T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
January 31, 2020 (Unaudited) | ||
Portfolio of Investments‡ | Shares/Par | $ Value |
(Cost and value in $000s) | ||
ARGENTINA 0.2% | ||
Common Stocks 0.2% | ||
Globant (USD) (1) | 647 | 79 |
MercadoLibre (USD) (1) | 1,742 | 1,155 |
Tenaris (EUR) | 2,456 | 26 |
Tenaris, ADR (USD) | 14,753 | 305 |
Total Argentina (Cost $898) | 1,565 | |
AUSTRALIA 0.7% | ||
Common Stocks 0.6% | ||
Alumina | 22,094 | 32 |
Australia & New Zealand Banking Group | 14,187 | 241 |
BHP Group | 30,748 | 788 |
BlueScope Steel | 2,384 | 22 |
Challenger | 35,006 | 207 |
Charter Hall Retail REIT | 3,058 | 10 |
Cochlear | 1,372 | 219 |
CSL | 867 | 178 |
Dexus | 3,052 | 26 |
Downer EDI | 25,595 | 125 |
Evolution Mining | 5,139 | 13 |
Fortescue Metals Group | 5,285 | 39 |
Goodman Group | 3,714 | 37 |
Incitec Pivot | 45,505 | 99 |
Independence Group | 55,432 | 224 |
Macquarie Group | 3,464 | 331 |
Newcrest Mining | 3,627 | 73 |
NEXTDC (1) | 23,406 | 117 |
Northern Star Resources | 10,293 | 89 |
oOh!media | 32,172 | 72 |
Pendal Group | 13,293 | 78 |
Regis Resources | 2,598 | 8 |
Rio Tinto | 2,107 | 137 |
Saracen Mineral Holdings (1) | 1,433 | 4 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Scentre Group | 61,217 | 157 |
South32 | 291,261 | 500 |
Steadfast Group | 63,880 | 162 |
Suncorp Group | 15,107 | 129 |
Telstra | 26,467 | 67 |
Worley | 32,111 | 321 |
4,505 | ||
Corporate Bonds 0.1% | ||
Ausgrid Finance, 3.85%, 5/1/23 (USD) (2) | 105,000 | 110 |
Boral Finance, 3.00%, 11/1/22 (USD) (2) | 10,000 | 10 |
Transurban Finance, 4.125%, 2/2/26 (USD) (2) | 15,000 | 17 |
Westpac Banking, 2.15%, 3/6/20 (USD) | 110,000 | 110 |
Woodside Finance, 3.70%, 3/15/28 (USD) (2) | 67,000 | 71 |
Woodside Finance, 4.50%, 3/4/29 (USD) (2) | 105,000 | 117 |
435 | ||
Total Australia (Cost $4,552) | 4,940 | |
AUSTRIA 0.2% | ||
Common Stocks 0.2% | ||
BAWAG Group | 19,584 | 846 |
Erste Group Bank (3) | 11,109 | 408 |
Schoeller-Bleckmann Oilfield Equipment | 107 | 5 |
voestalpine | 452 | 11 |
Total Austria (Cost $1,210) | 1,270 | |
BELGIUM 0.3% | ||
Common Stocks 0.3% | ||
Anheuser-Busch InBev | 6,037 | 455 |
Barco | 353 | 88 |
Galapagos (1) | 1,756 | 393 |
KBC Group | 9,393 | 689 |
Umicore | 6,123 | 282 |
Warehouses De Pauw, CVA | 9,177 | 262 |
2,169 | ||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Corporate Bonds 0.0% | ||
Anheuser-Busch InBev Worldwide, 4.90%, 2/1/46 (USD) | 90,000 | 111 |
111 | ||
Total Belgium (Cost $2,036) | 2,280 | |
BRAZIL 0.9% | ||
Common Stocks 0.6% | ||
Ambev, ADR (USD) | 36,700 | 153 |
B3 | 23,300 | 261 |
Banco Bradesco, ADR (USD) | 16,736 | 128 |
BR Malls Participacoes | 37,980 | 164 |
Energias do Brasil | 26,936 | 140 |
Grupo SBF (1) | 12,300 | 113 |
Iguatemi Empresa de Shopping Centers | 11,500 | 143 |
Lojas Renner | 44,121 | 594 |
Pagseguro Digital, Class A (USD) (1) | 4,727 | 154 |
Porto Seguro | 9,800 | 152 |
Raia Drogasil | 25,282 | 731 |
StoneCo, Class A (USD) (1) | 24,064 | 1,045 |
Suzano | 22,700 | 210 |
Transmissora Alianca de Energia Eletrica | 17,987 | 130 |
Vale | 11,094 | 130 |
XP, Class A (USD) (1) | 4,275 | 172 |
4,420 | ||
Preferred Stocks 0.3% | ||
Banco Bradesco (4) | 89,725 | 687 |
Gerdau (4) | 4,558 | 22 |
Itau Unibanco Holding (4) | 173,146 | 1,320 |
Marcopolo (4) | 147,100 | 166 |
2,195 | ||
Total Brazil (Cost $5,094) | 6,615 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
CANADA 1.1% | ||
Common Stocks 0.9% | ||
Agnico Eagle Mines | 1,159 | 72 |
Alacer Gold (1) | 3,784 | 18 |
Alamos Gold, Class A | 951 | 6 |
Allied Properties Real Estate Investment Trust | 514 | 21 |
Altus Group | 6,100 | 200 |
B2Gold | 2,113 | 9 |
Barrick Gold | 8,472 | 157 |
Bausch Health (USD) (1) | 2,616 | 72 |
Bombardier, Class B (1) | 45,508 | 42 |
CAE | 5,700 | 169 |
Canadian Apartment Properties | 614 | 26 |
Canadian Pacific Railway | 264 | 70 |
Canadian Pacific Railway (USD) | 512 | 136 |
Centerra Gold (1) | 523 | 4 |
Computer Modelling Group | 2,640 | 16 |
Descartes Systems Group (1) | 4,110 | 184 |
Detour Gold (1) | 390 | 7 |
DIRTT Environmental Solutions (1) | 30,667 | 79 |
Element Fleet Management | 35,465 | 341 |
Enbridge (USD) | 648 | 26 |
ERO Copper (1) | 1,524 | 21 |
First Quantum Minerals | 2,314 | 18 |
Franco-Nevada | 2,725 | 310 |
Kelt Exploration (1) | 2,139 | 6 |
Kinross Gold (1) | 6,316 | 32 |
Kirkland Lake Gold | 2,520 | 103 |
Lundin Mining | 5,808 | 30 |
Magna International (USD) | 15,127 | 767 |
National Bank of Canada | 9,610 | 533 |
Osisko Gold Royalties | 163 | 2 |
Restaurant Brands International (USD) | 1,938 | 118 |
Sandstorm Gold (1) | 1,023 | 7 |
SEMAFO (1) | 1,490 | 3 |
Seven Generations Energy, Class A (1) | 34,411 | 173 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Shopify, Class A (1) | 1,938 | 903 |
Spin Master (1) | 7,558 | 181 |
Sun Life Financial | 9,550 | 449 |
Suncor Energy (USD) | 695 | 21 |
TC Energy | 3,750 | 206 |
TC Energy (USD) | 23,480 | 1,287 |
Teck Resources, Class B (USD) | 3,473 | 45 |
Torex Gold Resources (1) | 263 | 4 |
West Fraser Timber | 768 | 31 |
Wheaton Precious Metals | 1,621 | 48 |
6,953 | ||
Corporate Bonds 0.1% | ||
Bank of Montreal, Series D, 3.10%, 4/13/21 (USD) | 215,000 | 219 |
Bank of Nova Scotia, 3.125%, 4/20/21 (USD) | 205,000 | 209 |
Canadian Natural Resources, 2.95%, 1/15/23 (USD) | 175,000 | 180 |
Thomson Reuters, 3.35%, 5/15/26 (USD) | 10,000 | 10 |
Toronto-Dominion Bank, 3.50%, 7/19/23 (USD) | 235,000 | 249 |
TransCanada PipeLines, 2.50%, 8/1/22 (USD) | 20,000 | 20 |
887 | ||
Government Bonds 0.1% | ||
Province of Alberta, 2.20%, 7/26/22 (USD) | 130,000 | 132 |
Province of Alberta, 3.30%, 3/15/28 (USD) | 135,000 | 151 |
Province of British Columbia, 2.00%, 10/23/22 (USD) | 15,000 | 15 |
Province of Manitoba, 2.60%, 4/16/24 (USD) | 270,000 | 281 |
Province of New Brunswick, 3.625%, 2/24/28 (USD) | 250,000 | 282 |
Province of Ontario, 2.55%, 2/12/21 (USD) | 115,000 | 116 |
Province of Quebec, 2.875%, 10/16/24 (USD) | 50,000 | 53 |
1,030 | ||
Total Canada (Cost $7,070) | 8,870 | |
CAYMAN ISLANDS 0.0% | ||
Common Stocks 0.0% | ||
ANT International, Class C, Acquisition Date: 6/7/18, Cost $45 | ||
(USD) (1)(5)(6) | 8,048 | 52 |
52 | ||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Convertible Preferred Stocks 0.0% | ||
ByteDance, Series E, Acquisition Date: 7/8/19, Cost $96 (USD) | ||
(1)(5)(6) | 1,944 | 151 |
151 | ||
Total Cayman Islands (Cost $141) | 203 | |
CHILE 0.2% | ||
Common Stocks 0.1% | ||
Antofagasta (GBP) | 30,954 | 334 |
Banco Santander Chile, ADR (USD) | 25,268 | 507 |
841 | ||
Corporate Bonds 0.1% | ||
Celulosa Arauco y Constitucion, 5.50%, 11/2/47 (USD) | 250,000 | 268 |
Corp Nacional del Cobre de Chile, 3.00%, 9/30/29 (USD) (2) | 220,000 | 223 |
Corp Nacional del Cobre de Chile, 3.15%, 1/14/30 (USD) (2) | 200,000 | 204 |
695 | ||
Total Chile (Cost $1,652) | 1,536 | |
CHINA 3.2% | ||
Common Stocks 2.7% | ||
58. com, ADR (USD) (1) | 8,864 | 493 |
AAC Technologies Holdings (HKD) | 17,500 | 123 |
Alibaba Group Holding, ADR (USD) (1) | 29,462 | 6,087 |
Anhui Conch Cement, H Shares (HKD) | 75,000 | 479 |
Baidu, ADR (USD) (1) | 3,553 | 439 |
Beijing Capital International Airport, H Shares (HKD) | 130,000 | 105 |
Beijing Enterprises Holdings (HKD) | 30,000 | 131 |
China Feihe (HKD) (1) | 103,000 | 124 |
China Longyuan Power Group, H Shares (HKD) | 239,000 | 141 |
China Mengniu Dairy (HKD) | 242,000 | 888 |
China Resources Beer Holdings (HKD) | 58,000 | 268 |
Country Garden Services Holdings (HKD) | 271,000 | 876 |
CSPC Pharmaceutical Group (HKD) | 92,000 | 202 |
Fosun International (HKD) | 85,000 | 112 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Greentown Service Group (HKD) | 122,000 | 129 |
Haier Electronics Group (HKD) | 68,000 | 204 |
Hengan International Group (HKD) | 31,500 | 229 |
Hope Education Group (HKD) (7) | 658,000 | 131 |
Huazhu Group, ADR (USD) | 13,388 | 462 |
JOYY, ADR (USD) (1) | 3,151 | 191 |
Li Ning (HKD) | 36,000 | 105 |
Luthai Textile, B Shares (HKD) | 75,300 | 72 |
PICC Property & Casualty, H Shares (HKD) | 470,000 | 503 |
Ping An Insurance Group, H Shares (HKD) | 122,500 | 1,385 |
Renrui Human Resources Technology Holdings (HKD) (1) | 23,500 | 119 |
Shandong Weigao Group Medical Polymer, Class H (HKD) | 220,000 | 262 |
Shimao Property Holdings (HKD) | 5,500 | 18 |
Sinopharm Group, H Shares (HKD) | 17,600 | 57 |
SSY Group (HKD) | 158,000 | 144 |
Sunny Optical Technology Group (HKD) | 11,400 | 181 |
TAL Education Group, ADR (USD) (1) | 6,104 | 305 |
Tencent Holdings (HKD) | 95,054 | 4,533 |
Tencent Holdings, ADR (USD) | 8,981 | 430 |
Tencent Music Entertainment Group, ADR (USD) (1) | 12,100 | 154 |
Trip. com Group, ADR (USD) (1) | 13,145 | 422 |
Tsingtao Brewery, H Shares (HKD) | 48,000 | 266 |
Wise Talent Information Technology (HKD) (1) | 47,600 | 107 |
Zhongsheng Group Holdings (HKD) (7) | 34,000 | 125 |
21,002 | ||
Common Stocks - China A Shares 0.4% | ||
Anhui Conch Cement, A Shares (CNH) | 20,500 | 139 |
BTG Hotels Group, A Shares (CNH) | 59,473 | 143 |
Fuyao Glass Industry Group, A Shares (CNH) | 37,600 | 131 |
Gree Electric Appliances of Zhuhai, A Shares (CNH) | 111,200 | 993 |
Guangzhou Wondfo Biotech, A Shares (CNH) | 19,220 | 167 |
Hangzhou Hikvision Digital Technology, A Shares (CNH) | 46,700 | 234 |
Hualan Biological Engineering, A Shares (CNH) | 21,800 | 112 |
Jiajiayue Group, A Shares (CNH) | 39,800 | 130 |
Kweichow Moutai, A Shares (CNH) | 3,430 | 505 |
Midea Group, A Shares (CNH) | 22,500 | 171 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | |||
Shares/Par | $ Value | ||
(Cost and value in $000s) | |||
Yifeng Pharmacy Chain, A Shares (CNH) | 30,100 | 357 | |
Yixintang Pharmaceutical Group, A Shares (CNH) | 32,151 | 103 | |
3,185 | |||
Convertible Preferred Stocks 0.0% | |||
Xiaoju Kuaizhi, Series A-17, Acquisition Date: 10/19/15, Cost $9 | |||
(USD)(1)(5)(6) | 344 | 18 | |
18 | |||
Corporate Bonds 0.1% | |||
Baidu, 3.875%, 9/29/23 (USD) | 210,000 | 222 | |
State Grid Overseas Investment, 3.75%, 5/2/23 (USD) (2) | 215,000 | 226 | |
Tencent Holdings, 2.985%, 1/19/23 (USD) (2) | 200,000 | 205 | |
Weibo, 3.50%, 7/5/24 (USD) | 255,000 | 264 | |
917 | |||
Total China (Cost $20,393) | 25,122 | ||
COLOMBIA 0.0% | |||
Common Stocks 0.0% | |||
Grupo Aval Acciones y Valores, ADR (USD) | 17,050 | 144 | |
Total Colombia (Cost $137) | 144 | ||
CZECH REPUBLIC 0.0% | |||
Common Stocks 0.0% | |||
Komercni banka | 5,578 | 192 | |
Total Czech Republic (Cost $207) | 192 | ||
DENMARK 0.2% | |||
Common Stocks 0.2% | |||
Ambu, Class B | 15,315 | 279 | |
Ascendis Pharma, ADR (USD) (1) | 650 | 88 | |
Danske Bank | 14,592 | 244 | |
GN Store Nord | 3,754 | 186 | |
Netcompany Group (1) | 3,348 | 151 | |
Novo Nordisk, B Shares | 13,892 | 846 | |
1,794 | |||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Corporate Bonds 0.0% | ||
Danske Bank, VR, 3.244%, 12/20/25 (USD) (2)(8) | 335,000 | 344 |
344 | ||
Total Denmark (Cost $1,840) | 2,138 | |
EGYPT 0.0% | ||
Common Stocks 0.0% | ||
Edita Food Industries, GDR (USD) | 6,243 | 34 |
Integrated Diagnostics Holdings (USD) | 20,481 | 90 |
Total Egypt (Cost $131) | 124 | |
FINLAND 0.2% | ||
Common Stocks 0.2% | ||
Huhtamaki | 2,622 | 117 |
Kojamo | 2,177 | 40 |
Konecranes | 13,556 | 409 |
Nokia | 28,752 | 112 |
Sampo, A Shares | 7,303 | 331 |
Stora Enso, R Shares | 21,214 | 275 |
Terveystalo | 11,235 | 151 |
Wartsila | 1,915 | 23 |
Total Finland (Cost $1,457) | 1,458 | |
FRANCE 2.2% | ||
Common Stocks 2.0% | ||
Air Liquide | 10,351 | 1,497 |
Airbus | 5,138 | 755 |
ArcelorMittal | 2,340 | 34 |
AXA | 38,743 | 1,030 |
BioMerieux | 357 | 35 |
BNP Paribas | 20,221 | 1,073 |
Capgemini | 2,776 | 345 |
Criteo, ADR (USD) (1) | 1,545 | 24 |
Dassault Aviation | 701 | 853 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Edenred | 3,777 | 204 |
Electricite de France | 12,600 | 155 |
Engie | 40,176 | 692 |
EssilorLuxottica | 4,560 | 675 |
Eurofins Scientific (7) | 440 | 237 |
Eutelsat Communications | 13,271 | 199 |
Gecina | 166 | 31 |
Ipsen | 1,662 | 123 |
JCDecaux | 15,297 | 409 |
Kering | 474 | 290 |
L'Oreal | 1,493 | 415 |
Legrand | 2,390 | 191 |
LVMH Moet Hennessy Louis Vuitton | 176 | 77 |
Orange | 9,121 | 129 |
Sanofi | 5,079 | 490 |
Schneider Electric | 8,221 | 820 |
SEB | 3,267 | 419 |
SMCP (1)(7) | 11,184 | 97 |
Solocal Group (1)(7) | 82,691 | 40 |
SPIE | 5,878 | 114 |
Thales (3) | 12,626 | 1,385 |
Tikehau Capital | 4,190 | 107 |
TOTAL | 41,322 | 2,012 |
Ubisoft Entertainment (1)(3) | 4,050 | 307 |
Unibail-Rodamco-Westfield | 974 | 132 |
Verallia (1) | 9,880 | 362 |
15,758 | ||
Corporate Bonds 0.2% | ||
