T.
ROWE
PRICE
Global
Allocation
Fund
January
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.1%
Common
Stocks
0.1%
MercadoLibre
(USD) (1)
791
895
Total
Argentina
(Cost
$182
)
895
AUSTRALIA
0.6%
Common
Stocks
0.6%
ALS
16,544
139
Australia
&
New
Zealand
Banking
Group
12,725
241
BHP
Group
33,534
1,075
BHP
Group
(GBP)
32,344
1,021
Centuria
Office
REIT
10,087
15
Challenger
24,701
101
Cochlear
1,118
153
Downer
EDI
48,206
187
Frontier
Digital
Ventures (1)
112,881
113
Goodman
Group
3,735
62
IDP
Education
6,071
127
IGO
79,514
673
Incitec
Pivot
58,052
136
Macquarie
Group
2,262
296
Northern
Star
Resources
21,519
128
oOh!media (1)
69,122
79
OZ
Minerals
14,198
246
Perseus
Mining
141,858
148
Rio
Tinto
3,026
241
Scentre
Group
114,831
238
South32
183,742
506
Steadfast
Group
56,885
187
Tietto
Minerals (1)
109,612
38
Treasury
Wine
Estates
17,736
133
Worley
52,817
435
Xero (1)
1,750
142
6,860
Corporate
Bonds
0.0%
Ausgrid
Finance,
3.85%,
5/1/23
(USD) (2)
105,000
107
Boral
Finance,
3.00%,
11/1/22
(USD) (2)
10,000
10
Transurban
Finance,
2.45%,
3/16/31
(USD) (2)
140,000
136
Transurban
Finance,
4.125%,
2/2/26
(USD) (2)
15,000
16
Woodside
Finance,
3.70%,
3/15/28
(USD) (2)
67,000
70
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
114
453
Total
Australia
(Cost
$5,280
)
7,313
AUSTRIA
0.2%
Common
Stocks
0.2%
BAWAG
Group
20,804
1,249
Erste
Group
Bank
12,966
606
Mayr
Melnhof
Karton
2,156
419
Total
Austria
(Cost
$1,601
)
2,274
BANGLADESH
0.0%
Common
Stocks
0.0%
BRAC
Bank
425,370
273
Marico
Bangladesh
1,114
31
Olympic
Industries
11,076
21
Singer
Bangladesh
23,560
46
Square
Pharmaceuticals
57,457
147
Total
Bangladesh
(Cost
$437
)
518
BELGIUM
0.1%
Common
Stocks
0.1%
Azelis
Group (1)
547
14
Barco
3,655
75
KBC
Group
2,784
242
Lotus
Bakeries
10
64
Shurgard
Self
Storage
636
37
Umicore
4,782
181
613
Corporate
Bonds
0.0%
Anheuser-Busch,
4.90%,
2/1/46
(USD)
90,000
106
106
Total
Belgium
(Cost
$590
)
719
BRAZIL
0.4%
Common
Stocks
0.4%
Arco
Platform,
Class
A
(USD) (1)
5,600
118
B3
254,100
702
T.
ROWE
PRICE
Global
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Boa
Vista
Servicos
38,537
41
EDP
-
Energias
Do
Brasil
34,868
141
Grupo
SBF (1)
24,900
121
Localiza
Rent
a
Car
15,900
176
Lojas
Renner
40,763
217
Magazine
Luiza
52,053
69
Pagseguro
Digital,
Class
A
(USD) (1)
6,427
145
Raia
Drogasil
128,966
565
Rede
D'Or
Sao
Luiz
38,213
320
StoneCo,
Class
A
(USD) (1)
13,729
214
Suzano
12,757
143
Vale
5,359
82
XP,
Class
A
(USD) (1)
35,566
1,185
4,239
Preferred
Stocks
0.0%
Itau
Unibanco
Holding
129,346
621
Marcopolo
174,900
113
734
Total
Brazil
(Cost
$5,091
)
4,973
CANADA
0.9%
Common
Stocks
0.7%
Altus
Group
3,524
169
Aritzia (1)
4,500
209
CAE (1)
5,078
128
Canadian
Apartment
Properties
REIT
557
24
Canadian
Natural
Resources
907
46
Canadian
Pacific
Railway
(USD)
4,170
298
Constellation
Software
80
138
Definity
Financial (1)(3)
10,575
240
dentalcorp
Holdings (1)
10,310
131
Descartes
Systems
Group (1)
3,428
249
Element
Fleet
Management
31,114
317
Enbridge
(USD)
510
22
Enerflex
3,585
20
ERO
Copper (1)
4,261
53
Franco-Nevada
1,536
203
K92
Mining (1)
16,517
83
Karora
Resources (1)
10,107
32
Magna
International
(USD)
8,192
660
Manulife
Financial
26,512
552
National
Bank
of
Canada
9,700
776
Rhyolite
Resources,
Acquisition
Date:
12/20/21,
Cost $16 (1)(4)
22,800
12
T.
ROWE
PRICE
Global
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Shopify,
Class
A (1)
373
360
Shopify,
Class
A
(USD) (1)
603
581
Spin
Master (1)
6,158
212
Summit
Industrial
Income
REIT
5,905
100
Sun
Life
Financial
18,195
1,030
TC
Energy
3,709
192
TC
Energy
(USD)
6,197
320
TELUS
International
CDA (1)(3)
2,830
80
TMX
Group
3,087
314
Victoria
Gold (1)
11,173
123
Wesdome
Gold
Mines (1)
30,826
265
West
Fraser
Timber
362
34
Wheaton
Precious
Metals
618
25
7,998
Corporate
Bonds
0.1%
Canadian
Natural
Resources,
2.95%,
1/15/23
(USD)
175,000
177
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD)
110,000
109
Canadian
Pacific
Railway,
1.75%,
12/2/26
(USD)
130,000
128
Royal
Bank
of
Canada,
2.30%,
11/3/31
(USD)
500,000
481
Suncor
Energy,
3.10%,
5/15/25
(USD)
70,000
72
Thomson
Reuters,
3.35%,
5/15/26
(USD)
10,000
10
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD)
145,000
141
Toronto-Dominion
Bank,
3.50%,
7/19/23
(USD)
235,000
243
TransCanada
PipeLines,
2.50%,
8/1/22
(USD)
20,000
20
1,381
Government
Bonds
0.1%
Province
of
Alberta,
2.20%,
7/26/22
(USD)
130,000
131
Province
of
Alberta,
3.30%,
3/15/28
(USD)
135,000
145
Province
of
British
Columbia,
2.00%,
10/23/22
(USD)
15,000
15
Province
of
Manitoba,
2.60%,
4/16/24
(USD)
270,000
277
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD)
250,000
274
Province
of
Quebec,
2.875%,
10/16/24
(USD)
50,000
52
894
Total
Canada
(Cost
$8,036
)
10,273
CAYMAN
ISLANDS
0.0%
Common
Stocks
0.0%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $45
(USD) (1)(4)(5)
11,845
43
43
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
238
238
Total
Cayman
Islands
(Cost
$141
)
281
CHILE
0.1%
Common
Stocks
0.1%
Antofagasta
(GBP)
20,209
368
Banco
Santander
Chile,
ADR
(USD)
22,187
445
813
Corporate
Bonds
0.0%
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD)
250,000
278
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (2)
220,000
218
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (2)
200,000
199
695
Total
Chile
(Cost
$1,308
)
1,508
CHINA
2.5%
Common
Stocks
1.7%
58.com
(USD) (1)(5)
5,864
—
Alibaba
Group
Holding
(HKD) (1)
52,620
825
Alibaba
Group
Holding,
ADR
(USD) (1)
15,784
1,985
Baidu,
ADR
(USD) (1)
2,126
340
Beijing
Enterprises
Holdings
(HKD)
30,500
104
China
Feihe
(HKD)
113,000
157
China
Mengniu
Dairy
(HKD)
4,000
24
China
Overseas
Land
&
Investment
(HKD)
329,000
971
China
Resources
Mixc
Lifestyle
Services
(HKD)
78,200
460
Country
Garden
Services
Holdings
(HKD)
73,000
431
DiDi
Global,
Acquisition
Date:
10/19/15,
Cost $9
(USD) (1)(4)
344
5
ENN
Energy
Holdings
(HKD)
26,400
420
Fosun
International
(HKD)
94,500
107
Haier
Smart
Home,
H
Shares
(HKD)
46,800
188
Hope
Education
Group
(HKD)
708,000
91
Huazhu
Group,
ADR
(USD) (1)
862
34
I-Mab,
ADR
(USD) (1)
4,869
123
JD
Health
International
(HKD) (1)
8,200
66
JD.com
(HKD) (1)
4,087
139
JOYY,
ADR
(USD)
2,213
112
Kanzhun,
ADR
(USD) (1)
10,840
328
T.
ROWE
PRICE
Global
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kingdee
International
Software
Group
(HKD) (1)
55,000
126
Li
Ning
(HKD)
23,500
229
Meituan,
Class
B
(HKD) (1)
39,000
1,164
New
Horizon
Health
(HKD) (1)
6,500
19
PICC
Property
&
Casualty,
Class
H
(HKD)
232,000
216
Pinduoduo,
ADR
(USD) (1)
4,900
293
Ping
An
Insurance
Group,
Class
H
(HKD)
223,000
1,770
Shandong
Weigao
Group
Medical
Polymer,
H
Shares
(HKD)
80,000
99
Sino
Biopharmaceutical
(HKD)
421,000
290
Sinopharm
Group,
H
Shares
(HKD)
26,400
59
Sunny
Optical
Technology
Group
(HKD)
9,300
240
Tencent
Holdings
(HKD)
85,854
5,380
Trip.com
Group,
ADR
(USD) (1)
13,876
369
Tsingtao
Brewery,
H
Shares
(HKD)
18,000
162
Wuxi
Biologics
Cayman
(HKD) (1)
60,000
601
Yangzijiang
Shipbuilding
Holdings
(SGD)
272,600
262
Yum
China
Holdings
(USD)
31,200
1,503
Zhongsheng
Group
Holdings
(HKD)
97,000
745
Zylox-Tonbridge
Medical
Technology
(HKD) (1)(3)
3,000
9
20,446
Common
Stocks
-
China
A
Shares
0.7%
Autel
Intelligent
Technology,
A
Shares
(CNH)
19,295
191
Bafang
Electric
Suzhou,
A
Shares
(CNH)
4,359
141
BTG
Hotels
Group,
A
Shares
(CNH) (1)
24,473
100
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
22,412
170
Gree
Electric
Appliances
of
Zhuhai,
A
Shares
(CNH)
134,100
806
Guangdong
Kinlong
Hardware
Products,
A
Shares
(CNH)
7,400
187
Hongfa
Technology,
A
Shares
(CNH)
54,300
547
Huayu
Automotive
Systems,
A
Shares
(CNH)
237,500
1,039
Hundsun
Technologies,
A
Shares
(CNH)
98,000
909
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
29,380
341
Jiangsu
Hengrui
Medicine,
A
Shares
(CNH)
45,120
292
Kweichow
Moutai,
A
Shares
(CNH)
1,730
518
Midea
Group,
A
Shares
(CNH)
28,400
331
NARI
Technology,
A
Shares
(CNH)
27,940
156
Ocean's
King
Lighting
Science
&
Technology,
A
Shares
(CNH)
40,107
91
Ping
An
Insurance
Group,
A
Shares
(CNH)
8,500
67
Qingdao
Haier
Biomedical,
A
Shares
(CNH)
15,915
181
Sangfor
Technologies,
A
Shares
(CNH)
9,700
238
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
35,200
192
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
35,100
166
Sino
Wealth
Electronic,
A
Shares
(CNH)
7,490
65
Songcheng
Performance
Development,
A
Shares
(CNH)
256,400
621
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
50,234
394
Zhejiang
Shuanghuan
Driveline,
A
Shares
(CNH)
61,400
240
T.
ROWE
PRICE
Global
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Zhongji
Innolight,
A
Shares
(CNH)
22,400
127
8,110
Corporate
Bonds
0.1%
Baidu,
3.875%,
9/29/23
(USD)
210,000
217
State
Grid
Overseas
Investment,
3.75%,
5/2/23
(USD) (2)
215,000
221
Tencent
Holdings,
2.985%,
1/19/23
(USD) (2)
200,000
202
Weibo,
3.50%,
7/5/24
(USD)
255,000
260
900
Total
China
(Cost
$26,949
)
29,456
CZECH
REPUBLIC
0.0%
Common
Stocks
0.0%
Komercni
Banka
7,863
349
Total
Czech
Republic
(Cost
$278
)
349
DENMARK
0.1%
Common
Stocks
0.1%
Ambu,
Class
B
6,671
141
Genmab (1)
381
130
ROCKWOOL
International,
Class
B
1,354
519
Topdanmark
7,108
406
Zealand
Pharma (1)
5,085
99
1,295
Corporate
Bonds
0.0%
Danske
Bank,
VR,
3.244%,
12/20/25
(USD) (2)(6)
335,000
343
343
Total
Denmark
(Cost
$1,425
)
1,638
EGYPT
0.0%
Common
Stocks
0.0%
Cairo
Investment
&
Real
Estate
Development
34,914
29
Commercial
International
Bank
Egypt (1)
9,046
30
Edita
Food
Industries,
GDR
(USD)
7,020
15
E-Finance
for
Digital
&
Financial
Investments (1)
133,353
149
Fawry
for
Banking
&
Payment
Technology
Services (1)
30,878
19
Integrated
Diagnostics
Holdings
(USD)
156,839
206
Total
Egypt
(Cost
$413
)
448
T.
