T.
ROWE
PRICE
Global
Allocation
Fund
July
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.1%
Common
Stocks
0.1%
Globant
(USD) (1)
306
61
MercadoLibre
(USD) (1)
556
453
Tenaris,
ADR
(USD)
1,714
48
Total
Argentina
(Cost
$180
)
562
AUSTRALIA
0.8%
Common
Stocks
0.8%
ALS
32,801
269
Australia
&
New
Zealand
Banking
Group
15,873
257
BHP
Group
53,417
1,462
BHP
Group
(GBP)
33,912
938
BlueScope
Steel
9,403
110
Challenger
28,054
139
Cochlear
1,365
206
Downer
EDI
44,166
172
Frontier
Digital
Ventures (1)
157,871
104
Goodman
Group
8,149
119
IDP
Education
7,418
149
IGO
97,264
762
Incitec
Pivot
25,162
64
Macquarie
Group
2,418
309
Northern
Star
Resources
43,268
238
oOh!media
83,378
73
OZ
Minerals
15,446
206
Perseus
Mining
155,746
185
Rio
Tinto
4,610
319
Scentre
Group
156,860
321
South32
198,419
541
Steadfast
Group
66,348
249
Tietto
Minerals (1)
214,618
72
Treasury
Wine
Estates
17,015
147
Woodside
Energy
Group
(GBP) (1)
2,412
55
Worley
55,358
559
Xero (1)
2,020
133
8,158
Corporate
Bonds
0.0%
Ausgrid
Finance,
3.85%,
5/1/23
(USD) (2)
105,000
105
Boral
Finance,
3.00%,
11/1/22
(USD) (2)
10,000
10
Transurban
Finance,
2.45%,
3/16/31
(USD) (2)
140,000
118
Transurban
Finance,
4.125%,
2/2/26
(USD) (2)
15,000
15
T.
ROWE
PRICE
Global
Allocation
Fund
1
T.
ROWE
PRICE
Global
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Woodside
Finance,
3.70%,
3/15/28
(USD) (2)
67,000
63
Woodside
Finance,
4.50%,
3/4/29
(USD) (2)
105,000
104
415
Total
Australia
(Cost
$7,061
)
8,573
AUSTRIA
0.2%
Common
Stocks
0.2%
BAWAG
Group
23,079
1,066
Erste
Group
Bank
8,547
217
Mayr
Melnhof
Karton
2,031
324
Total
Austria
(Cost
$1,569
)
1,607
BAHRAIN
0.0%
Common
Stocks
0.0%
Ahli
United
Bank
(KWD)
234,530
236
Aluminium
Bahrain
23,933
68
Total
Bahrain
(Cost
$310
)
304
BANGLADESH
0.0%
Common
Stocks
0.0%
BRAC
Bank
255,491
102
Square
Pharmaceuticals
60,320
133
Total
Bangladesh
(Cost
$259
)
235
BELGIUM
0.1%
Common
Stocks
0.1%
KBC
Group
2,400
126
Lotus
Bakeries
13
74
Shurgard
Self
Storage
1,169
60
Umicore
5,335
193
Warehouses
De
Pauw
2,316
79
532
Corporate
Bonds
0.0%
Anheuser-Busch,
4.90%,
2/1/46
(USD)
90,000
91
91
Total
Belgium
(Cost
$594
)
623
T.
ROWE
PRICE
Global
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BRAZIL
0.4%
Common
Stocks
0.4%
Arco
Platform,
Class
A
(USD) (1)
7,872
114
B3
390,600
838
Boa
Vista
Servicos
19,174
20
CI&T,
Class
A
(USD) (1)
4,658
53
EDP
-
Energias
Do
Brasil
22,868
96
Grupo
SBF
35,200
141
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
14,200
75
Localiza
Rent
a
Car
50,500
568
Magazine
Luiza (1)
10,749
5
Raia
Drogasil
160,917
653
Rede
D'Or
Sao
Luiz
38,111
238
Suzano
15,257
143
Vale
9,726
131
WEG
15,000
81
XP,
Class
A
(USD) (1)
37,749
797
3,953
Preferred
Stocks
0.0%
Itau
Unibanco
Holding
25,246
116
Marcopolo
212,200
102
218
Total
Brazil
(Cost
$4,792
)
4,171
CANADA
1.3%
Common
Stocks
1.1%
Altus
Group
3,984
164
Aritzia (1)
5,391
170
BRP
738
56
CAE (1)
5,869
155
Canadian
Apartment
Properties
REIT
1,265
48
Canadian
Natural
Resources
1,424
79
Canadian
Pacific
Railway
(USD)
5,065
399
Constellation
Software
104
177
Definity
Financial
11,777
339
dentalcorp
Holdings (1)
12,162
104
Descartes
Systems
Group (1)
4,104
283
Descartes
Systems
Group
(USD) (1)
768
53
Element
Fleet
Management
36,397
418
ERO
Copper (1)
2,780
28
Franco-Nevada
1,639
210
K92
Mining (1)
49,374
308
T.
ROWE
PRICE
Global
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Karora
Resources (1)
38,709
101
Magna
International
(USD)
9,031
577
Manulife
Financial
28,882
529
National
Bank
of
Canada
10,446
733
Nutrien
(USD)
30,296
2,595
Rhyolite
Resources (1)
32,364
7
Shopify,
Class
A (1)
5,120
178
Shopify,
Class
A
(USD) (1)
9,640
336
Spin
Master (1)
7,522
280
Summit
Industrial
Income
REIT
16,088
234
Sun
Life
Financial
18,118
841
TC
Energy
3,209
171
TC
Energy
(USD)
12,014
641
TELUS
International
CDA (1)
4,039
112
TMX
Group
3,361
345
Toromont
Industries
2,469
208
Victoria
Gold (1)
14,729
117
Wesdome
Gold
Mines (1)
41,693
335
West
Fraser
Timber
375
35
Wheaton
Precious
Metals
2,264
78
11,444
Corporate
Bonds
0.1%
Canadian
Natural
Resources,
2.95%,
1/15/23
(USD)
175,000
174
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD)
110,000
99
Canadian
Pacific
Railway,
1.75%,
12/2/26
(USD)
130,000
119
Royal
Bank
of
Canada,
2.30%,
11/3/31
(USD)
500,000
430
Thomson
Reuters,
3.35%,
5/15/26
(USD)
10,000
10
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD)
145,000
135
Toronto-Dominion
Bank,
3.50%,
7/19/23
(USD)
235,000
236
TransCanada
PipeLines,
2.50%,
8/1/22
(USD)
20,000
20
1,223
Government
Bonds
0.1%
Province
of
Alberta,
3.30%,
3/15/28
(USD)
135,000
136
Province
of
British
Columbia,
2.00%,
10/23/22
(USD)
15,000
15
Province
of
Manitoba,
Series
GX,
2.60%,
4/16/24
(USD)
270,000
268
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD)
250,000
256
Province
of
Quebec,
Series
QO,
2.875%,
10/16/24
(USD)
50,000
50
725
Total
Canada
(Cost
$12,780
)
13,392
T.
ROWE
PRICE
Global
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CAYMAN
ISLANDS
0.0%
Convertible
Preferred
Stocks
0.0%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $96
(USD) (1)(3)(4)
1,944
285
Total
Cayman
Islands
(Cost
$96
)
285
CHILE
0.1%
Common
Stocks
0.0%
Antofagasta
(GBP)
19,710
280
Sociedad
Quimica
y
Minera
de
Chile,
ADR
(USD)
2,232
220
500
Corporate
Bonds
0.1%
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD)
250,000
211
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (2)
220,000
202
Corp
Nacional
del
Cobre
de
Chile,
3.15%,
1/14/30
(USD) (2)
200,000
184
597
Total
Chile
(Cost
$1,006
)
1,097
CHINA
2.6%
Common
Stocks
1.8%
58.com
(USD) (1)(3)
5,864
—
Alibaba
Group
Holding
(HKD) (1)
54,520
613
Alibaba
Group
Holding,
ADR
(USD) (1)
18,194
1,626
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $45
(USD) (1)(3)(4)
11,845
23
Baidu,
ADR
(USD) (1)
2,349
321
Beijing
Enterprises
Holdings
(HKD)
30,500
98
BOE
Varitronix
(HKD)
40,000
93
China
Overseas
Land
&
Investment
(HKD)
306,000
846
China
Resources
Gas
Group
(HKD)
56,000
235
China
Resources
Mixc
Lifestyle
Services
(HKD)
158,200
670
Country
Garden
Services
Holdings
(HKD)
67,000
149
ENN
Energy
Holdings
(HKD)
31,800
519
Fosun
International
(HKD)
94,500
74
H
World
Group
(HKD)
57,300
225
Haier
Smart
Home,
Class
H
(HKD)
64,400
206
JD
Health
International
(HKD) (1)
14,750
112
JD.com,
Class
A
(HKD)
17,776
530
JOYY,
ADR
(USD)
2,213
57
Kanzhun,
ADR
(USD) (1)
21,681
510
Kingdee
International
Software
Group
(HKD) (1)
253,000
546
T.
ROWE
PRICE
Global
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Li
Auto,
ADR
(USD) (1)
5,300
174
Li
Ning
(HKD)
23,000
187
Meituan,
Class
B
(HKD) (1)
48,700
1,093
PICC
Property
&
Casualty,
Class
H
(HKD)
268,000
275
Pinduoduo,
ADR
(USD) (1)
4,900
240
Ping
An
Insurance
Group,
Class
H
(HKD)
113,500
667
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
104,000
130
Shenzhou
International
Group
Holdings
(HKD)
16,100
169
Silergy
(TWD)
14,000
262
Sinopharm
Group,
Class
H
(HKD)
20,800
48
Sunny
Optical
Technology
Group
(HKD)
22,200
300
Tencent
Holdings
(HKD)
90,454
3,496
Tingyi
Cayman
Islands
Holding
(HKD)
108,000
178
Trip.com
Group,
ADR
(USD) (1)
6,000
155
Tsingtao
Brewery,
Class
H
(HKD)
24,000
234
Wuxi
Biologics
Cayman
(HKD) (1)
76,000
727
Yangzijiang
Shipbuilding
Holdings
(SGD)
413,800
279
Yum
China
Holdings
(HKD)
1,900
89
Yum
China
Holdings
(USD)
36,700
1,788
Zhongsheng
Group
Holdings
(HKD)
157,000
899
18,843
Common
Stocks
-
China
A
Shares
0.7%
Bafang
Electric
Suzhou,
A
Shares
(CNH)
5,059
132
China
Oilfield
Services,
A
Shares
(CNH)
53,000
104
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
117,012
713
Glodon,
A
Shares
(CNH)
29,500
203
Gree
Electric
Appliances
of
Zhuhai,
A
Shares
(CNH)
42,200
209
Hongfa
Technology,
A
Shares
(CNH)
81,900
500
Huayu
Automotive
Systems,
A
Shares
(CNH)
137,800
449
Hundsun
Technologies,
A
Shares
(CNH)
91,300
576
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
30,794
211
Jiangsu
GoodWe
Power
Supply
Technology,
A
Shares
(CNH)
1,832
96
Kweichow
Moutai,
A
Shares
(CNH)
560
158
Midea
Group,
A
Shares
(CNH)
74,000
605
NARI
Technology,
A
Shares
(CNH)
35,568
154
Pony
Testing
International
Group,
A
Shares
(CNH)
32,040
207
Qingdao
Haier
Biomedical,
A
Shares
(CNH)
20,727
214
Sangfor
Technologies,
A
Shares
(CNH)
8,200
118
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
42,400
165
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
56,548
556
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
45,000
199
Songcheng
Performance
Development,
A
Shares
(CNH)
278,800
530
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
17,900
96
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
54,234
417
YTO
Express
Group,
A
Shares
(CNH)
900
3
T.
ROWE
PRICE
Global
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Zhejiang
HangKe
Technology,
A
Shares
(CNH)
7,465
83
Zhejiang
Sanhua
Intelligent
Controls,
A
Shares
(CNH)
97,200
470
Zhejiang
Shuanghuan
Driveline,
A
Shares
(CNH)
47,618
280
Zhongji
Innolight,
A
Shares
(CNH)
30,600
149
7,597
Corporate
Bonds
0.1%
Baidu,
3.875%,
9/29/23
(USD)
210,000
211
State
Grid
Overseas
Investment,
3.75%,
5/2/23
(USD) (2)
215,000
216
Tencent
Holdings,
2.985%,
1/19/23
(USD) (2)
200,000
200
Weibo,
3.50%,
7/5/24
(USD)
255,000
247
874
Total
China
(Cost
$29,466
)
27,314
CZECH
REPUBLIC
0.0%
Common
Stocks
0.0%
Komercni
Banka
1,640
41
Total
Czech
Republic
(Cost
$48
)
41
DENMARK
0.1%
Common
Stocks
0.1%
Ambu,
Class
B
4,208
48
Carlsberg,
Class
B
1,254
162
Genmab (1)
858
305
ROCKWOOL,
Class
B
1,963
487
Zealand
Pharma (1)
6,102
110
1,112
Corporate
Bonds
0.0%
Danske
Bank,
VR,
3.244%,
12/20/25
(USD) (2)(5)
335,000
321
321
Total
Denmark
(Cost
$1,583
)
1,433
EGYPT
0.0%
Common
Stocks
0.0%
Commercial
International
Bank
Egypt,
GDR
(USD)
2,500
5
Edita
Food
Industries,
GDR
(USD)
7,020
15
Fawry
for
Banking
&
Payment
Technology
Services (1)
14,773
2
Integrated
Diagnostics
Holdings
(USD)
156,473
130
Total
Egypt
(Cost
$216
)
152
T.