BPCE, 4.00%, 9/12/23 (USD) (2) | 265,000 | 282 |
BPCE, 4.50%, 3/15/25 (USD) (2) | 400,000 | 437 |
Credit Agricole, 3.75%, 4/24/23 (USD) (2) | 250,000 | 264 |
Total Capital International, 2.434%, 1/10/25 (USD) | 275,000 | 282 |
1,265 | ||
Total France (Cost $16,234) | 17,023 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
GEORGIA 0.0% | ||
Common Stocks 0.0% | ||
Georgia Capital (GBP) (1) | 1,951 | 21 |
Georgia Healthcare Group (GBP) | 13,062 | 21 |
Total Georgia (Cost $63) | 42 | |
GERMANY 1.7% | ||
Common Stocks 1.5% | ||
AIXTRON (1) | 25,940 | 272 |
Allianz | 5,139 | 1,227 |
Aumann | 1,357 | 21 |
BASF | 5,895 | 398 |
Bayer | 15,374 | 1,234 |
BMW | 1,611 | 115 |
Brenntag | 1,856 | 96 |
Commerzbank | 7,362 | 42 |
Covestro | 3,618 | 152 |
Daimler | 3,360 | 156 |
Deutsche Wohnen | 7,837 | 332 |
E. ON | 44,805 | 508 |
Evotec (1)(7) | 6,482 | 174 |
Fresenius | 6,811 | 348 |
GEA Group | 20,380 | 610 |
HeidelbergCement | 1,668 | 112 |
Hypoport (1) | 336 | 118 |
Instone Real Estate Group (1) | 6,675 | 173 |
KION Group | 3,622 | 227 |
Knorr-Bremse | 2,691 | 294 |
Munich Re | 1,885 | 556 |
Norma Group | 4,154 | 151 |
SAP | 1,913 | 249 |
Scout24 | 14,406 | 990 |
SGL Carbon (1) | 10,382 | 46 |
Shop Apotheke Europe (1) | 1,991 | 101 |
Siemens | 9,362 | 1,155 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Siemens Healthineers | 5,750 | 270 |
Stroeer | 1,972 | 156 |
Symrise | 218 | 22 |
TeamViewer (1) | 3,840 | 137 |
Telefonica Deutschland Holding | 101,005 | 306 |
thyssenkrupp (1) | 1,484 | 18 |
Zalando (1) | 17,172 | 822 |
11,588 | ||
Preferred Stocks 0.0% | ||
Sartorius (4) | 227 | 53 |
53 | ||
Corporate Bonds 0.2% | ||
Bayer U. S. Finance II, 3.50%, 6/25/21 (USD) (2) | 310,000 | 317 |
BMW U. S. Capital, 2.95%, 4/14/22 (USD) (2) | 295,000 | 302 |
BMW U. S. Capital, 3.25%, 8/14/20 (USD) (2) | 285,000 | 287 |
Volkswagen Group of America Finance, 2.70%, 9/26/22 (USD) | ||
(2) | 330,000 | 335 |
1,241 | ||
Total Germany (Cost $12,225) | 12,882 | |
HONG KONG 0.5% | ||
Common Stocks 0.4% | ||
AIA Group | 191,400 | 1,896 |
CK Hutchison Holdings | 65,260 | 577 |
Galaxy Entertainment Group | 9,000 | 59 |
Hang Lung Properties | 15,000 | 31 |
Hongkong Land Holdings (USD) | 17,700 | 94 |
Impro Precision Industries (7) | 214,000 | 80 |
JS Global Lifestyle (1) | 160,000 | 104 |
Samsonite International | 65,400 | 122 |
SITC International Holdings | 167,000 | 197 |
Sun Hung Kai Properties | 4,083 | 57 |
3,217 | ||
Corporate Bonds 0.1% | ||
AIA Group, 3.60%, 4/9/29 (USD) (2) | 265,000 | 288 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
AIA Group, FRN, 3M USD LIBOR + 0.52%, 2.428%, 9/20/21 | ||
(USD) (2) | 295,000 | 295 |
583 | ||
Total Hong Kong (Cost $3,203) | 3,800 | |
HUNGARY 0.1% | ||
Common Stocks 0.1% | ||
OTP Bank | 12,130 | 562 |
Total Hungary (Cost $503) | 562 | |
INDIA 0.6% | ||
Common Stocks 0.6% | ||
Axis Bank | 26,695 | 273 |
Bharti Infratel | 29,040 | 101 |
Blue Star | 8,890 | 103 |
Cyient | 12,694 | 88 |
Escorts | 11,241 | 126 |
HDFC Bank | 41,051 | 702 |
Hexaware Technologies | 25,155 | 128 |
Housing Development Finance | 47,258 | 1,599 |
ICICI Bank, ADR (USD) | 8,900 | 130 |
Infosys | 27,557 | 302 |
Maruti Suzuki India | 3,600 | 348 |
NTPC | 172,344 | 273 |
Petronet LNG | 20,530 | 76 |
Power Grid of India | 62,133 | 163 |
TeamLease Services (1) | 2,835 | 102 |
Torrent Pharmaceuticals | 5,111 | 138 |
Varroc Engineering | 7,396 | 49 |
Total India (Cost $4,029) | 4,701 | |
INDONESIA 0.2% | ||
Common Stocks 0.2% | ||
Astra International | 767,800 | 355 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Bank Central Asia | 463,100 | 1,094 |
Bank Negara Indonesia Persero | 189,100 | 99 |
Sarana Menara Nusantara | 2,353,100 | 145 |
Total Indonesia (Cost $1,284) | 1,693 | |
IRELAND 0.3% | ||
Common Stocks 0.1% | ||
Cairn Homes | 101,057 | 137 |
DCC (GBP) | 5,347 | 432 |
569 | ||
Corporate Bonds 0.2% | ||
AerCap Ireland Capital, 3.30%, 1/23/23 (USD) | 150,000 | 155 |
AerCap Ireland Capital, 4.125%, 7/3/23 (USD) | 150,000 | 159 |
Avolon Holdings Funding, 3.95%, 7/1/24 (USD) (2) | 70,000 | 74 |
Avolon Holdings Funding, 5.25%, 5/15/24 (USD) (2) | 215,000 | 235 |
CRH America Finance, 3.95%, 4/4/28 (USD) (2) | 400,000 | 441 |
Shire Acquisitions Investments Ireland, 2.875%, 9/23/23 (USD) | 300,000 | 309 |
SMBC Aviation Capital Finance, 4.125%, 7/15/23 (USD) (2) | 315,000 | 335 |
1,708 | ||
Total Ireland (Cost $2,180) | 2,277 | |
ISRAEL 0.0% | ||
Corporate Bonds 0.0% | ||
Teva Pharmaceutical Finance IV, 3.65%, 11/10/21 (USD) | 15,000 | 15 |
Total Israel (Cost $15) | 15 | |
ITALY 0.8% | ||
Common Stocks 0.7% | ||
Amplifon | 20,561 | 585 |
Banca Mediolanum | 16,237 | 146 |
Brunello Cucinelli | 2,556 | 93 |
Carel Industries | 14,910 | 193 |
CNH Industrial | 6,319 | 60 |
De' Longhi | 4,581 | 86 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Eni | 60,009 | 841 |
Ferrari (USD) | 341 | 58 |
FinecoBank Banca Fineco | 52,835 | 618 |
Freni Brembo | 33,677 | 385 |
Hera | 156,452 | 712 |
Intesa Sanpaolo | 75,811 | 188 |
Italgas | 50,871 | 338 |
Leonardo | 6,225 | 76 |
Moncler | 6,587 | 284 |
Piovan | 7,189 | 47 |
Prysmian | 40,790 | 905 |
Telecom Italia | 181,072 | 95 |
5,710 | ||
Corporate Bonds 0.1% | ||
Enel Finance International, 4.25%, 9/14/23 (USD) (2) | 215,000 | 230 |
Eni, Series X-R, 4.00%, 9/12/23 (USD) (2) | 295,000 | 314 |
544 | ||
Total Italy (Cost $5,685) | 6,254 | |
JAPAN 5.0% | ||
Common Stocks 4.9% | ||
Aida Engineering | 9,700 | 78 |
Aisin Seiki | 3,900 | 130 |
Aruhi (7) | 6,800 | 111 |
Asahi Kasei | 27,100 | 277 |
Asics | 9,000 | 131 |
Astellas Pharma | 58,200 | 1,028 |
Benefit One | 9,700 | 170 |
Benesse Holdings | 4,700 | 129 |
Bridgestone | 3,100 | 110 |
Calbee | 4,900 | 160 |
Capcom | 2,700 | 76 |
Central Japan Railway | 1,500 | 294 |
Chugai Pharmaceutical | 5,900 | 604 |
Coca-Cola Bottlers Japan Holdings (7) | 10,800 | 284 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
CyberAgent (7) | 12,100 | 482 |
Daiichi Sankyo | 1,400 | 95 |
Daikin Industries | 2,500 | 352 |
Daio Paper (7) | 24,600 | 323 |
Demae-Can (7) | 7,100 | 66 |
DeNA | 3,400 | 56 |
Denka | 2,900 | 78 |
DIC | 9,400 | 246 |
Disco | 1,500 | 346 |
Eiken Chemical | 4,000 | 79 |
Electric Power Development | 14,800 | 334 |
en-japan | 1,900 | 76 |
Ezaki Glico | 6,000 | 256 |
FamilyMart | 3,400 | 74 |
Fancl | 1,700 | 44 |
FANUC | 1,300 | 237 |
Fast Retailing (7) | 200 | 108 |
Freee KK (1) | 3,400 | 98 |
FUJIFILM Holdings | 3,200 | 159 |
Fujitec | 19,900 | 324 |
Fujitsu | 2,300 | 243 |
Fujitsu General | 16,400 | 367 |
Fukuoka Financial Group | 6,400 | 111 |
GMO Payment Gateway (7) | 2,900 | 186 |
Hamamatsu Photonics | 7,800 | 330 |
Hanwa | 6,600 | 159 |
Heiwa Real Estate | 7,200 | 212 |
Hikari Tsushin | 1,500 | 369 |
Hitachi | 4,400 | 168 |
Hitachi Metals | 22,300 | 343 |
Honda Motor | 4,700 | 120 |
Horiba | 1,300 | 80 |
Hoshino Resorts REIT | 66 | 339 |
Hoshizaki | 6,000 | 552 |
Ibiden | 800 | 18 |
Idec | 3,500 | 62 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Industrial & Infrastructure Fund Investment (7) | 78 | 120 |
Istyle (1)(7) | 8,500 | 36 |
Isuzu Motors | 10,900 | 107 |
Japan Tobacco | 7,500 | 159 |
JFE Holdings | 2,300 | 27 |
JGC Holdings | 6,200 | 89 |
JINS Holdings | 1,500 | 106 |
JMDC (1)(7) | 2,600 | 130 |
Kansai Paint | 11,900 | 285 |
Keyence | 1,400 | 471 |
Kirin Holdings | 16,200 | 356 |
Koito Manufacturing | 1,800 | 78 |
Komatsu | 4,300 | 95 |
Kubota | 12,500 | 196 |
Kusuri no Aoki Holdings | 300 | 18 |
Kyowa Kirin | 10,900 | 256 |
Mabuchi Motor | 6,600 | 240 |
Maeda | 19,000 | 181 |
Matsumotokiyoshi Holdings | 1,700 | 68 |
Mercari (1)(7) | 1,100 | 19 |
METAWATER | 3,400 | 131 |
Mitsubishi | 11,300 | 290 |
Mitsubishi Electric | 77,800 | 1,079 |
Mitsubishi Estate | 10,600 | 208 |
Mitsubishi Heavy Industries | 3,200 | 117 |
Mitsubishi Motors | 54,900 | 205 |
Mitsubishi UFJ Financial Group | 114,500 | 588 |
Mitsubishi UFJ Lease & Finance | 24,000 | 150 |
Mitsui Fudosan | 21,300 | 564 |
Mitsui Fudosan Logistics Park | 7 | 34 |
Mitsui Mining & Smelting | 6,600 | 156 |
Miura | 18,100 | 627 |
Modec | 5,900 | 130 |
Money Forward (1)(7) | 3,800 | 175 |
Mori Hills REIT Investment | 12 | 20 |
Murata Manufacturing | 11,300 | 640 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Musashi Seimitsu Industry | 10,400 | 121 |
NET One Systems | 8,300 | 137 |
Nextage (7) | 12,000 | 113 |
NGK Spark Plug | 6,000 | 105 |
Nidec | 700 | 88 |
Nifco | 7,400 | 194 |
Nikkiso | 7,400 | 92 |
Nintendo | 400 | 147 |
Nippon Accommodations Fund | 5 | 33 |
Nippon Ceramic (7) | 5,700 | 127 |
Nippon Kanzai | 2,000 | 36 |
Nippon Paint Holdings | 2,900 | 139 |
Nippon Prologis REIT | 11 | 32 |
Nippon Seiki | 16,700 | 245 |
Nippon Shokubai | 2,000 | 117 |
Nippon Soda | 3,500 | 94 |
Nippon Steel | 3,400 | 47 |
Nippon Telegraph & Telephone | 79,800 | 2,035 |
Nipro | 10,800 | 123 |
Nitto Boseki | 3,700 | 154 |
NOF (7) | 3,700 | 120 |
NTT DOCOMO | 12,400 | 352 |
Obara Group | 3,300 | 105 |
Omron | 3,600 | 206 |
ORIX | 11,100 | 188 |
Otsuka Holdings | 12,300 | 546 |
Outsourcing | 6,900 | 62 |
PALTAC | 2,000 | 94 |
Pan Pacific International Holdings | 11,500 | 186 |
Panasonic | 22,100 | 220 |
Persol Holdings | 14,000 | 250 |
Pigeon (7) | 3,000 | 106 |
Pola Orbis Holdings | 6,500 | 141 |
Recruit Holdings | 18,100 | 705 |
Renesas Electronics (1) | 14,200 | 89 |
Round One | 8,800 | 82 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Sakata INX | 16,100 | 168 |
Sakata Seed | 2,200 | 70 |
Sansan (1) | 5,300 | 267 |
Sanwa Holdings | 15,200 | 160 |
Sega Sammy Holdings | 7,100 | 97 |
Seven & i Holdings | 17,500 | 671 |
Shimadzu | 5,800 | 163 |
Shimano | 1,400 | 215 |
SMC | 600 | 259 |
SMS | 12,400 | 307 |
SoftBank (7) | 12,700 | 174 |
SoftBank Group | 15,400 | 622 |
Solasto | 28,500 | 297 |
Sompo Holdings | 4,700 | 176 |
Sony | 3,700 | 259 |
Stanley Electric | 22,400 | 577 |
Sumitomo | 41,800 | 622 |
Sumitomo Densetsu | 7,400 | 178 |
Sumitomo Electric Industries | 10,200 | 136 |
Sumitomo Metal Mining | 1,900 | 54 |
Sumitomo Mitsui Trust Holdings | 5,300 | 195 |
Sumitomo Rubber Industries | 8,200 | 90 |
Sumitomo Seika Chemicals | 4,100 | 117 |
Suzuki Motor | 13,600 | 622 |
Takeda Pharmaceutical | 29,446 | 1,131 |
Takeda Pharmaceutical, ADR (USD) | 5,359 | 103 |
TechnoPro Holdings | 4,100 | 272 |
Terumo | 3,700 | 133 |
THK | 8,400 | 209 |
Tokio Marine Holdings | 7,800 | 423 |
Tokyo Electron | 2,000 | 440 |
Tokyo Tatemono | 6,300 | 102 |
Tosoh | 2,700 | 38 |
Toyo Tire | 9,600 | 120 |
Toyota Motor | 13,600 | 946 |
Trend Micro (1) | 1,500 | 78 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
UT Group (7) | 6,800 | 169 |
VT Holdings | 15,900 | 65 |
Welcia Holdings | 3,200 | 176 |
Yellow Hat | 8,500 | 135 |
Yumeshin Holdings (7) | 6,700 | 52 |
Z Holdings | 88,100 | 350 |
Zojirushi | 2,800 | 56 |
38,350 | ||
Corporate Bonds 0.1% | ||
Mitsubishi UFJ Financial Group, 3.535%, 7/26/21 (USD) | 300,000 | 308 |
Panasonic, 2.536%, 7/19/22 (USD) (2) | 200,000 | 203 |
Sumitomo Mitsui Financial Group, 3.748%, 7/19/23 (USD) | 340,000 | 360 |
Toyota Motor, 3.183%, 7/20/21 (USD) | 295,000 | 302 |
1,173 | ||
Total Japan (Cost $35,597) | 39,523 | |
KUWAIT 0.0% | ||
Common Stocks 0.0% | ||
National Bank of Kuwait | 71,801 | 248 |
Total Kuwait (Cost $231) | 248 | |
LUXEMBOURG 0.0% | ||
Common Stocks 0.0% | ||
B&S Group | 6,247 | 63 |
Shurgard Self Storage | 569 | 21 |
Total Luxembourg (Cost $113) | 84 | |
MEXICO 0.1% | ||
Common Stocks 0.1% | ||
Concentradora Fibra Danhos | 10,500 | 16 |
Grupo Aeroportuario del Sureste, ADR (USD) | 1,029 | 199 |
Grupo Mexico, Series B | 9,100 | 24 |
Industrias Penoles | 1,417 | 15 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Wal-Mart de Mexico | 141,593 | 414 |
668 | ||
Corporate Bonds 0.0% | ||
BBVA Bancomer, 4.375%, 4/10/24 (USD) (2) | 150,000 | 162 |
162 | ||
Total Mexico (Cost $725) | 830 | |
NETHERLANDS 1.4% | ||
Common Stocks 1.3% | ||
Aalberts | 2,868 | 125 |
ABN AMRO Bank, CVA | 22,470 | 391 |
Adyen (1) | 254 | 233 |
Akzo Nobel | 1,943 | 183 |
Argenx, ADR (USD) (1) | 1,424 | 206 |
ASML Holding | 4,933 | 1,384 |
ASML Holding (USD) | 571 | 160 |
Basic-Fit (1) | 3,791 | 140 |
Corbion | 10,813 | 375 |
EQT (SEK) (1) | 5,831 | 74 |
IMCD | 2,652 | 229 |
ING Groep | 49,708 | 540 |
Intertrust | 7,693 | 137 |
Just Eat Takeaway. com (1)(7) | 2,086 | 196 |
Kendrion | 2,187 | 48 |
Koninklijke DSM | 5,921 | 721 |
Koninklijke Philips | 24,828 | 1,137 |
Koninklijke Vopak | 8,253 | 442 |
NXP Semiconductors (USD) (3) | 22,688 | 2,878 |
Prosus (1) | 6,566 | 474 |
Unilever | 4,256 | 248 |
Van Lanschot Kempen, CVA | 4,452 | 95 |
10,416 | ||
