T.

ROWE

PRICE

Global

Allocation

Fund

January

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.1%

Common

Stocks

0.1%

Globant

(USD) (1)

96‌

16‌

MercadoLibre

(USD) (1)

784‌

926‌

Tenaris,

ADR

(USD) 

1,438‌

51‌

Total

Argentina

(Cost

$341

)

993‌

AUSTRALIA

0.9%

Common

Stocks

0.8%

ALS 

31,124‌

289‌

Australia

&

New

Zealand

Banking

Group 

15,351‌

273‌

BHP

Group 

48,786‌

1,708‌

BHP

Group

(GBP) 

19,591‌

687‌

BlueScope

Steel 

12,570‌

171‌

Capricorn

Metals (1)

2,803‌

9‌

Challenger 

24,970‌

128‌

Cochlear 

1,448‌

219‌

Downer

EDI 

32,081‌

86‌

Frontier

Digital

Ventures (1)

203,724‌

128‌

Goodman

Group 

10,293‌

147‌

IDP

Education 

7,908‌

176‌

IGO 

80,335‌

835‌

Macquarie

Group 

2,321‌

310‌

Northern

Star

Resources 

51,580‌

460‌

oOh!media 

83,378‌

85‌

OZ

Minerals 

14,180‌

281‌

Perseus

Mining 

162,425‌

247‌

Rio

Tinto 

5,000‌

449‌

Scentre

Group 

160,420‌

348‌

South32 

178,168‌

572‌

Suncorp

Group 

11,585‌

103‌

Tietto

Minerals (1)

185,756‌

99‌

Woodside

Energy

Group

(GBP) 

2,412‌

62‌

Worley 

46,409‌

509‌

8,381‌

Corporate

Bonds

0.1%

Ausgrid

Finance,

3.85%,

5/1/23

(USD) (2)

105,000‌

105‌

Transurban

Finance,

2.45%,

3/16/31

(USD) (2)

140,000‌

113‌

Transurban

Finance,

4.125%,

2/2/26

(USD) (2)

15,000‌

15‌

Woodside

Finance,

3.70%,

3/15/28

(USD) (2)

67,000‌

62‌

T.

ROWE

PRICE

Global

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Woodside

Finance,

4.50%,

3/4/29

(USD) (2)

105,000‌

101‌

396‌

Total

Australia

(Cost

$5,897

)

8,777‌

AUSTRIA

0.2%

Common

Stocks

0.2%

BAWAG

Group 

20,892‌

1,294‌

Erste

Group

Bank 

7,767‌

295‌

Schoeller-Bleckmann

Oilfield

Equipment 

1,868‌

137‌

Total

Austria

(Cost

$1,125

)

1,726‌

BAHRAIN

0.0%

Common

Stocks

0.0%

Aluminium

Bahrain 

40,853‌

132‌

Total

Bahrain

(Cost

$137

)

132‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

243,951‌

88‌

Square

Pharmaceuticals 

61,412‌

121‌

Total

Bangladesh

(Cost

$256

)

209‌

BELGIUM

0.1%

Common

Stocks

0.1%

KBC

Group 

1,682‌

125‌

Shurgard

Self

Storage 

1,751‌

85‌

Umicore 

7,180‌

271‌

Warehouses

De

Pauw 

3,224‌

102‌

583‌

Corporate

Bonds

0.0%

Anheuser-Busch,

4.90%,

2/1/46

(USD) 

90,000‌

88‌

88‌

Total

Belgium

(Cost

$583

)

671‌

BRAZIL

0.4%

Common

Stocks

0.4%

Arco

Platform,

Class

A

(USD) (1)

7,872‌

104‌

B3 

336,200‌

859‌

CI&T,

Class

A

(USD) (1)

4,658‌

35‌

T.

ROWE

PRICE

Global

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

EDP

-

Energias

Do

Brasil 

11,968‌

48‌

Grupo

SBF 

35,200‌

77‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

16,000‌

97‌

Klabin 

22,300‌

85‌

Localiza

Rent

a

Car 

79,449‌

927‌

Localiza

Rent

a

Car,

Rights,

2/3/23 (1)

310‌

1‌

Raia

Drogasil 

176,618‌

866‌

Suzano 

11,657‌

107‌

Vale 

3,468‌

65‌

WEG 

43,300‌

327‌

XP,

Class

A

(USD) (1)

26,272‌

468‌

4,066‌

Preferred

Stocks

0.0%

Marcopolo 

226,900‌

135‌

135‌

Total

Brazil

(Cost

$4,175

)

4,201‌

CANADA

1.4%

Common

Stocks

1.2%

Altus

Group 

4,284‌

183‌

Aritzia (1)

6,891‌

249‌

ATS (1)

1,300‌

53‌

BRP 

774‌

65‌

CAE (1)

6,269‌

142‌

Canadian

Apartment

Properties

REIT (3)

2,266‌

84‌

Canadian

Natural

Resources 

2,536‌

156‌

Canadian

Pacific

Railway

(USD) 

4,309‌

340‌

Constellation

Software 

122‌

216‌

Definity

Financial 

12,071‌

325‌

dentalcorp

Holdings (1)(3)

12,162‌

89‌

Descartes

Systems

Group (1)

3,904‌

285‌

Descartes

Systems

Group

(USD) (1)

1,011‌

74‌

Element

Fleet

Management 

33,076‌

467‌

ERO

Copper (1)

2,210‌

36‌

Exchange

Income 

1,300‌

54‌

Filo

Mining (1)

950‌

17‌

Franco-Nevada 

2,619‌

384‌

Granite

Real

Estate

Investment

Trust (3)

1,091‌

67‌

Ivanhoe

Mines,

Class

A (1)

2,100‌

20‌

K92

Mining (1)(3)

35,553‌

206‌

Karora

Resources (1)

35,695‌

141‌

Magna

International

(USD) 

7,771‌

505‌

Manulife

Financial 

23,468‌

464‌

National

Bank

of

Canada (3)

11,321‌

850‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nutrien

(USD) 

37,699‌

3,121‌

Orla

Mining (1)

19,878‌

86‌

Osisko

Mining (1)

16,667‌

47‌

Rhyolite

Resources (1)

25,895‌

2‌

Richelieu

Hardware 

2,800‌

83‌

Shopify,

Class

A (1)

5,420‌

267‌

Shopify,

Class

A

(USD) (1)

9,787‌

482‌

Spin

Master 

7,039‌

185‌

StorageVault

Canada 

27,293‌

132‌

Summit

Industrial

Income

REIT 

6,600‌

113‌

Sun

Life

Financial 

14,072‌

707‌

Suncor

Energy 

8,507‌

295‌

TC

Energy 

2,325‌

100‌

TC

Energy

(USD) 

1,618‌

70‌

TELUS

International

CDA (1)

3,268‌

78‌

TMX

Group 

3,171‌

312‌

Toromont

Industries 

2,391‌

191‌

Victoria

Gold (1)

14,466‌

114‌

Wesdome

Gold

Mines (1)

16,790‌

78‌

West

Fraser

Timber 

259‌

22‌

Wheaton

Precious

Metals 

1,916‌

88‌

12,045‌

Corporate

Bonds

0.1%

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

96‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

117‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

500,000‌

413‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

10‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

133‌

Toronto-Dominion

Bank,

3.50%,

7/19/23

(USD) 

235,000‌

234‌

1,003‌

Government

Bonds

0.1%

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

130‌

Province

of

Manitoba,

Series

GX,

2.60%,

4/16/24

(USD) 

270,000‌

263‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

244‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD) 

50,000‌

49‌

686‌

Total

Canada

(Cost

$12,387

)

13,734‌

CAYMAN

ISLANDS

0.0%

Common

Stocks

0.0%

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $45

(USD) (1)(4)(5)

11,845‌

24‌

24‌

T.

ROWE

PRICE

Global

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Convertible

Preferred

Stocks

0.0%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $89

(USD) (1)(4)(5)

1,810‌

303‌

303‌

Total

Cayman

Islands

(Cost

$134

)

327‌

CHILE

0.1%

Common

Stocks

0.1%

Antofagasta

(GBP) 

17,771‌

382‌

Banco

Santander

Chile,

ADR

(USD) 

16,600‌

281‌

663‌

Corporate

Bonds

0.0%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

226‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (2)

220,000‌

197‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD) (2)

200,000‌

180‌

603‌

Total

Chile

(Cost

$1,078

)

1,266‌

CHINA

2.8%

Common

Stocks

1.9%

58.com

(USD) (1)(4)

5,864‌

—‌

Alibaba

Group

Holding

(HKD) (1)

51,020‌

701‌

Alibaba

Group

Holding,

ADR

(USD) (1)

13,526‌

1,491‌

Baidu,

ADR

(USD) (1)

883‌

119‌

Beijing

Enterprises

Holdings

(HKD) 

30,500‌

104‌

BOE

Varitronix

(HKD) 

63,000‌

150‌

Bosideng

International

Holdings

(HKD) 

150,000‌

84‌

China

Overseas

Land

&

Investment

(HKD) 

302,000‌

815‌

China

Overseas

Property

Holdings

(HKD) 

110,000‌

144‌

China

Resources

Gas

Group

(HKD) 

49,700‌

209‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

118,000‌

680‌

ENN

Energy

Holdings

(HKD) 

14,000‌

211‌

Fosun

International

(HKD) 

66,500‌

62‌

H

World

Group

(HKD) 

62,900‌

299‌

Haier

Smart

Home,

Class

H

(HKD) 

47,600‌

176‌

JD

Health

International

(HKD) (1)

14,200‌

118‌

JD.com,

Class

A

(HKD) 

16,376‌

486‌

JOYY,

ADR

(USD) 

1,721‌

61‌

Kanzhun,

ADR

(USD) (1)

25,610‌

622‌

KE

Holdings,

ADR

(USD) (1)

10,800‌

198‌

Kingdee

International

Software

Group

(HKD) (1)

104,000‌

227‌

Li

Auto,

ADR

(USD) (1)

11,200‌

279‌

T.

ROWE

PRICE

Global

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Li

Auto,

Class

A

(HKD) (1)

1,900‌

23‌

Li

Ning

(HKD) 

114,000‌

1,127‌

Meituan,

Class

B

(HKD) (1)

40,935‌

915‌

Nongfu

Spring,

Class

H

(HKD) 

26,000‌

147‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

242,000‌

228‌

Pinduoduo,

ADR

(USD) (1)

4,600‌

451‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

19,500‌

151‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) (3)

137,600‌

229‌

Silergy

(TWD) 

21,000‌

427‌

Sunny

Optical

Technology

Group

(HKD) 

11,400‌

154‌

Tencent

Holdings

(HKD) 

76,954‌

3,750‌

Tingyi

Cayman

Islands

Holding

(HKD) 

64,000‌

106‌

Topsports

International

Holdings

(HKD) 

3,000‌

3‌

Trip.com

Group,

ADR

(USD) (1)

3,225‌

119‌

Tsingtao

Brewery,

Class

H

(HKD) 

22,000‌

212‌

Wuxi

Biologics

Cayman

(HKD) (1)

15,500‌

129‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

300,300‌

296‌

Yum

China

Holdings

(HKD) 

2,850‌

173‌

Yum

China

Holdings

(USD) 

35,100‌

2,162‌

Zhongsheng

Group

Holdings

(HKD) 

266,000‌

1,505‌

19,543‌

Common

Stocks

-

China

A

Shares

0.8%

Beijing

Career

International,

A

Shares

(CNH) 

11,900‌

88‌

Chacha

Food,

A

Shares

(CNH) 

41,300‌

280‌

China

Oilfield

Services,

A

Shares

(CNH) 

56,400‌

137‌

Foshan

Haitian

Flavouring

&

Food,

A

Shares

(CNH) 

30,700‌

362‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

140,112‌

812‌

Glodon,

A

Shares

(CNH) 

35,700‌

346‌

Hongfa

Technology,

A

Shares

(CNH) 

78,200‌

435‌

Huayu

Automotive

Systems,

A

Shares

(CNH) 

18,900‌

51‌

Hundsun

Technologies,

A

Shares

(CNH) 

82,190‌

576‌

Inner

Mongolia

Yili

Industrial

Group,

A

Shares

(CNH) 

26,800‌

130‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

31,994‌

203‌

Kweichow

Moutai,

A

Shares

(CNH) 

1,760‌

483‌

NARI

Technology,

A

Shares

(CNH) 

35,568‌

139‌

Pony

Testing

International

Group,

A

Shares

(CNH) 

39,040‌

198‌

Qingdao

Haier

Biomedical,

A

Shares

(CNH) 

12,697‌

137‌

Qingdao

Hiron

Commercial

Cold

Chain,

A

Shares

(CNH) 

16,200‌

72‌

Sangfor

Technologies,

A

Shares

(CNH) 

500‌

11‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

44,800‌

192‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

54,648‌

578‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

40,600‌

171‌

Songcheng

Performance

Development,

A

Shares

(CNH) 

293,400‌

634‌

Toly

Bread,

A

Shares

(CNH) 

31,900‌

79‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

26,000‌

125‌

T.

