

206‌

Michigan

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/46 

30,000‌

4‌

Port

Beaumont

Navigation

Dist.,

Jefferson

Gulf

Coast,

Series

B,

6.00%,

1/1/25 (1)

225,000‌

213‌

Puerto

Rico

Commonwealth,

GO,

VR,

11/1/43 (12)

732,963‌

406‌

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

37‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/33 

45,589‌

44‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/35 

40,979‌

39‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/37 

35,170‌

33‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/41 

47,818‌

44‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

4.00%,

7/1/46 

49,730‌

44‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.375%,

7/1/25 

50,774‌

52‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/27 

50,314‌

53‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.625%,

7/1/29 

49,497‌

54‌

Puerto

Rico

Commonwealth,

Restructured,

Series

A-1,

GO,

5.75%,

7/1/31 

48,077‌

54‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Puerto

Rico

Electric

Power

Auth.,

Build

America,

5.95%,

7/1/30 (2)(13)

45,000‌

13‌

Puerto

Rico

Electric

Power

Auth.,

Build

America,

6.05%,

7/1/32 (2)(13)

370,000‌

107‌

Tobacco

Settlement

Fin.,

Series

A-1,

6.706%,

6/1/46 

280,000‌

242‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

4.875%,

6/1/49 

115,000‌

108‌

Tobacco

Settlement

Fin.

Auth.,

Series

B,

Zero

Coupon,

6/1/47 

500,000‌

45‌

1,805‌

Non-U.S.

Government

Mortgage-Backed

Securities

0.9%

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

E,

ARM,

1M

TSFR

+

2.964%,

8.297%,

11/15/34 (1)

130,000‌

12‌

BFLD,

Series

2019-DPLO,

Class

F,

ARM,

1M

TSFR

+

2.654%,

7.987%,

10/15/34 (1)

85,000‌

84‌

BX

Commercial

Mortgage

Trust,

Series

2019-IMC,

Class

E,

ARM,

1M

TSFR

+

2.196%,

7.529%,

4/15/34 (1)

160,000‌

158‌

BX

Trust,

Series

2021-VIEW,

Class

F,

ARM,

1M

TSFR

+

4.044%,

9.377%,

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

69‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65D,

ARM,

4.66%,

5/15/52 (1)

80,000‌

43‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

AM,

4.08%,

8/10/47 

155,000‌

152‌

Commercial

Mortgage

Trust,

Series

2014-CR19,

Class

E,

ARM,

4.283%,

8/10/47 (1)

175,000‌

146‌

Commercial

Mortgage

Trust,

Series

2017-PANW,

Class

D,

ARM,

4.343%,

10/10/29 (1)

325,000‌

277‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R06,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.75%,

8.095%,

5/25/42 (1)

51,129‌

53‌

Finance

of

America

HECM

Buyout,

Series

2022-HB1,

Class

M3,

ARM,

5.084%,

2/25/32 (1)

460,000‌

421‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

F,

ARM,

1M

TSFR

+

3.445%,

8.778%,

12/15/36 (1)

180,000‌

178‌

JPMorgan

Mortgage

Trust,

Series

2022-LTV1,

Class

A2,

CMO,

ARM,

3.52%,

7/25/52 (1)

85,815‌

73‌

New

Residential

Mortgage

Loan

Trust,

Series

2023-NQM1,

Class

A2,

CMO,

STEP,

7.319%,

10/25/63 (1)

340,902‌

348‌

Oceanview

Mortgage

Loan

Trust,

Series

2020-1,

Class

A3,

CMO,

ARM,

3.285%,

5/28/50 (1)

115,000‌

96‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

1.30%,

6.645%,

2/25/42 (1)

82,993‌

83‌

TRK

Trust,

Series

2022-INV1,

Class

A1,

CMO,

ARM,

2.577%,

2/25/57 (1)

154,378‌

139‌

Verus

Securitization

Trust,

Series

2021-2,

Class

M1,

CMO,

ARM,

2.187%,

2/25/66 (1)

175,000‌

128‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Verus

Securitization

Trust,

Series

2022-1,

Class

A1,

CMO,

STEP,

2.724%,

1/25/67 (1)

183,125‌

165‌

2,767‌

Preferred

Stocks

0.2%

NuStar

Energy,

Series

A,

VR,

12.405% (9)

20,035‌

517‌

517‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

0.2%

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

659,745‌

640‌

640‌

Total

United

States

(Cost

$117,265

)

124,680‌

URUGUAY

0.0%

Government

Bonds

0.0%

Oriental

Republic

of

Uruguay,

8.25%,

5/21/31 

5,850,000‌

141‌

Total

Uruguay

(Cost

$139

)

141‌

UZBEKISTAN

0.1%

Government

Bonds

0.1%

Republic

of

Uzbekistan,

3.70%,

11/25/30

(USD) 

300,000‌

247‌

Republic

of

Uzbekistan,

4.85%,

10/21/25

(USD) 

200,000‌

189‌

Total

Uzbekistan

(Cost

$454

)

436‌

VIETNAM

0.1%

Corporate

Bonds

0.1%

Mong

Duong

Finance

Holdings,

5.125%,

5/7/29

(USD) 

350,470‌

329‌

Total

Vietnam

(Cost

$326

)

329‌

ZAMBIA

0.2%

Corporate

Bonds

0.2%

First

Quantum

Minerals,

7.50%,

4/1/25

(USD) (1)

700,000‌

692‌

Total

Zambia

(Cost

$672

)

692‌

SHORT-TERM

INVESTMENTS

31.0%

Money

Market

Funds

31.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (14)(15)

93,935,981‌

93,936‌

Total

Short-Term

Investments

(Cost

$93,936)

93,936‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

1.0%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.4%

Money

Market

Funds

0.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (14)(15)

1,197,336‌

1,197‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,197‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.6%

Money

Market

Funds

0.6%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (14)(15)

1,897,740‌

1,898‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,898‌

Total

Securities

Lending

Collateral

(Cost

$3,095)

3,095‌

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.1%

Exchange-Traded

Options

Purchased

0.0%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Call,

2/23/24

@

$114.00 (2)

6‌

674‌

1‌

Total

Exchange-Traded

Options

Purchased

(Cost

$6)

1‌

OTC

Options

Purchased

0.1%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Bank

of

America

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index,

12/20/28),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/20/24

@

1.03%* (2)

1‌

22,625‌

63‌

Bank

of

America

USD

/

INR,

Call,

3/1/24

@

INR83.58 (2)

1‌

755‌

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

39

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

NASDAQ

100

Stock

Index,

Put,

3/15/24

@

$16,000.00 (2)

2‌

3,427‌

19‌

Barclays

Bank

S&P

500

Index,

Put,

3/15/24

@

$4,770.00 (2)

1‌

485‌

5‌

Citibank

5

Year

Interest

Rate

Swap,

12/10/30

Receive

Fixed

2.25%

Annually,

Pay

Variable

5.32%

(SOFR)

Annually,

12/8/25

@

2.25%* (2)

1‌

2,500‌

21‌

Citibank

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.IG-S41,

5

Year

Index,

12/20/28),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

2/21/24

@

0.63%* (2)

1‌

22,150‌

7‌

Citibank

USD

/

EUR,

Call,

9/12/24

@

EUR1.05 (2)

1‌

1,592‌

13‌

Citibank

USD

/

JPY,

Put,

2/16/24

@

JPY140.00 (2)

1‌

1,621‌

1‌

Goldman

Sachs

10

Year

Interest

Rate

Swap,

4/12/34

Pay

Fixed

4.75%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

4/10/24

@

4.75%* (2)

1‌

2,435‌

1‌

Goldman

Sachs

5

Year

Interest

Rate

Swap,

12/10/30

Receive

Fixed

2.00%

Annually,

Pay

Variable

5.32%

(SOFR)

Annually,

12/8/25

@

2.00%* (2)

1‌

2,500‌

16‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

40

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index,

12/20/28),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/20/24

@

1.05%* (2)

1‌

1,325‌

8‌

Goldman

Sachs

USD

/

TWD,

Call,

5/22/24

@

TWD32.50 (2)

1‌

800‌

2‌

HSBC

Bank

USD

/

INR,

Call,

3/1/24

@

INR83.58 (2)

1‌

3,425‌

4‌

Morgan

Stanley

10

Year

Interest

Rate

Swap,

4/12/34

Pay

Fixed

4.50%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

4/10/24

@

4.50%* (2)

1‌

3,740‌

2‌

Morgan

Stanley

S&P

500

Index,

Put,

3/15/24

@

$4,550.00 (2)

2‌

969‌

3‌

Morgan

Stanley

Vanguard

Long-Term

Corporate

Bond

ETF,

Put,

6/21/24

@

$70.00 (2)

940‌

7,473‌

37‌

UBS

Investment

Bank

S&P

500

Index,

Put,

6/21/24

@

$4,400.00 (2)

18‌

8,722‌

79‌

Total

OTC

Options

Purchased

(Cost

$564)

282‌

Total

Options

Purchased

(Cost

$570)

283‌

Total

Investments

in

Securities

98.4%

(Cost

$288,974)

$

298,038‌

Other

Assets

Less

Liabilities

1.6%

4,693

Net

Assets

100.0%

$

302,731‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

41

‡

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

$53,095

and

represents

17.5%

of

net

assets.

(2)

Non-income

producing

(3)

Bank

loan

positions

may

involve

multiple

underlying

tranches.

In

those

instances,

the

position

presented

reflects

the

aggregate

of

those

respective

underlying

tranches

and

the

rate

presented

reflects

the

weighted

average

rate

of

the

settled

positions.

(4)

All

or

a

portion

of

this

security

is

on

loan

at

January

31,

2024.

(5)

Level

3

in

fair

value

hierarchy.

(6)

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.

(7)

Security

is

in

default

or

has

failed

to

make

a

scheduled

interest

and/or

principal

payment.

(8)

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

$567

and

represents

0.2%

of

net

assets.

(9)

Perpetual

security

with

no

stated

maturity

date.

(10)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(11)

All

or

a

portion

of

this

loan

is

unsettled

as

of

January

31,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(12)

Contingent

value

instrument

that

only

pays

out

if

a

portion

of

the

territory's

Sales

and

Use

Tax

outperforms

the

projections

in

the

Oversight

Board’s

Certified

Fiscal

Plan.

(13)

Issuer

is

currently

in

a

bankruptcy

reorganization

proceeding;

the

amount

and

timing

of

future

distributions

is

uncertain.

(14)

Seven-day

yield

(15)

Affiliated

Companies

1M

CNH

HIBOR

One

month

CNH

HIBOR

(Hong

Kong

interbank

offered

rate)

1M

DKK

CIBOR

One

month

DKK

CIBOR

(Copenhagen

interbank

offered

rate)

1M

HKD

HIBOR

One

month

HKD

HIBOR

(Hong

Kong

interbank

offered

rate)

1M

NOK

NIBOR

One

month

NOK

NIBOR

(Norwegian

interbank

offered

rate)

1M

SEK

STIBOR

One

month

SEK

STIBOR

(Stockholm

interbank

offered

rate)

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

EURIBOR

Three

month

EURIBOR

(Euro

interbank

offered

rate)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

42

.

.

.

.

.

.

.

.

.

.

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

CHF

Swiss

Franc

CLP

Chilean

Peso

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

COP

Colombian

Peso

CORRA

Canadian

Overnight

Repo

Rate

Average

CPI

Consumer

Price

Index

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

CZK

Czech

Koruna

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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

43

.

.

.

.

.

.

.

.

.

.

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

SGD

Singapore

Dollar

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

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

44

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

OTC

Options

Written

(0.2)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

10

Year

Interest

Rate

Swap,

6/26/34

Pay

Fixed

4.30%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

6/24/24

@

4.30%*

1

2,510

(10‌)

Goldman

Sachs

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index,

12/20/28),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/20/24

@

1.02%*

1

1,325

(3‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

2/16/24

@

$78.00

1,269

9,832

(18‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

2/16/24

@

$77.00

1,088

8,430

(16‌)

Morgan

Stanley

S&P

500

Index,

Call,

3/15/24

@

$4,900.00

94

45,549

(596‌)

UBS

Investment

Bank

S&P

500

Index,

Put,

6/21/24

@

$4,650.00

3

1,454

(23‌)

Total

Options

Written

(Premiums

$(1,005))

$

(666‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

45

(Amounts

in

000s)

SWAPS

0.2%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.1%

Credit

Default

Swaps,

Protection

Bought

(0.1)%

United

States

(0.1)%

Bank

of

America,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

722

(92)

(41)

(51‌)

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

(16)

(5)

(11‌)

Goldman

Sachs,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

*

454

(58)

(23)

(35‌)

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

(71)

(26)

(45‌)

JPMorgan

Chase,

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

*

227

(28)

(7)

(21‌)

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

*

224

(29)

(14)

(15‌)

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

(35)

(11)

(24‌)

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

*

435

70

88

(18‌)

Total

United

States

(39)

(220‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

(39)

(220‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

46

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Credit

Default

Swaps,

Protection

Sold

(0.1)%

Luxembourg

0.0%

JPMorgan

Chase,

Protection

Sold (Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

345

33

35

(2‌)

Total

Luxembourg

35

(2‌)

Mexico

(0.0)%

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Petroleos

Mexicanos,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

*

658

(112)

(136)

24‌

Total

Mexico

(136)

24‌

United

States

(0.1)%

JPMorgan

Chase,

Protection

Sold (Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

620

(68)

(191)

123‌

Morgan

Stanley,

Protection

Sold (Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

1,245

(137)

(390)

253‌

Total

United

States

(581)

376‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

(682)