ROWE
PRICE
Global
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ESTONIA
0.0%
Common
Stocks
0.0%
Enefit
Green (1)
4,386
19
Total
Estonia
(Cost
$16
)
19
FINLAND
0.3%
Common
Stocks
0.3%
Kojamo
7,216
165
Metso
Outotec
11,985
129
QT
Group (1)
991
115
Sampo,
Class
A
27,703
1,375
Stora
Enso,
Class
R
42,859
873
UPM-Kymmene
1,726
63
Valmet
10,327
394
3,114
Corporate
Bonds
0.0%
Nordea
Bank,
1.00%,
6/9/23
(USD) (2)
205,000
204
204
Total
Finland
(Cost
$2,352
)
3,318
FRANCE
1.8%
Common
Stocks
1.6%
Air
Liquide
3,005
514
Airbus (1)
21,657
2,765
Alstom
7,999
259
AXA
42,122
1,334
BioMerieux
610
72
BNP
Paribas
11,681
834
Constellium
(USD) (1)
4,098
72
Dassault
Aviation
3,729
443
Edenred
14,255
612
Engie
58,239
896
Esker
370
100
EssilorLuxottica
7,052
1,334
Eurofins
Scientific
4,114
413
Faurecia
2,422
107
Gecina
131
18
Ipsen
1,616
157
Kering
1,290
963
T.
ROWE
PRICE
Global
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
L'Oreal
1,261
539
Legrand
2,835
289
LVMH
Moet
Hennessy
Louis
Vuitton
126
103
Safran
2,220
269
Sanofi
24,776
2,591
Schneider
Electric
300
51
SPIE
7,975
185
Teleperformance
2,029
764
Thales
12,402
1,144
Tikehau
Capital
4,658
124
TotalEnergies
27,942
1,589
Verallia
12,050
378
18,919
Corporate
Bonds
0.2%
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (2)(6)
350,000
340
BPCE,
4.00%,
9/12/23
(USD) (2)
265,000
274
BPCE,
4.50%,
3/15/25
(USD) (2)
400,000
425
Credit
Agricole,
3.75%,
4/24/23
(USD) (2)
250,000
257
TotalEnergies
Capital
International,
2.434%,
1/10/25
(USD)
275,000
281
1,577
Total
France
(Cost
$16,524
)
20,496
GERMANY
1.6%
Common
Stocks
1.5%
adidas
1,724
473
AIXTRON
14,831
308
Auto1
Group (1)
2,906
51
BASF
7,018
538
Bayer
14,293
868
Beiersdorf
1,744
173
CANCOM
2,360
143
Covestro
7,459
448
CTS
Eventim (1)
5,625
400
Daimler
Truck
Holding (1)
1,812
64
Delivery
Hero (1)
952
74
Deutsche
Boerse
1,652
294
Deutsche
Telekom
58,916
1,112
Evotec (1)
18,284
740
flatexDEGIRO (1)(3)
8,256
160
Fresenius
12,508
516
GEA
Group
3,752
177
HeidelbergCement
2,061
143
Hypoport (1)
269
119
T.
ROWE
PRICE
Global
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Infineon
Technologies
12,485
518
KION
Group
4,973
460
Knaus
Tabbert
1,584
96
Knorr-Bremse
6,028
611
Mercedes-Benz
Group
3,405
272
MorphoSys (1)
1,275
41
Munich
Re
3,305
1,046
MYT
Netherlands
Parent,
ADR
(USD) (1)
3,918
67
Nagarro (1)
596
104
Norma
Group
3,362
122
SAP
3,725
467
Scout24
9,267
554
Shop
Apotheke
Europe (1)
2,891
376
Siemens
19,600
3,112
Siemens
Healthineers
6,452
415
Stroeer
2,221
166
Symrise
4,159
497
TeamViewer (1)
3,693
56
Telefonica
Deutschland
Holding
31,148
89
Tonies,
Class
A (1)
4,300
39
Vonovia
4,297
245
Zalando (1)
13,045
1,035
17,189
Corporate
Bonds
0.1%
BMW
U.S.
Capital,
2.95%,
4/14/22
(USD) (2)
295,000
296
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22
(USD) (2)
330,000
334
630
Preferred
Stocks
0.0%
Sartorius
76
41
Volkswagen
1,335
278
319
Total
Germany
(Cost
$15,028
)
18,138
HONG
KONG
0.4%
Common
Stocks
0.4%
AIA
Group
221,000
2,307
Budweiser
Brewing
APAC
316,900
837
CK
Hutchison
Holdings
23,500
167
Galaxy
Entertainment
Group (1)
31,000
180
Hong
Kong
Exchanges
&
Clearing
1,600
91
Hongkong
Land
Holdings
(USD)
34,300
186
T.
ROWE
PRICE
Global
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Impro
Precision
Industries
211,000
52
Samsonite
International (1)
54,900
115
Sun
Hung
Kai
Properties
5,583
68
4,003
Corporate
Bonds
0.0%
AIA
Group,
3.60%,
4/9/29
(USD) (2)
265,000
283
283
Total
Hong
Kong
(Cost
$3,508
)
4,286
HUNGARY
0.1%
Common
Stocks
0.1%
OTP
Bank (1)
12,370
718
Wizz
Air
Holdings
(GBP) (1)
3,743
205
Total
Hungary
(Cost
$684
)
923
ICELAND
0.0%
Common
Stocks
0.0%
Marel
51,322
326
Total
Iceland
(Cost
$362
)
326
INDIA
0.9%
Common
Stocks
0.9%
Astral
7,122
208
Axis
Bank (1)
24,504
256
Blue
Star
8,250
97
CreditAccess
Grameen (1)
6,599
56
Dr
Lal
PathLabs
1,556
62
Escorts
9,245
230
Fine
Organic
Industries
886
46
FSN
E-Commerce
Ventures (1)
2,120
47
HDFC
Asset
Management
8,579
255
HDFC
Bank
54,494
1,095
Housing
Development
Finance
64,832
2,209
ICICI
Bank,
ADR
(USD)
9,854
214
Indus
Towers
32,487
111
Info
Edge
India
1,173
78
Infosys
44,620
1,051
Kotak
Mahindra
Bank
46,684
1,170
Maruti
Suzuki
India
4,143
479
NTPC
149,095
285
T.
ROWE
PRICE
Global
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Petronet
LNG
23,332
67
Polycab
India
5,179
176
Reliance
Industries
24,192
779
Shriram
Transport
Finance
11,024
184
Tata
Consultancy
Services
4,728
239
TeamLease
Services (1)
2,118
122
Torrent
Pharmaceuticals
4,626
166
V-Mart
Retail (1)
1,670
85
Voltas
37,021
589
Zomato (1)
27,885
34
Total
India
(Cost
$7,880
)
10,390
INDONESIA
0.1%
Common
Stocks
0.1%
Bank
Central
Asia
1,249,700
665
Sarana
Menara
Nusantara
2,114,300
151
Total
Indonesia
(Cost
$395
)
816
IRELAND
0.2%
Common
Stocks
0.0%
Cairn
Homes
(GBP)
116,929
163
DCC
(GBP)
2,956
249
412
Corporate
Bonds
0.2%
AerCap
Ireland
Capital,
2.45%,
10/29/26
(USD)
150,000
147
AerCap
Ireland
Capital,
3.30%,
1/23/23
(USD)
150,000
153
AerCap
Ireland
Capital,
4.125%,
7/3/23
(USD)
150,000
154
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (2)
70,000
72
Avolon
Holdings
Funding,
5.25%,
5/15/24
(USD) (2)
215,000
227
CRH
America
Finance,
3.95%,
4/4/28
(USD) (2)
400,000
431
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
(USD)
300,000
306
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23
(USD) (2)
315,000
325
1,815
Total
Ireland
(Cost
$2,086
)
2,227
ITALY
0.6%
Common
Stocks
0.6%
Amplifon
13,680
581
Banca
Mediolanum
57,080
555
Brunello
Cucinelli (1)
1,889
110
T.
ROWE
PRICE
Global
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Carel
Industries
12,949
312
Davide
Campari-Milano
37,586
472
De'
Longhi
9,781
337
DiaSorin
766
118
Enel
42,755
329
Ermenegildo
Zegna
Holditalia
(USD) (1)
16,608
170
Ferrari
2,266
522
FinecoBank
Banca
Fineco
36,798
619
GVS
10,353
116
Intesa
Sanpaolo
70,531
209
Leonardo (1)
17,852
129
Moncler
4,831
310
PRADA
(HKD)
76,900
470
Prysmian
25,352
855
Stellantis
12,106
234
Telecom
Italia
261,931
117
6,565
Corporate
Bonds
0.0%
Enel
Finance
International,
1.875%,
7/12/28
(USD) (2)
200,000
188
Eni,
Series
X-R,
4.00%,
9/12/23
(USD) (2)
295,000
305
493
Total
Italy
(Cost
$5,140
)
7,058
JAPAN
4.0%
Common
Stocks
3.9%
Aida
Engineering
8,900
81
Aiful (3)
70,300
211
Aruhi (3)
11,200
112
Asahi
Group
Holdings
5,700
233
Asahi
Kasei
26,600
263
Asics
6,400
124
Astellas
Pharma
61,300
989
Benefit
One
6,100
186
Benesse
Holdings
3,900
76
Bridgestone
3,900
171
Central
Japan
Railway
1,600
210
Chugai
Pharmaceutical
10,600
344
Coconala (1)
7,500
61
CyberAgent
34,700
405
Dai-ichi
Life
Holdings
9,200
207
Daiichi
Sankyo
14,000
315
Daikin
Industries
3,600
756
Daio
Paper (3)
34,400
560
T.
ROWE
PRICE
Global
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Daiwa
Office
Investment
6
38
Daiwabo
Holdings
13,800
197
Demae-Can (1)
7,300
48
Denka
2,000
70
Denso
3,500
261
DIC
9,800
251
Disco
1,200
330
Eiken
Chemical
7,700
115
Eisai
4,400
220
Electric
Power
Development
20,500
269
Ezaki
Glico (3)
3,600
117
Fancl
8,700
222
FANUC
1,500
297
Fast
Retailing
500
294
Freee (1)(3)
6,500
257
Fujitec
23,800
566
Fujitsu
2,500
330
Fujitsu
General
13,900
282
Fukui
Computer
Holdings
2,800
73
Fukuoka
Financial
Group
5,400
106
GMO
Financial
Gate (3)
700
92
GMO
Payment
Gateway
2,200
193
Hamamatsu
Photonics
8,800
450
Hanwa
6,200
170
Heiwa
Real
Estate
4,100
140
Hikari
Tsushin
3,300
396
Hino
Motors
33,300
289
Hitachi
8,000
416
Hitachi
Metals (1)
10,700
193
Honda
Motor
4,700
138
Horiba
1,800
97
Hoshino
Resorts
REIT
50
283
Hoshizaki
12,400
916
Idec
5,400
115
Industrial
&
Infrastructure
Fund
Investment (3)
77
129
INFRONEER
Holdings
22,300
205
JGC
Holdings
8,600
84
JINS
Holdings (3)
2,100
130
JMDC (1)
3,100
144
Kansai
Paint
14,800
307
Keyence
1,900
975
Kirin
Holdings
20,200
324
Kubota
19,200
412
Kyoritsu
Maintenance (3)
4,500
161
Kyowa
Kirin
8,200
204
LITALICO
1,400
35
T.
ROWE
PRICE
Global
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Mabuchi
Motor
2,500
79
MatsukiyoCocokara
8,000
274
Media
Do (3)
3,000
67
Medley (1)(3)
2,700
47
Mercari (1)
3,800
144
METAWATER
5,800
103
Mitsubishi
8,000
272
Mitsubishi
Electric
99,700
1,249
Mitsubishi
Estate
11,200
161
Mitsubishi
HC
Capital
24,400
126
Mitsubishi
UFJ
Financial
Group
94,000
570
Mitsui
Fudosan
33,400
716
Mitsui
Fudosan
Logistics
Park
9
44
Mitsui
Mining
&
Smelting
5,200
147
Miura
11,100
328
Modec
7,500
75
Money
Forward (1)(3)
4,000
182
Murata
Manufacturing
11,800
887
Musashi
Seimitsu
Industry (3)
10,100
152
Nakanishi
6,500
115
NET
One
Systems
6,700
159
Nextage
18,700
470
NGK
Spark
Plug
6,800
116
Nifco
3,200
93
Nintendo
500
245
Nippon
Ceramic
8,100
173
Nippon
Paint
Holdings
23,000
184
Nippon
Sanso
Holdings
3,900
77
Nippon
Seiki
22,700
203
Nippon
Shokubai
2,100
99
Nippon
Soda
5,900
169
Nippon
Steel
12,100
198
Nippon
Telegraph
&
Telephone
90,000
2,576
Nipro
20,000
186
Nitto
Boseki
2,100
50
NSK
30,600
209
NTT
Data
37,300
715
Obara
Group (3)
4,100
119
Omron
2,300
168
Oriental
Land
1,300
226
ORIX
14,200
293
Otsuka
Holdings
21,700
740
Outsourcing
7,700
89
PALTAC
2,000
77
Pan
Pacific
International
Holdings
9,200
124
Panasonic
29,300
323
T.