ROWE
PRICE
Global
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ESTONIA
0.0%
Common
Stocks
0.0%
Enefit
Green
6,082
26
Total
Estonia
(Cost
$24
)
26
FINLAND
0.3%
Common
Stocks
0.3%
Kojamo
28,591
510
Metso
Outotec
34,823
288
QT
Group (1)
1,153
93
Sampo,
Class
A
35,072
1,515
Stora
Enso,
Class
R
20,336
314
UPM-Kymmene
2,764
88
Valmet
15,740
438
3,246
Corporate
Bonds
0.0%
Nordea
Bank,
1.00%,
6/9/23
(USD) (2)
205,000
201
201
Total
Finland
(Cost
$3,118
)
3,447
FRANCE
2.4%
Common
Stocks
2.3%
Air
Liquide (6)
3,263
449
Airbus
25,707
2,772
Alstom (6)
6,552
156
AXA
70,938
1,635
BioMerieux
686
74
BNP
Paribas
11,528
545
Dassault
Aviation
3,355
480
Edenred
13,896
713
Engie
63,908
791
Esker
639
96
EssilorLuxottica
8,391
1,315
Eurofins
Scientific
4,585
357
Faurecia (1)(6)
5,076
92
Gecina
280
29
Ipsen
1,143
116
Kering
880
504
L'Oreal
1,444
546
Legrand
3,897
319
LVMH
Moet
Hennessy
Louis
Vuitton
1,879
1,305
T.
ROWE
PRICE
Global
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Safran
3,952
434
Sanofi
25,403
2,524
Sanofi,
ADR
(USD)
19,267
957
Schneider
Electric
498
69
SPIE
11,505
276
Teleperformance
2,347
785
Thales
3,026
376
Tikehau
Capital (6)
5,484
136
TotalEnergies
107,878
5,510
TotalEnergies,
ADR
(USD)
8,920
455
Verallia
11,642
298
24,114
Corporate
Bonds
0.1%
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (2)(5)
350,000
295
BPCE,
4.00%,
9/12/23
(USD) (2)
265,000
264
BPCE,
4.50%,
3/15/25
(USD) (2)
400,000
394
Credit
Agricole,
3.75%,
4/24/23
(USD) (2)
250,000
250
TotalEnergies
Capital
International,
2.434%,
1/10/25
(USD)
275,000
270
1,473
Total
France
(Cost
$23,978
)
25,587
GERMANY
1.5%
Common
Stocks
1.4%
Adesso
305
53
AIXTRON
8,069
209
Auto1
Group (1)
3,489
30
BASF
4,976
222
Bayer
16,066
937
Beiersdorf
1,179
121
BioNTech,
ADR
(USD)
4,126
681
CANCOM
2,748
94
Covestro
9,856
332
Daimler
Truck
Holding (1)
8,050
220
Deutsche
Boerse
1,236
216
Deutsche
Post
4,435
177
Deutsche
Telekom
72,531
1,378
Evotec (1)
22,369
581
flatexDEGIRO (1)
11,536
117
Fresenius
15,112
387
GEA
Group
3,233
121
HeidelbergCement
1,811
92
Hypoport (1)
313
65
Infineon
Technologies
19,070
523
KION
Group
5,131
234
T.
ROWE
PRICE
Global
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Knaus
Tabbert
1,794
54
Knorr-Bremse
8,134
485
Mercedes-Benz
Group
2,941
173
Munich
Re
3,070
696
MYT
Netherlands
Parent,
ADR
(USD) (1)
4,618
61
Nagarro (1)
851
100
Norma
Group
3,962
74
SAP
4,485
418
Scout24
8,704
498
Shop
Apotheke
Europe (1)
3,883
377
Siemens
30,949
3,452
Siemens
Healthineers
7,951
407
Stroeer
2,360
103
Symrise
4,772
557
TeamViewer (1)
1,698
18
Vonovia
3,266
109
Zalando (1)
16,898
476
14,848
Corporate
Bonds
0.1%
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27
(USD) (2)
155,000
151
Volkswagen
Group
of
America
Finance,
2.70%,
9/26/22
(USD) (2)
330,000
330
481
Preferred
Stocks
0.0%
Sartorius
244
109
Volkswagen
1,150
163
272
Total
Germany
(Cost
$17,020
)
15,601
HONG
KONG
0.4%
Common
Stocks
0.4%
AIA
Group
169,400
1,702
Budweiser
Brewing
APAC
337,400
934
CK
Hutchison
Holdings
20,500
136
Galaxy
Entertainment
Group
27,000
161
Hong
Kong
Exchanges
&
Clearing
6,400
294
Hongkong
Land
Holdings
(USD)
43,800
228
Impro
Precision
Industries
238,000
70
Samsonite
International (1)
60,300
126
Sun
Hung
Kai
Properties
7,083
84
Total
Hong
Kong
(Cost
$3,058
)
3,735
T.
ROWE
PRICE
Global
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
HUNGARY
0.1%
Common
Stocks
0.1%
OTP
Bank
21,058
435
Wizz
Air
Holdings
(GBP) (1)
6,121
166
Total
Hungary
(Cost
$1,100
)
601
ICELAND
0.0%
Common
Stocks
0.0%
Marel
41,639
189
Total
Iceland
(Cost
$290
)
189
INDIA
1.0%
Common
Stocks
1.0%
Asian
Paints
4,521
191
Astral
8,590
198
Axis
Bank
26,288
242
Blue
Star
9,669
120
CreditAccess
Grameen (1)
8,376
112
Dr
Lal
PathLabs
1,718
50
Fine
Organic
Industries
1,347
92
FSN
E-Commerce
Ventures (1)
3,912
69
HDFC
Asset
Management
9,752
240
HDFC
Bank
51,094
935
HDFC
Life
Insurance
46,992
330
Hindustan
Unilever
7,521
251
Housing
Development
Finance
60,555
1,836
ICICI
Bank,
ADR
(USD)
7,854
163
Indus
Towers
41,697
117
Info
Edge
India
1,315
72
Infosys
44,627
873
Kotak
Mahindra
Bank
57,029
1,312
Maruti
Suzuki
India
4,092
455
NTPC
162,271
314
Petronet
LNG
23,332
65
Polycab
India
5,078
149
Reliance
Industries (1)
25,392
807
Shriram
Transport
Finance
10,414
183
Tata
Consultancy
Services
4,068
170
TeamLease
Services (1)
2,493
110
Torrent
Pharmaceuticals
11,168
215
V-Mart
Retail (1)
1,908
67
T.
ROWE
PRICE
Global
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Voltas
60,978
773
Zomato (1)
56,549
33
Total
India
(Cost
$9,208
)
10,544
INDONESIA
0.1%
Common
Stocks
0.1%
Bank
Central
Asia
1,316,700
655
Sarana
Menara
Nusantara
2,294,300
182
Total
Indonesia
(Cost
$445
)
837
IRELAND
0.2%
Common
Stocks
0.0%
Cairn
Homes
(GBP)
140,816
157
DCC
(GBP)
3,386
221
378
Corporate
Bonds
0.2%
AerCap
Ireland
Capital,
2.45%,
10/29/26
(USD)
150,000
133
AerCap
Ireland
Capital,
3.30%,
1/23/23
(USD)
150,000
149
AerCap
Ireland
Capital,
4.125%,
7/3/23
(USD)
150,000
149
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (2)
70,000
68
Avolon
Holdings
Funding,
5.25%,
5/15/24
(USD) (2)
215,000
213
CRH
America
Finance,
3.95%,
4/4/28
(USD) (2)
400,000
398
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
(USD)
119,000
118
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23
(USD) (2)
315,000
313
1,541
Total
Ireland
(Cost
$1,969
)
1,919
ITALY
0.7%
Common
Stocks
0.6%
Amplifon
16,555
547
Banca
Mediolanum
71,967
477
Carel
Industries
15,628
356
Davide
Campari-Milano
37,110
412
De'
Longhi
11,571
220
DiaSorin
828
115
Enel
153,546
774
Ermenegildo
Zegna
Holditalia
(USD)
21,154
233
Ferrari
2,680
569
FinecoBank
Banca
Fineco
50,770
631
GVS (1)
12,255
119
Intesa
Sanpaolo
75,032
133
T.
ROWE
PRICE
Global
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Leonardo
15,230
143
Moncler
5,510
276
PRADA
(HKD)
59,200
342
Prysmian
27,883
886
Stellantis
11,256
162
UniCredit
10,437
103
6,498
Corporate
Bonds
0.1%
Enel
Finance
International,
1.875%,
7/12/28
(USD) (2)
200,000
169
Eni,
Series
X-R,
4.00%,
9/12/23
(USD) (2)
295,000
294
463
Total
Italy
(Cost
$6,467
)
6,961
JAPAN
4.2%
Common
Stocks
4.1%
Aida
Engineering
10,300
71
Aiful
84,500
248
Aruhi
12,900
103
Asahi
Group
Holdings
6,400
223
Asahi
Kasei
29,000
233
Asics
5,500
105
Astellas
Pharma
73,000
1,143
Benefit
One
4,300
70
Bridgestone
3,400
133
Central
Japan
Railway
1,800
211
Chugai
Pharmaceutical
12,600
354
Coconala (1)(6)
5,200
23
CyberAgent
35,200
351
Dai-ichi
Life
Holdings
7,700
134
Daiichi
Sankyo
20,600
546
Daikin
Industries
2,400
421
Daio
Paper
42,700
457
Daiwa
Office
Investment
14
71
Daiwabo
Holdings
16,900
243
Demae-Can (1)(6)
8,000
38
Denso
3,900
213
DIC
11,900
220
Disco
1,300
318
eGuarantee
3,300
58
Eiken
Chemical
9,500
141
Eisai
5,100
234
Electric
Power
Development
21,800
368
Ezaki
Glico
4,500
131
Fancl
10,100
193
T.
ROWE
PRICE
Global
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
FANUC
1,500
259
Fast
Retailing
600
363
Freee (1)(6)
4,200
102
Fujitec
14,300
307
Fujitsu
2,300
308
Fujitsu
General
11,800
252
Fukui
Computer
Holdings
3,400
90
GMO
Financial
Gate (6)
500
53
GMO
Payment
Gateway
1,800
150
Hamamatsu
Photonics
10,400
473
Hanwa
8,700
190
Hikari
Tsushin
5,100
562
Hino
Motors
44,700
232
Hitachi
6,900
349
Hitachi
Metals (1)
9,300
143
Honda
Motor
4,700
120
Horiba
2,300
113
Hoshino
Resorts
REIT
59
289
Hoshizaki
24,800
740
Idec
6,300
141
Industrial
&
Infrastructure
Fund
Investment (6)
128
178
Isuzu
Motors
16,700
183
ITOCHU
3,400
99
JINS
Holdings (6)
2,400
69
JMDC
2,500
124
Kansai
Paint
18,000
259
Katitas
1,600
40
KDDI
5,100
164
Keyence
1,900
753
Kirin
Holdings
11,700
192
Kubota
7,000
116
Kyoritsu
Maintenance
1,500
58
Kyowa
Kirin
10,400
245
LITALICO
1,200
23
M3
1,900
66
MatsukiyoCocokara
11,700
442
Media
Do
3,400
56
Medley (1)(6)
2,200
55
Mercari (1)
3,100
53
METAWATER
6,800
102
Mitsubishi
8,900
264
Mitsubishi
Electric
105,700
1,116
Mitsubishi
Estate
10,000
149
Mitsubishi
HC
Capital
27,800
135
Mitsubishi
UFJ
Financial
Group
102,600
578
Mitsui
Fudosan
41,300
923
T.
