T.
ROWE
PRICE
Global
Allocation
Fund
July
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.2%
Common
Stocks
0.2%
Globant
(USD) (1)
1,375
329
MercadoLibre
(USD) (1)
880
1,381
Tenaris
(EUR)
2,679
27
Tenaris,
ADR
(USD)
7,403
151
Total
Argentina
(Cost
$609
)
1,888
AUSTRALIA
0.6%
Common
Stocks
0.6%
ALS
5,265
49
Australia
&
New
Zealand
Banking
Group
13,811
281
BHP
Group
44,337
1,742
Challenger
24,312
102
Cochlear
1,118
202
Downer
EDI
50,554
197
Frontier
Digital
Ventures (1)
42,645
49
Goodman
Group
3,735
62
IDP
Education
9,404
195
IGO
85,248
582
Incitec
Pivot
79,700
157
Macquarie
Group
2,522
291
Northern
Star
Resources
28,640
213
oOh!media (1)
69,122
83
OZ
Minerals
14,615
248
Perseus
Mining (1)
141,858
173
Rio
Tinto
3,310
324
Scentre
Group
175,299
335
Silver
Lake
Resources (1)
33,796
38
South32
221,472
485
Steadfast
Group
54,717
179
Treasury
Wine
Estates
19,238
169
Worley
45,251
372
Xero (1)
1,750
182
6,710
Corporate
Bonds
0.0%
Ausgrid
Finance,
3.85%,
5/1/23
(USD) (2)
105,000
109
Boral
Finance,
3.00%,
11/1/22
(USD) (2)
10,000
10
Transurban
Finance,
2.45%,
3/16/31
(USD) (2)
140,000
143
Transurban
Finance,
4.125%,
2/2/26
(USD) (2)
15,000
17
Woodside
Finance,
3.70%,
3/15/28
(USD) (2)
67,000
73
T.
ROWE
PRICE
Global
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Woodside
Finance,
4.50%,
3/4/29
(USD) (2)
105,000
119
471
Total
Australia
(Cost
$5,059
)
7,181
AUSTRIA
0.2%
Common
Stocks
0.2%
BAWAG
Group
20,479
1,163
Erste
Group
Bank
18,757
727
Mayr
Melnhof
Karton
2,095
446
Total
Austria
(Cost
$1,722
)
2,336
BANGLADESH
0.0%
Common
Stocks
0.0%
BRAC
Bank
453,236
264
Marico
Bangladesh
1,357
38
Olympic
Industries
8,408
17
Singer
Bangladesh
22,290
48
Total
Bangladesh
(Cost
$304
)
367
BELGIUM
0.1%
Common
Stocks
0.1%
Anheuser-Busch
InBev
7,843
495
Barco
4,289
107
KBC
Group
3,004
242
Umicore
4,984
310
1,154
Corporate
Bonds
0.0%
Anheuser-Busch,
4.90%,
2/1/46
(USD)
90,000
115
115
Total
Belgium
(Cost
$1,137
)
1,269
BRAZIL
0.6%
Common
Stocks
0.4%
Arco
Platform,
Class
A
(USD) (1)
1,606
47
B3
192,100
565
Boa
Vista
Servicos
41,661
92
EDP
-
Energias
Do
Brasil
34,868
115
T.
ROWE
PRICE
Global
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Grupo
SBF (1)
18,500
125
Iguatemi
Empresa
de
Shopping
Centers
18,300
144
Lojas
Renner
30,621
243
Magazine
Luiza
37,053
146
Pagseguro
Digital,
Class
A
(USD) (1)
8,127
451
Raia
Drogasil
142,910
694
Rede
D'Or
Sao
Luiz
26,313
350
StoneCo,
Class
A
(USD) (1)
22,977
1,352
Suzano (1)
7,751
81
Vale
7,094
149
XP,
Class
A
(USD) (1)
20,763
852
5,406
Preferred
Stocks
0.2%
Itau
Unibanco
Holding
308,346
1,789
Marcopolo
174,900
102
1,891
Total
Brazil
(Cost
$5,784
)
7,297
CANADA
0.9%
Common
Stocks
0.7%
Altus
Group
3,524
166
ARC
Resources
11,770
89
Aritzia (1)
4,500
132
Bausch
Health
(USD) (1)
17,981
526
CAE (1)
5,078
155
Canadian
Apartment
Properties
REIT
809
40
dentalcorp
Holdings (1)(3)
8,336
98
Descartes
Systems
Group (1)
3,328
241
DIRTT
Environmental
Solutions (1)(3)
30,667
141
Element
Fleet
Management
33,544
384
Enbridge
(USD)
617
24
Enerflex
3,000
17
ERO
Copper (1)
6,058
122
Franco-Nevada
1,740
278
K92
Mining (1)
13,187
95
Kirkland
Lake
Gold
4,371
187
Lundin
Mining
15,740
144
MAG
Silver
(USD) (1)
3,990
79
Magna
International
(USD)
10,122
849
Manulife
Financial
9,330
180
National
Bank
of
Canada
10,948
838
Pan
American
Silver
(USD)
850
24
Parex
Resources (1)
1,250
21
T.
ROWE
PRICE
Global
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sandstorm
Gold
(USD) (1)
6,880
54
Shopify,
Class
A (1)
418
628
Shopify,
Class
A
(USD) (1)
646
969
Spin
Master (1)
6,158
236
Summit
Industrial
Income
REIT
5,905
90
Sun
Life
Financial
20,326
1,059
TC
Energy
4,011
196
TC
Energy
(USD)
1,157
56
TMX
Group
2,927
321
Wesdome
Gold
Mines (1)
22,735
230
West
Fraser
Timber
284
20
Wheaton
Precious
Metals
913
42
8,731
Corporate
Bonds
0.1%
Canadian
Natural
Resources,
2.95%,
1/15/23
(USD)
175,000
181
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD)
110,000
115
Suncor
Energy,
3.10%,
5/15/25
(USD)
70,000
75
Thomson
Reuters,
3.35%,
5/15/26
(USD)
10,000
11
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD)
145,000
147
Toronto-Dominion
Bank,
3.50%,
7/19/23
(USD)
235,000
250
TransCanada
Pipelines,
2.50%,
8/1/22
(USD)
20,000
20
799
Government
Bonds
0.1%
Province
of
Alberta,
2.20%,
7/26/22
(USD)
130,000
132
Province
of
Alberta,
3.30%,
3/15/28
(USD)
135,000
153
Province
of
British
Columbia,
2.00%,
10/23/22
(USD)
15,000
15
Province
of
Manitoba,
2.60%,
4/16/24
(USD)
270,000
286
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD)
250,000
287
Province
of
Quebec,
2.875%,
10/16/24
(USD)
50,000
54
927
Total
Canada
(Cost
$7,188
)
10,457
CAYMAN
ISLANDS
0.0%
Common
Stocks
0.0%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $45
(USD) (1)(4)(5)
8,048
57
57
T.
ROWE
PRICE
Global
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Convertible
Preferred
Stocks
0.0%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $96
(USD) (1)(4)(5)
1,944
306
306
Total
Cayman
Islands
(Cost
$141
)
363
CHILE
0.2%
Common
Stocks
0.1%
Antofagasta
(GBP)
21,482
446
Banco
Santander
Chile,
ADR
(USD)
27,068
529
975
Corporate
Bonds
0.1%
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD)
250,000
302
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (2)
220,000
229
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (2)
200,000
211
742
Total
Chile
(Cost
$1,505
)
1,717
CHINA
2.5%
Common
Stocks
1.9%
58.com
(USD) (1)(4)
5,864
—
Alibaba
Group
Holding
(HKD) (1)
49,720
1,214
Alibaba
Group
Holding,
ADR
(USD) (1)
17,965
3,507
Anhui
Conch
Cement,
H
Shares
(HKD)
85,000
407
Baidu,
ADR
(USD) (1)
1,856
304
Beijing
Enterprises
Holdings
(HKD)
30,500
95
Beijing
Enterprises
Urban
Resources
Group
(HKD) (1)
332,000
36
China
Feihe
(HKD)
79,000
152
China
Mengniu
Dairy
(HKD)
297,000
1,613
China
Merchants
Bank,
H
Shares
(HKD)
45,500
346
China
Overseas
Land
&
Investment
(HKD)
308,500
647
China
Resources
Beer
Holdings
(HKD)
8,000
60
China
Resources
Mixc
Lifestyle
Services
(HKD)
23,800
144
Country
Garden
Services
Holdings
(HKD)
48,000
390
Didi
Global,
Acquisition
Date:
10/19/15,
Cost $9
(USD) (1)(5)
344
14
ENN
Energy
Holdings
(HKD)
23,200
484
Fosun
International
(HKD)
106,500
141
Greentown
Service
Group
(HKD)
242,000
263
Guangzhou
Automobile
Group,
H
Shares
(HKD)
82,000
71
Haier
Smart
Home,
H
Shares
(HKD)
31,600
108
T.
ROWE
PRICE
Global
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hope
Education
Group
(HKD) (3)
708,000
133
Huazhu
Group,
ADR
(USD) (1)
862
39
I-Mab,
ADR
(USD) (1)
2,329
182
JOYY,
ADR
(USD)
2,496
133
Kanzhun,
ADR
(USD) (1)
6,541
225
Li
Ning
(HKD)
27,500
290
Meituan,
Class
B
(HKD) (1)
32,900
910
New
Horizon
Health
(HKD) (1)
5,000
46
New
Oriental
Education
&
Technology
Group,
ADR
(USD) (1)
52,410
114
PICC
Property
&
Casualty,
Class
H
(HKD)
252,000
204
Pinduoduo,
ADR
(USD) (1)
4,800
440
Ping
An
Insurance
Group,
H
Shares
(HKD)
159,000
1,391
Shandong
Weigao
Group
Medical
Polymer,
H
Shares
(HKD)
72,000
129
Sino
Biopharmaceutical
(HKD)
415,000
353
Sinopharm
Group,
H
Shares
(HKD)
26,400
69
Tencent
Holdings
(HKD)
91,554
5,522
Tencent
Holdings,
ADR
(USD)
4,167
255
Tencent
Music
Entertainment
Group,
ADR
(USD) (1)
11,200
118
Trip.com
Group,
ADR
(USD) (1)
13,070
339
Tsingtao
Brewery,
H
Shares
(HKD)
18,000
142
Wuxi
Biologics
Cayman
(HKD) (1)
4,500
69
Yangzijiang
Shipbuilding
Holdings
(SGD)
247,600
251
Yum
China
Holdings
(USD)
15,200
945
Zhongsheng
Group
Holdings
(HKD)
71,500
659
Zylox-Tonbridge
Medical
Technology
(HKD) (1)
3,000
18
22,972
Common
Stocks
-
China
A
Shares
0.5%
Anhui
Conch
Cement,
A
Shares
(CNH)
17,800
98
Autel
Intelligent
Technology,
A
Shares
(CNH)
13,917
172
Bafang
Electric
Suzhou,
A
Shares
(CNH)
6,075
211
BTG
Hotels
Group,
A
Shares
(CNH) (1)
26,373
76
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
13,912
104
Gree
Electric
Appliances
of
Zhuhai,
A
Shares
(CNH)
124,000
913
Hongfa
Technology,
A
Shares
(CNH)
52,800
538
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
26,680
268
Jiangsu
Hengrui
Medicine,
A
Shares
(CNH)
27,720
234
Kweichow
Moutai,
A
Shares
(CNH)
3,230
841
Midea
Group,
A
Shares
(CNH)
28,400
280
NARI
Technology,
A
Shares
(CNH)
33,240
162
Qingdao
Haier
Biomedical,
Class
A
(CNH)
10,900
176
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
9,254
49
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
29,700
143
Sino
Wealth
Electronic,
A
Shares
(CNH)
16,590
179
Songcheng
Performance
Development,
A
Shares
(CNH)
246,100
484
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
64,726
490
T.
ROWE
PRICE
Global
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Zhongji
Innolight,
A
Shares
(CNH)
13,700
91
5,509
Corporate
Bonds
0.1%
Baidu,
3.875%,
9/29/23
(USD)
210,000
223
State
Grid
Overseas
Investment,
3.75%,
5/2/23
(USD) (2)
215,000
226
Tencent
Holdings,
2.985%,
1/19/23
(USD) (2)
200,000
207
Weibo,
3.50%,
7/5/24
(USD)
255,000
267
923
Total
China
(Cost
$23,810
)
29,404
CZECH
REPUBLIC
0.0%
Common
Stocks
0.0%
Komercni
banka (1)
8,171
303
Total
Czech
Republic
(Cost
$290
)
303
DENMARK
0.3%
Common
Stocks
0.2%
Ambu,
Class
B
6,671
247
Chr
Hansen
Holding
1,135
102
Coloplast,
B
Shares
3,118
570
Genmab (1)
207
94
Netcompany
Group
2,857
353
Pandora
3,146
407
ROCKWOOL
International,
B
Shares
896
475
Topdanmark
5,826
297
2,545
Corporate
Bonds
0.1%
Danske
Bank,
VR,
3.244%,
12/20/25
(USD) (2)(6)
335,000
357
357
Total
Denmark
(Cost
$1,975
)
2,902
EGYPT
0.0%
Common
Stocks
0.0%
Cairo
Investment
&
Real
Estate
Development
75,090
55
Edita
Food
Industries,
GDR
(USD)
7,020
21
Fawry
for
Banking
&
Payment
Technology
Services (1)
57,848
70
T.
