T.

ROWE

PRICE

Global

Allocation

Fund

July

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)

1,709‌

298‌

MercadoLibre

(USD) (1)

675‌

836‌

Tenaris,

ADR

(USD) 

1,435‌

48‌

Total

Argentina

(Cost

$536

)

1,182‌

AUSTRALIA

0.7%

Common

Stocks

0.7%

Allkem (1)

2,629‌

26‌

ALS 

6,155‌

49‌

ANZ

Group

Holdings 

10,543‌

183‌

Bellevue

Gold (1)

44,350‌

43‌

BHP

Group 

37,942‌

1,181‌

BHP

Group

(GBP) 

13,541‌

422‌

BlueScope

Steel 

2,902‌

43‌

Capricorn

Metals (1)

13,225‌

40‌

Challenger 

18,120‌

88‌

Cochlear 

706‌

114‌

Downer

EDI 

25,464‌

75‌

Emerald

Resources (1)

61,477‌

94‌

Frontier

Digital

Ventures (1)

204,396‌

60‌

Goodman

Group 

9,745‌

135‌

IDP

Education 

5,844‌

98‌

IGO 

54,238‌

507‌

Macquarie

Group 

1,689‌

199‌

Newcrest

Mining 

12,028‌

216‌

Northern

Star

Resources 

45,446‌

355‌

oOh!media 

66,161‌

62‌

Pilbara

Minerals 

31,909‌

104‌

Red

5 (1)

235,571‌

29‌

Rio

Tinto 

5,155‌

408‌

Scentre

Group 

154,542‌

292‌

South32 

117,410‌

309‌

Suncorp

Group 

7,426‌

71‌

Worley 

29,105‌

341‌

5,544‌

Corporate

Bonds

0.0%

Transurban

Finance,

2.45%,

3/16/31

(USD) (2)

140,000‌

114‌

Transurban

Finance,

4.125%,

2/2/26

(USD) (2)

15,000‌

14‌

Woodside

Finance,

3.70%,

3/15/28

(USD) (2)

67,000‌

61‌

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

99‌

288‌

Total

Australia

(Cost

$4,200

)

5,832‌

AUSTRIA

0.2%

Common

Stocks

0.2%

BAWAG

Group 

14,836‌

723‌

Erste

Group

Bank 

5,394‌

204‌

OMV 

3,711‌

167‌

Schoeller-Bleckmann

Oilfield

Equipment 

1,557‌

94‌

voestalpine 

1,347‌

45‌

Total

Austria

(Cost

$996

)

1,233‌

BAHRAIN

0.0%

Common

Stocks

0.0%

Aluminium

Bahrain 

41,369‌

121‌

Total

Bahrain

(Cost

$118

)

121‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

238,210‌

78‌

Square

Pharmaceuticals 

44,279‌

86‌

Total

Bangladesh

(Cost

$203

)

164‌

BELGIUM

0.1%

Common

Stocks

0.1%

KBC

Group 

1,174‌

88‌

Shurgard

Self

Storage 

1,661‌

76‌

Umicore 

6,077‌

180‌

Warehouses

De

Pauw 

2,444‌

72‌

Total

Belgium

(Cost

$381

)

416‌

BRAZIL

0.6%

Common

Stocks

0.6%

Arco

Platform,

Class

A

(USD) (1)

6,372‌

82‌

B3 

226,400‌

714‌

CI&T,

Class

A

(USD) (1)

6,558‌

39‌

Grupo

SBF 

5,448‌

15‌

T.

ROWE

PRICE

Global

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hypera 

26,739‌

244‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

16,700‌

83‌

Klabin 

79,800‌

388‌

Localiza

Rent

a

Car 

83,516‌

1,186‌

Lojas

Renner 

18,400‌

73‌

Minerva 

20,353‌

44‌

Multiplan

Empreendimentos

Imobiliarios 

7,900‌

44‌

Raia

Drogasil 

150,038‌

923‌

Suzano 

14,593‌

148‌

Vale,

ADR

(USD) 

4,965‌

73‌

WEG 

35,600‌

301‌

XP,

Class

A

(USD) (1)

4,652‌

126‌

4,483‌

Preferred

Stocks

0.0%

Marcopolo 

167,600‌

185‌

185‌

Total

Brazil

(Cost

$3,505

)

4,668‌

CANADA

1.6%

Common

Stocks

1.3%

Agnico

Eagle

Mines 

4,506‌

236‌

Agnico

Eagle

Mines

(USD) 