ROWE
PRICE
Global
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Persol
Holdings
18,700
483
Pigeon
7,200
140
Plaid (1)(3)
7,600
82
Pola
Orbis
Holdings
3,100
46
Recruit
Holdings
18,300
905
Renesas
Electronics (1)
13,800
158
Round
One
3,400
41
Sakata
INX
16,000
135
Sansan (1)
10,800
120
Sanwa
Holdings
13,700
148
Sega
Sammy
Holdings
10,700
180
Seven
&
i
Holdings
15,800
804
Shimadzu
6,000
216
Shin-Etsu
Chemical
200
33
Shiseido
700
35
SMC
600
335
SMS
14,800
407
SoftBank
26,500
332
SoftBank
Group
18,500
820
Solasto
37,000
340
Sompo
Holdings
5,300
248
Sony
Group
6,300
705
Stanley
Electric
20,600
482
SUMCO
1,200
22
Sumitomo
32,300
499
Sumitomo
Densetsu
10,600
193
Sumitomo
Electric
Industries
25,100
333
Sumitomo
Mitsui
Trust
Holdings
5,000
173
Sumitomo
Rubber
Industries
8,200
85
Sumitomo
Seika
Chemicals
6,100
164
Suzuki
Motor
29,800
1,269
Taiheiyo
Cement
15,200
302
Taiyo
Yuden
2,500
121
Takeda
Pharmaceutical
8,200
238
Takuma
5,800
74
TechnoPro
Holdings
19,600
501
THK
4,700
117
Tokio
Marine
Holdings
7,900
471
Tokyo
Electron
1,400
685
Tokyo
Tatemono
16,300
243
Tosoh
2,800
44
Toyo
Tire
10,300
146
Toyota
Motor
76,200
1,506
UT
Group
15,200
436
V-Cube
7,700
52
Visional (1)
1,900
140
T.
ROWE
PRICE
Global
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
WealthNavi (1)(3)
4,900
70
Welcia
Holdings
7,300
197
Yellow
Hat
9,700
134
Z
Holdings
83,700
425
46,299
Corporate
Bonds
0.1%
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (6)
300,000
290
Panasonic,
2.536%,
7/19/22
(USD) (2)
200,000
202
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
(USD)
340,000
351
843
Total
Japan
(Cost
$40,150
)
47,142
KAZAKHSTAN
0.1%
Common
Stocks
0.1%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
14,072
184
Kaspi.KZ,
GDR
(USD)
3,325
284
NAC
Kazatomprom,
GDR
(USD)
5,867
185
Total
Kazakhstan
(Cost
$713
)
653
KENYA
0.0%
Common
Stocks
0.0%
Equity
Group
Holdings (1)
194,600
89
Safaricom
810,000
261
Total
Kenya
(Cost
$348
)
350
LUXEMBOURG
0.0%
Common
Stocks
0.0%
Ardagh
Metal
Packaging
(USD) (1)
1,498
14
Majorel
Group
Luxembourg (1)
4,434
125
Total
Luxembourg
(Cost
$180
)
139
MEXICO
0.2%
Common
Stocks
0.1%
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
3,324
675
Grupo
Financiero
Banorte,
Class
O
67,500
427
Grupo
Mexico,
Series
B
18,282
79
Wal-Mart
de
Mexico
137,593
467
1,648
T.
ROWE
PRICE
Global
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds
0.0%
BBVA
Bancomer,
4.375%,
4/10/24
(USD) (2)
150,000
157
157
Government
Bonds
0.1%
Mexico
Government
International
Bond,
3.50%,
2/12/34
(USD)
505,000
488
488
Total
Mexico
(Cost
$1,985
)
2,293
MOROCCO
0.0%
Common
Stocks
0.0%
Attijariwafa
Bank
2,954
155
Hightech
Payment
Systems
215
158
Label
Vie
128
71
Total
Morocco
(Cost
$335
)
384
NETHERLANDS
1.3%
Common
Stocks
1.2%
Aalberts
2,431
149
Adyen (1)
28
57
AerCap
Holdings
(USD) (1)
3,100
195
Akzo
Nobel
15,482
1,602
Argenx,
ADR
(USD) (1)
1,644
443
ASML
Holding
5,267
3,567
ASML
Holding
(USD)
972
658
CTP
2,458
50
Heineken
4,211
452
IMCD
1,423
245
ING
Groep
130,487
1,930
Intertrust (1)
6,589
143
Just
Eat
Takeaway.com (1)
2,807
139
Kendrion
1,834
42
Koninklijke
DSM
4,173
782
Koninklijke
Philips
23,884
794
Prosus
20,588
1,713
Shell
(GBP)
17,984
462
Signify
3,717
197
Van
Lanschot
Kempen,
CVA
3,799
96
13,716
Corporate
Bonds
0.1%
ING
Groep,
3.55%,
4/9/24
(USD)
255,000
264
T.
ROWE
PRICE
Global
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JDE
Peet's,
1.375%,
1/15/27
(USD) (2)
290,000
274
NXP,
2.65%,
2/15/32
(USD) (2)
375,000
361
Shell
International
Finance,
3.25%,
5/11/25
(USD)
75,000
79
978
Total
Netherlands
(Cost
$10,107
)
14,694
NEW
ZEALAND
0.0%
Common
Stocks
0.0%
Fisher
&
Paykel
Healthcare
16,151
297
Total
New
Zealand
(Cost
$80
)
297
NORWAY
0.2%
Common
Stocks
0.2%
Aker
BP
1,164
40
Bakkafrost
420
29
DNB
Bank
26,570
632
Equinor
27,195
750
Norsk
Hydro
5,962
46
Storebrand
36,504
389
Total
Norway
(Cost
$965
)
1,886
PAKISTAN
0.0%
Common
Stocks
0.0%
Indus
Motor
6,240
46
Systems
31,900
133
TRG
Pakistan
331,500
169
Total
Pakistan
(Cost
$380
)
348
PANAMA
0.0%
Government
Bonds
0.0%
Republic
of
Panama,
6.70%,
1/26/36
(USD)
25,000
32
Total
Panama
(Cost
$27
)
32
PERU
0.0%
Common
Stocks
0.0%
Alicorp
17,876
32
Credicorp
(USD)
50
7
InRetail
Peru
(USD)
882
31
T.
ROWE
PRICE
Global
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Southern
Copper
(USD)
1,314
84
Total
Peru
(Cost
$100
)
154
PHILIPPINES
0.1%
Common
Stocks
0.1%
Converge
Information
and
Communications
Technology
Solutions (1)
73,500
44
Philippine
Seven (1)
19,040
33
SM
Investments
34,326
640
Universal
Robina
126,350
315
Total
Philippines
(Cost
$949
)
1,032
POLAND
0.0%
Common
Stocks
0.0%
InPost
(EUR) (1)
9,956
81
81
Government
Bonds
0.0%
Republic
of
Poland,
3.25%,
4/6/26
(USD)
55,000
58
58
Total
Poland
(Cost
$258
)
139
PORTUGAL
0.1%
Common
Stocks
0.1%
Banco
Comercial
Portugues,
Class
R (1)
384,679
65
Galp
Energia
54,451
601
Jeronimo
Martins
32,888
790
Total
Portugal
(Cost
$1,298
)
1,456
QATAR
0.1%
Common
Stocks
0.1%
Qatar
National
Bank
101,123
608
Total
Qatar
(Cost
$549
)
608
ROMANIA
0.0%
Common
Stocks
0.0%
Banca
Transilvania
572,265
342
BRD-Groupe
Societe
Generale
14,370
65
T.
ROWE
PRICE
Global
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Fondul
Proprietatea
56,832
26
Total
Romania
(Cost
$393
)
433
RUSSIA
0.2%
Common
Stocks
0.2%
Alrosa
87,050
128
HeadHunter
Group,
ADR
(USD)
4,000
177
MMC
Norilsk
Nickel
375
105
Ozon
Holdings,
ADR
(USD) (1)
7,493
155
Polyus
410
65
Sberbank
of
Russia,
ADR
(USD)
79,470
1,115
TCS
Group
Holding,
GDR
(USD)
611
44
VK,
GDR
(USD) (1)
3,068
25
X5
Retail
Group,
GDR
(USD)
15,644
354
Yandex,
Class
A
(USD) (1)
6,397
307
Total
Russia
(Cost
$2,296
)
2,475
SAUDI
ARABIA
0.2%
Common
Stocks
0.2%
Al
Rajhi
Bank
13,397
532
Saudi
National
Bank
32,618
643
Saudi
Tadawul
Group
Holding (1)
9,819
424
1,599
Corporate
Bonds
0.0%
Saudi
Arabian
Oil,
2.875%,
4/16/24
(USD) (2)
245,000
251
251
Total
Saudi
Arabia
(Cost
$1,174
)
1,850
SINGAPORE
0.2%
Common
Stocks
0.2%
CapitaLand
Integrated
Commercial
Trust
32,200
46
Daiwa
House
Logistics
Trust (1)
34,600
21
DBS
Group
Holdings
8,900
234
Digital
Core
REIT
Management
(USD) (1)
45,100
53
Sea,
ADR
(USD) (1)
8,380
1,260
United
Overseas
Bank
33,400
746
Wilmar
International
95,300
303
Total
Singapore
(Cost
$1,835
)
2,663
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
12,040
200
Total
Slovenia
(Cost
$152
)
200
SOUTH
AFRICA
0.2%
Common
Stocks
0.2%
Capitec
Bank
Holdings
3,462
456
Clicks
Group
15,135
290
FirstRand
120,078
484
Impala
Platinum
Holdings
1,017
16
Naspers,
Class
N
368
59
Shoprite
Holdings
21,204
290
Sibanye
Stillwater
11,444
43
1,638
Corporate
Bonds
0.0%
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (2)
200,000
191
191
Total
South
Africa
(Cost
$1,267
)
1,829
SOUTH
KOREA
0.7%
Common
Stocks
0.7%
Coupang
(USD) (1)
14,167
295
KakaoBank (1)
491
17
KT (1)
6,838
180
KT,
ADR
(USD) (1)
9,568
124
LG
Household
&
Health
Care
911
741
NAVER
5,580
1,474
Samsung
Electronics
79,728
4,959
7,790
Preferred
Stocks
0.0%
Samsung
Electronics
5,351
301
301
Total
South
Korea
(Cost
$5,080
)
8,091
T.
ROWE
PRICE
Global
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SPAIN
0.5%
Common
Stocks
0.5%
Aedas
Homes
15,507
422
Amadeus
IT
Group,
Class
A (1)
20,177
1,388
Banco
Bilbao
Vizcaya
Argentaria
44,301
283
Cellnex
Telecom
13,695
621
CIE
Automotive
3,514
102
Fluidra
22,151
705
Iberdrola (3)
86,772
995
Indra
Sistemas (1)
8,258
84
Inmobiliaria
Colonial
Socimi
21,793
193
Laboratorios
Farmaceuticos
Rovi
5,586
410
Linea
Directa
Aseguradora
Cia
de
Seguros
y
Reaseguros
40,739
73
5,276
Corporate
Bonds
0.0%
Banco
Santander,
3.49%,
5/28/30
(USD)
200,000
207
Banco
Santander,
3.848%,
4/12/23
(USD)
200,000
205
412
Total
Spain
(Cost
$4,661
)
5,688
SWEDEN
0.6%
Common
Stocks
0.6%
Ambea
14,160
79
Assa
Abloy,
Class
B
22,511
616
Atlas
Copco,
Class
B
534
27
Autoliv,
SDR (3)
2,263
221
Avanza
Bank
Holding
7,141
226
Beijer
Ref
4,946
86
Boliden
8,299
336
Elekta,
B
Shares (3)
17,999
184
Epiroc,
Class
A
32,735
699
Epiroc,
Class
B
2,774
50
Essity,
Class
B
2,841
80
Fabege
2,844
42
Granges
6,996
87
Hexpol
1,562
19
Husqvarna,
Class
B
28,305
394
LM
Ericsson,
Class
B
43,918
548
Lundin
Energy
4,366
178
Millicom
International
Cellular,
SDR (1)(3)
3,769
101
MIPS
904
90
T.
ROWE
PRICE
Global
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Olink
Holding,
ADR
(USD) (1)
5,325
86
Sandvik
8,563
226
Spotify
Technology
(USD) (1)
1,122
220
Svenska
Cellulosa,
Class
B
1,672
29
Svenska
Handelsbanken,
Class
A
28,532
304
Swedbank,
Class
A
55,110
1,079
Thule
Group
8,208
396
Trelleborg,
Class
B
8,817
222
Vimian
Group (1)(3)
8,340
60
Total
Sweden
(Cost
$4,782
)
6,685
SWITZERLAND
1.4%
Common
Stocks
1.3%
ABB
14,458
501
Alcon
12,218
942
ams (1)
9,862
166
Barry
Callebaut
356
817
DKSH
Holding
2,330
187
Julius
Baer
Group
19,608
1,281
Lonza
Group
1,357
936
Montana
Aerospace (1)
6,487
242
Nestle
17,909
2,313
Novartis
14,633
1,271
Partners
Group
Holding
255
356
PolyPeptide
Group (1)
1,576
157
Roche
Holding
9,139
3,537
Sensirion
Holding (1)
674
83
SKAN
Group
325
26
TE
Connectivity
(USD)
976
140
Tecan
Group
198
96
UBS
Group
16,937
314
Valora
Holding (1)
620
120
Zurich
Insurance
Group
3,875
1,853
15,338
Corporate
Bonds
0.1%
Alcon
Finance,
2.60%,
5/27/30
(USD) (2)
235,000
229
Credit
Suisse
Group,
VR,
2.997%,
12/14/23
(USD) (2)(6)
250,000
253
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (2)(6)
300,000
287
UBS
Group,
VR,
3.179%,
2/11/43
(USD) (2)(6)
200,000
194
963
Total
Switzerland
(Cost
$11,277
)
16,301
T.