ROWE
PRICE
Global
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Integrated
Diagnostics
Holdings
(USD)
147,798
173
Total
Egypt
(Cost
$325
)
319
FINLAND
0.3%
Common
Stocks
0.3%
Huhtamaki
1,473
78
Kojamo
7,404
182
Metso
Outotec
9,826
112
QT
Group (1)
1,378
187
Sampo,
A
Shares
32,787
1,578
Stora
Enso,
R
Shares
42,433
840
UPM-Kymmene
1,859
76
Valmet
11,308
472
3,525
Corporate
Bonds
0.0%
Nordea
Bank,
1.00%,
6/9/23
(USD) (2)
205,000
208
208
Total
Finland
(Cost
$2,651
)
3,733
FRANCE
1.8%
Common
Stocks
1.6%
Air
Liquide
3,912
680
Airbus (1)
18,890
2,591
Alstom (1)(3)
2,829
117
AXA
47,705
1,235
BioMerieux
610
73
BNP
Paribas
14,019
855
Constellium
(USD) (1)
4,098
77
Dassault
Aviation
385
458
Edenred
2,737
159
Electricite
de
France
15,291
186
Engie
57,330
765
Esker
293
93
EssilorLuxottica
6,937
1,310
Eurofins
Scientific
4,750
568
Eutelsat
Communications
8,756
95
Gecina
179
28
Imerys
524
24
Ipsen
1,923
206
Kering
397
356
L'Oreal
1,429
654
T.
ROWE
PRICE
Global
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Legrand
3,021
341
LVMH
Moet
Hennessy
Louis
Vuitton
126
101
Orange
10,242
114
Safran
1,890
247
Sanofi
23,704
2,443
Schneider
Electric
2,937
492
SEB
3,633
604
SPIE
8,152
193
Teleperformance
2,150
907
Thales
12,008
1,260
Tikehau
Capital (3)
4,786
150
TotalEnergies
28,689
1,251
Valeo
3,303
96
Verallia
12,406
460
19,189
Corporate
Bonds
0.2%
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (2)(6)
350,000
363
BPCE,
4.00%,
9/12/23
(USD) (2)
265,000
284
BPCE,
4.50%,
3/15/25
(USD) (2)
400,000
444
Credit
Agricole,
3.75%,
4/24/23
(USD) (2)
250,000
264
TotalEnergies
Capital
International,
2.434%,
1/10/25
(USD)
275,000
289
1,644
Total
France
(Cost
$16,421
)
20,833
GERMANY
1.7%
Common
Stocks
1.6%
adidas
1,613
585
AIXTRON
18,365
453
Auto1
Group (1)
2,652
130
BASF
7,655
602
Bayer
15,245
908
Beiersdorf
1,617
192
CANCOM
2,172
137
Covestro
7,610
490
CTS
Eventim (1)
7,004
476
Daimler
3,625
323
Delivery
Hero (1)
856
128
Deutsche
Boerse
1,639
273
Evotec (1)
18,076
750
flatexDEGIRO (1)
1,646
199
Fresenius
12,876
677
GEA
Group
4,860
215
HeidelbergCement
2,027
180
T.
ROWE
PRICE
Global
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hypoport (1)
287
173
Infineon
Technologies
18,434
704
Instone
Real
Estate
Group
2,676
83
KION
Group
8,401
892
Knaus
Tabbert
1,584
125
Knorr-Bremse
6,338
718
LEG
Immobilien
385
61
MorphoSys (1)
1,275
71
Munich
Re
3,429
925
MYT
Netherlands
Parent,
ADR
(USD) (1)
3,918
113
Norma
Group
6,485
343
SAP
3,712
533
Scout24
11,243
963
Shop
Apotheke
Europe (1)
2,770
415
Siemens
21,159
3,302
Siemens
Healthineers
7,003
462
Stroeer
2,372
188
Symrise
4,358
643
TeamViewer (1)
2,242
75
Telefonica
Deutschland
Holding
32,551
88
Zalando (1)
13,376
1,486
19,081
Corporate
Bonds
0.1%
BMW
U.S.
Capital,
2.95%,
4/14/22
(USD) (2)
295,000
301
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22
(USD) (2)
330,000
338
639
Preferred
Stocks
0.0%
Sartorius
76
46
Volkswagen
1,425
347
393
Total
Germany
(Cost
$14,972
)
20,113
HONG
KONG
0.4%
Common
Stocks
0.4%
AIA
Group
218,400
2,613
Budweiser
Brewing
APAC
170,500
476
CK
Hutchison
Holdings
25,500
186
Galaxy
Entertainment
Group (1)
10,000
68
Hong
Kong
Exchanges
&
Clearing
4,800
307
Hongkong
Land
Holdings
(USD)
28,300
129
Impro
Precision
Industries
225,000
57
T.
ROWE
PRICE
Global
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
LK
Technology
Holdings
37,500
88
Samsonite
International (1)
60,000
112
SITC
International
Holdings
49,000
202
Sun
Hung
Kai
Properties
7,083
101
Wharf
Real
Estate
Investment
8,000
45
4,384
Corporate
Bonds
0.0%
AIA
Group,
3.60%,
4/9/29
(USD) (2)
265,000
297
AIA
Group,
FRN,
3M
USD
LIBOR
+
0.52%,
0.655%,
9/20/21
(USD) (2)
295,000
295
592
Total
Hong
Kong
(Cost
$3,583
)
4,976
HUNGARY
0.1%
Common
Stocks
0.1%
OTP
Bank (1)
13,564
731
Total
Hungary
(Cost
$518
)
731
ICELAND
0.0%
Common
Stocks
0.0%
Marel
43,921
333
Total
Iceland
(Cost
$312
)
333
INDIA
0.7%
Common
Stocks
0.7%
Astral
7,122
199
Axis
Bank (1)
24,504
234
Blue
Star
8,250
94
CreditAccess
Grameen (1)
6,599
59
Dr
Lal
PathLabs
1,556
74
Escorts
9,937
159
HDFC
Bank
50,536
971
Housing
Development
Finance
64,016
2,109
ICICI
Bank,
ADR
(USD)
10,654
198
Indus
Towers
36,487
110
Info
Edge
India
1,173
82
Infosys
75,889
1,655
Kotak
Mahindra
Bank (1)
23,705
529
Maruti
Suzuki
India
3,771
355
T.
ROWE
PRICE
Global
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NTPC
149,095
239
Petronet
LNG
23,332
69
Polycab
India
6,625
165
Shriram
Transport
Finance
11,724
221
Tata
Consultancy
Services
4,653
198
TeamLease
Services (1)
2,657
153
Torrent
Pharmaceuticals
4,491
186
V-Mart
Retail (1)
1,510
78
Zomato (1)
27,885
50
Total
India
(Cost
$5,880
)
8,187
INDONESIA
0.1%
Common
Stocks
0.1%
Astra
International
791,000
258
Bank
Central
Asia
247,700
512
Sarana
Menara
Nusantara
2,114,300
214
Total
Indonesia
(Cost
$774
)
984
IRELAND
0.2%
Common
Stocks
0.1%
Cairn
Homes
(GBP) (1)
117,038
151
DCC
(GBP)
5,507
461
612
Corporate
Bonds
0.1%
AerCap
Ireland
Capital,
3.30%,
1/23/23
(USD)
150,000
155
AerCap
Ireland
Capital,
4.125%,
7/3/23
(USD)
150,000
159
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (2)
70,000
74
Avolon
Holdings
Funding,
5.25%,
5/15/24
(USD) (2)
215,000
237
CRH
America
Finance,
3.95%,
4/4/28
(USD) (2)
400,000
455
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
(USD)
300,000
314
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23
(USD) (2)
315,000
334
1,728
Total
Ireland
(Cost
$2,154
)
2,340
ISRAEL
0.0%
Corporate
Bonds
0.0%
Teva
Pharmaceutical
Finance
IV,
3.65%,
11/10/21
(USD)
15,000
15
Total
Israel
(Cost
$15
)
15
T.
ROWE
PRICE
Global
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ITALY
0.6%
Common
Stocks
0.6%
Amplifon
15,535
767
Banca
Mediolanum
19,283
190
Brunello
Cucinelli (1)
2,293
142
Carel
Industries
12,698
302
CNH
Industrial
14,468
242
Davide
Campari-Milano
39,382
554
De'
Longhi
10,094
446
DiaSorin
816
166
Ferrari
2,761
602
FinecoBank
Banca
Fineco (1)
38,487
689
GVS
10,500
161
Intesa
Sanpaolo
78,528
217
Investindustrial
Acquisition
SPAC
/
Ermenegildo
Zegna
PIPE
(USD) (1)(7)
16,408
146
Leonardo (1)
17,852
140
Moncler
5,773
396
Prysmian
27,319
979
Stellantis
12,906
248
Telecom
Italia
261,931
122
Terna
2,635
21
6,530
Corporate
Bonds
0.0%
Enel
Finance
International,
1.875%,
7/12/28
(USD) (2)
200,000
203
Eni,
Series
X-R,
4.00%,
9/12/23
(USD) (2)
295,000
314
517
Total
Italy
(Cost
$4,391
)
7,047
JAPAN
4.3%
Common
Stocks
4.2%
Aida
Engineering
8,900
82
Aiful
52,800
166
Aruhi (3)
11,200
142
Asahi
Group
Holdings
5,400
243
Asahi
Kasei
29,600
323
Asics (3)
6,800
150
Astellas
Pharma
66,300
1,056
Benefit
One
5,900
194
Benesse
Holdings
3,900
90
Bridgestone
4,300
189
T.
ROWE
PRICE
Global
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Central
Japan
Railway
1,700
247
Chugai
Pharmaceutical
6,900
254
Coca-Cola
Bottlers
Japan
Holdings
4,500
73
Coconala (1)
7,400
116
CyberAgent
31,500
567
Dai-ichi
Life
Holdings
10,000
184
Daiichi
Sankyo
2,800
55
Daikin
Industries
3,300
689
Daio
Paper
33,700
581
Daiwa
Office
Investment
6
43
Daiwabo
Holdings
10,800
218
Demae-Can (1)(3)
7,100
84
Denka
2,000
69
Denso
3,900
268
DIC
9,200
249
Disco
1,200
343
Eisai
4,600
378
Electric
Power
Development
20,600
302
Ezaki
Glico
3,400
127
Fancl
8,400
267
FANUC
3,100
694
Fast
Retailing
400
271
Freee (1)
6,300
541
Fujitec
23,400
520
Fujitsu
2,600
442
Fujitsu
General
13,900
359
Fukuoka
Financial
Group
5,700
96
GMO
Financial
Gate
700
133
GMO
Payment
Gateway
2,200
283
Hamamatsu
Photonics
9,100
506
Hanwa
5,700
169
Heiwa
Real
Estate
5,800
209
Hikari
Tsushin
2,600
450
Hino
Motors
32,500
285
Hitachi
8,600
495
Hitachi
Metals (1)
11,700
229
Honda
Motor
4,700
151
Horiba
1,800
124
Hoshino
Resorts
REIT
46
293
Hoshizaki
12,100
1,016
Idec
5,000
100
Industrial
&
Infrastructure
Fund
Investment (3)
153
297
Japan
Metropolitan
Fund
Invest
33
35
JGC
Holdings
8,600
77
JINS
Holdings (3)
2,000
131
JMDC (1)
3,000
154
T.
ROWE
PRICE
Global
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kansai
Paint
14,200
349
Kao
1,400
84
Keyence
1,800
1,003
Kirin
Holdings
20,300
371
Kubota (3)
18,900
395
Kyoritsu
Maintenance
1,100
36
Kyowa
Kirin
8,100
264
Mabuchi
Motor
2,500
94
Maeda
22,700
191
Matsumotokiyoshi
Holdings
7,400
329
Media
Do (3)
2,600
107
Medley (1)
2,700
99
Mercari (1)
1,700
89
METAWATER
5,800
106
Mitsubishi
8,600
241
Mitsubishi
Electric
101,900
1,383
Mitsubishi
Estate
11,200
176
Mitsubishi
HC
Capital
24,700
135
Mitsubishi
UFJ
Financial
Group
101,800
538
Mitsui
Fudosan
35,100
821
Mitsui
Fudosan
Logistics
Park
9
50
Mitsui
Mining
&
Smelting
3,700
105
Miura
10,900
481
Modec
7,500
126
Money
Forward (1)
3,900
240
Murata
Manufacturing
11,600
963
Musashi
Seimitsu
Industry
10,100
210
Nakanishi
6,500
135
NET
One
Systems
6,700
230
Nextage
19,600
403
NGK
Spark
Plug
5,800
85
Nifco
3,200
106
Nintendo
500
257
Nippon
Ceramic
8,000
212
Nippon
Paint
Holdings
8,700
111
Nippon
Seiki
20,900
242
Nippon
Shokubai
2,400
115
Nippon
Soda
3,300
106
Nippon
Steel
4,200
73
Nippon
Telegraph
&
Telephone
94,000
2,407
Nipro
20,000
248
Nitto
Boseki
2,100
64
NOF
2,100
107
NTT
Data
40,400
626
Obara
Group
3,800
136
Omron
2,600
223
T.