ROWE
PRICE
Global
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Mitsui
Fudosan
Logistics
Park
14
55
Mitsui
Mining
&
Smelting
6,500
156
Miura
12,400
299
Modec (1)
9,000
84
Money
Forward (1)
3,300
86
Murata
Manufacturing
13,800
806
Musashi
Seimitsu
Industry
11,900
128
Nakanishi
7,600
143
NET
One
Systems
6,200
144
Nextage
16,000
354
NGK
Spark
Plug
9,300
182
Nifco
4,400
107
Nihon
M&A
Center
Holdings
2,900
39
Nintendo
1,100
492
Nippon
Ceramic
9,400
148
Nippon
Paint
Holdings
26,600
203
Nippon
Sanso
Holdings
8,700
147
Nippon
Seiki
27,500
177
Nippon
Shokubai
1,800
70
Nippon
Soda
7,200
228
Nippon
Steel
25,100
373
Nippon
Telegraph
&
Telephone
83,400
2,382
Nipro
23,900
210
Nitto
Boseki
2,400
44
NSK
35,700
200
NTT
Data
43,700
661
Obara
Group
6,000
135
Omron
2,800
157
Oriental
Land
1,700
258
ORIX
12,300
219
Otsuka
Holdings
22,200
793
Outsourcing
9,800
88
PALTAC
900
28
Pan
Pacific
International
Holdings
25,100
391
Panasonic
Holdings
33,700
278
Persol
Holdings
20,000
414
Pigeon
8,300
121
Plaid (1)
1,800
5
Pola
Orbis
Holdings
3,100
38
Recruit
Holdings
17,200
643
Renesas
Electronics (1)
16,500
157
Rinnai
700
53
Ryohin
Keikaku
7,600
75
Sakata
INX
19,300
143
Sankyu
900
30
Sansan (1)
5,900
59
T.
ROWE
PRICE
Global
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sanwa
Holdings
9,700
105
Seven
&
i
Holdings
23,500
958
SHIFT (1)
200
31
Shimadzu
6,000
213
Shin-Etsu
Chemical
300
38
SMC
300
148
SMS
10,700
257
SoftBank
55,500
642
SoftBank
Group
15,700
660
Solasto
38,800
249
Sompo
Holdings
9,700
433
Sony
Group
7,100
602
Stanley
Electric
22,800
401
Sumitomo
31,200
439
Sumitomo
Densetsu
12,800
257
Sumitomo
Electric
Industries
27,600
308
Sumitomo
Mitsui
Trust
Holdings
5,600
184
Sumitomo
Rubber
Industries
8,200
74
Sumitomo
Seika
Chemicals
7,100
160
Suzuki
Motor
21,900
718
Taiheiyo
Cement
17,200
258
Taiyo
Yuden
2,500
89
Takeda
Pharmaceutical
11,400
334
Takeuchi
Manufacturing
3,900
75
Takuma
7,000
74
TechnoPro
Holdings
18,700
435
THK
6,000
127
Tokio
Marine
Holdings
9,000
527
Tokyo
Century
3,700
131
Tokyo
Electron
1,600
551
Tokyo
Tatemono
19,500
287
Tosoh
2,800
36
Toyo
Tire
13,200
177
Toyota
Motor
75,900
1,232
UT
Group
8,900
173
Visional (1)
1,400
77
WealthNavi (1)(6)
5,600
89
Welcia
Holdings
8,100
181
Yellow
Hat
11,600
152
Z
Holdings
100,700
356
42,973
Corporate
Bonds
0.1%
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (5)
300,000
268
T.
ROWE
PRICE
Global
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sumitomo
Mitsui
Financial
Group,
3.748%,
7/19/23
(USD)
340,000
340
608
Total
Japan
(Cost
$41,681
)
43,581
KAZAKHSTAN
0.1%
Common
Stocks
0.1%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD) (1)
16,342
153
Kaspi.KZ,
GDR
(USD)
5,947
313
NAC
Kazatomprom,
GDR
(USD)
6,388
192
Total
Kazakhstan
(Cost
$848
)
658
KENYA
0.0%
Common
Stocks
0.0%
Safaricom
195,000
48
Total
Kenya
(Cost
$67
)
48
LUXEMBOURG
0.0%
Common
Stocks
0.0%
Ardagh
Metal
Packaging
(USD)
1,522
10
Majorel
Group
Luxembourg
7,618
179
Total
Luxembourg
(Cost
$269
)
189
MEXICO
0.2%
Common
Stocks
0.2%
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
1,523
286
Grupo
Financiero
Banorte,
Class
O
106,000
604
Grupo
Mexico,
Series
B
112,708
447
Wal-Mart
de
Mexico
122,093
444
1,781
Corporate
Bonds
0.0%
BBVA
Bancomer,
4.375%,
4/10/24
(USD) (2)
150,000
149
149
Government
Bonds
0.0%
Mexico
Government
International
Bond,
3.50%,
2/12/34
(USD)
505,000
439
439
Total
Mexico
(Cost
$2,355
)
2,369
T.
ROWE
PRICE
Global
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
MOROCCO
0.0%
Common
Stocks
0.0%
Attijariwafa
Bank
2,662
111
Hightech
Payment
Systems
251
131
Label
Vie
132
58
Total
Morocco
(Cost
$342
)
300
NETHERLANDS
1.3%
Common
Stocks
1.2%
Aalberts
2,879
123
Adyen (1)
460
827
AerCap
Holdings
(USD) (1)
3,800
171
Akzo
Nobel
21,024
1,415
Argenx,
ADR
(USD) (1)
1,926
702
ASML
Holding
6,139
3,528
ASML
Holding
(USD)
1,761
1,012
Heineken
2,641
260
IMCD
1,714
275
ING
Groep
162,055
1,574
Intertrust (1)
363
7
Just
Eat
Takeaway.com (1)
3,118
57
Kendrion
2,120
33
Koninklijke
DSM
4,305
690
Koninklijke
Philips
33,110
685
Prosus
13,553
884
Signify
3,717
121
Van
Lanschot
Kempen,
CVA
4,457
102
12,466
Corporate
Bonds
0.1%
ING
Groep,
3.55%,
4/9/24
(USD)
255,000
253
JDE
Peet's,
1.375%,
1/15/27
(USD) (2)
290,000
254
NXP,
2.65%,
2/15/32
(USD)
375,000
315
Shell
International
Finance,
3.25%,
5/11/25
(USD)
75,000
75
897
Total
Netherlands
(Cost
$11,534
)
13,363
NEW
ZEALAND
0.0%
Common
Stocks
0.0%
Fisher
&
Paykel
Healthcare
19,459
260
Total
New
Zealand
(Cost
$135
)
260
T.
ROWE
PRICE
Global
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NORWAY
0.2%
Common
Stocks
0.2%
Aker
BP
1,835
64
Aker
BP,
SDR
(SEK) (1)
2,206
76
Bakkafrost
1,230
86
DNB
Bank
30,596
603
Equinor
32,345
1,245
Norsk
Hydro
15,441
105
Storebrand
41,832
352
TGS
2,336
35
Total
Norway
(Cost
$1,556
)
2,566
PAKISTAN
0.0%
Common
Stocks
0.0%
Indus
Motor
520
3
Systems
62,100
90
TRG
Pakistan (1)
214,000
82
Total
Pakistan
(Cost
$197
)
175
PANAMA
0.0%
Government
Bonds
0.0%
Republic
of
Panama,
6.70%,
1/26/36
(USD)
25,000
28
Total
Panama
(Cost
$27
)
28
PERU
0.1%
Common
Stocks
0.1%
Alicorp
13,294
18
Credicorp
(USD)
1,769
229
InRetail
Peru
(USD)
638
19
Southern
Copper
(USD)
14,022
698
Total
Peru
(Cost
$1,030
)
964
PHILIPPINES
0.1%
Common
Stocks
0.1%
Converge
Information
and
Communications
Technology
Solutions (1)
122,000
42
Philippine
Seven (1)
20,600
24
SM
Investments
33,946
478
T.
ROWE
PRICE
Global
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Universal
Robina
121,590
245
Total
Philippines
(Cost
$948
)
789
POLAND
0.0%
Common
Stocks
0.0%
Powszechna
Kasa
Oszczednosci
Bank
Polski (1)
40,917
231
231
Government
Bonds
0.0%
Republic
of
Poland,
3.25%,
4/6/26
(USD)
55,000
55
55
Total
Poland
(Cost
$410
)
286
PORTUGAL
0.1%
Common
Stocks
0.1%
Banco
Comercial
Portugues,
Class
R
384,679
57
Galp
Energia
50,622
535
Jeronimo
Martins
37,381
865
Total
Portugal
(Cost
$1,298
)
1,457
QATAR
0.1%
Common
Stocks
0.1%
Qatar
National
Bank
149,731
829
Total
Qatar
(Cost
$846
)
829
ROMANIA
0.0%
Common
Stocks
0.0%
Banca
Transilvania
526,213
216
Fondul
Proprietatea
40,380
17
Total
Romania
(Cost
$266
)
233
RUSSIA
0.0%
Common
Stocks
0.0%
Alrosa (3)
80,680
—
Gazprom,
ADR
(USD) (1)(3)
15,606
—
HeadHunter
Group,
ADR
(USD) (3)
4,246
—
MMC
Norilsk
Nickel (3)
311
—
Moscow
Exchange (1)(3)
51,640
—
Ozon
Holdings,
ADR
(USD) (1)(3)
7,944
—
Polyus (3)
294
—
T.
ROWE
PRICE
Global
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TCS
Group
Holding,
GDR
(USD) (1)(3)
584
—
X5
Retail
Group,
GDR
(USD) (3)
16,337
—
Yandex,
Class
A
(USD) (1)(3)
7,997
—
Total
Russia
(Cost
$1,728
)
—
SAUDI
ARABIA
0.2%
Common
Stocks
0.2%
Nahdi
Medical (1)
14,097
656
Saudi
National
Bank
49,786
934
Saudi
Tadawul
Group
Holding
2,894
172
1,762
Corporate
Bonds
0.0%
Saudi
Arabian
Oil,
2.875%,
4/16/24
(USD) (2)
245,000
242
242
Total
Saudi
Arabia
(Cost
$1,651
)
2,004
SINGAPORE
0.2%
Common
Stocks
0.2%
CapitaLand
Integrated
Commercial
Trust
41,900
66
DBS
Group
Holdings
9,900
226
Digital
Core
REIT
Management
(USD) (1)
100,600
88
Lendlease
Global
Commercial
REIT
76,900
46
Sea,
ADR
(USD) (1)
11,111
848
United
Overseas
Bank
33,700
672
Wilmar
International
131,000
382
Yangzijiang
Financial
Holding
Pte (1)
45,100
13
Total
Singapore
(Cost
$2,338
)
2,341
SLOVENIA
0.0%
Common
Stocks
0.0%
Nova
Ljubljanska
Banka,
GDR
13,547
163
Total
Slovenia
(Cost
$173
)
163
SOUTH
AFRICA
0.1%
Common
Stocks
0.1%
Capitec
Bank
Holdings
2,368
285
Clicks
Group
21,287
359
FirstRand
127,297
504
Impala
Platinum
Holdings
1,640
18
T.
ROWE
PRICE
Global
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sibanye
Stillwater
21,620
53
1,219
Corporate
Bonds
0.0%
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (2)
200,000
169
169
Total
South
Africa
(Cost
$1,170
)
1,388
SOUTH
KOREA
0.6%
Common
Stocks
0.6%
Coupang
(USD) (1)
12,028
208
KT
6,786
197
KT,
ADR
(USD)
9,568
138
LG
Chem
1,696
790
LG
H&H
150
90
NAVER
5,151
1,030
POSCO
Holdings
187
35
Samsung
Electronics
72,175
3,417
Total
South
Korea
(Cost
$4,530
)
5,905
SPAIN
0.5%
Common
Stocks
0.4%
Aedas
Homes
15,956
273
Amadeus
IT
Group (1)
23,682
1,381
Cellnex
Telecom
14,902
667
CIE
Automotive
4,102
108
Fluidra
31,493
589
Iberdrola
86,586
925
Indra
Sistemas
8,258
75
Laboratorios
Farmaceuticos
Rovi
5,251
275
Linea
Directa
Aseguradora
Cia
de
Seguros
y
Reaseguros
47,264
52
4,345
Corporate
Bonds
0.1%
Banco
Santander,
3.49%,
5/28/30
(USD)
200,000
179
Banco
Santander,
3.848%,
4/12/23
(USD)
200,000
200
379
Total
Spain
(Cost
$4,658
)
4,724
SWEDEN
0.7%
Common
Stocks
0.7%
Alfa
Laval
1,918
57
Ambea
6,875
34
T.