Corporate Bonds 0.1% | ||
Cooperatieve Rabobank, 3.125%, 4/26/21 (USD) | 250,000 | 255 |
ING Groep, 3.55%, 4/9/24 (USD) | 255,000 | 270 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Shell International Finance, 3.25%, 5/11/25 (USD) | 75,000 | 80 |
Unilever Capital, 3.00%, 3/7/22 (USD) | 150,000 | 154 |
759 | ||
Total Netherlands (Cost $9,071) | 11,175 | |
NEW ZEALAND 0.1% | ||
Common Stocks 0.1% | ||
Fisher & Paykel Healthcare | 27,476 | 411 |
Xero (AUD) (1) | 1,655 | 93 |
Total New Zealand (Cost $277) | 504 | |
NORWAY 0.1% | ||
Common Stocks 0.1% | ||
DNB | 22,176 | 388 |
Equinor | 19,702 | 356 |
Norsk Hydro | 6,509 | 20 |
Storebrand | 33,767 | 259 |
Yara International | 1,737 | 63 |
Total Norway (Cost $1,028) | 1,086 | |
PANAMA 0.0% | ||
Government Bonds 0.0% | ||
Republic of Panama, 6.70%, 1/26/36 (USD) | 25,000 | 36 |
Total Panama (Cost $28) | 36 | |
PERU 0.2% | ||
Common Stocks 0.2% | ||
Cia de Minas Buenaventura, ADR (USD) | 1,316 | 17 |
Credicorp (USD) | 4,072 | 841 |
Southern Copper (USD) | 16,243 | 612 |
Total Peru (Cost $1,484) | 1,470 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
PHILIPPINES 0.1% | ||
Common Stocks 0.1% | ||
SM Investments | 34,721 | 660 |
Universal Robina | 99,570 | 284 |
Total Philippines (Cost $848) | 944 | |
POLAND 0.0% | ||
Common Stocks 0.0% | ||
Powszechny Zaklad Ubezpieczen | 10,682 | 111 |
111 | ||
Government Bonds 0.0% | ||
Republic of Poland, 3.25%, 4/6/26 (USD) | 55,000 | 59 |
59 | ||
Total Poland (Cost $165) | 170 | |
PORTUGAL 0.1% | ||
Common Stocks 0.1% | ||
Banco Comercial Portugues, Class R | 331,560 | 70 |
Galp Energia | 33,101 | 500 |
Jeronimo Martins | 15,384 | 265 |
Total Portugal (Cost $836) | 835 | |
RUSSIA 0.4% | ||
Common Stocks 0.4% | ||
Alrosa | 20,200 | 25 |
Mail. Ru Group, GDR (USD) (1) | 18,237 | 429 |
MMC Norilsk Nickel | 166 | 54 |
Sberbank of Russia, ADR (USD) | 109,343 | 1,744 |
X5 Retail Group, GDR (USD) | 8,200 | 300 |
Yandex, Class A (USD) (1) | 5,397 | 242 |
Total Russia (Cost $2,295) | 2,794 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
SAUDI ARABIA 0.1% | ||
Common Stocks 0.1% | ||
Al Rajhi Bank | 31,996 | 565 |
National Commercial Bank | 11,765 | 147 |
712 | ||
Corporate Bonds 0.0% | ||
Saudi Arabian Oil, 2.875%, 4/16/24 (USD) (2) | 245,000 | 252 |
252 | ||
Total Saudi Arabia (Cost $896) | 964 | |
SINGAPORE 0.1% | ||
Common Stocks 0.1% | ||
DBS Group Holdings | 10,900 | 201 |
Mapletree Industrial Trust | 13,400 | 27 |
United Overseas Bank | 28,500 | 532 |
Wilmar International | 72,800 | 207 |
967 | ||
Corporate Bonds 0.0% | ||
United Overseas Bank, 3.20%, 4/23/21 (USD) (2) | 200,000 | 203 |
203 | ||
Total Singapore (Cost $997) | 1,170 | |
SOUTH AFRICA 0.4% | ||
Common Stocks 0.4% | ||
Absa Group | 17,438 | 159 |
Anglo American Platinum | 544 | 43 |
Anglogold Ashanti | 1,825 | 37 |
Capitec Bank Holdings | 2,249 | 201 |
Clicks Group | 10,505 | 170 |
FirstRand | 135,595 | 520 |
Gold Fields | 3,667 | 24 |
Impala Platinum Holdings (1) | 6,212 | 58 |
Naspers, N Shares | 4,479 | 727 |
Northam Platinum (1) | 2,867 | 24 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Sanlam | 87,779 | 430 |
Shoprite Holdings | 44,509 | 345 |
Sibanye Gold (1) | 9,888 | 25 |
Total South Africa (Cost $3,177) | 2,763 | |
SOUTH KOREA 1.1% | ||
Common Stocks 1.0% | ||
KT | 5,175 | 110 |
KT, ADR (USD) (1) | 9,768 | 102 |
LG Household & Health Care | 1,413 | 1,478 |
NAVER | 6,700 | 999 |
POSCO | 285 | 52 |
Samsung Electronics | 98,233 | 4,551 |
SK Hynix | 7,470 | 568 |
7,860 | ||
Preferred Stocks 0.1% | ||
Samsung Electronics (4) | 12,079 | 472 |
472 | ||
Total South Korea (Cost $6,987) | 8,332 | |
SPAIN 0.6% | ||
Common Stocks 0.6% | ||
Acerinox | 42,263 | 412 |
Aedas Homes (1) | 20,442 | 463 |
Amadeus IT Group, A Shares | 6,555 | 514 |
Bankinter | 80,020 | 519 |
Cellnex Telecom | 15,107 | 751 |
Cia De Distribucion Integral Logista Holdings | 23,425 | 526 |
CIE Automotive | 3,482 | 76 |
Grifols | 12,215 | 410 |
Iberdrola | 26,165 | 286 |
Indra Sistemas (1) | 6,680 | 77 |
Inmobiliaria Colonial Socimi | 29,129 | 390 |
Laboratorios Farmaceuticos Rovi | 7,445 | 205 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Tecnicas Reunidas (1) | 849 | 21 |
4,650 | ||
Corporate Bonds 0.0% | ||
Banco Santander, 3.848%, 4/12/23 (USD) | 200,000 | 210 |
210 | ||
Total Spain (Cost $4,175) | 4,860 | |
SUPRANATIONAL 0.0% | ||
Corporate Bonds 0.0% | ||
European Investment Bank, 1.625%, 12/15/20 (USD) | 65,000 | 65 |
Total Supranational (Cost $65) | 65 | |
SWEDEN 0.8% | ||
Common Stocks 0.8% | ||
Ambea | 16,017 | 129 |
Autoliv, SDR | 7,005 | 542 |
Avanza Bank Holding | 13,057 | 128 |
Boliden | 3,852 | 91 |
Elekta, B Shares (7) | 42,068 | 482 |
Epiroc, A Shares | 29,338 | 339 |
Epiroc, B Shares | 1,851 | 21 |
Essity, B Shares (3) | 14,263 | 453 |
Getinge, B Shares | 55,214 | 940 |
Hexagon, B Shares | 4,676 | 254 |
Hufvudstaden, A Shares | 1,406 | 28 |
Husqvarna, B Shares | 43,080 | 325 |
LM Ericsson, B Shares | 45,140 | 355 |
Lundin Petroleum | 1,010 | 31 |
Nordea Bank | 89,839 | 709 |
Nordea Bank (EUR) | 972 | 8 |
Sandvik | 7,161 | 131 |
Spotify Technology (USD) (1) | 3,330 | 470 |
Svenska Handelsbanken, A Shares | 35,400 | 347 |
Swedbank, A Shares | 7,072 | 108 |
Thule Group | 12,661 | 299 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Trelleborg, B Shares | 2,612 | 43 |
6,233 | ||
Corporate Bonds 0.0% | ||
Svenska Handelsbanken, 3.35%, 5/24/21 (USD) | 100,000 | 102 |
102 | ||
Total Sweden (Cost $5,791) | 6,335 | |
SWITZERLAND 1.8% | ||
Common Stocks 1.7% | ||
ABB | 14,946 | 348 |
Adecco Group | 1,792 | 105 |
Alcon (1) | 4,223 | 249 |
ams (1)(7) | 2,103 | 85 |
DKSH Holding | 2,765 | 143 |
dormakaba Holding | 175 | 110 |
GAM Holding (1)(7) | 7,130 | 22 |
Julius Baer Group | 4,416 | 221 |
Lonza Group | 914 | 375 |
Nestle | 30,249 | 3,336 |
Novartis | 25,941 | 2,451 |
PSP Swiss Property | 930 | 141 |
Roche Holding | 9,728 | 3,263 |
Sensirion Holding (1) | 2,098 | 86 |
Tecan Group | 1,148 | 324 |
Temenos | 149 | 24 |
UBS Group | 32,255 | 401 |
Zur Rose Group (1) | 1,554 | 192 |
Zurich Insurance Group | 4,092 | 1,699 |
13,575 | ||
Corporate Bonds 0.1% | ||
Credit Suisse Group, VR, 2.997%, 12/14/23 (USD) (2)(8) | 250,000 | 256 |
Syngenta Finance, 3.698%, 4/24/20 (USD) (2) | 205,000 | 206 |
462 | ||
Total Switzerland (Cost $10,515) | 14,037 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
TAIWAN 0.9% | ||
Common Stocks 0.9% | ||
Catcher Technology | 20,000 | 158 |
China Steel | 43,000 | 33 |
Largan Precision | 7,000 | 1,087 |
Machvision | 10,000 | 126 |
President Chain Store | 36,000 | 354 |
Silergy | 9,000 | 324 |
Sinbon Electronics | 19,299 | 82 |
Taiwan Semiconductor Manufacturing | 410,000 | 4,229 |
Taiwan Union Technology | 32,000 | 131 |
Uni-President Enterprises | 104,910 | 250 |
Wiwynn | 7,000 | 161 |
Total Taiwan (Cost $4,712) | 6,935 | |
THAILAND 0.1% | ||
Common Stocks 0.1% | ||
Airports of Thailand | 90,900 | 201 |
CP ALL | 402,500 | 915 |
Total Thailand (Cost $994) | 1,116 | |
TURKEY 0.0% | ||
Common Stocks 0.0% | ||
BIM Birlesik Magazalar | 20,733 | 169 |
Total Turkey (Cost $157) | 169 | |
UNITED ARAB EMIRATES 0.2% | ||
Common Stocks 0.2% | ||
Air Arabia (1) | 257,133 | 107 |
First Abu Dhabi Bank | 139,653 | 586 |
Network International Holdings (GBP) (1) | 66,739 | 534 |
Total United Arab Emirates (Cost $972) | 1,227 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
UNITED KINGDOM 3.4% | ||
Common Stocks 3.3% | ||
Abcam | 21,121 | 388 |
AJ Bell | 20,556 | 106 |
Amcor, CDI (AUD) | 63,449 | 667 |
Anglo American | 2,291 | 60 |
Ascential | 80,152 | 385 |
ASOS (1) | 12,685 | 513 |
AstraZeneca | 7,352 | 719 |
AstraZeneca, ADR (USD) | 9,302 | 453 |
Aviva | 39,100 | 205 |
Bakkavor Group | 31,786 | 57 |
Barclays, ADR (USD) | 4,484 | 39 |
BHP Group | 15,334 | 334 |
BP | 13,380 | 81 |
BP, ADR (USD) | 15,346 | 554 |
British American Tobacco | 10,444 | 461 |
BT Group | 78,910 | 167 |
Burberry Group | 11,930 | 306 |
Cairn Energy (1) | 5,149 | 11 |
Centamin | 8,091 | 15 |
Cineworld Group (7) | 72,297 | 169 |
Clarivate Analytics (USD) (1) | 14,269 | 288 |
Close Brothers Group | 2,478 | 46 |
Compass Group | 10,461 | 259 |
Croda International | 2,654 | 174 |
Derwent London | 759 | 41 |
Diageo | 9,415 | 372 |
Direct Line Insurance Group | 55,131 | 246 |
Draper Esprit (1) | 20,338 | 138 |
Farfetch, Class A (USD) (1) | 6,239 | 76 |
First Derivatives | 6,266 | 229 |
Funding Circle Holdings (1) | 42,793 | 45 |
Genus | 4,442 | 180 |
GlaxoSmithKline | 19,732 | 463 |
GlaxoSmithKline, ADR (USD) | 20,462 | 958 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Glencore | 25,100 | 73 |
Grainger | 4,610 | 18 |
Great Portland Estates | 93,142 | 1,145 |
Helios Towers (1) | 87,961 | 170 |
Hiscox | 10,809 | 187 |
HomeServe | 8,331 | 141 |
HSBC Holdings | 21,625 | 157 |
Intermediate Capital Group | 19,715 | 452 |
Investec | 37,807 | 209 |
IP Group (1) | 36,545 | 33 |
IQE (1)(7) | 238,735 | 161 |
Johnson Matthey | 22,815 | 782 |
Keywords Studios (7) | 10,250 | 166 |
Kingfisher | 82,904 | 223 |
LivaNova (USD) (1) | 3,596 | 244 |
Lloyds Banking Group | 1,466,488 | 1,095 |
London Stock Exchange Group | 2,951 | 305 |
Meggitt | 69,755 | 621 |
Melrose Industries | 104,342 | 320 |
Mondi | 1,304 | 27 |
Naked Wines (7) | 15,875 | 44 |
National Grid | 74,972 | 996 |
Next | 2,043 | 186 |
Ocado Group (1) | 19,496 | 314 |
Persimmon | 6,958 | 280 |
Playtech | 55,116 | 251 |
Polypipe Group | 10,101 | 72 |
Prudential | 30,564 | 543 |
Rathbone Brothers | 1,842 | 48 |
Reckitt Benckiser Group | 3,906 | 323 |
RELX | 26,172 | 694 |
Renishaw | 2,958 | 155 |
Rio Tinto | 5,515 | 295 |
Rolls-Royce Holdings | 19,800 | 174 |
Rotork | 27,960 | 112 |
Royal Dutch Shell, B Shares | 28,531 | 750 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Royal Dutch Shell, Class B, ADR (USD) | 7,100 | 378 |
RSA Insurance Group | 23,240 | 169 |
Shaftesbury | 1,333 | 16 |
Smith & Nephew | 7,165 | 172 |
Smiths Group | 7,453 | 166 |
Spirax-Sarco Engineering | 1,360 | 160 |
Standard Chartered | 23,712 | 197 |
Syncona (9) | 39,161 | 111 |
Trainline (1) | 28,950 | 180 |
Travis Perkins | 17,643 | 360 |
Tyman | 29,354 | 105 |
Unilever | 16,885 | 1,007 |
UNITE Group | 1,551 | 26 |
Victrex | 9,875 | 288 |
Vodafone Group | 138,802 | 273 |
Vodafone Group, ADR (USD) | 19,864 | 390 |
WANdisco (1) | 10,362 | 62 |
Watches of Switzerland Group (1) | 25,186 | 124 |
Weir Group | 5,635 | 100 |
WPP | 41,012 | 510 |
Xaar (1) | 18,601 | 10 |
YouGov | 24,701 | 211 |
25,986 | ||
Convertible Preferred Stocks 0.0% | ||
Roofoods, Series G, Acquisition Date: 5/16/19, Cost $48 (USD) | ||
(1)(5)(6) | 116 | 48 |
48 | ||
Corporate Bonds 0.1% | ||
Experian Finance, 2.75%, 3/8/30 (USD) (2) | 200,000 | 203 |
HSBC Holdings, 5.10%, 4/5/21 (USD) | 20,000 | 21 |
RELX Capital, 3.50%, 3/16/23 (USD) | 45,000 | 47 |
Royal Bank of Scotland Group, VR, 4.519%, 6/25/24 (USD) (8) | 300,000 | 322 |
Vodafone Group, 3.75%, 1/16/24 (USD) | 180,000 | 192 |
WPP Finance, 3.625%, 9/7/22 (USD) | 290,000 | 302 |
1,087 | ||
Total United Kingdom (Cost $25,316) | 27,121 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
UNITED STATES 67.5% | ||
Common Stocks 25.3% | ||
Abbott Laboratories | 550 | 48 |
AbbVie | 33,583 | 2,721 |
Acadia Realty Trust, REIT | 2,199 | 55 |
Advanced Micro Devices (1) | 7,218 | 339 |
AGCO | 211 | 15 |
Agilent Technologies | 1,527 | 126 |
Air Products & Chemicals | 422 | 101 |
Alexander & Baldwin, REIT | 1,017 | 22 |
Alexandria Real Estate Equities, REIT | 730 | 119 |
Alexion Pharmaceuticals (1) | 6,480 | 644 |
Alphabet, Class A (1) | 466 | 668 |
Alphabet, Class C (1) | 5,943 | 8,524 |
Altice USA, Class A (1) | 16,098 | 440 |
Amazon. com (1) | 4,074 | 8,184 |
Ameren | 3,021 | 248 |
American Campus Communities, REIT | 1,875 | 86 |
American Electric Power | 8,875 | 925 |
American Express | 6,475 | 841 |
American International Group | 70,982 | 3,568 |
American Tower, REIT | 33 | 8 |
Amgen | 357 | 77 |
Anthem | 3,563 | 945 |
Apple | 15,181 | 4,699 |
Applied Materials | 28,545 | 1,655 |
Aptiv | 2,610 | 221 |
Atlassian, Class A (1) | 643 | 95 |
Atmos Energy | 297 | 35 |
Automatic Data Processing | 284 | 49 |
AvalonBay Communities, REIT | 3,736 | 810 |
Avery Dennison | 193 | 25 |
Ball | 6,535 | 472 |
Bank of America | 24,246 | 796 |
Becton Dickinson & Company | 6,794 | 1,870 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Biogen (1) | 1,735 | 466 |
Boeing | 8,447 | 2,688 |
Booking Holdings (1) | 496 | 908 |
Booz Allen Hamilton Holding | 3,995 | 312 |
Boston Properties, REIT | 333 | 48 |
Boston Scientific (1) | 22,365 | 936 |
Broadcom | 5,330 | 1,627 |