ROWE
PRICE
Global
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Oriental
Land
1,300
178
ORIX
18,000
315
Otsuka
Holdings
22,800
906
Outsourcing
7,700
147
PALTAC
2,000
93
Pan
Pacific
International
Holdings (3)
10,100
211
Panasonic
26,000
314
Persol
Holdings
23,600
476
Pigeon
2,300
66
Plaid (1)(3)
7,400
167
Pola
Orbis
Holdings (3)
3,100
74
Recruit
Holdings
18,900
980
Renesas
Electronics (1)
14,900
162
Round
One (3)
12,100
118
Sakata
INX
12,100
119
Sakata
Seed
1,600
52
Sansan (1)(3)
4,300
352
Sanwa
Holdings
13,700
167
Sega
Sammy
Holdings
8,000
101
Seven
&
i
Holdings
15,700
701
Shimadzu
10,500
423
Shin-Etsu
Chemical
200
33
Shiseido
700
47
SMC
400
238
SMS
14,500
406
SoftBank
25,900
338
SoftBank
Group
14,700
924
Solasto
36,200
442
Sompo
Holdings
6,200
256
Sony
Group
7,100
742
Stanley
Electric
21,700
566
SUMCO
1,200
28
Sumitomo
35,000
476
Sumitomo
Densetsu
10,400
205
Sumitomo
Electric
Industries
24,500
348
Sumitomo
Mitsui
Trust
Holdings
5,400
177
Sumitomo
Rubber
Industries
8,200
110
Sumitomo
Seika
Chemicals
5,300
179
Suzuki
Motor
29,400
1,196
Taiheiyo
Cement
12,900
301
Taiyo
Yuden
2,500
128
Takeda
Pharmaceutical
19,646
654
Takeda
Pharmaceutical,
ADR
(USD)
7,410
122
Takuma
5,800
93
TechnoPro
Holdings
19,200
480
THK
5,200
149
T.
ROWE
PRICE
Global
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Tokio
Marine
Holdings
8,700
415
Tokyo
Electron
1,600
660
Tokyo
Tatemono
13,900
209
Tosoh
2,800
49
Toyo
Tire
9,300
176
Toyota
Motor
17,200
1,544
UT
Group
14,800
465
V-Cube (3)
6,700
144
Visional (1)
1,900
96
WealthNavi (1)
4,800
187
Welcia
Holdings
7,500
255
Yellow
Hat
7,600
147
Z
Holdings
91,900
460
50,248
Corporate
Bonds
0.1%
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (6)
300,000
302
Panasonic,
2.536%,
7/19/22
(USD) (2)
200,000
203
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
(USD)
340,000
362
867
Total
Japan
(Cost
$40,146
)
51,115
KAZAKHSTAN
0.0%
Common
Stocks
0.0%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
18,582
277
NAC
Kazatomprom,
GDR
(USD)
6,227
155
Total
Kazakhstan
(Cost
$431
)
432
KENYA
0.0%
Common
Stocks
0.0%
Equity
Group
Holdings (1)
213,900
96
Safaricom
847,000
329
Total
Kenya
(Cost
$368
)
425
LUXEMBOURG
0.0%
Common
Stocks
0.0%
Shurgard
Self
Storage
724
39
Total
Luxembourg
(Cost
$21
)
39
T.
ROWE
PRICE
Global
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
MEXICO
0.1%
Common
Stocks
0.1%
Grupo
Aeroportuario
del
Sureste,
ADR
(USD) (1)
3,351
607
Wal-Mart
de
Mexico
172,893
570
1,177
Corporate
Bonds
0.0%
BBVA
Bancomer,
4.375%,
4/10/24
(USD) (2)
150,000
163
163
Total
Mexico
(Cost
$1,060
)
1,340
MOROCCO
0.0%
Common
Stocks
0.0%
Attijariwafa
Bank
2,607
131
Hightech
Payment
Systems
161
116
Label
Vie
158
71
Total
Morocco
(Cost
$285
)
318
NETHERLANDS
1.3%
Common
Stocks
1.3%
Aalberts
2,431
148
Adyen (1)
29
79
AerCap
Holdings
(USD) (1)
3,100
164
Akzo
Nobel
14,279
1,764
Argenx,
ADR
(USD) (1)
1,436
437
ASML
Holding
5,693
4,352
ASML
Holding
(USD)
2,516
1,929
CTP (1)
2,458
49
EQT
(SEK)
2,111
102
Heineken
1,164
136
IMCD
2,160
374
ING
Groep
137,248
1,761
Intertrust (1)
6,589
109
Just
Eat
Takeaway.com (1)
2,702
240
Kendrion
2,187
58
Koninklijke
DSM
4,958
999
Koninklijke
Philips
23,276
1,073
Prosus
14,236
1,270
Signify
3,223
181
T.
ROWE
PRICE
Global
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Van
Lanschot
Kempen,
CVA
3,799
98
15,323
Corporate
Bonds
0.0%
ING
Groep,
3.55%,
4/9/24
(USD)
255,000
274
Shell
International
Finance,
3.25%,
5/11/25
(USD)
75,000
82
356
Total
Netherlands
(Cost
$9,178
)
15,679
NEW
ZEALAND
0.0%
Common
Stocks
0.0%
Fisher
&
Paykel
Healthcare
19,922
439
Total
New
Zealand
(Cost
$124
)
439
NORWAY
0.1%
Common
Stocks
0.1%
Aker
BP
1,290
35
Borregaard
1,266
33
DNB
Bank
30,456
624
Equinor
28,002
546
Norsk
Hydro
7,882
52
Storebrand
39,512
339
Total
Norway
(Cost
$1,087
)
1,629
PAKISTAN
0.0%
Common
Stocks
0.0%
Indus
Motor
6,960
54
Systems
28,500
110
TRG
Pakistan
79,500
76
Total
Pakistan
(Cost
$221
)
240
PANAMA
0.0%
Government
Bonds
0.0%
Republic
of
Panama,
6.70%,
1/26/36
(USD)
25,000
34
Total
Panama
(Cost
$27
)
34
T.
ROWE
PRICE
Global
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PERU
0.1%
Common
Stocks
0.1%
Alicorp
46,157
63
Credicorp
(USD) (1)
4,173
421
InRetail
Peru
(USD)
1,337
48
Southern
Copper
(USD)
1,705
112
Total
Peru
(Cost
$908
)
644
PHILIPPINES
0.1%
Common
Stocks
0.1%
Converge
ICT
Solutions (1)
174,400
79
Philippine
Seven
12,870
24
SM
Investments
38,086
694
Universal
Robina
126,040
320
Total
Philippines
(Cost
$1,054
)
1,117
POLAND
0.0%
Common
Stocks
0.0%
InPost
(EUR) (1)
9,956
195
Powszechny
Zaklad
Ubezpieczen (1)
15,577
152
347
Government
Bonds
0.0%
Republic
of
Poland,
3.25%,
4/6/26
(USD)
55,000
61
61
Total
Poland
(Cost
$383
)
408
PORTUGAL
0.1%
Common
Stocks
0.1%
Banco
Comercial
Portugues,
Class
R (1)(3)
384,679
55
Galp
Energia
54,261
529
Jeronimo
Martins
51,260
1,045
Total
Portugal
(Cost
$1,645
)
1,629
ROMANIA
0.0%
Common
Stocks
0.0%
Banca
Transilvania
382,380
258
T.
ROWE
PRICE
Global
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BRD-Groupe
Societe
Generale
14,161
62
Fondul
Proprietatea
151,923
67
Total
Romania
(Cost
$339
)
387
RUSSIA
0.3%
Common
Stocks
0.3%
Alrosa
87,050
154
HeadHunter
Group,
ADR
(USD)
4,000
171
Mail.Ru
Group,
GDR
(USD) (1)
12,772
264
MMC
Norilsk
Nickel
239
83
Ozon
Holdings,
ADR
(USD) (1)
7,093
370
Polymetal
International
3,667
80
Polyus
410
79
Sberbank
of
Russia,
ADR
(USD)
114,317
1,902
X5
Retail
Group,
GDR
(USD)
12,324
399
Yandex,
Class
A
(USD) (1)
5,997
407
Total
Russia
(Cost
$2,824
)
3,909
SAUDI
ARABIA
0.1%
Common
Stocks
0.1%
Al
Rajhi
Bank
13,204
390
Saudi
National
Bank
32,279
474
864
Corporate
Bonds
0.0%
Saudi
Arabian
Oil,
2.875%,
4/16/24
(USD) (2)
245,000
258
258
Total
Saudi
Arabia
(Cost
$844
)
1,122
SINGAPORE
0.3%
Common
Stocks
0.3%
CapitaLand
12,100
36
CapitaLand
Integrated
Commercial
Trust
32,200
51
DBS
Group
Holdings
9,900
221
Mapletree
Industrial
Trust
11,889
26
Sea,
ADR
(USD) (1)
9,084
2,509
United
Overseas
Bank
36,300
702
Wilmar
International
96,100
308
Total
Singapore
(Cost
$2,163
)
3,853
T.
ROWE
PRICE
Global
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SLOVENIA
0.0%
Common
Stocks
0.0%
Nova
Ljubljanska
Banka,
GDR
17,492
267
Total
Slovenia
(Cost
$222
)
267
SOUTH
AFRICA
0.2%
Common
Stocks
0.2%
Capitec
Bank
Holdings
3,807
422
Clicks
Group
20,323
368
FirstRand
125,662
466
Impala
Platinum
Holdings
2,752
50
Naspers,
N
Shares
2,455
474
Northam
Platinum (1)
1,197
19
Shoprite
Holdings
45,429
498
Sibanye
Stillwater
16,727
73
2,370
Corporate
Bonds
0.0%
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (2)
200,000
205
205
Total
South
Africa
(Cost
$2,099
)
2,575
SOUTH
KOREA
1.0%
Common
Stocks
0.9%
Coupang
(USD) (1)
11,935
433
KakaoBank (1)
491
17
KT
7,531
221
KT,
ADR
(USD)
9,568
138
LG
Household
&
Health
Care
1,609
2,039
NAVER
6,382
2,405
POSCO
548
174
Samsung
Electronics
80,337
5,490
10,917
Preferred
Stocks
0.1%
Samsung
Electronics
5,351
336
336
Total
South
Korea
(Cost
$6,212
)
11,253
T.
ROWE
PRICE
Global
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SPAIN
0.5%
Common
Stocks
0.5%
Aedas
Homes
16,093
488
Amadeus
IT
Group,
A
Shares (1)
17,190
1,127
Banco
Bilbao
Vizcaya
Argentaria
37,941
243
Cellnex
Telecom
14,558
949
CIE
Automotive
3,514
105
Fluidra
15,152
614
Iberdrola
80,249
966
Indra
Sistemas (1)
9,465
99
Inmobiliaria
Colonial
Socimi
24,508
262
Laboratorios
Farmaceuticos
Rovi
5,709
403
Linea
Directa
Aseguradora
Cia
de
Seguros
y
Reaseguros
40,739
82
5,338
Corporate
Bonds
0.0%
Banco
Santander,
3.49%,
5/28/30
(USD)
200,000
219
Banco
Santander,
3.848%,
4/12/23
(USD)
200,000
211
430
Total
Spain
(Cost
$4,223
)
5,768
SWEDEN
0.6%
Common
Stocks
0.6%
Ambea
16,731
123
Assa
Abloy,
B
Shares
22,087
708
Atlas
Copco,
B
Shares
534
30
Autoliv,
SDR (3)
2,437
244
Avanza
Bank
Holding
7,306
237
Beijer
Ref
4,707
99
Boliden
7,981
311
Elekta,
B
Shares
19,099
279
Epiroc,
A
Shares
30,447
709
Epiroc,
Class
B
2,356
47
Essity,
Class
B
3,419
112
Fabege
2,844
49
Granges
7,726
102
Hexpol
2,018
28
Husqvarna,
B
Shares
31,811
445
Lundin
Energy
7,921
247
Millicom
International
Cellular,
SDR (1)
3,243
129
MIPS
1,625
172
Olink
Holding,
ADR
(USD) (1)
2,559
96
T.