ROWE

PRICE

Global

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

75,734‌

638‌

YTO

Express

Group,

A

Shares

(CNH) 

30,600‌

95‌

Zhejiang

Sanhua

Intelligent

Controls,

A

Shares

(CNH) 

93,500‌

356‌

Zhejiang

Shuanghuan

Driveline,

A

Shares

(CNH) 

23,900‌

105‌

Zwsoft

Guangzhou,

A

Shares

(CNH) 

8,528‌

274‌

7,707‌

Corporate

Bonds

0.1%

Baidu,

3.875%,

9/29/23

(USD) 

210,000‌

208‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23

(USD) (2)

215,000‌

214‌

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

247‌

669‌

Total

China

(Cost

$25,075

)

27,919‌

DENMARK

0.2%

Common

Stocks

0.1%

Carlsberg,

Class

B 

915‌

130‌

Genmab (1)

674‌

264‌

Novo

Nordisk,

ADR

(USD) 

1,018‌

142‌

ROCKWOOL,

Class

B 

1,619‌

464‌

Zealand

Pharma (1)

7,361‌

230‌

1,230‌

Corporate

Bonds

0.1%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD) (2)(6)

335,000‌

318‌

318‌

Total

Denmark

(Cost

$1,493

)

1,548‌

EGYPT

0.0%

Common

Stocks

0.0%

Edita

Food

Industries 

35,100‌

17‌

Integrated

Diagnostics

Holdings

(USD) 

154,388‌

84‌

Total

Egypt

(Cost

$200

)

101‌

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green 

7,839‌

37‌

Total

Estonia

(Cost

$32

)

37‌

T.

ROWE

PRICE

Global

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

FINLAND

0.3%

Common

Stocks

0.3%

Elisa 

4,035‌

230‌

Kojamo 

25,467‌

391‌

Metso

Outotec 

24,525‌

282‌

Sampo,

Class

A 

19,924‌

1,046‌

Stora

Enso,

Class

R 

20,999‌

300‌

UPM-Kymmene 

2,053‌

74‌

Valmet 

16,649‌

523‌

2,846‌

Corporate

Bonds

0.0%

Nordea

Bank,

1.00%,

6/9/23

(USD) (2)

205,000‌

202‌

202‌

Total

Finland

(Cost

$2,421

)

3,048‌

FRANCE

1.9%

Common

Stocks

1.8%

Air

Liquide 

2,847‌

453‌

Airbus 

11,677‌

1,464‌

Alstom 

4,319‌

128‌

AXA 

54,256‌

1,693‌

BNP

Paribas 

9,971‌

685‌

Capgemini 

1,095‌

208‌

Dassault

Aviation 

2,592‌

443‌

Edenred 

2,465‌

134‌

Engie 

55,964‌

795‌

Esker 

684‌

114‌

EssilorLuxottica 

6,759‌

1,240‌

Eurofins

Scientific 

10,818‌

776‌

Faurecia (1)

3,667‌

73‌

Gecina 

676‌

80‌

Ipsen 

1,022‌

107‌

Kering 

931‌

581‌

L'Oreal 

1,314‌

543‌

Legrand 

4,989‌

445‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,571‌

1,371‌

Nexity 

5,760‌

174‌

Safran 

3,650‌

525‌

Sanofi 

18,733‌

1,834‌

Schneider

Electric 

448‌

73‌

SPIE 

12,175‌

332‌

Teleperformance 

3,241‌

901‌

T.

ROWE

PRICE

Global

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Thales 

1,442‌

191‌

Tikehau

Capital 

5,854‌

167‌

TotalEnergies 

30,467‌

1,883‌

Verallia 

9,098‌

336‌

Virbac 

55‌

17‌

17,766‌

Corporate

Bonds

0.1%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (2)(6)

350,000‌

293‌

BPCE,

4.00%,

9/12/23

(USD) (2)

265,000‌

262‌

BPCE,

4.50%,

3/15/25

(USD) (2)

400,000‌

389‌

Credit

Agricole,

3.75%,

4/24/23

(USD) (2)

250,000‌

249‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

265‌

1,458‌

Total

France

(Cost

$14,643

)

19,224‌

GERMANY

1.5%

Common

Stocks

1.4%

Adesso 

336‌

53‌

Auto1

Group (1)

3,489‌

28‌

BASF 

5,263‌

302‌

Bayer 

13,839‌

861‌

Brenntag 

1,171‌

87‌

CANCOM 

4,372‌

151‌

Covestro 

10,181‌

469‌

Daimler

Truck

Holding (1)

18,925‌

636‌

Deutsche

Boerse 

669‌

120‌

Deutsche

Post 

3,372‌

145‌

Deutsche

Telekom 

62,303‌

1,388‌

Evotec (1)

25,336‌

498‌

flatexDEGIRO (1)

24,240‌

206‌

Fresenius 

12,588‌

365‌

GEA

Group 

1,923‌

87‌

HeidelbergCement 

1,297‌

89‌

Hypoport (1)

526‌

72‌

Infineon

Technologies 

12,030‌

433‌

KION

Group 

5,015‌

202‌

Knaus

Tabbert 

2,016‌

87‌

Mercedes-Benz

Group 

2,059‌

153‌

Munich

Re 

2,341‌

846‌

MYT

Netherlands

Parent,

ADR

(USD) (1)

4,583‌

53‌

Nagarro (1)

851‌

117‌

SAP 

9,470‌

1,123‌

Scout24 

5,985‌

348‌

Shop

Apotheke

Europe (1)

3,515‌

253‌

T.

ROWE

PRICE

Global

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Siemens 

20,371‌

3,182‌

Siemens

Healthineers 

8,264‌

443‌

Stroeer 

2,187‌

120‌

Symrise 

3,864‌

411‌

Vonovia 

1,525‌

43‌

Zalando (1)

5,464‌

255‌

13,626‌

Corporate

Bonds

0.0%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (2)

155,000‌

147‌

147‌

Preferred

Stocks

0.1%

Dr

Ing

hc

F

Porsche (1)

7,143‌

849‌

Sartorius 

277‌

124‌

Volkswagen 

3,464‌

481‌

1,454‌

Total

Germany

(Cost

$13,334

)

15,227‌

HONG

KONG

0.3%

Common

Stocks

0.3%

AIA

Group 

121,200‌

1,371‌

Budweiser

Brewing

APAC 

339,800‌

1,072‌

CK

Hutchison

Holdings 

14,500‌

92‌

Galaxy

Entertainment

Group 

19,000‌

132‌

Hong

Kong

Exchanges

&

Clearing 

1,500‌

67‌

Hongkong

Land

Holdings

(USD) 

34,700‌

170‌

Impro

Precision

Industries 

260,000‌

88‌

Kerry

Properties 

11,500‌

29‌

Samsonite

International (1)

57,300‌

171‌

Sun

Hung

Kai

Properties 

9,583‌

136‌

Wharf

Real

Estate

Investment 

16,000‌

92‌

Total

Hong

Kong

(Cost

$2,430

)

3,420‌

HUNGARY

0.1%

Common

Stocks

0.1%

OTP

Bank 

17,883‌

539‌

Total

Hungary

(Cost

$613

)

539‌

ICELAND

0.0%

Common

Stocks

0.0%

Marel 

62,511‌

237‌

Total

Iceland

(Cost

$365

)

237‌

T.

ROWE

PRICE

Global

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

INDIA

0.9%

Common

Stocks

0.9%

Asian

Paints 

7,009‌

234‌

Astral 

7,114‌

180‌

Axis

Bank 

58,508‌

625‌

Blue

Star 

7,211‌

109‌

CreditAccess

Grameen (1)

8,376‌

89‌

Dr

Lal

PathLabs 

1,718‌

44‌

Fine

Organic

Industries 

856‌

52‌

FSN

E-Commerce

Ventures (1)

23,472‌

39‌

HDFC

Asset

Management 

9,055‌

211‌

HDFC

Bank 

33,088‌

652‌

HDFC

Life

Insurance 

82,388‌

585‌

Hindustan

Unilever 

9,611‌

303‌

Housing

Development

Finance 

44,388‌

1,432‌

ICICI

Bank,

ADR

(USD) 

5,520‌

115‌

Indus

Towers 

28,334‌

53‌

Info

Edge

India 

1,315‌

59‌

Infosys 

41,664‌

785‌

Kotak

Mahindra

Bank 

42,935‌

914‌

Larsen

&

Toubro 

5,422‌

141‌

Maruti

Suzuki

India 

2,835‌

309‌

NTPC 

134,214‌

281‌

Petronet

LNG 

15,031‌

40‌

Polycab

India 

4,285‌

154‌

Reliance

Industries 

25,734‌

743‌

Shriram

Finance 

6,816‌

108‌

Tata

Consultancy

Services 

3,777‌

156‌

TeamLease

Services (1)

2,493‌

70‌

Torrent

Pharmaceuticals 

7,604‌

142‌

V-Mart

Retail 

1,908‌

65‌

Voltas 

69,227‌

680‌

Zomato (1)

150,836‌

92‌

Total

India

(Cost

$8,510

)

9,462‌

INDONESIA

0.1%

Common

Stocks

0.1%

Bank

Central

Asia 

1,058,700‌

601‌

Sarana

Menara

Nusantara 

1,193,000‌

89‌

Sumber

Alfaria

Trijaya 

597,600‌

113‌

Total

Indonesia

(Cost

$372

)

803‌

T.

ROWE

PRICE

Global

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

IRELAND

0.2%

Common

Stocks

0.1%

Cairn

Homes

(GBP) 

149,798‌

159‌

DCC

(GBP) 

4,177‌

238‌

Kenmare

Resources

(GBP) 

1,887‌

11‌

Kerry

Group,

Class

A 

1,042‌

98‌

506‌

Corporate

Bonds

0.1%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

135‌

AerCap

Ireland

Capital,

4.125%,

7/3/23

(USD) 

150,000‌

149‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD) (2)

70,000‌

68‌

Avolon

Holdings

Funding,

5.25%,

5/15/24

(USD) (2)

215,000‌

212‌

CRH

America

Finance,

3.95%,

4/4/28

(USD) (2)

400,000‌

386‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23

(USD) 

119,000‌

117‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23

(USD) (2)

315,000‌

313‌

1,380‌

Total

Ireland

(Cost

$1,967

)

1,886‌

ITALY

0.7%

Common

Stocks

0.7%

Amplifon 

20,104‌

555‌

Ariston

Holding 

14,008‌

145‌

Banca

Mediolanum 

47,952‌

459‌

Carel

Industries 

13,469‌

333‌

Davide

Campari-Milano 

37,311‌

400‌

De'

Longhi 

8,541‌

197‌

DiaSorin 

889‌

116‌

Enel 

132,095‌

778‌

Ermenegildo

Zegna

(USD) 

20,554‌

236‌

Ferrari 

2,140‌

535‌

FinecoBank

Banca

Fineco 

35,309‌

634‌

GVS (1)

12,255‌

65‌

Intesa

Sanpaolo 

51,636‌

136‌

Leonardo 

11,062‌

114‌

Moncler 

5,758‌

360‌

PRADA

(HKD) 

41,200‌

263‌

Prysmian 

22,783‌

930‌

Stellantis 

8,232‌

129‌

UniCredit 

9,922‌

194‌

6,579‌

T.