Camden Property Trust, REIT | 872 | 98 |
Capital One Financial | 3,698 | 369 |
Carvana (1) | 1,777 | 141 |
Caterpillar | 160 | 21 |
Cboe Global Markets | 2,293 | 283 |
Centene (1) | 5,841 | 367 |
CenterPoint Energy | 11,845 | 314 |
Ceridian HCM Holding (1) | 6,420 | 471 |
CF Industries Holdings | 11,203 | 451 |
Charles Schwab | 9,870 | 450 |
Chevron | 258 | 28 |
Chipotle Mexican Grill (1) | 42 | 36 |
Chubb | 11,133 | 1,692 |
Cigna | 4,326 | 832 |
Cintas | 255 | 71 |
Cisco Systems | 5,127 | 236 |
Citigroup | 15,668 | 1,166 |
CME Group | 2,150 | 467 |
Comcast, Class A | 1,118 | 48 |
Conagra Brands | 9,130 | 301 |
Concho Resources | 1,285 | 97 |
ConocoPhillips | 12,283 | 730 |
Constellation Brands, Class A | 64 | 12 |
Continental Resources | 5,080 | 138 |
Cooper | 771 | 267 |
CoStar Group (1) | 461 | 301 |
Coupa Software (1) | 63 | 10 |
CubeSmart, REIT | 2,657 | 84 |
Cummins | 1,269 | 203 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
CyrusOne, REIT | 259 | 16 |
Danaher | 26,287 | 4,229 |
Deere | 5,559 | 882 |
Devon Energy | 1,093 | 24 |
Diamondback Energy | 544 | 40 |
Digital Realty Trust, REIT (7) | 465 | 57 |
DocuSign (1) | 4,176 | 328 |
Dollar General | 3,833 | 588 |
Dollar Tree (1) | 3,320 | 289 |
Douglas Emmett, REIT | 2,613 | 108 |
Dover | 1,450 | 165 |
Dril-Quip (1) | 261 | 11 |
DuPont de Nemours | 1,083 | 55 |
E*TRADE Financial | 11,455 | 488 |
EastGroup Properties, REIT | 245 | 33 |
Edison International | 22,697 | 1,737 |
Elanco Animal Health (1) | 30,411 | 940 |
Electronic Arts (1) | 952 | 103 |
Entergy | 9,888 | 1,300 |
Envista Holdings (1) | 14,601 | 432 |
EOG Resources | 23,234 | 1,694 |
EPAM Systems (1) | 948 | 216 |
EPR Properties, REIT | 60 | 4 |
Equifax | 4,494 | 674 |
Equinix, REIT | 124 | 73 |
Equitable Holdings | 40,414 | 971 |
Equity LifeStyle Properties, REIT | 703 | 51 |
Equity Residential, REIT | 2,112 | 175 |
Essex Property Trust, REIT | 437 | 135 |
Eversource Energy | 324 | 30 |
Exact Sciences (1) | 1,012 | 94 |
Exxon Mobil | 393 | 24 |
Facebook, Class A (1) | 27,404 | 5,533 |
Federal Realty Investment Trust, REIT | 435 | 54 |
Fidelity National Information Services | 11,647 | 1,673 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Fifth Third Bancorp | 23,883 | 679 |
First Industrial Realty Trust, REIT | 536 | 23 |
Fiserv (1) | 6,953 | 825 |
FleetCor Technologies (1) | 5,160 | 1,627 |
Flowserve | 428 | 20 |
Fortive | 235 | 18 |
Fortune Brands Home & Security | 1,636 | 112 |
Freeport-McMoRan | 81,462 | 904 |
General Electric | 380,718 | 4,740 |
Global Payments | 9,171 | 1,792 |
Goldman Sachs Group | 2,064 | 491 |
Halliburton | 1,921 | 42 |
Hartford Financial Services | 864 | 51 |
HCA Healthcare | 11,317 | 1,571 |
Healthcare Realty Trust, REIT | 3,219 | 116 |
Healthcare Trust of America, Class A, REIT | 3,080 | 99 |
Highwoods Properties, REIT | 598 | 30 |
Hilton Worldwide Holdings | 4,967 | 535 |
Honeywell International | 2,600 | 450 |
Host Hotels & Resorts, REIT | 2,326 | 38 |
Hudson Pacific Properties, REIT | 969 | 35 |
Humana | 783 | 263 |
IAC/InterActiveCorp (1) | 1,375 | 335 |
IHS Markit | 908 | 72 |
Intercontinental Exchange | 6,120 | 610 |
International Paper | 5,452 | 222 |
Intuit | 6,180 | 1,733 |
Intuitive Surgical (1) | 2,526 | 1,414 |
Jacobs Engineering Group | 6,995 | 647 |
JBG SMITH Properties, REIT | 15,614 | 633 |
JPMorgan Chase | 27,916 | 3,695 |
Kansas City Southern | 1,418 | 239 |
Keysight Technologies (1) | 9,670 | 899 |
Kilroy Realty, REIT | 566 | 47 |
KLA | 837 | 139 |
Kosmos Energy | 3,160 | 16 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
L3Harris Technologies | 737 | 163 |
Lam Research | 480 | 143 |
Las Vegas Sands | 6,083 | 397 |
Liberty Latin America, Class C (1) | 7,267 | 122 |
Linde | 14,349 | 2,915 |
Linde (EUR) | 1,264 | 257 |
Littelfuse | 988 | 175 |
Lululemon Athletica (1) | 1,038 | 248 |
Macerich, REIT (7) | 2,800 | 62 |
Magnolia Oil & Gas, Class A (1) | 1,304 | 14 |
Marathon Petroleum | 428 | 23 |
MarketAxess Holdings | 589 | 209 |
Marriott International, Class A | 4,637 | 649 |
Marsh & McLennan | 9,402 | 1,052 |
Marvell Technology Group | 8,175 | 197 |
Mastercard, Class A | 9,632 | 3,043 |
Match Group (1) | 842 | 66 |
Maxim Integrated Products | 12,745 | 766 |
McDonald's | 6,207 | 1,328 |
Medtronic | 6,923 | 799 |
Merck | 8,765 | 749 |
MetLife | 11,732 | 583 |
Microchip Technology (7) | 329 | 32 |
Micron Technology (1) | 22,634 | 1,202 |
Microsoft | 64,595 | 10,996 |
Molina Healthcare (1) | 2,180 | 268 |
Monster Beverage (1) | 6,494 | 432 |
Morgan Stanley | 40,623 | 2,123 |
Motorola Solutions | 8,142 | 1,441 |
National Retail Properties, REIT | 121 | 7 |
Netflix (1) | 5,395 | 1,862 |
Newmont Goldcorp | 3,376 | 152 |
Newmont Goldcorp (CAD) (6) | 618 | 28 |
NextEra Energy | 19,458 | 5,219 |
NIKE, Class B | 2,807 | 270 |
NiSource | 10,495 | 308 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Norfolk Southern | 3,093 | 644 |
Northrop Grumman | 1,801 | 675 |
Nucor | 1,125 | 53 |
NVIDIA | 2,391 | 565 |
O'Reilly Automotive (1) | 1,014 | 412 |
Occidental Petroleum | 27,571 | 1,095 |
PACCAR | 28 | 2 |
Packaging Corp. of America | 9,886 | 947 |
Paramount Group, REIT | 1,230 | 17 |
Parsley Energy, Class A | 594 | 10 |
Pax Labs, Class A, Acquisition Date: 4/18/19, Cost $81 | ||
(1)(5)(6) | 21,572 | 55 |
Paycom Software (1) | 496 | 158 |
PayPal Holdings (1) | 7,553 | 860 |
Pebblebrook Hotel Trust, REIT | 349 | 8 |
Philip Morris International | 3,892 | 322 |
Phillips 66 | 301 | 28 |
Pioneer Natural Resources | 766 | 103 |
PPG Industries | 6,086 | 729 |
Prologis, REIT | 32,738 | 3,041 |
PS Business Parks, REIT | 153 | 26 |
Public Storage, REIT | 666 | 149 |
Quaker Chemical | 159 | 26 |
QUALCOMM | 41,335 | 3,526 |
Rayonier, REIT | 1,070 | 33 |
Realty Income, REIT | 244 | 19 |
Regency Centers, REIT | 1,221 | 76 |
Rexford Industrial Realty, REIT | 738 | 36 |
Roper Technologies | 3,909 | 1,492 |
Ross Stores | 10,065 | 1,129 |
Royal Caribbean Cruises | 5,545 | 649 |
RPM International | 709 | 51 |
S&P Global | 1,086 | 319 |
salesforce. com (1) | 10,628 | 1,938 |
Sanderson Farms | 238 | 33 |
Schlumberger | 1,459 | 49 |
Seattle Genetics (1) | 275 | 30 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Sempra Energy | 18,753 | 3,012 |
ServiceNow (1) | 5,013 | 1,696 |
Sherwin-Williams | 317 | 177 |
Simon Property Group, REIT | 430 | 57 |
Skyworks Solutions | 1,636 | 185 |
SL Green Realty, REIT | 1,204 | 111 |
Slack Technologies, Class A (1) | 7,101 | 147 |
Snap, Class A (1) | 56,214 | 1,033 |
Southern | 18,688 | 1,316 |
Spirit Realty Capital, REIT | 69 | 4 |
Splunk (1) | 5,459 | 848 |
Stanley Black & Decker | 1,232 | 196 |
State Street | 11,107 | 840 |
Steel Dynamics | 820 | 25 |
Stryker | 7,702 | 1,623 |
Sunstone Hotel Investors, REIT | 3,814 | 48 |
Synopsys (1) | 4,794 | 707 |
TD Ameritrade Holding | 5,819 | 276 |
Teladoc Health (1) | 4,405 | 448 |
Teleflex | 54 | 20 |
Terreno Realty, REIT | 1,349 | 77 |
Texas Instruments | 13,575 | 1,638 |
Thermo Fisher Scientific | 9,338 | 2,925 |
TJX | 1,321 | 78 |
Toro | 312 | 25 |
Tyson Foods, Class A | 28,335 | 2,341 |
Union Pacific | 3,763 | 675 |
United Airlines Holdings (1) | 2,296 | 172 |
United Parcel Service, Class B | 3,913 | 405 |
United Rentals (1) | 54 | 7 |
UnitedHealth Group | 9,563 | 2,605 |
Urban Edge Properties, REIT | 1,224 | 23 |
Valero Energy | 216 | 18 |
Valmont Industries | 85 | 12 |
Veeva Systems, Class A (1) | 248 | 36 |
Venture Global LNG, Series C, Acquisition Date: 10/16/17, Cost | ||
$4 (1)(5)(6) | 1 | 5 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
VEREIT, REIT | 718 | 7 |
Vertex Pharmaceuticals (1) | 4,914 | 1,116 |
VF | 1,067 | 89 |
Visa, Class A | 19,519 | 3,884 |
VMware, Class A (1) | 2,997 | 444 |
Vornado Realty Trust, REIT | 775 | 51 |
Vulcan Materials | 2,663 | 377 |
Walmart | 383 | 44 |
Walt Disney | 5,119 | 708 |
Waste Connections | 3,805 | 366 |
Wells Fargo | 8,219 | 386 |
Westlake Chemical | 349 | 21 |
Weyerhaeuser, REIT | 1,264 | 37 |
Willis Towers Watson | 8,767 | 1,852 |
Wix. com (1) | 3,624 | 517 |
Workday, Class A (1) | 3,049 | 563 |
WP Carey, REIT | 378 | 32 |
WPX Energy (1) | 1,521 | 18 |
Wynn Resorts | 4,040 | 510 |
Xcel Energy | 426 | 29 |
Xilinx | 6,694 | 566 |
Xylem | 231 | 19 |
Yum! Brands | 8,339 | 882 |
Zimmer Biomet Holdings | 3,287 | 486 |
Zoetis | 706 | 95 |
199,003 | ||
Convertible Preferred Stocks 0.2% | ||
Becton Dickinson & Company, Series A, 6.125%, 5/1/20 | 2,361 | 155 |
Broadcom, Series A, 8.00%, 9/30/22 | 211 | 243 |
Elanco Animal Health, 5.00%, 2/1/23 | 636 | 35 |
Farmers Business Network, Series D, Acquisition Date: 11/3/17, | ||
Cost $3 (1)(5)(6) | 163 | 4 |
Fortive, Series A, 5.00%, 7/1/21 | 104 | 100 |
Rivian Automotive, Series D, Acquisition Date: 12/23/19, Cost | ||
$137 (1)(5)(6) | 12,707 | 136 |
Sempra Energy, Series A, 6.00%, 1/15/21 | 1,415 | 179 |
Sempra Energy, Series B, 6.75%, 7/15/21 | 687 | 86 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Southern, Series A, 6.75%, 8/1/22 | 7,255 | 416 |
Uipath, Series D-1, Acquisition Date: 4/26/19, Cost $54 (1)(5)(6) | 1,365 | 54 |
Uipath, Series D-2, Acquisition Date: 4/26/19, Cost $9 (1)(5)(6) | 229 | 9 |
1,417 | ||
Corporate Bonds 3.9% | ||
AbbVie, 2.95%, 11/21/26 (2) | 145,000 | 150 |
AbbVie, 3.60%, 5/14/25 | 240,000 | 256 |
AbbVie, 4.50%, 5/14/35 | 30,000 | 35 |
Agilent Technologies, 3.875%, 7/15/23 | 65,000 | 69 |
AHS Hospital, 5.024%, 7/1/45 | 20,000 | 26 |
AIG Global Funding, 2.15%, 7/2/20 (2) | 25,000 | 25 |
AIG Global Funding, 3.35%, 6/25/21 (2) | 130,000 | 133 |
Air Lease, 2.50%, 3/1/21 | 85,000 | 86 |
Air Lease, 3.50%, 1/15/22 | 75,000 | 77 |
Air Lease, 3.625%, 4/1/27 | 45,000 | 48 |
Alexandria Real Estate Equities, 4.00%, 1/15/24 | 30,000 | 32 |
Altria Group, 4.75%, 5/5/21 | 20,000 | 21 |
Amazon. com, 2.80%, 8/22/24 | 50,000 | 52 |
Amazon. com, 3.875%, 8/22/37 | 150,000 | 176 |
American Airlines PTT, Series 2014-1, Class A, 3.70%, 10/1/26 | 25,429 | 27 |
American Airlines PTT, Series 2015-1, Class A, 3.375%, 5/1/27 | 27,213 | 28 |
American Airlines PTT, Series 2019-1, Class Aa, 3.15%, 2/15/32 | 185,000 | 195 |
American Campus Communities Operating Partnership, | ||
3.625%, 11/15/27 | 230,000 | 247 |
American Express, 2.20%, 10/30/20 | 105,000 | 105 |
American Express Credit, 2.20%, 3/3/20 | 95,000 | 95 |
American International Group, 3.30%, 3/1/21 | 270,000 | 274 |
Analog Devices, 2.85%, 3/12/20 | 75,000 | 75 |
Anthem, 2.50%, 11/21/20 | 50,000 | 50 |
Anthem, 4.101%, 3/1/28 | 130,000 | 144 |
Anthem, 4.65%, 1/15/43 | 20,000 | 23 |
Aon, 2.20%, 11/15/22 | 195,000 | 197 |
Aon, 2.80%, 3/15/21 | 65,000 | 66 |
Aon, 3.875%, 12/15/25 | 25,000 | 27 |
Appalachian Power, 4.45%, 6/1/45 | 40,000 | 48 |
Apple, 3.20%, 5/13/25 | 260,000 | 279 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Apple, 3.20%, 5/11/27 | 300,000 | 324 |
Aptiv, 4.15%, 3/15/24 | 15,000 | 16 |
AT&T, 3.00%, 6/30/22 | 150,000 | 154 |
AutoZone, 3.125%, 4/21/26 | 170,000 | 179 |
AutoZone, 3.75%, 6/1/27 | 70,000 | 76 |
Baltimore Gas & Electric, 3.35%, 7/1/23 | 225,000 | 235 |
Bank of America, 3.50%, 4/19/26 | 400,000 | 430 |
Bank of America, 4.45%, 3/3/26 | 50,000 | 56 |
Bank of America, FRN, 3M USD LIBOR + 0.65%, 2.597%, | ||
6/25/22 | 250,000 | 251 |
Bank of America, VR, 3.55%, 3/5/24 (8) | 100,000 | 105 |
Bank of America, VR, 4.244%, 4/24/38 (8) | 120,000 | 143 |
Becton Dickinson & Company, 3.70%, 6/6/27 | 183,000 | 199 |
Berkshire Hathaway, 2.75%, 3/15/23 | 35,000 | 36 |
Berkshire Hathaway Energy, 5.15%, 11/15/43 | 25,000 | 33 |
Biogen, 3.625%, 9/15/22 | 90,000 | 94 |
Boardwalk Pipelines, 4.95%, 12/15/24 | 10,000 | 11 |
Booking Holdings, 3.65%, 3/15/25 | 30,000 | 33 |
Bristol-Myers Squibb, 2.90%, 7/26/24 (2) | 255,000 | 266 |
Bristol-Myers Squibb, 3.55%, 8/15/22 (2) | 250,000 | 261 |
Brixmor Operating Partnership, 3.875%, 8/15/22 | 20,000 | 21 |
Brixmor Operating Partnership, 3.90%, 3/15/27 | 25,000 | 27 |
Broadcom, 2.20%, 1/15/21 | 135,000 | 135 |
Broadcom, 3.00%, 1/15/22 | 110,000 | 112 |
Burlington Northern Santa Fe, 3.05%, 9/1/22 | 65,000 | 67 |
Cameron LNG, 2.902%, 7/15/31 (2) | 40,000 | 41 |
Cameron LNG, 3.701%, 1/15/39 (2) | 30,000 | 32 |
Capital One Financial, 3.20%, 1/30/23 | 230,000 | 238 |
Capital One Financial, 3.45%, 4/30/21 | 135,000 | 138 |
Cardinal Health, 3.41%, 6/15/27 | 125,000 | 131 |
Cardinal Health, 3.75%, 9/15/25 | 80,000 | 86 |
Caterpillar Financial Services, 3.15%, 9/7/21 | 250,000 | 256 |
CC Holdings, 3.849%, 4/15/23 | 25,000 | 26 |
Centra Health, 4.70%, 1/1/48 | 385,000 | 453 |
Charter Communications Operating, 4.50%, 2/1/24 | 250,000 | 272 |