ROWE
PRICE
Global
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TAIWAN
1.1%
Common
Stocks
1.1%
Chroma
ATE
12,000
94
Largan
Precision
1,000
74
MediaTek
15,000
596
President
Chain
Store
56,000
535
Taiwan
Semiconductor
Manufacturing
413,000
9,549
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
9,795
1,201
Unimicron
Technology
28,000
210
Vanguard
International
Semiconductor
66,000
318
Win
Semiconductors
15,000
186
Total
Taiwan
(Cost
$5,532
)
12,763
THAILAND
0.1%
Common
Stocks
0.1%
Airports
of
Thailand (1)
82,800
159
CP
ALL
571,100
1,081
Total
Thailand
(Cost
$1,255
)
1,240
TURKEY
0.0%
Common
Stocks
0.0%
D-MARKET
Elektronik
Hizmetler
ve
Ticaret,
ADR
(USD) (1)
24,975
48
Total
Turkey
(Cost
$300
)
48
UNITED
ARAB
EMIRATES
0.1%
Common
Stocks
0.1%
Air
Arabia (1)
254,522
101
First
Abu
Dhabi
Bank
101,508
554
Network
International
Holdings
(GBP) (1)
104,367
371
Total
United
Arab
Emirates
(Cost
$928
)
1,026
UNITED
KINGDOM
3.5%
Common
Stocks
3.2%
Abcam (1)
16,912
305
AJ
Bell
19,886
91
Amcor,
CDI
(AUD)
31,907
382
Ascential (1)
176,473
843
T.
ROWE
PRICE
Global
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Ashtead
Group
16,171
1,157
ASOS (1)
20,328
610
AstraZeneca
13,519
1,573
AstraZeneca,
ADR
(USD)
107,004
6,229
Auction
Technology
Group (1)
8,700
125
Aviva
26,779
158
Baltic
Classifieds
Group (1)
73,816
167
Big
Yellow
Group
1,555
31
boohoo
Group (1)
76,633
111
Bridgepoint
Group (1)
95,813
499
British
American
Tobacco
4,928
210
Bunzl
5,320
199
Burberry
Group
12,754
324
Bytes
Technology
Group
22,839
143
Close
Brothers
Group
5,596
97
Compass
Group
19,961
454
Croda
International
2,534
274
CVS
Group
5,130
136
Dechra
Pharmaceuticals
8,684
488
Deliveroo (1)
17,257
36
Derwent
London
5,783
267
Diageo
9,329
471
Direct
Line
Insurance
Group
75,145
310
Dr.
Martens
60,293
250
Endava,
ADR
(USD) (1)
802
97
Experian
11,707
489
FD
Technologies (1)
5,343
116
Frontier
Developments (1)(3)
5,008
93
Funding
Circle
Holdings (1)
69,311
89
Genuit
Group
19,570
152
Genus
4,194
216
Georgia
Capital (1)
10,920
95
GlaxoSmithKline,
ADR
(USD)
19,457
872
Great
Portland
Estates
83,979
870
Greggs
9,139
331
Helios
Towers (1)
101,413
210
Howden
Joinery
Group
51,556
569
HSBC
Holdings
23,842
170
Imperial
Brands
10,074
239
Informa (1)
20,952
158
InterContinental
Hotels
Group (1)
7,933
524
Intermediate
Capital
Group
14,255
368
Investec
17,334
100
IQE (1)(3)
251,152
108
Johnson
Matthey
9,590
253
Keywords
Studios
8,408
286
T.
ROWE
PRICE
Global
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kingfisher
105,621
474
Lloyds
Banking
Group
877,245
609
London
Stock
Exchange
Group
19,870
1,946
Meggitt (1)
22,233
225
Melrose
Industries
158,516
323
Molten
Ventures (1)
31,560
328
Mondi
24,160
604
National
Express
Group (1)
45,527
154
National
Grid
64,732
947
Next
5,388
549
Ninety
One
11,002
39
Ocado
Group (1)
16,774
342
Oxford
Nanopore
Technologies (1)
14,424
95
Persimmon
8,925
291
Playtech (1)
13,408
106
Renishaw
2,763
171
Rightmove
12,566
111
Rio
Tinto
2,024
143
Rolls-Royce
Holdings (1)
154,746
243
Rotork
27,214
125
Royal
Dutch
Shell,
Class
B,
ADR
(USD) (1)
5,013
256
Segro
20,836
367
Smith
&
Nephew
44,709
760
Smiths
Group
10,808
228
Spirax-Sarco
Engineering
1,141
206
SSP
Group (1)
38,717
144
Standard
Chartered
18,284
133
Syncona (1)(3)
37,277
96
Taylor
Wimpey
61,869
127
THG (1)
45,382
81
Trainline (1)
95,303
288
Unilever
(EUR)
3,972
203
Unilever
26,938
1,381
UNITE
Group
1,433
20
Victorian
Plumbing
Group (1)
30,590
42
Victrex
6,049
168
Vodafone
Group
156,726
275
Vodafone
Group,
ADR
(USD)
21,194
371
Watches
of
Switzerland
Group (1)
16,793
293
Weir
Group
13,490
318
Whitbread (1)
4,909
202
WPP
48,513
761
YouGov
19,778
308
37,198
T.
ROWE
PRICE
Global
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds
0.3%
Barclays,
VR,
2.279%,
11/24/27
(USD) (6)
335,000
328
BAT
Capital,
4.39%,
8/15/37
(USD)
275,000
277
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27
(USD) (2)
210,000
202
Experian
Finance,
2.75%,
3/8/30
(USD) (2)
200,000
199
HSBC
Holdings,
VR,
2.206%,
8/17/29
(USD) (6)
200,000
191
HSBC
Holdings,
VR,
2.848%,
6/4/31
(USD) (6)
280,000
274
Nationwide
Building
Society,
1.50%,
10/13/26
(USD) (2)
405,000
391
NatWest
Group,
VR,
4.519%,
6/25/24
(USD) (6)
300,000
311
NatWest
Markets,
2.375%,
5/21/23
(USD) (2)
240,000
243
RELX
Capital,
3.00%,
5/22/30
(USD)
100,000
102
RELX
Capital,
3.50%,
3/16/23
(USD)
45,000
46
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28
(USD) (6)
200,000
196
Standard
Chartered,
VR,
1.822%,
11/23/25
(USD) (2)(6)
320,000
315
Unilever
Capital,
3.00%,
3/7/22
(USD)
150,000
151
3,226
Total
United
Kingdom
(Cost
$35,179
)
40,424
UNITED
STATES
71.0%
Asset-Backed
Securities
0.5%
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-2,
Class
D,
1.29%,
6/18/27
150,000
146
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2019-2A,
Class
B,
3.55%,
9/22/25 (2)
105,000
109
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2020-2A,
Class
A,
2.02%,
2/20/27 (2)
100,000
100
Carlyle
U.S.,
Series
2019-4A,
Class
A11R,
CLO,
FRN,
3M
SOFR
+
1.32%,
1.55%,
4/15/35 (2)
250,000
250
Carmax
Auto
Owner
Trust,
Series
2021-1,
Class
D,
1.28%,
7/15/27
90,000
88
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
C,
2.33%,
2/10/28
155,000
153
CIFC
Funding,
Series
2021-3A,
Class
A,
CLO,
FRN,
3M
USD
LIBOR
+
1.14%,
1.381%,
7/15/36 (2)
250,000
250
CNH
Equipment
Trust,
Series
2019-C,
Class
B,
2.35%,
4/15/27
295,000
300
DRIVEN
BRANDS
FUNDING,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (2)
128,700
128
DRIVEN
BRANDS
FUNDING,
Series
2021-1A,
Class
A2,
2.791%,
10/20/51 (2)
129,675
125
Dryden,
Series
2020-77A,
Class
AR,
CLO,
FRN,
3M
USD
LIBOR
+
1.12%,
1.28%,
5/20/34 (2)
250,000
250
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
C,
0.74%,
1/15/26
215,000
214
T.
ROWE
PRICE
Global
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Exeter
Automobile
Receivables
Trust,
Series
2021-2A,
Class
C,
0.98%,
6/15/26
75,000
74
Exeter
Automobile
Receivables
Trust,
Series
2021-4A,
Class
C,
1.46%,
10/15/27
215,000
213
Ford
Credit
Auto
Owner
Trust,
Series
2019-1,
Class
B,
3.82%,
7/15/30 (2)
205,000
213
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (2)
115,000
112
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27
205,000
199
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-3,
Class
D,
1.91%,
9/16/27
90,000
90
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (2)
106,425
110
JPMorgan
Chase
Bank,
Series
2021-2,
Class
C,
0.969%,
12/26/28 (2)
223,784
222
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (2)
146,571
147
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (2)
82,707
81
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (2)
268,115
272
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-FA,
Class
A2,
2.60%,
8/15/68 (2)
70,366
71
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-GA,
Class
A,
2.40%,
10/15/68 (2)
80,130
81
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (2)
43,940
44
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (2)
53,652
53
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-A,
Class
A,
0.84%,
5/15/69 (2)
61,102
60
Nelnet
Student
Loan
Trust,
Series
2021-CA,
Class
AFX,
1.32%,
4/20/62 (2)
251,421
245
Planet
Fitness
Master
Issuer,
Series
2018-1A,
Class
A2I,
4.262%,
9/5/48 (2)
198,338
198
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (2)
129,675
125
Sierra
Timeshare
Receivables
Funding,
Series
2018-2A,
Class
A,
3.50%,
6/20/35 (2)
34,239
35
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
A3,
ARM,
1M
USD
LIBOR
+
1.75%,
1.853%,
5/17/32 (2)
130,000
131
SMB
Private
Education
Loan
Trust,
Series
2016-A,
Class
A2A,
2.70%,
5/15/31 (2)
86,703
88
SMB
Private
Education
Loan
Trust,
Series
2016-B,
Class
A2B,
ARM,
1M
USD
LIBOR
+
1.45%,
1.556%,
2/17/32 (2)
108,083
109
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (2)
159,502
161
T.
ROWE
PRICE
Global
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (2)
62,111
64
SMB
Private
Education
Loan
Trust,
Series
2019-A,
Class
A2B,
ARM,
1M
USD
LIBOR
+
0.87%,
0.98%,
7/15/36 (2)
71,319
72
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (2)
88,924
87
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (2)
203,819
196
Synchrony
Credit
Card
Master
Note
Trust,
Series
2017-2,
Class
A,
2.62%,
10/15/25
50,000
51
5,717
Bond
Mutual
Funds
20.5%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
3.50% (7)(8)
2,928,305
28,170
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
5.59% (7)(8)
5,001,309
27,757
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.67% (7)(8)
5,583,750
43,107
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.32% (7)(8)
2,487,339
24,227
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
4.64% (7)(8)
3,088,044
26,465
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
1.67% (7)(8)
4,146,533
36,904
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.71% (7)(8)
632,237
6,202
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
0.89% (7)(8)
9,148,190
46,107
238,939
Common
Stocks
28.5%
Abbott
Laboratories
7,662
977
AbbVie
38,884
5,323
Acadia
Realty
Trust,
REIT
8,053
159
Accenture,
Class
A
4,816
1,703
Advanced
Micro
Devices (1)
12,463
1,424
AES
14,187
315
Affirm
Holdings (1)
2,685
172
AGCO
229
27
Agilent
Technologies
10,321
1,438
Air
Products
&
Chemicals
2,601
734
Alamo
Group
164
23
Albemarle
4,038
891
Alexandria
Real
Estate
Equities,
REIT
3,820
744
Align
Technology (1)
212
105
Alphabet,
Class
A (1)
359
971
Alphabet,
Class
C (1)
7,425
20,151
Amazon.com (1)
2,986
8,933
Ameren
508
45
T.
ROWE
PRICE
Global
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
American
Campus
Communities,
REIT
2,979
156
American
Electric
Power
13,413
1,213
American
International
Group
76,485
4,417
Anthem
7,075
3,120
Apartment
Income
REIT,
REIT
1,779
94
Apple
64,158
11,214
Apple
Hospitality
REIT,
REIT
9,051
146
Atlassian,
Class
A (1)
1,837
596
AvalonBay
Communities,
REIT
1,311
320
Avery
Dennison
234
48
Ball
468
45
Bank
of
America
106,777
4,927
Bank
of
New
York
Mellon
18,436
1,092
Becton
Dickinson
&
Company
10,885
2,766
Bill.com
Holdings (1)
1,478
278
Block,
Class
A (1)
2,967
363
Bluescape
Opportunities
Acquisition (1)
993
10
Boeing (1)
3,069
615
Booking
Holdings (1)
428
1,051
Bristol-Myers
Squibb
13,683
888
Broadcom
1,071
627
Burlington
Stores (1)
1,451
344
Cactus,
Class
A
823
40
Camden
Property
Trust,
REIT
6,324
1,012
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $179 (1)(4)(5)
105
179
Carvana (1)
5,527
896
Caterpillar
1,290
260
Cedar
Fair (1)
21,938
1,091
Centene (1)
40,373
3,139
Ceridian
HCM
Holding (1)
2,514
191
CF
Industries
Holdings
364
25
ChampionX (1)
1,463
33
Charles
Schwab
64,792
5,682
Charter
Communications,
Class
A (1)
3,568
2,117
Chevron
9,277
1,218
Chipotle
Mexican
Grill (1)
1,092
1,622
Chubb
26,340
5,196
Cigna
5,408
1,246
Cintas
252
99
Citigroup
22,775
1,483
CME
Group
12,058
2,767
CMS
Energy
5,435
350
Coca-Cola
29,506
1,800
Cognizant
Technology
Solutions,
Class
A
8,133
695
Comcast,
Class
A
23,604
1,180
Confluent,
Class
A (1)
1,869
122
T.