ROWE
PRICE
Global
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Assa
Abloy,
Class
B
28,050
663
Autoliv,
SDR
2,878
250
Avanza
Bank
Holding
8,572
165
Beijer
Ref
5,649
90
Boliden
12,892
431
Elekta,
Class
B
27,772
201
Epiroc,
Class
A
41,361
731
Epiroc,
Class
B
4,610
73
Essity,
Class
B
30,330
772
Fabege
6,767
69
LM
Ericsson,
Class
B
94,637
720
Millicom
International
Cellular,
SDR (1)
6,412
101
MIPS
1,254
67
Olink
Holding,
ADR
(USD) (1)
6,285
85
Sandvik
13,972
257
Spotify
Technology
(USD) (1)
1,271
144
Svenska
Cellulosa,
Class
B
29,210
427
Svenska
Handelsbanken,
Class
A
34,655
312
Swedbank,
Class
A
56,268
779
Thule
Group
9,902
287
Trelleborg,
Class
B
5,243
129
Total
Sweden
(Cost
$6,716
)
6,844
SWITZERLAND
1.6%
Common
Stocks
1.5%
ABB
16,670
507
Alcon
13,380
1,053
ams (1)
11,787
97
Barry
Callebaut
372
824
Bossard
Holding
255
57
DKSH
Holding
2,791
229
Julius
Baer
Group
24,471
1,265
Lonza
Group
1,457
886
Montana
Aerospace (1)
8,691
173
Nestle
19,105
2,341
Novartis
14,569
1,252
Partners
Group
Holding
651
711
PolyPeptide
Group
2,608
124
Roche
Holding
9,229
3,064
Sensirion
Holding (1)
772
90
Sika
2,271
561
SKAN
Group
325
18
TE
Connectivity
(USD)
5,641
754
Tecan
Group
166
59
T.
ROWE
PRICE
Global
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UBS
Group
13,543
221
Valora
Holding
910
249
Zurich
Insurance
Group
3,042
1,328
15,863
Corporate
Bonds
0.1%
Alcon
Finance,
2.60%,
5/27/30
(USD) (2)
235,000
206
Credit
Suisse
Group,
VR,
2.997%,
12/14/23
(USD) (2)(5)
250,000
249
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (2)(5)
300,000
269
UBS
Group,
VR,
3.179%,
2/11/43
(USD) (2)(5)
200,000
154
878
Total
Switzerland
(Cost
$13,616
)
16,741
TAIWAN
0.7%
Common
Stocks
0.7%
Chailease
Holding
18,000
128
Chroma
ATE
18,000
104
Largan
Precision
2,000
140
MediaTek
16,000
369
Taiwan
Semiconductor
Manufacturing
384,000
6,585
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
2,574
228
Vanguard
International
Semiconductor
66,000
159
Total
Taiwan
(Cost
$3,759
)
7,713
THAILAND
0.1%
Common
Stocks
0.1%
Airports
of
Thailand (1)
53,500
102
CP
ALL
599,500
1,005
Total
Thailand
(Cost
$1,254
)
1,107
UNITED
ARAB
EMIRATES
0.1%
Common
Stocks
0.1%
Air
Arabia
268,315
161
Borouge (1)
70,673
57
First
Abu
Dhabi
Bank
134,065
709
Network
International
Holdings
(GBP) (1)
49,324
122
Total
United
Arab
Emirates
(Cost
$826
)
1,049
UNITED
KINGDOM
3.5%
Common
Stocks
3.2%
Abcam (1)
20,383
305
T.
ROWE
PRICE
Global
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Adriatic
Metals,
CDI
(AUD) (1)
30,009
43
AJ
Bell
22,197
85
Amcor,
CDI
(AUD)
27,622
361
Ascential (1)
221,811
793
Ashtead
Group
22,317
1,256
ASOS (1)
22,050
281
AstraZeneca
9,637
1,268
AstraZeneca,
ADR
(USD)
98,347
6,514
Auction
Technology
Group (1)
10,390
127
Baltic
Classifieds
Group (1)
80,999
163
Big
Yellow
Group
2,306
40
boohoo
Group (1)
42,013
34
Bridgepoint
Group
124,758
390
British
American
Tobacco
4,251
167
Bunzl
5,846
219
Burberry
Group
13,405
295
Bytes
Technology
Group
22,740
126
Central
Asia
Metals
60,493
184
Close
Brothers
Group
5,596
76
Compass
Group
22,891
536
Croda
International
3,061
280
CVS
Group
4,973
104
Dechra
Pharmaceuticals
12,241
551
Derwent
London
7,385
258
Diageo
10,746
509
Diploma
1,646
55
Direct
Line
Insurance
Group
97,693
245
Dr.
Martens
75,418
239
Endava,
ADR
(USD) (1)
987
101
Experian
11,708
410
FD
Technologies (1)
6,290
150
Frontier
Developments (1)
5,962
113
Funding
Circle
Holdings (1)
79,326
36
Genuit
Group
22,778
118
Genus
4,944
171
Georgia
Capital (1)
3,326
26
Great
Portland
Estates
51,235
388
Greggs
14,483
361
GSK,
ADR
(USD)
16,012
675
Haleon,
ADR
(USD) (1)
20,773
146
Helios
Towers (1)(6)
104,800
184
HSBC
Holdings
37,746
236
Imperial
Brands
11,061
243
Informa (1)
18,408
134
InterContinental
Hotels
Group
4,115
244
T.
ROWE
PRICE
Global
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Intermediate
Capital
Group
17,189
320
Investec
17,334
94
IQE (1)
292,782
156
Johnson
Matthey
11,179
292
Keywords
Studios
11,295
347
Kingfisher
127,631
404
Lloyds
Banking
Group
895,213
496
London
Stock
Exchange
Group
9,373
915
Melrose
Industries
184,156
363
Molten
Ventures (1)
37,943
221
Mondi
30,417
577
National
Express
Group (1)
53,663
120
National
Grid
30,694
423
Next
5,717
476
Ninety
One
12,403
31
Ocado
Group (1)
23,171
238
Oxford
Nanopore
Technologies (1)
20,229
79
Persimmon
12,629
291
Playtech (1)
14,246
85
Prudential
15,838
195
Renishaw
3,266
173
Rightmove
14,526
114
Rio
Tinto
5,311
321
Rolls-Royce
Holdings (1)
168,555
184
Rotork
31,664
100
Shell
18,494
493
Shell,
ADR
(USD)
6,607
353
Smith
&
Nephew
50,160
643
Smiths
Group
8,633
163
Spirax-Sarco
Engineering
1,370
200
SSP
Group (1)
45,070
140
Standard
Chartered
31,898
220
Syncona (1)
44,594
112
Taylor
Wimpey
69,797
109
THG (1)
13,325
11
Trainline (1)
107,896
522
Unilever
(EUR)
6,807
332
Unilever
41,039
1,999
UNITE
Group
3,792
54
Victorian
Plumbing
Group (1)
30,590
19
Victrex
7,250
171
Vodafone
Group
135,016
199
Vodafone
Group,
ADR
(USD)
26,386
389
Watches
of
Switzerland
Group (1)
20,199
219
Weir
Group
22,767
466
WPP
55,649
601
T.
ROWE
PRICE
Global
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
YouGov
23,872
318
33,988
Corporate
Bonds
0.3%
Barclays,
VR,
2.279%,
11/24/27
(USD) (5)
335,000
300
BAT
Capital,
4.39%,
8/15/37
(USD)
275,000
228
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27
(USD) (2)
210,000
190
Experian
Finance,
2.75%,
3/8/30
(USD) (2)
200,000
181
HSBC
Holdings,
VR,
2.206%,
8/17/29
(USD) (5)
200,000
170
Nationwide
Building
Society,
1.50%,
10/13/26
(USD) (2)
405,000
366
NatWest
Group,
VR,
4.519%,
6/25/24
(USD) (5)
300,000
299
NatWest
Markets,
2.375%,
5/21/23
(USD) (2)
240,000
237
RELX
Capital,
3.00%,
5/22/30
(USD)
100,000
93
RELX
Capital,
3.50%,
3/16/23
(USD)
45,000
45
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28
(USD) (5)
200,000
180
Standard
Chartered,
VR,
1.822%,
11/23/25
(USD) (2)(5)
320,000
299
2,588
Total
United
Kingdom
(Cost
$35,377
)
36,576
UNITED
STATES
68.9%
Asset-Backed
Securities
0.5%
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-1,
Class
C,
1.59%,
10/20/25
105,000
102
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-2,
Class
D,
1.29%,
6/18/27
150,000
139
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2019-2A,
Class
B,
3.55%,
9/22/25 (2)
105,000
101
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2020-2A,
Class
A,
2.02%,
2/20/27 (2)
100,000
93
Carlyle
U.S.,
Series
2019-4A,
Class
A11R,
CLO,
FRN,
3M
TSFR
+
1.32%,
3.65%,
4/15/35 (2)
250,000
241
Carmax
Auto
Owner
Trust,
Series
2021-1,
Class
D,
1.28%,
7/15/27
90,000
83
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
C,
2.33%,
2/10/28
155,000
135
CIFC
Funding,
Series
2021-3A,
Class
A,
CLO,
FRN,
3M
USD
LIBOR
+
1.14%,
3.652%,
7/15/36 (2)
250,000
241
CNH
Equipment
Trust,
Series
2019-C,
Class
B,
2.35%,
4/15/27
295,000
288
Driven
Brands
Funding,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (2)
128,050
113
Driven
Brands
Funding,
Series
2021-1A,
Class
A2,
2.791%,
10/20/51 (2)
129,025
109
Dryden,
Series
2020-77A,
Class
AR,
CLO,
FRN,
3M
USD
LIBOR
+
1.12%,
2.598%,
5/20/34 (2)
250,000
241
T.
ROWE
PRICE
Global
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
C,
0.74%,
1/15/26
215,000
211
Exeter
Automobile
Receivables
Trust,
Series
2021-2A,
Class
C,
0.98%,
6/15/26
75,000
72
Exeter
Automobile
Receivables
Trust,
Series
2021-4A,
Class
C,
1.46%,
10/15/27
215,000
203
Ford
Credit
Auto
Owner
Trust,
Series
2019-1,
Class
B,
3.82%,
7/15/30 (2)
205,000
204
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (2)
115,000
105
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27
205,000
186
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-3,
Class
D,
1.91%,
9/16/27
90,000
86
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (2)
105,875
104
JPMorgan
Chase
Bank,
Series
2021-2,
Class
C,
0.969%,
12/26/28 (2)
160,885
155
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (2)
119,308
113
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (2)
68,124
62
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (2)
206,032
201
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-FA,
Class
A2,
2.60%,
8/15/68 (2)
57,750
55
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-GA,
Class
A,
2.40%,
10/15/68 (2)
64,402
62
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (2)
35,927
34
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (2)
43,339
40
Navient
Private
Education
Refi
Loan
Trust,
Series
2021-A,
Class
A,
0.84%,
5/15/69 (2)
50,365
46
Nelnet
Student
Loan
Trust,
Series
2021-CA,
Class
AFX,
1.32%,
4/20/62 (2)
216,540
198
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (2)
128,700
109
Sierra
Timeshare
Receivables
Funding,
Series
2018-2A,
Class
A,
3.50%,
6/20/35 (2)
27,469
27
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
A3,
ARM,
1M
USD
LIBOR
+
1.75%,
3.749%,
5/17/32 (2)
91,641
92
SMB
Private
Education
Loan
Trust,
Series
2016-A,
Class
A2A,
2.70%,
5/15/31 (2)
65,736
65
SMB
Private
Education
Loan
Trust,
Series
2016-B,
Class
A2B,
ARM,
1M
USD
LIBOR
+
1.45%,
3.449%,
2/17/32 (2)
83,304
83
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (2)
130,831
129
T.
ROWE
PRICE
Global
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (2)
52,660
51
SMB
Private
Education
Loan
Trust,
Series
2019-A,
Class
A2B,
ARM,
1M
USD
LIBOR
+
0.87%,
2.869%,
7/15/36 (2)
60,719
59
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (2)
76,033
70
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (2)
173,623
156
Synchrony
Credit
Card
Master
Note
Trust,
Series
2017-2,
Class
A,
2.62%,
10/15/25
50,000
50
4,914
Bond
Mutual
Funds
15.3%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.85% (7)(8)
2,038,980
19,676
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
7.36% (7)(8)
5,144,582
23,871
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
7.03% (7)(8)
6,112,611
38,571
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
5.58% (7)(8)
2,082,767
19,307
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.69% (7)(8)
2,926,916
22,713
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
2.75% (7)(8)
3,944,377
30,174
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.69% (7)(8)
689,652
6,400
160,712
Common
Stocks
27.9%
Abbott
Laboratories
11,868
1,292
AbbVie
21,868
3,138
Acadia
Realty
Trust,
REIT
9,087
156
Accenture,
Class
A
2,511
769
Advanced
Micro
Devices (1)
19,567
1,848
Affirm
Holdings (1)
2,685
72
AGCO
362
39
Air
Products
&
Chemicals
540
134
Alamo
Group
215
28
Albemarle
268
65
Alexandria
Real
Estate
Equities,
REIT
2,213
367
Align
Technology (1)
362
102
Alphabet,
Class
A (1)
6,160
716
Alphabet,
Class
C (1)
108,145
12,614
Amazon.com (1)
57,033
7,697
Ameren
3,574
333
American
Electric
Power
15,759
1,553
American
Homes
4
Rent,
Class
A,
REIT
7,227
274
American
International
Group
28,257
1,463
T.