398‌

Total

Return

Swaps

0.3%

Australia

0.0%

Citibank,

Pay

Underlying

Reference:

Commonwealth

Bank

of

Australia

Monthly,

Receive

Variable

3.905%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

393

(12)

—

(12‌)

Citibank,

Pay

Underlying

Reference:

Fortescue

Metals

Group

Monthly,

Receive

Variable

3.905%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/26

549

(27)

—

(27‌)

Citibank,

Pay

Underlying

Reference:

IDP

Education

Monthly,

Receive

Variable

3.905%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

1,140

38

—

38‌

Citibank,

Pay

Underlying

Reference:

IDP

Education

Monthly,

Receive

Variable

3.906%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

241

8

—

8‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

47

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

Suncorp

Group

Monthly,

Receive

Variable

3.905%

(1M

ADBB

+

(0.40)%)

Monthly,

1/17/26

1,617

(18)

—

(18‌)

Citibank,

Receive

Underlying

Reference:

Challenger

Monthly,

Pay

Variable

4.705%

(1M

ADBB

+

0.40%)

Monthly,

1/17/26

839

2

—

2‌

Citibank,

Receive

Underlying

Reference:

Insurance

Australia

Group

Monthly,

Pay

Variable

4.705%

(1M

ADBB

+

0.40%)

Monthly,

1/17/26

797

16

—

16‌

Citibank,

Receive

Underlying

Reference:

Orica

Monthly,

Pay

Variable

4.705%

(1M

ADBB

+

0.40%)

Monthly,

1/17/26

1,305

8

—

8‌

Morgan

Stanley,

Pay

Underlying

Reference:

WiseTech

Global

Monthly,

Receive

Variable

3.905%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

466

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Harvey

Norman

Holdings

Monthly,

Pay

Variable

4.860%

(1M

ADBB

+

0.55%)

Monthly,

1/20/26

482

10

—

10‌

Total

Australia

—

23‌

Austria

0.0%

Citibank,

Pay

Underlying

Reference:

Erste

Group

Bank

Monthly,

Receive

Variable

3.404%

(EUR

ESTR

+

(0.30)%)

Monthly,

1/17/26

522

(29)

—

(29‌)

Morgan

Stanley,

Receive

Underlying

Reference:

OMV

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

454

31

—

31‌

Morgan

Stanley,

Receive

Underlying

Reference:

voestalpine

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

215

9

—

9‌

Total

Austria

—

11‌

Bermuda

0.0%

Bank

of

America,

Receive

Underlying

Reference:

James

River

Group

Holdings

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

100

13

—

13‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

48

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Receive

Underlying

Reference:

Norwegian

Cruise

Line

Holdings

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

368

11

—

11‌

Morgan

Stanley,

Receive

Underlying

Reference:

RenaissanceRe

Holdings

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

545

49

—

49‌

Total

Bermuda

—

73‌

Brazil

(0.0)%

Bank

of

America,

Receive

Underlying

Reference:

Localiza

Rent

a

Car

Monthly,

Pay

Variable

5.411%

(SOFR

+

0.35%)

Monthly,

1/21/26

232

(24)

—

(24‌)

Citibank,

Receive

Underlying

Reference:

Vale

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

220

(23)

—

(23‌)

Total

Brazil

—

(47‌)

Canada

(0.0)%

Bank

of

America,

Pay

Underlying

Reference:

CGI

Monthly,

Receive

Variable

4.710%

(CORRA

+

(0.10)%)

Monthly,

1/17/26

762

(32)

—

(32‌)

Bank

of

America,

Receive

Underlying

Reference:

Canadian

National

Railway

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

343

(4)

—

(4‌)

Bank

of

America,

Receive

Underlying

Reference:

Definity

Financial

Monthly,

Pay

Variable

5.310%

(CORRA

+

0.50%)

Monthly,

1/17/26

167

5

—

5‌

Bank

of

America,

Receive

Underlying

Reference:

Franco-Nevada

Monthly,

Pay

Variable

5.310%

(CORRA

+

0.50%)

Monthly,

1/20/26

626

(7)

—

(7‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Bank

of

Montreal

Monthly,

Receive

Variable

4.510%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

284

(1)

—

(1‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Barrick

Gold

Monthly,

Receive

Variable

4.510%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

538

46

—

46‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

49

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

Brookfield

Asset

Management,

Class

A

Monthly,

Receive

Variable

4.510%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

431

(10)

—

(10‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Toronto-Dominion

Bank

Monthly,

Receive

Variable

4.510%

(CORRA

+

(0.30)%)

Monthly,

1/17/26

1,604

—

—

—‌

Goldman

Sachs,

Receive

Underlying

Reference:

BRP

Monthly,

Pay

Variable

5.110%

(CORRA

+

0.30%)

Monthly,

1/20/26

315

(16)

—

(16‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Definity

Financial

Monthly,

Pay

Variable

5.110%

(CORRA

+

0.30%)

Monthly,

1/17/26

158

4

—

4‌

Goldman

Sachs,

Receive

Underlying

Reference:

Interfor

Monthly,

Pay

Variable

5.110%

(CORRA

+

0.30%)

Monthly,

1/20/26

660

(66)

—

(66‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Suncor

Energy

Monthly,

Pay

Variable

5.110%

(CORRA

+

0.30%)

Monthly,

1/17/26

888

8

—

8‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Shopify,

Class

A

Monthly,

Pay

Variable

5.001%

(CORRA

+

0.40%)

Monthly,

1/20/26

338

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Agnico

Eagle

Mines

Monthly,

Receive

Variable

4.410%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

625

27

—

27‌

Morgan

Stanley,

Pay

Underlying

Reference:

Bank

of

Montreal

Monthly,

Receive

Variable

4.410%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

126

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Restaurant

Brands

International

Monthly,

Receive

Variable

4.410%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

512

(2)

—

(2‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Sun

Life

Financial

Monthly,

Receive

Variable

4.410%

(CORRA

+

(0.40)%)

Monthly,

1/20/26

3,244

(42)

—

(42‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

50

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Canadian

Apartment

Properties

REIT

Monthly,

Pay

Variable

5.360%

(CORRA

+

0.55%)

Monthly,

1/20/26

754

(22)

—

(22‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Ivanhoe

Mines,

Class

A

Monthly,

Pay

Variable

5.360%

(CORRA

+

0.55%)

Monthly,

1/20/26

810

24

—

24‌

Morgan

Stanley,

Receive

Underlying

Reference:

National

Bank

of

Canada

Monthly,

Pay

Variable

5.360%

(CORRA

+

0.55%)

Monthly,

1/20/26

2,305

61

—

61‌

Total

Canada

—

(29‌)

Cayman

Islands

(0.0)%

Citibank,

Receive

Underlying

Reference:

BeiGene

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/21/26

97

(14)

—

(14‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Li

Auto

Monthly,

Pay

Variable

5.066%

(SOFR

+

0.30%)

Monthly,

1/21/26

212

(4)

—

(4‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Sea

Monthly,

Pay

Variable

5.184%

(SOFR

+

0.35%)

Monthly,

1/21/26

107

2

—

2‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Sea

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

195

13

—

13‌

Morgan

Stanley,

Receive

Underlying

Reference:

NU

Holdings,

Class

A

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

136

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Structure

Therapeutics

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

51

(1)

—

(1‌)

Total

Cayman

Islands

—

(13‌)

China

(0.0)%

UBS

Investment

Bank,

Pay

Underlying

Reference:

PICC

Proerty

&

Casualty,

Class

H

Monthly,

Receive

Variable

4.446%

(1M

HKD

HIBOR

+

(0.40)%)

Monthly,

1/17/26

(HKD)

1,714

1

—

1‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

51

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Hangzhou

Huawang

New

Material

Technology,

Class

A

Monthly,

Pay

Variable

3.882%

(1M

CNH

HIBOR

+

0.75%)

Monthly,

1/17/26

992

(4)

—

(4‌)

Total

China

—

(3‌)

Curacao

0.0%

Goldman

Sachs,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

136

1

—

1‌

Goldman

Sachs,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

131

1

—

1‌

Goldman

Sachs,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.610%

(SOFR

+

0.30%)

Monthly,

1/21/26

71

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Schlumberger

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

345

2

—

2‌

Total

Curacao

—

4‌

Denmark

0.0%

Citibank,

Pay

Underlying

Reference:

Pandora

Monthly,

Receive

Variable

3.523%

(1M

DKK

CIBOR

+

(0.35)%)

Monthly,

1/17/26

2,644

(11)

—

(11‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Novo

Nordisk,

Class

B

Monthly,

Pay

Variable

4.227%

(1M

DKK

CIBOR

+

0.35%)

Monthly,

1/17/26

2,069

20

—

20‌

Goldman

Sachs,

Receive

Underlying

Reference:

Tryg

Monthly,

Pay

Variable

4.227%

(1M

DKK

CIBOR

+

0.35%)

Monthly,

1/17/26

3,901

8

—

8‌

Morgan

Stanley,

Pay

Underlying

Reference:

Carlsberg,

Class

B

Monthly,

Receive

Variable

3.527%

(1M

DKK

CIBOR

+

(0.35)%)

Monthly,

1/20/26

3,634

17

—

17‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

52

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

UBS

Investment

Bank,

Pay

Underlying

Reference:

ROCKWOOL,

Class

B

Monthly,

Receive

Variable

3.473%

(1M

DKK

CIBOR

+

(0.40)%)

Monthly,

1/20/26

1,618

4

—

4‌

Total

Denmark

—

38‌

France

0.1%

Bank

of

America,

Pay

Underlying

Reference:

L'Oreal

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/26

1,544

(78)

—

(78‌)

Bank

of

America,

Receive

Underlying

Reference:

Legrand

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/26

256

(4)

—

(4‌)

Bank

of

America,

Receive

Underlying

Reference:

Sanofi

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

240

(3)

—

(3‌)

Goldman

Sachs,

Receive

Underlying

Reference:

AXA

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

1,316

81

—

81‌

Goldman

Sachs,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

272

3

—

3‌

Goldman

Sachs,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

63

1

—

1‌

Morgan

Stanley,

Pay

Underlying

Reference:

Alstom

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

682

8

—

8‌

Morgan

Stanley,

Pay

Underlying

Reference:

BNP

Paribas

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

1,072

(25)

—

(25‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Kingfisher

Monthly,

Receive

Variable

4.616%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

(GBP)

908

(27)

—

(27‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

53

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Orange

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

670

1

—

1‌

Morgan

Stanley,

Pay

Underlying

Reference:

Unibail-Rodamco-Westfield

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

504

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Remy

Cointreau

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

313

3

—

3‌

Morgan

Stanley,

Receive

Underlying

Reference:

Sartorius

Stedim

Biotech

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

343

31

—

31‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Keyence

Monthly,

Pay

Variable

0.337%

(JPY

TONA

+

0.35%)

Monthly,

1/20/26

(JPY)

215,530

119

—

119‌

Total

France

—

114‌

Germany

0.1%

Bank

of

America,

Pay

Underlying

Reference:

Allianz

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/17/26

1,162

(29)

—

(29‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Deutsche

Telekom

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

1,211

2

—

2‌

Goldman

Sachs,

Receive

Underlying

Reference:

KION

Group

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

290

35

—

35‌

Goldman

Sachs,

Receive

Underlying

Reference:

Puma

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

345

(73)

—

(73‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Hannover

Rueck

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

1,164

(14)

—

(14‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

54

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

KION

Group

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

292

36

—

36‌

Morgan

Stanley,

Pay

Underlying

Reference:

Deutsche

Boerse

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

453

9

—

9‌

Morgan

Stanley,

Pay

Underlying

Reference:

Fresenius

Medical

Care

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

686

11

—

11‌

Morgan

Stanley,

Receive

Underlying

Reference:

SAP

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

868

103

—

103‌

Morgan

Stanley,

Receive

Underlying

Reference:

Volkswagen

Monthly,

Pay

Variable

4.250%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

231

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

Zalando

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

412

23

—

23‌

UBS

Investment

Bank,

Pay

Underlying

Reference:

Delivery

Hero

Monthly,

Receive

Variable

3.500%

(EUR

ESTR

+

(0.40)%)

Monthly,

1/20/26

477

(1)

—

(1‌)

Total

Germany

—

110‌

Hong

Kong

(0.0)%

UBS

Investment

Bank,

Receive

Underlying

Reference:

AIA

Group

Monthly,

Pay

Variable

5.196%

(1M

HKD

HIBOR

+

0.35%)

Monthly,

1/17/26

7,220

(33)

—

(33‌)

Total

Hong

Kong

—

(33‌)

Ireland

0.0%

Citibank,

Pay

Underlying

Reference:

Aon,

Class

A

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

364

(3)

—

(3‌)

Citibank,

Pay

Underlying

Reference:

James

Hardie

Industries

Monthly,

Receive

Variable

3.905%

(1M

ADBB

+

(0.40)%)

Monthly,

1/20/26

(AUD)

374

(20)

—

(20‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

55

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

Smurfit

Kappa

Group

Monthly,

Receive

Variable

4.736%

(GBP

SONIA

+

(0.277)%)

Monthly,

1/17/26

(GBP)

503

30

—

30‌

Citibank,

Pay

Underlying

Reference:

Smurfit

Kappa

Group

Monthly,

Receive

Variable

4.736%

(GBP

SONIA

+

(0.277)%)

Monthly,

1/20/26

(GBP)

598

36

—

36‌

Citibank,

Receive

Underlying

Reference:

Medtronic

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

582

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Accenture,

Class

A

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

770

21

—

21‌

Morgan

Stanley,

Receive

Underlying

Reference:

