NPORT-EX 2 70JDTRP013124.htm T. ROWE PRICE MULTI-STRATEGY TOTAL RETURN FUND, INC.
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.