ROWE

PRICE

Global

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

Enel

Finance

International,

1.875%,

7/12/28

(USD) (2)

200,000‌

167‌

Eni,

Series

X-R,

4.00%,

9/12/23

(USD) (2)

295,000‌

292‌

459‌

Total

Italy

(Cost

$5,297

)

7,038‌

JAPAN

4.1%

Common

Stocks

4.1%

Aida

Engineering 

10,300‌

65‌

Aiful 

89,400‌

270‌

Asahi

Group

Holdings 

4,700‌

155‌

Asahi

Kasei 

29,700‌

225‌

Asics 

3,800‌

90‌

Astellas

Pharma 

63,600‌

936‌

BayCurrent

Consulting 

4,800‌

204‌

Benefit

One 

2,500‌

41‌

Central

Japan

Railway 

1,600‌

195‌

Chugai

Pharmaceutical 

6,700‌

174‌

CyberAgent 

26,300‌

246‌

Daiei

Kankyo (1)

14,100‌

183‌

Dai-ichi

Life

Holdings 

11,200‌

263‌

Daiichi

Sankyo 

13,300‌

418‌

Daikin

Industries 

700‌

122‌

Daio

Paper 

25,100‌

194‌

Daiwabo

Holdings 

17,900‌

271‌

Demae-Can (1)(3)

8,000‌

26‌

Denso 

6,200‌

335‌

DIC 

11,000‌

204‌

Disco 

1,100‌

330‌

East

Japan

Railway 

4,300‌

240‌

eGuarantee 

3,600‌

67‌

Eiken

Chemical 

10,100‌

124‌

Eisai 

3,300‌

204‌

Electric

Power

Development 

24,100‌

389‌

Fancl 

8,800‌

179‌

Fast

Retailing 

400‌

243‌

Food

&

Life 

7,800‌

174‌

Fujitsu 

1,500‌

214‌

Fujitsu

General 

2,200‌

62‌

Fukui

Computer

Holdings 

3,400‌

78‌

GMO

Payment

Gateway 

1,700‌

157‌

Hamamatsu

Photonics 

8,600‌

459‌

Hanwa 

9,800‌

312‌

Harmonic

Drive

Systems 

2,500‌

84‌

T.

ROWE

PRICE

Global

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hikari

Tsushin 

5,300‌

756‌

Hitachi 

11,200‌

587‌

Honda

Motor 

4,500‌

111‌

Horiba 

2,300‌

106‌

Hoshino

Resorts

REIT 

57‌

327‌

Hoshizaki 

16,800‌

604‌

Idec 

6,700‌

160‌

IHI 

3,700‌

112‌

Industrial

&

Infrastructure

Fund

Investment 

66‌

73‌

Invincible

Investment 

172‌

73‌

Isetan

Mitsukoshi

Holdings 

5,300‌

58‌

ITOCHU 

6,100‌

197‌

JMDC 

2,500‌

83‌

Kansai

Paint 

16,700‌

235‌

Katitas 

3,200‌

78‌

Keyence 

1,400‌

644‌

Kirin

Holdings 

11,200‌

173‌

Kobe

Bussan 

7,300‌

211‌

Kyoritsu

Maintenance 

1,000‌

46‌

Kyowa

Kirin 

9,600‌

214‌

Lasertec 

1,900‌

360‌

LITALICO 

1,200‌

24‌

MatsukiyoCocokara 

3,000‌

150‌

Media

Do 

2,500‌

33‌

Medley (1)

1,700‌

60‌

Mercari (1)

2,000‌

44‌

METAWATER 

7,300‌

96‌

MINEBEA

MITSUMI 

3,500‌

61‌

Mitsubishi 

8,500‌

285‌

Mitsubishi

Electric 

48,800‌

538‌

Mitsubishi

Estate 

8,600‌

111‌

Mitsubishi

HC

Capital 

27,900‌

142‌

Mitsubishi

UFJ

Financial

Group 

177,400‌

1,299‌

Mitsui

Fudosan 

46,000‌

862‌

Mitsui

Fudosan

Logistics

Park 

20‌

70‌

Mitsui

Mining

&

Smelting 

6,800‌

181‌

Miura 

11,200‌

280‌

Modec (1)

9,000‌

98‌

Murata

Manufacturing 

12,800‌

731‌

Musashi

Seimitsu

Industry 

12,700‌

175‌

Nakanishi 

7,400‌

157‌

NET

One

Systems 

6,200‌

168‌

Nextage 

17,200‌

387‌

NGK

Spark

Plug 

9,300‌

182‌

Nidec 

6,200‌

344‌

Nifco 

4,400‌

114‌

T.

ROWE

PRICE

Global

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nihon

M&A

Center

Holdings 

5,800‌

59‌

Nintendo 

9,800‌

425‌

Nippon

Ceramic 

3,200‌

60‌

Nippon

Paint

Holdings 

23,300‌

213‌

Nippon

Sanso

Holdings 

9,000‌

147‌

Nippon

Seiki 

24,700‌

159‌

Nippon

Shokubai 

1,300‌

55‌

Nippon

Soda 

7,600‌

248‌

Nippon

Steel 

23,200‌

483‌

Nippon

Telegraph

&

Telephone 

72,800‌

2,183‌

Nipro 

25,300‌

203‌

Nitto

Boseki 

2,400‌

38‌

Nomura

Research

Institute 

4,100‌

98‌

NSK 

1,600‌

9‌

NTT

Data 

31,700‌

492‌

Obara

Group 

6,800‌

197‌

Olympus 

25,800‌

485‌

Omron 

2,300‌

133‌

Oriental

Land 

1,500‌

250‌

ORIX 

35,900‌

631‌

Otsuka

Holdings 

15,300‌

491‌

Outsourcing 

7,600‌

59‌

Pan

Pacific

International

Holdings 

11,900‌

220‌

Panasonic

Holdings 

52,500‌

487‌

Persol

Holdings 

12,300‌

270‌

Recruit

Holdings 

9,700‌

312‌

Renesas

Electronics (1)

14,600‌

150‌

Ryohin

Keikaku (3)

8,300‌

92‌

Sakata

INX 

20,600‌

174‌

Sankyu 

2,100‌

82‌

Sanwa

Holdings 

9,700‌

103‌

Seven

&

i

Holdings 

24,900‌

1,176‌

SHIFT (1)

1,100‌

205‌

Shimadzu 

7,600‌

234‌

Shin-Etsu

Chemical 

100‌

15‌

Shionogi 

1,400‌

67‌

Shiseido 

6,900‌

359‌

SMC 

400‌

203‌

SMS 

600‌

16‌

Socionext (1)

2,500‌

160‌

SoftBank

Group 

3,500‌

166‌

Solasto 

28,700‌

151‌

Sompo

Holdings 

11,200‌

482‌

Sony

Group 

11,200‌

1,001‌

Stanley

Electric 

29,500‌

635‌

Sumitomo 

26,300‌

472‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sumitomo

Densetsu 

12,800‌

234‌

Sumitomo

Electric

Industries 

31,100‌

374‌

Sumitomo

Mitsui

Financial

Group 

6,600‌

287‌

Sumitomo

Mitsui

Trust

Holdings 

5,300‌

193‌

Sumitomo

Seika

Chemicals 

3,100‌

99‌

Suzuki

Motor 

22,100‌

829‌

Taiheiyo

Cement 

16,700‌

288‌

Taiyo

Yuden 

3,900‌

132‌

Takeda

Pharmaceutical 

3,800‌

119‌

Takeuchi

Manufacturing 

5,700‌

126‌

Takuma 

7,000‌

69‌

TechnoPro

Holdings 

11,300‌

352‌

THK 

5,800‌

123‌

Tokai

Carbon 

20,000‌

173‌

Tokio

Marine

Holdings 

24,600‌

515‌

Tokyo

Century 

3,900‌

137‌

Tokyo

Electron 

2,400‌

839‌

Tokyo

Seimitsu 

2,000‌

69‌

Tokyo

Tatemono 

18,400‌

228‌

Tokyu 

21‌

32‌

Tosoh 

2,800‌

37‌

Toyo

Tire 

13,200‌

158‌

Toyota

Motor 

57,400‌

843‌

UT

Group 

3,000‌

61‌

Visional (1)

2,500‌

181‌

Welcia

Holdings 

5,000‌

112‌

Yellow

Hat 

12,400‌

170‌

Z

Holdings 

113,500‌

330‌

41,193‌

Corporate

Bonds

0.0%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000‌

265‌

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23

(USD) 

340,000‌

338‌

603‌

Total

Japan

(Cost

$36,306

)

41,796‌

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

10,054‌

105‌

Kaspi.KZ,

GDR

(USD) 

4,525‌

333‌

NAC

Kazatomprom,

GDR

(USD) 

10,656‌

313‌

Total

Kazakhstan

(Cost

$697

)

751‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KENYA

0.0%

Common

Stocks

0.0%

Safaricom 

88,200‌

17‌

Total

Kenya

(Cost

$30

)

17‌

LUXEMBOURG

0.0%

Common

Stocks

0.0%

Ardagh

Metal

Packaging

(USD) 

6,116‌

34‌

Majorel

Group

Luxembourg 

8,076‌

199‌

Total

Luxembourg

(Cost

$309

)

233‌

MEXICO

0.3%

Common

Stocks

0.2%

Corp

Inmobiliaria

Vesta (3)

38,700‌

105‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

453‌

123‌

Grupo

Financiero

Banorte,

Class

O 

42,900‌

356‌

Grupo

Mexico,

Series

B 

102,106‌

454‌

Wal-Mart

de

Mexico 

220,693‌

862‌

1,900‌

Corporate

Bonds

0.0%

BBVA

Bancomer,

4.375%,

4/10/24

(USD) (2)

150,000‌

148‌

148‌

Government

Bonds

0.1%

Mexico

Government

International

Bond,

3.50%,

2/12/34

(USD) 

505,000‌

426‌

426‌

Total

Mexico

(Cost

$2,141

)

2,474‌

MOROCCO

0.0%

Common

Stocks

0.0%

Attijariwafa

Bank 

5,574‌

196‌

Hightech

Payment

Systems 

251‌

153‌

Label

Vie 

194‌

80‌

Total

Morocco

(Cost

$473

)

429‌

NETHERLANDS

1.4%

Common

Stocks

1.3%

Aalberts 

3,068‌

145‌

Adyen (1)

722‌

1,092‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

AerCap

Holdings

(USD) (1)

2,489‌

157‌

Akzo

Nobel 

18,093‌

1,348‌

Argenx,

ADR

(USD) (1)

1,029‌

393‌

ASML

Holding 

5,785‌

3,828‌

ASML

Holding

(USD) 

2,597‌

1,716‌

Heineken 

8,268‌

826‌

IMCD 

1,815‌

288‌

ING

Groep 

139,317‌

2,017‌

Kendrion 

2,120‌

39‌

Koninklijke

DSM 

512‌

66‌

Koninklijke

Philips 

32,616‌

563‌

Prosus 

12,203‌

985‌

Signify 

3,135‌

114‌

Van

Lanschot

Kempen,

CVA 

4,763‌

137‌

13,714‌

Corporate

Bonds

0.1%

ING

Groep,

3.55%,

4/9/24

(USD) 

255,000‌

250‌

JDE

Peet's,

1.375%,

1/15/27

(USD) (2)

290,000‌

251‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

306‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

73‌

880‌

Total

Netherlands

(Cost

$10,614

)

14,594‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

11,936‌

196‌

Total

New

Zealand

(Cost

$46

)

196‌

NORWAY

0.3%

Common

Stocks

0.3%

Bakkafrost 

1,508‌

94‌

DNB

Bank 

32,303‌

604‌

Equinor (3)

35,900‌

1,094‌

Norsk

Hydro 

24,379‌

198‌

Seadrill

(USD) (1)

2,986‌

127‌

Storebrand 

71,201‌

620‌

Subsea

7 

6,125‌

76‌

TGS 

20,003‌

331‌

Total

Norway

(Cost

$2,301

)

3,144‌

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PAKISTAN

0.0%

Common

Stocks

0.0%

Systems 

38,101‌

65‌

Total

Pakistan

(Cost

$57

)

65‌

PANAMA

0.0%

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

27‌

Total

Panama

(Cost

$27

)

27‌

PERU

0.1%

Common

Stocks

0.1%

Alicorp 

13,294‌

21‌

Credicorp

(USD) 