1,237‌

65‌

Altus

Group 

3,179‌

106‌

Aritzia (1)(3)

5,391‌

103‌

ATS (1)

2,466‌

112‌

Barrick

Gold

(USD) 

7,582‌

131‌

Brookfield 

5,480‌

191‌

BRP 

751‌

69‌

CAE (1)

3,122‌

71‌

Calibre

Mining (1)

28,960‌

38‌

Cameco

(USD) 

4,973‌

175‌

Canadian

Apartment

Properties

REIT (3)

2,152‌

84‌

Canadian

National

Railway

(USD) 

1,008‌

122‌

Canadian

Natural

Resources 

1,558‌

95‌

Canadian

Pacific

Kansas

City

(USD) 

2,324‌

191‌

Capstone

Copper (1)

1,337‌

7‌

Cenovus

Energy 

4,049‌

77‌

Constellation

Software 

79‌

167‌

Definity

Financial 

11,735‌

295‌

dentalcorp

Holdings (1)

9,562‌

55‌

Descartes

Systems

Group (1)

2,512‌

196‌

Descartes

Systems

Group

(USD) (1)

700‌

55‌

Element

Fleet

Management 

25,058‌

404‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ERO

Copper (1)

14,501‌

349‌

Exchange

Income (3)

2,196‌

86‌

Filo (1)(3)

8,075‌

153‌

First

Quantum

Minerals 

12,863‌

382‌

Franco-Nevada 

3,169‌

462‌

Granite

Real

Estate

Investment

Trust (3)

1,178‌

69‌

Hudbay

Minerals

(USD) 

5,718‌

34‌

Ivanhoe

Mines,

Class

A (1)(3)

22,355‌

237‌

Jamieson

Wellness (3)

1,013‌

23‌

K92

Mining (1)(3)

7,933‌

37‌

Karora

Resources (1)

21,868‌

76‌

Kinross

Gold

(USD) 

4,614‌

23‌

Magna

International

(USD) 

5,746‌

370‌

Maple

Leaf

Foods 

3,300‌

69‌

National

Bank

of

Canada 

7,770‌

609‌

NGEx

Minerals (1)

1,971‌

10‌

Nutrien

(USD) 

17,205‌

1,185‌

NuVista

Energy (1)

11,100‌

96‌

Orla

Mining (1)(3)

28,518‌

133‌

Osisko

Mining (1)

18,718‌

45‌

Osisko

Mining,

Warrants,

8/28/24 

8,392‌

2‌

Parex

Resources 

767‌

17‌

Richelieu

Hardware (3)

3,000‌

100‌

Shopify,

Class

A (1)

4,046‌

273‌

Shopify,

Class

A

(USD) (1)

9,117‌

616‌

Skeena

Resources (1)

2,773‌

14‌

SNC-Lavalin

Group 

3,500‌

102‌

Spin

Master 

5,339‌

142‌

StorageVault

Canada 

33,724‌

125‌

Sun

Life

Financial 

8,606‌

453‌

Suncor

Energy 

11,886‌

372‌

Teck

Resources,

Class

B

(USD) 

5,147‌

229‌

TELUS

International

CDA (1)

1,755‌

16‌

TMX

Group 

9,392‌

209‌

Tourmaline

Oil 

713‌

37‌

Wesdome

Gold

Mines (1)

34,675‌

184‌

West

Fraser

Timber 

259‌

22‌

Wheaton

Precious

Metals 

1,935‌

87‌

Whitecap

Resources 

8,042‌

64‌

10,557‌

Corporate

Bonds

0.1%

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

95‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

116‌

Canadian

Pacific

Railway,

2.875%,

11/15/29

(USD) 

55,000‌

49‌

Canadian

Pacific

Railway,

3.50%,

5/1/50

(USD) 

155,000‌

117‌

T.