Charter Communications Operating, 4.908%, 7/23/25 | 50,000 | 56 |
Cigna, 3.25%, 4/15/25 (2) | 250,000 | 262 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Cigna, 3.75%, 7/15/23 | 175,000 | 185 |
Citibank, 3.40%, 7/23/21 | 250,000 | 256 |
Citigroup, 4.45%, 9/29/27 | 70,000 | 78 |
Citigroup, VR, 3.887%, 1/10/28 (8) | 315,000 | 346 |
Citigroup, VR, 4.075%, 4/23/29 (8) | 100,000 | 112 |
CMS Energy, 4.875%, 3/1/44 | 25,000 | 32 |
Columbia Pipeline Group, 3.30%, 6/1/20 | 40,000 | 40 |
Comcast, 2.65%, 2/1/30 | 225,000 | 232 |
CommonSpirit Health, 2.76%, 10/1/24 | 95,000 | 98 |
CommonSpirit Health, 2.95%, 11/1/22 | 25,000 | 26 |
Concho Resources, 3.75%, 10/1/27 | 25,000 | 26 |
Crown Castle International, 3.70%, 6/15/26 | 40,000 | 43 |
Crown Castle International, 4.75%, 5/15/47 | 30,000 | 36 |
Crown Castle Towers, 3.72%, 7/15/23 (2) | 125,000 | 130 |
CVS Health, 3.25%, 8/15/29 | 225,000 | 233 |
CVS Health, 3.50%, 7/20/22 | 40,000 | 41 |
Daimler Finance North America, 2.30%, 2/12/21 (2) | 150,000 | 150 |
DCP Midstream Operating, 3.875%, 3/15/23 | 25,000 | 26 |
Delta Air Lines, 2.875%, 3/13/20 | 125,000 | 125 |
Delta Air Lines, 3.80%, 4/19/23 | 75,000 | 78 |
Delta Air Lines PTT, Series 2015-1, Class B, 4.25%, 7/30/23 | 27,990 | 29 |
Diamondback Energy, 2.875%, 12/1/24 | 270,000 | 274 |
Discover Financial Services, 3.75%, 3/4/25 | 15,000 | 16 |
Discover Financial Services, 3.85%, 11/21/22 | 95,000 | 100 |
Dominion Energy, 2.579%, 7/1/20 | 230,000 | 231 |
Dow Chemical, 3.15%, 5/15/24 | 90,000 | 94 |
Eaton Vance, 3.625%, 6/15/23 | 15,000 | 16 |
Ecolab, 3.25%, 12/1/27 | 265,000 | 287 |
Elanco Animal Health, 3.912%, 8/27/21 | 30,000 | 31 |
Energy Transfer Operating, 5.25%, 4/15/29 | 120,000 | 136 |
Equitable Holdings, 3.90%, 4/20/23 | 45,000 | 48 |
Eversource Energy, 3.30%, 1/15/28 | 15,000 | 16 |
Express Scripts Holding, 2.60%, 11/30/20 | 145,000 | 146 |
Federal Realty Investment Trust, 2.55%, 1/15/21 | 60,000 | 60 |
Fidelity National Information Services, 4.25%, 5/15/28 | 135,000 | 155 |
Fifth Third Bancorp, 4.30%, 1/16/24 | 65,000 | 70 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Fifth Third Bank, 3.35%, 7/26/21 | 250,000 | 256 |
FirstEnergy, Series C, 7.375%, 11/15/31 | 60,000 | 87 |
FirstEnergy Transmission, 4.35%, 1/15/25 (2) | 65,000 | 71 |
Fiserv, 3.20%, 7/1/26 | 100,000 | 106 |
Florida Gas Transmission, 3.875%, 7/15/22 (2) | 20,000 | 21 |
Florida Gas Transmission, 4.35%, 7/15/25 (2) | 215,000 | 235 |
Ford Motor Credit, 3.47%, 4/5/21 | 200,000 | 203 |
GATX, 2.60%, 3/30/20 | 205,000 | 205 |
GE Capital International Funding, 4.418%, 11/15/35 | 200,000 | 224 |
General Dynamics, 2.875%, 5/11/20 | 260,000 | 261 |
General Motors, 4.00%, 4/1/25 | 55,000 | 59 |
General Motors Financial, 3.55%, 7/8/22 | 205,000 | 212 |
George Washington University, Series 2014, 4.30%, 9/15/44 | 15,000 | 19 |
Georgia Power, 2.00%, 9/8/20 | 185,000 | 185 |
Gilead Sciences, 3.25%, 9/1/22 | 20,000 | 21 |
Goldman Sachs Group, 2.75%, 9/15/20 | 115,000 | 115 |
Goldman Sachs Group, 3.00%, 4/26/22 | 125,000 | 127 |
Goldman Sachs Group, 3.50%, 1/23/25 | 300,000 | 319 |
Goldman Sachs Group, 3.85%, 1/26/27 | 115,000 | 124 |
Goldman Sachs Group, 5.15%, 5/22/45 | 15,000 | 19 |
Goldman Sachs Group, 6.75%, 10/1/37 | 10,000 | 14 |
Hackensack Meridian Health, 4.211%, 7/1/48 | 155,000 | 186 |
Harley-Davidson Financial Services, 3.55%, 5/21/21 (2) | 200,000 | 204 |
Hasbro, 3.00%, 11/19/24 | 150,000 | 154 |
HCA, 4.125%, 6/15/29 | 235,000 | 255 |
Healthcare Realty Trust, 3.625%, 1/15/28 | 30,000 | 32 |
High Street Funding Trust I, 4.111%, 2/15/28 (2) | 100,000 | 111 |
Hyatt Hotels, 3.375%, 7/15/23 | 30,000 | 31 |
Hyundai Capital America, 3.45%, 3/12/21 (2) | 170,000 | 172 |
Indiana University Health Obligated Group, 3.97%, 11/1/48 | 145,000 | 175 |
Intercontinental Exchange, 3.45%, 9/21/23 | 275,000 | 291 |
Intercontinental Exchange, 3.75%, 12/1/25 | 75,000 | 82 |
International Paper, 5.00%, 9/15/35 | 35,000 | 43 |
Interpublic Group, 3.50%, 10/1/20 | 30,000 | 30 |
Interpublic Group, 4.00%, 3/15/22 | 55,000 | 57 |
ITC Holdings, 2.70%, 11/15/22 | 95,000 | 97 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
John Deere Capital, 2.35%, 1/8/21 | 75,000 | 76 |
JPMorgan Chase, 3.375%, 5/1/23 | 410,000 | 428 |
JPMorgan Chase, VR, 3.559%, 4/23/24 (8) | 125,000 | 131 |
JPMorgan Chase, VR, 3.882%, 7/24/38 (8) | 160,000 | 183 |
Kansas City Southern, 2.875%, 11/15/29 | 55,000 | 57 |
Kansas City Southern, 4.30%, 5/15/43 | 25,000 | 29 |
Kentucky Utilities, 4.375%, 10/1/45 | 65,000 | 78 |
Keurig Dr Pepper, 3.551%, 5/25/21 | 265,000 | 271 |
KeyBank, 3.35%, 6/15/21 | 260,000 | 266 |
KeyCorp, 2.90%, 9/15/20 | 40,000 | 40 |
Keysight Technologies, 4.55%, 10/30/24 | 230,000 | 255 |
Kilroy Realty, 3.45%, 12/15/24 | 40,000 | 42 |
Kilroy Realty, 4.25%, 8/15/29 | 25,000 | 28 |
Kilroy Realty, 4.375%, 10/1/25 | 15,000 | 17 |
Kimco Realty, 3.40%, 11/1/22 | 20,000 | 21 |
L3Harris Technologies, 4.854%, 4/27/35 | 50,000 | 61 |
Liberty Mutual Group, 4.25%, 6/15/23 (2) | 10,000 | 11 |
Liberty Mutual Group, 4.85%, 8/1/44 (2) | 20,000 | 25 |
Life Storage, 4.00%, 6/15/29 | 145,000 | 159 |
LYB International Finance II, 3.50%, 3/2/27 | 300,000 | 318 |
M&T Bank, 3.55%, 7/26/23 | 345,000 | 366 |
Marsh & McLennan, 3.30%, 3/14/23 | 10,000 | 10 |
Marsh & McLennan, 3.50%, 6/3/24 | 115,000 | 122 |
MassMutual Global Funding II, 1.95%, 9/22/20 (2) | 200,000 | 200 |
Medstar Health, 3.626%, 8/15/49 | 130,000 | 140 |
Metropolitan Life Global Funding I, 2.05%, 6/12/20 (2) | 150,000 | 150 |
Microchip Technology, 3.922%, 6/1/21 | 40,000 | 41 |
Micron Technology, 4.185%, 2/15/27 | 100,000 | 109 |
Microsoft, 4.20%, 11/3/35 | 90,000 | 111 |
Mid-Atlantic Interstate Transmission, 4.10%, 5/15/28 (2) | 110,000 | 123 |
Mississippi Power, 3.95%, 3/30/28 | 170,000 | 188 |
Morgan Stanley, 3.125%, 1/23/23 | 485,000 | 503 |
Morgan Stanley, 4.10%, 5/22/23 | 200,000 | 213 |
Morgan Stanley, 4.30%, 1/27/45 | 45,000 | 55 |
Morgan Stanley, VR, 3.971%, 7/22/38 (8) | 135,000 | 154 |
MPLX, FRN, 3M USD LIBOR + 1.10%, 2.985%, 9/9/22 | 210,000 | 211 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
National Rural Utilities Cooperative Finance, 2.35%, 6/15/20 | 10,000 | 10 |
National Rural Utilities Cooperative Finance, 2.90%, 3/15/21 | 145,000 | 147 |
New York Life Global Funding, 3.25%, 8/6/21 (2) | 135,000 | 138 |
NextEra Energy Capital Holdings, Series H, 3.342%, 9/1/20 | 250,000 | 250 |
NiSource, 3.49%, 5/15/27 | 215,000 | 231 |
NiSource, 3.95%, 3/30/48 | 105,000 | 114 |
Nissan Motor Acceptance, 3.65%, 9/21/21 (2) | 110,000 | 113 |
Northern Trust, 3.95%, 10/30/25 | 25,000 | 27 |
Nucor, 3.95%, 5/1/28 | 130,000 | 145 |
O'Reilly Automotive, 3.60%, 9/1/27 | 145,000 | 158 |
O'Reilly Automotive, 3.80%, 9/1/22 | 125,000 | 131 |
Occidental Petroleum, 2.90%, 8/15/24 | 210,000 | 214 |
Occidental Petroleum, 3.40%, 4/15/26 | 75,000 | 78 |
Omnicom Group, 3.60%, 4/15/26 | 50,000 | 54 |
Omnicom Group, 3.65%, 11/1/24 | 50,000 | 54 |
Oracle, 2.40%, 9/15/23 | 300,000 | 307 |
PACCAR Financial, 3.10%, 5/10/21 | 175,000 | 178 |
Packaging Corp of America, 3.65%, 9/15/24 | 15,000 | 16 |
Paypal Holdings, 2.40%, 10/1/24 | 345,000 | 352 |
Penske Truck Leasing, 3.20%, 7/15/20 (2) | 65,000 | 65 |
Perrigo Finance, 4.375%, 3/15/26 | 200,000 | 214 |
PNC Financial Services Group, 3.30%, 3/8/22 | 20,000 | 21 |
President & Fellows of Harvard College, 3.619%, 10/1/37 | 25,000 | 28 |
Pricoa Global Funding I, 3.45%, 9/1/23 (2) | 270,000 | 286 |
Principal Financial Group, 3.30%, 9/15/22 | 25,000 | 26 |
Principal Financial Group, 3.40%, 5/15/25 | 35,000 | 37 |
Providence Health & Services Obligated Group, 4.379%, | ||
10/1/23 | 25,000 | 27 |
QUALCOMM, 3.25%, 5/20/27 | 107,000 | 115 |
QVC, 4.85%, 4/1/24 | 20,000 | 21 |
Regency Centers, 4.125%, 3/15/28 | 35,000 | 39 |
Reinsurance Group of America, 5.00%, 6/1/21 | 20,000 | 21 |
Republic Services, 3.375%, 11/15/27 | 230,000 | 248 |
Roper Technologies, 2.95%, 9/15/29 | 60,000 | 62 |
Roper Technologies, 3.00%, 12/15/20 | 50,000 | 51 |
Roper Technologies, 3.80%, 12/15/26 | 50,000 | 55 |
Sabine Pass Liquefaction, 4.20%, 3/15/28 | 50,000 | 53 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
SBA Tower Trust, 2.836%, 1/15/25 (2) | 250,000 | 258 |
Sempra Energy, 2.40%, 2/1/20 | 235,000 | 235 |
Simon Property Group, 3.375%, 10/1/24 | 45,000 | 48 |
Spectra Energy Partners, 3.375%, 10/15/26 | 40,000 | 43 |
Spectra Energy Partners, 4.75%, 3/15/24 | 170,000 | 186 |
State Street, 2.55%, 8/18/20 | 65,000 | 65 |
State Street, 3.10%, 5/15/23 | 25,000 | 26 |
Teachers Insurance & Annuity Association of America, 4.27%, | ||
5/15/47 (2) | 130,000 | 156 |
Time Warner Cable, 4.00%, 9/1/21 | 10,000 | 10 |
Time Warner Cable, 5.00%, 2/1/20 | 10,000 | 10 |
Time Warner Cable, 6.55%, 5/1/37 | 13,000 | 17 |
Time Warner Cable, 6.75%, 6/15/39 | 13,000 | 17 |
Toyota Motor Credit, 2.95%, 4/13/21 | 250,000 | 254 |
Trinity Health, 4.125%, 12/1/45 | 25,000 | 29 |
Truist Bank, VR, 3.502%, 8/2/22 (8) | 350,000 | 358 |
Union Pacific, 4.75%, 9/15/41 | 10,000 | 13 |
United Airlines PTT, Series 2014-1, Class B, 4.75%, 4/11/22 | 2,949 | 3 |
United Airlines PTT, Series 2014-2, Class A, 3.75%, 9/3/26 | 3,868 | 4 |
United Airlines PTT, Series 2018-1, Class A, 3.70%, 3/1/30 | 330,444 | 343 |
United Technologies, 3.35%, 8/16/21 | 145,000 | 149 |
UnitedHealth Group, 3.75%, 7/15/25 | 40,000 | 44 |
Ventas Realty, 3.25%, 8/15/22 | 20,000 | 21 |
Verizon Communications, 2.625%, 8/15/26 | 230,000 | 238 |
Verizon Communications, 5.15%, 9/15/23 | 25,000 | 28 |
Visa, 2.15%, 9/15/22 | 90,000 | 91 |
Visa, 4.15%, 12/14/35 | 90,000 | 110 |
Vistra Operations, 3.55%, 7/15/24 (2) | 135,000 | 139 |
Walmart, 3.40%, 6/26/23 | 300,000 | 318 |
Walt Disney, 4.50%, 2/15/21 | 20,000 | 21 |
Walt Disney, 5.65%, 8/15/20 | 20,000 | 20 |
Wells Fargo, 3.069%, 1/24/23 | 465,000 | 476 |
Wells Fargo, 3.50%, 3/8/22 | 95,000 | 98 |
Wells Fargo Bank, VR, 3.325%, 7/23/21 (8) | 250,000 | 252 |
Western Midstream Operating, 4.00%, 7/1/22 | 20,000 | 21 |
Willis North America, 3.60%, 5/15/24 | 40,000 | 42 |
Willis North America, 4.50%, 9/15/28 | 160,000 | 182 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | |||
Shares/Par | $ Value | ||
(Cost and value in $000s) | |||
WP Carey, 3.85%, 7/15/29 | 215,000 | 232 | |
30,961 | |||
Asset-Backed Securities 0.5% | |||
Arby's Funding, Series 2015-1A, Class A2, 4.969%, 10/30/45 (2) | 95,750 | 98 | |
Ascentium Equipment Receivables Trust, Series 2018-1A, Class | |||
A3, 3.21%, 9/11/23 (2) | 115,000 | 116 | |
Avis Budget Rental Car Funding AESOP, Series 2015-1A, Class | |||
A, 2.50%, 7/20/21 (2) | 245,000 | 245 | |
Avis Budget Rental Car Funding AESOP, Series 2016-2A, Class | |||
A, 2.72%, 11/20/22 (2) | 150,000 | 152 | |
Avis Budget Rental Car Funding AESOP, Series 2019-2A, Class | |||
B, 3.55%, 9/22/25 (2) | 105,000 | 111 | |
BMW Vehicle Lease Trust, Series 2017-2, Class A3, 2.07%, | |||
10/20/20 | 4,667 | 5 | |
CarMax Auto Owner Trust, Series 2017-4, Class A3, 2.11%, | |||
10/17/22 | 15,679 | 16 | |
CarMax Auto Owner Trust, Series 2018-2, Class A3, 2.98%, | |||
1/17/23 | 70,000 | 71 | |
CNH Equipment Trust, Series 2017-C, Class A3, 2.08%, 2/15/23 | 30,915 | 31 | |
CNH Equipment Trust, Series 2019-C, Class B, 2.35%, 4/15/27 | 170,000 | 172 | |
Ford Credit Auto Owner Trust, Series 2019-1, Class B, 3.82%, | |||
7/15/30(2) | 205,000 | 219 | |
Ford Credit Floorplan Master Owner Trust, Series 2017-2, Class | |||
B, 2.34%, 9/15/22 | 105,000 | 105 | |
GM Financial Automobile Leasing Trust, Series 2018-2, Class | |||
A4, 3.16%, 4/20/22 | 65,000 | 65 | |
GM Financial Consumer Automobile Receivables Trust, Series | |||
2018-2, Class A3, 2.81%, 12/16/22 | 115,000 | 116 | |
GreatAmerica Leasing Receivables Funding, Series 2018-1, | |||
Class A3, 2.60%, 6/15/21 (2) | 30,532 | 31 | |
Hardee's Funding, Series 2018-1A, Class A2I, 4.25%, 6/20/48 | |||
(2) | 44,438 | 45 | |
Hardee's Funding, Series 2018-1A, Class A2II, 4.959%, 6/20/48 | |||
(2) | 108,625 | 113 | |
Hyundai Auto Receivables Trust, Series 2018-A, Class A3, | |||
2.79%, 7/15/22 | 55,000 | 55 | |
Jimmy Johns Funding, Series 2017-1A, Class A2I, 3.61%, | |||
7/30/47(2) | 24,375 | 25 | |
Magnetite XXIII, Series 2019-23A, Class A, CLO, FRN, 3M USD | |||
LIBOR + 1.30%, 3.17%, 10/25/32 (2) | 255,000 | 255 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | |||
Shares/Par | $ Value | ||
(Cost and value in $000s) | |||
MMAF Equipment Finance, Series 2017-B, Class A3, 2.21%, | |||
10/17/22(2) | 82,274 | 82 | |
Navient Private Education Refi Loan Trust, Series 2019-CA, | |||
Class A2, 3.13%, 2/15/68 (2) | 130,000 | 134 | |