1,846‌

248‌

InRetail

Peru

(USD) 

724‌

25‌

Southern

Copper

(USD) 

7,946‌

598‌

Total

Peru

(Cost

$657

)

892‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

BDO

Unibank 

130,502‌

295‌

Converge

Information

and

Communications

Technology

Solutions (1)

112,300‌

36‌

Jollibee

Foods 

24,940‌

109‌

Nickel

Asia 

268,300‌

31‌

Philippine

Seven (1)

13,340‌

18‌

SM

Investments 

26,776‌

453‌

Universal

Robina 

110,550‌

279‌

Total

Philippines

(Cost

$1,134

)

1,221‌

POLAND

0.0%

Common

Stocks

0.0%

Powszechna

Kasa

Oszczednosci

Bank

Polski 

27,027‌

202‌

202‌

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

53‌

53‌

Total

Poland

(Cost

$241

)

255‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PORTUGAL

0.1%

Common

Stocks

0.1%

Banco

Comercial

Portugues,

Class

R 

235,377‌

50‌

Galp

Energia 

30,266‌

414‌

Jeronimo

Martins 

28,633‌

622‌

Total

Portugal

(Cost

$812

)

1,086‌

QATAR

0.0%

Common

Stocks

0.0%

Qatar

National

Bank 

86,017‌

426‌

Total

Qatar

(Cost

$460

)

426‌

ROMANIA

0.0%

Common

Stocks

0.0%

Banca

Transilvania 

54,573‌

239‌

Fondul

Proprietatea 

117,195‌

53‌

Total

Romania

(Cost

$305

)

292‌

RUSSIA

0.0%

Common

Stocks

0.0%

Alrosa (1)(4)

80,680‌

—‌

Gazprom (4)

31,212‌

—‌

HeadHunter

Group,

ADR

(USD) (4)

4,246‌

—‌

MMC

Norilsk

Nickel (4)

311‌

—‌

Moscow

Exchange (1)(4)

51,640‌

—‌

Ozon

Holdings,

ADR

(USD) (1)(4)

7,944‌

—‌

Polyus (1)(4)

294‌

—‌

TCS

Group

Holding,

GDR

(USD) (1)(4)

584‌

—‌

X5

Retail

Group,

GDR

(USD) (4)

16,337‌

—‌

Yandex,

Class

A

(USD) (1)(4)

7,997‌

—‌

Total

Russia

(Cost

$1,728

)

—‌

SAUDI

ARABIA

0.2%

Common

Stocks

0.1%

Al

Rajhi

Bank (1)

12,588‌

276‌

Arabian

Internet

&

Communications

Services 

2,255‌

153‌

Nahdi

Medical 

12,823‌

651‌

Saudi

British

Bank 

5,378‌

52‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Saudi

Tadawul

Group

Holding 

1,981‌

86‌

1,218‌

Corporate

Bonds

0.1%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD) (2)

245,000‌

239‌

239‌

Total

Saudi

Arabia

(Cost

$1,322

)

1,457‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

76,400‌

125‌

DBS

Group

Holdings 

9,200‌

252‌

Digital

Core

REIT

Management

(USD) 

63,800‌

40‌

Lendlease

Global

Commercial

REIT 

32,400‌

18‌

Sea,

ADR

(USD) (1)

11,293‌

728‌

United

Overseas

Bank 

28,700‌

652‌

Wilmar

International 

132,700‌

413‌

Total

Singapore

(Cost

$1,911

)

2,228‌

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

11,132‌

164‌

Total

Slovenia

(Cost

$140

)

164‌

SOUTH

AFRICA

0.2%

Common

Stocks

0.2%

Capitec

Bank

Holdings 

5,509‌

569‌

Clicks

Group 

33,997‌

519‌

FirstRand 

121,743‌

452‌

Impala

Platinum

Holdings 

1,975‌

23‌

Sibanye

Stillwater 

6,363‌

17‌

1,580‌

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD) (2)

200,000‌

170‌

170‌

Total

South

Africa

(Cost

$1,637

)

1,750‌

SOUTH

KOREA

0.6%

Common

Stocks

0.6%

Korea

Zinc (1)

65‌

29‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KT (1)

7,163‌

204‌

KT,

ADR

(USD) (1)

7,527‌

108‌

LG

Chem 

1,486‌

839‌

LG

H&H 

123‌

74‌

Lotte

Chemical (1)

525‌

76‌

NAVER 

3,489‌

580‌

POSCO

Holdings 

2,289‌

562‌

Samsung

Electronics 

66,531‌

3,314‌

Total

South

Korea

(Cost

$4,007

)

5,786‌

SPAIN

0.4%

Common

Stocks

0.4%

Aedas

Homes 

15,451‌

260‌

Amadeus

IT

Group (1)

23,803‌

1,500‌

Cellnex

Telecom 

10,285‌

403‌

CIE

Automotive 

4,406‌

131‌

Fluidra 

29,725‌

525‌

Iberdrola 

70,303‌

825‌

Iberdrola

-

Interim (1)

45‌

—‌

Indra

Sistemas 

5,245‌

64‌

Laboratorios

Farmaceuticos

Rovi 

5,599‌

237‌

Linea

Directa

Aseguradora

Cia

de

Seguros

y

Reaseguros (3)

47,264‌

49‌

3,994‌

Corporate

Bonds

0.0%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

178‌

Banco

Santander,

3.848%,

4/12/23

(USD) 

200,000‌

199‌

377‌

Total

Spain

(Cost

$4,103

)

4,371‌

SWEDEN

0.6%

Common

Stocks

0.6%

Assa

Abloy,

Class

B 

23,785‌

560‌

Autoliv,

SDR 

2,821‌

260‌

Avanza

Bank

Holding 

9,106‌

210‌

Beijer

Ref (3)

5,994‌

93‌

Boliden 

9,812‌

440‌

Elekta,

Class

B 

27,427‌

200‌

Epiroc,

Class

A 

10,473‌

204‌

Epiroc,

Class

B 

3,725‌

62‌

Essity,

Class

B 

28,447‌

743‌

LM

Ericsson,

Class

B 

92,637‌

537‌

Millicom

International

Cellular,

SDR (1)

4,843‌

83‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Olink

Holding,

ADR

(USD) (1)

10,786‌

211‌

Sandvik 

16,353‌

338‌

Svenska

Cellulosa,

Class

B 

29,238‌

406‌

Svenska

Handelsbanken,

Class

A 

37,531‌

392‌

Swedbank,

Class

A 

42,683‌

821‌

Thule

Group (3)

7,985‌

191‌

Trelleborg,

Class

B 

3,814‌

95‌

Total

Sweden

(Cost

$5,175

)

5,846‌

SWITZERLAND

1.4%

Common

Stocks

1.3%

ABB 

16,176‌

563‌

Alcon 

12,347‌

932‌

ams (1)

11,787‌

110‌

Barry

Callebaut 

339‌

708‌

Bossard

Holding 

255‌

65‌

DKSH

Holding 

2,957‌

252‌

Julius

Baer

Group 

15,672‌

1,005‌

Lonza

Group 

1,273‌

726‌

Montana

Aerospace (1)

9,265‌

170‌

Nestle 

17,453‌

2,129‌

Novartis 

11,721‌

1,060‌

Partners

Group

Holding 

614‌

576‌

PolyPeptide

Group 

2,162‌

63‌

Roche

Holding 

8,402‌

2,623‌

Sensirion

Holding (1)

831‌

99‌

SKAN

Group 

530‌

40‌

TE

Connectivity

(USD) 

4,454‌

566‌

UBS

Group 

8,930‌

191‌

Zurich

Insurance

Group 

2,793‌

1,381‌

13,259‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD) (2)

235,000‌

205‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD) (2)(6)

300,000‌

268‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD) (2)(6)

200,000‌

150‌

623‌

Total

Switzerland

(Cost

$10,486

)

13,882‌

TAIWAN

0.8%

Common

Stocks

0.8%

Chailease

Holding 

55,000‌

415‌

Chroma

ATE 

15,000‌

93‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Largan

Precision 

1,000‌

71‌

Taiwan

Semiconductor

Manufacturing 

362,000‌

6,388‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

7,378‌

684‌

Vanguard

International

Semiconductor 

85,000‌

286‌

Total

Taiwan

(Cost

$3,587

)

7,937‌

THAILAND

0.1%

Common

Stocks

0.1%

Bumrungrad

Hospital 

16,300‌

107‌

CP

ALL 

427,700‌

851‌

Siam

Cement 

15,000‌

153‌

Total

Thailand

(Cost

$1,016

)

1,111‌

UNITED

ARAB

EMIRATES

0.1%

Common

Stocks

0.1%

Air

Arabia 

285,531‌

171‌

First

Abu

Dhabi

Bank 

76,201‌

283‌

Network

International

Holdings

(GBP) (1)

13,550‌

44‌

Total

United

Arab

Emirates

(Cost

$349

)

498‌

UNITED

KINGDOM

3.1%

Common

Stocks

2.9%

Abcam,

ADR

(USD) (1)

20,383‌

283‌

Adriatic

Metals,

CDI

(AUD) (1)

74,378‌

166‌

AJ

Bell 

19,068‌

79‌

Amcor,

CDI

(AUD) 

23,301‌

278‌

Anglo

American 

1,412‌

61‌

Ascential (1)

135,395‌

450‌

Ashtead

Group 

8,347‌

550‌

ASOS (1)(3)

7,557‌

82‌

AstraZeneca 

7,849‌

1,028‌

AstraZeneca,

ADR

(USD) 

56,488‌

3,693‌

Auction

Technology

Group (1)

10,390‌

90‌

Baltic

Classifieds

Group 

82,814‌

155‌

Barclays 

13,464‌

31‌

Big

Yellow

Group 

9,435‌

141‌

Bridgepoint

Group 

140,748‌

418‌

British

American

Tobacco 

3,197‌

123‌

Bunzl 

5,980‌

219‌

Burberry

Group 

4,220‌

129‌

Bytes

Technology

Group 

1,803‌

9‌

Central

Asia

Metals 

56,706‌

197‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Compass

Group 

20,883‌

499‌

Croda

International 

3,239‌

276‌

Dechra

Pharmaceuticals 

13,596‌

482‌

Derwent

London 

7,338‌

234‌

Diageo 

11,679‌

511‌

Diploma 

1,646‌

56‌

Direct

Line

Insurance

Group 

81,328‌

178‌

Dr.

Martens 

90,022‌

172‌

Endava,

ADR

(USD) (1)

617‌

54‌

Endeavour

Mining

(CAD) 

2,149‌

51‌

Experian 

12,941‌

473‌

FD

Technologies (1)

6,290‌

106‌

Frontier

Developments (1)

1,547‌

9‌

Funding

Circle

Holdings (1)

79,326‌

57‌

Genuit

Group 

24,955‌

101‌

Genus 

5,348‌

192‌

Georgia

Capital (1)

7,081‌

67‌

Glencore 

66,382‌

445‌

Great

Portland

Estates 

44,071‌

310‌

Greggs 

10,621‌

355‌

GSK 

22,768‌

400‌

GSK,

ADR

(USD) 

13,668‌

482‌

Helios

Towers (1)

141,285‌

187‌

HSBC

Holdings 

143,475‌

1,057‌

Imperial

Brands 

8,772‌

220‌

Informa 

33,316‌

276‌

InterContinental

Hotels

Group 

3,059‌

212‌

Intermediate

Capital

Group 

18,178‌

313‌

Investec 

11,389‌

73‌

IQE (1)(3)

320,942‌

188‌

Johnson

Matthey 

10,015‌

280‌

Keywords

Studios 

10,969‌

385‌

Kingfisher 

115,449‌

398‌

Lloyds

Banking

Group 

733,886‌

478‌

London

Stock

Exchange

Group 

8,219‌

752‌

Melrose

Industries 

178,188‌

314‌

Molten

Ventures (1)

40,135‌

178‌

Mondi 

11,650‌

220‌

National

Express

Group (1)

53,663‌

88‌

National

Grid 

29,138‌

370‌

Next 

5,034‌

412‌

Ocado

Group (1)

24,678‌

197‌

Oxford

Nanopore

Technologies (1)

