# T. Rowe Price Multi-Strategy Total Return Fund (TMSRX): Mutual Fund Facts & Distributions > Markdown mirror of https://www.dividenddata.com/funds/tmsrx for AI agents. Same live data as the HTML page, regenerated on the same refresh cycle. Not investment advice. - Issuer: T. Rowe Price · Asset class: Equity - Strategy: Actively Managed · Inception: 2018-02-23 The portfolio manager employs a highly adaptable and diversified investment strategy, utilizing a range of actively managed approaches. The objective is to achieve attractive returns that outperform cash, while simultaneously aiming for low correlation to the broader equity and fixed income markets and maintaining minimal overall volatility. The manager possesses substantial discretion to invest across a wide spectrum of asset classes, including stocks and bonds, and frequently uses derivatives for effective risk management and hedging against undesirable market exposures. ## Key Facts | Metric | Value | |---|---| | Price | $8.67 | | Expense Ratio | 1.19% | | Assets Under Management | $292.9M | | NAV | $8.67 | | Holdings Count | — | | Distribution Yield (TTM) | — | | Annual Distribution (TTM) | — /share | | Distribution Frequency | Irregular | | 52-Week Range | $8.67 – $9.41 | | Beta | 0.05 | ## Latest Distribution - Amount: $0.1563 /share - Ex-date: 2026-01-22 - Pay date: — ## Frequently Asked Questions ### What does TMSRX invest in? The portfolio manager employs a highly adaptable and diversified investment strategy, utilizing a range of actively managed approaches. The objective is to achieve attractive returns that outperform cash, while simultaneously aiming for low correlation to the broader equity and fixed income markets and maintaining minimal overall volatility. The manager possesses substantial discretion to invest across a wide spectrum of asset classes, including stocks and bonds, and frequently uses derivatives for effective risk management and hedging against undesirable market exposures. ### What is the expense ratio of TMSRX? T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) charges an expense ratio of 1.19%. This is the annual fee deducted from fund assets to cover management and operations. ### How big is TMSRX? T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) manages $292.9M in total assets. AUM determines bid-ask liquidity and the fund's vulnerability to closure. Funds below ~$50M are at higher risk of liquidation. ### Is TMSRX actively managed or an index fund? TMSRX is actively managed: the manager selects holdings rather than tracking an index. Active funds typically charge higher expense ratios than index funds (TMSRX's is 1.19%) in exchange for the discretion to over- or under-weight positions. ### When was TMSRX launched? T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) launched in February 2018 and is managed by T. Rowe Price. ### How has TMSRX performed? TMSRX's total return (price change plus reinvested distributions) is charted at the top of this page. Switch the price chart to Total Return and pick a 1-year, 3-year, 5-year, or 10-year window to read the compound annual growth rate (CAGR) over each horizon. ### Does TMSRX pay a dividend? T. Rowe Price Multi-Strategy Total Return Fund (TMSRX) currently distributes little or no income. Trailing-twelve-month yield is —. Investors looking for income should consider income-focused alternatives. See the Peers tab. ### How often does TMSRX pay dividends? T. Rowe Price Multi-Strategy Total Return Fund pays dividends Irregular. Each ex-dividend date, record date, and payment date is listed in the dividend history table on this page. ### What is TMSRX's dividend yield? TMSRX's trailing-twelve-month yield is —, calculated from the sum of dividends over the past year divided by the current price. ### When is TMSRX's next ex-dividend date? The most recently announced ex-dividend date for TMSRX was 2026-01-22. The next ex-date typically follows Irregular; once announced it appears at the top of the dividend history table on this page. ### How much will TMSRX's expense ratio cost me over 30 years? On a $10,000 investment compounding at 7% gross return, a 1.19% expense ratio quietly compounds against your balance every year. The Fee Compounding Forecast card above projects the dollar drag for any holding period and assumption you pick. The typical result for a 1.0% expense ratio on a 30-year hold is roughly 25% of the final balance lost to fees. ### How does TMSRX charge its expense ratio? The expense ratio is deducted in tiny daily slices from TMSRX's net asset value (NAV). You never see a bill. The price quoted on every exchange is already net of fees. There's no "fee day" to avoid; the cost is continuous and built into the trading price. ### Why does TMSRX cost more than a fund like VOO? TMSRX is actively managed (current expense ratio 1.19%). Active funds charge more than passive index trackers in exchange for the manager's discretion to over- or under-weight positions. The Cost Verdict card above tells you whether TMSRX's fee is competitive for the active-management cohort. ### Are there cheaper alternatives to TMSRX? The Lower-Fee Alternatives card above lists mutual funds following the same investment strategy as TMSRX (1.19%) but at a lower expense ratio. Each row shows the fee gap, the peer's AUM as a liquidity sanity-check, and a direct link to that fund's analysis page. Cheaper price doesn't automatically mean better. Verify the peer holds what you actually want. ## More on Dividend Data - Overview (HTML): https://www.dividenddata.com/funds/tmsrx - Distribution history: https://www.dividenddata.com/funds/tmsrx/dividend - Holdings & diversification: https://www.dividenddata.com/funds/tmsrx/diversification - Fees & cheaper alternatives: https://www.dividenddata.com/funds/tmsrx/expenses - Peer comparison: https://www.dividenddata.com/funds/tmsrx/peers Data sourced from primary filings and market data providers; see https://www.dividenddata.com/methodology.