Navient Private Education Refi Loan Trust, Series 2019-FA, | |||
Class A2, 2.60%, 8/15/68 (2) | 125,000 | 128 | |
Navient Private Education Refi Loan Trust, Series 2019-GA, | |||
Class A, 2.40%, 10/15/68 (2) | 255,000 | 258 | |
Planet Fitness Master Issuer, Series 2018-1A, Class A2I, | |||
4.262%, 9/5/48 (2) | 202,438 | 207 | |
Santander Retail Auto Lease Trust, Series 2019-A, Class A3, | |||
2.77%, 6/20/22 (2) | 100,000 | 102 | |
Sierra Timeshare Receivables Funding, Series 2015-3A, Class | |||
A, 2.58%, 9/20/32 (2) | 12,823 | 13 | |
SMB Private Education Loan Trust, Series 2016-A, Class A2A, | |||
2.70%, 5/15/31 (2) | 156,136 | 158 | |
SMB Private Education Loan Trust, Series 2017-A, Class A2A, | |||
2.88%, 9/15/34 (2) | 269,915 | 274 | |
SMB Private Education Loan Trust, Series 2018-B, Class A2A, | |||
3.60%, 1/15/37 (2) | 100,000 | 104 | |
Sonic Capital, Series 2018-1A, Class A2, 4.026%, 2/20/48 (2) | 49,417 | 52 | |
Synchrony Credit Card Master Note Trust, Series 2017-2, Class | |||
A, 2.62%, 10/15/25 | 50,000 | 51 | |
Verizon Owner Trust, Series 2017-1A, Class C, 2.65%, 9/20/21 | |||
(2) | 200,000 | 201 | |
World Omni Auto Receivables Trust, Series 2016-A, Class A3, | |||
1.77%, 9/15/21 | 5,399 | 5 | |
World Omni Automobile Lease Securitization Trust, Series 2018- | |||
A, Class B, 3.06%, 5/15/23 | 260,000 | 262 | |
4,077 | |||
Non-U. S. Government Mortgage-Backed Securities 0.7% | |||
Ashford Hospitality Trust, Series 2018-ASHF, Class A, ARM, 1M | |||
USD LIBOR + 0.90%, 2.576%, 4/15/35 (2) | 140,209 | 140 | |
Atrium Hotel Portfolio Trust, Series 2017-ATRM, Class A, ARM, | |||
1M USD LIBOR + 0.93%, 2.606%, 12/15/36 (2) | 150,000 | 150 | |
BBCMS Mortgage Trust, Series 2019-BWAY, Class D, ARM, 1M | |||
USD LIBOR + 2.16%, 3.836%, 11/25/34 (2) | 50,000 | 50 | |
Cantor Commercial Real Estate Lending, Series 2019-CF1, | |||
Class 65A, ARM, 4.411%, 5/15/52 (2) | 100,000 | 106 | |
CD Mortgage Trust, Series 2016-CD2, Class A4, ARM, 3.526%, | |||
11/10/49 | 55,000 | 60 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
CGGS Commercial Mortgage Trust, Series 2018-WSS, Class A, | ||
ARM, 1M USD LIBOR + 0.90%, 2.576%, 2/15/37 (2) | 125,000 | 125 |
Citigroup Commercial Mortgage Trust, Series 2015-GC33, Class | ||
A4, 3.778%, 9/10/58 | 25,000 | 27 |
Citigroup Commercial Mortgage Trust, Series 2017-P7, Class | ||
AS, 3.915%, 4/14/50 | 100,000 | 110 |
COLT Mortgage Loan Trust, Series 2018-1, Class A1, CMO, | ||
ARM, 2.93%, 2/25/48 (2) | 21,053 | 21 |
Commercial Mortgage Trust, Series 2014-LC15, Class B, ARM, | ||
4.599%, 4/10/47 | 45,000 | 48 |
Commercial Mortgage Trust, Series 2015-CR24, Class A5, | ||
3.696%, 8/10/48 | 40,000 | 43 |
Commercial Mortgage Trust, Series 2015-LC21, Class A4, | ||
3.708%, 7/10/48 | 60,000 | 65 |
Commercial Mortgage Trust, Series 2015-LC23, Class A4, | ||
3.774%, 10/10/48 | 100,000 | 109 |
Connecticut Avenue Securities, Series 2017-C04, Class 2ED2, | ||
CMO, ARM, 1M USD LIBOR + 1.10%, 2.761%, 11/25/29 | 160,000 | 159 |
Connecticut Avenue Securities, Series 2018-C03, Class 1M1, | ||
CMO, ARM, 1M USD LIBOR + 0.68%, 2.341%, 10/25/30 | 25,574 | 26 |
Connecticut Avenue Securities, Series 2018-C05, Class 1M1, | ||
CMO, ARM, 1M USD LIBOR + 0.72%, 2.381%, 1/25/31 | 97,809 | 98 |
Connecticut Avenue Securities Trust, Series 2019-R03, Class | ||
1M1, CMO, ARM, 1M USD LIBOR + 0.75%, 2.411%, 9/25/31 (2) | 7,352 | 7 |
Deephaven Residential Mortgage Trust, Series 2018-1A, Class | ||
A1, CMO, ARM, 2.976%, 12/25/57 (2) | 30,643 | 31 |
Deephaven Residential Mortgage Trust, Series 2019-2A, Class | ||
A1, CMO, ARM, 3.558%, 4/25/59 (2) | 72,245 | 73 |
Ellington Financial Mortgage Trust, Series 2019-2, Class A3, | ||
CMO, ARM, 3.046%, 11/25/59 (2) | 96,393 | 97 |
Fontainebleau Miami Beach Trust, Series 2019-FBLU, Class C, | ||
3.75%, 12/10/36 (2) | 165,000 | 173 |
Galton Funding Mortgage Trust, Series 2018-1, Class A23, | ||
CMO, ARM, 3.50%, 11/25/57 (2) | 52,647 | 53 |
Galton Funding Mortgage Trust, Series 2019-H1, Class A1, | ||
CMO, ARM, 2.657%, 10/25/59 (2) | 117,965 | 119 |
Galton Funding Mortgage Trust, Series 2019-H1, Class A3, | ||
CMO, ARM, 2.964%, 10/25/59 (2) | 104,354 | 105 |
Goldman Sachs Mortgage Securities Trust, Series 2013-GC16, | ||
Class B, ARM, 5.161%, 11/10/46 | 175,000 | 193 |
Goldman Sachs Mortgage Securities Trust, Series 2015-GC32, | ||
Class A4, 3.764%, 7/10/48 | 25,000 | 27 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Goldman Sachs Mortgage Securities Trust, Series 2018-GS9, | ||
Class A4, ARM, 3.992%, 3/10/51 | 65,000 | 73 |
Goldman Sachs Mortgage Securities Trust, Series 2019-GSA1, | ||
Class B, 3.511%, 11/10/52 | 110,000 | 117 |
Great Wolf Trust, Series 2019-WOLF, Class C, ARM, 1M USD | ||
LIBOR + 1.633%, 3.309%, 12/15/36 (2) | 70,000 | 70 |
Homeward Opportunities Fund I Trust, Series 2018-1, Class A1, | ||
CMO, ARM, 3.766%, 6/25/48 (2) | 58,936 | 60 |
Homeward Opportunities Fund I Trust, Series 2019-3, Class A1, | ||
CMO, ARM, 2.675%, 11/25/59 (2) | 95,962 | 97 |
Homeward Opportunities Fund I Trust, Series 2019-3, Class A3, | ||
CMO, ARM, 3.031%, 11/25/59 (2) | 95,962 | 97 |
JPMorgan Barclays Bank Commercial Mortgage Securities | ||
Trust, Series 2015-C31, Class A3, 3.801%, 8/15/48 | 50,000 | 55 |
JPMorgan Barclays Bank Commercial Mortgage Securities | ||
Trust, Series 2015-C30, Class A5, 3.822%, 7/15/48 | 65,000 | 71 |
JPMorgan Mortgage Trust, Series 2019-INV3, Class A15, CMO, | ||
ARM, 3.50%, 5/25/50 (2) | 187,300 | 191 |
JPMorgan Mortgage Trust, Series 2019-INV3, Class A3, CMO, | ||
ARM, 3.50%, 5/25/50 (2) | 221,803 | 227 |
Mill City Mortgage Loan Trust, Series 2018-1, Class A1, CMO, | ||
ARM, 3.25%, 5/25/62 (2) | 112,435 | 115 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2013-C9, Class A4, 3.102%, 5/15/46 | 20,000 | 21 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2014-C17, Class B, ARM, 4.464%, 8/15/47 | 20,000 | 21 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2015-C24, Class AS, ARM, 4.036%, 5/15/48 | 35,000 | 38 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2015-C27, Class A4, 3.753%, 12/15/47 | 85,000 | 93 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2015-C27, Class AS, 4.068%, 12/15/47 | 155,000 | 168 |
Morgan Stanley Bank of America Merrill Lynch Trust, Series | ||
2016-C30, Class A5, 2.86%, 9/15/49 | 25,000 | 26 |
Morgan Stanley Capital I Trust, Series 2019-MEAD, Class D, | ||
3.177%, 11/10/36 (2) | 130,000 | 129 |
New Orleans Hotel Trust, Series 2019-HNLA, Class C, ARM, 1M | ||
USD LIBOR + 1.589%, 3.265%, 4/15/32 (2) | 100,000 | 100 |
New Residential Mortgage Loan Trust, Series 2019-NQM5, | ||
Class A1, CMO, ARM, 2.71%, 11/25/59 (2) | 162,821 | 164 |
OBX Trust, Series 2019-EXP3, Class 2A2, CMO, ARM, 1M USD | ||
LIBOR + 1.10%, 2.761%, 10/25/59 (2) | 95,537 | 96 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
Seasoned Credit Risk Transfer Trust, Series 2016-1, Class M1, | ||
CMO, ARM, 3.00%, 9/25/55 (2) | 15,000 | 15 |
Sequoia Mortgage Trust, Series 2018-CH1, Class A11, CMO, | ||
ARM, 3.50%, 2/25/48 (2) | 46,015 | 46 |
Sequoia Mortgage Trust, Series 2018-CH2, Class A3, CMO, | ||
ARM, 4.00%, 6/25/48 (2) | 73,332 | 76 |
Sequoia Mortgage Trust, Series 2018-CH4, Class A11, CMO, | ||
ARM, 4.00%, 10/25/48 (2) | 85,664 | 86 |
SG Residential Mortgage Trust, Series 2019-3, Class A1, CMO, | ||
ARM, 2.703%, 9/25/59 (2) | 96,186 | 97 |
Starwood Mortgage Residential Trust, Series 2019-INV1, Class | ||
A1, CMO, ARM, 2.61%, 9/27/49 (2) | 90,237 | 90 |
Structured Agency Credit Risk Debt Notes, Series 2018-SPI2, | ||
Class M1, CMO, ARM, 3.813%, 5/25/48 (2) | 44,297 | 44 |
Structured Agency Credit Risk Debt Notes, Series 2019-HQA4, | ||
Class M1, CMO, ARM, 1M USD LIBOR + 0.77%, 2.431%, | ||
11/25/49 (2) | 65,838 | 66 |
Towd Point Mortgage Trust, Series 2015-5, Class A1B, CMO, | ||
ARM, 2.75%, 5/25/55 (2) | 40,766 | 41 |
Towd Point Mortgage Trust, Series 2017-6, Class A1, CMO, | ||
ARM, 2.75%, 10/25/57 (2) | 90,043 | 91 |
Towd Point Mortgage Trust, Series 2018-1, Class A1, CMO, | ||
ARM, 3.00%, 1/25/58 (2) | 68,936 | 70 |
Verus Securitization Trust, Series 2018-INV1, Class A1, CMO, | ||
ARM, 3.626%, 3/25/58 (2) | 57,276 | 58 |
Verus Securitization Trust, Series 2019-4, Class A1, CMO, | ||
STEP, 2.642%, 11/25/59 (2) | 199,104 | 200 |
Verus Securitization Trust, Series 2019-INV3, Class A1, CMO, | ||
ARM, 2.692%, 11/25/59 (2) | 207,065 | 208 |
Wells Fargo Commercial Mortgage Trust, Series 2015-C30, | ||
Class A4, 3.664%, 9/15/58 | 41,000 | 45 |
Wells Fargo Commercial Mortgage Trust, Series 2015-C31, | ||
Class A4, 3.695%, 11/15/48 | 100,000 | 109 |
Wells Fargo Commercial Mortgage Trust, Series 2015-NXS2, | ||
Class A5, 3.767%, 7/15/58 | 75,000 | 82 |
Wells Fargo Commercial Mortgage Trust, Series 2019-C54, | ||
Class B, 3.671%, 12/15/52 | 155,000 | 166 |
5,834 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND | |||
Shares/Par | $ Value | ||
(Cost and value in $000s) | |||
U. S. Government & Agency Mortgage-Backed Securities | |||
0.0%(10) | |||
Federal Home Loan Mortgage | |||
2.413%, 1/25/21 | 261 | — | |
2.50%, 4/23/20 | 165,000 | 165 | |
2.777%, 4/25/23 | 10,949 | 11 | |
2.952%, 2/25/27 | 32,150 | 34 | |
210 | |||
U. S. Government Agency Obligations (Excluding Mortgage- | |||
Backed) 6.8% | |||
U. S. Treasury Bonds, 2.25%, 8/15/49 | 1,165,000 | 1,230 | |
U. S. Treasury Bonds, 2.50%, 2/15/45 | 145,000 | 159 | |
U. S. Treasury Bonds, 2.75%, 11/15/42 | 65,000 | 74 | |
U. S. Treasury Bonds, 2.75%, 8/15/47 (3)(11) | 6,790,000 | 7,857 | |
U. S. Treasury Bonds, 2.875%, 8/15/45 | 570,000 | 668 | |
U. S. Treasury Bonds, 3.00%, 11/15/44 | 395,000 | 471 | |
U. S. Treasury Bonds, 3.00%, 5/15/45 | 235,000 | 281 | |
U. S. Treasury Bonds, 3.00%, 11/15/45 | 435,000 | 522 | |
U. S. Treasury Bonds, 3.00%, 2/15/47 | 220,000 | 266 | |
U. S. Treasury Bonds, 3.00%, 5/15/47 | 100,000 | 121 | |
U. S. Treasury Bonds, 3.00%, 2/15/48 | 910,000 | 1,104 | |
U. S. Treasury Bonds, 3.00%, 8/15/48 | 1,080,000 | 1,314 | |
U. S. Treasury Bonds, 3.125%, 11/15/41 (3) | 3,812,000 | 4,620 | |
U. S. Treasury Bonds, 3.125%, 2/15/43 | 490,000 | 593 | |
U. S. Treasury Bonds, 3.125%, 8/15/44 | 610,000 | 742 | |
U. S. Treasury Bonds, 3.50%, 2/15/39 | 2,385,000 | 3,037 | |
U. S. Treasury Bonds, 3.625%, 8/15/43 | 195,000 | 255 | |
U. S. Treasury Bonds, 3.875%, 8/15/40 | 65,000 | 87 | |
U. S. Treasury Bonds, 5.50%, 8/15/28 | 80,000 | 106 | |
U. S. Treasury Inflation-Indexed Bonds, 0.625%, 2/15/43 | 804,702 | 871 | |
U. S. Treasury Inflation-Indexed Bonds, 0.75%, 2/15/42 | 73,989 | 82 | |
U. S. Treasury Inflation-Indexed Bonds, 0.75%, 2/15/45 | 164,931 | 184 | |
U. S. Treasury Inflation-Indexed Bonds, 0.875%, 2/15/47 | 174,745 | 202 | |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
U. S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/46 | 441,698 | 522 |
U. S. Treasury Inflation-Indexed Bonds, 1.00%, 2/15/49 | 251,449 | 303 |
U. S. Treasury Inflation-Indexed Bonds, 1.375%, 2/15/44 | 62,906 | 79 |
U. S. Treasury Inflation-Indexed Bonds, 2.00%, 1/15/26 | 200,866 | 227 |
U. S. Treasury Inflation-Indexed Bonds, 2.125%, 2/15/40 | 341,533 | 472 |
U. S. Treasury Inflation-Indexed Bonds, 2.125%, 2/15/41 | 44,631 | 62 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 4/15/21 | 1,923,028 | 1,919 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/22 | 842,875 | 845 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/22 | 1,980,828 | 1,997 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/23 | 2,192,962 | 2,208 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 10/15/24 | 1,608,026 | 1,638 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 7/15/26 | 1,232,923 | 1,262 |
U. S. Treasury Inflation-Indexed Notes, 0.125%, 1/15/30 | 99,971 | 102 |
U. S. Treasury Inflation-Indexed Notes, 0.25%, 1/15/25 | 473,357 | 484 |
U. S. Treasury Inflation-Indexed Notes, 0.25%, 7/15/29 | 776,269 | 807 |
U. S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/25 | 476,686 | 494 |
U. S. Treasury Inflation-Indexed Notes, 0.375%, 1/15/27 | 236,914 | 246 |
U. S. Treasury Inflation-Indexed Notes, 0.375%, 7/15/27 | 113,559 | 119 |
U. S. Treasury Inflation-Indexed Notes, 0.50%, 4/15/24 | 1,132,510 | 1,164 |
U. S. Treasury Inflation-Indexed Notes, 0.50%, 1/15/28 | 198,225 | 208 |
U. S. Treasury Inflation-Indexed Notes, 0.625%, 7/15/21 | 1,827,061 | 1,846 |
U. S. Treasury Inflation-Indexed Notes, 0.625%, 4/15/23 | 1,212,559 | 1,240 |
U. S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/24 | 405,657 | 419 |
U. S. Treasury Inflation-Indexed Notes, 0.625%, 1/15/26 | 1,737,364 | 1,822 |