21,743‌

63‌

Persimmon 

13,475‌

235‌

Prudential 

9,878‌

164‌

Renishaw 

2,259‌

110‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Rightmove 

27,362‌

199‌

Rio

Tinto 

7,629‌

597‌

Rolls-Royce

Holdings (1)

123,136‌

161‌

Rotork 

70,166‌

276‌

Shell 

45,278‌

1,329‌

Shell,

ADR

(USD) 

6,557‌

386‌

Smith

&

Nephew 

33,612‌

464‌

Smiths

Group 

5,697‌

122‌

Spirax-Sarco

Engineering 

1,455‌

208‌

Standard

Chartered 

24,202‌

203‌

Syncona (1)

44,594‌

97‌

Taylor

Wimpey 

63,808‌

93‌

Trainline (1)

60,090‌

210‌

Unilever

(EUR) 

6,176‌

314‌

Unilever 

23,703‌

1,206‌

UNITE

Group 

7,015‌

86‌

Victorian

Plumbing

Group (1)

37,284‌

42‌

Victrex 

7,713‌

176‌

Vodafone

Group 

94,702‌

109‌

Vodafone

Group,

ADR

(USD) 

23,723‌

275‌

Watches

of

Switzerland

Group (1)

15,327‌

180‌

Weir

Group 

20,743‌

457‌

WPP 

52,874‌

618‌

YouGov 

25,221‌

303‌

28,973‌

Convertible

Preferred

Stocks

0.0%

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $10 (1)(4)(5)

475‌

10‌

10‌

Corporate

Bonds

0.2%

Barclays,

VR,

2.279%,

11/24/27

(USD) (6)

335,000‌

299‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

275,000‌

227‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (2)

210,000‌

186‌

Experian

Finance,

2.75%,

3/8/30

(USD) (2)

200,000‌

172‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (6)

200,000‌

169‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (2)

405,000‌

357‌

NatWest

Group,

VR,

4.519%,

6/25/24

(USD) (6)

300,000‌

298‌

NatWest

Markets,

2.375%,

5/21/23

(USD) (2)

240,000‌

238‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

89‌

RELX

Capital,

3.50%,

3/16/23

(USD) 

45,000‌

45‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (6)

200,000‌

178‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD) (2)(6)

320,000‌

297‌

2,555‌

Total

United

Kingdom

(Cost

$29,222

)

31,538‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UNITED

STATES

69.9%

Asset-Backed

Securities

0.4%

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

105,000‌

102‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

134‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25 (2)

105,000‌

102‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27 (2)

100,000‌

92‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

TSFR

+

1.32%,

5.184%,

4/15/35 (2)

250,000‌

245‌

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

80‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

130‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

USD

LIBOR

+

1.14%,

5.932%,

7/15/36 (2)

250,000‌

247‌

CNH

Equipment

Trust,

Series

2019-C,

Class

B,

2.35%,

4/15/27 

295,000‌

288‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (2)

127,400‌

109‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (2)

128,375‌

106‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

USD

LIBOR

+

1.12%,

5.795%,

5/20/34 (2)

250,000‌

246‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

C,

0.74%,

1/15/26 

156,167‌

153‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

C,

0.98%,

6/15/26 

75,000‌

73‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

215,000‌

204‌

Ford

Credit

Auto

Owner

Trust,

Series

2019-1,

Class

B,

3.82%,

7/15/30 (2)

205,000‌

201‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (2)

115,000‌

101‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

185‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

86‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (2)

105,325‌

101‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28 (2)

110,751‌

106‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (2)

99,874‌

94‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (2)

54,577‌

50‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (2)

177,200‌

170‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-FA,

Class

A2,

2.60%,

8/15/68 (2)

51,541‌

48‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-GA,

Class

A,

2.40%,

10/15/68 (2)

57,501‌

53‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (2)

32,133‌

29‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (2)

37,017‌

34‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-A,

Class

A,

0.84%,

5/15/69 (2)

45,447‌

40‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (2)

189,877‌

170‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (2)

128,050‌

105‌

Sierra

Timeshare

Receivables

Funding,

Series

2018-2A,

Class

A,

3.50%,

6/20/35 (2)

21,782‌

21‌

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

A3,

FRN,

1M

USD

LIBOR

+

1.75%,

6.204%,

5/17/32 (2)

47,382‌

47‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31 (2)

47,878‌

46‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

USD

LIBOR

+

1.45%,

5.909%,

2/17/32 (2)

63,091‌

63‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (2)

103,153‌

99‌

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (2)

45,778‌

44‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (2)

67,148‌

61‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (2)

150,414‌

132‌

4,397‌

Bond

Mutual

Funds

15.8%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.23% (7)(8)

2,462,510‌

20,537‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.87% (7)(8)

5,092,704‌

24,852‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.28% (7)(8)

6,165,600‌

39,953‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.45% (7)(8)

1,751,721‌

16,379‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.84% (7)(8)

3,168,619‌

24,177‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.45% (7)(8)

3,838,501‌

28,060‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.51% (7)(8)

754,209‌

6,071‌

160,029‌

Common

Stocks

26.9%

AbbVie 

11,821‌

1,747‌

Acadia

Realty

Trust,

REIT 

10,731‌

167‌

Accenture,

Class

A 

1,834‌

512‌

Activision

Blizzard 

10,172‌

779‌

Advanced

Micro

Devices (1)

8,266‌

621‌

Affirm

Holdings (1)

3,387‌

55‌

AGCO 

172‌

24‌

Air

Products

&

Chemicals 

349‌

112‌

Albemarle 

124‌

35‌

Alexandria

Real

Estate

Equities,

REIT 

2,284‌

367‌

Align

Technology (1)

337‌

91‌

Allstate 

8,503‌

1,092‌

Alphabet,

Class

A (1)

6,602‌

653‌

Alphabet,

Class

C (1)

101,683‌

10,155‌

Amazon.com (1)

45,635‌

4,706‌

Ameren 

6,405‌

556‌

American

Electric

Power 

6,703‌

630‌

American

Express 

4,703‌

823‌

American

Homes

4

Rent,

Class

A,

REIT 

8,969‌

308‌

American

International

Group 

6,955‌

440‌

American

Tower,

REIT 

2,214‌

495‌

AmerisourceBergen 

8,573‌

1,448‌

AMETEK 

3,969‌

575‌

Amgen 

2,964‌

748‌

Apartment

Income

REIT,

REIT 

1,792‌

69‌

Apple 

60,866‌

8,782‌

Apple

Hospitality

REIT,

REIT 

10,898‌

193‌

Applied

Materials 

7,459‌

832‌

Atlassian,

Class

A (1)

2,280‌

368‌

AutoZone (1)

223‌

544‌

AvalonBay

Communities,

REIT 

4,576‌

812‌

Avery

Dennison 

253‌

48‌

Baker

Hughes 

1,800‌

57‌

Ball 

2,663‌

155‌

Bank

of

America 

124,080‌

4,402‌

Becton

Dickinson

&

Company 

10,192‌

2,571‌

Berkshire

Hathaway,

Class

B (1)

9,730‌

3,031‌

Best

Buy 

9,118‌

809‌

Bill.com

Holdings (1)

2,269‌

262‌

Block,

Class

A (1)

3,496‌

286‌

Booking

Holdings (1)

308‌

750‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Booz

Allen

Hamilton

Holding 

6,041‌

572‌

Boston

Properties,

REIT 

2,096‌

156‌

Broadcom 

4,374‌

2,559‌

Burlington

Stores (1)

2,711‌

623‌

Cactus,

Class

A 

1,233‌

67‌

Camden

Property

Trust,

REIT 

1,905‌

235‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (1)(4)(5)

105‌

58‌

Caterpillar 

287‌

72‌

CCC

Intelligent

Solutions

Holdings (1)

16,868‌

156‌

Centene (1)

10,996‌

838‌

Ceridian

HCM

Holding (1)

3,576‌

258‌

CF

Industries

Holdings 

4,476‌

379‌

ChampionX 

2,022‌

67‌

Charles

Schwab 

18,351‌

1,421‌

Cheniere

Energy 

2,626‌

401‌

Chesapeake

Energy 

3,468‌

301‌

Chevron 

13,716‌

2,387‌

Chipotle

Mexican

Grill (1)

937‌

1,543‌

Chubb 

19,315‌

4,394‌

Cintas 

318‌

141‌

Citigroup 

7,419‌

387‌

CME

Group 

1,892‌

334‌

CMS

Energy 

569‌

36‌

Coca-Cola 

28,434‌

1,744‌

Confluent,

Class

A (1)

3,546‌

82‌

ConocoPhillips 

6,444‌

785‌

Constellation

Brands,

Class

A 

2,558‌

592‌

Corebridge

Financial 

17,551‌

382‌

Coupa

Software (1)

7,687‌

614‌

Crowdstrike

Holdings,

Class

A (1)

865‌

92‌

Crown

Castle,

REIT 

1,520‌

225‌

Crown

Holdings 

722‌

64‌

CSX 

67,940‌

2,101‌

CubeSmart,

REIT 

7,204‌

330‌

Cummins 

579‌

144‌

Danaher 

11,072‌

2,927‌

Darling

Ingredients (1)

1,929‌

128‌

Datadog,

Class

A (1)

1,641‌

123‌

Deere 

340‌

144‌

Devon

Energy 

3,024‌

191‌

DocuSign (1)

5,127‌

311‌

Dollar

General 

9,453‌

2,208‌

Dominion

Energy 

665‌

42‌

DoorDash,

Class

A (1)

2,725‌

158‌

Douglas

Emmett,

REIT 

6,310‌

106‌

Dover 

1,957‌

297‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

DTE

Energy 

3,356‌

391‌

EastGroup

Properties,

REIT 

1,076‌

181‌

Eastman

Chemical 

738‌

65‌

Eaton 

13,591‌

2,205‌

Element

Solutions 

2,021‌

41‌

Elevance

Health 

12,738‌

6,369‌

Eli

Lilly 

7,321‌

2,519‌

Entegris 

2,876‌

232‌

EOG

Resources 

6,213‌

822‌

EPAM

Systems (1)

33‌

11‌

Equinix,

REIT 

1,089‌

804‌

Equity

LifeStyle

Properties,

REIT 

11,985‌

860‌

Equity

Residential,

REIT 

5,660‌

360‌

Essex

Property

Trust,

REIT 

1,309‌

296‌

Evergy 

4,829‌

303‌

Extra

Space

Storage,

REIT 

386‌

61‌

Exxon

Mobil 

45,415‌

5,269‌

Federal

Realty

Investment

Trust,

REIT 

159‌

18‌

Fidelity

National

Information

Services 

8,830‌

663‌

Fifth

Third

Bancorp 

10,348‌

376‌

FirstEnergy 

14,837‌

608‌

Fiserv (1)

27,108‌

2,892‌

Floor

&

Decor

Holdings,

Class

A (1)

3,385‌

307‌

FMC 

7,006‌

933‌

Fortinet (1)

1,153‌

60‌

GE

HealthCare

Technologies (1)

15,839‌

1,101‌

General

Electric 

38,009‌

3,059‌

General

Motors 

11,024‌

433‌

Goldman

Sachs

Group 

6,415‌

2,347‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(4)(5)

826‌

16‌

Halliburton 

1,663‌

69‌

Hartford

Financial

Services

Group 

14,863‌

1,153‌

HCA

Healthcare 

8,835‌

2,254‌

Hess 

7,975‌

1,197‌

Hilton

Worldwide

Holdings 

1,219‌

177‌

Home

Depot 

7,661‌

2,483‌

Honeywell

International 

6,254‌

1,304‌

Host

Hotels

&

Resorts,

REIT 

3,317‌

62‌

Howard

Hughes (1)

379‌

32‌

Hubbell 

2,730‌

625‌

Humana 

4,397‌

2,250‌

International

Flavors

&

Fragrances 

3,427‌

385‌

International

Paper 

1,489‌

62‌

Intuit 

4,002‌

1,691‌

Intuitive

Surgical (1)

5,562‌

1,366‌

Johnson

&

Johnson 

23,002‌

3,759‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Chase 

34,138‌

4,778‌

Karuna

Therapeutics (1)

947‌

189‌

Keurig

Dr

Pepper 

32,072‌

1,131‌

Kilroy

Realty,

REIT 

2,330‌

96‌

Kimberly-Clark 

3,977‌

517‌

Kimco

Realty,

REIT 

2,984‌

67‌

Kinder

Morgan 

73,720‌

1,349‌

KLA 

6,105‌

2,396‌

Kosmos

Energy (1)