ROWE

PRICE

Global

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Canadian

Pacific

Railway,

4.30%,

5/15/43

(USD) 

25,000‌

22‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

250,000‌

203‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

9‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

134‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

240,000‌

240‌

985‌

Government

Bonds

0.2%

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

128‌

Province

of

British

Columbia,

4.20%,

7/6/33

(USD) 

320,000‌

315‌

Province

of

Manitoba,

Series

GX,

2.60%,

4/16/24

(USD) 

270,000‌

264‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

238‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD) 

50,000‌

48‌

993‌

Total

Canada

(Cost

$10,654

)

12,535‌

CAYMAN

ISLANDS

0.1%

Common

Stocks

0.0%

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $45

(USD) (4)(5)

11,845‌

23‌

23‌

Convertible

Preferred

Stocks

0.1%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $89

(USD) (1)(4)(5)

1,810‌

359‌

359‌

Total

Cayman

Islands

(Cost

$134

)

382‌

CHILE

0.1%

Common

Stocks

0.1%

Antofagasta

(GBP) 

15,713‌

338‌

Banco

Santander

Chile,

ADR

(USD) 

12,982‌

274‌

612‌

Corporate

Bonds

0.0%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

220‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (2)

220,000‌

194‌

414‌

Total

Chile

(Cost

$804

)

1,026‌

T.

ROWE

PRICE

Global

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CHINA

2.3%

Common

Stocks

1.6%

58.com

(USD) (4)

5,864‌

—‌

Alibaba

Group

Holding

(HKD) (1)

41,620‌

532‌

Alibaba

Group

Holding,

ADR

(USD) (1)

13,273‌

1,356‌

Baidu,

ADR

(USD) (1)

630‌

98‌

BeiGene,

ADR

(USD) (1)

247‌

53‌

Beijing

Enterprises

Holdings

(HKD) 

21,500‌

86‌

BOE

Varitronix

(HKD) 

46,000‌

70‌

Bosideng

International

Holdings

(HKD) 

120,000‌

55‌

China

Overseas

Land

&

Investment

(HKD) 

323,000‌

766‌

China

Overseas

Property

Holdings

(HKD) 

80,000‌

94‌

China

Resources

Gas

Group

(HKD) 

36,900‌

128‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

66,000‌

319‌

Fosun

International

(HKD) 

46,500‌

34‌

H

World

Group

(HKD) (1)

49,100‌

235‌

Haier

Smart

Home,

Class

H

(HKD) 

33,600‌

111‌

Hesai

Group,

ADR

(USD) (1)

856‌

11‌

JD

Health

International

(HKD) (1)

10,150‌

74‌

JD.com,

Class

A

(HKD) 

7,376‌

153‌

Jiumaojiu

International

Holdings

(HKD) 

149,000‌

294‌

JOYY,

ADR

(USD) 

1,152‌

40‌

Kanzhun,

ADR

(USD) (1)

18,923‌

353‌

KE

Holdings,

ADR

(USD) (1)

13,809‌

241‌

Li

Auto,

ADR

(USD) (1)

13,827‌

592‌

Li

Auto,

Class

A

(HKD) (1)

1,400‌

30‌

Li

Ning

(HKD) 

107,000‌

652‌

Nongfu

Spring,

Class

H

(HKD) 

39,600‌

231‌

PDD

Holdings,

ADR

(USD) (1)

3,691‌

332‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

118,000‌

138‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

14,000‌

102‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

101,600‌

131‌

Silergy

(TWD) 

15,000‌

159‌

Tencent

Holdings

(HKD) 

52,554‌

2,415‌

Tsingtao

Brewery,

Class

H

(HKD) 

16,000‌

144‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

214,500‌

249‌

Yum

China

Holdings

(HKD) 

2,300‌

142‌

Yum

China

Holdings

(USD) 

31,169‌

1,902‌

Zhongsheng

Group

Holdings

(HKD) 

268,500‌

943‌

13,265‌

Common

Stocks

-

China

A

Shares

0.6%

Beijing

Career

International,

A

Shares

(CNH) 

9,200‌

48‌

Bethel

Automotive

Safety

Systems,

A

Shares

(CNH) 

3,944‌

50‌

T.

ROWE

PRICE

Global

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Chacha

Food,

A

Shares

(CNH) 

57,600‌

331‌

China

Oilfield

Services,

A

Shares

(CNH) 

41,700‌

89‌

Focus

Media

Information

Technology,

A

Shares

(CNH) 

58,700‌

61‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

152,912‌

811‌

Glodon,

A

Shares

(CNH) 

32,040‌

145‌

Hichain

Logistics,

A

Shares

(CNH) 

16,600‌

49‌

Hongfa

Technology,

A

Shares

(CNH) 

61,100‌

297‌

Hundsun

Technologies,

A

Shares

(CNH) 

2,910‌

17‌

Inner

Mongolia

Yili

Industrial

Group,

A

Shares

(CNH) 