ROWE
PRICE
Global
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ConocoPhillips
3,055
271
Cooper
1,710
681
Copart (1)
1,520
196
Coupa
Software (1)
496
67
Crowdstrike
Holdings,
Class
A (1)
403
73
CSX
70,140
2,400
CubeSmart,
REIT
4,803
244
Danaher
15,935
4,554
Darling
Ingredients (1)
582
37
Datadog,
Class
A (1)
1,288
188
Deere
140
53
Devon
Energy
2,748
139
DocuSign (1)
1,702
214
Dollar
General
10,468
2,182
Dominion
Energy
19,523
1,575
DoorDash,
Class
A (1)
4,114
467
Douglas
Emmett,
REIT
5,019
157
DTE
Energy
1,558
188
East
West
Bancorp
6,737
582
EastGroup
Properties,
REIT
560
112
Elanco
Animal
Health (1)
10,690
278
Element
Solutions
2,321
52
Eli
Lilly
3,499
859
Entegris
420
50
Entergy
3,023
338
EOG
Resources
5,213
581
EPAM
Systems (1)
62
30
Equinix,
REIT
508
368
Equitable
Holdings
24,693
831
Equity
LifeStyle
Properties,
REIT
10,738
841
Equity
Residential,
REIT
3,558
316
Essex
Property
Trust,
REIT
843
280
Euronet
Worldwide (1)
4,639
621
Eversource
Energy
2,911
260
Exxon
Mobil
24,093
1,830
Federal
Realty
Investment
Trust,
REIT
494
63
Fidelity
National
Information
Services
14,485
1,737
Fiserv (1)
12,003
1,269
Fortinet (1)
1,587
472
Fortive
12,782
902
General
Electric
78,546
7,421
General
Motors (1)
2,850
150
Global
Payments
4,423
663
Goldman
Sachs
Group
2,186
775
Gusto,
Acquisition
Date:
10/4/21,
Cost $24 (1)(4)(5)
826
24
Halliburton
41,501
1,276
T.
ROWE
PRICE
Global
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hartford
Financial
Services
Group
35,259
2,534
HashiCorp,
Class
A (1)
434
29
HCA
Healthcare
15,476
3,715
Healthcare
Realty
Trust,
REIT
2,634
82
Healthcare
Trust
of
America,
Class
A,
REIT
2,197
71
Hess
765
71
Highwoods
Properties,
REIT
703
30
Hilton
Worldwide
Holdings (1)
8,945
1,298
Home
Depot
4,149
1,523
Honeywell
International
4,981
1,018
Host
Hotels
&
Resorts,
REIT (1)
1,810
31
Howard
Hughes (1)
833
80
Hubbell
4,449
833
Humana
2,666
1,046
IDACORP
195
21
International
Flavors
&
Fragrances
6,220
821
International
Paper
1,422
69
Intuit
3,748
2,081
Intuitive
Surgical (1)
6,609
1,878
Jacobs
Engineering
Group
5,208
678
Johnson
&
Johnson
6,125
1,055
JPMorgan
Chase
7,003
1,041
Kadant
105
22
Keurig
Dr
Pepper
57,727
2,191
Kilroy
Realty,
REIT
1,779
114
Kimberly-Clark
10,641
1,465
Kimco
Realty,
REIT
5,621
136
KLA
5,062
1,970
Kodiak
Sciences (1)
888
52
L3Harris
Technologies
7,382
1,545
Lam
Research
1,281
756
Legalzoom.com (1)
5,277
84
Lennar,
Class
A
2,856
274
Liberty
Media-Liberty
Formula
One,
Class
C (1)
20,653
1,244
Linde
(EUR)
825
262
Linde
5,758
1,835
Live
Nation
Entertainment (1)
14,050
1,539
Lululemon
Athletica (1)
4,720
1,575
Magnolia
Oil
&
Gas,
Class
A
2,634
57
Marriott
International,
Class
A (1)
11,251
1,813
Marsh
&
McLennan
974
150
Martin
Marietta
Materials
1,028
400
Marvell
Technology
10,977
784
Mastercard,
Class
A
4,799
1,854
Medtronic
24,114
2,496
Merck
18,149
1,479
T.
ROWE
PRICE
Global
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Meta
Platforms,
Class
A (1)
17,328
5,428
MetLife
9,200
617
Microsoft
74,104
23,045
Middleby (1)
8,713
1,614
Molina
Healthcare (1)
4,267
1,239
Mondelez
International,
Class
A
29,815
1,998
MongoDB (1)
1,082
438
Monolithic
Power
Systems
561
226
Morgan
Stanley
6,634
680
Motorola
Solutions
2,513
583
MSCI
165
88
Netflix (1)
3,360
1,435
NextEra
Energy
63,811
4,985
NIKE,
Class
B
4,185
620
NiSource
26,511
774
Norfolk
Southern
9,904
2,694
Nucor
971
98
NVIDIA
12,800
3,134
NXP
Semiconductors
4,263
876
Olaplex
Holdings (1)
11,239
245
Opendoor
Technologies,
Class
A (1)
6,722
67
O'Reilly
Automotive (1)
1,229
801
Packaging
Corp.
of
America
3,908
589
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (1)(4)(5)
21,572
22
Paycom
Software (1)
196
66
PayPal
Holdings (1)
4,425
761
Pebblebrook
Hotel
Trust,
REIT
5,144
111
PerkinElmer
7,390
1,272
Pfizer
17,550
925
PG&E (1)
103,973
1,330
Pinterest,
Class
A (1)
8,847
261
Pioneer
Natural
Resources
701
153
Planet
Fitness,
Class
A (1)
12,099
1,072
PNC
Financial
Services
Group
5,701
1,174
PPG
Industries
370
58
Prologis,
REIT
28,840
4,523
PS
Business
Parks,
REIT
620
103
Public
Storage,
REIT
986
353
Quaker
Chemical
128
27
QUALCOMM
10,457
1,838
Quanta
Services
337
35
Rayonier,
REIT
64
2
Regency
Centers,
REIT
1,646
118
Reliance
Steel
&
Aluminum
1,683
257
Republic
Services
12,381
1,581
Rexford
Industrial
Realty,
REIT
2,613
191
T.
ROWE
PRICE
Global
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Rivian
Automotive,
Acquisition
Date:
12/23/19
-
7/23/21,
Cost $823 (1)(4)
34,730
2,169
Rivian
Automotive,
Class
A (1)
6,857
451
Roper
Technologies
2,692
1,177
Ross
Stores
14,289
1,397
Royal
Gold
114
12
RPM
International
974
86
S&P
Global
1,238
514
salesforce.com (1)
10,936
2,544
Sanderson
Farms
91
17
SBA
Communications,
REIT
152
49
Sempra
Energy
19,275
2,663
ServiceNow (1)
4,187
2,453
Sherwin-Williams
3,078
882
Shoals
Technologies
Group,
Class
A (1)
1,691
28
Simon
Property
Group,
REIT
1,140
168
SL
Green
Realty,
REIT
965
70
Snap,
Class
A (1)
30,560
994
Snowflake,
Class
A (1)
476
131
Southern
45,672
3,174
Starbucks
15,161
1,491
State
Street
25,741
2,433
Steel
Dynamics
2,114
117
STERIS
2,372
532
Stryker
2,337
580
Sunstone
Hotel
Investors,
REIT (1)
6,727
76
Synopsys (1)
4,227
1,312
T-Mobile
U.S. (1)
8,929
966
Teleflex
2,253
699
Terreno
Realty,
REIT
2,094
157
Tesla (1)
2,473
2,316
Texas
Instruments
8,927
1,602
Thermo
Fisher
Scientific
7,604
4,420
Timken
340
23
TJX
7,157
515
Toast,
Class
A (1)
302
7
TransUnion
7,091
731
Travelers
14,593
2,425
Twilio,
Class
A (1)
426
88
Ultragenyx
Pharmaceutical (1)
3,369
236
Union
Pacific
6,936
1,696
United
Parcel
Service,
Class
B
5,178
1,047
UnitedHealth
Group
14,640
6,918
Vail
Resorts
954
264
Veeva
Systems,
Class
A (1)
904
214
T.
ROWE
PRICE
Global
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17,
Cost $4 (1)(4)(5)
1
6
VeriSign (1)
5,996
1,302
Visa,
Class
A
22,626
5,117
Vulcan
Materials
776
148
Walmart
21,998
3,076
Walt
Disney (1)
9,077
1,298
Waste
Connections
5,001
624
Wells
Fargo
26,806
1,442
Welltower,
REIT
5,406
468
West
Pharmaceutical
Services
1,037
408
Western
Alliance
Bancorp
4,714
468
Westrock
31,004
1,431
Weyerhaeuser,
REIT
3,107
126
Wix.com (1)
1,232
162
Workiva (1)
2,550
302
Xcel
Energy
30,846
2,149
Yum!
Brands
21,184
2,652
Zoetis
4,835
966
Zoom
Video
Communications,
Class
A (1)
1,946
300
332,473
Convertible
Preferred
Stocks
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $97 (1)(4)(5)
2,160
147
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $42 (1)(4)(5)
618
42
AES,
6.875%,
2/15/24
2,120
190
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $7 (1)(4)(5)
4
7
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
25
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $68 (1)(4)
(5)
309
68
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $3 (1)(4)(5)
163
10
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $33 (1)(4)(5)
1,103
33
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $15 (1)(4)(5)
255
15
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $71 (1)(4)(5)
2,594
71
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $37 (1)
(4)(5)
2,783
37
NextEra
Energy,
5.279%,
3/1/23
1,279
65
Rad
Power
Bikes,
Series
D,
Acquisition
Date:
9/16/21,
Cost $155 (1)(4)(5)
16,193
155
T.
ROWE
PRICE
Global
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $79 (1)(4)(5)
1,666
79
Southern,
Series
2019,
6.75%,
8/1/22
5,234
280
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2 (1)(4)(5)
2,304
3
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $3 (1)(4)(5)
3,239
4
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $143 (1)(4)(5)
1,669
153
1,436
Corporate
Bonds
3.0%
Abbott
Laboratories,
1.15%,
1/30/28
190,000
181
AbbVie,
2.95%,
11/21/26
145,000
149
AbbVie,
3.60%,
5/14/25
240,000
252
AbbVie,
4.50%,
5/14/35
30,000
34
AbbVie,
4.70%,
5/14/45
95,000
110
Agilent
Technologies,
3.875%,
7/15/23
65,000
67
AHS
Hospital,
5.024%,
7/1/45
20,000
27
Air
Lease,
2.20%,
1/15/27
195,000
189
Air
Lease,
3.625%,
4/1/27
45,000
46
Ally
Financial,
2.20%,
11/2/28
270,000
258
Altria
Group,
2.35%,
5/6/25
40,000
40
Amazon.com,
2.80%,
8/22/24
50,000
51
Amazon.com,
3.875%,
8/22/37
150,000
167
American
Airlines
PTT,
Series
2014-1,
Class
A,
3.70%,
10/1/26
21,888
22
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32
169,963
169
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
230,000
240
American
Honda
Finance,
0.75%,
8/9/24
260,000
254
American
Tower,
1.45%,
9/15/26
355,000
340
Amphenol,
2.20%,
9/15/31
105,000
99
Anthem,
4.101%,
3/1/28
130,000
141
Anthem,
4.65%,
1/15/43
20,000
23
Aon,
2.20%,
11/15/22
195,000
197
Aon,
3.875%,
12/15/25
25,000
27
Appalachian
Power,
4.45%,
6/1/45
40,000
44
Apple,
1.70%,
8/5/31
235,000
220
Apple,
3.20%,
5/13/25
260,000
272
Apple,
3.20%,
5/11/27
300,000
315
AT&T,
2.75%,
6/1/31
215,000
211
AT&T,
3.00%,
6/30/22
150,000
151
Autodesk,
2.40%,
12/15/31
385,000
368
AutoZone,
3.125%,
4/21/26
170,000
176
AutoZone,
3.75%,
6/1/27
70,000
75
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
225,000
230
Bank
of
America,
3.50%,
4/19/26
400,000
422
T.