29,732‌

235‌

Kraft

Heinz 

36,481‌

1,479‌

L3Harris

Technologies 

10,990‌

2,361‌

Lam

Research 

2,687‌

1,344‌

Las

Vegas

Sands (1)

9,800‌

578‌

Lennar,

Class

A 

3,096‌

317‌

Liberty

Media-Liberty

Formula

One,

Class

C (1)

13,955‌

988‌

Linde

(EUR) 

1,011‌

334‌

Linde 

4,313‌

1,427‌

Live

Nation

Entertainment (1)

6,387‌

514‌

Lululemon

Athletica (1)

3,271‌

1,004‌

Magnolia

Oil

&

Gas,

Class

A 

3,562‌

84‌

Marathon

Petroleum 

519‌

67‌

Marriott

International,

Class

A 

6,395‌

1,114‌

Marsh

&

McLennan 

2,736‌

479‌

Martin

Marietta

Materials 

289‌

104‌

Marvell

Technology 

5,693‌

246‌

Mastercard,

Class

A 

6,418‌

2,378‌

McDonald's 

8,310‌

2,222‌

Merck 

13,818‌

1,484‌

Meta

Platforms,

Class

A (1)

14,216‌

2,118‌

MetLife 

30,277‌

2,211‌

Micron

Technology 

15,177‌

915‌

Microsoft 

44,995‌

11,150‌

Middleby (1)

2,986‌

464‌

Molina

Healthcare (1)

3,907‌

1,218‌

Mondelez

International,

Class

A 

34,757‌

2,274‌

MongoDB (1)

1,422‌

305‌

Monolithic

Power

Systems 

1,726‌

736‌

Morgan

Stanley 

5,960‌

580‌

MSCI 

245‌

130‌

Netflix (1)

4,098‌

1,450‌

Newmont 

4,794‌

254‌

NextEra

Energy 

194‌

14‌

NIKE,

Class

B 

4,915‌

626‌

Norfolk

Southern 

4,604‌

1,132‌

Northrop

Grumman 

1,122‌

503‌

Nucor 

2,287‌

387‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NVIDIA 

16,408‌

3,206‌

NXP

Semiconductors 

5,338‌

984‌

Old

Dominion

Freight

Line 

840‌

280‌

Packaging

Corp.

of

America 

769‌

110‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(4)(5)

21,572‌

10‌

Paycom

Software (1)

235‌

76‌

PayPal

Holdings (1)

1,658‌

135‌

Pebblebrook

Hotel

Trust,

REIT 

9,541‌

156‌

PerkinElmer 

4,420‌

608‌

PG&E (1)

2,475‌

39‌

Philip

Morris

International 

33,073‌

3,448‌

Pinterest,

Class

A (1)

18,403‌

484‌

Pioneer

Natural

Resources 

877‌

202‌

Planet

Fitness,

Class

A (1)

1,162‌

98‌

PNC

Financial

Services

Group 

6,613‌

1,094‌

Procter

&

Gamble 

13,914‌

1,981‌

Progressive 

15,668‌

2,136‌

Prologis,

REIT 

18,684‌

2,415‌

Public

Storage,

REIT 

2,115‌

644‌

Quanta

Services 

373‌

57‌

Rayonier,

REIT 

4,117‌

150‌

Regency

Centers,

REIT 

5,558‌

370‌

Regeneron

Pharmaceuticals (1)

1,516‌

1,150‌

Reliance

Steel

&

Aluminum 

2,193‌

499‌

Rexford

Industrial

Realty,

REIT 

6,048‌

384‌

Roper

Technologies 

2,835‌

1,210‌

Ross

Stores 

11,107‌

1,313‌

Royal

Gold 

284‌

36‌

RPM

International 

1,084‌

97‌

S&P

Global 

1,291‌

484‌

Saia (1)

1,000‌

273‌

Salesforce (1)

3,223‌

541‌

SBA

Communications,

REIT 

1,153‌

343‌

Schlumberger 

15,506‌

884‌

Sempra

Energy 

7,196‌

1,154‌

Service

Corp

International 

1,849‌

137‌

ServiceNow (1)

3,637‌

1,655‌

Sherwin-Williams 

8,816‌

2,086‌

Shoals

Technologies

Group,

Class

A (1)

1,828‌

51‌

Simon

Property

Group,

REIT 

4,050‌

520‌

Skyward

Specialty

Insurance

Group (1)

6,693‌

124‌

SL

Green

Realty,

REIT 

786‌

32‌

Snowflake,

Class

A (1)

970‌

152‌

Southern 

55,746‌

3,773‌

Steel

Dynamics 

3,362‌

406‌

Stryker 

2,038‌

517‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Synopsys (1)

3,379‌

1,195‌

T-Mobile

U.S. (1)

17,890‌

2,671‌

TechnipFMC (1)

51,462‌

715‌

Teleflex 

477‌

116‌

Terreno

Realty,

REIT 

4,497‌

290‌

Tesla (1)

9,460‌

1,639‌

Texas

Instruments 

14,361‌

2,545‌

Thermo

Fisher

Scientific 

5,683‌

3,241‌

TJX 

10,398‌

851‌

TransDigm

Group 

731‌

525‌

TransUnion 

1,288‌

92‌

Travelers 

13,584‌

2,596‌

U.S.

Bancorp 

34,734‌

1,730‌

Ulta

Beauty (1)

1,697‌

872‌

Union

Pacific 

6,332‌

1,293‌

UnitedHealth

Group 

11,583‌

5,782‌

Valero

Energy 

495‌

69‌

Veeva

Systems,

Class

A (1)

3,514‌

599‌

Ventas,

REIT 

5,343‌

277‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17,

Cost $4 (1)(4)(5)

1‌

17‌

VeriSign (1)

3,166‌

690‌

Verizon

Communications 

46,079‌

1,915‌

Visa,

Class

A 

24,356‌

5,607‌

Vulcan

Materials 

878‌

161‌

Walmart 

12,031‌

1,731‌

Walt

Disney (1)

10,889‌

1,181‌

Waste

Connections 

944‌

125‌

Wells

Fargo 

57,554‌

2,698‌

Welltower,

REIT 

5,302‌

398‌

West

Pharmaceutical

Services 

2,432‌

646‌

Western

Alliance

Bancorp 

7,548‌

569‌

Westrock 

743‌

29‌

Weyerhaeuser,

REIT 

24,621‌

848‌

Workiva (1)

2,668‌

231‌

Yum!

Brands 

4,742‌

619‌

Zoetis 

2,697‌

446‌

272,018‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97 (1)(4)(5)

2,160‌

90‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42 (1)(4)(5)

618‌

26‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7 (1)(4)(5)

4‌

2‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52 (1)(4)(5)

6,404‌

42‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (1)(4)

(5)

348‌

21‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)(4)

(5)

927‌

56‌

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $3 (1)(4)(5)

163‌

8‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33 (1)(4)(5)

1,103‌

21‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15 (1)(4)(5)

255‌

34‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144 (1)(4)(5)

1,084‌

144‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71 (1)(4)(5)

2,594‌

111‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37 (1)

(4)(5)

2,783‌

38‌

Lilac

Solutions

Safe

Investment,

Acquisition

Date:

11/21/22,

Cost $10 (1)(4)(5)

10,202‌

10‌

NextEra

Energy,

5.279%,

3/1/23 

2,378‌

119‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $155 (1)(4)(5)

16,193‌

69‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (1)(4)(5)

1,666‌

130‌

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2 (1)(4)(5)

2,304‌

3‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3 (1)(4)(5)

3,239‌

4‌

Treeline,

Series

A,

Acquisition

Date:

9/26/22,

Cost $12 (1)(4)(5)

1,491‌

12‌

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $16 (1)(4)(5)

802‌

16‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143 (1)(4)(5)

1,669‌

79‌

1,035‌

Corporate

Bonds

2.4%

AbbVie,

2.95%,

11/21/26 

145,000‌

138‌

AbbVie,

4.50%,

5/14/35 

30,000‌

29‌

AbbVie,

4.70%,

5/14/45 

95,000‌

91‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

21‌

Ally

Financial,

2.20%,

11/2/28 

270,000‌

225‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

38‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

49‌

Amazon.com,

3.875%,

8/22/37 

150,000‌

139‌

American

Airlines

PTT,

Series

2014-1,

Class

A,

3.70%,

10/1/26 

20,151‌

18‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

159,919‌

136‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

245‌

American

Tower,

1.45%,

9/15/26 

355,000‌

314‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Amphenol,

2.20%,

9/15/31 

105,000‌

87‌

Aon,

3.875%,

12/15/25 

25,000‌

24‌

Appalachian

Power,

4.45%,

6/1/45 

40,000‌

35‌

Apple,

3.20%,

5/11/27 

300,000‌

290‌

AT&T,

2.75%,

6/1/31 

215,000‌

185‌

Autodesk,

2.40%,

12/15/31 

385,000‌

323‌

AutoZone,

3.125%,

4/21/26 

170,000‌

162‌

AutoZone,

3.75%,

6/1/27 

70,000‌

68‌

Baltimore

Gas

&

Electric,

3.35%,

7/1/23 

225,000‌

223‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

389‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

50‌

Bank

of

America,

VR,

3.55%,

3/5/24 (6)

100,000‌

100‌

Bank

of

America,

VR,

4.244%,

4/24/38 (6)

120,000‌

110‌

Bank

of

America,

VR,

5.08%,

1/20/27 (6)

225,000‌

226‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

53‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

102‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

178‌

Berkshire

Hathaway,

2.75%,

3/15/23 

35,000‌

35‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

25‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

29‌

BP

Capital

Markets

America,

1.749%,

8/10/30 

180,000‌

150‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (2)

100,000‌

89‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

25,000‌

24‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

73‌

Cameron

LNG,

2.902%,

7/15/31 (2)

40,000‌

36‌

Cameron

LNG,

3.701%,

1/15/39 (2)

30,000‌

25‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

119‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

78‌

Carvana,

10.25%,

5/1/30 (2)

149,000‌

79‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

353‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

50‌

Charter

Communications

Operating,

Series

USD,

4.50%,

2/1/24 

250,000‌

248‌

Cigna,

3.25%,

4/15/25 

250,000‌

243‌

Cigna,

3.75%,

7/15/23 

63,000‌

63‌

Citigroup,

4.45%,

9/29/27 

70,000‌

69‌

Citigroup,

VR,

3.887%,

1/10/28 (6)

315,000‌

303‌

Citigroup,

VR,

4.075%,

4/23/29 (6)

100,000‌

95‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

24‌

CNO

Global

Funding,

2.65%,

1/6/29 (2)

315,000‌

272‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

92‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

43‌

Corebridge

Financial,

4.40%,

4/5/52 (2)

375,000‌

322‌

Crown

Castle,

2.10%,

4/1/31 

250,000‌

205‌

Crown

Castle,

3.70%,

6/15/26 

40,000‌

39‌

Crown

Castle,

4.75%,

5/15/47 

30,000‌

27‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CVS

Health,

2.70%,

8/21/40 

40,000‌

29‌

DCP

Midstream

Operating,

3.875%,

3/15/23 

25,000‌

25‌

Delta

Air

Lines,

3.80%,

4/19/23 

17,000‌

17‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

15‌

Eaton

Vance,

3.625%,

6/15/23 

15,000‌

15‌

Elevance

Health,

4.101%,

3/1/28 

130,000‌

128‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

19‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

121‌

Equifax,

5.10%,

12/15/27 

145,000‌

146‌

Equitable

Holdings,

3.90%,

4/20/23 

29,000‌

29‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

110‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

14‌

Fifth

Third

Bancorp,

4.30%,

1/16/24 

65,000‌

65‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

69‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (2)

65,000‌

64‌

Fiserv,

3.20%,

7/1/26 

100,000‌

95‌

Florida

Gas

Transmission,

4.35%,

7/15/25 (2)

215,000‌

210‌

General

Motors,

4.00%,

4/1/25 

55,000‌

54‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

265‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

14‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

292‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

111‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

15‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

11‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (6)

200,000‌

168‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (6)