20,000‌

80‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) (1)

23,594‌

150‌

Kweichow

Moutai,

A

Shares

(CNH) 

1,260‌

332‌

Moon

Environment

Technology,

A

Shares

(CNH) 

27,900‌

68‌

NARI

Technology,

A

Shares

(CNH) 

30,821‌

105‌

Pony

Testing

International

Group,

A

Shares

(CNH) 

58,246‌

170‌

Qingdao

Haier

Biomedical,

A

Shares

(CNH) 

8,184‌

55‌

Qingdao

Hiron

Commercial

Cold

Chain,

A

Shares

(CNH) 

17,980‌

48‌

Sangfor

Technologies,

A

Shares

(CNH) (1)

500‌

8‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

33,500‌

122‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

45,248‌

450‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

28,100‌

127‌

Warom

Technology,

A

Shares

(CNH) 

38,900‌

136‌

Xiamen

Faratronic,

A

Shares

(CNH) 

5,900‌

111‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

20,300‌

79‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

104,447‌

556‌

YTO

Express

Group,

A

Shares

(CNH) 

24,100‌

53‌

Yunnan

Aluminium,

A

Shares

(CNH) 

35,900‌

75‌

Zhejiang

Supcon

Technology,

A

Shares

(CNH) 

5,534‌

42‌

ZWSOFT

Guangzhou,

A

Shares

(CNH) 

9,903‌

201‌

4,866‌

Corporate

Bonds

0.1%

Baidu,

3.875%,

9/29/23

(USD) 

210,000‌

209‌

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

250‌

459‌

Total

China

(Cost

$17,202

)

18,590‌

COLOMBIA

0.0%

Common

Stocks

0.0%

Geopark

(USD) 

1,025‌

10‌

Total

Colombia

(Cost

$12

)

10‌

T.

ROWE

PRICE

Global

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CYPRUS

0.0%

Common

Stocks

0.0%

TCS

Group

Holding,

GDR

(USD) (1)(4)

584‌

—‌

Total

Cyprus

(Cost

$32

)

—‌

DENMARK

0.3%

Common

Stocks

0.3%

Genmab (1)

505‌

208‌

Novo

Nordisk,

ADR

(USD) 

1,100‌

177‌

Novo

Nordisk,

Class

B 

7,892‌

1,273‌

ROCKWOOL,

Class

B 

875‌

235‌

Royal

Unibrew 

1,003‌

87‌

Zealand

Pharma (1)

3,256‌

113‌

2,093‌

Corporate

Bonds

0.0%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD) (2)(6)

335,000‌

320‌

320‌

Total

Denmark

(Cost

$2,276

)

2,413‌

EGYPT

0.0%

Common

Stocks

0.0%

Integrated

Diagnostics

Holdings

(USD) 

138,230‌

76‌

Total

Egypt

(Cost

$131

)

76‌

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green 

7,247‌

34‌

Total

Estonia

(Cost

$29

)

34‌

FINLAND

0.2%

Common

Stocks

0.2%

Elisa 

4,563‌

238‌

Metso 

2,791‌

32‌

Sampo,

Class

A 

15,233‌

671‌

Stora

Enso,

Class

R 

16,191‌

199‌

Valmet 

13,550‌

359‌

Total

Finland

(Cost

$1,236

)

1,499‌

T.

ROWE

PRICE

Global

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

FRANCE

1.7%

Common

Stocks

1.6%

Air

Liquide 

1,956‌

352‌

Airbus 

6,948‌

1,023‌

Alstom 

3,016‌

92‌

ArcelorMittal 

7,085‌

205‌

AXA 

28,104‌

864‌

BNP

Paribas 

6,908‌

456‌

Capgemini 

875‌

159‌

Dassault

Aviation 

1,127‌

219‌

Edenred 

1,752‌

114‌

Engie 

39,896‌

654‌

Eramet 

325‌

27‌

Esker 

506‌

84‌

EssilorLuxottica 

3,579‌

720‌

Eurofins

Scientific (3)

7,668‌

527‌

Euronext 

728‌

55‌

Forvia (1)

2,470‌

62‌

Gaztransport

Et

Technigaz 

1,129‌

138‌

Gecina 

764‌

83‌

Kering 

662‌

380‌

L'Oreal 

856‌

398‌

Legrand 

3,189‌

320‌

LVMH

Moet

Hennessy

Louis

Vuitton 

924‌

858‌

Nexity (3)