ROWE
PRICE
Global
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sandvik
8,330
217
Spotify
Technology
(USD) (1)
1,096
251
Svenska
Cellulosa,
Class
B
1,874
35
Svenska
Handelsbanken,
Class
A
31,058
350
Swedbank,
A
Shares
57,094
1,112
Telefonaktiebolaget
LM
Ericsson,
B
Shares
45,835
529
Thule
Group
10,291
520
Trelleborg,
Class
B
6,808
168
Vimian
Group (1)
7,587
101
Total
Sweden
(Cost
$4,948
)
7,450
SWITZERLAND
1.4%
Common
Stocks
1.3%
ABB
16,001
585
Alcon
12,689
924
ams (1)
9,592
183
Barry
Callebaut
517
1,311
Bucher
Industries
48
27
DKSH
Holding
2,330
197
Julius
Baer
Group (8)
14,905
984
Lonza
Group
1,532
1,193
Montana
Aerospace (1)
5,935
226
Nestle
19,085
2,417
Novartis
15,832
1,464
Partners
Group
Holding
261
446
PolyPeptide
Group (1)
1,343
146
PSP
Swiss
Property
215
29
Roche
Holding
8,702
3,362
Sensirion
Holding (1)
1,785
174
TE
Connectivity
(USD)
1,079
159
Tecan
Group
488
281
Temenos
59
9
UBS
Group
18,723
308
Valora
Holding (1)
620
140
Zurich
Insurance
Group
3,561
1,436
16,001
Corporate
Bonds
0.1%
Alcon
Finance,
2.60%,
5/27/30
(USD) (2)
235,000
243
Credit
Suisse
Group,
VR,
2.997%,
12/14/23
(USD) (2)(6)
250,000
258
T.
ROWE
PRICE
Global
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (2)(6)
300,000
301
802
Total
Switzerland
(Cost
$11,290
)
16,803
TAIWAN
1.1%
Common
Stocks
1.1%
Largan
Precision
10,000
1,052
MediaTek
14,000
458
President
Chain
Store
55,000
552
Taiwan
Semiconductor
Manufacturing
443,000
9,259
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
5,952
694
Vanguard
International
Semiconductor
98,000
406
Win
Semiconductors
9,000
112
Total
Taiwan
(Cost
$6,494
)
12,533
THAILAND
0.1%
Common
Stocks
0.1%
Airports
of
Thailand
113,700
196
CP
ALL
563,300
1,014
Total
Thailand
(Cost
$1,307
)
1,210
TURKEY
0.0%
Common
Stocks
0.0%
BIM
Birlesik
Magazalar
21,241
160
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR
(USD) (1)
19,879
262
Total
Turkey
(Cost
$410
)
422
UNITED
ARAB
EMIRATES
0.1%
Common
Stocks
0.1%
Air
Arabia (1)
254,522
94
First
Abu
Dhabi
Bank
124,181
560
Network
International
Holdings
(GBP) (1)
109,005
516
Total
United
Arab
Emirates
(Cost
$1,011
)
1,170
T.
ROWE
PRICE
Global
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
3.6%
Common
Stocks
3.5%
Abcam (1)
26,591
503
AJ
Bell
19,886
116
Amcor,
CDI
(AUD)
48,814
566
Anglo
American
2,293
102
Ascential (1)
171,660
1,032
Ashtead
Group
16,676
1,248
ASOS (1)
17,083
903
AstraZeneca
7,605
874
AstraZeneca,
ADR
(USD)
60,916
3,487
Atotech
(USD) (1)
2,783
67
Auction
Technology
Group (1)
11,543
218
Aviva
91,499
491
Baltic
Classifieds
Group (1)
75,056
229
BHP
Group
23,788
770
Big
Yellow
Group
1,555
31
boohoo
Group (1)
57,630
209
Bridgepoint
Group (1)
85,016
573
British
American
Tobacco
5,260
196
Bunzl
5,731
212
Burberry
Group
24,690
708
Bytes
Technology
Group (1)
21,048
141
Close
Brothers
Group
4,849
104
Compass
Group (1)
17,980
380
Croda
International
2,868
336
CVS
Group (1)
5,391
180
Dechra
Pharmaceuticals
8,724
602
Deliveroo
Holdings,
Acquisition
Date:
5/16/19,
Cost $49 (1)(5)
23,200
101
Derwent
London
5,879
296
Diageo
10,208
506
Direct
Line
Insurance
Group
34,274
142
Dr.
Martens (1)
53,429
322
Draper
Esprit (1)
33,572
467
Endava,
ADR
(USD) (1)
661
85
Experian
13,384
589
FD
Technologies (1)
5,367
175
Frontier
Developments (1)
3,276
121
Funding
Circle
Holdings (1)
74,146
143
Genuit
Group
19,188
170
Genus
4,126
316
Georgia
Capital (1)
8,517
74
GlaxoSmithKline,
ADR
(USD)
21,000
843
Great
Portland
Estates
90,375
956
T.
ROWE
PRICE
Global
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Greggs (1)
12,047
462
Hargreaves
Lansdown
2,169
49
Helios
Towers (1)
116,353
265
HomeServe
4,498
58
Howden
Joinery
Group
53,104
662
HSBC
Holdings
25,942
143
IMI
1,415
35
Imperial
Brands
10,744
230
Informa (1)
22,752
156
InterContinental
Hotels
Group (1)
5,854
387
Intermediate
Capital
Group
14,500
437
Investec
19,734
75
IP
Group
31,096
50
IQE (1)
242,066
160
Johnson
Matthey
10,616
439
Keywords
Studios (1)
8,348
340
Kingfisher
93,949
483
Lloyds
Banking
Group
950,014
601
London
Stock
Exchange
Group
18,757
1,956
Meggitt (1)
89,096
581
Melrose
Industries
181,946
404
Mondi
24,772
687
National
Express
Group (1)
40,796
154
National
Grid
68,744
879
Next (1)
5,437
596
Ninety
One
11,002
35
Ocado
Group (1)
17,463
450
Persimmon
8,378
338
Playtech (1)
13,408
69
Prudential
47,283
888
Renishaw
2,763
197
Rightmove
12,060
118
Rio
Tinto
2,175
185
Rolls-Royce
Holdings (1)
164,746
227
Rotork
28,664
144
Royal
Dutch
Shell,
B
Shares
18,574
367
Royal
Dutch
Shell,
Class
B,
ADR
(USD)
5,597
221
RWS
Holdings
5,489
43
Segro
24,698
417
Smith
&
Nephew
45,337
925
Smiths
Group
10,728
232
Spirax-Sarco
Engineering
1,160
242
SSP
Group (1)
34,233
124
Standard
Chartered
20,603
123
Syncona (1)
33,416
98
THG (1)
37,303
304
T.
ROWE
PRICE
Global
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Trainline (1)
96,215
454
Unilever
(EUR)
7,079
408
Unilever
26,404
1,520
UNITE
Group
23,589
380
Victorian
Plumbing
Group (1)
27,738
104
Victrex
6,070
224
Vodafone
Group
166,492
268
Vodafone
Group,
ADR
(USD)
20,486
334
Watches
of
Switzerland
Group (1)
21,591
302
Weir
Group (1)
6,010
145
Whitbread (1)
5,259
222
WPP
52,995
685
YouGov
20,119
354
41,020
Corporate
Bonds
0.1%
Coca-Cola
European
Partners,
1.50%,
1/15/27
(USD) (2)
210,000
210
Experian
Finance,
2.75%,
3/8/30
(USD) (2)
200,000
210
HSBC
Holdings,
VR,
2.848%,
6/4/31
(USD) (6)
280,000
294
Natwest
Group,
VR,
4.519%,
6/25/24
(USD) (6)
300,000
321
NatWest
Markets,
2.375%,
5/21/23
(USD) (2)
240,000
248
RELX
Capital,
3.00%,
5/22/30
(USD)
100,000
108
RELX
Capital,
3.50%,
3/16/23
(USD)
45,000
47
Unilever
Capital,
3.00%,
3/7/22
(USD)
150,000
152
1,590
Total
United
Kingdom
(Cost
$33,750
)
42,610
UNITED
STATES
67.5%
Asset-Backed
Securities
0.5%
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-2,
Class
D,
1.29%,
6/18/27
150,000
150
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2016-2A,
Class
A,
2.72%,
11/20/22 (2)
100,000
100
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2019-2A,
Class
B,
3.55%,
9/22/25 (2)
105,000
112
CarMax
Auto
Owner
Trust,
Series
2018-2,
Class
A3,
2.98%,
1/17/23
9,534
10
CarMax
Auto
Owner
Trust,
Series
2021-1,
Class
D,
1.28%,
7/15/27
90,000
90
CIFC
Funding,
Series
2021-3A,
Class
A,
CLO,
FRN,
3M
USD
LIBOR
+
1.14%,
1.288%,
7/15/36 (2)
250,000
250
CNH
Equipment
Trust,
Series
2017-C,
Class
A3,
2.08%,
2/15/23
2,046
2
CNH
Equipment
Trust,
Series
2019-C,
Class
B,
2.35%,
4/15/27
170,000
176
T.
ROWE
PRICE
Global
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Driven
Brands
Funding,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (2)
129,350
134
Dryden,
Series
2020-77A,
Class
AR,
CLO,
FRN,
3M
USD
LIBOR
+
1.12%,
1.254%,
5/20/34 (2)
250,000
250
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
C,
0.74%,
1/15/26
215,000
215
Exeter
Automobile
Receivables
Trust,
Series
2021-2A,
Class
C,
0.98%,
6/15/26
75,000
75
Ford
Credit
Auto
Owner
Trust,
Series
2019-1,
Class
B,
3.82%,
7/15/30 (2)
205,000
219
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (2)
115,000
116
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27
205,000
206
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2018-2,
Class
A3,
2.81%,
12/16/22
16,024
16
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-3,
Class
D,
1.91%,
9/16/27
90,000
93
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (2)
106,975
115
JPMorgan
Chase
Bank,
Series
2021-2,
Class
C,
0.969%,
12/26/28 (2)
275,000
275
Magnetite
XXIII,
Series
2019-23A,
Class
A,
CLO,
FRN,
3M
USD
LIBOR
+
1.30%,
1.425%,
10/25/32 (2)
255,000
255
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (2)
182,694
187
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (2)
95,710
96
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (2)
101,765
104
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-FA,
Class
A2,
2.60%,
8/15/68 (2)
91,731
94
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-GA,
Class
A,
2.40%,
10/15/68 (2)
106,699
109
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (2)
56,716
57
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (2)
70,899
72
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-A,
Class
A,
0.84%,
5/15/69 (2)
79,830
80
Neuberger
Berman
Loan
Advisers,
Series
2020-38A,
Class
A,
CLO,
FRN,
3M
USD
LIBOR
+
1.30%,
1.434%,
10/20/32 (2)
250,000
250
Planet
Fitness
Master
Issuer,
Series
2018-1A,
Class
A2I,
4.262%,
9/5/48 (2)
199,363
200
Santander
Retail
Auto
Lease
Trust,
Series
2019-A,
Class
A3,
2.77%,
6/20/22 (2)
36,528
37
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (2)
130,000
130
T.
ROWE
PRICE
Global
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sierra
Timeshare
Receivables
Funding,
Series
2018-2A,
Class
A,
3.50%,
6/20/35 (2)
43,052
45
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
A3,
ARM,
1M
USD
LIBOR
+
1.75%,
1.843%,
5/17/32 (2)
130,000
132
SMB
Private
Education
Loan
Trust,
Series
2016-A,
Class
A2A,
2.70%,
5/15/31 (2)
102,488
105
SMB
Private
Education
Loan
Trust,
Series
2016-B,
Class
A2B,
ARM,
1M
USD
LIBOR
+
1.45%,
1.543%,
2/17/32 (2)
126,532
128
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (2)
185,481
191
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (2)
71,464
76
SMB
Private
Education
Loan
Trust,
Series
2019-A,
Class
A2B,
ARM,
1M
USD
LIBOR
+
0.87%,
0.963%,
7/15/36 (2)
82,147
83
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (2)
106,895
108
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (2)
232,793
232
Sonic
Capital,
Series
2018-1A,
Class
A2,
4.026%,
2/20/48 (2)
48,667
50
Synchrony
Credit
Card
Master
Note
Trust,
Series
2017-2,
Class
A,
2.62%,
10/15/25
50,000
51
5,476
Bond
Mutual
Funds
21.9%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
3.29% (9)
(10)
5,293,345
52,298
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
Investor
Class,
4.80% (9)(10)
4,675,679
27,914
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.23% (9)(10)
5,310,220
44,447
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.41% (9)(10)
2,098,547
20,440
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.71% (9)(10)
3,007,022
26,732
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
1.08% (9)(10)
3,927,574
37,508
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.13% (9)(10)
594,874
6,080
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
0.55% (9)
(10)
9,072,972
46,181���
261,600
Common
Stocks
27.1%
Abbott
Laboratories
9,673
1,170
AbbVie
21,965
2,555
Acadia
Realty
Trust,
REIT
8,053
172
Advanced
Micro
Devices (1)
7,253
770
AES
6,044
143
T.