Linde

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,226

(9)

—

(9‌)

Total

Ireland

—

59‌

Italy

0.1%

Goldman

Sachs,

Pay

Underlying

Reference:

Snam

Monthly,

Receive

Variable

3.338%

(EUR

ESTR

+

(0.27)%)

Monthly,

1/17/26

738

61

—

61‌

Goldman

Sachs,

Receive

Underlying

Reference:

Enel

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

347

(26)

—

(26‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Intesa

Sanpaolo

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

854

46

—

46‌

Morgan

Stanley,

Receive

Underlying

Reference:

UniCredit

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

729

46

—

46‌

Total

Italy

—

127‌

Japan

(0.2)%

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Ezaki

Glico

Monthly,

Receive

Variable

(0.763)%

(JPY

TONA

+

(0.75)%)

Monthly,

1/20/26

37,367

(1)

—

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

56

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Suzuki

Motor

Monthly,

Receive

Variable

(0.433)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/17/26

35,748

(25)

—

(25‌)

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Kao

Monthly,

Pay

Variable

0.367%

(JPY

TONA

+

0.38%)

Monthly,

1/17/26

47,432

—

—

—‌

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Sanrio

Monthly,

Pay

Variable

0.367%

(JPY

TONA

+

0.38%)

Monthly,

1/20/26

27,869

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

Astellas

Pharma

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

249,038

31

—

31‌

Morgan

Stanley,

Pay

Underlying

Reference:

Bridgestone

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

239,040

(129)

—

(129‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Honda

Motor

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

158,032

(81)

—

(81‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Hoya

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

173,376

(58)

—

(58‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Isuzu

Motors

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

48,199

(8)

—

(8‌)

Morgan

Stanley,

Pay

Underlying

Reference:

ITOCHU

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

120,109

(5)

—

(5‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Kirin

Holdings

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

42,720

(3)

—

(3‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Lasertec

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

105,540

(95)

—

(95‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

57

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Mitsubishi

Chemical

Group

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

322,291

(90)

—

(90‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Nissan

Motor

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

105,266

(25)

—

(25‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Renesas

Electronics

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

38,646

(1)

—

(1‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Sumitomo

Metal

Mining

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

54,928

14

—

14‌

Morgan

Stanley,

Pay

Underlying

Reference:

Toray

Industries

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

46,985

2

—

2‌

Morgan

Stanley,

Pay

Underlying

Reference:

Tosoh

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

55,343

11

—

11‌

Morgan

Stanley,

Pay

Underlying

Reference:

Yakult

Honsha

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

40,345

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Yamaha

Monthly,

Receive

Variable

(0.434)%

(JPY

TONA

+

(0.42)%)

Monthly,

1/20/26

51,252

20

—

20‌

Morgan

Stanley,

Receive

Underlying

Reference:

Benefit

One

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

70,384

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

CyberAgent

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

156,420

77

—

77‌

Morgan

Stanley,

Receive

Underlying

Reference:

Daiichi

Sankyo

Monthly,

Pay

Variable

0.520%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

48,647

3

—

3‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

58

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Hamamatsu

Photonics

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

120,879

(31)

—

(31‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Horiba

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

113,092

40

—

40‌

Morgan

Stanley,

Receive

Underlying

Reference:

JINS

Holdings

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

47,348

(18)

—

(18‌)

Morgan

Stanley,

Receive

Underlying

Reference:

MISUMI

Group

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

181,291

19

—

19‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Chemical

Group

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

61,685

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsubishi

Electric

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

71,513

11

—

11‌

Morgan

Stanley,

Receive

Underlying

Reference:

Mitsui

Fudosan

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

57,030

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Murata

Manufacturing

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

79,135

(3)

—

(3‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Nintendo

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

92,833

24

—

24‌

Morgan

Stanley,

Receive

Underlying

Reference:

Nippon

Sanso

Holdings

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

81,289

(22)

—

(22‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Nitori

Holdings

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

166,388

8

—

8‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

59

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Olympus

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

91,324

(17)

—

(17‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Persol

Holdings

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

54,044

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

Recruit

Holdings

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

54,060

(21)

—

(21‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Sanrio

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

91,121

(22)

—

(22‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Seven

&

i

Holdings

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

36,597

2

—

2‌

Morgan

Stanley,

Receive

Underlying

Reference:

SMC

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

287,232

(36)

—

(36‌)

Morgan

Stanley,

Receive

Underlying

Reference:

SoftBank

Group

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

36,668

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

SUMCO

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

227,024

(36)

—

(36‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Suntory

Beverage

&

Food

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

45,338

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Taiheiyo

Cement

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

25,452

1

—

1‌

Morgan

Stanley,

Receive

Underlying

Reference:

Terumo

Monthly,

Pay

Variable

0.515%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

37,988

(8)

—

(8‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

60

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Tokyo

Seimitsu

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

42,674

13

—

13‌

Morgan

Stanley,

Receive

Underlying

Reference:

Toyota

Motor

Monthly,

Pay

Variable

0.516%

(JPY

TONA

+

0.53%)

Monthly,

1/20/26

252,054

83

—

83‌

UBS

Investment

Bank,

Pay

Underlying

Reference:

Sumitomo

Electric

Industries

Monthly,

Receive

Variable

(0.405)%

(JPY

TONA

+

(0.40)%)

Monthly,

1/17/26

49,446

(24)

—

(24‌)

UBS

Investment

Bank,

Pay

Underlying

Reference:

Unicharm

Monthly,

Receive

Variable

(0.363)%

(JPY

TONA

+

(0.35)%)

Monthly,

1/20/26

149,466

9

—

9‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Daiichi

Sankyo

Monthly,

Pay

Variable

0.337%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

27,172

14

—

14‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Harmonic

Drive

Systems

Monthly,

Pay

Variable

0.337%

(JPY

TONA

+

0.35%)

Monthly,

1/20/26

35,068

(22)

—

(22‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Hoshizaki

Monthly,

Pay

Variable

0.337%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

72,131

18

—

18‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Taiheiyo

Cement

Monthly,

Pay

Variable

0.337%

(JPY

TONA

+

0.35%)

Monthly,

1/17/26

107,651

10

—

10‌

Total

Japan

—

(374‌)

Jersey

0.0%

Citibank,

Receive

Underlying

Reference:

Amcor

Monthly,

Pay

Variable

4.705%

(1M

ADBB

+

0.40%)

Monthly,

1/17/26

(AUD)

412

3

—

3‌

Total

Jersey

—

3‌

Liberia

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

Royal

Caribbean

Cruises

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

287

10

—

10‌

Total

Liberia

—

10‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

61

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Luxembourg

0.0%

Goldman

Sachs,

Receive

Underlying

Reference:

Tenaris

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

356

3

—

3‌

Total

Luxembourg

—

3‌

Mexico

0.0%

Morgan

Stanley,

Receive

Underlying

Reference:

Controladora

AXTEL

Monthly,

Pay

Variable

12.049%

(MXIBTIIE

+

0.55%)

Monthly,

1/20/26

79

—

—

—‌

Total

Mexico

—

—‌

Netherlands

0.0%

Bank

of

America,

Receive

Underlying

Reference:

Airbus

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/17/26

661

(3)

—

(3‌)

Bank

of

America,

Receive

Underlying

Reference:

ING

Groep

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

490

12

—

12‌

Goldman

Sachs,

Receive

Underlying

Reference:

Heineken

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

189

(1)

—

(1‌)

Goldman

Sachs,

Receive

Underlying

Reference:

NN

Group

Monthly,

Pay

Variable

3.665%

(EUR

ESTR

+

0.40%)

Monthly,

1/20/26

550

9

—

9‌

JPMorgan

Chase,

Pay

Underlying

Reference:

STMicroelectronics

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

444

(15)

—

(15‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Euronext

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

216

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

NXP

Semiconductors

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

647

(3)

—

(3‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

62

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

STMicroelectronics

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

152

(5)

—

(5‌)

UBS

Investment

Bank,

Pay

Underlying

Reference:

Koninklijke

Ahold

Delhaize

Monthly,

Receive

Variable

3.304%

(EUR

ESTR

+

(0.40)%)

Monthly,

1/17/26

410

17

—

17‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

Adyen

Monthly,

Pay

Variable

4.054%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

534

12

—

12‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

ASR

Nederland

Monthly,

Pay

Variable

4.054%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

418

1

—

1‌

Total

Netherlands

—

30‌

Norway

0.0%

Citibank,

Pay

Underlying

Reference:

Aker

Monthly,

Receive

Variable

4.260%

(1M

NOK

NIBOR

+

(0.35)%)

Monthly,

1/17/26

10,392

30

—

30‌

Goldman

Sachs,

Receive

Underlying

Reference:

DNB

Bank

Monthly,

Pay

Variable

4.960%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/17/26

3,119

(16)

—

(16‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Norsk

Hydro

Monthly,

Pay

Variable

4.960%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/17/26

2,818

(3)

—

(3‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Storebrand

Monthly,

Pay

Variable

4.960%

(1M

NOK

NIBOR

+

0.35%)

Monthly,

1/17/26

5,750

18

—

18‌

Total

Norway

—

29‌

Portugal

(0.0)%

Morgan

Stanley,

Receive

Underlying

Reference:

Galp

Energia

SGPS

Monthly,

Pay

Variable

3.958%

(EUR

ESTR

+

0.35%)

Monthly,

1/20/26

664

(13)

—

(13‌)

Total

Portugal

—

(13‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

63

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Spain

(0.0)%

Goldman

Sachs,

Receive

Underlying

Reference:

Amadeus

IT

Group

Monthly,

Pay

Variable

4.008%

(EUR

ESTR

+

0.40%)

Monthly,

1/17/26

248

4

—

4‌

Morgan

Stanley,

Pay

Underlying

Reference:

Industria

de

Diseno

Textil

Monthly,

Receive

Variable

3.258%

(EUR

ESTR

+

(0.35)%)

Monthly,

1/20/26

1,589

(33)

—

(33‌)

Total

Spain

—

(29‌)

Sweden

(0.0)%

Citibank,

Pay

Underlying

Reference:

H

&

M

Hennes

&

Mauritz,

Class

B

Monthly,

Receive

Variable

3.684%

(1M

SEK

STIBOR

+

(0.35)%)

Monthly,

1/20/26

5,274

40

—

40‌

Citibank,

Receive

Underlying

Reference:

Assa

Abloy,

Class

B

Monthly,

Pay

Variable

4.373%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

4,698

4

—

4‌

Goldman

Sachs,

Receive

Underlying

Reference:

Svenska

Cellulosa,

Class

B

Monthly,

Pay

Variable

4.377%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

5,198

(9)

—

(9‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Boliden

Monthly,

Pay

Variable

4.427%

(1M

SEK

STIBOR

+

0.40%)

Monthly,

1/20/26

2,979

(9)

—

(9‌)

Morgan

Stanley,

Pay

Underlying

Reference:

SKF,

Class

B

Monthly,

Receive

Variable

3.677%

(1M

SEK

STIBOR

+

(0.35)%)

Monthly,

1/20/26

5,134

(27)

—

(27‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Essity,

Class

B

Monthly,

Pay

Variable

4.373%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

6,224

(24)

—

(24‌)

UBS

Investment

Bank,

Receive

Underlying

Reference:

Sandvik

Monthly,

Pay

Variable

4.373%

(1M

SEK

STIBOR

+

0.35%)

Monthly,

1/17/26

7,095

16

—

16‌

Total

Sweden

—

(9‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

64

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Switzerland

0.1%

Bank

of

America,

Receive

Underlying

Reference:

Julius

Baer

Group

Monthly,

Pay

Variable

1.918%

(SARON

+

0.35%)

Monthly,

1/20/26

466

(2)

—

(2‌)

Bank

of

America,

Receive

Underlying

Reference:

Sonova

Holding

Monthly,

Pay

Variable

1.918%

(SARON

+

0.35%)

Monthly,

1/20/26

290

(2)

—

(2‌)

Citigroup

Global

Markets,

Pay

Underlying

Reference:

Geberit

Monthly,

Receive

Variable

1.187%

(SARON

+

(0.42)%)

Monthly,

1/17/26

267

13

—

13‌

Citigroup

Global

Markets,

Pay

Underlying

Reference:

SGS

Monthly,

Receive

Variable

1.357%

(SARON

+

(0.25)%)

Monthly,

1/17/26

178

(23)

—

(23‌)

Citigroup

Global

Markets,

Pay

Underlying

Reference:

UBS

Group

Monthly,

Receive

Variable

1.187%

(SARON

+

(0.42)%)

Monthly,

1/17/26

275

(5)

—

(5‌)

Citigroup

Global

Markets,

Receive

Underlying

Reference:

Nestle

Monthly,

Pay

Variable

1.887%

(SARON

+

0.28%)

Monthly,

1/17/26

689

(3)

—

(3‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Nestle

Monthly,

Pay

Variable

1.858%

(SARON

+

0.29%)

Monthly,

1/17/26

319

5

—

5‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Cie

Financiere

Richemont,

Class

A

Monthly,

Pay

Variable

1.968%

(SARON

+

0.40%)

Monthly,

1/20/26

626

126

—

126‌

Morgan

Stanley,

Pay

Underlying

Reference:

Roche

Holding

Monthly,

Receive

Variable

1.158%

(SARON

+

(0.41)%)

Monthly,

1/20/26

368

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Sandoz

Group

Monthly,

Receive

Variable

1.158%

(SARON

+

(0.41)%)

Monthly,

1/20/26

792

(31)

—

(31‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Schindler

Holding

Monthly,

Receive

Variable

1.158%

(SARON

+

(0.41)%)