ROWE
PRICE
Global
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
American
Tower,
REIT
1,756
476
Analog
Devices
8,641
1,486
Apartment
Income
REIT,
REIT
1,602
73
Apollo
Global
Management
11,412
652
Apple
64,944
10,554
Apple
Hospitality
REIT,
REIT
12,913
215
Atlassian,
Class
A (1)
2,164
453
AvalonBay
Communities,
REIT
8,017
1,715
Avery
Dennison
332
63
Baker
Hughes
36,769
945
Ball
4,813
353
Bank
of
America
81,364
2,751
Becton
Dickinson
&
Company
23,225
5,674
Best
Buy
5,834
449
Bill.com
Holdings (1)
2,353
318
Block (1)
3,486
265
Booking
Holdings (1)
200
387
Bristol-Myers
Squibb
13,223
976
Broadcom
1,536
822
Burlington
Stores (1)
1,304
184
Cactus,
Class
A
1,474
61
Camden
Property
Trust,
REIT
2,700
381
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $179 (1)(3)(4)
105
100
Carvana (1)
8,654
252
Caterpillar
1,735
344
CCC
Intelligent
Solutions
Holdings (1)
20,211
202
Centene (1)
40,041
3,723
Ceridian
HCM
Holding (1)
5,409
296
CF
Industries
Holdings
847
81
ChampionX
2,375
50
Charles
Schwab
50,733
3,503
Cheniere
Energy
1,711
256
Chevron
1,999
327
Chipotle
Mexican
Grill (1)
1,115
1,744
Chubb
29,417
5,549
Cigna
2,403
662
Cintas
272
116
CME
Group
4,848
967
CMS
Energy
569
39
Coca-Cola
13,189
846
Confluent,
Class
A (1)
2,706
69
ConocoPhillips
4,578
446
Cooper
1,892
619
Corning
23,031
847
Crowdstrike
Holdings,
Class
A (1)
483
89
Crown
Castle
International,
REIT
1,357
245
T.
ROWE
PRICE
Global
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Crown
Holdings
598
61
CSX
80,833
2,613
CubeSmart,
REIT
8,205
376
Danaher
15,596
4,546
Darling
Ingredients (1)
1,584
110
Datadog,
Class
A (1)
1,467
150
Deere
428
147
Devon
Energy
3,859
242
Dollar
General
8,757
2,175
Dominion
Energy
43,367
3,555
DoorDash,
Class
A (1)
4,306
300
Douglas
Emmett,
REIT
5,847
138
DTE
Energy
3,652
476
Duke
Energy
13,925
1,531
EastGroup
Properties,
REIT
981
167
Eaton
12,947
1,921
Element
Solutions
2,896
57
Elevance
Health
11,313
5,397
Eli
Lilly
6,875
2,267
Entegris
434
48
EOG
Resources
7,244
806
EPAM
Systems (1)
23
8
Equinix,
REIT
964
678
Equitrans
Midstream
7,010
55
Equity
LifeStyle
Properties,
REIT
6,481
476
Equity
Residential,
REIT
10,034
787
Essex
Property
Trust,
REIT
1,158
332
Exelon
7,639
355
Extra
Space
Storage,
REIT
278
53
Exxon
Mobil
26,476
2,566
Federal
Realty,
REIT
605
64
Fidelity
National
Information
Services
8,625
881
Fiserv (1)
22,806
2,410
FleetCor
Technologies (1)
4,028
886
Floor
&
Decor
Holdings,
Class
A (1)
3,159
254
FMC
11,415
1,268
Fortinet (1)
7,053
421
General
Electric
31,553
2,332
Goldman
Sachs
Group
5,334
1,778
Gusto,
Acquisition
Date:
10/4/21,
Cost $24 (1)(3)(4)
826
24
Halliburton
1,805
53
Hartford
Financial
Services
Group
10,199
657
HashiCorp,
Class
A (1)
747
27
HCA
Healthcare
3,537
751
Hess
1,658
186
Hilton
Worldwide
Holdings
6,085
779
T.
ROWE
PRICE
Global
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Home
Depot
4,060
1,222
Honeywell
International
11,138
2,144
Host
Hotels
&
Resorts,
REIT
62,360
1,111
Howard
Hughes (1)
656
46
Hubbell
7,190
1,575
Humana
2,110
1,017
Illinois
Tool
Works
1,553
323
Ingersoll
Rand
11,774
586
International
Flavors
&
Fragrances
8,591
1,066
International
Paper
2,150
92
Intuit
4,250
1,939
Intuitive
Surgical (1)
8,744
2,013
Johnson
&
Johnson
18,809
3,283
JPMorgan
Chase
37,988
4,382
Keurig
Dr
Pepper
54,701
2,119
Kilroy
Realty,
REIT
2,330
126
Kimco
Realty,
REIT
1,853
41
KLA
5,236
2,008
L3Harris
Technologies
9,473
2,273
Laboratory
Corp.
of
America
Holdings
1,641
430
Lam
Research
607
304
Liberty
Energy (1)
2,427
34
Liberty
Media-Liberty
Formula
One,
Class
C (1)
13,192
894
Linde
(EUR)
922
279
Linde
1,860
562
Live
Nation
Entertainment (1)
6,469
608
Lululemon
Athletica (1)
4,586
1,424
Magnolia
Oil
&
Gas,
Class
A
3,787
91
Marriott
International,
Class
A
11,186
1,777
Marsh
&
McLennan
1,877
308
Martin
Marietta
Materials
331
117
Marvell
Technology
5,494
306
Mastercard,
Class
A
5,379
1,903
McDonald's
6,526
1,719
Meta
Platforms,
Class
A (1)
12,524
1,993
MetLife
16,086
1,017
Microsoft
52,816
14,828
Middleby (1)
8,296
1,200
Moderna (1)
4,375
718
Molina
Healthcare (1)
3,968
1,300
Mondelez
International,
Class
A
17,534
1,123
MongoDB (1)
1,299
406
Monolithic
Power
Systems
697
324
Monster
Beverage (1)
9,859
982
Motorola
Solutions
4,779
1,140
MSCI
207
100
T.
ROWE
PRICE
Global
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Netflix (1)
1,409
317
Newmont
620
28
NextEra
Energy
17,719
1,497
NIKE,
Class
B
4,704
541
NiSource
17,960
546
Norfolk
Southern
3,053
767
Northrop
Grumman
2,089
1,000
Nucor
2,694
366
NVIDIA
10,804
1,962
NXP
Semiconductors
3,627
667
Olaplex
Holdings (1)
25,508
439
Opendoor
Technologies,
Class
A (1)
13,392
66
O'Reilly
Automotive (1)
443
312
Packaging
Corp.
of
America
2,587
364
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (1)(3)(4)
21,572
14
Paycom
Software (1)
196
65
PayPal
Holdings (1)
2,150
186
Pebblebrook
Hotel
Trust,
REIT
7,965
156
PerkinElmer
6,593
1,010
Philip
Morris
International
37,296
3,623
Pioneer
Natural
Resources
1,037
246
Planet
Fitness,
Class
A (1)
9,936
783
Procter
&
Gamble
12,015
1,669
Progressive
18,897
2,174
Prologis,
REIT
18,503
2,453
Public
Storage,
REIT
1,904
621
QUALCOMM
11,266
1,634
Quanta
Services
488
68
Rayonier,
REIT
3,233
122
Regency
Centers,
REIT
4,016
259
Regeneron
Pharmaceuticals (1)
1,674
974
Reliance
Steel
&
Aluminum
2,411
459
Republic
Services
9,414
1,305
Rexford
Industrial
Realty,
REIT
4,847
317
Roper
Technologies
2,721
1,188
Ross
Stores
14,391
1,169
Royal
Gold
457
48
RPM
International
1,607
145
S&P
Global
1,227
462
Saia (1)
1,550
369
Salesforce (1)
14,911
2,744
SBA
Communications,
REIT
1,092
367
Sempra
Energy
17,374
2,881
ServiceNow (1)
3,430
1,532
Sherwin-Williams
9,448
2,286
T.
ROWE
PRICE
Global
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Shoals
Technologies
Group,
Class
A (1)
4,185
99
Simon
Property
Group,
REIT
3,240
352
SL
Green
Realty,
REIT
1,697
84
Snap,
Class
A (1)
4,374
43
Snowflake,
Class
A (1)
918
138
Southern
69,157
5,317
Steel
Dynamics
4,033
314
STERIS
900
203
Stryker
2,541
546
Synopsys (1)
5,001
1,838
T-Mobile
U.S. (1)
15,942
2,281
TechnipFMC (1)
5,750
46
Teleflex
665
160
Terreno
Realty,
REIT
4,086
256
Tesla (1)
5,847
5,212
Texas
Instruments
8,792
1,573
Thermo
Fisher
Scientific
6,684
4,000
TJX
15,183
929
TransUnion
1,454
115
Travelers
15,338
2,434
UiPath,
Class
A (1)
15,045
276
Union
Pacific
3,210
730
UnitedHealth
Group
13,469
7,305
Valero
Energy
5,594
620
Veeva
Systems,
Class
A (1)
4,905
1,097
Ventas,
REIT
3,260
175
Venture
Global
LNG,
Series
C,
Acquisition
Date:
10/16/17,
Cost $4 (1)(3)(4)
1
6
VeriSign (1)
4,250
804
Visa,
Class
A
26,606
5,643
Vulcan
Materials
957
158
Walmart
29,829
3,939
Walt
Disney (1)
17,416
1,848
Waste
Connections
1,730
231
WEC
Energy
Group
1,302
135
Wells
Fargo
76,927
3,375
Welltower,
REIT
5,390
465
West
Pharmaceutical
Services
3,373
1,159
Western
Alliance
Bancorp
8,277
632
Westrock
1,082
46
Williams
17,454
595
Wix.com (1)
1,444
86
Workiva (1)
6,622
434
Xcel
Energy
13,452
984
Yum!
Brands
16,320
2,000
Zoetis
6,232
1,138
T.
ROWE
PRICE
Global
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Zoom
Video
Communications,
Class
A (1)
7,800
810
292,534
Convertible
Preferred
Stocks
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $97 (1)(3)(4)
2,160
147
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $42 (1)(3)(4)
618
42
AES,
6.875%,
2/15/24
1,956
175
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $7 (1)(3)(4)
4
4
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $52 (1)(3)(4)
6,404
42
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $21 (1)(3)
(4)
116
19
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $68 (1)(3)
(4)
309
51
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $3 (1)(3)(4)
163
10
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $33 (1)(3)(4)
1,103
34
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $15 (1)(3)(4)
255
24
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $71 (1)(3)(4)
2,594
71
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $37 (1)
(3)(4)
2,783
37
NextEra
Energy,
5.279%,
3/1/23
2,378
124
Rad
Power
Bikes,
Series
D,
Acquisition
Date:
9/16/21,
Cost $155 (1)(3)(4)
16,193
98
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $79 (1)(3)(4)
1,666
87
Southern,
Series
2019,
6.75%,
8/1/22
1,551
86
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2 (1)(3)(4)
2,304
3
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $3 (1)(3)(4)
3,239
4
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $143 (1)(3)(4)
1,669
153
1,211
Corporate
Bonds
2.5%
AbbVie,
2.95%,
11/21/26
145,000
141
AbbVie,
4.50%,
5/14/35
30,000
30
AbbVie,
4.70%,
5/14/45
95,000
96
AHS
Hospital,
5.024%,
7/1/45
20,000
21
Air
Lease,
2.20%,
1/15/27
195,000
173
Air
Lease,
3.625%,
4/1/27
45,000
42
Ally
Financial,
2.20%,
11/2/28
270,000
229
Altria
Group,
2.35%,
5/6/25
40,000
38
T.