ROWE
PRICE
Global
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Affirm
Holdings (1)
3,324
187
AGCO
281
37
Agilent
Technologies
13,102
2,008
agilon
health (1)
2,618
96
Agree
Realty,
REIT
50
4
Air
Products
&
Chemicals
265
77
Alamo
Group
164
24
Albemarle
634
131
Alexandria
Real
Estate
Equities,
REIT
4,341
874
Align
Technology (1)
183
127
Alphabet,
Class
A (1)
452
1,218
Alphabet,
Class
C (1)
8,340
22,555
Amazon.com (1)
3,833
12,755
Ameren
1,576
132
American
Campus
Communities,
REIT
10,169
512
American
International
Group
78,835
3,733
Analog
Devices
10,021
1,678
Anthem
4,958
1,904
Apartment
Income
REIT,
REIT
1,779
94
Apollo
Global
Management
7,432
437
Apple
38,607
5,631
Apple
Hospitality
REIT,
REIT
9,616
144
Applied
Materials
25,702
3,596
Atlassian,
Class
A (1)
2,412
784
AutoZone (1)
383
622
AvalonBay
Communities,
REIT
1,380
314
Avery
Dennison
3,000
632
Ball
468
38
Bank
of
America
94,197
3,613
Becton
Dickinson
&
Company
1,938
496
Bill.com
Holdings (1)
1,051
217
Bluescape
Opportunities
Acquisition (1)
993
10
Booking
Holdings (1)
288
627
Bright
Horizons
Family
Solutions (1)
2,656
397
Broadcom
4,859
2,359
Burlington
Stores (1)
1,425
477
Cactus,
Class
A
917
33
Camden
Property
Trust,
REIT
9,807
1,465
Carvana (1)
4,379
1,478
Caterpillar
9,608
1,986
Cedar
Fair (1)
20,425
858
Celanese
159
25
Centene (1)
13,073
897
Ceridian
HCM
Holding (1)
5,096
501
CF
Industries
Holdings
698
33
ChampionX (1)
1,355
31
T.
ROWE
PRICE
Global
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Charles
Schwab
76,202
5,178
Charter
Communications,
Class
A (1)
1,121
834
Chevron
940
96
Chipotle
Mexican
Grill (1)
601
1,120
Chubb
9,766
1,648
Cigna
1,478
339
Cintas
248
98
Citigroup
7,211
488
Citrix
Systems
1,068
108
Clarivate (1)
33,380
761
CME
Group
3,079
653
CMS
Energy
4,201
260
Coca-Cola
349
20
Comcast,
Class
A
7,657
450
ConocoPhillips
2,811
158
Cooper
1,272
536
Copart (1)
1,172
172
CoStar
Group (1)
8,310
738
Coupa
Software (1)
660
143
Crowdstrike
Holdings,
Class
A (1)
388
98
CSX
27,491
889
CubeSmart,
REIT
5,020
249
CyrusOne,
REIT
249
18
Danaher
17,209
5,120
Darling
Ingredients (1)
582
40
Datadog,
Class
A (1)
1,035
115
Deere
1,060
383
DENTSPLY
SIRONA
14,913
985
Devon
Energy
3,819
99
Digital
Realty
Trust,
REIT
324
50
DocuSign (1)
1,493
445
Dollar
General
2,369
551
Dollar
Tree (1)
1,935
193
Dominion
Energy
11,073
829
DoorDash,
Class
A (1)
2,013
351
Douglas
Emmett,
REIT
5,019
168
DT
Midstream (1)
109
5
DTE
Energy
219
26
East
West
Bancorp
9,269
659
EastGroup
Properties,
REIT
617
109
Elanco
Animal
Health (1)
36,444
1,329
Element
Solutions
1,902
44
Eli
Lilly
18,386
4,477
Emerson
Electric
220
22
Entegris
420
51
EOG
Resources
1,450
106
T.
ROWE
PRICE
Global
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
EPAM
Systems (1)
27
15
EPR
Properties,
REIT
320
16
Equifax
415
108
Equinix,
REIT
1,366
1,121
Equitable
Holdings
45,460
1,403
Equity
LifeStyle
Properties,
REIT
10,147
850
Equity
Residential,
REIT
3,772
317
Essential
Properties
Realty
Trust,
REIT
533
16
Essex
Property
Trust,
REIT
843
277
Euronet
Worldwide (1)
13,372
1,910
Evergy
4,388
286
Eversource
Energy
3,432
296
Exact
Sciences (1)
112
12
Facebook,
Class
A (1)
24,511
8,733
Federal
Realty
Investment
Trust,
REIT
403
47
FedEx
3,815
1,068
Fidelity
National
Information
Services
7,630
1,137
Fiserv (1)
15,856
1,825
Fortinet (1)
1,369
373
Fortive
7,726
561
Generac
Holdings (1)
397
166
General
Electric
538,804
6,978
General
Motors (1)
9,300
529
Global
Payments
11,176
2,162
Goldman
Sachs
Group
7,922
2,970
Gores
Holdings
V
SPAC/Ardagh
Group
PIPE (1)(7)
717
6
Graphic
Packaging
Holding
1,454
28
Halliburton
966
20
Hartford
Financial
Services
Group
21,001
1,336
HCA
Healthcare
13,633
3,384
Healthcare
Realty
Trust,
REIT
2,820
90
Healthcare
Trust
of
America,
Class
A,
REIT
2,540
73
Hess
549
42
Highwoods
Properties,
REIT
989
47
Hilton
Worldwide
Holdings (1)
12,694
1,669
Home
Depot
3,790
1,244
Honeywell
International
8,657
2,024
Host
Hotels
&
Resorts,
REIT (1)
1,129
18
Howard
Hughes (1)
876
81
Hubbell
5,757
1,154
Humana
2,369
1,009
Huntsman
1,151
30
IDACORP
195
21
Incyte (1)
93
7
Innovative
Industrial
Properties,
REIT
27
6
International
Flavors
&
Fragrances
4,705
709
T.
ROWE
PRICE
Global
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
International
Paper
51,745
2,989
Intuit
4,192
2,222
Intuitive
Surgical (1)
2,155
2,137
Jacobs
Engineering
Group
11,251
1,522
JBG
SMITH
Properties,
REIT
573
19
JPMorgan
Chase
3,709
563
Kadant
138
25
Kilroy
Realty,
REIT
2,191
152
Kimberly-Clark
362
49
KLA
2,969
1,034
Kodiak
Sciences (1)
875
73
Legalzoom.com (1)
1,938
71
Lexington
Realty
Trust,
REIT
351
5
Liberty
Media-Liberty
Formula
One,
Class
C (1)
15,557
730
Linde
(EUR)
918
281
Linde
10,913
3,355
Lindsay
207
33
Live
Nation
Entertainment (1)
17,115
1,350
Loews
2,306
124
Lowe's
603
116
Lululemon
Athletica (1)
1,453
581
Magnolia
Oil
&
Gas,
Class
A (1)
2,027
28
Marriott
International,
Class
A (1)
11,013
1,608
Marsh
&
McLennan
5,757
848
Martin
Marietta
Materials
1,281
465
Marvell
Technology
4,991
302
Mastercard,
Class
A
8,067
3,113
Match
Group (1)
3,539
564
Maxim
Integrated
Products
6,974
697
McDonald's
1,650
400
Medtronic
19,336
2,539
MetLife
25,845
1,491
MGM
Resorts
International
15,336
576
Microchip
Technology
2,776
397
Microsoft
63,850
18,191
Middleby (1)
5,876
1,125
Moderna (1)
1,650
583
Molina
Healthcare (1)
3,212
877
Mondelez
International,
Class
A
743
47
MongoDB (1)
973
349
Monolithic
Power
Systems
439
197
Morgan
Stanley
75,643
7,260
MSCI
165
98
National
Retail
Properties,
REIT
428
21
Netflix (1)
4,586
2,374
NextEra
Energy
41,953
3,268
T.
ROWE
PRICE
Global
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NIKE,
Class
B
3,871
648
Norfolk
Southern
7,358
1,897
Nucor
968
101
NVIDIA
5,764
1,124
NXP
Semiconductors
12,217
2,521
Packaging
Corp.
of
America
12,773
1,807
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (1)(4)(5)
21,572
36
Paycom
Software (1)
194
78
PayPal
Holdings (1)
6,138
1,691
Pebblebrook
Hotel
Trust,
REIT
5,333
120
PerkinElmer
1,326
242
Philip
Morris
International
982
98
Pinterest,
Class
A (1)
17,165
1,011
Pioneer
Natural
Resources
520
76
Planet
Fitness,
Class
A (1)
10,511
791
PPG
Industries
8,835
1,445
Procter
&
Gamble
320
46
Prologis,
REIT
34,197
4,379
PS
Business
Parks,
REIT
681
105
Public
Service
Enterprise
Group
4,617
287
Public
Storage,
REIT
868
271
Quaker
Chemical
128
32
QUALCOMM
8,458
1,267
Rayonier,
REIT
317
12
Realty
Income,
REIT
736
52
Regency
Centers,
REIT
2,696
176
Reliance
Steel
&
Aluminum
1,683
264
Republic
Services
4,792
567
Rexford
Industrial
Realty,
REIT
2,217
136
Roku (1)
285
122
Roper
Technologies
2,331
1,145
Ross
Stores
16,698
2,049
Royal
Gold
164
20
RPM
International
843
73
S&P
Global
1,472
631
salesforce.com (1)
5,642
1,365
Sanderson
Farms
129
24
SBA
Communications,
REIT
152
52
Sempra
Energy
28,414
3,712
ServiceNow (1)
3,691
2,170
Sherwin-Williams
5,734
1,669
Shoals
Technologies
Group,
Class
A (1)
1,275
37
Simon
Property
Group,
REIT
894
113
SL
Green
Realty,
REIT
1,238
92
Snap,
Class
A (1)
29,529
2,198
Snowflake,
Class
A (1)
436
116
T.
ROWE
PRICE
Global
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Southern
17,793
1,136
Spirit
Realty
Capital,
REIT
137
7
Splunk (1)
3,416
485
Square,
Class
A (1)
1,987
491
Starbucks
20,933
2,542
Steel
Dynamics
2,496
161
STORE
Capital,
REIT
835
30
Stryker
6,547
1,774
Sunstone
Hotel
Investors,
REIT (1)
7,625
88
Synopsys (1)
3,950
1,138
T-Mobile
U.S. (1)
27,132
3,908
Teleflex
3,911
1,554
Terex
540
26
Terreno
Realty,
REIT
2,310
158
Texas
Instruments
9,925
1,892
Thermo
Fisher
Scientific
8,561
4,623
Timken
340
27
TJX
19,875
1,368
Toro
247
28
TransUnion
5,795
696
Travelers
6,016
896
Twilio,
Class
A (1)
399
149
UiPath,
Class
A,
Acquisition
Date:
4/26/19
-
12/11/20,
Cost $81 (1)(5)
5,450
324
Ultragenyx
Pharmaceutical (1)
3,347
267
Union
Pacific
3,015
660
United
Airlines
Holdings (1)
6,968
326
United
Parcel
Service,
Class
B
8,186
1,566
United
Rentals (1)
1,019
336
UnitedHealth
Group
12,934
5,332
Urban
Edge
Properties,
REIT
474
9
Vail
Resorts (1)
2,688
820
Valmont
Industries
117
28
Veeva
Systems,
Class
A (1)
750
250
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17,
Cost $4 (1)(4)(5)
1
5
VEREIT,
REIT
739
36
VeriSign (1)
4,354
942
Vimeo (1)
1,311
59
Visa,
Class
A
30,153
7,429
Vulcan
Materials
738
133
Walmart
2,188
312
Walt
Disney (1)
14,642
2,577
Waste
Connections
1,890
239
WEC
Energy
Group
2,492
235
Wells
Fargo
114,514
5,261
T.
ROWE
PRICE
Global
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Welltower,
REIT
26,621
2,312
Western
Alliance
Bancorp
2,933
272
Westlake
Chemical
505
42
Westrock
60,664
2,985
Weyerhaeuser,
REIT
3,484
118
Wix.com (1)
1,232
368
Workiva (1)
4,659
605
WP
Carey,
REIT
1,095
88
Xcel
Energy
416
28
Yum!
Brands
20,123
2,644
Zimmer
Biomet
Holdings
1,401
229
Zoetis
4,964
1,006
Zoom
Video
Communications,
Class
A (1)
5,966
2,256
323,035
Convertible
Bonds
0.0%
Rivian,
Acquisition
Date:
7/23/21,
Cost $212 (1)(4)(5)
212,453
212
212
Convertible
Preferred
Stocks
0.3%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $97 (1)(4)(5)
2,160
97
AES,
6.875%,
2/15/24
3,439
341
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $52 (1)(4)(5)
6,404
52
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $21 (1)(4)
(5)
116
21
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $3 (1)(4)(5)
163
5
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $33 (1)(4)(5)
1,103
34
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $15 (1)(4)(5)
255
15
NextEra
Energy,
5.279%,
3/1/23
1,279
66
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $79 (1)(4)(5)
1,666
79
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $136 (1)(4)(5)
12,707
903
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $159 (1)(4)(5)
10,254
728
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $316 (1)(4)(5)
8,565
608
Southern,
Series
A,
6.75%,
8/1/22
4,788
249
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2 (1)(4)(5)
2,304
2
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $3 (1)(4)(5)
3,239
3
T.