4,296‌

73‌

Remy

Cointreau 

1,166‌

200‌

Safran 

2,895‌

481‌

Sanofi 

9,173‌

979‌

Sartorius

Stedim

Biotech 

768‌

240‌

Schneider

Electric 

356‌

63‌

SPIE 

10,356‌

311‌

Teleperformance 

2,425‌

352‌

Thales 

1,002‌

150‌

Tikehau

Capital (3)

4,326‌

110‌

TotalEnergies 

29,388‌

1,785‌

Ubisoft

Entertainment (1)

2,727‌

92‌

Virbac 

291‌

90‌

12,716‌

Corporate

Bonds

0.1%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (2)(6)

350,000‌

288‌

BPCE,

4.00%,

9/12/23

(USD) (2)

265,000‌

264‌

BPCE,

4.50%,

3/15/25

(USD) (2)

400,000‌

386‌

T.

ROWE

PRICE

Global

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

264‌

1,202‌

Total

France

(Cost

$10,081

)

13,918‌

GERMANY

1.6%

Common

Stocks

1.5%

Adesso 

428‌

50‌

Auto1

Group (1)

2,789‌

30‌

BASF 

6,378‌

342‌

Bayer 

8,884‌

520‌

Brenntag 

834‌

65‌

CANCOM 

3,231‌

93‌

Covestro (1)

7,744‌

416‌

Daimler

Truck

Holding 

12,742‌

478‌

Deutsche

Boerse 

472‌

91‌

Deutsche

Telekom 

43,684‌

953‌

DHL

Group 

2,357‌

121‌

Evotec (1)

19,097‌

503‌

flatexDEGIRO (1)

18,077‌

178‌

Fresenius 

9,659‌

303‌

Hannover

Rueck 

1,229‌

262‌

Heidelberg

Materials 

892‌

72‌

Hypoport (1)

418‌

87‌

Infineon

Technologies 

7,558‌

332‌

KION

Group 

3,646‌

153‌

Knaus

Tabbert 

1,490‌

98‌

LEG

Immobilien (1)

839‌

59‌

Mercedes-Benz

Group 

1,439‌

115‌

Merck 

1,251‌

220‌

Munich

Re 

1,682‌

633‌

Nagarro (1)(3)

786‌

75‌

Puma 

6,173‌

417‌

Redcare

Pharmacy (1)(3)

2,612‌

303‌

SAP 

9,024‌

1,231‌

Scout24 

5,162‌

341‌

Siemens 

13,226‌

2,254‌

Siemens

Healthineers 

5,890‌

342‌

Siltronic 

1,639‌

144‌

Symrise 

2,480‌

271‌

Zalando (1)

3,937‌

136‌

11,688‌

Corporate

Bonds

0.0%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (2)

155,000‌

147‌

T.

ROWE

PRICE

Global

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD) (2)

155,000‌

154‌

301‌

Preferred

Stocks

0.1%

Dr.

Ing.

h.c.

F.

Porsche 

2,708‌

331‌

Sartorius (3)

474‌

196‌

Volkswagen 

2,436‌

323‌

850‌

Total

Germany

(Cost

$10,105

)

12,839‌

HONG

KONG

0.3%

Common

Stocks

0.3%

AIA

Group 

105,400‌

1,054‌

ASMPT 

8,900‌

87‌

Budweiser

Brewing

APAC 

245,000‌

598‌

CK

Hutchison

Holdings 

10,000‌

62‌

Galaxy

Entertainment

Group (1)

13,000‌

95‌

Hong

Kong

Exchanges

&

Clearing 

1,800‌

76‌

Hongkong

Land

Holdings

(USD) 

12,172‌

43‌

Impro

Precision

Industries 

208,000‌

72‌

Kerry

Properties 

17,000‌

37‌

Samsonite

International (1)

41,400‌

123‌

Sun

Hung

Kai

Properties 

11,083‌

139‌

Wharf

Real

Estate

Investment 

20,000‌

107‌

Total

Hong

Kong

(Cost

$1,956

)

2,493‌

HUNGARY

0.1%

Common

Stocks

0.1%

OTP

Bank 

14,814‌

539‌

Total

Hungary

(Cost

$470

)

539‌

ICELAND

0.0%

Common

Stocks

0.0%

Marel 

41,386‌

138‌

Total

Iceland

(Cost

$202

)

138‌

INDIA

0.9%

Common

Stocks

0.9%

Asian

Paints 

7,926‌

325‌

T.