Monthly,

1/20/26

290

(15)

—

(15‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

65

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

Swiss

Re

Monthly,

Receive

Variable

1.158%

(SARON

+

(0.41)%)

Monthly,

1/20/26

280

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Nestle

Monthly,

Pay

Variable

1.858%

(SARON

+

0.29%)

Monthly,

1/20/26

451

7

—

7‌

UBS

Investment

Bank,

Pay

Underlying

Reference:

Schindler

Holding

Monthly,

Receive

Variable

1.207%

(SARON

+

(0.40)%)

Monthly,

1/17/26

283

(16)

—

(16‌)

Total

Switzerland

—

58‌

United

Kingdom

(0.0)%

Bank

of

America,

Receive

Underlying

Reference:

HSBC

Holdings

Monthly,

Pay

Variable

5.276%

(GBP

SONIA

+

0.35%)

Monthly,

1/20/26

293

13

—

13‌

Bank

of

America,

Receive

Underlying

Reference:

Rentokil

Initial

Monthly,

Pay

Variable

5.276%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

106

(4)

—

(4‌)

Bank

of

America,

Receive

Underlying

Reference:

Wise,

Class

A

Monthly,

Pay

Variable

5.276%

(GBP

SONIA

+

0.35%)

Monthly,

1/17/26

320

(33)

—

(33‌)

Citibank,

Pay

Underlying

Reference:

Diageo

Monthly,

Receive

Variable

4.703%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/26

884

(33)

—

(33‌)

Citibank,

Pay

Underlying

Reference:

JD

Sports

Fashion

Monthly,

Receive

Variable

4.703%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/26

222

6

—

6‌

Citibank,

Pay

Underlying

Reference:

Legal

&

General

Group

Monthly,

Receive

Variable

4.703%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/26

509

(9)

—

(9‌)

Citibank,

Pay

Underlying

Reference:

Next

Monthly,

Receive

Variable

4.308%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

456

(7)

—

(7‌)

Citibank,

Pay

Underlying

Reference:

Next

Monthly,

Receive

Variable

4.880%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

149

2

—

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

66

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

Shell

Monthly,

Receive

Variable

4.703%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/17/26

978

26

—

26‌

Citibank,

Receive

Underlying

Reference:

Melrose

Industries

Monthly,

Pay

Variable

5.403%

(GBP

SONIA

+

0.39%)

Monthly,

1/17/26

339

5

—

5‌

Goldman

Sachs,

Receive

Underlying

Reference:

Barclays

Monthly,

Pay

Variable

5.306%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

379

10

—

10‌

Goldman

Sachs,

Receive

Underlying

Reference:

Bunzl

Monthly,

Pay

Variable

5.306%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

998

(14)

—

(14‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Imperial

Brands

Monthly,

Pay

Variable

5.306%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

722

(3)

—

(3‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Segro

Monthly,

Pay

Variable

5.306%

(GBP

SONIA

+

0.38%)

Monthly,

1/17/26

936

17

—

17‌

Goldman

Sachs,

Receive

Underlying

Reference:

TechnipFMC

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

365

13

—

13‌

Goldman

Sachs,

Receive

Underlying

Reference:

TechnipFMC

Monthly,

Pay

Variable

5.610%

(SOFR

+

0.30%)

Monthly,

1/21/26

71

(1)

—

(1‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

BP

Monthly,

Pay

Variable

5.276%

(GBP

SONIA

+

0.35%)

Monthly,

1/20/26

599

13

—

13‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Prudential

Monthly,

Pay

Variable

5.276%

(GBP

SONIA

+

0.35%)

Monthly,

1/20/26

316

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

Antofagasta

Monthly,

Receive

Variable

4.616%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

700

(59)

—

(59‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

67

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

GSK

Monthly,

Receive

Variable

4.616%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

835

10

—

10‌

Morgan

Stanley,

Pay

Underlying

Reference:

Mondi

Monthly,

Receive

Variable

4.616%

(GBP

SONIA

+

(0.31)%)

Monthly,

1/20/26

880

20

—

20‌

Morgan

Stanley,

Receive

Underlying

Reference:

Ascential

Monthly,

Pay

Variable

5.316%

(GBP

SONIA

+

0.39%)

Monthly,

1/20/26

861

54

—

54‌

UBS

Investment

Bank,

Receive

Underlying

Reference:

BT

Group

Monthly,

Pay

Variable

5.363%

(GBP

SONIA

+

0.35%)

Monthly,

1/20/26

443

(38)

—

(38‌)

Total

United

Kingdom

—

(12‌)

United

States

0.1%

Bank

of

America,

Pay

Underlying

Reference:

Blackstone

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

862

(43)

—

(43‌)

Bank

of

America,

Pay

Underlying

Reference:

Caterpillar

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

297

(15)

—

(15‌)

Bank

of

America,

Pay

Underlying

Reference:

CBIZ

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

286

(3)

—

(3‌)

Bank

of

America,

Pay

Underlying

Reference:

CVS

Health

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

305

10

—

10‌

Bank

of

America,

Pay

Underlying

Reference:

Eversource

Energy

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,393

53

—

53‌

Bank

of

America,

Pay

Underlying

Reference:

Meta

Platforms,

Class

A

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

75

(4)

—

(4‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

68

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Pay

Underlying

Reference:

Meta

Platforms,

Class

A

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

122

(7)

—

(7‌)

Bank

of

America,

Pay

Underlying

Reference:

Mettler-Toledo

International

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,452

(13)

—

(13‌)

Bank

of

America,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

714

18

—

18‌

Bank

of

America,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

1,228

31

—

31‌

Bank

of

America,

Pay

Underlying

Reference:

UDR

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

223

14

—

14‌

Bank

of

America,

Pay

Underlying

Reference:

United

States

Steel

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

562

4

—

4‌

Bank

of

America,

Pay

Underlying

Reference:

Walt

Disney

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

293

(9)

—

(9‌)

Bank

of

America,

Receive

Underlying

Reference:

Ares

Management,

Class

A

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

647

24

—

24‌

Bank

of

America,

Receive

Underlying

Reference:

Carrier

Global

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

688

(13)

—

(13‌)

Bank

of

America,

Receive

Underlying

Reference:

Chipotle

Mexican

Grill

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

403

20

—

20‌

Bank

of

America,

Receive

Underlying

Reference:

Citigroup

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

598

48

—

48‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

69

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Citigroup

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

834

67

—

67‌

Bank

of

America,

Receive

Underlying

Reference:

Constellation

Energy

Monthly,

Pay

Variable

5.134%

(SOFR

+

0.30%)

Monthly,

1/21/26

286

16

—

16‌

Bank

of

America,

Receive

Underlying

Reference:

DocuSign

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

284

(9)

—

(9‌)

Bank

of

America,

Receive

Underlying

Reference:

Edwards

Lifesciences

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

273

16

—

16‌

Bank

of

America,

Receive

Underlying

Reference:

Elevance

Health

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

582

23

—

23‌

Bank

of

America,

Receive

Underlying

Reference:

ImmunoGen

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

357

(5)

—

(5‌)

Bank

of

America,

Receive

Underlying

Reference:

Intercontinental

Exchange

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

410

3

—

3‌

Bank

of

America,

Receive

Underlying

Reference:

Keurig

Dr

Pepper

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

204

(3)

—

(3‌)

Bank

of

America,

Receive

Underlying

Reference:

Las

Vegas

Sands

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

175

(1)

—

(1‌)

Bank

of

America,

Receive

Underlying

Reference:

NOV

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

174

1

—

1‌

Bank

of

America,

Receive

Underlying

Reference:

NOV

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

136

1

—

1‌

Bank

of

America,

Receive

Underlying

Reference:

NOV

Monthly,

Pay

Variable

5.610%

(SOFR

+

0.30%)

Monthly,

1/21/26

72

(1)

—

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

70

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Bank

of

America,

Receive

Underlying

Reference:

Philip

Morris

International

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

380

(16)

—

(16‌)

Bank

of

America,

Receive

Underlying

Reference:

Pioneer

Natural

Resources

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

845

44

—

44‌

Bank

of

America,

Receive

Underlying

Reference:

Procter

&

Gamble

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

504

27

—

27‌

Bank

of

America,

Receive

Underlying

Reference:

Qualcomm

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

491

25

—

25‌

Bank

of

America,

Receive

Underlying

Reference:

Saia

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

563

15

—

15‌

Bank

of

America,

Receive

Underlying

Reference:

Samsara,

Class

A

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

396

(27)

—

(27‌)

Bank

of

America,

Receive

Underlying

Reference:

Southwest

Airlines

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

730

28

—

28‌

Bank

of

America,

Receive

Underlying

Reference:

Tenet

Healthcare

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

285

6

—

6‌

Bank

of

America,

Receive

Underlying

Reference:

Williams

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

114

—

—

—‌

Citibank,

Pay

Underlying

Reference:

Centene

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

433

10

—

10‌

Citibank,

Pay

Underlying

Reference:

Encore

Wire

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

284

(13)

—

(13‌)

Citibank,

Pay

Underlying

Reference:

IQVIA

Holdings

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

564

42

—

42‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

71

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Pay

Underlying

Reference:

Palo

Alto

Networks

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

702

(116)

—

(116‌)

Citibank,

Pay

Underlying

Reference:

Ralph

Lauren

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

286

4

—

4‌

Citibank,

Pay

Underlying

Reference:

Rockwell

Automation

Monthly,

Receive

Variable

4.965%

(SOFR

+

(0.18)%)

Monthly,

1/18/26

272

48

—

48‌

Citibank,

Receive

Underlying

Reference:

Amazon.com

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/21/26

376

14

—

14‌

Citibank,

Receive

Underlying

Reference:

Broadridge

Financial

Solutions

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

366

6

—

6‌

Citibank,

Receive

Underlying

Reference:

Catelent

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

564

58

—

58‌

Citibank,

Receive

Underlying

Reference:

Colgate-Palmolive

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

601

30

—

30‌

Citibank,

Receive

Underlying

Reference:

ConocoPhillips

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

913

(24)

—

(24‌)

Citibank,

Receive

Underlying

Reference:

EQT

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

243

(19)

—

(19‌)

Citibank,

Receive

Underlying

Reference:

Freeport-McMoRan

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

1,048

(63)

—

(63‌)

Citibank,

Receive

Underlying

Reference:

JPMorgan

Chase

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

431

4

—

4‌

Citibank,

Receive

Underlying

Reference:

Stanley

Black

&

Decker

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

1,055

(53)

—

(53‌)

Citibank,

Receive

Underlying

Reference:

Sun

Communities

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

306

(22)

—

(22‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

72

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Citibank,

Receive

Underlying

Reference:

Target

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

420

(9)

—

(9‌)

Citibank,

Receive

Underlying

Reference:

Teleflex

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

592

(17)

—

(17‌)

Citibank,

Receive

Underlying

Reference:

TransDigm

Group

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

535

49

—

49‌

Citibank,

Receive

Underlying

Reference:

Westrock

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/18/26

695

(41)

—

(41‌)

Citibank,

Receive

Underlying

Reference:

Williams

Monthly,

Pay

Variable

5.565%

(SOFR

+

0.42%)

Monthly,

1/21/26

253

(8)

—

(8‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Allient

Energy

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

863

21

—

21‌

Goldman

Sachs,

Pay

Underlying

Reference:

American

Electric

Power

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,439

54

—

54‌

Goldman

Sachs,

Pay

Underlying

Reference:

CBRE

Group,

Class

A

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

241

(2)

—

(2‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Charles

River

Laboratories

International

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

497

(23)

—

(23‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Charter

Communications,

Class

A

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

1,777

(7)

—

(7‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Digital

Realty

Trust

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

272

(3)

—

(3‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Estee

Lauder,

Class

A

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

479

(7)

—

(7‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

73

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

Gilead

Sciences

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

294

27

—

27‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

Biotechnology

Monthly,

Receive

Variable

4.353%

(SOFR

+

(0.688)%)

Monthly,

1/18/26

227

3

—

3‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

Biotechnology

Monthly,

Receive

Variable

4.353%

(SOFR

+

(0.688)%)

Monthly,

1/21/26

54

1

—

1‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

U.S.

Consumer

Discretionary

Monthly,

Receive

Variable

3.144%

(SOFR

+

(1.897)%)

Monthly,

1/18/26

264

(1)

—

(1‌)

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

U.S.

Consumer

Discretionary

Monthly,

Receive

Variable

3.144%

(SOFR

+

(1.897)%)

Monthly,

1/21/26

51

—

—

—‌

Goldman

Sachs,

Pay

Underlying

Reference:

iShares

U.S.