U. S. Treasury Inflation-Indexed Notes, 0.75%, 7/15/28 | 550,248 | 594 |
U. S. Treasury Inflation-Indexed Notes, 1.75%, 1/15/28 | 35,604 | 41 |
U. S. Treasury Inflation-Indexed Notes, 2.50%, 1/15/29 | 1,132,101 | 1,398 |
U. S. Treasury Notes, 1.50%, 9/30/21 | 145,000 | 145 |
U. S. Treasury Notes, 1.50%, 8/15/26 | 1,010,000 | 1,016 |
U. s. Treasury Notes, 1.625%, 12/31/21 | 326,000 | 328 |
U. S. Treasury Notes, 1.625%, 2/15/26 | 35,000 | 35 |
U. S. Treasury Notes, 1.875%, 9/30/22 | 25,000 | 25 |
U. S. Treasury Notes, 2.00%, 5/31/24 | 160,000 | 165 |
U. S. Treasury Notes, 2.125%, 8/15/21 | 10,000 | 10 |
U. S. Treasury Notes, 2.25%, 11/15/27 | 35,000 | 37 |
U. S. Treasury Notes, 2.50%, 1/31/24 | 230,000 | 241 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||
Shares/Par | $ Value | |
(Cost and value in $000s) | ||
U. S. Treasury Notes, 2.625%, 7/31/20 | 50,000 | 50 |
U. S. Treasury Notes, 2.75%, 7/31/23 | 1,315,000 | 1,379 |
U. S. Treasury Notes, 2.75%, 2/15/24 | 45,000 | 48 |
U. S. Treasury Notes, 2.75%, 2/15/28 (3) | 2,665,000 | 2,926 |
53,769 | ||
Municipal Securities 0.2% | ||
California, Build America, GO, 7.625%, 3/1/40 | 35,000 | 59 |
Florida State Board of Administration Fin. Corp. , Series A, | ||
2.638%, 7/1/21 | 45,000 | 46 |
JobsOhio Beverage System, Liquid Profits, Series B, 3.985%, | ||
1/1/29 | 15,000 | 17 |
Los Angeles Airport, Build America, Series C, 7.053%, 5/15/40 | 15,000 | 24 |
Maryland Economic Dev. , Seagirt Marine Terminal, Series B, | ||
4.75%, 6/1/42 | 175,000 | 191 |
Maryland HHEFA, Univ. of Maryland Medical, Series B, 4.665%, | ||
7/1/36 | 20,000 | 24 |
Metropolitan Transportation Auth. , Build America, Series A-1, | ||
5.871%, 11/15/39 | 15,000 | 20 |
Miami-Dade County Transit System, Build America, Series B, | ||
5.624%, 7/1/40 | 160,000 | 220 |
Miami-Dade County Water & Sewer System, Series C, 3.49%, | ||
10/1/42 | 90,000 | 94 |
Municipal Electric Auth. of Georgia, Build America, Vogtle Units, | ||
6.655%, 4/1/57 | 129,000 | 189 |
New York State Dormitory Auth. , Build America, 5.628%, | ||
3/15/39 | 15,000 | 19 |
Philadelphia Auth. for IDA, GO, 3.964%, 4/15/26 | 5,000 | 5 |
Port Auth. of New York & New Jersey, Series 182, 5.31%, | ||
8/1/46 | 20,000 | 22 |
South Carolina Public Service Auth. , Series D, 2.388%, 12/1/23 | 25,000 | 25 |
Texas A&M Univ. , Series B, 3.33%, 5/15/39 | 250,000 | 264 |
Univ. of California Regents, Build America, 5.77%, 5/15/43 | 15,000 | 21 |
Univ. of California Regents, Series AJ, 4.601%, 5/15/31 | 25,000 | 30 |
Virginia Commonwealth Univ. Health System Auth. , Series A, | ||
4.956%, 1/1/44 | 25,000 | 33 |
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND | ||||
Shares/Par | $ Value | |||
(Cost and value in $000s) | ||||
Wisconsin General Fund Annual Appropriation, Series A, | ||||
3.954%, 5/1/36 | 110,000 | 120 | ||
1,423 | ||||
Bond Mutual Funds 19.4% | ||||
T. Rowe Price Dynamic Global Bond Fund - I Class, 2.23% | ||||
(12)(13) | 1,657,486 | 15,017 | ||
T. Rowe Price Emerging Markets Local Currency Bond Fund, | ||||
4.72% (12)(13) | 3,444,329 | 21,975 | ||
T. Rowe Price Institutional Emerging Markets Bond Fund, | ||||
4.43% (12)(13) | 3,679,160 | 31,972 | ||
T. Rowe Price Institutional Floating Rate Fund, 4.52% (12)(13) | 1,144,161 | 11,293 | ||
T. Rowe Price Institutional High Yield Fund, 4.26% (12)(13) | 1,860,939 | 16,469 | ||
T. Rowe Price International Bond Fund (USD Hedged) - I Class, | ||||
1.45% (12)(13) | 732,363 | 7,412 | ||
T. Rowe Price International Bond Fund - I Class, 1.48% (12)(13) | 2,053,284 | 18,623 | ||
T. Rowe Price Ultra Short-Term Bond Fund - I Class, 2.08% | ||||
(12)(13) | 5,972,731 | 30,162 | ||
152,923 | ||||
Equity Mutual Funds 0.5% | ||||
T. Rowe Price Institutional Frontier Markets Equity Fund (13) | 440,576 | 4,212 | ||
4,212 | ||||
Private Investment Companies 10.0% | ||||
Blackstone Partners Offshore Fund (1)(6) | 65,319 | 78,840 | ||
78,840 | ||||
Total United States (Cost $464,461) | 532,669 | |||
SHORT-TERM INVESTMENTS 1.9% | ||||
Money Market Funds 1.9% | ||||
T. Rowe Price Treasury Reserve Fund, 1.57% (13)(14) | 14,757,436 | 14,757 | ||
Total Short-Term Investments (Cost $14,757) | 14,757 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
Shares/Par | $ Value | |||
(Cost and value in $000s) | ||||
SECURITIES LENDING COLLATERAL 0.4% | ||||
Investments in a Pooled Account through Securities Lending | ||||
Program with JPMorgan Chase Bank 0.4% | ||||
Short-Term Funds 0.4% | ||||
T. Rowe Price Short-Term Fund, 1.75% (13)(14) | 304,942 | 3,050 | ||
Total Investments in a Pooled Account through Securities Lending Program with | ||||
JPMorgan Chase Bank | 3,050 | |||
Investments in a Pooled Account through Securities Lending | ||||
Program with State Street Bank and Trust Company 0.0% | ||||
Short-Term Funds 0.0% | ||||
T. Rowe Price Short-Term Fund, 1.75% (13)(14) | 12,136 | 121 | ||
Total Investments in a Pooled Account through Securities Lending Program with | ||||
State Street Bank and Trust Company | 121 | |||
Total Securities Lending Collateral (Cost $3,171) | 3,171 | |||
Total Investments in Securities 100.4% | ||||
(Cost $692,080) | $ | 791,096 | ||
Other Assets Less Liabilities (0.4)% | (3,278) | |||
Net Assets 100.0% | $ | 787,818 |
‡ | 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 $18,283 and represents 2.3% of net assets. | ||
(3) | All or a portion of this security is pledged to cover or as collateral for written | |
call options at January 31, 2020. | ||
(4) | Preferred stocks are shares that carry certain preferential rights. The dividend | |
rate may not be consistent each pay period and could be zero for a particular | ||
year. | ||
(5) | Security cannot be offered for public resale without first being registered | |
under the Securities Act of 1933 and related rules ("restricted security"). | ||
Acquisition date represents the day on which an enforceable right to acquire | ||
such security is obtained and is presented along with related cost in the | ||
security description. The fund has registration rights for certain restricted | ||
securities. Any costs related to such registration are borne by the issuer. The | ||
aggregate value of restricted securities (excluding 144A holdings) at period- | ||
end amounts to $532 and represents 0.1% of net assets. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
(6) | Level 3 in fair value hierarchy. | |
(7) | All or a portion of this security is on loan at January 31, 2020. | |
(8) | Security is a fix-to-float security, which carries a fixed coupon until a certain | |
date, upon which it switches to a floating rate. Reference rate and spread is | ||
provided if the rate is currently floating. | ||
(9) | Organized as a closed-end management investment company. | |
(10) | Issuer operates under a Congressional charter; its securities are neither issued | |
nor guaranteed by the U. S. government. The Federal National Mortgage | ||
Association and the Federal Home Loan Mortgage Corporation, including | ||
UMBS, currently operate under a federal conservatorship. | ||
(11) | At January 31, 2020, all or a portion of this security is pledged as collateral | |
and/or margin deposit to cover future funding obligations. | ||
(12) | SEC 30-day yield | |
(13) | Affiliated Companies | |
(14) | Seven-day yield | |
1M USD LIBOR | One month USD LIBOR (London interbank offered rate) | |
3M USD LIBOR | Three month USD LIBOR (London interbank offered rate) | |
ADR | American Depositary Receipts | |
ARM | Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. | |
The rates for certain ARMs are not based on a published reference rate and | ||
spread but may be determined using a formula-based on the rates of the | ||
underlying loans. | ||
AUD | Australian Dollar | |
CAD | Canadian Dollar | |
CDI | CHESS or CREST Depositary Interest | |
CHF | Swiss Franc | |
CLO | Collateralized Loan Obligation | |
CMO | Collateralized Mortgage Obligation | |
CNH | Offshore China Renminbi | |
CVA | Dutch Certificate (Certificaten Van Aandelen) | |
DKK | Danish Krone | |
ETF | Exchange-Traded Fund | |
EUR | Euro | |
FRN | Floating Rate Note | |
GBP | British Pound | |
GDR | Global Depositary Receipts | |
GO | General Obligation | |
HHEFA | Health & Higher Educational Facility Authority | |
HKD | Hong Kong Dollar | |
IDA | Industrial Development Authority/Agency | |
ILS | Israeli Shekel | |
JPY | Japanese Yen | |
NOK | Norwegian Krone | |
NZD | New Zealand Dollar | |
OTC | Over-the-counter | |
PTT | Pass-Through Trust | |
REIT | A domestic Real Estate Investment Trust whose distributions pass-through | |
with original tax character to the shareholder | ||
SDR | Swedish Depositary Receipts | |
SEK | Swedish Krona | |
SGD | Singapore Dollar | |
STEP | Stepped coupon bond for which the coupon rate of interest adjusts on | |
specified date(s); rate shown is effective rate at period-end. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
UMBS | Uniform Mortgage-Backed Securities |
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. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
(Amounts in 000s, except for contracts) | |||||||
OPTIONS WRITTEN (0.1)% | |||||||
Exchange-Traded Options Written (0.1)% | |||||||
Description | Contracts | Notional Amount | $ Value | ||||
iShares iBoxx High Yield Corporate Bond ETF, Put, | |||||||
2/21/20@ $87.00 | 1,365 | 11,948 | (60) | ||||
S&P 500 Index, Call, 2/21/20 @ $3,350.00 | 28 | 9,032 | (9) | ||||
S&P 500 Index, Call, 2/21/20 @ $3,325.00 | 28 | 9,031 | (19) | ||||
S&P 500 Index, Call, 2/21/20 @ $3,300.00 | 29 | 9,354 | (41) | ||||
S&P 500 Index, Put, 2/21/20 @ $3,075.00 | 40 | 12,902 | (62) | ||||
U. S. Treasury Long Bond futures contracts, Call, | |||||||
2/21/20@ $162.00 | 31 | 5,070 | (74) | ||||
U. S. Treasury Long Bond futures contracts, Call, | |||||||
2/21/20@ $160.00 | 29 | 4,742 | (112) | ||||
U. S. Treasury Long Bond futures contracts, Put, | |||||||
2/21/20@ $154.00 | 31 | 5,070 | — | ||||
U. S. Treasury Long Bond futures contracts, Put, | |||||||
2/21/20@ $153.00 | 29 | 4,742 | — | ||||
Total Exchange-Traded Options Written (Premiums $(313)) | $ (377) | ||||||
OTC Options Written (0.0)% | |||||||
Counterparty | Description | Contracts | Notional Amount | $ Value | |||
JPMorgan | Erste Group Bank, Call, 2/21/20 @ | ||||||
Chase | 36.00(EUR) | 4 | 13 | — | |||
JPMorgan | Erste Group Bank, Call, 3/20/20 @ | ||||||
Chase | 36.00(EUR) | 3 | 10 | — | |||
Goldman | |||||||
Sachs | Essity, Call, 2/21/20 @ 330.00 (SEK) | 7 | 214 | — | |||
Goldman | |||||||
Sachs | Essity, Call, 2/21/20 @ 320.00 (SEK) | 23 | 703 | — | |||
JPMorgan | NXP Semiconductors, Call, 7/17/20 @ | ||||||
Chase | $145.00 | 1 | 13 | — | |||
JPMorgan | NXP Semiconductors, Call, 1/15/21 @ | ||||||
Chase | $150.00 | 3 | 38 | (2) | |||
JPMorgan | |||||||
Chase | Thales, Call, 2/21/20 @ 98.00 (EUR) | 2 | 20 | (1) | |||
The accompanying notes are an integral part of this Portfolio of Investments. |
T. ROWE PRICE GLOBAL ALLOCATION FUND
(Amounts in 000s, except for contracts) | |||||
OTC Options Written (Continued) | |||||
Counterparty | Description | Contracts | Notional Amount | $ Value | |
JPMorgan | Ubisoft Entertainment, Call, 2/21/20 @ | ||||
Chase | 70.00 (EUR) | 3 | 20 | (1) | |
Total OTC Options Written (Premiums $(5)) | $ | (4) | |||
Total Options Written (Premiums $(318)) | $ | (381) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
(Amounts In 000s) | |||||||||
FORWARDCURRENCYEXCHANGECONTRACTS | |||||||||
Unrealized | |||||||||
Counterparty | Settlement | Receive | Deliver | Gain/(Loss) | |||||
JPMorgan Chase | 2/4/20 | AUD | 4,601 | USD | 3,080$ | 1 | |||
JPMorgan Chase | 2/4/20 | CHF | 4,217 | USD | 4,371 | 8 | |||
JPMorgan Chase | 2/4/20 | DKK | 5,715 | USD | 847 | 1 | |||
JPMorgan Chase | 2/4/20 | EUR | 13,228 | USD | 14,658 | 16 | |||
JPMorgan Chase | 2/4/20 | GBP | 5,847 | USD | 7,709 | 13 | |||
JPMorgan Chase | 2/4/20 | HKD | 11,860 | USD | 1,527 | — | |||
JPMorgan Chase | 2/4/20 | ILS | 532 | USD | 154 | — | |||
JPMorgan Chase | 2/4/20 | JPY | 1,245,075 | USD | 11,489 | 4 | |||
JPMorgan Chase | 2/4/20 | NOK | 2,559 | USD | 278 | 1 | |||
JPMorgan Chase | 2/4/20 | NZD | 194 | USD | 126 | — | |||
JPMorgan Chase | 2/4/20 | SEK | 11,715 | USD | 1,215 | 2 | |||
JPMorgan Chase | 2/4/20 | SGD | 804 | USD | 589 | — | |||
JPMorgan Chase | 2/4/20 | USD | 3,236 | AUD | 4,601 | 156 | |||
JPMorgan Chase | 2/4/20 | USD | 4,363 | CHF | 4,217 | (16) | |||
JPMorgan Chase | 2/4/20 | USD | 860 | DKK | 5,715 | 12 | |||