ROWE
PRICE
Global
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Bank
of
America,
4.45%,
3/3/26
50,000
54
Bank
of
America,
VR,
3.55%,
3/5/24 (6)
100,000
102
Bank
of
America,
VR,
4.244%,
4/24/38 (6)
120,000
134
Banner
Health,
1.897%,
1/1/31
65,000
62
Baxter
International,
1.915%,
2/1/27 (2)
330,000
326
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
115
Becton
Dickinson
&
Company,
3.70%,
6/6/27
183,000
194
Berkshire
Hathaway,
2.75%,
3/15/23
35,000
36
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
25,000
31
Biogen,
3.625%,
9/15/22
90,000
92
Boardwalk
Pipelines,
4.95%,
12/15/24
10,000
11
Booking
Holdings,
3.65%,
3/15/25
30,000
32
BP
Capital
Markets
America,
1.749%,
8/10/30
180,000
167
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (2)
100,000
97
Bristol-Myers
Squibb,
2.90%,
7/26/24
163,000
169
Bristol-Myers
Squibb,
3.55%,
8/15/22
250,000
253
Brixmor
Operating
Partnership,
3.90%,
3/15/27
25,000
26
Brixmor
Operating
Partnership,
4.05%,
7/1/30
80,000
85
Burlington
Northern
Santa
Fe,
3.05%,
9/1/22
65,000
66
Cameron
LNG,
2.902%,
7/15/31 (2)
40,000
40
Cameron
LNG,
3.701%,
1/15/39 (2)
30,000
31
Capital
One
Financial,
3.20%,
1/30/23
230,000
234
Capital
One
Financial,
VR,
2.359%,
7/29/32 (6)
215,000
197
Cardinal
Health,
3.41%,
6/15/27
125,000
131
Cardinal
Health,
3.75%,
9/15/25
80,000
84
CC
Holdings,
3.849%,
4/15/23
25,000
26
Centra
Health,
4.70%,
1/1/48
385,000
428
Charter
Communications
Operating,
4.50%,
2/1/24
250,000
262
Charter
Communications
Operating,
4.908%,
7/23/25
50,000
54
Cigna,
3.25%,
4/15/25
250,000
262
Cigna,
3.75%,
7/15/23
63,000
65
Citigroup,
4.45%,
9/29/27
70,000
76
Citigroup,
VR,
3.887%,
1/10/28 (6)
315,000
334
Citigroup,
VR,
4.075%,
4/23/29 (6)
100,000
107
CMS
Energy,
4.875%,
3/1/44
25,000
30
CNO
Global
Funding,
2.65%,
1/6/29 (2)
315,000
306
Comcast,
1.95%,
1/15/31
155,000
146
Comcast,
2.65%,
2/1/30
225,000
226
CommonSpirit
Health,
2.76%,
10/1/24
95,000
97
CommonSpirit
Health,
2.782%,
10/1/30
50,000
50
CommonSpirit
Health,
2.95%,
11/1/22
25,000
25
ConocoPhillips,
3.75%,
10/1/27 (2)
25,000
27
Crown
Castle
International,
2.10%,
4/1/31
250,000
231
Crown
Castle
International,
3.70%,
6/15/26
40,000
42
Crown
Castle
International,
4.75%,
5/15/47
30,000
35
Crown
Castle
Towers,
3.72%,
7/15/23 (2)
125,000
126
T.
ROWE
PRICE
Global
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CVS
Health,
2.70%,
8/21/40
40,000
36
CVS
Health,
3.25%,
8/15/29
225,000
232
CVS
Health,
3.50%,
7/20/22
40,000
40
DCP
Midstream
Operating,
3.875%,
3/15/23
25,000
25
Delta
Air
Lines,
3.80%,
4/19/23
75,000
76
Diamondback
Energy,
2.875%,
12/1/24
270,000
275
Discover
Financial
Services,
3.75%,
3/4/25
15,000
16
Discover
Financial
Services,
3.85%,
11/21/22
95,000
97
Eaton
Vance,
3.625%,
6/15/23
15,000
15
Ecolab,
3.25%,
12/1/27
265,000
281
Energy
Transfer,
5.25%,
4/15/29
120,000
134
Equitable
Holdings,
3.90%,
4/20/23
29,000
30
Essex
Portfolio,
2.65%,
3/15/32
135,000
131
Eversource
Energy,
Series
M,
3.30%,
1/15/28
15,000
16
Fifth
Third
Bancorp,
4.30%,
1/16/24
65,000
68
FirstEnergy,
Series
C,
7.375%,
11/15/31
60,000
77
FirstEnergy
Transmission,
4.35%,
1/15/25 (2)
65,000
68
Fiserv,
3.20%,
7/1/26
100,000
104
Florida
Gas
Transmission,
3.875%,
7/15/22 (2)
20,000
20
Florida
Gas
Transmission,
4.35%,
7/15/25 (2)
215,000
229
General
Motors,
4.00%,
4/1/25
55,000
58
General
Motors
Financial,
2.40%,
4/10/28
305,000
294
General
Motors
Financial,
3.55%,
7/8/22
205,000
207
George
Washington
University,
Series
2014,
4.30%,
9/15/44
15,000
18
Gilead
Sciences,
3.25%,
9/1/22
20,000
20
Goldman
Sachs
Group,
3.50%,
1/23/25
300,000
312
Goldman
Sachs
Group,
3.85%,
1/26/27
115,000
121
Goldman
Sachs
Group,
5.15%,
5/22/45
15,000
18
Goldman
Sachs
Group,
6.75%,
10/1/37
10,000
14
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (6)
200,000
194
Goldman
Sachs
Group,
VR,
2.65%,
10/21/32 (6)
165,000
160
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (6)
130,000
122
Hackensack
Meridian
Health,
4.211%,
7/1/48
155,000
191
Hasbro,
3.00%,
11/19/24
150,000
153
Hasbro,
3.55%,
11/19/26
420,000
439
HCA,
4.125%,
6/15/29
235,000
249
Healthcare
Realty
Trust,
3.625%,
1/15/28
30,000
31
Healthpeak
Properties,
2.125%,
12/1/28
80,000
78
Healthpeak
Properties,
2.875%,
1/15/31
45,000
45
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (2)
100,000
108
Home
Depot,
1.50%,
9/15/28
350,000
334
Honeywell
International,
1.10%,
3/1/27
275,000
262
Hyatt
Hotels,
3.375%,
7/15/23
30,000
30
Hyundai
Capital
America,
1.30%,
1/8/26 (2)
145,000
139
Hyundai
Capital
America,
1.65%,
9/17/26 (2)
180,000
173
Hyundai
Capital
America,
1.80%,
10/15/25 (2)
55,000
54
T.
ROWE
PRICE
Global
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hyundai
Capital
America,
2.00%,
6/15/28 (2)
235,000
221
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48
145,000
170
Intercontinental
Exchange,
3.45%,
9/21/23
275,000
284
Intercontinental
Exchange,
3.75%,
12/1/25
75,000
80
ITC
Holdings,
2.70%,
11/15/22
95,000
96
Jackson
Financial,
1.125%,
11/22/23 (2)
270,000
267
JPMorgan
Chase,
3.375%,
5/1/23
410,000
420
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (6)
235,000
227
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (6)
125,000
128
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (6)
160,000
173
Kansas
City
Southern,
2.875%,
11/15/29
55,000
56
Kansas
City
Southern,
3.50%,
5/1/50
155,000
156
Kansas
City
Southern,
4.30%,
5/15/43
25,000
28
Kentucky
Utilities,
4.375%,
10/1/45
65,000
72
KeyCorp,
2.25%,
4/6/27
90,000
90
Keysight
Technologies,
4.55%,
10/30/24
230,000
247
Kilroy
Realty,
3.45%,
12/15/24
40,000
41
Kilroy
Realty,
4.25%,
8/15/29
25,000
27
Kilroy
Realty,
4.375%,
10/1/25
15,000
16
Kimco
Realty,
3.40%,
11/1/22
20,000
20
L3Harris
Technologies,
4.854%,
4/27/35
50,000
58
Liberty
Mutual
Group,
4.25%,
6/15/23 (2)
10,000
10
Liberty
Mutual
Group,
4.85%,
8/1/44 (2)
20,000
23
Life
Storage,
4.00%,
6/15/29
145,000
156
LYB
International
Finance
II,
3.50%,
3/2/27
300,000
317
M&T
Bank,
3.55%,
7/26/23
345,000
355
Marriott
International,
Series
AA,
4.65%,
12/1/28
285,000
312
Marsh
&
McLennan,
3.30%,
3/14/23
10,000
10
Marsh
&
McLennan,
3.50%,
6/3/24
115,000
120
McDonald's,
1.45%,
9/1/25
65,000
64
McKesson,
1.30%,
8/15/26
390,000
372
MedStar
Health,
Series
20A,
3.626%,
8/15/49
130,000
139
Met
Tower
Global
Funding,
1.25%,
9/14/26 (2)
245,000
235
Micron
Technology,
4.185%,
2/15/27
33,000
35
Microsoft,
2.921%,
3/17/52
90,000
88
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (2)
110,000
118
Mississippi
Power,
3.95%,
3/30/28
170,000
182
Mondelez
International
Holdings
Netherlands,
1.25%,
9/24/26 (2)
385,000
368
Moody's,
2.00%,
8/19/31
335,000
314
Morgan
Stanley,
3.125%,
1/23/23
485,000
494
Morgan
Stanley,
4.10%,
5/22/23
200,000
206
Morgan
Stanley,
4.30%,
1/27/45
45,000
51
Morgan
Stanley,
VR,
3.971%,
7/22/38 (6)
135,000
147
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
320,000
308
NiSource,
3.49%,
5/15/27
215,000
226
T.
ROWE
PRICE
Global
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NiSource,
3.95%,
3/30/48
105,000
112
Northern
Trust,
3.95%,
10/30/25
25,000
27
Northwestern
University,
Series
2020,
2.64%,
12/1/50
140,000
135
Nucor,
2.70%,
6/1/30
70,000
70
Nucor,
3.95%,
5/1/28
130,000
141
Omnicom
Group,
3.60%,
4/15/26
50,000
53
Omnicom
Group,
3.65%,
11/1/24
50,000
52
Oracle,
2.40%,
9/15/23
300,000
303
O'Reilly
Automotive,
3.60%,
9/1/27
145,000
153
O'Reilly
Automotive,
3.80%,
9/1/22
125,000
126
PACCAR
Financial,
0.90%,
11/8/24
415,000
407
Pacific
Gas
&
Electric,
2.10%,
8/1/27
125,000
118
Packaging
Corp.
of
America,
3.65%,
9/15/24
15,000
16
PayPal
Holdings,
2.40%,
10/1/24
345,000
351
PerkinElmer,
1.90%,
9/15/28
230,000
219
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
200,000
203
Pioneer
Natural
Resources,
1.125%,
1/15/26
80,000
76
PNC
Financial
Services
Group,
3.30%,
3/8/22
20,000
20
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37
25,000
28
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (2)
270,000
279
Principal
Financial
Group,
2.125%,
6/15/30
160,000
155
Principal
Financial
Group,
3.30%,
9/15/22
25,000
25
Principal
Financial
Group,
3.40%,
5/15/25
35,000
36
Prologis,
2.125%,
4/15/27
30,000
30
Protective
Life
Global
Funding,
1.082%,
6/9/23 (2)
205,000
204
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
25,000
26
Public
Storage,
1.95%,
11/9/28
150,000
146
QUALCOMM,
3.25%,
5/20/27
107,000
112
QVC,
4.85%,
4/1/24
20,000
20
Realty
Income,
2.20%,
6/15/28
70,000
69
Regency
Centers,
4.125%,
3/15/28
35,000
38
Republic
Services,
2.375%,
3/15/33
355,000
340
Republic
Services,
3.375%,
11/15/27
230,000
242
Rockwell
Automation,
1.75%,
8/15/31
330,000
310
Roper
Technologies,
2.95%,
9/15/29
60,000
60
Roper
Technologies,
3.80%,
12/15/26
50,000
53
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
50,000
54
salesforce.com,
2.70%,
7/15/41
370,000
348
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (6)
135,000
133
SBA
Tower
Trust,
2.836%,
1/15/25 (2)
250,000
255
ServiceNow,
1.40%,
9/1/30
235,000
209
Simon
Property
Group,
2.65%,
2/1/32
340,000
333
Simon
Property
Group,
3.375%,
10/1/24
45,000
47
Spectra
Energy
Partners,
3.375%,
10/15/26
40,000
41
Spectra
Energy
Partners,
4.75%,
3/15/24
170,000
179
T.