ROWE
PRICE
Global
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Amazon.com,
2.80%,
8/22/24
50,000
50
Amazon.com,
3.875%,
8/22/37
150,000
150
American
Airlines
PTT,
Series
2014-1,
Class
A,
3.70%,
10/1/26
21,010
18
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32
164,941
148
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
230,000
228
American
Honda
Finance,
0.75%,
8/9/24
260,000
247
American
Tower,
1.45%,
9/15/26
355,000
317
Amphenol,
2.20%,
9/15/31
105,000
90
Aon,
2.20%,
11/15/22
195,000
195
Aon,
3.875%,
12/15/25
25,000
25
Appalachian
Power,
4.45%,
6/1/45
40,000
36
Apple,
3.20%,
5/11/27
300,000
302
AT&T,
2.75%,
6/1/31
215,000
192
Autodesk,
2.40%,
12/15/31
385,000
328
AutoZone,
3.125%,
4/21/26
170,000
167
AutoZone,
3.75%,
6/1/27
70,000
70
Baltimore
Gas
&
Electric,
3.35%,
7/1/23
225,000
225
Bank
of
America,
3.50%,
4/19/26
400,000
400
Bank
of
America,
4.45%,
3/3/26
50,000
51
Bank
of
America,
VR,
3.55%,
3/5/24 (5)
100,000
100
Bank
of
America,
VR,
4.244%,
4/24/38 (5)
120,000
116
Banner
Health,
1.897%,
1/1/31
65,000
56
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
105
Becton
Dickinson
&
Company,
3.70%,
6/6/27
183,000
182
Berkshire
Hathaway,
2.75%,
3/15/23
35,000
35
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
25,000
26
Boardwalk
Pipelines,
4.95%,
12/15/24
10,000
10
Booking
Holdings,
3.65%,
3/15/25
30,000
30
BP
Capital
Markets
America,
1.749%,
8/10/30
180,000
155
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (2)
100,000
90
Bristol-Myers
Squibb,
2.90%,
7/26/24
163,000
163
Bristol-Myers
Squibb,
3.55%,
8/15/22
250,000
250
Brixmor
Operating
Partnership,
3.90%,
3/15/27
25,000
24
Brixmor
Operating
Partnership,
4.05%,
7/1/30
80,000
74
Cameron
LNG,
2.902%,
7/15/31 (2)
40,000
36
Cameron
LNG,
3.701%,
1/15/39 (2)
30,000
26
Capital
One
Financial,
3.20%,
1/30/23
230,000
230
Cardinal
Health,
3.41%,
6/15/27
125,000
123
Cardinal
Health,
3.75%,
9/15/25
80,000
80
Carvana,
10.25%,
5/1/30 (2)
149,000
123
Centra
Health,
4.70%,
1/1/48
385,000
368
Charter
Communications
Operating,
4.908%,
7/23/25
50,000
51
Charter
Communications
Operating,
Series
USD,
4.50%,
2/1/24
250,000
252
Cigna,
3.25%,
4/15/25
250,000
247
Cigna,
3.75%,
7/15/23
63,000
63
T.
ROWE
PRICE
Global
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Citigroup,
4.45%,
9/29/27
70,000
70
Citigroup,
VR,
3.887%,
1/10/28 (5)
315,000
308
Citigroup,
VR,
4.075%,
4/23/29 (5)
100,000
97
CMS
Energy,
4.875%,
3/1/44
25,000
24
CNO
Global
Funding,
2.65%,
1/6/29 (2)
315,000
280
CommonSpirit
Health,
2.76%,
10/1/24
95,000
93
CommonSpirit
Health,
2.782%,
10/1/30
50,000
44
CommonSpirit
Health,
2.95%,
11/1/22
25,000
25
Corebridge
Financial,
4.40%,
4/5/52 (2)
375,000
325
Crown
Castle
International,
2.10%,
4/1/31
250,000
208
Crown
Castle
International,
3.70%,
6/15/26
40,000
39
Crown
Castle
International,
4.75%,
5/15/47
30,000
28
CVS
Health,
2.70%,
8/21/40
40,000
30
DCP
Midstream
Operating,
3.875%,
3/15/23
25,000
25
Delta
Air
Lines,
3.80%,
4/19/23
75,000
75
Discover
Financial
Services,
3.75%,
3/4/25
15,000
15
Discover
Financial
Services,
3.85%,
11/21/22
95,000
95
Eaton
Vance,
3.625%,
6/15/23
15,000
15
Elevance
Health,
4.101%,
3/1/28
130,000
132
Elevance
Health,
4.65%,
1/15/43
20,000
20
Energy
Transfer,
5.25%,
4/15/29
120,000
122
Equitable
Holdings,
3.90%,
4/20/23
29,000
29
Essex
Portfolio,
2.65%,
3/15/32
135,000
115
Eversource
Energy,
Series
M,
3.30%,
1/15/28
15,000
14
Fifth
Third
Bancorp,
4.30%,
1/16/24
65,000
65
FirstEnergy,
Series
C,
7.375%,
11/15/31
60,000
70
FirstEnergy
Transmission,
4.35%,
1/15/25 (2)
65,000
65
Fiserv,
3.20%,
7/1/26
100,000
97
Florida
Gas
Transmission,
4.35%,
7/15/25 (2)
215,000
217
General
Motors,
4.00%,
4/1/25
55,000
55
General
Motors
Financial,
2.40%,
4/10/28
305,000
264
George
Washington
University,
Series
2014,
4.30%,
9/15/44
15,000
14
Goldman
Sachs
Group,
3.50%,
1/23/25
300,000
299
Goldman
Sachs
Group,
3.85%,
1/26/27
115,000
115
Goldman
Sachs
Group,
5.15%,
5/22/45
15,000
15
Goldman
Sachs
Group,
6.75%,
10/1/37
10,000
12
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (5)
200,000
173
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (5)
130,000
100
Hackensack
Meridian
Health,
4.211%,
7/1/48
155,000
149
Hasbro,
3.00%,
11/19/24
150,000
147
Hasbro,
3.55%,
11/19/26
420,000
409
HCA,
4.125%,
6/15/29
235,000
225
Healthcare
Realty
Holdings,
3.625%,
1/15/28
30,000
29
Healthpeak
Properties,
2.125%,
12/1/28
80,000
71
Healthpeak
Properties,
2.875%,
1/15/31
45,000
40
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (2)
100,000
99
T.
ROWE
PRICE
Global
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Honeywell
International,
1.10%,
3/1/27
275,000
251
Hyatt
Hotels,
3.375%,
7/15/23
30,000
30
Hyundai
Capital
America,
1.30%,
1/8/26 (2)
145,000
130
Hyundai
Capital
America,
1.65%,
9/17/26 (2)
180,000
161
Hyundai
Capital
America,
1.80%,
10/15/25 (2)
55,000
51
Hyundai
Capital
America,
2.00%,
6/15/28 (2)
235,000
201
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48
145,000
134
Intercontinental
Exchange,
3.75%,
12/1/25
75,000
76
ITC
Holdings,
2.70%,
11/15/22
95,000
95
Jackson
Financial,
1.125%,
11/22/23 (2)
270,000
261
JPMorgan
Chase,
3.375%,
5/1/23
410,000
411
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (5)
235,000
214
JPMorgan
Chase,
VR,
3.559%,
4/23/24 (5)
125,000
125
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (5)
160,000
147
Kansas
City
Southern,
2.875%,
11/15/29
55,000
51
Kansas
City
Southern,
3.50%,
5/1/50
155,000
128
Kansas
City
Southern,
4.30%,
5/15/43
25,000
23
Kentucky
Utilities,
4.375%,
10/1/45
65,000
62
KeyCorp,
2.25%,
4/6/27
90,000
83
Keysight
Technologies,
4.55%,
10/30/24
230,000
233
Kilroy
Realty,
3.45%,
12/15/24
40,000
39
Kilroy
Realty,
4.25%,
8/15/29
25,000
24
Kilroy
Realty,
4.375%,
10/1/25
15,000
15
L3Harris
Technologies,
4.854%,
4/27/35
50,000
51
Liberty
Mutual
Group,
4.25%,
6/15/23 (2)
10,000
10
Liberty
Mutual
Group,
4.85%,
8/1/44 (2)
20,000
19
Life
Storage,
4.00%,
6/15/29
145,000
137
LYB
International
Finance
II,
3.50%,
3/2/27
300,000
290
M&T
Bank,
3.55%,
7/26/23
345,000
345
Marriott
International,
Series
AA,
4.65%,
12/1/28
285,000
286
Marsh
&
McLennan,
3.30%,
3/14/23
10,000
10
Marsh
&
McLennan,
3.50%,
6/3/24
115,000
115
McDonald's,
1.45%,
9/1/25
65,000
61
MedStar
Health,
Series
20A,
3.626%,
8/15/49
130,000
113
Met
Tower
Global
Funding,
1.25%,
9/14/26 (2)
245,000
221
Micron
Technology,
4.185%,
2/15/27
31,000
31
Microsoft,
2.921%,
3/17/52
90,000
75
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (2)
110,000
109
Mississippi
Power,
3.95%,
3/30/28
170,000
169
Moody's,
2.00%,
8/19/31
335,000
285
Morgan
Stanley,
3.125%,
1/23/23
485,000
485
Morgan
Stanley,
4.10%,
5/22/23
200,000
201
Morgan
Stanley,
4.30%,
1/27/45
45,000
42
Morgan
Stanley,
VR,
3.971%,
7/22/38 (5)
135,000
126
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
320,000
279
NiSource,
3.49%,
5/15/27
215,000
211
T.
ROWE
PRICE
Global
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NiSource,
3.95%,
3/30/48
105,000
90
Northern
Trust,
3.95%,
10/30/25
25,000
25
Northwestern
University,
Series
2020,
2.64%,
12/1/50
140,000
105
Nucor,
2.70%,
6/1/30
70,000
62
Nucor,
3.95%,
5/1/28
130,000
129
Omnicom
Group,
3.60%,
4/15/26
50,000
50
Omnicom
Group,
3.65%,
11/1/24
50,000
50
Oracle,
2.40%,
9/15/23
300,000
297
O'Reilly
Automotive,
3.60%,
9/1/27
145,000
144
O'Reilly
Automotive,
3.80%,
9/1/22
125,000
125
PACCAR
Financial,
0.90%,
11/8/24
415,000
393
Pacific
Gas
&
Electric,
2.10%,
8/1/27
125,000
107
Packaging
Corp.
of
America,
3.65%,
9/15/24
15,000
15
PayPal
Holdings,
2.40%,
10/1/24
345,000
339
PerkinElmer,
1.90%,
9/15/28
230,000
199
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
200,000
196
Pioneer
Natural
Resources,
1.125%,
1/15/26
80,000
73
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37
25,000
24
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (2)
270,000
270
Principal
Financial
Group,
2.125%,
6/15/30
160,000
136
Principal
Financial
Group,
3.30%,
9/15/22
25,000
25
Principal
Financial
Group,
3.40%,
5/15/25
35,000
35
Protective
Life
Global
Funding,
1.082%,
6/9/23 (2)
205,000
201
Providence
Health
&
Services
Obligated
Group,
4.379%,
10/1/23
25,000
25
Public
Storage,
1.95%,
11/9/28
150,000
133
QUALCOMM,
3.25%,
5/20/27
107,000
107
QVC,
4.85%,
4/1/24
20,000
19
Realty
Income,
2.20%,
6/15/28
70,000
63
Regency
Centers,
4.125%,
3/15/28
35,000
35
Republic
Services,
2.375%,
3/15/33
355,000
302
Republic
Services,
3.375%,
11/15/27
230,000
225
Rockwell
Automation,
1.75%,
8/15/31
330,000
281
Roper
Technologies,
2.95%,
9/15/29
60,000
55
Roper
Technologies,
3.80%,
12/15/26
50,000
50
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
50,000
49
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (5)
135,000
120
SBA
Tower
Trust,
2.836%,
1/15/25 (2)
250,000
239
Sempra
Energy,
3.30%,
4/1/25
185,000
183
ServiceNow,
1.40%,
9/1/30
235,000
191
Simon
Property
Group,
2.65%,
2/1/32
340,000
290
Simon
Property
Group,
3.375%,
10/1/24
45,000
45
Spectra
Energy
Partners,
4.75%,
3/15/24
170,000
172
State
Street,
3.10%,
5/15/23
25,000
25
Synchrony
Financial,
4.25%,
8/15/24
375,000
375
Texas
Instruments,
1.125%,
9/15/26
80,000
74
T.
ROWE
PRICE
Global
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Texas
Instruments,
1.375%,
3/12/25
45,000
43
Thermo
Fisher
Scientific,
2.80%,
10/15/41
140,000
115
Time
Warner
Cable,
6.55%,
5/1/37
13,000
14
Time
Warner
Cable,
6.75%,
6/15/39
13,000
13
TJX,
1.60%,
5/15/31
55,000
46
Trinity
Health,
4.125%,
12/1/45
25,000
24
Union
Pacific,
4.75%,
9/15/41
10,000
10
United
Airlines
PTT,
Series
2014-2,
Class
A,
3.75%,
9/3/26
3,177
3
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30
287,694
253
UnitedHealth
Group,
3.75%,
7/15/25
40,000
41
Valero
Energy,
2.85%,
4/15/25
64,000
62
Verizon
Communications,
1.68%,
10/30/30
28,000
23
Verizon
Communications,
2.625%,
8/15/26
230,000
222
Visa,
2.15%,
9/15/22
90,000
90
Visa,
4.15%,
12/14/35
90,000
94
Vistra
Operations,
3.55%,
7/15/24 (2)
135,000
131
VMware,
1.40%,
8/15/26
350,000
315
Waste
Connections,
2.20%,
1/15/32
155,000
133
Willis
North
America,
3.60%,
5/15/24
40,000
40
Willis
North
America,
4.50%,
9/15/28
160,000
159
WP
Carey,
3.85%,
7/15/29
115,000
110
26,687
Equity
Mutual
Funds
8.1%
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (7)
2,926,228
27,975
T.