ROWE
PRICE
Global
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $143 (1)(4)(5)
1,669
153
3,356
Corporate
Bonds
2.5%
Abbott
Laboratories,
1.15%,
1/30/28
190,000
188
AbbVie,
2.95%,
11/21/26
145,000
157
AbbVie,
3.60%,
5/14/25
240,000
262
AbbVie,
4.50%,
5/14/35
30,000
37
AbbVie,
4.70%,
5/14/45
95,000
121
Agilent
Technologies,
3.875%,
7/15/23
65,000
69
AHS
Hospital,
5.024%,
7/1/45
20,000
28
Air
Lease,
3.50%,
1/15/22
75,000
76
Air
Lease,
3.625%,
4/1/27
45,000
49
Altria
Group,
2.35%,
5/6/25
40,000
42
Amazon.com,
2.80%,
8/22/24
50,000
53
Amazon.com,
3.875%,
8/22/37
150,000
181
American
Airlines
PTT,
Series
2014-1,
Class
A,
Class
A,
3.70%,
10/1/26
22,783
23
American
Airlines
PTT,
Series
2019-1,
Class
AA,
Class
AA,
3.15%,
2/15/32
174,984
180
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
230,000
252
Anthem,
4.101%,
3/1/28
130,000
150
Anthem,
4.65%,
1/15/43
20,000
25
Aon,
2.20%,
11/15/22
195,000
200
Aon,
3.875%,
12/15/25
25,000
28
Appalachian
Power,
4.45%,
6/1/45
40,000
50
Apple,
1.70%,
8/5/31
235,000
234
Apple,
3.20%,
5/13/25
260,000
284
Apple,
3.20%,
5/11/27
300,000
333
Aptiv,
4.15%,
3/15/24
15,000
16
AT&T,
2.75%,
6/1/31
215,000
226
AT&T,
3.00%,
6/30/22
150,000
153
AutoZone,
3.125%,
4/21/26
170,000
186
AutoZone,
3.75%,
6/1/27
70,000
79
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
225,000
236
Bank
of
America,
3.50%,
4/19/26
400,000
442
Bank
of
America,
4.45%,
3/3/26
50,000
57
Bank
of
America,
VR,
3.55%,
3/5/24 (6)
100,000
105
Bank
of
America,
VR,
4.244%,
4/24/38 (6)
120,000
143
Banner
Health,
1.897%,
1/1/31
65,000
65
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
122
Becton
Dickinson
&
Company,
3.70%,
6/6/27
183,000
205
Berkshire
Hathaway,
2.75%,
3/15/23
35,000
36
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
25,000
34
Biogen,
3.625%,
9/15/22
90,000
93
T.
ROWE
PRICE
Global
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Boardwalk
Pipelines,
4.95%,
12/15/24
10,000
11
Booking
Holdings,
3.65%,
3/15/25
30,000
33
BP
Capital
Markets
America,
1.749%,
8/10/30
180,000
178
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (2)
100,000
102
Bristol-Myers
Squibb,
2.90%,
7/26/24
163,000
174
Bristol-Myers
Squibb,
3.55%,
8/15/22
250,000
258
Brixmor
Operating
Partnership,
3.90%,
3/15/27
25,000
28
Brixmor
Operating
Partnership,
4.05%,
7/1/30
80,000
91
Burlington
Northern
Santa
Fe,
3.05%,
9/1/22
65,000
66
Cameron
LNG,
2.902%,
7/15/31 (2)
40,000
43
Cameron
LNG,
3.701%,
1/15/39 (2)
30,000
34
Capital
One
Financial,
3.20%,
1/30/23
230,000
239
Capital
One
Financial,
VR,
2.359%,
7/29/32 (6)
215,000
217
Cardinal
Health,
3.41%,
6/15/27
125,000
138
Cardinal
Health,
3.75%,
9/15/25
80,000
88
Caterpillar
Financial
Services,
3.15%,
9/7/21
250,000
251
CC
Holdings,
3.849%,
4/15/23
25,000
26
Centra
Health,
4.70%,
1/1/48
385,000
442
Charter
Communications
Operating,
4.50%,
2/1/24
250,000
272
Charter
Communications
Operating,
4.908%,
7/23/25
50,000
57
Cigna,
3.25%,
4/15/25
250,000
270
Cigna,
3.75%,
7/15/23
63,000
67
Citigroup,
4.45%,
9/29/27
70,000
81
Citigroup,
VR,
3.887%,
1/10/28 (6)
315,000
352
Citigroup,
VR,
4.075%,
4/23/29 (6)
100,000
114
CMS
Energy,
4.875%,
3/1/44
25,000
32
Comcast,
1.95%,
1/15/31
155,000
155
Comcast,
2.65%,
2/1/30
225,000
239
CommonSpirit
Health,
2.76%,
10/1/24
95,000
100
CommonSpirit
Health,
2.782%,
10/1/30
50,000
53
CommonSpirit
Health,
2.95%,
11/1/22
25,000
26
ConocoPhillips,
3.75%,
10/1/27 (2)
25,000
28
Crown
Castle
International,
2.10%,
4/1/31
250,000
248
Crown
Castle
International,
3.70%,
6/15/26
40,000
44
Crown
Castle
International,
4.75%,
5/15/47
30,000
37
Crown
Castle
Towers,
3.72%,
7/15/23 (2)
125,000
129
CVS
Health,
2.70%,
8/21/40
40,000
40
CVS
Health,
3.25%,
8/15/29
225,000
246
CVS
Health,
3.50%,
7/20/22
40,000
41
DCP
Midstream
Operating,
3.875%,
3/15/23
25,000
26
Delta
Air
Lines,
3.80%,
4/19/23
75,000
77
Diamondback
Energy,
2.875%,
12/1/24
270,000
284
Discover
Financial
Services,
3.75%,
3/4/25
15,000
16
Discover
Financial
Services,
3.85%,
11/21/22
95,000
99
Eaton
Vance,
3.625%,
6/15/23
15,000
16
Ecolab,
3.25%,
12/1/27
265,000
294
T.
ROWE
PRICE
Global
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Elanco
Animal
Health,
4.912%,
8/27/21
30,000
30
Energy
Transfer,
5.25%,
4/15/29
120,000
143
Equitable
Holdings,
3.90%,
4/20/23
29,000
31
Essex
Portfolio,
2.65%,
3/15/32
135,000
140
Eversource
Energy,
Series
M,
3.30%,
1/15/28
15,000
17
Fifth
Third
Bancorp,
4.30%,
1/16/24
65,000
70
FirstEnergy,
Series
C,
7.375%,
11/15/31
60,000
84
FirstEnergy
Transmission,
4.35%,
1/15/25 (2)
65,000
72
Fiserv,
3.20%,
7/1/26
100,000
109
Florida
Gas
Transmission,
3.875%,
7/15/22 (2)
20,000
20
Florida
Gas
Transmission,
4.35%,
7/15/25 (2)
215,000
239
GE
Capital
International
Funding,
4.418%,
11/15/35
200,000
245
General
Motors,
4.00%,
4/1/25
55,000
60
General
Motors
Financial,
2.40%,
4/10/28
305,000
313
General
Motors
Financial,
3.55%,
7/8/22
205,000
211
George
Washington
University,
Series
2014,
4.30%,
9/15/44
15,000
19
Gilead
Sciences,
3.25%,
9/1/22
20,000
21
Goldman
Sachs
Group,
3.50%,
1/23/25
300,000
325
Goldman
Sachs
Group,
3.85%,
1/26/27
115,000
127
Goldman
Sachs
Group,
5.15%,
5/22/45
15,000
20
Goldman
Sachs
Group,
6.75%,
10/1/37
10,000
15
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (6)
200,000
207
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (6)
130,000
132
Hackensack
Meridian
Health,
4.211%,
7/1/48
155,000
196
Hasbro,
3.00%,
11/19/24
150,000
160
HCA,
4.125%,
6/15/29
235,000
268
Healthcare
Realty
Trust,
3.625%,
1/15/28
30,000
33
Healthpeak
Properties,
2.875%,
1/15/31
45,000
48
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (2)
100,000
114
Hyatt
Hotels,
3.375%,
7/15/23
30,000
31
Hyundai
Capital
America,
1.30%,
1/8/26 (2)
145,000
144
Hyundai
Capital
America,
1.80%,
10/15/25 (2)
55,000
56
Hyundai
Capital
America,
2.00%,
6/15/28 (2)
235,000
236
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48
145,000
180
Intercontinental
Exchange,
3.45%,
9/21/23
275,000
292
Intercontinental
Exchange,
3.75%,
12/1/25
75,000
83
International
Paper,
5.00%,
9/15/35
35,000
45
ITC
Holdings,
2.70%,
11/15/22
95,000
97
JPMorgan
Chase,
3.375%,
5/1/23
410,000
430
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (6)
235,000
238
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (6)
125,000
131
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (6)
160,000
187
Kansas
City
Southern,
2.875%,
11/15/29
55,000
59
Kansas
City
Southern,
3.50%,
5/1/50
155,000
168
Kansas
City
Southern,
4.30%,
5/15/43
25,000
30
Kentucky
Utilities,
4.375%,
10/1/45
65,000
81
T.
ROWE
PRICE
Global
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
KeyCorp,
2.25%,
4/6/27
90,000
94
Keysight
Technologies,
4.55%,
10/30/24
230,000
256
Kilroy
Realty,
3.45%,
12/15/24
40,000
43
Kilroy
Realty,
4.25%,
8/15/29
25,000
29
Kilroy
Realty,
4.375%,
10/1/25
15,000
17
Kimco
Realty,
3.40%,
11/1/22
20,000
21
L3Harris
Technologies,
4.854%,
4/27/35
50,000
64
Liberty
Mutual
Group,
4.25%,
6/15/23 (2)
10,000
11
Liberty
Mutual
Group,
4.85%,
8/1/44 (2)
20,000
25
Life
Storage,
4.00%,
6/15/29
145,000
165
LYB
International
Finance
II,
3.50%,
3/2/27
300,000
331
M&T
Bank,
3.55%,
7/26/23
345,000
366
Marsh
&
McLennan,
3.30%,
3/14/23
10,000
10
Marsh
&
McLennan,
3.50%,
6/3/24
115,000
124
McDonald's,
1.45%,
9/1/25
65,000
66
MedStar
Health,
Series
20A,
3.626%,
8/15/49
130,000
149
Micron
Technology,
2.497%,
4/24/23
85,000
88
Micron
Technology,
4.185%,
2/15/27
100,000
113
Microsoft,
2.921%,
3/17/52
90,000
97
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (2)
110,000
125
Mississippi
Power,
3.95%,
3/30/28
170,000
194
Morgan
Stanley,
3.125%,
1/23/23
485,000
504
Morgan
Stanley,
4.10%,
5/22/23
200,000
213
Morgan
Stanley,
4.30%,
1/27/45
45,000
56
Morgan
Stanley,
VR,
3.971%,
7/22/38 (6)
135,000
160
MPLX,
FRN,
3M
USD
LIBOR
+
1.10%,
1.223%,
9/9/22
210,000
210
New
York
Life
Global
Funding,
3.25%,
8/6/21 (2)
135,000
135
NiSource,
3.49%,
5/15/27
215,000
239
NiSource,
3.95%,
3/30/48
105,000
122
Nissan
Motor
Acceptance,
3.65%,
9/21/21 (2)
110,000
110
Northern
Trust,
3.95%,
10/30/25
25,000
28
Northwestern
University,
Series
2020,
2.64%,
12/1/50
140,000
144
Nucor,
2.70%,
6/1/30
70,000
74
Nucor,
3.95%,
5/1/28
130,000
150
Omnicom
Group,
3.60%,
4/15/26
50,000
56
Omnicom
Group,
3.65%,
11/1/24
50,000
54
Oracle,
2.40%,
9/15/23
300,000
311
O'Reilly
Automotive,
3.60%,
9/1/27
145,000
164
O'Reilly
Automotive,
3.80%,
9/1/22
125,000
129
Pacific
Gas
&
Electric,
2.10%,
8/1/27
125,000
121
Packaging
Corp.
of
America,
3.65%,
9/15/24
15,000
16
PayPal
Holdings,
2.40%,
10/1/24
345,000
363
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
200,000
220
Pioneer
Natural
Resources,
1.125%,
1/15/26
80,000
80
PNC
Financial
Services
Group,
3.30%,
3/8/22
20,000
20
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37
25,000
30
T.
