Three reasons to consider T. Rowe Price Global Multi-Sector Bond Fund

Today's uncertain market environment speaks to the importance of maintaining a globally diversified fixed income allocation. The ability to invest across a broad range of sectors and tactically adjust allocations can help to generate a more stable return and lower volatility through diversification.¹ We believe that our Global Multi‑Sector Bond Fund, which is a flexible, “go‑anywhere” core bond fund, is suited precisely to this environment. Specifically, it offers the following three potential benefits:

We aim to provide investors high yield‑like returns with investment‑grade levels of risk. To do so, we leverage the full breadth and depth of T. Rowe Price Associates, Inc.’s (TRPA’s), fixed income capabilities and integrate the best income ideas from our global research platform into a single high‑quality portfolio.

We have the flexibility to invest across the broad fixed income universe, spanning more than 15 major fixed income sectors, 80 countries, and 40 currencies, to help us identify the most attractive opportunities. We believe that opening up the global bond opportunity set in this way allows us to seek higher yields and better risk‑adjusted returns. More importantly, diversifying return and income sources from various higher‑yielding sectors also allows the fund to take on different types of risks that may be unrelated or even negatively correlated.² This helps to lower overall portfolio volatility, better positioning it to pursue consistent long‑term returns.

One of the fund’s major distinguishing features is its truly global nature. This is distinct from other fixed income solutions that may have heavier tilts toward specific sectors, such as U.S. core bonds or securitized credit. In contrast, we prefer not to focus on geographies or sectors to avoid concentrations in a single sector or interest rate cycle. Instead, we utilize the full global opportunity set, including government, corporate, and securitized debt, both investment‑grade and high yield issues, across developed and emerging markets. We are also able to invest in nonmainstream sectors, such as mortgage‑backed securities and convertible bonds.

We view access to such a broad fixed income investment universe as crucial because it gives the fund more sectors, issuers, and interest rate exposures to choose from, enabling us to pursue geographically and sectorally diversified sources of total return and income. This, in turn, also means we are harvesting a variety of risk premiums.

We seek to maintain an average portfolio credit rating of investment grade. Furthermore, our active management style and robust risk controls help us to minimize volatility through different market cycles. We can adjust risk positions, hedges, and liquidity and are able to take more defensive or opportunistic positions as market conditions evolve. It is this flexibility that helps the fund achieve its value proposition—aiming to give investors a smoother ride through market volatility while still pursuing consistent returns and income.

Against a backdrop of heightened political uncertainty, monetary policy dispersion, high fiscal deficits, and tariff concerns, bond markets are likely to experience increased dispersion and volatility this year. We believe this environment is conducive for our globally diversified bond fund, which seeks higher income and returns through holistic portfolio construction and the tactical management of duration, credit sectors, currency, and security selection.

Call 1-800-225-5132 to request a prospectus or summary prospectus; each includes investment objectives, risks, fees, expenses, and other information you should read and consider carefully before investing.

For definitions of financial terms used in this material please refer to – www.troweprice.com/en/us/glossary