130,000‌

96‌

Hackensack

Meridian

Health,

4.211%,

7/1/48 

155,000‌

140‌

Hasbro,

3.00%,

11/19/24 

150,000‌

145‌

Hasbro,

3.55%,

11/19/26 

420,000‌

400‌

HCA,

4.125%,

6/15/29 

235,000‌

223‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

27‌

Healthpeak

Properties,

2.125%,

12/1/28 

80,000‌

69‌

Healthpeak

Properties,

2.875%,

1/15/31 

45,000‌

39‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (2)

100,000‌

95‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

244‌

Hyundai

Capital

America,

1.30%,

1/8/26 (2)

145,000‌

129‌

Hyundai

Capital

America,

1.65%,

9/17/26 (2)

180,000‌

159‌

Hyundai

Capital

America,

1.80%,

10/15/25 (2)

55,000‌

50‌

Hyundai

Capital

America,

2.00%,

6/15/28 (2)

235,000‌

199‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

127‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

74‌

Jackson

Financial,

1.125%,

11/22/23 

270,000‌

261‌

JPMorgan

Chase,

3.375%,

5/1/23 

410,000‌

408‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (6)

235,000‌

211‌

JPMorgan

Chase,

VR,

3.559%,

4/23/24 (6)

125,000‌

125‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (6)

160,000‌

141‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kansas

City

Southern,

2.875%,

11/15/29 

55,000‌

49‌

Kansas

City

Southern,

3.50%,

5/1/50 

155,000‌

122‌

Kansas

City

Southern,

4.30%,

5/15/43 

25,000‌

22‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

59‌

KeyCorp,

2.25%,

4/6/27 

90,000‌

82‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

229‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

39‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

22‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

15‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

49‌

Liberty

Mutual

Group,

4.25%,

6/15/23 (2)

10,000‌

10‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (2)

20,000‌

18‌

Life

Storage,

4.00%,

6/15/29 

145,000‌

134‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

284‌

M&T

Bank,

3.55%,

7/26/23 

345,000‌

342‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

282‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

113‌

McDonald's,

1.45%,

9/1/25 

65,000‌

60‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

98‌

Met

Tower

Global

Funding,

1.25%,

9/14/26 (2)

245,000‌

217‌

Micron

Technology,

4.185%,

2/15/27 

31,000‌

30‌

Microsoft,

2.921%,

3/17/52 

90,000‌

69‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (2)

110,000‌

106‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

163‌

Moody's,

2.00%,

8/19/31 

335,000‌

276‌

Morgan

Stanley,

4.10%,

5/22/23 

200,000‌

199‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

42‌

Morgan

Stanley,

VR,

3.971%,

7/22/38 (6)

135,000‌

122‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

267‌

NiSource,

3.49%,

5/15/27 

215,000‌

207‌

NiSource,

3.95%,

3/30/48 

105,000‌

88‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

25‌

Northwestern

University,

Series

2020,

2.64%,

12/1/50 

140,000‌

100‌

Nucor,

2.70%,

6/1/30 

70,000‌

62‌

Nucor,

3.95%,

5/1/28 

130,000‌

127‌

Omnicom

Group,

3.60%,

4/15/26 

50,000‌

48‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

49‌

Oracle,

2.40%,

9/15/23 

300,000‌

295‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

140‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

390‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

125,000‌

109‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

333‌

PerkinElmer,

1.90%,

9/15/28 

230,000‌

197‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

190‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

72‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

23‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23 (2)

270,000‌

268‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

134‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

34‌

Protective

Life

Global

Funding,

1.082%,

6/9/23 (2)

205,000‌

202‌

Providence

Health

&

Services

Obligated

Group,

4.379%,

10/1/23 

25,000‌

25‌

Public

Storage,

1.95%,

11/9/28 

150,000‌

131‌

QUALCOMM,

3.25%,

5/20/27 

107,000‌

103‌

QVC,

4.85%,

4/1/24 

20,000‌

19‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

62‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

33‌

Republic

Services,

2.375%,

3/15/33 

355,000‌

294‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

219‌

Rockwell

Automation,

1.75%,

8/15/31 

330,000‌

270‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

54‌

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

48‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

48‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (6)

135,000‌

119‌

SBA

Tower

Trust,

2.836%,

1/15/25 (2)

250,000‌

236‌

Sempra

Energy,

3.30%,

4/1/25 

185,000‌

179‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

186‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

286‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

44‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

169‌

State

Street,

3.10%,

5/15/23 

25,000‌

25‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

367‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

72‌

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

42‌

Thermo

Fisher

Scientific,

2.80%,

10/15/41 

140,000‌

110‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

13‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

13‌

TJX,

1.60%,

5/15/31 

55,000‌

45‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

23‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

10‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

3,040‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

279,144‌

240‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

39‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

23‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

216‌

Visa,

4.15%,

12/14/35 

90,000‌

89‌

Vistra

Operations,

3.55%,

7/15/24 (2)

135,000‌

130‌

VMware,

1.40%,

8/15/26 

350,000‌

310‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

128‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

39‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

156‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

WP

Carey,

3.85%,

7/15/29 

115,000‌

106‌

24,083‌

Equity

Mutual

Funds

9.8%

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

3,026,954‌

28,574‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class (7)

2,917,765‌

56,313‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class (7)

460,001‌

13,874‌

98,761‌

Municipal

Securities

0.3%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

244‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

186‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

46‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

174‌

Dallas

Fort

Worth

Int'l

Airport,

2.843%,

11/1/46 

150,000‌

113‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

290‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

15‌

Los

Angeles

Airport,

Build

America,

Series

C,

7.053%,

5/15/40 

15,000‌

18‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

148‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36 

20,000‌

19‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Series

B,

3.235%,

7/1/52 

200,000‌

137‌

Metropolitan

Transportation

Auth.,

Build

America,

Series

A-1,

5.871%,

11/15/39 

15,000‌

15‌

Miami-Dade

County

Transit

System,

Build

America,

Series

B,

5.624%,

7/1/40 

160,000‌

172‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

75‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

126,000‌

145‌

New

York

State

Dormitory

Auth.,

Build

America,

Series

F,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

16‌

New

York

State

Urban

Dev.,

Series

B,

2.59%,

3/15/35 

305,000‌

246‌

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

5,000‌

5‌

Port

Auth.

of

New

York

&

New

Jersey,

Series

182,

5.31%,

8/1/46 

20,000‌

20‌

South

Carolina

Public

Service

Auth.,

Series

D,

Unrefunded

Portion,

2.388%,

12/1/23 

25,000‌

25‌

Texas

A&M

Univ.,

Series

B,

3.33%,

5/15/39 

250,000‌

211‌

Univ.

of

California

Regents,

Series

AJ,

4.601%,

5/15/31 

25,000‌

25‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

15,000‌

17‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

25‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

103‌

2,490‌

Non-U.S.

Government

Mortgage-Backed

Securities

0.5%

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (2)

81,367‌

69‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (2)

26,661‌

23‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (2)

67,840‌

58‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (2)

90,326‌

79‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

6.752%,

11/15/34 (2)

50,000‌

42‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44 (2)

150,000‌

120‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.004%,

5.463%,

10/15/36 (2)

225,000‌

214‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (2)

100,000‌

91‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

52‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

96‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

24‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (2)

64,516‌

55‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

5.759%,

11/15/37 (2)

137,619‌

135‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

6.109%,

11/15/37 (2)

155,313‌

152‌

COLT

Mortgage

Loan

Trust,

Series

2021-6,

Class

A1,

CMO,

ARM,

1.907%,

12/25/66 (2)

220,913‌

192‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

39‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

58‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

97‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

5.21%,

11/25/41 (2)

40,500‌

40‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

5.31%,

12/25/41 (2)

34,931‌

35‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (2)

20,189‌

19‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

5.839%,

7/15/38 (2)

97,619‌

95‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36 (2)

165,000‌

155‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (2)

7,164‌

7‌

Galton

Funding

Mortgage

Trust,

Series

2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (2)

58,102‌

56‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40 (2)

100,000‌

77‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

6.225%,

12/15/36 (2)

70,000‌

68‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

24‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

63‌

GS

Mortgage-Backed

Securities

Trust,

Series

2021-PJ5,

Class

A8,

CMO,

ARM,

2.50%,

10/25/51 (2)

185,871‌

164‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

63‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

43,406‌

42‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (2)

100,000‌

83‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (2)

38,979‌

34‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (2)

46,160‌

41‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.83%,

5.219%,

8/25/50 (2)

9,995‌

9‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (2)

17,770‌

16‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

USD

LIBOR

+

1.101%,

5.56%,

4/15/38 (2)

255,000‌

249‌

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62 (2)

31,102‌

30‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C9,

Class

A4,

3.102%,

5/15/46 

19,980‌

20‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C17,

Class

B,

ARM,

4.464%,

8/15/47 

20,000‌

19‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

35,000‌

33‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

82‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

148‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C30,

Class

A5,

2.86%,

9/15/49 

25,000‌

23‌

Morgan

Stanley

Capital

I

Trust,

Series

2019-MEAD,

Class

D,

ARM,

3.177%,

11/10/36 (2)

130,000‌

111‌

New

Residential

Mortgage

Loan

Trust,

Series

2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59 (2)

41,488‌

39‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (2)

140,891‌

118‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

USD

LIBOR

+

1.995%,

6.455%,

11/15/38 (2)

295,000‌

263‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

5.606%,

10/25/59 (2)

12,582‌

12‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.201%,

12/25/49 (2)

190,669‌

159‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (2)

7,208‌

7‌

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

USD

LIBOR

+

1.50%,

5.959%,

5/15/38 (2)

110,000‌

98‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (2)

2,858‌

3‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (2)

28,031‌

25‌

Starwood

Mortgage

Residential

Trust,

Series

2021-2,

Class

A2,

CMO,

ARM,

1.172%,

5/25/65 (2)

35,337‌

33‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA2,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.80%,

5.11%,

8/25/33 (2)

7,382‌

7‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

6.41%,

10/25/33 (2)

60,000‌

60‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

5.81%,

10/25/41 (2)

100,000‌

96‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.16%,

11/25/41 (2)

149,596‌

148‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-HQA1,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.70%,

5.01%,

8/25/33 (2)

7,251‌

7‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

6.31%,

4/25/42 (2)

147,860‌

148‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

6.41%,

3/25/42 (2)

123,630‌

124‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57 (2)

29,234‌

28‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (2)

20,657‌

20‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (2)

19,263‌

18‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (2)

43,037‌

41‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (2)

40,493‌

34‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (2)

243,775‌

211‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

40‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

96‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

72‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2021-

RR1,

Class

A1,

CMO,

ARM,

2.50%,

12/25/50 (2)

88,415‌

74‌

5,383‌

Private

Investment

Companies

7.4%

Blackstone

Partners

Offshore

Fund,

Series

E1 (4)

33,976‌

74,478‌

74,478‌

U.S.

Government

&

Agency

Mortgage-Backed

Securities

0.0%

Federal

Home

Loan

Mortgage,

2.952%,

2/25/27 

23‌

22‌

22‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

6.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,830,000‌

1,219‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

990,000‌

600‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

1,510,000‌

1,099‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

2,530,000‌

1,899‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 (9)(10)

3,590,000‌

2,473‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 (9)

2,490,000‌

1,778‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

259‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 (9)

1,545,000‌

1,160‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

117‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

55‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 (9)(10)

5,915,000‌

4,967‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

490‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

348‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

382‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

193‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

652‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

132‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,100,000‌

973‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

266‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

549‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

750,000‌

709‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

597‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

118,924‌

82‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/52 

212,502‌

146‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

265,177‌

191‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

620,257‌

523‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

644,272‌

561‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

235,439‌

203‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

317,759‌

283‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

374,257‌

331‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

159,719‌

141‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

156,100‌

151‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/24 

2,463,486‌

2,390‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

990,608‌

958‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

2,524,705‌

2,420‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

81,005‌

78‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

1,780,593‌

1,692‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

1,450,668‌

1,382‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

30,506‌

29‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

4,020,609‌

3,797‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30 

323,186‌

297‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30 

1,130,389‌

1,039‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

400,278‌

365‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

61,870‌

56‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

753,934‌

681‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

1,290,877‌

1,245‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29 

1,138,265‌

1,066‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

3,417,858‌

3,266‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

233,793‌

224‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28 

376,083‌

360‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

841,969‌

815‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

1,019,527‌

964‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.125%,

1/15/33 

348,908‌

345‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 

1,059,069‌

1,073‌

U.S.