ROWE

PRICE

Global

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Astral 

6,148‌

148‌

Axis

Bank 

45,290‌

526‌

Blue

Star 

9,295‌

89‌

CreditAccess

Grameen (1)

6,629‌

118‌

Dixon

Technologies

India 

1,158‌

58‌

FSN

E-Commerce

Ventures (1)

19,029‌

33‌

HDFC

Asset

Management 

6,403‌

197‌

HDFC

Bank 

43,393‌

871‌

HDFC

Life

Insurance 

67,419‌

531‌

Hindustan

Unilever 

7,893‌

246‌

ICICI

Bank,

ADR

(USD) 

3,855‌

95‌

Info

Edge

India 

1,324‌

74‌

Infosys 

44,271‌

732‌

Jio

Financial

Services (1)

23,844‌

73‌

Kotak

Mahindra

Bank 

34,349‌

776‌

Larsen

&

Toubro 

4,193‌

137‌

Maruti

Suzuki

India 

1,788‌

213‌

Nexus

Select

Trust (1)

18,211‌

26‌

NTPC 

86,877‌

230‌

Page

Industries 

162‌

75‌

Polycab

India 

2,553‌

150‌

Reliance

Industries 

24,241‌

752‌

Shriram

Finance 

4,073‌

94‌

Tata

Consultancy

Services 

3,122‌

130‌

TeamLease

Services (1)

2,045‌

58‌

Titan 

226‌

8‌

Torrent

Pharmaceuticals 

4,945‌

121‌

Varun

Beverages 

4,915‌

48‌

Voltas 

44,315‌

420‌

Zomato (1)

117,289‌

120‌

Total

India

(Cost

$6,192

)

7,474‌

INDONESIA

0.1%

Common

Stocks

0.1%

Bank

Central

Asia 

1,159,100‌

702‌

Sarana

Menara

Nusantara 

895,200‌

60‌

Sumber

Alfaria

Trijaya 

984,100‌

176‌

Total

Indonesia

(Cost

$486

)

938‌

IRELAND

0.2%

Common

Stocks

0.1%

Cairn

Homes

(GBP) (3)

110,696‌

135‌

DCC

(GBP) 

3,047‌

176‌

T.

ROWE

PRICE

Global

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kenmare

Resources

(GBP) 

8,801‌

48‌

Kerry

Group,

Class

A 

748‌

74‌

433‌

Corporate

Bonds

0.1%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

135‌

AerCap

Ireland

Capital,

5.75%,

6/6/28

(USD) 

265,000‌

263‌

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

380‌

1,058‌

Total

Ireland

(Cost

$1,515

)

1,491‌

ITALY

0.7%

Common

Stocks

0.6%

Amplifon 

15,699‌

531‌

Ariston

Holding 

12,053‌

112‌

Banca

Mediolanum 

10,396‌

101‌

BFF

Bank 

7,867‌

89‌

Carel

Industries 

5,789‌

166‌

Davide

Campari-Milano 

17,273‌

232‌

De'

Longhi 

5,254‌

133‌

DiaSorin 

801‌

90‌

Enel 

85,217‌

588‌

Ermenegildo

Zegna

(USD) 

16,946‌

269‌

Ferrari 

1,249‌

400‌

FinecoBank

Banca

Fineco 

9,663‌

150‌

GVS (1)

11,560‌

73‌

Intesa

Sanpaolo 

132,419‌

383‌

Leonardo 

7,455‌

101‌

Moncler 

3,974‌

287‌

PRADA

(HKD) 

29,600‌

211‌

Prysmian 

13,353‌

532‌

Stellantis 

5,752‌

118‌

Technoprobe (1)

10,441‌

96‌

UniCredit 

7,155‌

181‌

4,843‌

Corporate

Bonds

0.1%

Enel

Finance

International,

1.875%,

7/12/28

(USD) (2)

200,000‌

169‌

Eni,

Series

X-R,

4.00%,

9/12/23

(USD) (2)

295,000‌

294‌

463‌

Total

Italy

(Cost

$3,537

)

5,306‌

T.