Rowe
Price
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
-
I
Class (7)
2,948,653
57,086
85,061
Municipal
Securities
0.3%
Bay
Area
Toll
Auth.,
Series
S-10,
3.176%,
4/1/41
300,000
254
California
State
Univ.,
Series
B,
2.795%,
11/1/41
250,000
195
California,
Build
America,
GO,
7.625%,
3/1/40
35,000
48
Central
Texas
Regional
Mobility
Auth.,
Series
E,
3.167%,
1/1/41
225,000
182
Dallas
Fort
Worth
Int'l
Airport,
2.843%,
11/1/46
150,000
117
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50
390,000
335
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29
15,000
15
Los
Angeles
Airport,
Build
America,
Series
C,
7.053%,
5/15/40
15,000
19
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42
175,000
166
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series
B,
4.665%,
7/1/36
20,000
21
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Facs,
Series
B,
3.235%,
7/1/52
200,000
163
T.
ROWE
PRICE
Global
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Metropolitan
Transportation
Auth.,
Build
America,
Series
A-1,
5.871%,
11/15/39
15,000
16
Miami-Dade
County
Transit
System,
Bulild
America,
Series
B,
5.624%,
7/1/40
160,000
180
Miami-Dade
County
Water
&
Sewer
System,
Series
C,
3.49%,
10/1/42
90,000
78
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
126,000
153
New
York
State
Dormitory
Auth.,
Build
America,
Series
F,
Unrefunded
Portion,
5.628%,
3/15/39
15,000
17
New
York
State
Urban
Dev.,
Series
B,
2.59%,
3/15/35
305,000
258
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
20
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
227
Univ.
of
California
Regents,
Series
AJ,
4.601%,
5/15/31
25,000
26
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
15,000
17
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44
25,000
26
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36
110,000
109
2,672
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)
88,891
81
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (2)
29,126
26
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (2)
76,358
69
Atrium
Hotel
Portfolio
Trust,
Series
2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
2.929%,
12/15/36 (2)
150,000
146
Barclays
Mortgage
Loan
Trust,
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (2)
98,101
91
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
4.159%,
11/15/34 (2)
50,000
47
BWAY
Mortgage
Trust,
Series
2022-26BW,
Class
A,
3.402%,
2/10/44 (2)
150,000
135
BX
Trust,
Series
2021-LGCY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.004%,
3.003%,
10/15/23 (2)
225,000
209
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (2)
100,000
96
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
ARM,
3.526%,
11/10/49
55,000
54
CD
Mortgage
Trust,
Series
2017-CD3,
Class
B,
ARM,
3.984%,
2/10/50
110,000
102
T.
ROWE
PRICE
Global
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58
25,000
25
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (2)
69,509
62
Cold
Storage
Trust,
Series
2020-ICE5,
Class
B,
ARM,
1M
USD
LIBOR
+
1.30%,
3.299%,
11/15/37 (2)
137,619
134
Cold
Storage
Trust,
Series
2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
3.649%,
11/15/37 (2)
155,313
151
COLT
Mortgage
Loan
Trust,
Series
2021-6,
Class
A1,
CMO,
ARM,
1.907%,
12/25/66 (2)
226,080
198
Commercial
Mortgage
Trust,
Series
2015-CR24,
Class
A5,
3.696%,
8/10/48
40,000
40
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
A4,
3.708%,
7/10/48
60,000
60
Commercial
Mortgage
Trust,
Series
2015-LC23,
Class
A4,
3.774%,
10/10/48
100,000
99
Connecticut
Avenue
Securities,
Series
2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
3.359%,
11/25/29
91,314
91
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
0.90%,
2.414%,
11/25/41 (2)
52,194
51
Connecticut
Avenue
Securities
Trust,
Series
2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
2.514%,
12/25/41 (2)
41,862
41
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (2)
22,785
22
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
USD
LIBOR
+
1.38%,
3.38%,
7/15/38 (2)
99,388
97
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
C,
3.75%,
12/10/36 (2)
165,000
158
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (2)
7,854
8
Galton
Funding
Mortgage
Trust,
Series
2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (2)
60,461
60
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.68%,
12/10/40 (2)
100,000
83
Great
Wolf
Trust,
Series
2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
3.632%,
12/15/36 (2)
70,000
67
GS
Mortgage
Securities
Trust,
Series
2013-GC16,
Class
B,
ARM,
5.161%,
11/10/46
175,000
172
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48
25,000
25
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
65,000
65
GS
Mortgage-Backed
Securities
Trust,
Series
2021-PJ5,
Class
A8,
CMO,
ARM,
2.50%,
10/25/51 (2)
194,096
179
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48
65,000
65
T.
ROWE
PRICE
Global
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48
46,018
46
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-OPO,
Class
B,
3.377%,
1/5/39 (2)
100,000
92
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (2)
41,363
40
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (2)
48,982
47
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.83%,
2.454%,
8/25/50 (2)
10,584
10
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (2)
18,816
18
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
USD
LIBOR
+
1.101%,
3.10%,
4/15/38 (2)
255,000
243
MHC
Trust,
Series
2021-MHC2,
Class
D,
ARM,
1M
USD
LIBOR
+
1.50%,
3.499%,
5/15/23 (2)
110,000
104
Mill
City
Mortgage
Loan
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.25%,
5/25/62 (2)
37,885
37
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
20
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48
35,000
34
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
A4,
3.753%,
12/15/47
85,000
84
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
AS,
4.068%,
12/15/47
155,000
152
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2016-C30,
Class
A5,
2.86%,
9/15/49
25,000
24
Morgan
Stanley
Capital
I
Trust,
Series
2019-MEAD,
Class
D,
ARM,
3.177%,
11/10/36 (2)
130,000
115
New
Orleans
Hotel
Trust,
Series
2019-HNLA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.589%,
3.588%,
4/15/32 (2)
100,000
93
New
Residential
Mortgage
Loan
Trust,
Series
2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (2)
44,572
42
New
Residential
Mortgage
Loan
Trust,
Series
2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (2)
144,658
129
NYO
Commercial
Mortgage
Trust,
Series
2021-1290,
Class
C,
ARM,
1M
USD
LIBOR
+
1.995%,
3.995%,
11/15/38 (2)
295,000
274
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
3.359%,
10/25/59 (2)
15,643
15
Provident
Funding
Mortgage
Trust,
Series
2019-1,
Class
B1,
CMO,
ARM,
3.207%,
12/25/49 (2)
193,122
173
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (2)
7,631
8
T.
ROWE
PRICE
Global
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SFO
Commercial
Mortgage
Trust,
Series
2021-555,
Class
B,
ARM,
1M
USD
LIBOR
+
1.50%,
3.499%,
5/15/38 (2)
110,000
104
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (2)
4,235
4
Starwood
Mortgage
Residential
Trust,
Series
2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (2)
260
—
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (2)
32,190
30
Starwood
Mortgage
Residential
Trust,
Series
2021-2,
Class
A2,
CMO,
ARM,
1.172%,
5/25/65 (2)
42,339
40
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA2,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.80%,
2.314%,
8/25/33 (2)
28,061
28
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
3.614%,
10/25/33 (2)
60,000
57
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA6,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.50%,
3.014%,
10/25/41 (2)
100,000
93
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
2.364%,
11/25/41 (2)
165,000
161
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-HQA1,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.70%,
2.214%,
8/25/33 (2)
38,967
39
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA3,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.00%,
3.514%,
4/25/42 (2)
167,075
166
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-HQA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
3.614%,
3/25/42 (2)
140,153
139
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (2)
34,123
34
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (2)
24,755
24
Verus
Securitization
Trust,
Series
2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (2)
23,436
23
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (2)
54,334
53
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (2)
44,471
41
Verus
Securitization
Trust,
Series
2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (2)
255,619
229
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
A4,
3.664%,
9/15/58
41,000
41
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
A4,
3.695%,
11/15/48
100,000
99
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
A5,
ARM,
3.767%,
7/15/58
75,000
74
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series
2021-
RR1,
Class
A1,
CMO,
ARM,
2.50%,
12/25/50 (2)
91,660
81
6,389
T.
ROWE
PRICE
Global
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Private
Investment
Companies
7.3%
Blackstone
Partners
Offshore
Fund,
Series
E1 (1)(3)
35,807
76,261
76,261
U.S.
Government
&
Agency
Mortgage-Backed
Securities
0.0%
Federal
Home
Loan
Mortgage
2.777%,
4/25/23
4
4
2.952%,
2/25/27
25
25
29
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
6.3%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,830,000
1,306
U.S.
Treasury
Bonds,
1.375%,
8/15/50
990,000
667
U.S.
Treasury
Bonds,
1.75%,
8/15/41
1,510,000
1,178
U.S.
Treasury
Bonds,
1.875%,
2/15/41
2,530,000
2,034
U.S.
Treasury
Bonds,
1.875%,
2/15/51 (9)(10)
3,590,000
2,756
U.S.
Treasury
Bonds,
2.00%,
2/15/50
2,490,000
1,976
U.S.
Treasury
Bonds,
2.00%,
8/15/51
365,000
289
U.S.
Treasury
Bonds,
2.25%,
2/15/52
1,545,000
1,301
U.S.
Treasury
Bonds,
2.50%,
2/15/45
145,000
126
U.S.
Treasury
Bonds,
2.75%,
11/15/42
65,000
60
U.S.
Treasury
Bonds,
2.75%,
8/15/47 (9)(10)
5,915,000
5,388
U.S.
Treasury
Bonds,
2.875%,
8/15/45
570,000
528
U.S.
Treasury
Bonds,
3.00%,
11/15/44
395,000
374
U.S.
Treasury
Bonds,
3.00%,
11/15/45
435,000
413
U.S.
Treasury
Bonds,
3.00%,
2/15/47
220,000
209
U.S.
Treasury
Bonds,
3.00%,
2/15/48
740,000
711
U.S.
Treasury
Bonds,
3.00%,
8/15/48
150,000
145
U.S.
Treasury
Bonds,
3.125%,
11/15/41
290,000
286
U.S.
Treasury
Bonds,
3.125%,
8/15/44
610,000
590
U.S.
Treasury
Bonds,
3.875%,
8/15/40
580,000
645
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51
116,761
97
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/52
120,226
100
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
260,355
223
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43
658,554
625
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42
644,198
633
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47
231,155
229
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46
311,980
319
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48
367,449
376
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49
156,813
162
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44
105,099
115
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/24
916,972
926
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/24
2,844,757
2,867
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/25
473,692
477
T.
ROWE
PRICE
Global
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/25
375,128
379
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/26
782,428
789
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/26
1,424,283
1,442
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/26
102,688
104
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/27
3,959,068
3,998
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/30
317,307
318
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/30
1,109,829
1,115
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
392,998
394
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/31
60,745
61
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/32
1,183,093
1,180
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
1/15/25
2,183,088
2,206
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
7/15/29
1,142,700
1,160
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/23
3,196,545
3,228
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/25
1,534,550
1,564
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
1/15/27
416,254
425
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/27
229,542
236
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
4/15/24
553,978
561
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
4/15/23
68,605
69
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/24
981,248
995
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/26
1,254,743
1,288
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
7/15/32
337,017
354
U.S.
Treasury
Notes,
0.125%,
5/31/23 (9)
2,285,000
2,231
U.S.
Treasury
Notes,
0.25%,
6/15/23
105,000
103
U.S.
Treasury
Notes,
0.25%,
5/31/25 (9)
4,965,000
4,616
U.S.
Treasury
Notes,
0.625%,
8/15/30
420,000
358
U.S.
Treasury
Notes,
0.75%,
1/31/28
120,000
108
U.S.
Treasury
Notes,
0.875%,
6/30/26 (9)
1,710,000
1,590
U.S.
Treasury
Notes,
1.25%,
8/15/31
2,145,000
1,904
U.S.
Treasury
Notes,
1.625%,
8/15/29
950,000
887
U.S.
Treasury
Notes,
1.875%,
9/30/22
25,000
25
U.S.
Treasury
Notes,
1.875%,
2/28/27
2,885,000
2,781
U.S.
Treasury
Notes,
1.875%,
2/15/32
365,000
341
U.S.
Treasury
Notes,
2.75%,
5/15/25
520,000
518
65,459
Total
United
States
(Cost
$671,135
)
721,929
URUGUAY
0.0%
Common
Stocks
0.0%
Dlocal
(USD) (1)
856
24
Total
Uruguay
(Cost
$23
)
24
T.