Medical

Devices

ETF

Monthly,

Receive

Variable

4.503%

(SOFR

+

(0.538)%)

Monthly,

1/21/26

294

(4)

—

(4‌)

Goldman

Sachs,

Pay

Underlying

Reference:

Lululemon

Athletica

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

318

12

—

12‌

Goldman

Sachs,

Pay

Underlying

Reference:

Moderna

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

225

3

—

3‌

Goldman

Sachs,

Pay

Underlying

Reference:

Paycom

Software

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

241

6

—

6‌

Goldman

Sachs,

Pay

Underlying

Reference:

Pfizer

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/21/26

1,952

61

—

61‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

74

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Goldman

Sachs,

Pay

Underlying

Reference:

Pinnacle

West

Capital

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

301

1

—

1‌

Goldman

Sachs,

Pay

Underlying

Reference:

SBA

Communications

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

903

56

—

56‌

Goldman

Sachs,

Pay

Underlying

Reference:

Tesla

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

385

58

—

58‌

Goldman

Sachs,

Pay

Underlying

Reference:

United

States

Steel

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

1,124

8

—

8‌

Goldman

Sachs,

Pay

Underlying

Reference:

VeriSign

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

985

20

—

20‌

Goldman

Sachs,

Pay

Underlying

Reference:

VICI

Properties

Monthly,

Receive

Variable

4.741%

(SOFR

+

(0.30)%)

Monthly,

1/18/26

333

11

—

11‌

Goldman

Sachs,

Receive

Underlying

Reference:

Amgen

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

805

27

—

27‌

Goldman

Sachs,

Receive

Underlying

Reference:

Analog

Devices

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

601

13

—

13‌

Goldman

Sachs,

Receive

Underlying

Reference:

Cencora

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

582

35

—

35‌

Goldman

Sachs,

Receive

Underlying

Reference:

CenterPoint

Energy

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

1,195

(28)

—

(28‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Financial

Select

Sector

SPDR

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

282

9

—

9‌

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:

International

Paper

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

359

(15)

—

(15‌)

Goldman

Sachs,

Receive

Underlying

Reference:

LPL

Financial

Holdings

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

292

7

—

7‌

Goldman

Sachs,

Receive

Underlying

Reference:

Monster

Beverage

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

335

(19)

—

(19‌)

Goldman

Sachs,

Receive

Underlying

Reference:

Stanley

Black

&

Decker

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

503

(7)

—

(7‌)

Goldman

Sachs,

Receive

Underlying

Reference:

VanEck

Oil

Services

ETF

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

259

6

—

6‌

Goldman

Sachs,

Receive

Underlying

Reference:

Vanguard

Communicaiton

Services

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

259

8

—

8‌

Goldman

Sachs,

Receive

Underlying

Reference:

Vanguard

Communicaiton

Services

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/21/26

47

2

—

2‌

Goldman

Sachs,

Receive

Underlying

Reference:

Visa,

Class

A

Monthly,

Pay

Variable

5.341%

(SOFR

+

0.30%)

Monthly,

1/18/26

456

13

—

13‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

at

Maturity,

Receive

Variable

4.823%

(SOFR

+

(0.55)%)

Quarterly,

3/20/24

1,133

(106)

(7)

(99‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Apple

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,001

(2)

—

(2‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Automatic

Data

Processing

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

294

(12)

—

(12‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

76

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Pay

Underlying

Reference:

Bank

of

America

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

961

(54)

—

(54‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Carnival

at

Maturity,

Receive

Variable

4.623%

(SOFR

+

(0.75)%)

Quarterly,

3/20/24

1,592

(181)

—

(181‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

CoStar

Group

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

685

(13)

—

(13‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Exxon

Mobil

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,448

(73)

—

(73‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Halliburton

at

Maturity,

Receive

Variable

4.873%

(SOFR

+

(0.50)%)

Quarterly,

3/20/24

502

(51)

—

(51‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Lowe's

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

405

13

—

13‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Match

Group

Monthly,

Receive

Variable

4.584%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

250

(16)

—

(16‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

ON

Semiconductor

Monthly,

Receive

Variable

4.584%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,038

50

—

50‌

JPMorgan

Chase,

Pay

Underlying

Reference:

PayPal

Holdings

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

212

(10)

—

(10‌)

JPMorgan

Chase,

Pay

Underlying

Reference:

Quanta

Services

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

809

31

—

31‌

JPMorgan

Chase,

Pay

Underlying

Reference:

Texas

Instruments

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

1,150

20

—

20‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

77

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Pay

Underlying

Reference:

United

Parcel

Service,

Class

B

Monthly,

Receive

Variable

4.791%

(SOFR

+

(0.25)%)

Monthly,

1/21/26

619

55

—

55‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Advanced

Micro

Devices

Monthly,

Pay

Variable

5.184%

(SOFR

+

0.35%)

Monthly,

1/21/26

472

(2)

—

(2‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

1.800%

(SOFR

+

0.35%)

Monthly,

1/21/26

10

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

3.730%

(SOFR

+

0.35%)

Monthly,

1/21/26

19

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

4.374%

(SOFR

+

0.35%)

Monthly,

1/21/26

6

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

4.374%

(SOFR

+

0.35%)

Monthly,

1/21/26

8

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.023%

(SOFR

+

0.35%)

Monthly,

1/21/26

30

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.116%

(SOFR

+

0.35%)

Monthly,

1/21/26

18

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.184%

(SOFR

+

0.35%)

Monthly,

1/21/26

27

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.238%

(SOFR

+

0.35%)

Monthly,

1/21/26

11

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.281%

(SOFR

+

0.35%)

Monthly,

1/21/26

6

—

—

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

78

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

370

18

—

18‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Autodesk

Monthly,

Pay

Variable

5.660%

(SOFR

+

0.35%)

Monthly,

1/21/26

91

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Biogen

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

1,058

(1)

—

(1‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Coupang

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

298

(27)

—

(27‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

CubeSmart

Monthly,

Pay

Variable

5.281%

(SOFR

+

0.35%)

Monthly,

1/21/26

245

(7)

—

(7‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Eli

Lilly

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

807

12

—

12‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

1.800%

(SOFR

+

0.35%)

Monthly,

1/21/26

5

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

3.730%

(SOFR

+

0.35%)

Monthly,

1/21/26

13

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

4.374%

(SOFR

+

0.35%)

Monthly,

1/21/26

18

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

5.023%

(SOFR

+

0.35%)

Monthly,

1/21/26

14

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

5.116%

(SOFR

+

0.35%)

Monthly,

1/21/26

13

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

5.184%

(SOFR

+

0.35%)

Monthly,

1/21/26

25

1

—

1‌

JPMorgan

Chase,

Receive

Underlying

Reference:

Fortinet

Monthly,

Pay

Variable

5.660%

(SOFR

+

0.35%)

Monthly,

1/21/26

29

—

—

—‌

JPMorgan

Chase,

Receive

Underlying

Reference:

KLA

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

818

37

—

37‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

79

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

JPMorgan

Chase,

Receive

Underlying

Reference:

Microchip

Technology

Monthly,

Pay

Variable

5.184%

(SOFR

+

0.35%)

Monthly,

1/21/26

307

(18)

—

(18‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

NiSource

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

462

(7)

—

(7‌)

JPMorgan

Chase,

Receive

Underlying

Reference:

Norfolk

Southern

Monthly,

Pay

Variable

5.391%

(SOFR

+

0.35%)

Monthly,

1/21/26

278

7

—

7‌

Morgan

Stanley,

Pay

Underlying

Reference:

Abbott

Laboratories

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

644

2

—

2‌

Morgan

Stanley,

Pay

Underlying

Reference:

Automatic

Data

Processing

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

537

(23)

—

(23‌)

Morgan

Stanley,

Pay

Underlying

Reference:

CarMax

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

360

(7)

—

(7‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Caterpillar

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,350

(65)

—

(65‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Devon

Energy

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,719

(10)

—

(10‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Gartner

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,087

(8)

—

(8‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Henry

Schein

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

479

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Host

Hotels

&

Resorts

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,012

32

—

32‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

80

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

IDEXX

Laboratories

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

469

6

—

6‌

Morgan

Stanley,

Pay

Underlying

Reference:

Intuit

Monthly,

Receive

Variable

4.634%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,438

(3)

—

(3‌)

Morgan

Stanley,

Pay

Underlying

Reference:

iShares

Expanded

Tec-

Software

Sector

Monthly,

Receive

Variable

4.144%

(SOFR

+

(0.98)%)

Monthly,

1/21/26

323

(9)

—

(9‌)

Morgan

Stanley,

Pay

Underlying

Reference:

iShares

Semiconductor

Monthly,

Receive

Variable

3.544%

(SOFR

+

(1.53)%)

Monthly,

1/21/26

285

(10)

—

(10‌)

Morgan

Stanley,

Pay

Underlying

Reference:

J

M

Smucker

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

409

(10)

—

(10‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Jack

Henry

&

Associates

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

995

(2)

—

(2‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Kroger

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

337

3

—

3‌

Morgan

Stanley,

Pay

Underlying

Reference:

Mid-America

Apartment

Communities

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

227

16

—

16‌

Morgan

Stanley,

Pay

Underlying

Reference:

Moody's

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

529

(13)

—

(13‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Pool

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

294

9

—

9‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

81

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Pay

Underlying

Reference:

PVH

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

397

(3)

—

(3‌)

Morgan

Stanley,

Pay

Underlying

Reference:

ServiceNow

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

265

(13)

—

(13‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Snap-on

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

724

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Southern

Copper

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

388

(11)

—

(11‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Tractor

Supply

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

525

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

U.S.

Bancorp

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

1,471

(2)

—

(2‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Union

Pacific

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

948

(29)

—

(29‌)

Morgan

Stanley,

Pay

Underlying

Reference:

Vanguard

Consumer

Discretionary

Monthly,

Receive

Variable

2.315%

(SOFR

+

(3.98)%)

Monthly,

1/21/26

30

—

—

—‌

Morgan

Stanley,

Pay

Underlying

Reference:

Vanguard

Consumer

Discretionary

Monthly,

Receive

Variable

2.365%

(SOFR

+

(3.98)%)

Monthly,

1/21/26

261

4

—

4‌

Morgan

Stanley,

Pay

Underlying

Reference:

Waters

Monthly,

Receive

Variable

4.841%

(SOFR

+

(0.20)%)

Monthly,

1/21/26

937

(27)

—

(27‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Altaba

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

18

—

—

—‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

82

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Ameren

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

209

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

American

Express

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

710

78

—

78‌

Morgan

Stanley,

Receive

Underlying

Reference:

Ball

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

397

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Bank

of

New

York

Mellon

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,271

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

Burlington

Stores

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

402

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Cboe

Global

Markets

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

482

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

CF

Industries

Holdings

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

360

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Comcast,

Class

A

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

223

(23)

—

(23‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Comcast,

Class

A

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

236

18

—

18‌

Morgan

Stanley,

Receive

Underlying

Reference:

CSX

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

373

9

—

9‌

Morgan

Stanley,

Receive

Underlying

Reference:

Dominion

Energy

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

198

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Essex

Property

Trust

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

247

(16)

—

(16‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

83

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

FedEx

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

543

(10)

—

(10‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Fifth

Third

Bancorp

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

284

5

—

5‌

Morgan

Stanley,

Receive

Underlying

Reference:

FMC

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

307

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Huntington

Ingalls

Industries

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

728

9

—

9‌

Morgan

Stanley,

Receive

Underlying

Reference:

Insmed

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

239

(5)

—

(5‌)

Morgan

Stanley,

Receive

Underlying

Reference:

JB

Hunt

Transport

Services

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

507

25

—

25‌

Morgan

Stanley,

Receive

Underlying

Reference:

Kenvue

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

233

(6)

—

(6‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Lam

Research

Monthly,

Pay

Variable

5.166%

(SOFR

+

0.40%)

Monthly,

1/21/26

269

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Lam

Research

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

741

60

—

60‌

Morgan

Stanley,

Receive

Underlying

Reference:

Materials

Select

Sector

SPDR

Fund

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

287

(2)

—

(2‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Mckesson

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

375

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

Netfilx

Monthly,

Pay

Variable

1.850%

(SOFR

+

0.40%)

Monthly,

1/21/26

466

(7)

—

(7‌)

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:

News,

Class

A

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

922

32

—

32‌

Morgan

Stanley,

Receive

Underlying

Reference:

Penumbra

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

293

(13)

—

(13‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Philip

Morris

International

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

667

(28)

—

(28‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Prologis

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

236

(7)

—

(7‌)

Morgan

Stanley,

Receive

Underlying

Reference:

RAPT

Therapeutics

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

215

6

—

6‌

Morgan

Stanley,

Receive

Underlying

Reference:

ResMed

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

281

32

—

32‌

Morgan

Stanley,

Receive

Underlying

Reference:

Rexford

Industrial

Realty

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

234

(9)

—

(9‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Roper

Technologies

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

365

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Ross

Stores

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

780

16

—

16‌

Morgan

Stanley,

Receive

Underlying

Reference:

SPDR

S&P

Oil

&

Gas

Exploration

&

Production

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

280

7

—

7‌

Morgan

Stanley,

Receive

Underlying

Reference:

SPDR

S&P

Retail

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

273

(1)

—

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

85

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Receive

Underlying

Reference:

Splunk

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

1,821

4

—

4‌

Morgan

Stanley,

Receive

Underlying

Reference:

Teradyne

Monthly,

Pay

Variable

5.234%

(SOFR

+

0.40%)

Monthly,

1/21/26

212

(26)

—

(26‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Teradyne

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

329

(25)

—

(25‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Teradyne

Monthly,

Pay

Variable

5.710%

(SOFR

+

0.40%)

Monthly,

1/21/26

71

—

—

—‌

Morgan

Stanley,

Receive

Underlying

Reference:

Thermo

Fisher

Scientific

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

511

(4)

—

(4‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Travelers

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

281

20

—

20‌

Morgan

Stanley,

Receive

Underlying

Reference:

Uber

Technologies

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

532

12

—

12‌

Morgan

Stanley,

Receive

Underlying

Reference:

Viatris

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

797

(1)

—

(1‌)

Morgan

Stanley,

Receive

Underlying

Reference:

Vulcan

Materials

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

583

8

—

8‌

Morgan

Stanley,

Receive

Underlying

Reference:

Zimmer

Biomet

Holdings

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

325

7

—

7‌

Morgan

Stanley,

Receive

Underlying

Reference:

Zoetis

Monthly,

Pay

Variable

5.441%

(SOFR

+

0.40%)