ROWE
PRICE
Global
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
State
Street,
3.10%,
5/15/23
25,000
26
Synchrony
Financial,
4.25%,
8/15/24
375,000
392
Teachers
Insurance
&
Annuity
Association
of
America,
4.27%,
5/15/47 (2)
130,000
149
Texas
Instruments,
1.125%,
9/15/26
80,000
78
Texas
Instruments,
1.375%,
3/12/25
45,000
45
Thermo
Fisher
Scientific,
2.80%,
10/15/41
140,000
133
Time
Warner
Cable,
6.55%,
5/1/37
13,000
16
Time
Warner
Cable,
6.75%,
6/15/39
13,000
17
TJX,
1.60%,
5/15/31
55,000
51
Trinity
Health,
4.125%,
12/1/45
25,000
29
Union
Pacific,
4.75%,
9/15/41
10,000
12
United
Airlines
PTT,
Series
2014-2,
Class
A,
3.75%,
9/3/26
3,314
3
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30
296,244
298
UnitedHealth
Group,
2.00%,
5/15/30
85,000
81
UnitedHealth
Group,
3.75%,
7/15/25
40,000
43
Valero
Energy,
2.85%,
4/15/25
260,000
265
Verizon
Communications,
1.68%,
10/30/30
28,000
26
Verizon
Communications,
2.625%,
8/15/26
230,000
234
Verizon
Communications,
2.65%,
11/20/40
420,000
374
Visa,
2.15%,
9/15/22
90,000
91
Visa,
4.15%,
12/14/35
90,000
103
Vistra
Operations,
3.55%,
7/15/24 (2)
135,000
138
VMware,
1.40%,
8/15/26
350,000
335
Waste
Connections,
2.20%,
1/15/32
155,000
146
Wells
Fargo,
3.50%,
3/8/22
16,000
16
Wells
Fargo,
VR,
3.068%,
4/30/41 (6)
240,000
232
Western
Midstream
Operating,
4.00%,
7/1/22
20,000
20
Willis
North
America,
3.60%,
5/15/24
40,000
42
Willis
North
America,
4.50%,
9/15/28
160,000
175
WP
Carey,
3.85%,
7/15/29
215,000
231
34,767
Equity
Mutual
Funds
2.4%
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (7)
2,876,427
28,793
28,793
Municipal
Securities
0.3%
Bay
Area
Toll
Auth.,
Series
S-10,
3.176%,
4/1/41
300,000
297
California
State
Univ.,
Series
B,
2.795%,
11/1/41
250,000
236
California,
Build
America,
GO,
7.625%,
3/1/40
35,000
56
Central
Texas
Regional
Mobility
Auth.,
Series
E,
3.167%,
1/1/41
225,000
219
Dallas
Fort
Worth
Int'l
Airport,
2.843%,
11/1/46
150,000
147
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50
390,000
395
T.
ROWE
PRICE
Global
Allocation
Fund
43
$
Value
(Cost
and
value
in
$000s)
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29
15,000
16
Los
Angeles
Airport,
Build
America,
Series
C,
7.053%,
5/15/40
15,000
23
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42
175,000
182
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series
B,
4.665%,
7/1/36
20,000
24
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Facs,
Series
B,
3.235%,
7/1/52
200,000
195
Metropolitan
Transportation
Auth.,
Build
America,
Series
A-1,
5.871%,
11/15/39
15,000
19
Miami-Dade
County
Transit
System,
Bulild
America,
Series
B,
5.624%,
7/1/40
160,000
213
Miami-Dade
County
Water
&
Sewer
System,
Series
C,
3.49%,
10/1/42
90,000
94
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
127,000
188
New
York
State
Dormitory
Auth.,
Build
America,
Series
F,
Unrefunded
Portion,
5.628%,
3/15/39
15,000
19
New
York
State
Urban
Dev.,
Series
B,
2.59%,
3/15/35
305,000
293
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
25
Texas
A&M
Univ.,
Series
B,
3.33%,
5/15/39
250,000
262
Univ.
of
California
Regents,
Series
AJ,
4.601%,
5/15/31
25,000
29
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
15,000
20
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44
25,000
32
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36
110,000
120
3,131
Non-U.S.
Government
Mortgage-Backed
Securities
0.6%
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (2)
120,623
119
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (2)
39,523
39
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (2)
98,655
97
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
1.036%,
12/15/36 (2)
150,000
149
Barclays
Mortgage
Loan
Trust,
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (2)
118,696
117
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.266%,
11/15/34 (2)
50,000
49
T.
ROWE
PRICE
Global
Allocation
Fund
44
$
Value
(Cost
and
value
in
$000s)
BX
Trust,
Series
2021-LGCY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.004%,
1.11%,
10/15/23 (2)
225,000
221
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (2)
100,000
101
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
ARM,
3.526%,
11/10/49
55,000
58
CD
Mortgage
Trust,
Series
2017-CD3,
Class
B,
ARM,
3.984%,
2/10/50
110,000
114
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58
25,000
26
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (2)
79,575
79
Cold
Storage
Trust,
Series
2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
1.406%,
11/15/37 (2)
137,619
137
Cold
Storage
Trust,
Series
2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
1.756%,
11/15/37 (2)
155,313
155
COLT
Funding,
Series
2021-6,
Class
A1,
CMO,
ARM,
1.907%,
12/25/66 (2)
261,555
260
Commercial
Mortgage
Trust,
Series
2015-CR24,
Class
A5,
3.696%,
8/10/48
40,000
42
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
A4,
3.708%,
7/10/48
60,000
63
Commercial
Mortgage
Trust,
Series
2015-LC23,
Class
A4,
3.774%,
10/10/48
100,000
106
Connecticut
Avenue
Securities,
Series
2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.208%,
11/25/29
119,556
120
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
0.90%,
0.95%,
11/25/41 (2)
70,706
71
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (2)
33,027
33
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
1.487%,
7/15/38 (2)
99,388
99
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
C,
3.75%,
12/10/36 (2)
165,000
167
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (2)
10,725
11
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)
10,103
10
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.68%,
12/10/40 (2)
100,000
96
Great
Wolf
Trust,
Series
2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
1.739%,
12/15/36 (2)
70,000
69
GS
Mortgage
Securities
Trust,
Series
2013-GC16,
Class
B,
ARM,
5.161%,
11/10/46
175,000
181
T.
ROWE
PRICE
Global
Allocation
Fund
45
$
Value
(Cost
and
value
in
$000s)
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48
25,000
26
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
65,000
71
GS
Mortgage-Backed
Securities
Trust,
Series
2021-PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (2)
203,183
202
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48
65,000
69
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48
49,793
52
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-OPO,
Class
B,
3.377%,
1/5/39 (2)
100,000
102
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (2)
53,073
54
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (2)
62,850
64
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.83%,
0.932%,
8/25/50 (2)
14,365
14
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (2)
25,538
26
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
1.207%,
4/15/38 (2)
255,000
254
MHC
Trust,
Series
2021-MHC2,
Class
D,
ARM,
1M
USD
LIBOR
+
1.50%,
1.606%,
5/15/23 (2)
110,000
109
Mill
City
Mortgage
Loan
Trust,
Series
2018-1,
Class
A1,
ARM,
3.25%,
5/25/62 (2)
50,842
51
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2013-C9,
Class
A4,
3.102%,
5/15/46
20,000
20
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C17,
Class
B,
ARM,
4.464%,
8/15/47
20,000
21
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48
35,000
37
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
A4,
3.753%,
12/15/47
85,000
90
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
AS,
4.068%,
12/15/47
155,000
164
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2016-C30,
Class
A5,
2.86%,
9/15/49
25,000
26
Morgan
Stanley
Capital
I
Trust,
Series
2019-MEAD,
Class
D,
ARM,
3.177%,
11/10/36 (2)
130,000
126
New
Orleans
Hotel
Trust,
Series
2019-HNLA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.589%,
1.695%,
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)
62,311
62
NYO
Commercial
Mortgage
Trust,
Series
2021-1290,
Class
C,
ARM,
1M
USD
LIBOR
+
1.995%,
2.102%,
11/15/38 (2)
295,000
293
T.
ROWE
PRICE
Global
Allocation
Fund
46
$
Value
(Cost
and
value
in
$000s)
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.208%,
10/25/59 (2)
26,070
26
Provident
Funding
Mortgage
Trust,
Series
2019-1,
Class
B1,
CMO,
ARM,
3.225%,
12/25/49 (2)
195,507
197
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (2)
11,340
11
SFO
Commercial
Mortgage
Trust,
Series
2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
1.606%,
5/15/38 (2)
110,000
110
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (2)
7,709
8
Starwood
Mortgage
Residential
Trust,
Series
2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (2)
11,416
11
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (2)
45,174
45
Starwood
Mortgage
Residential
Trust,
Series
2021-2,
Class
A2,
CMO,
ARM,
1.172%,
5/25/65 (2)
57,166
57
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2020-DNA6,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.90%,
0.95%,
12/25/50 (2)
7,345
7
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
0.85%,
8/25/33 (2)
63,255
63
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-DNA6,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.50%,
1.55%,
10/25/41 (2)
100,000
99
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
0.90%,
11/25/41 (2)
165,000
165
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
0.75%,
8/25/33 (2)
86,285
86
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
ARM,
2.75%,
10/25/57 (2)
42,463
43
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
ARM,
3.00%,
1/25/58 (2)
32,501
33
Verus
Securitization
Trust,
Series
2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (2)
36,197
36
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (2)
74,690
75
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (2)
59,022
58
Verus
Securitization
Trust,
Series
2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (2)
289,976
286
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
A4,
3.664%,
9/15/58
41,000
43
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
A4,
3.695%,
11/15/48
100,000
105
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
A5,
ARM,
3.767%,
7/15/58
75,000
79
T.
ROWE
PRICE
Global
Allocation
Fund
47
$
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)
96,142
94
6,702
Private
Investment
Companies
7.8%
Blackstone
Partners
Offshore
Fund,
Series
E1 (1)(5)
43,084
91,196
91,196
U.S.
Government
&
Agency
Mortgage-Backed
Securities
0.0%
Federal
Home
Loan
Mortgage
2.777%,
4/25/23
5
5
2.952%,
2/25/27
27
28
33
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
7.3%
U.S.
Treasury
Bonds,
1.125%,
5/15/40 (9)
1,830,000
1,544
U.S.
Treasury
Bonds,
1.375%,
8/15/50
1,325,000
1,111
U.S.
Treasury
Bonds,
1.75%,
8/15/41
850,000
792
U.S.
Treasury
Bonds,
1.875%,
2/15/41
2,530,000
2,411
U.S.
Treasury
Bonds,
1.875%,
2/15/51 (9)
3,705,000
3,508
U.S.
Treasury
Bonds,
1.875%,
11/15/51
94,000
89
U.S.
Treasury
Bonds,
2.00%,
2/15/50
1,900,000
1,851
U.S.
Treasury
Bonds,
2.00%,
8/15/51
1,075,000
1,048
U.S.
Treasury
Bonds,
2.50%,
2/15/45
145,000
153
U.S.
Treasury
Bonds,
2.75%,
11/15/42
65,000
71
U.S.
Treasury
Bonds,
2.75%,
8/15/47 (9)(10)
5,915,000
6,599
U.S.
Treasury
Bonds,
2.875%,
8/15/45 (10)
570,000
642
U.S.
Treasury
Bonds,
3.00%,
11/15/44
395,000
452
U.S.
Treasury
Bonds,
3.00%,
11/15/45
435,000
501
U.S.
Treasury
Bonds,
3.00%,
2/15/47
220,000
255
U.S.
Treasury
Bonds,
3.00%,
2/15/48
740,000
866
U.S.
Treasury
Bonds,
3.00%,
8/15/48
150,000
176
U.S.
Treasury
Bonds,
3.125%,
11/15/41
290,000
335
U.S.
Treasury
Bonds,
3.125%,
8/15/44
610,000
711
U.S.
Treasury
Bonds,
3.875%,
8/15/40
200,000
254
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51
339,494
367
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
247,574
275
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43
1,014,663
1,183
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42
375,171
446
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47
170,413
214
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46
296,664
377
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48
349,413
454
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49
149,117
196
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44
144,306
194
U.S.
Treasury
Inflation-Indexed
Bonds,
1.75%,
1/15/28
38,475
45
T.
ROWE
PRICE
Global
Allocation
Fund
48
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Inflation-Indexed
Bonds,
2.00%,
1/15/26
476,136
542
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/23
256,488
264
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/24
1,682,109
1,775
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/24
3,598,855
3,799
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/25
1,223,322
1,300
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/26
2,253,898
2,394
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/26
3,155,163
3,370
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/26
2,268,877
2,425
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/30
301,733
326
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/30
1,055,352
1,148
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
373,706
406
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/31
1,261,767
1,375
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/32
599,609
651
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
1/15/25
4,101,383
4,345
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
7/15/29
1,086,610
1,187
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/23
5,774,731
6,031
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/25
591,895
634
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
1/15/27
1,148,339
1,241
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/27
122,715
134
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
4/15/24
347,149
366
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
1/15/28
315,622
345
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
4/15/23
3,793,376
3,939
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/24
838,619
884
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/26
1,512,500
1,635
U.S.
Treasury
Inflation-Indexed
Notes,
0.75%,
7/15/28
290,110
325
U.S.
Treasury
Notes,
0.125%,
7/31/22
610,000
609
U.S.
Treasury
Notes,
0.125%,
1/31/23
1,160,000
1,152
U.S.
Treasury
Notes,
0.125%,
5/31/23 (9)
4,805,000
4,752
U.S.
Treasury
Notes,
0.25%,
5/31/25 (9)
7,490,000
7,200
U.S.
Treasury
Notes,
0.625%,
8/15/30
420,000
382
U.S.
Treasury
Notes,
0.75%,
1/31/28
120,000
113
U.S.
Treasury
Notes,
0.875%,
6/30/26 (9)
1,710,000
1,658
U.S.
Treasury
Notes,
1.125%,
2/28/22
840,000
841
U.S.
Treasury
Notes,
1.625%,
8/15/29
950,000
943
U.S.
Treasury
Notes,
1.875%,
9/30/22
25,000
25
85,636
Total
United
States
(Cost
$717,256
)
828,823
URUGUAY
0.0%
Common
Stocks
0.0%
Dlocal
(USD) (1)
1,250
37
Globant
(USD) (1)
1,524
389
Total
Uruguay
(Cost
$385
)
426
T.