ROWE
PRICE
Global
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
VIETNAM
0.2%
Common
Stocks
0.2%
Airports
Corp.
of
Vietnam (1)
8,900
33
Asia
Commercial
Bank (1)
165,193
185
Bank
for
Foreign
Trade
of
Vietnam
63,032
202
FPT
119,232
439
Khang
Dien
House
Trading
&
Investment (1)
22,440
36
Military
Commercial
Joint
Stock
Bank (1)
153,125
180
Mobile
World
Investment
82,200
222
Nam
Long
Investment
42,466
72
Phu
Nhuan
Jewelry
27,600
138
Saigon
Beer
Alcohol
Beverage
23,200
179
Vietnam
Dairy
Products
30,500
95
Vietnam
Engine
&
Agricultural
Machinery
32,700
62
Vietnam
Technological
&
Commercial
Joint
Stock
Bank (1)
20,000
34
Total
Vietnam
(Cost
$1,720
)
1,877
SHORT-TERM
INVESTMENTS
3.9%
Money
Market
Funds
3.9%
T.
Rowe
Price
Treasury
Reserve
Fund,
2.02% (7)(11)
40,879,900
40,880
Total
Short-Term
Investments
(Cost
$40,880)
40,880
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
2.03% (7)(11)
723,575
724
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
724
Total
Securities
Lending
Collateral
(Cost
$724)
724
T.
ROWE
PRICE
Global
Allocation
Fund
48
(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
ten
year
futures
contracts,
Call,
8/26/22
@
$122.25 (1)
4
485
2
Total
Options
Purchased
(Cost
$2)
2
Total
Investments
in
Securities
100.2%
(Cost
$982,726)
$
1,049,322
Other
Assets
Less
Liabilities
(0.2)%
(2,224)
Net
Assets
100.0%
$
1,047,098
‡
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
$19,464
and
represents
1.9%
of
net
assets.
(3)
Level
3
in
fair
value
hierarchy.
(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
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,278
and
represents
0.1%
of
net
assets.
(5)
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.
(6)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2022.
(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
July
31,
2022.
(10)
At
July
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
TSFR
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
49
.
.
.
.
.
.
.
.
.
.
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
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
KWD
Kuwait
Dinar
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TWD
Taiwan
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Global
Allocation
Fund
50
(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,
9/16/22
@
$77.00
2,504
19,579
(
303
)
S&P
500
Index,
Call,
9/16/22
@
$4,100.00
119
49,150
(
1,623
)
Total
Options
Written
(Premiums
$(1,736))
$
(
1,926
)
T.
ROWE
PRICE
Global
Allocation
Fund
51
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
8/19/22
SEK
2,990
USD
307
$
(
13
)
Bank
of
America
8/19/22
USD
44
EUR
42
2
Bank
of
America
8/19/22
USD
354
SEK
3,500
9
Barclays
Bank
8/19/22
USD
44
GBP
36
—
Barclays
Bank
8/19/22
USD
29
GBP
24
—
Barclays
Bank
8/31/22
USD
8,013
GBP
6,636
(
75
)
Citibank
8/19/22
USD
311
GBP
249
8
Citibank
9/23/22
USD
74
SEK
745
—
Deutsche
Bank
8/31/22
USD
15,060
EUR
14,799
(
99
)
Goldman
Sachs
8/19/22
EUR
189
USD
203
(
10
)
Goldman
Sachs
8/19/22
USD
44
SEK
440
—
Goldman
Sachs
10/21/22
USD
28
NZD
45
—
HSBC
Bank
8/19/22
GBP
82
USD
103
(
3
)
JPMorgan
Chase
8/19/22
EUR
151
USD
154
—
JPMorgan
Chase
8/19/22
EUR
21
USD
22
(
1
)
JPMorgan
Chase
8/19/22
GBP
238
USD
299
(
9
)
JPMorgan
Chase
8/19/22
SEK
950
USD
98
(
4
)
JPMorgan
Chase
8/19/22
USD
314
EUR
298
9
JPMorgan
Chase
8/19/22
USD
44
GBP
36
1
JPMorgan
Chase
8/31/22
USD
459
AUD
657
(
1
)
JPMorgan
Chase
8/31/22
USD
804
CHF
764
(
1
)
JPMorgan
Chase
8/31/22
USD
1,538
DKK
11,245
(
9
)
JPMorgan
Chase
8/31/22
USD
2,362
EUR
2,312
(
6
)
JPMorgan
Chase
8/31/22
USD
828
GBP
680
(
1
)
JPMorgan
Chase
8/31/22
USD
1,653
HKD
12,964
—
JPMorgan
Chase
8/31/22
USD
278
ILS
955
(
3
)
JPMorgan
Chase
8/31/22
USD
1,610
JPY
214,606
(
3
)
JPMorgan
Chase
8/31/22
USD
549
NOK
5,366
(
6
)
JPMorgan
Chase
8/31/22
USD
99
NZD
160
(
1
)
JPMorgan
Chase
8/31/22
USD
1,969
SEK
20,210
(
23
)
JPMorgan
Chase
8/31/22
USD
744
SGD
1,032
(
3
)
JPMorgan
Chase
9/23/22
SEK
90
USD
9
—
JPMorgan
Chase
10/21/22
NZD
114
USD
71
—
JPMorgan
Chase
10/21/22
USD
72
AUD
103
—
JPMorgan
Chase
10/21/22
USD
71
NZD
114
(
1
)
Morgan
Stanley
8/19/22
USD
30
EUR
29
—
Morgan
Stanley
9/23/22
SEK
655
USD
65
—
Standard
Chartered
8/31/22
USD
11,108
JPY
1,516,517
(
292
)
UBS
Investment
Bank
8/19/22
EUR
151
USD
160
(
5
)
UBS
Investment
Bank
8/19/22
USD
184
EUR
172
8
T.
ROWE
PRICE
Global
Allocation
Fund
52
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
8/31/22
USD
5,201
CHF
4,995
$
(
61
)
Westpac
8/31/22
USD
4,008
AUD
5,766
(
23
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
616
)
T.
ROWE
PRICE
Global
Allocation
Fund
53
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
66
MSCI
EAFE
Index
contracts
9/22
(6,442)
$
(
196
)
Long,
72
S&P
500
E-Mini
Index
contracts
9/22
14,881
412
Long,
26
U.S.
Treasury
Long
Bond
contracts
9/22
3,744
80
Long,
107
U.S.
Treasury
Notes
five
year
contracts
9/22
12,169
169
Long,
2
U.S.
Treasury
Notes
ten
year
contracts
9/22
242
1
Short,
1
U.S.
Treasury
Notes
two
year
contracts
9/22
(211)
—
Long,
2
Ultra
U.S.
Treasury
Bonds
contracts
9/22
317
—
Short,
7
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/22
(919)
(
24
)
Net
payments
(receipts)
of
variation
margin
to
date
(
189
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
253
T.
ROWE
PRICE
Global
Allocation
Fund
54
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
July
31,
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,
4.85%
$
499
$
(
171
)
$
509
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
7.36%
—
(
5,659
)
964
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
7.03%
—
(
10,548
)
1,462
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
5.58%
(
389
)
(
915
)
726
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.69%
(
317
)
(
2,943
)
1,056
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
2.75%
(
1,026
)
(
5,372
)
524
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.69%
5
(
434
)
94
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
671
(
3,396
)
139
T.
Rowe
Price
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
-
I
Class
—
(
914
)
—
T.
Rowe
Price
Government
Reserve
Fund,
2.03%
—
—
—
++
T.
Rowe
Price
Treasury
Reserve
Fund,
2.02%
—
—
79
T.
Rowe
Price
Short-Term
Fund
—
—
—
++
Affiliates
not
held
at
period
end
30
438
213
Totals
$
(
527
)
#
$
(
29,914
)
$
5,766
+
T.
ROWE
PRICE
Global
Allocation
Fund
55
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/21
Purchase
Cost
Sales
Cost
Value
07/31/22
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.85%
$
27,939
$
868
$
8,960
$
19,676
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
7.36%
—
29,530
—
23,871
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
Investor
Class,
7.08%
28,100
—
28,924
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
7.03%
45,174
3,945
—
38,571
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
5.58%
21,460
3,601
4,839
19,307
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.69%
26,867
1,056
2,267
22,713
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
2.75%
37,773
3,004
5,231
30,174
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.69%
6,236
1,170
572
6,400
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
30,060
1,311
—
27,975
T.
Rowe
Price
QM
U.S.
Small
&
Mid-Cap
Core
Equity
Fund
-
I
Class
—
58,000
—
57,086
T.
Rowe
Price
Ultra
Short-Term
Bond
Fund
-
I
Class,
2.85%
46,184
287
46,085
—
T.
Rowe
Price
Government
Reserve
Fund,
2.03%
—
¤
¤
724
T.
Rowe
Price
Treasury
Reserve
Fund,
2.02%
69,784
¤
¤
40,880
T.
Rowe
Price
Short-Term
Fund
4,373
¤
¤
—
Total
$
287,377
^
T.
ROWE
PRICE
Global
Allocation
Fund
56
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
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
$5,766
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
$319,039.
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
57
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
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
T.
ROWE
PRICE
Global
Allocation
Fund
58
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
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.
T.
ROWE
PRICE
Global
Allocation
Fund
59
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.
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
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.
T.
ROWE
PRICE
Global
Allocation
Fund
60
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
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
$
—
$
120,987
$
—
$
120,987
Bond
Mutual
Funds
160,712
—
—
160,712
Common
Stocks
319,594
242,948
167
562,709
Convertible
Preferred
Stocks
—
385
1,111
1,496
Equity
Mutual
Funds
85,061
—
—
85,061
Preferred
Stocks
—
490
—
490
Private
Investment
Companies
—
—
76,261
76,261
Short-Term
Investments
40,880
—
—
40,880
Securities
Lending
Collateral
724
—
—
724
Options
Purchased
2
—
—
2
Total
Securities
606,973
364,810
77,539
1,049,322
Forward
Currency
Exchange
Contracts
—
37
—
37
Futures
Contracts*
662
—
—
662
Total
$
607,635
$
364,847
$
77,539
$
1,050,021
Liabilities
Options
Written
$
—
$
1,926
$
—
$
1,926
Forward
Currency
Exchange
Contracts
—
653
—
653
Futures
Contracts*
220
—
—
220
Total
$
220
$
2,579
$
—
$
2,799
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;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Global
Allocation
Fund
61
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
July
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
July
31,
2022,
totaled $14,999,000 for
the
period ended
July
31,
2022.
During
the
period,
transfers
into
Level
3
resulted
from
a
lack
of marketability
for
the
securities.
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.
($000s)
Beginning
Balance
10/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Into
Level
3
Ending
Balance
7/31/22
Investment
in
Securities
Common
Stocks
$
157
$
(2,495)
$
732
$
(63)
$
1,836
$
167
Convertible
Bonds
212
—
—
(212)
—
—
Convertible
Preferred
Stocks
3,300
(1,655)
77
(611)
—
1,111
Private
Investment
Companies
91,035
726
73,651
(89,151)
—
76,261
Total
$
94,704
$
(3,424)
$
74,460
$
(90,037)
$
1,836
$
77,539
T.
ROWE
PRICE
Global
Allocation
Fund
62
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
Stocks
$
167
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
lack
of
certainty
100%
100%
Decrease
Discount
for
lack
of
marketability
100%
100%
Decrease
Market
comparable
Enterprise
value
to
gross
profit
multiple
6.0x
–
16.5x
15.2x
Increase
Enterprise
value
to
sales
multiple
2.8x
–
12.6x
11.4x
Increase
Price-to-
earnings
multiple
7.1x
–
19.9x
12.8x
Increase
Price-to-
earnings
growth
rate
(42%)
(42%)
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.5x
12.5x
Increase
Enterprise
value
to
EBITDA
multiple
10.5x
10.5x
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
63
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Convertible
Preferred
Stocks
$
1,111
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
gross
profit
multiple
4.5x
–
23.2x
11.1x
Increase
Gross
profit
growth
rate
18%
-
66%
38%
Increase
Enterprise
value
to
sales
multiple
1.4x
–
16.8x
4.2x
Increase
Sales
growth
rate
5%
-
75%
29%
Increase
Enterprise
Value
to
EBITDA
Multiple
18.2x
18.2x
Increase
Enterprise
Value
to
EBIT
Multiple
9.8x
–
15.1x
12.2x
Increase
EBIT
growth
rate
26%
-
55%
41%
Increase
Discount
rate
for
cost
of
capital
25%
-
40%
28%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Private
Investment
Companies
$
76,261
Rollforward
of
Investee
NAV
Estimated
return
0.15%
0.15%
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
64
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F154-054Q3
07/22