Monthly,

1/21/26

239

(6)

—

(6‌)

Total

United

States

(7)

173‌

Total

Bilateral

Total

Return

Swaps

(7)

303‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

86

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Interest

Rate

Swaps

0.0%

Brazil

0.0%

Goldman

Sachs,

3

Year

Interest

Rate

Swap,

Receive

Fixed

11.075%

at

Maturity,

Pay

Variable

11.65%

(BRL

CDI)

at

Maturity,

1/4/27

*

5,000

25

—

25‌

Total

Brazil

—

25‌

Total

Bilateral

Interest

Rate

Swaps

—

25‌

Total

Bilateral

Swaps

(728)

506‌

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.1%

Credit

Default

Swaps,

Protection

Bought

(0.4)%

Australia

(0.0)%

Protection

Bought

(Relevant

Credit:

Glencore

International),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/26

(EUR)

85

(12)

(19)

7‌

Total

Australia

7‌

Canada

(0.1)%

Protection

Bought

(Relevant

Credit:

Bombardier),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

1,765

(137)

(69)

(68‌)

Total

Canada

(68‌)

Chile

(0.0)%

Protection

Bought

(Relevant

Credit:

Republic

of

Chile),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

535

(11)

(6)

(5‌)

Total

Chile

(5‌)

Colombia

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

Colombia),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

(USD)

441

8

39

(31‌)

Total

Colombia

(31‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

87

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Foreign/Europe

(0.0)%

Protection

Bought

(Relevant

Credit:

Lanxess),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

379

14

19

(5‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

450

(49)

(17)

(32‌)

Protection

Bought

(Relevant

Credit:

Markit

iTraxx

Crossover-S40,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

850

(71)

(17)

(54‌)

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

12

99

(87‌)

Total

Foreign/Europe

(178‌)

Oman

0.0%

Protection

Bought

(Relevant

Credit:

Sultanate

of

Oman),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

703

4

18

(14‌)

Total

Oman

(14‌)

Peru

(0.0)%

Protection

Bought

(Relevant

Credit:

Republic

of

Peru),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

(USD)

267

(4)

(1)

(3‌)

Total

Peru

(3‌)

South

Africa

0.0%

Protection

Bought

(Relevant

Credit:

Republic

of

South

Africa),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(USD)

375

11

23

(12‌)

Total

South

Africa

(12‌)

United

States

(0.3)%

Protection

Bought

(Relevant

Credit:

American

Axle

&

Manufacturing),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

1,230

(60)

(5)

(55‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

88

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

Apache),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/20/27

880

(2)

47

(49‌)

Protection

Bought

(Relevant

Credit:

Beazer

Homes

USA),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

760

(76)

(71)

(5‌)

Protection

Bought

(Relevant

Credit:

Citigroup),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

822

(14)

1

(15‌)

Protection

Bought

(Relevant

Credit:

Delta

Air

Lines),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

420

(52)

(8)

(44‌)

Protection

Bought

(Relevant

Credit:

Hertz),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

315

(4)

—

(4‌)

Protection

Bought

(Relevant

Credit:

Iron

Mountain),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

762

(112)

(91)

(21‌)

Protection

Bought

(Relevant

Credit:

Macy's),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

137

10

25

(15‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S33,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/24

1,305

(47)

(17)

(30‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/28

902

(59)

(20)

(39‌)

Protection

Bought

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

12/20/28

7,927

(487)

(386)

(101‌)

Protection

Bought

(Relevant

Credit:

Occidental

Petroleum),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

6/21/27

160

(2)

8

(10‌)

Protection

Bought

(Relevant

Credit:

Sanofi),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

(EUR)

150

(5)

(3)

(2‌)

Protection

Bought

(Relevant

Credit:

The

Gap),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

130

3

21

(18‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

89

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Bought

(Relevant

Credit:

United

Airlines

Holdings),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

6/20/29

599

(12)

(1)

(11‌)

Protection

Bought

(Relevant

Credit:

Xerox),

Pay

1.00%

Quarterly,

Receive

upon

credit

default,

12/20/27

200

12

30

(18‌)

Total

United

States

(437‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Bought

(741‌)

Credit

Default

Swaps,

Protection

Sold

0.6%

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

15

7

8‌

Total

China

8‌

Foreign/Europe

0.1%

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

1,642

175

72

103‌

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Crossover-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

460

38

40

(2‌)

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

580

13

13

—‌

Total

Foreign/Europe

101‌

Israel

(0.0)%

Protection

Sold

(Relevant

Credit:

Teva

Pharmaceutical

Industries,

Ba2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(USD)

340

(10)

(32)

22‌

Total

Israel

22‌

Luxembourg

0.0%

Protection

Sold

(Relevant

Credit:

ArcelorMittal,

Baa3*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

25

4

2

2‌

Total

Luxembourg

2‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

90

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Spain

0.0%

Protection

Sold

(Relevant

Credit:

Cellnex

Telecom,

BB+*),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

381

73

61

12‌

Total

Spain

12‌

United

States

0.5%

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

82

1

(3)

4‌

Protection

Sold

(Relevant

Credit:

Carnival,

B3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

105

—

(8)

8‌

Protection

Sold

(Relevant

Credit:

FedEx,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

305

6

4

2‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

2,163

(74)

(70)

(4‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S37,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

6,038

438

(90)

528‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S39,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

2,372

153

9

144‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

3,565

232

66

166‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

2,008

124

8

116‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

7,167

441

442

(1‌)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S39,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

927

18

6

12‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

91

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

1,890

38

39

(1‌)

Total

United

States

974‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

1,119‌

Interest

Rate

Swaps

(0.1)%

Canada

(0.0)%

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.836%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/9/33

253

(7)

—

(7‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.842%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/9/33

289

(8)

—

(8‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.847%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/9/33

254

(7)

—

(7‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.851%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/9/33

254

(7)

—

(7‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.063%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

140

(5)

—

(5‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.066%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

140

(6)

—

(6‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.069%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

281

(11)

—

(11‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.070%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

140

(6)

—

(6‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.073%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

140

(6)

—

(6‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.074%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

140

(6)

—

(6‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.075%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/2/33

142

(6)

—

(6‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

92

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.145%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/1/33

279

(13)

—

(13‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.153%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/1/33

283

(13)

—

(13‌)

10

Year

Interest

Rate

Swap,

Pay

Fixed

4.173%

Semi-Annually,

Receive

Variable

5.050%

(CORRA)

Semi-Annually,

11/1/33

559

(26)

—

(26‌)

Total

Canada

(127‌)

China

(0.0)%

5

Year

Interest

Rate

Swap,

Pay

Fixed

2.830%

Quarterly,

Receive

Variable

2.400%

(7

Day

Interbank

Repo)

Quarterly,

3/20/28

10,360

(44)

—

(44‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.210%

Quarterly,

Pay

Variable

2.350%

(7

Day

Interbank

Repo)

Quarterly,

1/10/29

1,508

1

—

1‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.230%

Quarterly,

Pay

Variable

2.350%

(7

Day

Interbank

Repo)

Quarterly,

1/10/29

3,882

2

—

2‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.244%

Quarterly,

Pay

Variable

2.500%

(7

Day

Interbank

Repo)

Quarterly,

1/9/29

7,866

6

—

6‌

Total

China

(35‌)

Czech

Republic

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.060%

Annually,

Pay

Variable

6.250%

(6M

CZK

PRIBOR)

Semi-Annually,

7/20/28

8,787

16

—

16‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.120%

Annually,

Pay

Variable

6.260%

(6M

CZK

PRIBOR)

Semi-Annually,

7/19/28

4,394

8

—

8‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

4.130%

Annually,

Pay

Variable

6.260%

(6M

CZK

PRIBOR)

Semi-Annually,

7/19/28

1,794

3

—

3‌

Total

Czech

Republic

27‌

Foreign/Europe

(0.1)%

2

Year

Interest

Rate

Swap,

Receive

Fixed

2.934%

Annually,

Pay

Variable

3.920%

(6M

EURIBOR)

Semi-Annually,

1/16/26

9,756

4

—

4‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

2.568%

Annually,

Pay

Variable

3.920%

(6M

EURIBOR)

Semi-Annually,

1/16/29

4,671

9

—

9‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

93

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

2.606%

Annually,

Receive

Variable

3.920%

(6M

EURIBOR)

Semi-Annually,

1/16/34

1,671

(7)

—

(7‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.429%

Annually,

Receive

Variable

3.920%

(6M

EURIBOR)

Semi-Annually,

1/16/54

949

(6)

—

(6‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.852%

Annually,

Receive

Variable

3.938%

(6M

EURIBOR)

Semi-Annually,

9/11/53

368

(35)

—

(35‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.062%

Annually,

Receive

Variable

4.122%

(6M

EURIBOR)

Semi-Annually,

9/29/53

785

(113)

—

(113‌)

Total

Foreign/Europe

(148‌)

Mexico

0.0%

20

Year

Interest

Rate

Swap,

Pay

Fixed

8.425%

28

Days,

Receive

Variable

11.501%

(MXIBTIIE)

28

Days,

4/15/43

18,322

27

—

27‌

Total

Mexico

27‌

New

Zealand

0.0%

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.074%

Semi-Annually,

Pay

Variable

5.625%

(3M

NDBB)

Quarterly,

2/21/25

1,340

8

—

8‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.079%

Semi-Annually,

Pay

Variable

5.625%

(3M

NDBB)

Quarterly,

2/21/25

3,245

19

1

18‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.369%

Semi-Annually,

Pay

Variable

5.620%

(3M

NDBB)

Quarterly,

2/28/25

1,958

16

—

16‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.380%

Semi-Annually,

Pay

Variable

5.620%

(3M

NDBB)

Quarterly,

2/28/25

253

4

—

4‌

2

Year

Interest

Rate

Swap,

Receive

Fixed

5.425%

Semi-Annually,

Pay

Variable

5.625%

(3M

NDBB)

Quarterly,

2/28/25

2,314

20

—

20‌

Total

New

Zealand

66‌

United

Kingdom

0.0%

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.137%

Annually,

Pay

Variable

5.188%

(GBP

SONIA)

Annually,

1/12/26

9,614

(32)

—

(32‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.486%

Annually,

Pay

Variable

5.188%

(GBP

SONIA)

Annually,

12/15/25

2,654

8

—

8‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

94

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.539%

Annually,

Receive

Variable

5.188%

(GBP

SONIA)

Annually,

1/12/34

2,152

12

—

12‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

0.912%

Annually,

Receive

Variable

5.234%

(GBP

SONIA)

Annually,

9/27/51

215

135

—

135‌

50

Year

Interest

Rate

Swap,

Pay

Fixed

4.085%

Annually,

Receive

Variable

5.229%

(GBP

SONIA)

Annually,

10/11/72

104

(16)

—

(16‌)

Total

United

Kingdom

107‌

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

(37)

—

(37‌)

2

Year

Interest

Rate

Swap,

Receive

Fixed

4.142%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

12/18/25

3,281

(6)

—

(6‌)

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.793%

Annually,

Pay

Variable

5.310%

(SOFR)

Annually,

1/25/29

8,517

62

—

62‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.576%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

12/19/33

756

3

—

3‌

10

Year

Interest

Rate

Swap,

Pay

Fixed

3.750%

Annually,

Receive

Variable

5.272%

(SOFR)

Annually,

3/7/33

2,350

4

—

4‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.652%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

1/26/54

847

(22)

—

(22‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

3.661%

Annually,

Receive

Variable

5.310%

(SOFR)

Annually,

1/26/54

2,167

(59)

—

(59‌)

Total

United

States

(55‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

(138‌)

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

(11)

—

(11‌)

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)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

95

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

5

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

3.203%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

8/16/27

798

(16)

—

(16‌)

Total

Foreign/Europe

(28‌)

United

States

(0.0)%

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.420%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

1

—

1‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.423%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

1

—

1‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.425%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

—

—

—‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.443%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

266

—

—

—‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.450%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/12/33

246

—

—

—‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.452%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/19/33

2,985

1

—

1‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.470%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

12/20/33

3,065

(4)

—

(4‌)

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.490%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

1/25/33

118

1

—

1‌

10

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.539%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

3/28/33

423

(1)

—

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

96

(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

—

—

—‌

Total

United

States

(1‌)

Total

Centrally

Cleared

Zero-Coupon

Inflation

Swaps

(29‌)

Total

Centrally

Cleared

Swaps

211‌

Net

payments

(receipts)

of

variation

margin

to

date

(115‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

96‌

*

Credit

ratings

as

of

January

31,

2024.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$33.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

97

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

2/23/24

USD

294‌

EUR

268‌

$

4‌

Bank

of

America

2/23/24

USD

242‌

SEK

2,517‌

—‌

Bank

of

America

3/8/24

MYR

454‌

USD

98‌

(2‌)

Bank

of

America

3/8/24

USD

947‌

MYR

4,381‌

16‌

Bank

of

America

4/12/24

HUF

78,205‌

USD

224‌

(5‌)

Bank

of

America

4/12/24

USD

1,673‌

MXN

28,647‌

28‌

Bank

of

America

4/12/24

USD

1,052‌

MXN

18,480‌

(9‌)

Bank

of

America

4/19/24

USD

373‌

AUD

569‌

(1‌)

Barclays

Bank

2/2/24

INR

318,873‌

USD

3,838‌

1‌

Barclays

Bank

2/2/24

MXN

21,957‌

USD

1,281‌

(5‌)

Barclays

Bank

2/2/24

TRY

43,979‌

USD

1,444‌

2‌

Barclays

Bank

2/2/24

USD

3,836‌

INR

318,873‌

(3‌)