ROWE
PRICE
Global
Allocation
Fund
49
$
Value
(Cost
and
value
in
$000s)
VIETNAM
0.2%
Common
Stocks
0.2%
Airports
Corp.
of
Vietnam (1)
8,900
34
Asia
Commercial
Bank (1)
64,375
106
Bank
for
Foreign
Trade
of
Vietnam
65,032
256
FPT
79,360
324
Military
Commercial
Joint
Stock
Bank (1)
104,625
165
Mobile
World
Investment
67,500
423
Nam
Long
Investment
33,266
74
Phu
Nhuan
Jewelry
56,800
264
Saigon
Beer
Alcohol
Beverage
23,100
151
Vietnam
Dairy
Products
54,900
202
Total
Vietnam
(Cost
$1,640
)
1,999
SHORT-TERM
INVESTMENTS
2.7%
Money
Market
Funds
2.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.08% (7)(11)
31,779,156
31,779
Total
Short-Term
Investments
(Cost
$31,779)
31,779
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
0.09% (7)(11)
2,351,179
2,351
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,351
Total
Securities
Lending
Collateral
(Cost
$2,351)
2,351
T.
ROWE
PRICE
Global
Allocation
Fund
50
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
Exchange-Traded
Options
Purchased
0
.0
%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
Notes
10
year
futures
contract,
Put,
2/18/22
@
$127.00 (1)
14
1,792
3
Total
Options
Purchased
(Cost
$3)
3
Total
Investments
in
Securities
100.0%
(Cost
$993,655)
$
1,167,346
Other
Assets
Less
Liabilities
(0.0)%
(14)
Net
Assets
100.0%
$
1,167,332
‡
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
(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
$22,735
and
represents
1.9%
of
net
assets.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2022.
(4)
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
$3,599
and
represents
0.3%
of
net
assets.
(5)
Level
3
in
fair
value
hierarchy.
(6)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(7)
Affiliated
Companies
(8)
SEC
30-day
yield
(9)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
January
31,
2022.
(10)
At
January
31,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(11)
Seven-day
yield
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
SOFR
Three
month
Term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ADR
American
Depositary
Receipts
T.
ROWE
PRICE
Global
Allocation
Fund
51
.
.
.
.
.
.
.
.
.
.
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
CAD
Canadian
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
GDR
Global
Depositary
Receipts
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
ILS
Israeli
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
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
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
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
(0.2)%
Exchange-Traded
Options
Written
(0.2)%
Description
Contracts
Notional
Amount
$
Value
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
2/18/22
@
$85.00
2,600
22,472
(
285
)
S&P
500
Index,
Call,
3/18/22
@
$4,450.00
121
54,638
(
1,991
)
U.S.
Treasury
Long-Term
Bonds
Futures,
Call,
2/18/22
@
$162.00
45
7,003
(
4
)
U.S.
Treasury
Long-Term
Bonds
Futures,
Put,
2/18/22
@
$162.00
45
7,003
(
290
)
Total
Exchange-Traded
Options
Written
(Premiums
$(2,137))
$
(
2,570
)
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Erste
Group
Bank,
Call,
6/17/22
@
48.00
(EUR)
4
17
—
Total
OTC
Options
Written
(Premiums
$–)
$
—
Total
Options
Written
(Premiums
$(2,137))
$
(
2,570
)
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.IG-S37,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/26
3,500
70
85
(
15
)
Total
United
States
(
15
)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(
15
)
Total
Centrally
Cleared
Swaps
(
15
)
Net
payments
(receipts)
of
variation
margin
to
date
18
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
3
T.
ROWE
PRICE
Global
Allocation
Fund
54
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
2/28/22
USD
8,298
GBP
6,197
$
(
35
)
Canadian
Imperial
Bank
of
Commerce
4/22/22
CAD
140
USD
112
(
2
)
Citibank
2/25/22
GBP
82
USD
112
(
2
)
Citibank
2/25/22
USD
71
GBP
53
—
Goldman
Sachs
2/25/22
EUR
202
USD
229
(
2
)
Goldman
Sachs
2/25/22
GBP
106
USD
141
2
Goldman
Sachs
2/28/22
USD
2,157
SEK
20,167
(
6
)
Goldman
Sachs
2/28/22
USD
598
SGD
808
(
1
)
HSBC
Bank
2/28/22
USD
128
NZD
192
2
JPMorgan
Chase
2/25/22
AUD
159
USD
115
(
3
)
JPMorgan
Chase
2/25/22
EUR
61
USD
70
(
1
)
JPMorgan
Chase
2/25/22
USD
113
AUD
159
1
JPMorgan
Chase
2/25/22
USD
183
EUR
161
2
JPMorgan
Chase
2/25/22
USD
112
EUR
100
(
1
)
JPMorgan
Chase
2/25/22
USD
110
GBP
82
—
JPMorgan
Chase
2/25/22
USD
138
GBP
103
(
1
)
JPMorgan
Chase
2/28/22
CHF
285
USD
308
—
JPMorgan
Chase
2/28/22
DKK
1,015
USD
153
—
JPMorgan
Chase
2/28/22
EUR
540
USD
607
—
JPMorgan
Chase
2/28/22
JPY
64,536
USD
561
—
JPMorgan
Chase
2/28/22
NZD
35
USD
23
—
JPMorgan
Chase
2/28/22
SEK
1,098
USD
118
—
JPMorgan
Chase
2/28/22
USD
20
AUD
28
—
JPMorgan
Chase
2/28/22
USD
27
GBP
20
—
JPMorgan
Chase
2/28/22
USD
21
HKD
160
—
JPMorgan
Chase
2/28/22
USD
240
ILS
761
(
1
)
JPMorgan
Chase
2/28/22
USD
11
NOK
97
—
JPMorgan
Chase
2/28/22
USD
24
SGD
33
—
JPMorgan
Chase
4/22/22
NZD
168
USD
114
(
4
)
JPMorgan
Chase
4/22/22
USD
111
CAD
140
—
JPMorgan
Chase
4/22/22
USD
67
CAD
86
—
JPMorgan
Chase
4/22/22
USD
112
NZD
168
2
JPMorgan
Chase
4/22/22
USD
46
NZD
70
—
Morgan
Stanley
2/25/22
EUR
302
USD
342
(
3
)
Morgan
Stanley
2/28/22
USD
3,895
AUD
5,502
5
Morgan
Stanley
2/28/22
USD
1,506
DKK
10,037
(
10
)
Morgan
Stanley
2/28/22
USD
12,888
JPY
1,484,375
(
13
)
Morgan
Stanley
2/28/22
USD
371
NOK
3,320
(
3
)
RBC
Dominion
Securities
2/28/22
USD
1,522
HKD
11,859
1
Standard
Chartered
2/28/22
USD
18,679
EUR
16,733
(
129
)
UBS
Investment
Bank
2/25/22
USD
457
EUR
404
3
T.
ROWE
PRICE
Global
Allocation
Fund
55
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
2/28/22
USD
5,869
CHF
5,461
$
(
28
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
227
)
T.
ROWE
PRICE
Global
Allocation
Fund
56
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
30
MSCI
EAFE
Index
contracts
3/22
(3,353)
$
58
Long,
447
Russell
2000
E-Mini
Index
contracts
3/22
45,245
(
3,815
)
Long,
49
S&P
500
E-Mini
Index
contracts
3/22
11,035
132
Long,
66
S&P
MidCap
400
E-Mini
Index
contracts
3/22
17,356
(
917
)
Short,
2
U.S.
Treasury
Long
Bond
contracts
3/22
(311)
—
Short,
16
U.S.
Treasury
Notes
ten
year
contracts
3/22
(2,047)
1
Long,
3
Ultra
U.S.
Treasury
Bonds
contracts
3/22
567
—
Long,
4
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/22
571
—
Long,
83
U.S.
Treasury
Notes
five
year
contracts
3/22
9,894
(
17
)
Short,
64
U.S.
Treasury
Notes
two
year
contracts
3/22
(13,866)
15
Net
payments
(receipts)
of
variation
margin
to
date
6,245
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
1,702
T.
ROWE
PRICE
Global
Allocation
Fund
57
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
2022.
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,
3.50%
$
359
$
(
308
)
$
180
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
5.59%
—
(
1,517
)
274
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
Investor
Class,
5.66%
—
824
93
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.67%
—
(
2,550
)
483
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.32%
—
(
72
)
214
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
4.64%
—
(
767
)
365
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
1.67%
206
(
1,238
)
163
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.71%
77
(
139
)
28
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
671
(
2,078
)
—
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
0.89%
191
(
364
)
96
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
—
—
—
++
T.
Rowe
Price
Treasury
Reserve
Fund,
0.08%
—
—
9
T.
Rowe
Price
Short-Term
Fund
—
—
—
++
Totals
$
1,504
#
$
(
8,209
)
$
1,905
+
T.
ROWE
PRICE
Global
Allocation
Fund
58
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
01/31/22
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
3.50%
$
27,939
$
539
$
—
$
28,170
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
5.59%
—
29,274
—
27,757
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
Investor
Class,
5.66%
28,100
—
28,924
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.67%
45,174
483
—
43,107
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.32%
21,460
2,839
—
24,227
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
4.64%
26,867
365
—
26,465
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
1.67%
37,773
369
—
36,904
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.71%
6,236
105
—
6,202
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
30,060
811
—
28,793
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
0.89%
46,184
287
—
46,107
T.
Rowe
Price
Government
Reserve
Fund,
0.09%
—
¤
¤
2,351
T.
Rowe
Price
Treasury
Reserve
Fund,
0.08%
69,784
¤
¤
31,779
T.
Rowe
Price
Short-Term
Fund
4,373
¤
¤
—
Total
$
301,862
^
#
Capital
gain
distributions
from
mutual
funds
represented
$1,504
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$1,905
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
$311,818.
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
59
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
60
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
61
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
62
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
January
31,
2022
(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
$
—
$
153,359
$
—
$
153,359
Bond
Mutual
Funds
238,939
—
—
238,939
Common
Stocks
354,644
262,980
274
617,898
Convertible
Preferred
Stocks
—
535
1,139
1,674
Equity
Mutual
Funds
28,793
—
—
28,793
Preferred
Stocks
—
1,354
—
1,354
Private
Investment
Companies
—
—
91,196
91,196
Short-Term
Investments
31,779
—
—
31,779
Securities
Lending
Collateral
2,351
—
—
2,351
Options
Purchased
3
—
—
3
Total
Securities
656,509
418,228
92,609
1,167,346
Forward
Currency
Exchange
Contracts
—
18
—
18
Futures
Contracts*
206
—
—
206
Total
$
656,715
$
418,246
$
92,609
$
1,167,570
Liabilities
Options
Written
$
294
$
2,276
$
—
$
2,570
Swaps*
—
15
—
15
Forward
Currency
Exchange
Contracts
—
245
—
245
Futures
Contracts*
4,749
—
—
4,749
Total
$
5,043
$
2,536
$
—
$
7,579
T.
ROWE
PRICE
Global
Allocation
Fund
63
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
January
31,
2022.
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
January
31,
2022,
totaled $17,542,000 for
the
period ended
January
31,
2022.
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,
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
10/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
1/31/22
Investment
in
Securities
Common
Stocks
$
157
$
(4)
$
121
$
—
$
274
Convertible
Bonds
212
—
—
(212)
—
Convertible
Preferred
Stocks
3,300
(1,627)
77
(611)
1,139
Private
Investment
Companies
91,035
161
73,651
(73,651)
91,196
Total
$
94,704
$
(1,470)
$
73,849
$
(74,474)
$
92,609
T.
ROWE
PRICE
Global
Allocation
Fund
64
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
$
274
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
lack
of
certainty
100%
100%
Decrease
Market
comparable
Enterprise
value
to
gross
profit
multiple
14.7x
14.7x
Increase
Enterprise
value
to
sales
multiple
4.8x
4.8x
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.5x
12.5x
Increase
Enterprise
value
to
EBITDA
multiple
10.5x
10.5x
Increase
Segment-
based
price-
to-earnings
multiple
9.5x
–
36.8x
10.0x
Increase
Whole
company
price-to-
earnings
multiple
18.1x
18.1x
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
T.
ROWE
PRICE
Global
Allocation
Fund
65
#
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.
SUBSEQUENT
EVENT
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict.
Economic
sanctions
have
since
been
imposed
on
Russia
and
certain
of
its
citizens,
including
the
exclusion
of
Russia
from
the
SWIFT
global
payments
network.
As
a
result,
Russia’s
central
bank
closed
the
country’s
stock
market
on
February
28,
2022,
and
Russian-related
stocks
and
debt
and
the
Russian
ruble
have
since
suffered
significant
declines
in
value.
In
addition,
this
armed
conflict
and
the
related
sanctions
may
cause
significant
disruptions
to
global
business
activity
and
volatility
in
global
financial
markets.
The
duration
of
the
conflict
and
related
economic
sanctions
and
their
effects
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**
Convertible
Preferred
Stocks
$
1,139
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
3.0x
–
4.2x
3.6x
Increase
Sales
growth
rate
18%
-
32%
25%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Private
Investment
Companies
$
91,196
Rollforward
of
Investee
NAV
Estimated
return
0.17%
0.17%
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
66
on
the
financial
markets
cannot
be
determined
with
certainty.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
such
events.
Management
is
actively
monitoring
these
events.
F154-054Q1
01/22