JPMorgan Chase | 2/4/20 | USD | 14,877 | EUR | 13,228 | 202 | |||
JPMorgan Chase | 2/4/20 | USD | 7,751 | GBP | 5,847 | 30 | |||
JPMorgan Chase | 2/4/20 | USD | 1,521 | HKD | 11,860 | (6) | |||
JPMorgan Chase | 2/4/20 | USD | 154 | ILS | 532 | — | |||
JPMorgan Chase | 2/4/20 | USD | 11,473 | JPY | 1,245,075 | (20) | |||
JPMorgan Chase | 2/4/20 | USD | 291 | NOK | 2,559 | 13 | |||
JPMorgan Chase | 2/4/20 | USD | 131 | NZD | 194 | 5 | |||
JPMorgan Chase | 2/4/20 | USD | 1,253 | SEK | 11,715 | 36 | |||
JPMorgan Chase | 2/4/20 | USD | 598 | SGD | 804 | 9 | |||
JPMorgan Chase | 3/3/20 | USD | 3,220 | AUD | 4,809 | (1) | |||
JPMorgan Chase | 3/3/20 | USD | 4,502 | CHF | 4,335 | (8) | |||
JPMorgan Chase | 3/3/20 | USD | 883 | DKK | 5,941 | (1) | |||
JPMorgan Chase | 3/3/20 | USD | 14,747 | EUR | 13,286 | (17) | |||
JPMorgan Chase | 3/3/20 | USD | 7,602 | GBP | 5,762 | (13) | |||
JPMorgan Chase | 3/3/20 | USD | 1,465 | HKD | 11,379 | — | |||
JPMorgan Chase | 3/3/20 | USD | 160 | ILS | 551 | — | |||
JPMorgan Chase | 3/3/20 | USD | 11,378 | JPY | 1,231,221 | (5) | |||
JPMorgan Chase | 3/3/20 | USD | 277 | NOK | 2,555 | (1) | |||
JPMorgan Chase | 3/3/20 | USD | 129 | NZD | 199 | — | |||
JPMorgan Chase | 3/3/20 | USD | 1,241 | SEK | 11,945 | (2) | |||
JPMorgan Chase | 3/3/20 | USD | 589 | SGD | 803 | — | |||
UBS Investment Bank | 2/14/20 | USD | 118 | JPY | 12,866 | (1) | |||
Net unrealized gain (loss) on open forward | |||||||||
currency exchange contracts | $ | 418 |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
FUTURESCONTRACTS | ||||||||
($000s) | ||||||||
Value and | ||||||||
Expiration | Notional | Unrealized Gain | ||||||
Date | Amount | (Loss) | ||||||
Short, 37 MSCI EAFE Index contracts | 3/20 | (3,656) | $ | 96 | ||||
Long, 502 Russell 2000 E-Mini Index contracts | 3/20 | 40,529 | (855) | |||||
Short, 13 S&P 500 E-Mini Index contracts | 3/20 | (2,096) | 5 | |||||
Long, 27 U.S. Treasury Long Bonds contracts | 3/20 | 4,415 | 54 | |||||
Long, 67 U. S. Treasury Notes five year contracts | 3/20 | 8,062 | 62 | |||||
Short, 20 U. S. Treasury Notes ten year contracts | 3/20 | (2,633) | (39) | |||||
Long, 29 U. S. Treasury Notes two year contracts | 3/20 | 6,274 | 26 | |||||
Long, 1 Ultra U. S. Treasury Bonds contracts | 3/20 | 194 | (1) | |||||
Long, 17 Ultra U. S. Treasury Notes ten year contracts | 3/20 | 2,476 | 50 | |||||
Net payments (receipts) of variation margin to date | (155) | |||||||
Variation margin receivable (payable) on open futures contracts | $ | (757) |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
Affiliated Companies
($000s)
The fund may invest in certain securities that are considered affiliated companies. As defined
by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the
outstanding voting securities, or a company that is under common ownership or control. The
following securities were considered affiliated companies for all or some portion of the three
months ended January 31, 2020. 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.
Change in Net | |||||||
Net Realized Gain | Unrealized | Investment | |||||
Affiliate | (Loss) | Gain/Loss | Income | ||||
T. Rowe Price Dynamic Global | |||||||
Bond Fund - I Class | $ | — | $ | (81) | $ | 103 | |
T. Rowe Price Emerging Markets | |||||||
Local Currency Bond Fund | — | (28) | 281 | ||||
T. Rowe Price Institutional | |||||||
Emerging Markets Bond Fund | — | 774 | 409 | ||||
T. Rowe Price Institutional | |||||||
Floating Rate Fund | — | 71 | 116 | ||||
T. Rowe Price Institutional | |||||||
Frontier Markets Equity Fund | — | 131 | 52 | ||||
T. Rowe Price Institutional High | |||||||
Yield Fund | — | 110 | 224 | ||||
T. Rowe Price International | |||||||
Bond Fund (USD Hedged) - I | |||||||
Class | — | (27) | 134 | ||||
T. Rowe Price International | |||||||
Bond Fund - I Class | — | 69 | 102 | ||||
T. Rowe Price Ultra Short-Term | |||||||
Bond Fund - I Class | — | — | 181 | ||||
T. Rowe Price Treasury Reserve | |||||||
Fund | — | — | 57 | ||||
T. Rowe Price Short-Term Fund | — | — | —++ | ||||
Totals | $ | —# | $ | 1,019 | $ | 1,659+ |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
Affiliated Companies (Continued) | |||||||
($000s) | |||||||
Supplementary Investment Schedule | |||||||
Value | Purchase | Sales | Value | ||||
Affiliate | 10/31/19 | Cost | Cost | 1/31/20 | |||
T. Rowe Price Dynamic | |||||||
Global Bond Fund - I Class $ | 14,393 | $ | 705 | $ | — | $ 15,017 | |
T. Rowe Price Emerging | |||||||
Markets Local Currency | |||||||
Bond Fund | 21,316 | 687 | — | 21,975 | |||
T. Rowe Price Institutional | |||||||
Emerging Markets Bond | |||||||
Fund | 30,181 | 1,017 | — | 31,972 | |||
T. Rowe Price Institutional | |||||||
Floating Rate Fund | 9,353 | 1,869 | — | 11,293 | |||
T. Rowe Price Institutional | |||||||
Frontier Markets Equity | |||||||
Fund | 4,029 | 52 | — | 4,212 | |||
T. Rowe Price Institutional | |||||||
High Yield Fund | 15,730 | 629 | — | 16,469 | |||
T. Rowe Price International | |||||||
Bond Fund (USD Hedged) - I | |||||||
Class | 7,304 | 135 | — | 7,412 | |||
T. Rowe Price International | |||||||
Bond Fund - I Class | 17,951 | 604 | — | 18,623 | |||
T. Rowe Price Ultra Short- | |||||||
Term Bond Fund - I Class | 29,978 | 184 | — | 30,162 | |||
T. Rowe Price Treasury | |||||||
Reserve Fund | 14,187 | ¤ | ¤ | 14,757 | |||
T. Rowe Price Short-Term | |||||||
Fund | 2,701 | ¤ | ¤ | 3,171 | |||
$ 175,063 | ^ |
# | Capital gain distributions from mutual funds represented $97 of the net realized gain (loss) . |
++ Excludes earnings on securities lending collateral, which are subject to rebates and fees. | |
+ | Investment income comprised $1,659 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 $175,658. |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE GLOBAL ALLOCATION FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS
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 BoardAccounting Standards CodificationTopic 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
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.
Fair Value
The fund’s financial instruments 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 procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.
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 instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)
Level 3 - unobservable inputs
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.
T. ROWE PRICE GLOBAL ALLOCATION FUND
Valuation Techniques
Equity securities 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.
For valuation purposes, 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, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews 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 may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. 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. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.
Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.
Debt securities generally are traded in the 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. Generally, debt securities are categorized in Level 2 of the fair value
hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities would be
categorized in Level 3.
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 quoted by a major bank.
Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. 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. Investments in private investment companies generally are categorized either in Level 2
or 3, depending on the significance of unobservable inputs. Listed options, and OTC options with a listed equivalent,
are valued at the mean of the closing bid and asked prices and generally are categorized in Level 2 of the fair value
hierarchy. Exchange-traded options on futures contracts are valued at closing settlement prices and generally are
categorized in Level 1 of the fair value hierarchy. Financial futures contracts are valued at closing settlement prices and
are categorized in Level 1 of the fair value hierarchy. Forward currency exchange contracts are valued using the
prevailing forward exchange rate and are categorized in Level 2 of the fair value hierarchy.
Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
T. ROWE PRICE GLOBAL ALLOCATION FUND
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.
Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. 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; 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
issue. 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. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.
Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on January 31, 2020 (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 Securities1 | $ | — | $ 110,619 | $ — | $ 110,619 | |||
Bond Mutual Funds | 152,923 | — | — | 152,923 | ||||
Common Stocks | 223,465 | 198,615 | 140 | 422,220 | ||||
Convertible Preferred Stocks | — | 1,214 | 420 | 1,634 | ||||
Equity Mutual Funds | 4,212 | — | — | 4,212 | ||||
Preferred Stocks | — | 2,720 | — | 2,720 | ||||
Private Investment Companies | — | — | 78,840 | 78,840 | ||||
Short-Term Investments | 14,757 | — | — | 14,757 | ||||
Securities Lending Collateral | 3,171 | — | — | 3,171 | ||||
Total Securities | 398,528 | 313,168 | 79,400 | 791,096 | ||||
Forward Currency Exchange Contracts | — | 509 | — | 509 | ||||
Total | $ | 398,528 | $ 313,677 | $ 79,400 | $ 791,605 | |||
Liabilities | ||||||||
Options Written | $ | 186 | $ 195 | $ — | $ 381 | |||
Forward Currency Exchange Contracts | — | 91 | — | 91 | ||||
Futures Contracts | 757 | — | — | 757 | ||||
Total | $ | 943 | $ 286 | $ — | $ 1,229 |
1Includes Asset-Backed Securities, Corporate Bonds, Government Bonds, Municipal Securities, Non-U.S.
Government Mortgage-Backed Securities, U.S. Government & Agency Mortgage-Backed Securities, U.S.
Government Agency Obligations (Excluding Mortgage-Backed).
Following is a reconciliation of the fund’s Level 3 holdings for the period ended January 31, 2020. Gain (loss) reflects
both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized
gain/loss on Level 3 instruments held at January 31, 2020, totaled $1,936,000 for the period ended January 31, 2020.
During the period, transfers into Level 3 resulted from a lack of observable market data for the security.
T. ROWE PRICE GLOBAL ALLOCATION FUND
($000s) | Beginning | Transfers | Ending | |||||||||||||
Balance | Gain (Loss) | Total | Into | Balance | ||||||||||||
11/1/19 | During Period | Purchases | Total Sales | Level 3 | 1/31/20 | |||||||||||
Investment in Securities | ||||||||||||||||
Common Stocks | $ | 138 | $ | (23) | $ | – | $ | (4) | $ | 29 | $ | 140 | ||||
Convertible Preferred | ||||||||||||||||
Stocks | 229 | 55 | 136 | – | – | 420 | ||||||||||
Private Investment | ||||||||||||||||
Companies | 72,436 | 1,904 | 4,500 | – | – | 78,840 | ||||||||||
Total | $ | 72,803 | $ | 1,936 | $ | 4,636 | $ | (4) | $ | 29 | $ | 79,400 |
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.
Investments | Market | Valuation | Significant Unobservable | Value or | Weighted | Impact to | ||||
in Securities | Value | Technique(s) + | Input(s) | Range of | Average of | Valuation | ||||
(000s) | Input(s) | Input(s) * | from an | |||||||
Increase in | ||||||||||
Input** | ||||||||||
Common | $ 140 | Recent | -# | -# | -# | -# | ||||
Stock | comparable | |||||||||
transaction | ||||||||||
price(s) | ||||||||||
Market | Enterprise Value to Gross | 10.9x - 18.4x | 14.8x | Increase | ||||||
comparable | Profit Multiple | |||||||||
Discount for lack of | 10% | 10% | Decrease | |||||||
marketability | ||||||||||
EBIT Growth Rate | 56% | 56% | Increase | |||||||
Enterprise Value to Sales | 7.2x | 7.2x | Increase | |||||||
Multiple | ||||||||||
Enterprise Value to EBIT | 15.7x - 19.9x | 17.8x | Increase | |||||||
Multiple | ||||||||||
Convertible | $ 420 | Recent | -# | -# | -# | -# | ||||
Preferred | comparable | |||||||||
Stocks | transaction | |||||||||
price(s) | ||||||||||
Market | Discount for lack of | 10% | 10% | Decrease | ||||||
comparable | marketability | |||||||||
EBIT Growth Rate | 40% | 40% | Increase | |||||||
Enterprise Value to Sales | 4.4x | 4.4x | Increase | |||||||
Multiple | ||||||||||
Enterprise Value to EBIT | 17.9x - 23.6x | 20.8x | Increase | |||||||
Multiple | ||||||||||
Private | $ 78,840 | Rollforward of | Estimated return | 0.77% | 0.77% | Increase | ||||
Investment | Investee NAV | |||||||||
Companies |
# - 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 our judgment of current market participant assumptions.