Barclays

Bank

2/2/24

ZAR

3,822‌

USD

202‌

2‌

Barclays

Bank

2/23/24

EUR

203‌

USD

224‌

(4‌)

Barclays

Bank

2/23/24

USD

574‌

EUR

531‌

—‌

Barclays

Bank

2/23/24

USD

970‌

GBP

760‌

6‌

Barclays

Bank

2/23/24

USD

1,382‌

GBP

1,108‌

(22‌)

Barclays

Bank

3/4/24

AUD

930‌

JPY

89,919‌

(3‌)

Barclays

Bank

3/4/24

INR

318,873‌

USD

3,832‌

2‌

Barclays

Bank

3/4/24

USD

1,274‌

MXN

21,957‌

6‌

Barclays

Bank

3/8/24

USD

400‌

PHP

22,201‌

5‌

Barclays

Bank

3/15/24

USD

172‌

CNH

1,222‌

1‌

Barclays

Bank

4/3/24

USD

242‌

TWD

7,433‌

2‌

Barclays

Bank

4/9/24

TRY

16,127‌

USD

494‌

2‌

Barclays

Bank

4/12/24

MXN

2,822‌

USD

165‌

(2‌)

Barclays

Bank

4/19/24

USD

599‌

CHF

510‌

2‌

BNP

Paribas

2/2/24

EUR

1,981‌

USD

2,171‌

(29‌)

BNP

Paribas

2/2/24

JPY

136,290‌

USD

922‌

4‌

BNP

Paribas

2/2/24

USD

4,239‌

JPY

626,552‌

(19‌)

BNP

Paribas

2/9/24

CLP

694,534‌

USD

762‌

(16‌)

BNP

Paribas

2/9/24

USD

152‌

CLP

135,932‌

6‌

BNP

Paribas

2/23/24

EUR

544‌

USD

596‌

(7‌)

BNP

Paribas

2/23/24

SEK

2,607‌

USD

256‌

(5‌)

BNP

Paribas

2/23/24

USD

1,034‌

EUR

947‌

9‌

BNP

Paribas

2/23/24

USD

17‌

GBP

14‌

—‌

BNP

Paribas

3/4/24

JPY

626,552‌

USD

4,259‌

21‌

BNP

Paribas

3/4/24

USD

927‌

JPY

136,290‌

(5‌)

BNP

Paribas

3/8/24

USD

151‌

MYR

702‌

2‌

BNP

Paribas

3/28/24

CZK

8,730‌

USD

387‌

(8‌)

BNP

Paribas

3/28/24

HUF

145,470‌

USD

410‌

(3‌)

BNP

Paribas

4/12/24

CZK

657‌

USD

29‌

(1‌)

BNP

Paribas

4/12/24

MXN

2,029‌

USD

117‌

(1‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

98

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

4/19/24

NOK

1,913‌

USD

185‌

$

(3‌)

Canadian

Imperial

Bank

of

Commerce

2/23/24

USD

1,058‌

EUR

970‌

9‌

Canadian

Imperial

Bank

of

Commerce

3/15/24

USD

546‌

SGD

725‌

5‌

Canadian

Imperial

Bank

of

Commerce

4/12/24

USD

526‌

MXN

9,195‌

(1‌)

Canadian

Imperial

Bank

of

Commerce

4/19/24

CAD

166‌

USD

124‌

—‌

Canadian

Imperial

Bank

of

Commerce

4/19/24

USD

210‌

CAD

281‌

—‌

Citibank

2/2/24

EUR

914‌

USD

1,004‌

(16‌)

Citibank

2/14/24

RSD

37,012‌

USD

343‌

(1‌)

Citibank

2/14/24

USD

338‌

RSD

37,012‌

(4‌)

Citibank

2/16/24

PLN

3,363‌

USD

832‌

8‌

Citibank

2/23/24

EUR

509‌

USD

559‌

(9‌)

Citibank

2/23/24

GBP

319‌

USD

402‌

1‌

Citibank

2/23/24

USD

305‌

CAD

420‌

(7‌)

Citibank

2/23/24

USD

301‌

GBP

240‌

(3‌)

Citibank

3/4/24

AUD

900‌

JPY

87,177‌

(4‌)

Citibank

4/5/24

USD

423‌

INR

35,296‌

—‌

Citibank

4/12/24

HUF

157,630‌

USD

451‌

(10‌)

Citibank

4/12/24

USD

396‌

HUF

138,611‌

8‌

Citibank

4/12/24

USD

175‌

ZAR

3,288‌

—‌

Citibank

4/18/24

ILS

2,295‌

USD

622‌

9‌

Citibank

4/18/24

USD

546‌

ILS

2,006‌

(6‌)

Citibank

5/17/24

USD

171‌

RSD

18,506‌

—‌

Citibank

5/17/24

USD

171‌

RSD

18,506‌

—‌

Deutsche

Bank

2/2/24

GBP

1,335‌

USD

1,692‌

—‌

Deutsche

Bank

2/2/24

NOK

19,055‌

USD

1,815‌

(3‌)

Deutsche

Bank

2/2/24

USD

6,648‌

GBP

5,245‌

1‌

Deutsche

Bank

2/2/24

USD

1,262‌

ZAR

23,584‌

3‌

Deutsche

Bank

2/23/24

USD

545‌

EUR

504‌

—‌

Deutsche

Bank

3/4/24

GBP

5,245‌

USD

6,650‌

(1‌)

Deutsche

Bank

3/4/24

USD

1,692‌

GBP

1,335‌

—‌

Deutsche

Bank

3/15/24

SGD

289‌

USD

218‌

(2‌)

Deutsche

Bank

4/5/24

USD

1,072‌

INR

89,469‌

(2‌)

Deutsche

Bank

4/12/24

ZAR

5,229‌

USD

274‌

4‌

Deutsche

Bank

4/18/24

USD

296‌

ILS

1,116‌

(11‌)

Deutsche

Bank

4/19/24

CHF

510‌

USD

605‌

(9‌)

Goldman

Sachs

2/2/24

BRL

8,929‌

USD

1,811‌

(10‌)

Goldman

Sachs

2/2/24

CAD

2,848‌

USD

2,133‌

(15‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

99

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Goldman

Sachs

2/2/24

CHF

3,679‌

USD

4,331‌

$

(67‌)

Goldman

Sachs

2/2/24

KRW

3,260,274‌

USD

2,476‌

(32‌)

Goldman

Sachs

2/2/24

USD

1,803‌

BRL

8,929‌

1‌

Goldman

Sachs

2/2/24

USD

5,403‌

CHF

4,600‌

71‌

Goldman

Sachs

2/2/24

USD

1,222‌

KRW

1,630,137‌

1‌

Goldman

Sachs

2/2/24

USD

1,219‌

KRW

1,630,137‌

(3‌)

Goldman

Sachs

2/2/24

USD

5,078‌

NOK

52,304‌

104‌

Goldman

Sachs

2/2/24

USD

1,144‌

SEK

11,683‌

21‌

Goldman

Sachs

2/2/24

USD

627‌

SEK

6,552‌

(3‌)

Goldman

Sachs

2/2/24

ZAR

48,183‌

USD

2,558‌

15‌

Goldman

Sachs

2/9/24

USD

156‌

CLP

137,991‌

7‌

Goldman

Sachs

2/23/24

EUR

1,139‌

USD

1,255‌

(23‌)

Goldman

Sachs

2/23/24

GBP

294‌

USD

370‌

3‌

Goldman

Sachs

2/23/24

SEK

5,594‌

USD

537‌

1‌

Goldman

Sachs

2/23/24

USD

250‌

SEK

2,607‌

(1‌)

Goldman

Sachs

3/4/24

BRL

2,737‌

USD

555‌

(4‌)

Goldman

Sachs

3/4/24

USD

1,043‌

BRL

5,153‌

6‌

Goldman

Sachs

3/5/24

KRW

1,630,137‌

USD

1,221‌

3‌

Goldman

Sachs

4/3/24

USD

545‌

TWD

16,735‌

6‌

Goldman

Sachs

4/5/24

USD

246‌

IDR

3,816,457‌

4‌

Goldman

Sachs

4/12/24

HUF

213,165‌

USD

611‌

(14‌)

Goldman

Sachs

4/12/24

MXN

5,842‌

USD

334‌

1‌

Goldman

Sachs

4/18/24

USD

607‌

ILS

2,295‌

(24‌)

Goldman

Sachs

4/19/24

NOK

1,910‌

USD

184‌

(3‌)

Goldman

Sachs

4/19/24

USD

233‌

JPY

33,978‌

—‌

HSBC

Bank

2/2/24

BRL

4,896‌

USD

993‌

(5‌)

HSBC

Bank

2/2/24

CHF

1,051‌

USD

1,229‌

(11‌)

HSBC

Bank

2/2/24

JPY

151,171‌

USD

1,024‌

3‌

HSBC

Bank

2/2/24

NOK

28,092‌

USD

2,625‌

46‌

HSBC

Bank

2/2/24

NZD

1,369‌

USD

860‌

(23‌)

HSBC

Bank

2/2/24

USD

988‌

BRL

4,896‌

—‌

HSBC

Bank

2/2/24

USD

2,891‌

CAD

3,900‌

(9‌)

HSBC

Bank

2/2/24

USD

5,061‌

JPY

714,658‌

204‌

HSBC

Bank

2/23/24

USD

575‌

EUR

527‌

5‌

HSBC

Bank

3/4/24

USD

990‌

BRL

4,896‌

5‌

HSBC

Bank

3/8/24

MYR

509‌

USD

110‌

(1‌)

HSBC

Bank

3/8/24

THB

7,221‌

USD

207‌

(3‌)

HSBC

Bank

3/8/24

USD

40‌

MYR

189‌

—‌

HSBC

Bank

3/8/24

USD

60‌

MYR

285‌

—‌

HSBC

Bank

3/8/24

USD

543‌

THB

18,973‌

7‌

HSBC

Bank

3/15/24

USD

394‌

CNH

2,801‌

4‌

HSBC

Bank

4/12/24

USD

1,047‌

HUF

370,795‌

10‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

100

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

4/12/24

USD

542‌

ZAR

10,445‌

$

(12‌)

HSBC

Bank

4/12/24

ZAR

10,541‌

USD

551‌

8‌

JPMorgan

Chase

2/2/24

BRL

13,825‌

USD

2,791‌

(1‌)

JPMorgan

Chase

2/2/24

JPY

370,958‌

USD

2,507‌

14‌

JPMorgan

Chase

2/2/24

MXN

28,043‌

USD

1,634‌

(5‌)

JPMorgan

Chase

2/2/24

USD

2,814‌

BRL

13,825‌

24‌

JPMorgan

Chase

2/16/24

PLN

438‌

USD

110‌

(1‌)

JPMorgan

Chase

2/16/24

USD

716‌

PLN

2,903‌

(9‌)

JPMorgan

Chase

2/23/24

CAD

420‌

USD

310‌

3‌

JPMorgan

Chase

2/23/24

EUR

104‌

USD

114‌

(1‌)

JPMorgan

Chase

2/23/24

GBP

361‌

USD

460‌

(2‌)

JPMorgan

Chase

2/23/24

USD

604‌

EUR

555‌

4‌

JPMorgan

Chase

3/4/24

BRL

739‌

USD

150‌

(1‌)

JPMorgan

Chase

3/8/24

USD

278‌

MYR

1,289‌

4‌

JPMorgan

Chase

3/8/24

USD

209‌

THB

7,153‌

7‌

JPMorgan

Chase

3/15/24

SGD

726‌

USD

544‌

(2‌)

JPMorgan

Chase

3/15/24

USD

1,050‌

CNH

7,467‌

8‌

JPMorgan

Chase

3/15/24

USD

284‌

CNH

2,040‌

(1‌)

JPMorgan

Chase

3/15/24

USD

219‌

SGD

290‌

2‌

JPMorgan

Chase

4/12/24

CZK

2,549‌

USD

113‌

(2‌)

JPMorgan

Chase

4/12/24

MXN

815‌

USD

47‌

(1‌)

JPMorgan

Chase

4/12/24

USD

112‌

CZK

2,549‌

2‌

JPMorgan

Chase

4/12/24

USD

261‌

MXN

4,523‌

2‌

JPMorgan

Chase

4/12/24

USD

112‌

ZAR

2,121‌

(1‌)

JPMorgan

Chase

4/19/24

AUD

575‌

USD

385‌

(6‌)

JPMorgan

Chase

4/19/24

USD

356‌

AUD

542‌

(1‌)

Morgan

Stanley

2/2/24

USD

2,828‌

CHF

2,439‌

1‌

Morgan

Stanley

2/9/24

CLP

265,245‌

USD

306‌

(21‌)

Morgan

Stanley

2/9/24

USD

602‌

CLP

532,175‌

30‌

Morgan

Stanley

2/16/24

USD

291‌

PLN

1,180‌

(3‌)

Morgan

Stanley

2/23/24

GBP

296‌

USD

375‌

—‌

Morgan

Stanley

2/23/24

USD

617‌

EUR

562‌

8‌

Morgan

Stanley

2/23/24

USD

1,357‌

GBP

1,091‌

(26‌)

Morgan

Stanley

3/4/24

USD

149‌

BRL

739‌

—‌

Morgan

Stanley

3/8/24

USD

442‌

COP

1,798,460‌

(17‌)

Morgan

Stanley

4/3/24

USD

248‌

TWD

7,596‌

3‌

Morgan

Stanley

4/12/24

MXN

4,077‌

USD

233‌

1‌

Morgan

Stanley

4/12/24

USD

838‌

MXN

14,431‌

9‌

Morgan

Stanley

4/12/24

USD

299‌

MXN

5,225‌

(1‌)