ROWE

PRICE

Global

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JAPAN

4.0%

Common

Stocks

3.9%

Advantest 

500‌

69‌

Aida

Engineering 

8,200‌

59‌

Aiful 

85,300‌

214‌

Asahi

Group

Holdings 

3,200‌

126‌

Asahi

Kasei 

21,500‌

147‌

Astellas

Pharma 

57,700‌

844‌

Benefit

One 

1,800‌

19‌

Calbee 

2,200‌

43‌

Central

Japan

Railway 

1,100‌

140‌

Chugai

Pharmaceutical 

5,100‌

152‌

CyberAgent 

17,300‌

109‌

Daiei

Kankyo 

16,600‌

281‌

Daiichi

Sankyo 

9,500‌

293‌

Daikin

Industries 

1,800‌

364‌

Daio

Paper 

13,600‌

117‌

Daiwabo

Holdings 

7,900‌

153‌

Demae-Can (1)(3)

4,400‌

15‌

Denso 

4,200‌

292‌

DIC 

8,000‌

151‌

Disco 

2,100‌

395‌

eGuarantee 

2,800‌

42‌

Eiken

Chemical 

7,400‌

79‌

Electric

Power

Development 

17,700‌

280‌

Fancl 

6,000‌

105‌

Fast

Retailing 

1,000‌

251‌

Food

&

Life 

6,900‌

136‌

Fujitsu 

1,000‌

129‌

Fukui

Computer

Holdings 

2,700‌

50‌

Fukuoka

Financial

Group 

2,500‌

60‌

Fuso

Chemical 

700‌

22‌

GMO

Payment

Gateway 

1,400‌

107‌

Hamamatsu

Photonics 

6,700‌

323‌

Hanwa 

7,500‌

257‌

Harmonic

Drive

Systems 

4,100‌

113‌

Hikari

Tsushin 

3,400‌

505‌

Hitachi 

8,100‌

530‌

Honda

Motor 

3,400‌

108‌

Horiba 

2,000‌

118‌

Hoshino

Resorts

REIT 

10‌

44‌

Hoshizaki 

6,100‌

234‌

Hoya 

1,300‌

151‌

T.

ROWE

PRICE

Global

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Idec 

4,900‌

104‌

IHI 

2,400‌

59‌

Industrial

&

Infrastructure

Fund

Investment (3)

43‌

45‌

Invincible

Investment 

179‌

74‌

Isetan

Mitsukoshi

Holdings 

3,500‌

38‌

ITOCHU 

4,900‌

198‌

JMDC 

2,000‌

76‌

Kansai

Paint 

14,600‌

239‌

Kao 

8,000‌

304‌

Katitas 

3,700‌

68‌

Keyence 

1,400‌

628‌

Kirin

Holdings 

8,500‌

126‌

Konica

Minolta 

9,900‌

37‌

Kyoritsu

Maintenance 

500‌

20‌

Lasertec 

300‌

45‌

LITALICO 

1,200‌

19‌

MatsukiyoCocokara (3)

1,700‌

99‌

Medley (1)

1,400‌

50‌

Mercari (1)

1,700‌

43‌

METAWATER 

6,000‌

77‌

MINEBEA

MITSUMI 

2,500‌

46‌

Mitsubishi 

5,900‌

302‌

Mitsubishi

Electric 

43,100‌

622‌

Mitsubishi

Estate 

7,100‌

87‌

Mitsubishi

HC

Capital 

20,100‌

133‌

Mitsubishi

UFJ

Financial

Group 

117,300‌

945‌

Mitsui

Fudosan 

36,900‌

758‌

Mitsui

Fudosan

Logistics

Park 

22‌

78‌

Mitsui

Mining

&

Smelting 

3,900‌

92‌

Miura 

9,800‌

247‌

Modec (1)

7,100‌

75‌

Murata

Manufacturing 

10,100‌

600‌

Musashi

Seimitsu

Industry 

4,800‌

60‌

Nakanishi 

4,700‌

108‌

Nexon 

4,500‌

86‌

Nextage (3)