ROWE
PRICE
Global
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (2)
270,000
287
Principal
Financial
Group,
2.125%,
6/15/30
160,000
162
Principal
Financial
Group,
3.30%,
9/15/22
25,000
26
Principal
Financial
Group,
3.40%,
5/15/25
35,000
38
Prologis,
2.125%,
4/15/27
30,000
31
Protective
Life
Global
Funding,
1.082%,
6/9/23 (2)
205,000
208
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
25,000
27
QUALCOMM,
3.25%,
5/20/27
107,000
118
QVC,
4.85%,
4/1/24
20,000
22
Regency
Centers,
4.125%,
3/15/28
35,000
40
Republic
Services,
3.375%,
11/15/27
230,000
255
Roper
Technologies,
2.95%,
9/15/29
60,000
65
Roper
Technologies,
3.80%,
12/15/26
50,000
56
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
50,000
57
salesforce.com,
2.70%,
7/15/41
370,000
376
SBA
Tower
Trust,
2.836%,
1/15/25 (2)
250,000
265
ServiceNow,
1.40%,
9/1/30
235,000
224
Simon
Property
Group,
3.375%,
10/1/24
45,000
48
Spectra
Energy
Partners,
3.375%,
10/15/26
40,000
44
Spectra
Energy
Partners,
4.75%,
3/15/24
170,000
186
State
Street,
3.10%,
5/15/23
25,000
26
Teachers
Insurance
&
Annuity
Association
of
America,
4.27%,
5/15/47 (2)
130,000
159
Texas
Instruments,
1.375%,
3/12/25
45,000
46
Time
Warner
Cable,
6.55%,
5/1/37
13,000
18
Time
Warner
Cable,
6.75%,
6/15/39
13,000
18
TJX,
1.60%,
5/15/31
55,000
54
Trinity
Health,
4.125%,
12/1/45
25,000
32
Truist
Bank,
VR,
3.502%,
8/2/22 (6)
350,000
350
Union
Pacific,
4.75%,
9/15/41
10,000
13
United
Airlines
PTT,
Series
2014-2,
Class
A,
Class
A,
3.75%,
9/3/26
3,452
4
United
Airlines
PTT,
Series
2018-1,
Class
A,
Class
A,
3.70%,
3/1/30
304,794
313
UnitedHealth
Group,
2.00%,
5/15/30
85,000
87
UnitedHealth
Group,
3.75%,
7/15/25
40,000
45
Valero
Energy,
2.85%,
4/15/25
260,000
275
VEREIT
Operating
Partnership,
2.20%,
6/15/28
70,000
72
Verizon
Communications,
1.68%,
10/30/30
28,000
27
Verizon
Communications,
2.625%,
8/15/26
230,000
245
Verizon
Communications,
2.65%,
11/20/40
420,000
409
Visa,
2.15%,
9/15/22
90,000
92
Visa,
4.15%,
12/14/35
90,000
112
Vistra
Operations,
3.55%,
7/15/24 (2)
135,000
143
VMware,
1.40%,
8/15/26
350,000
351
T.
ROWE
PRICE
Global
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Walmart,
3.40%,
6/26/23
300,000
317
Wells
Fargo,
3.50%,
3/8/22
16,000
16
Wells
Fargo,
VR,
3.068%,
4/30/41 (6)
240,000
252
Western
Midstream
Operating,
4.00%,
7/1/22
20,000
20
Willis
North
America,
3.60%,
5/15/24
40,000
43
Willis
North
America,
4.50%,
9/15/28
160,000
186
WP
Carey,
3.85%,
7/15/29
215,000
242
29,638
Municipal
Securities
0.2%
California
State
Univ.,
Series
B,
2.795%,
11/1/41
250,000
253
California,
Build
America,
GO,
7.625%,
3/1/40
35,000
60
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50
390,000
411
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29
15,000
17
Los
Angeles
Airport,
Build
America,
Series
C,
7.053%,
5/15/40
15,000
24
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42
175,000
187
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series
B,
4.665%,
7/1/36
20,000
25
Metropolitan
Transportation
Auth.,
Build
America,
Series
A-1,
5.871%,
11/15/39
15,000
20
Miami-Dade
County
Transit
System,
Bulild
America,
Series
B,
5.624%,
7/1/40
160,000
235
Miami-Dade
County
Water
&
Sewer
System,
Series
C,
3.49%,
10/1/42
90,000
98
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
127,000
200
New
York
State
Dormitory
Auth.,
Build
America,
Series
F,
Unrefunded
Portion,
5.628%,
3/15/39
15,000
20
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
5,000
5
Port
Auth.
of
New
York
&
New
Jersey,
Series
182,
5.31%,
8/1/46
20,000
22
South
Carolina
Public
Service
Auth.,
Series
D,
Unrefunded
Portion,
2.388%,
12/1/23
25,000
26
Texas
A&M
Univ.,
Series
B,
3.33%,
5/15/39
250,000
273
Univ.
of
California
Regents,
Series
AJ,
4.601%,
5/15/31
25,000
30
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
15,000
22
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44
25,000
35
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36
110,000
125
2,088
Non-U.S.
Government
Mortgage-Backed
Securities
0.5%
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (2)
184,722
185
T.
ROWE
PRICE
Global
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (2)
60,526
60
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (2)
136,349
136
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
1.023%,
12/15/36 (2)
150,000
150
Barclays
Commercial
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.253%,
11/15/34 (2)
50,000
49
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (2)
100,000
104
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
ARM,
3.526%,
11/10/49
55,000
61
CD
Mortgage
Trust,
Series
2017-CD3,
Class
B,
ARM,
3.984%,
2/10/50
110,000
120
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58
25,000
28
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (2)
109,682
112
Cold
Storage
Trust,
Series
2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
1.393%,
11/15/37 (2)
137,619
138
Cold
Storage
Trust,
Series
2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
1.743%,
11/15/37 (2)
155,313
156
Commercial
Mortgage
Trust,
Series
2015-CR24,
Class
A5,
3.696%,
8/10/48
40,000
44
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
A4,
3.708%,
7/10/48
60,000
66
Commercial
Mortgage
Trust,
Series
2015-LC23,
Class
A4,
3.774%,
10/10/48
100,000
111
Connecticut
Avenue
Securities,
Series
2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.189%,
11/25/29
123,065
122
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (2)
52,145
53
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
1.474%,
7/15/38 (2)
100,000
100
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
C,
3.75%,
12/10/36 (2)
165,000
174
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (2)
20,610
21
Galton
Funding
Mortgage
Trust,
Series
2019-H1,
Class
A1,
CMO,
ARM,
2.657%,
10/25/59 (2)
22,109
22
Galton
Funding
Mortgage
Trust,
Series
2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (2)
82,628
83
Galton
Funding
Mortgage
Trust,
Series
2020-H1,
Class
A1,
CMO,
ARM,
2.31%,
1/25/60 (2)
36,077
37
Goldman
Sachs
Mortgage
Securities
Trust,
Series
2013-GC16,
Class
B,
ARM,
5.161%,
11/10/46
175,000
187
T.
ROWE
PRICE
Global
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Goldman
Sachs
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48
25,000
28
Goldman
Sachs
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
65,000
74
Goldman
Sachs
Mortgage-Backed
Securities
Trust,
Series
2021-
PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (2)
227,551
234
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.68%,
12/10/40 (2)
100,000
103
Great
Wolf
Trust,
Series
2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
1.726%,
12/15/36 (2)
70,000
70
Homeward
Opportunities
Fund
I
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.675%,
11/25/59 (2)
24,125
24
Homeward
Opportunities
Fund
I
Trust,
Series
2019-3,
Class
A3,
CMO,
ARM,
3.031%,
11/25/59 (2)
75,691
77
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48
65,000
71
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48
50,000
55
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (2)
79,190
81
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (2)
93,778
96
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.83%,
0.922%,
8/25/50 (2)
20,097
20
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (2)
35,727
36
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
1.194%,
4/15/38 (2)
255,000
256
MHC
Trust,
Series
2021-MHC2,
Class
D,
ARM,
1M
USD
LIBOR
+
1.50%,
1.593%,
5/15/23 (2)
110,000
110
Mill
City
Mortgage
Loan
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.25%,
5/25/62 (2)
63,696
65
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C9,
Class
A4,
3.102%,
5/15/46
20,000
21
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C17,
Class
B,
ARM,
4.464%,
8/15/47
20,000
22
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48
35,000
38
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
A4,
3.753%,
12/15/47
85,000
94
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
AS,
4.068%,
12/15/47
155,000
171
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2016-C30,
Class
A5,
2.86%,
9/15/49
25,000
27
Morgan
Stanley
Capital
I
Trust,
Series
2019-MEAD,
Class
D,
ARM,
3.177%,
11/10/36 (2)
130,000
130
T.
ROWE
PRICE
Global
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
New
Orleans
Hotel
Trust,
Series
2019-HNLA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.589%,
1.682%,
4/15/32 (2)
100,000
99
New
Residential
Mortgage
Loan
Trust,
Series
2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (2)
88,778
90
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.189%,
10/25/59 (2)
43,767
44
Seasoned
Credit
Risk
Transfer
Trust,
Series
2016-1,
Class
M1,
CMO,
ARM,
3.00%,
9/25/55 (2)
2,095
2
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (2)
19,407
20
SFO
Commercial
Mortgage
Trust,
Series
2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
1.593%,
5/15/38 (2)
110,000
110
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (2)
21,534
22
Starwood
Mortgage
Residential
Trust,
Series
2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (2)
36,497
37
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (2)
72,876
73
Starwood
Mortgage
Residential
Trust,
Series
2021-2,
Class
A2,
CMO,
ARM,
1.172%,
5/25/65 (2)
84,941
85
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2020-DNA6,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.90%,
0.95%,
12/25/50 (2)
27,331
27
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2020-HQA5,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
1.15%,
11/25/50 (2)
29,544
30
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
0.85%,
8/25/33 (2)
125,000
125
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
2.15%,
10/25/33 (2)
60,000
61
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
0.75%,
8/25/33 (2)
195,000
195
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (2)
53,894
55
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (2)
42,623
44
Verus
Securitization
Trust,
Series
2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (2)
73,098
74
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (2)
113,458
115
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (2)
80,903
81
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
A4,
3.664%,
9/15/58
41,000
45
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
A4,
3.695%,
11/15/48
100,000
110
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
A5,
ARM,
3.767%,
7/15/58
75,000
83
T.
ROWE
PRICE
Global
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2021-
RR1,
Class
A1,
CMO,
ARM,
2.50%,
12/25/50 (2)
113,976
117
5,966
Private
Investment
Companies
7.4%
Blackstone
Partners
Offshore
Fund (1)(4)
65,910
88,496
88,496
U.S.
Government
&
Agency
Mortgage-Backed
Securities
0.0%
Federal
Home
Loan
Mortgage
2.777%,
4/25/23
7
7
2.952%,
2/25/27
28
30
37
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
7.1%
U.S.
Treasury
Bonds,
1.125%,
5/15/40 (8)
3,330,000
2,976
U.S.
Treasury
Bonds,
1.375%,
8/15/50
2,450,000
2,152
U.S.
Treasury
Bonds,
1.875%,
2/15/41
2,195,000
2,221
U.S.
Treasury
Bonds,
1.875%,
2/15/51
2,905,000
2,883
U.S.
Treasury
Bonds,
2.00%,
2/15/50
1,900,000
1,938
U.S.
Treasury
Bonds,
2.50%,
2/15/45
145,000
162
U.S.
Treasury
Bonds,
2.75%,
11/15/42
65,000
76
U.S.
Treasury
Bonds,
2.75%,
8/15/47 (8)(11)
5,915,000
6,967
U.S.
Treasury
Bonds,
2.875%,
8/15/45 (11)
570,000
681
U.S.
Treasury
Bonds,
3.00%,
11/15/44
395,000
480
U.S.
Treasury
Bonds,
3.00%,
11/15/45
435,000
531
U.S.
Treasury
Bonds,
3.00%,
2/15/47 (11)
220,000
270
U.S.
Treasury
Bonds,
3.00%,
2/15/48 (8)
740,000
913
U.S.
Treasury
Bonds,
3.00%,
8/15/48
150,000
185
U.S.
Treasury
Bonds,
3.125%,
11/15/41
290,000
356
U.S.
Treasury
Bonds,
3.125%,
8/15/44 (8)
610,000
755
U.S.
Treasury
Bonds,
3.50%,
2/15/39
850,000
1,093
U.S.
Treasury
Bonds,
3.875%,
8/15/40
200,000
270
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51
397,044
456
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
407,306
480
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43
812,935
1,002
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42
114,369
144
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47
165,047
220
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46
287,322
388
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48
338,408
468
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49
144,420
202
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44
139,761
199
U.S.
Treasury
Inflation-Indexed
Bonds,
1.75%,
1/15/28
37,264
46
U.S.
Treasury
Inflation-Indexed
Bonds,
2.00%,
1/15/26
461,142
549
U.S.
Treasury
Inflation-Indexed
Bonds,
2.50%,
1/15/29
517,828
683
T.
ROWE
PRICE
Global
Allocation
Fund
48
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Inflation-Indexed
Bonds,
3.625%,
4/15/28
777,261
1,070
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/23
159,775
167
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/24
2,224,339
2,406
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/24
2,020,817
2,192
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/25
3,134,227
3,455
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/26
2,567,226
2,834
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/26
1,191,545
1,327
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/30
292,232
330
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/30
1,022,117
1,162
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/31
790,447
900
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
1/15/25
850,132
927
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
7/15/29
1,052,390
1,205
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/23
746,097
794
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/25
278,114
309
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
1/15/27
621,841
702
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/27
118,851
136
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
4/15/24
1,576,476
1,706
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
1/15/28
109
—
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
4/15/23
3,520,020
3,723
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/24
1,267,927
1,370
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/26
2,348,543
2,645
U.S.
Treasury
Inflation-Indexed
Notes,
0.75%,
7/15/28
280,974
331
U.S.
Treasury
Notes,
0.125%,
1/31/23
1,575,000
1,575
U.S.
Treasury
Notes,
0.125%,
5/31/23
4,225,000
4,222
U.S.
Treasury
Notes,
0.25%,
5/31/25 (8)
10,895,000
10,784
U.S.
Treasury
Notes,
0.375%,
1/31/26
200,000
198
U.S.
Treasury
Notes,
0.625%,
8/15/30
2,235,000
2,128
U.S.