Treasury

Notes,

0.125%,

5/31/23 (9)

1,535,000‌

1,512‌

U.S.

Treasury

Notes,

0.25%,

6/15/23 

105,000‌

103‌

U.S.

Treasury

Notes,

0.25%,

5/31/25 (9)(10)

4,965,000‌

4,549‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

342‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

104‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 (9)

1,710,000‌

1,552‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 (9)(10)

2,145,000‌

1,799‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

950,000‌

846‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 (9)

2,720,000‌

2,532‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

320‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

520,000‌

505‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

860,000‌

877‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Notes,

4.125%,

10/31/27 

795,000‌

811‌

63,923‌

Total

United

States

(Cost

$662,142

)

706,619‌

VIETNAM

0.2%

Common

Stocks

0.2%

Airports

Corp.

of

Vietnam (1)

14,100‌

51‌

Asia

Commercial

Bank (1)

185,193‌

215‌

Bank

for

Foreign

Trade

of

Vietnam (1)

27,432‌

108‌

FPT 

139,232‌

533‌

FPT

Digital

Retail 

9,400‌

30‌

Hoa

Phat

Group 

298,900‌

283‌

Khang

Dien

House

Trading

&

Investment (1)

47,340‌

57‌

Military

Commercial

Joint

Stock

Bank (1)

195,950‌

172‌

Mobile

World

Investment 

102,200‌

216‌

Nam

Long

Investment 

48,066‌

60‌

Phu

Nhuan

Jewelry 

36,800‌

147‌

Saigon

Beer

Alcohol

Beverage 

11,000‌

89‌

Vietnam

Dairy

Products 

55,100‌

181‌

Vietnam

Engine

&

Agricultural

Machinery 

84,200‌

147‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank (1)

40,000‌

53‌

Total

Vietnam

(Cost

$2,133

)

2,342‌

SHORT-TERM

INVESTMENTS

3.3%

Money

Market

Funds

3.3%

T.

Rowe

Price

Treasury

Reserve

Fund,

4.35% (7)(11)

33,321,921‌

33,322‌

Total

Short-Term

Investments

(Cost

$33,322)

33,322‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

4.36% (7)(11)

1,826,230‌

1,826‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,826‌

Total

Securities

Lending

Collateral

(Cost

$1,826)

1,826‌

Total

Investments

in

Securities

100.0%

(Cost

$923,581)

$

1,011,100‌

Other

Assets

Less

Liabilities

0.0%

124

Net

Assets

100.0%

$

1,011,224‌

‡

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

$17,136

and

represents

1.7%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

January

31,

2023.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,354

and

represents

0.1%

of

net

assets.

(6)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7)

Affiliated

Companies

(8)

SEC

30-day

yield

(9)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

January

31,

2023.

(10)

At

January

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(11)

Seven-day

yield

T.

ROWE

PRICE

Global

Allocation

Fund

48

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

ADR

American

Depositary

Receipts

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

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

49

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

Exchange-Traded

Options

Written

(0.2)%

Description

Contracts

Notional

Amount

$

Value

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

3/17/23

@

$76.00

290

2,214

(42‌)

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

3/17/23

@

$76.00

2,226

16,991

(225‌)

Julius

Baer

Group,

Call,

2/17/23

@

$57.00

(CHF)

3

18

(1‌)

Julius

Baer

Group,

Call,

2/17/23

@

$58.00

(CHF)

3

18

(1‌)

Julius

Baer

Group,

Call,

3/17/23

@

$60.00

(CHF)

3

18

—‌

S&P

500

Index,

Call,

3/17/23

@

$4,050.00

119

48,512

(1,466‌)

Total

Options

Written

(Premiums

$(1,462))

$

(1,735‌)

T.

ROWE

PRICE

Global

Allocation

Fund

50

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Barclays

Bank

2/28/23

USD

8,497‌

GBP

6,868‌

$

24‌

BNY

Mellon

2/28/23

USD

11,995‌

JPY

1,551,825‌

28‌

Deutsche

Bank

2/28/23

USD

17,768‌

EUR

16,322‌

(9‌)

JPMorgan

Chase

2/28/23

NOK

102‌

USD

10‌

—‌

JPMorgan

Chase

2/28/23

USD

295‌

AUD

419‌

(1‌)

JPMorgan

Chase

2/28/23

USD

5,807‌

CHF

5,339‌

(42‌)

JPMorgan

Chase

2/28/23

USD

1,630‌

DKK

11,132‌

—‌

JPMorgan

Chase

2/28/23

USD

1,431‌

EUR

1,316‌

(2‌)

JPMorgan

Chase

2/28/23

USD

273‌

GBP

222‌

—‌

JPMorgan

Chase

2/28/23

USD

1,652‌

HKD

12,914‌

2‌

JPMorgan

Chase

2/28/23

USD

265‌

ILS

911‌

1‌

JPMorgan

Chase

2/28/23

USD

621‌

JPY

80,424‌

—‌

JPMorgan

Chase

2/28/23

USD

417‌

NOK

4,131‌

3‌

JPMorgan

Chase

2/28/23

USD

107‌

NZD

165‌

—‌

JPMorgan

Chase

2/28/23

USD

1,839‌

SEK

18,952‌

24‌

JPMorgan

Chase

2/28/23

USD

118‌

SEK

1,232‌

—‌

JPMorgan

Chase

2/28/23

USD

769‌

SGD

1,010‌

—‌

Morgan

Stanley

2/28/23

USD

4,458‌

AUD

6,267‌

29‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

57‌

T.

ROWE

PRICE

Global

Allocation

Fund

51

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

66

MSCI

EAFE

Index

contracts

3/23

(6,993)

$

(404‌)

Long,

73

S&P

500

E-Mini

Index

contracts

3/23

14,929

187‌

Long,

29

U.S.

Treasury

Long

Bond

contracts

3/23

3,767

132‌

Long,

42

U.S.

Treasury

Notes

five

year

contracts

3/23

4,588

56‌

Long,

12

U.S.

Treasury

Notes

ten

year

contracts

3/23

1,374

23‌

Long,

10

U.S.

Treasury

Notes

two

year

contracts

3/23

2,057

8‌

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

3/23

425

23‌

Short,

13

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/23

(1,576)

(36‌)

Net

payments

(receipts)

of

variation

margin

to

date

277‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

266‌

T.

ROWE

PRICE

Global

Allocation

Fund

52

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,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.23% 

$

—‌

$

(2,982‌)

$

228‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.87% 

(319‌)

3,260‌

384‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.28% 

(329‌)

4,722‌

545‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.45% 

(35‌)

403‌

318‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.84% 

—‌

920‌

415‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.45% 

(372‌)

3,211‌

106‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.51% 

—‌

(372‌)

25‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

—‌

(303‌)

711‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class 

(168‌)

1,809‌

410‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

—‌

14‌

67‌

T.

Rowe

Price

Government

Reserve

Fund,

4.36%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

4.35%

—‌

—‌

299‌

Affiliates

not

held

at

period

end

—‌

—‌

10‌

Totals

$

(1,223‌)#

$

10,682‌

$

3,518‌+

T.

ROWE

PRICE

Global

Allocation

Fund

53

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/22

Purchase

Cost

Sales

Cost

Value

01/31/23

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.23% 

$

20,913‌

$

2,606‌

$

—‌

$

20,537‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.87% 

22,528‌

403‌

1,339‌

24,852‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.28% 

35,764‌

548‌

1,081‌

39,953‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.45% 

16,193‌

318‌

535‌

16,379‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.84% 

21,807‌

1,450‌

—‌

24,177‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.45% 

26,115‌

106‌

1,372‌

28,060‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.51% 

5,944‌

499‌

—‌

6,071‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

27,945‌

932‌

—‌

28,574‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class 

55,376‌

3,296‌

4,168‌

56,313‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

13,271‌

589‌

—‌

13,874‌

T.

Rowe

Price

Government

Reserve

Fund,

4.36%

3,151‌

 ¤

 ¤

1,826‌

T.

Rowe

Price

Treasury

Reserve

Fund,

4.35%

26,870‌

 ¤

 ¤

33,322‌

Total

$

293,938‌^

T.

ROWE

PRICE

Global

Allocation

Fund

54

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$3,518

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

$327,975.

T.

ROWE

PRICE

Global

Allocation

Fund

Unaudited

Notes

to

the

Portfolio

of

Investments

55

T.

Rowe

Price

Global

Allocation

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Global

Allocation

Fund

56

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Global

Allocation

Fund

57

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee 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

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Global

Allocation

Fund

58

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

January

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

113,808‌

$

—‌

$

113,808‌

Bond

Mutual

Funds

160,029‌

—‌

—‌

160,029‌

Common

Stocks

294,970‌

230,844‌

125‌

525,939‌

Convertible

Preferred

Stocks

—‌

119‌

1,229‌

1,348‌

Equity

Mutual

Funds

98,761‌

—‌

—‌

98,761‌

Preferred

Stocks

—‌

1,589‌

—‌

1,589‌

Private

Investment

Companies

—‌

—‌

74,478‌

74,478‌

Short-Term

Investments

33,322‌

—‌

—‌

33,322‌

Securities

Lending

Collateral

1,826‌

—‌

—‌

1,826‌

Total

Securities

588,908‌

346,360‌

75,832‌

1,011,100‌

Forward

Currency

Exchange

Contracts

—‌

111‌

—‌

111‌

Futures

Contracts*

429‌

—‌

—‌

429‌

Total

$

589,337‌

$

346,471‌

$

75,832‌

$

1,011,640‌

Liabilities

Options

Written

$

—‌

$

1,735‌

$

—‌

$

1,735‌

Forward

Currency

Exchange

Contracts

—‌

54‌

—‌

54‌

Futures

Contracts*

440‌

—‌

—‌

440‌

Total

$

440‌

$

1,789‌

$

—‌

$

2,229‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-

Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Global

Allocation

Fund

59

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

January

31,

2023.

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,

2023,

totaled $75,000 for

the

period ended

January

31,

2023.

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

Designee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

10/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

1/31/23

Investment

in

Securities

Common

Stocks

$

170‌

$

(43‌)

$

—‌

$

(2‌)

$

125‌

Convertible

Preferred

Stocks

1,351‌

(114‌)

12‌

(20‌)

1,229‌

Private

Investment

Companies

77,741‌

737‌

—‌

(4,000‌)

74,478‌

Total

$

79,262‌

$

580‌

$

12‌

$

(4,022‌)

$

75,832‌

T.

ROWE

PRICE

Global

Allocation

Fund

60

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

125

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

lack

of

certainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Enterprise

value

to

gross

profit

multiple

4.7x

-

15.0x

10.7x

Increase

Gross

profit

growth

rate

23%

-

34%

27%

Increase

Enterprise

value

to

sales

multiple

1.9x

-

11.8x

7.2x

Increase

Sales

growth

rate

27%

-

33%

30%

Increase

Price-to-

earnings

multiple

7.4x

-

17.5x

12.5x

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.0x

12.0x

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

-

9.5x

8.5x

Increase

EBITDA

growth

rate

(47%)

(47%)

Increase

Dividend

yield

4.98%

4.98%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

61

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

rate

for

cost

of

capital

13%

13%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,229

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

gross

profit

multiple

4.4x

-

15.0x

6.7x

Increase

Gross

profit

growth

rate

23%

-

34%

27%

Increase

Enterprise

value

to

sales

multiple

1.3x

-

11.8x

3.0x

Increase

Sales

growth

rate

0%

-

100%

43%

Increase

Enterprise

value

to

EBITDA

multiple

8.4x

-

25.7x

17.1x

Increase

EBITDA

growth

rate

312%

312%

Increase

Projected

enterprise

value

to

sales

multiple

2.2x

-

15.3x

6.5x

Increase

Projected

enterprise

value

to

EBITDA

multiple

10.5x

10.5x

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

62

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

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.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

rate

for

cost

of

capital

20%

-

25%

23%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

74,478

Rollforward

of

Investee

NAV

Estimated

return

0.27%

0.27%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

63

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F154-054Q1

01/23