Morgan

Stanley

4/12/24

ZAR

2,121‌

USD

113‌

—‌

NatWest

Bank

2/2/24

GBP

6,750‌

USD

8,537‌

17‌

NatWest

Bank

2/2/24

USD

1,688‌

GBP

1,335‌

(3‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

101

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

RBC

Dominion

Securities

2/2/24

EUR

1,795‌

USD

1,950‌

$

(10‌)

RBC

Dominion

Securities

2/2/24

JPY

819,081‌

USD

5,623‌

(56‌)

RBC

Dominion

Securities

2/2/24

NZD

3,642‌

USD

2,239‌

(13‌)

RBC

Dominion

Securities

2/2/24

USD

2,206‌

AUD

3,318‌

29‌

RBC

Dominion

Securities

2/2/24

USD

4,838‌

CHF

4,205‌

(37‌)

RBC

Dominion

Securities

2/2/24

USD

5,187‌

EUR

4,690‌

118‌

RBC

Dominion

Securities

2/2/24

USD

936‌

JPY

136,290‌

9‌

RBC

Dominion

Securities

2/2/24

USD

2,833‌

MXN

50,000‌

(71‌)

RBC

Dominion

Securities

2/2/24

USD

3,076‌

SEK

32,093‌

(8‌)

RBC

Dominion

Securities

2/2/24

USD

643‌

ZAR

12,054‌

(1‌)

RBC

Dominion

Securities

2/23/24

EUR

254‌

USD

279‌

(4‌)

RBC

Dominion

Securities

2/23/24

GBP

440‌

USD

557‌

1‌

RBC

Dominion

Securities

3/4/24

USD

1,952‌

EUR

1,795‌

10‌

RBC

Dominion

Securities

3/8/24

USD

76‌

COP

299,244‌

—‌

RBC

Dominion

Securities

4/12/24

MXN

37,279‌

USD

2,170‌

(29‌)

RBC

Dominion

Securities

4/12/24

USD

1,372‌

MXN

23,729‌

10‌

RBC

Dominion

Securities

4/19/24

JPY

12,179‌

USD

83‌

—‌

Standard

Chartered

2/2/24

CAD

5,912‌

USD

4,425‌

(28‌)

Standard

Chartered

2/2/24

INR

318,873‌

USD

3,819‌

20‌

Standard

Chartered

2/2/24

USD

3,687‌

CAD

4,860‌

72‌

Standard

Chartered

2/2/24

USD

1,921‌

GBP

1,505‌

14‌

Standard

Chartered

2/2/24

USD

3,838‌

INR

318,873‌

(1‌)

Standard

Chartered

2/2/24

USD

631‌

NZD

1,015‌

10‌

Standard

Chartered

2/23/24

EUR

500‌

USD

541‌

—‌

Standard

Chartered

3/4/24

USD

4,427‌

CAD

5,912‌

27‌

Standard

Chartered

3/8/24

MYR

2,553‌

USD

551‌

(9‌)

Standard

Chartered

3/8/24

THB

18,905‌

USD

541‌

(6‌)

Standard

Chartered

4/3/24

USD

607‌

TWD

18,670‌

5‌

Standard

Chartered

4/19/24

USD

846‌

NZD

1,355‌

18‌

State

Street

2/2/24

AUD

3,318‌

USD

2,186‌

(9‌)

State

Street

2/2/24

CHF

6,514‌

USD

7,554‌

(3‌)

State

Street

2/2/24

SEK

7,883‌

USD

758‌

—‌

State

Street

2/2/24

USD

2,450‌

NZD

3,996‌

8‌

State

Street

2/2/24

USD

1,447‌

TRY

43,979‌

1‌

State

Street

2/2/24

USD

876‌

ZAR

16,367‌

2‌

State

Street

2/23/24

EUR

618‌

USD

677‌

(9‌)

State

Street

2/23/24

GBP

3‌

USD

4‌

—‌

State

Street

2/23/24

USD

31‌

GBP

24‌

—‌

State

Street

2/23/24

USD

253‌

GBP

201‌

(2‌)

State

Street

3/4/24

NZD

3,996‌

USD

2,451‌

(8‌)

State

Street

3/4/24

TRY

43,979‌

USD

1,404‌

(1‌)

State

Street

3/4/24

USD

2,189‌

AUD

3,318‌

9‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

102

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

State

Street

3/4/24

USD

7,578‌

CHF

6,514‌

$

1‌

State

Street

3/4/24

USD

759‌

SEK

7,883‌

—‌

State

Street

3/4/24

ZAR

16,367‌

USD

874‌

(2‌)

State

Street

3/8/24

COP

1,434,909‌

USD

360‌

6‌

State

Street

4/12/24

MXN

2,920‌

USD

167‌

—‌

State

Street

4/12/24

MXN

4,237‌

USD

246‌

(3‌)

State

Street

4/19/24

JPY

16,656‌

USD

114‌

1‌

State

Street

4/19/24

JPY

5,143‌

USD

36‌

(1‌)

UBS

Investment

Bank

2/2/24

NOK

5,157‌

USD

493‌

(2‌)

UBS

Investment

Bank

2/9/24

CLP

533,860‌

USD

579‌

(5‌)

UBS

Investment

Bank

2/9/24

USD

456‌

CLP

404,921‌

21‌

UBS

Investment

Bank

2/23/24

EUR

434‌

USD

473‌

(3‌)

UBS

Investment

Bank

2/23/24

SEK

2,517‌

USD

248‌

(6‌)

UBS

Investment

Bank

2/23/24

USD

3,702‌

EUR

3,393‌

32‌

UBS

Investment

Bank

2/23/24

USD

1,378‌

GBP

1,108‌

(26‌)

UBS

Investment

Bank

2/23/24

USD

517‌

SEK

5,594‌

(21‌)

UBS

Investment

Bank

3/4/24

AUD

930‌

JPY

90,434‌

(7‌)

UBS

Investment

Bank

3/4/24

USD

300‌

BRL

1,505‌

(3‌)

UBS

Investment

Bank

3/4/24

USD

493‌

NOK

5,157‌

3‌

UBS

Investment

Bank

3/8/24

USD

688‌

COP

2,859,557‌

(42‌)

UBS

Investment

Bank

3/8/24

USD

852‌

THB

29,828‌

8‌

UBS

Investment

Bank

3/15/24

USD

172‌

CNH

1,227‌

1‌

UBS

Investment

Bank

4/12/24

RON

1,696‌

USD

373‌

(5‌)

UBS

Investment

Bank

4/12/24

USD

244‌

HUF

87,106‌

—‌

UBS

Investment

Bank

4/12/24

USD

278‌

ZAR

5,325‌

(5‌)

Wells

Fargo

2/2/24

SEK

42,445‌

USD

4,140‌

(61‌)

Wells

Fargo

2/23/24

USD

653‌

EUR

600‌

3‌

Wells

Fargo

4/5/24

INR

51,525‌

USD

619‌

(1‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

175‌

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

103

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

9

CAC40

Index

contracts

2/24

(746)

$

(24‌)

Long,

17

Hang

Seng

Index

contracts

2/24

1,688

(75‌)

Long,

150

OMX

Swedish

Index

contracts

2/24

3,405

16‌

Long,

85

Commonwealth

of

Australia

ten

year

bond

contracts

3/24

6,476

163‌

Long,

5

DAX

Performance

Index

contracts

3/24

2,296

38‌

Short,

61

Euro

BOBL

contracts

3/24

(7,814)

(61‌)

Long,

65

Euro

BTP

contracts

3/24

8,358

208‌

Short,

11

Euro

BUND

contracts

3/24

(1,615)

(19‌)

Short,

5

Euro

BUXL

thirty

year

bond

contracts

3/24

(743)

(3‌)

Long,

80

Euro

OAT

contracts

3/24

11,272

201‌

Short,

172

Euro

SCHATZ

contracts

3/24

(19,739)

(29‌)

Short,

93

Euro

STOXX

contracts

3/24

(4,689)

(144‌)

Long,

24

FTSE

100

Index

contracts

3/24

2,320

13‌

Long,

16

FTSE

MIB

Index

contracts

3/24

2,674

50‌

Short,

95

Government

of

Canada

ten

year

bond

contracts

3/24

(8,597)

—‌

Long,

82

Mini

ten

year

JGB

contracts

3/24

8,151

(1‌)

Short,

100

MSCI

EAFE

Index

contracts

3/24

(11,165)

(320‌)

Short,

103

MSCI

Emerging

Markets

Index

contracts

3/24

(5,051)

76‌

Long,

7

Republic

of

South

Korea

ten

year

bond

contracts

3/24

596

4‌

Short,

29

S&P

500

E-mini

Index

Communication

Services

Sector

contracts

3/24

(2,893)

(124‌)

Short,

17

S&P

500

E-mini

Index

Consumer

Discretionary

Sector

contracts

3/24

(2,953)

110‌

Long,

18

S&P

500

E-mini

Index

Consumer

Staples

Sector

contracts

3/24

1,329

6‌

Long,

25

S&P

500

E-mini

Index

Energy

Sector

contracts

3/24

2,192

41‌

Long,

24

S&P

500

E-mini

Index

Financial

Sector

contracts

3/24

2,881

96‌

Long,

19

S&P

500

E-mini

Index

Health

Care

Sector

contracts

3/24

2,707

43‌

Long,

19

S&P

500

E-mini

Index

Industrial

Sector

contracts

3/24

2,173

38‌

Short,

15

S&P

500

E-mini

Index

Materials

Sector

contracts

3/24

(1,315)

7‌

Long,

13

S&P

500

E-mini

Index

Real

Estate

Select

Sector

contracts

3/24

610

5‌

Short,

38

S&P

500

E-mini

Index

Technology

Sector

contracts

3/24

(7,617)

(249‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

104

FUTURES

CONTRACTS

(CONTINUED)

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

25

S&P

500

E-mini

Index

Utilities

Sector

contracts

3/24

1,554

$

(70‌)

Short,

56

S&P/ASX

200

Index

contracts

3/24

(7,020)

(167‌)

Short,

6

S&P/TSX

60

Index

contracts

3/24

(1,134)

(2‌)

Short,

58

TOPIX

Index

contracts

3/24

(10,063)

(140‌)

Long,

60

U.K.

Gilt

ten

year

contracts

3/24

7,601

175‌

Long,

30

U.S.

Treasury

Long

Bond

contracts

3/24

3,670

(16‌)

Long,

56

U.S.

Treasury

Notes

five

year

contracts

3/24

6,070

38‌

Short,

179

U.S.

Treasury

Notes

ten

year

contracts

3/24

(20,107)

(261‌)

Short,

49

U.S.

Treasury

Notes

two

year

contracts

3/24

(10,077)

(34‌)

Short,

47

Ultra

U.S.

Treasury

Bonds

contracts

3/24

(6,073)

(179‌)

Short,

26

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/24

(3,039)

(26‌)

Net

payments

(receipts)

of

variation

margin

to

date

494‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(122‌)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

105

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

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

three

months

ended

January

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

—‌

$

—‌

$

1,298‌++

Totals

$

—‌#

$

—‌

$

1,298‌+

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

01/31/24

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

$

107,256‌

 ¤

 ¤

$

97,031‌

Total

$

97,031‌^

#

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.

+

Investment

income

comprised

$1,298

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

$97,031.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

Unaudited

Notes

to

Portfolio

of

Investments

106

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

107

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.   

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its 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

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

108

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

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.

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.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

109

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

January

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

116,239‌

$

—‌

$

116,239‌

Bank

Loans

—‌

27,398‌

678‌

28,076‌

Common

Stocks

41,942‌

12,646‌

175‌

54,763‌

Convertible

Preferred

Stocks

—‌

—‌

328‌

328‌

Preferred

Stocks

517‌

737‌

—‌

1,254‌

Private

Investment

Company

2

—‌

—‌

—‌

64‌

Short-Term

Investments

93,936‌

—‌

—‌

93,936‌

Securities

Lending

Collateral

3,095‌

—‌

—‌

3,095‌

Options

Purchased

1‌

282‌

—‌

283‌

Total

Securities

139,491‌

157,302‌

1,181‌

298,038‌

Swaps*

—‌

5,643‌

—‌

5,643‌

Forward

Currency

Exchange

Contracts

—‌

1,283‌

—‌

1,283‌

Futures

Contracts*

1,328‌

—‌

—‌

1,328‌

Total

$

140,819‌

$

164,228‌

$

1,181‌

$

306,292‌

Liabilities

Options

Written

$

—‌

$

666‌

$

—‌

$

666‌

Swaps*

—‌

5,654‌

—‌

5,654‌

Forward

Currency

Exchange

Contracts

—‌

1,108‌

—‌

1,108‌

Futures

Contracts*

1,944‌

—‌

—‌

1,944‌

Total

$

1,944‌

$

7,428‌

$

—‌

$

9,372‌

1

Includes

Asset-Backed

Securities,

Convertible

Bonds,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

T.

ROWE

PRICE

Multi-Strategy

Total

Return

Fund

110

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.

F1112-054Q1

01/24

2

In

accordance

with

Subtopic

820-10,

certain

investments

that

are

measured

at

fair

value

using

the

net

asset

value

per

share

(or

its

equivalent)

practical

expedient

have

not

been

classified

in

the

fair

value

hierarchy.

The

fair

value

amounts

presented

in

this

table

are

intended

to

permit

reconciliation

of

the

fair

value

hierarchy

to

the

amounts

presented

in

the

Portfolio

of

Investments.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.