Treasury
Notes,
0.75%,
3/31/26
1,865,000
1,874
U.S.
Treasury
Notes,
0.75%,
1/31/28
120,000
119
U.S.
Treasury
Notes,
1.125%,
2/28/22 (8)
1,865,000
1,876
U.S.
Treasury
Notes,
1.125%,
2/15/31
310,000
308
U.S.
Treasury
Notes,
1.625%,
8/15/29
950,000
989
U.S.
Treasury
Notes,
1.625%,
5/15/31
985,000
1,021
U.S.
Treasury
Notes,
1.875%,
9/30/22
25,000
26
U.S.
Treasury
Notes,
2.125%,
8/15/21
10,000
10
84,567
Total
United
States
(Cost
$649,684
)
804,471
URUGUAY
0.0%
Common
Stocks
0.0%
Dlocal
(USD) (1)
3,190
144
Total
Uruguay
(Cost
$71
)
144
T.
ROWE
PRICE
Global
Allocation
Fund
49
Shares/Par
$
Value
(Cost
and
value
in
$000s)
VIETNAM
0.2%
Common
Stocks
0.2%
Airports
Corp.
of
Vietnam (1)
8,900
29
Asia
Commercial
Bank (1)
44,375
71
Bank
for
Foreign
Trade
of
Vietnam
40,500
173
FPT
79,360
343
Military
Commercial
Joint
Stock
Bank (1)
80,325
101
Mobile
World
Investment
60,000
455
Nam
Long
Investment
120,100
229
Phu
Nhuan
Jewelry
43,000
180
Saigon
Beer
Alcohol
Beverage
21,100
146
Vietnam
Dairy
Products
51,000
191
Total
Vietnam
(Cost
$1,688
)
1,918
SHORT-TERM
INVESTMENTS
4.6%
Money
Market
Funds
4.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (9)(12)
54,971,305
54,971
Total
Short-Term
Investments
(Cost
$54,971)
54,971
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Short-Term
Funds
0.2%
T.
Rowe
Price
Short-Term
Fund,
0.07% (9)(12)
210,029
2,100
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,100
Total
Securities
Lending
Collateral
(Cost
$2,100)
2,100
Total
Investments
in
Securities
99.4%
(Cost
$945,108)
$
1,185,519
Other
Assets
Less
Liabilities
0.6%
7,257
Net
Assets
100.0%
$
1,192,776
‡
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.
(1)
Non-income
producing
T.
ROWE
PRICE
Global
Allocation
Fund
50
.
.
.
.
.
.
.
.
.
.
(2)
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
$19,876
and
represents
1.7%
of
net
assets.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2021.
(4)
Level
3
in
fair
value
hierarchy.
(5)
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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$3,755
and
represents
0.3%
of
net
assets.
(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
is
provided
if
the
rate
is
currently
floating.
(7)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
July
31,
2021,
was
$171
and
was
valued
at
$152
(0.0%
of
net
assets).
(8)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
July
31,
2021.
(9)
Affiliated
Companies
(10)
SEC
30-day
yield
(11)
At
July
31,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(12)
Seven-day
yield
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
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
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
T.
ROWE
PRICE
Global
Allocation
Fund
51
.
.
.
.
.
.
.
.
.
.
GDR
Global
Depositary
Receipts
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
ILS
Israel
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PIPE
Private
Investment
in
Public
Equity
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
Overnight
Financing
Rate)
SPAC
Special
Purpose
Acquisition
Company
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
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.
T.
ROWE
PRICE
Global
Allocation
Fund
52
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
Exchange-Traded
Options
Written
(0.1)%
Description
Contracts
Notional
Amount
$
Value
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
8/20/21
@
$87.00
2,500
21,567
(75)
S&P
500
Index,
Call,
9/17/21
@
$4,425.00
130
57,138
(898)
U.S.
Treasury
10-Year
Notes
Futures,
Put,
8/27/21
@
$132.50
13
1,748
(1)
U.S.
Treasury
Long-Term
Bonds
Futures,
Call,
8/27/21
@
$163.00
43
7,083
(117)
U.S.
Treasury
Long-Term
Bonds
Futures,
Put,
8/27/21
@
$163.00
43
7,083
(43)
Total
Exchange-Traded
Options
Written
(Premiums
$(1,465))
$
(1,134)
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
Julius
Baer
Group,
Call,
9/17/21
@
68.00
(CHF)
4
24
—
Total
OTC
Options
Written
(Premiums
$(1))
$
—
Total
Options
Written
(Premiums
$(1,466))
$
(1,134)
T.
ROWE
PRICE
Global
Allocation
Fund
53
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
United
States
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
4,000
102
99
3
Total
United
States
3
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
3
Total
Centrally
Cleared
Swaps
3
Net
payments
(receipts)
of
variation
margin
to
date
(5)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(2)
T.
ROWE
PRICE
Global
Allocation
Fund
54
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
8/20/21
USD
69
EUR
57
$
2
Bank
of
America
8/31/21
USD
1,546
DKK
9,732
(7)
Citibank
8/20/21
GBP
49
USD
68
—
Citibank
8/20/21
USD
120
GBP
85
2
Citibank
8/20/21
USD
68
GBP
49
—
Citibank
8/31/21
CHF
94
USD
104
—
Citibank
8/31/21
EUR
321
USD
381
—
Citibank
8/31/21
GBP
130
USD
181
—
Citibank
8/31/21
JPY
32,534
USD
296
—
Deutsche
Bank
8/31/21
USD
409
NOK
3,628
(2)
Deutsche
Bank
8/31/21
USD
2,297
SEK
19,842
(9)
Goldman
Sachs
8/20/21
EUR
57
USD
68
—
HSBC
Bank
8/20/21
SEK
575
USD
68
(1)
HSBC
Bank
8/31/21
USD
8,937
GBP
6,440
(15)
HSBC
Bank
8/31/21
USD
200
ILS
652
(2)
JPMorgan
Chase
8/20/21
EUR
95
USD
115
(3)
JPMorgan
Chase
8/20/21
USD
114
EUR
95
1
JPMorgan
Chase
8/20/21
USD
69
SEK
575
2
JPMorgan
Chase
8/20/21
USD
67
SEK
575
—
JPMorgan
Chase
8/31/21
AUD
60
USD
44
—
JPMorgan
Chase
8/31/21
HKD
368
USD
47
—
JPMorgan
Chase
8/31/21
NOK
367
USD
42
—
JPMorgan
Chase
8/31/21
USD
47
DKK
296
—
JPMorgan
Chase
8/31/21
USD
7
ILS
24
—
JPMorgan
Chase
8/31/21
USD
33
SEK
282
—
JPMorgan
Chase
8/31/21
USD
14
SGD
19
—
Morgan
Stanley
8/31/21
USD
6,050
CHF
5,532
(61)
Morgan
Stanley
8/31/21
USD
142
NZD
204
—
RBC
Dominion
Securities
8/31/21
USD
1,830
HKD
14,240
(2)
Standard
Chartered
8/31/21
USD
4,279
AUD
5,828
2
Standard
Chartered
8/31/21
USD
14,057
JPY
1,547,206
(50)
State
Street
8/20/21
GBP
85
USD
120
(2)
State
Street
8/20/21
SEK
575
USD
69
(2)
UBS
Investment
Bank
8/31/21
USD
20,428
EUR
17,295
(101)
UBS
Investment
Bank
8/31/21
USD
614
SGD
835
(2)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(250)
T.
ROWE
PRICE
Global
Allocation
Fund
55
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
30
MSCI
EAFE
Index
contracts
9/21
(3,479)
$
67
Long,
364
Russell
2000
E-Mini
Index
contracts
9/21
40,433
(1,450)
Long,
74
S&P
500
E-Mini
Index
contracts
9/21
16,241
92
Long,
82
S&P
MidCap
400
E-Mini
Index
contracts
9/21
22,129
(179)
Long,
61
U.S.
Treasury
Long
Bond
contracts
9/21
10,048
223
Long,
59
U.S.
Treasury
Notes
five
year
contracts
9/21
7,342
2
Short,
25
U.S.
Treasury
Notes
ten
year
contracts
9/21
(3,361)
—
Short,
4
U.S.
Treasury
Notes
two
year
contracts
9/21
(883)
—
Short,
1
Ultra
U.S.
Treasury
Bonds
contracts
9/21
(199)
—
Short,
10
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/21
(1,502)
(46)
Net
payments
(receipts)
of
variation
margin
to
date
934
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(357)
T.
ROWE
PRICE
Global
Allocation
Fund
56
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
nine
months
ended
July
31,
2021.
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
Dynamic
Global
Bond
Fund
-
I
Class,
3.29%
$
—
$
634
$
948
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
Investor
Class,
4.80%
—
991
890
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.23%
—
1,727
1,426
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.41%
—
359
509
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.71%
—
1,126
925
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
1.08%
—
107
329
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.13%
33
57
68
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
0.55%
36
—
304
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
—
—
16
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
69#
$
5,001
$
5,415+
T.
ROWE
PRICE
Global
Allocation
Fund
57
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/20
Purchase
Cost
Sales
Cost
Value
07/31/21
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
3.29%
$
39,464
$
12,200
$
—
$
52,298
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
Investor
Class,
4.80%
22,410
5,391
878
27,914
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.23%
31,926
10,851
57
44,447
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.41%
11,571
8,510
—
20,440
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.71%
20,432
5,174
—
26,732
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
1.08%
23,672
13,729
—
37,508
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.13%
6,006
91
74
6,080
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
0.55%
30,841
15,340
—
46,181
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
35,785
¤
¤
54,971
T.
Rowe
Price
Short-Term
Fund,
0.07%
1,916
¤
¤
2,100
Total
$
318,671^
#
Capital
gain
distributions
from
mutual
funds
represented
$69
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$5,415
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
$315,665.
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
58
T.
Rowe
Price
Global
Allocation
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
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Global
Allocation
Fund
59
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the fund’s
own
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
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
fund
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
fund
uses
information
from
outside
pricing
services
to
evaluate
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
T.
ROWE
PRICE
Global
Allocation
Fund
60
foreign
securities
and
baskets
of
foreign
securities. The
fund
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
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.
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
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.
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
Committee
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
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
T.
ROWE
PRICE
Global
Allocation
Fund
61
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2021
(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
$
—
$
142,215
$
212
$
142,427
Bond
Mutual
Funds
261,600
—
—
261,600
Common
Stocks
351,508
278,037
98
629,643
Convertible
Preferred
Stocks
—
656
3,006
3,662
Preferred
Stocks
—
2,620
—
2,620
Private
Investment
Companies
—
—
88,496
88,496
Short-Term
Investments
54,971
—
—
54,971
Securities
Lending
Collateral
2,100
—
—
2,100
Total
Securities
670,179
423,528
91,812
1,185,519
Swaps*
—
3
—
3
Forward
Currency
Exchange
Contracts
—
9
—
9
Futures
Contracts*
384
—
—
384
Total
$
670,563
$
423,540
$
91,812
$
1,185,915
Liabilities
Options
Written
$
161
$
973
$
—
$
1,134
Forward
Currency
Exchange
Contracts
—
259
—
259
Futures
Contracts*
1,675
—
—
1,675
Total
$
1,836
$
1,232
$
—
$
3,068
T.
ROWE
PRICE
Global
Allocation
Fund
62
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
July
31,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
July
31,
2021,
totaled $9,386,000 for
the
period ended
July
31,
2021.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of
observable
market
data
for
the
security.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Committee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
1
Includes
Asset-Backed
Securities,
Convertible
Bonds,
Corporate
Bonds,
Government
Bonds,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
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.
($000s)
Beginning
Balance
10/31/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level
3
Ending
Balance
7/31/21
Investment
in
Securities
Common
Stocks
$
42
$
(27)
$
—
$
—
$
83
$
98
Convertible
Preferred
Stocks
818
1,693
618
(123)
—
3,006
Convertible
Bonds
—
—
212
—
—
212
Private
Investment
Companies
63,807
7,689
17,000
—
—
88,496
Total
$
64,667
$
9,355
$
17,830
$
(123)
$
83
$
91,812
T.
ROWE
PRICE
Global
Allocation
Fund
63
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
98
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
return
15%
15%
Increase
Discount
for
lack
of
certainty
100%
100%
Decrease
Market
comparable
Enterprise
value
to
gross
profit
multiple
7.5x
–
15.1x
11.3x
Increase
Gross
profit
growth
rate
21%
21%
Increase
Enterprise
value
to
sales
multiple
3.4x
–
4.8x
4.1x
Increase
Sales
growth
rate
19%
19%
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.7x
12.7x
Increase
Enterprise
value
to
EBITDA
multiple
10.8x
10.8x
Increase
Segment-
based
price-
to-earnings
multiple
11.5x
–
36.4x
23.5x
Increase
Whole
company
price-to-
earnings
multiple
21.3x
21.3x
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
64
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F154-054Q3
07/21
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
Convertible
Preferred
Stocks
$
3,006
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
2.4x
–
8.1x
6.6x
Increase
Sales
growth
rate
29%
-
38%
35%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Bond
$
212
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Private
Investment
Companies
$
88,496
Rollforward
of
Investee
NAV
Estimated
return
0.26%
0.26%
Increase