18,200‌

478‌

NIDEC 

5,100‌

305‌

Nifco 

2,600‌

77‌

Nippon

Ceramic 

2,500‌

45‌

Nippon

Paint

Holdings 

20,500‌

188‌

Nippon

Sanso

Holdings 

6,000‌

145‌

Nippon

Seiki 

10,400‌

73‌

Nippon

Shokubai 

900‌

35‌

Nippon

Soda 

5,900‌

222‌

Nippon

Steel 

11,200‌

256‌

Nippon

Telegraph

&

Telephone 

806,900‌

925‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nipro 

18,700‌

136‌

Niterra 

8,100‌

171‌

Nitori

Holdings 

1,600‌

196‌

Nomura

Research

Institute 

5,100‌

145‌

NTT

Data

Group 

21,900‌

305‌

Obara

Group 

5,000‌

146‌

Olympus 

27,900‌

455‌

Omron 

2,300‌

123‌

Oriental

Land 

6,700‌

257‌

ORIX 

27,400‌

527‌

Otsuka

Holdings 

9,400‌

346‌

Outsourcing 

6,000‌

61‌

Panasonic

Holdings 

42,700‌

527‌

Persol

Holdings 

17,500‌

346‌

Plus

Alpha

Consulting 

2,900‌

57‌

Recruit

Holdings 

14,100‌

488‌

Renesas

Electronics (1)

10,400‌

201‌

Rohto

Pharmaceutical 

4,000‌

85‌

Sakata

INX 

15,200‌

131‌

Sankyu 

1,700‌

59‌

Sanwa

Holdings 

6,800‌

92‌

Seven

&

i

Holdings 

18,700‌

776‌

SHIFT (1)

900‌

213‌

Shimadzu 

6,100‌

185‌

Shin-Etsu

Chemical 

8,300‌

273‌

Shiseido 

6,100‌

267‌

SMC 

300‌

157‌

Socionext (3)

300‌

35‌

Sompo

Holdings 

2,100‌

93‌

Sony

Group 

11,300‌

1,058‌

Stanley

Electric 

21,400‌

395‌

Sumitomo 

18,300‌

393‌

Sumitomo

Densetsu 

7,900‌

176‌

Sumitomo

Metal

Mining 

3,400‌

117‌

Sumitomo

Mitsui

Trust

Holdings 

8,400‌

327‌

Sumitomo

Pharma 

10,700‌

44‌

Sumitomo

Seika

Chemicals 

2,400‌

79‌

Suntory

Beverage

&

Food 

3,300‌

117‌

Suzuki

Motor 

11,200‌

450‌

Taiheiyo

Cement 

13,700‌

286‌

Taiyo

Yuden 

1,200‌

36‌

Takeda

Pharmaceutical 

2,700‌

83‌

Takeuchi

Manufacturing 

4,400‌

138‌

Takuma 

5,600‌

61‌

TechnoPro

Holdings 

7,900‌

205‌

THK 

4,000‌

80‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TKP (1)

5,100‌

102‌

Tokai

Carbon 

16,900‌

150‌

Tokio

Marine

Holdings 

24,000‌

552‌

Tokyo

Century 

3,000‌

118‌

Tokyo

Electron 

4,600‌

690‌

Tokyo

Seimitsu 

1,600‌

89‌

Tokyo

Tatemono 

15,200‌

203‌

Tokyu

REIT (3)

21‌

28‌

Tosoh 

1,500‌

20‌

Toyo

Tire 

10,600‌

144‌

Toyota

Motor 

59,000‌

992‌

TRYT (1)

12,700‌

79‌

Visional (1)(3)

2,600‌

143‌

Welcia

Holdings (3)

3,800‌

72‌

Yellow

Hat 

9,100‌

120‌

Z

Holdings 

78,500‌

219‌

31,583‌

Corporate

Bonds

0.1%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000‌

267‌

267‌

Total

Japan

(Cost

$24,744

)

31,850‌

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

8,549‌

122‌

Kaspi.KZ,

GDR

(USD) 

3,187‌

292‌

NAC

Kazatomprom,

GDR

(USD) 

6,868‌

186‌

Total

Kazakhstan

(Cost

$424

)

600‌

KENYA

0.0%

Common

Stocks

0.0%

Safaricom 

46,300‌

6‌

Total

Kenya

(Cost

$16

)

6‌

MEXICO

0.3%

Common

Stocks

0.3%

Becle 

50,200‌

131‌

Corp

Inmobiliaria

Vesta (3)

28,400‌

103‌

Corp.

Inmobiliaria

Vesta,

ADR

(USD) 

871‌

32‌

Gruma,

Class

B 

14,190‌

253‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

229‌

65‌

Grupo

Financiero

Banorte,

Class

O 

25,900‌

245‌

Grupo

Mexico,

Series

B 

120,870‌

628‌

Industrias

Penoles (1)(3)

1,258‌

18‌

Wal-Mart

de

Mexico 

177,393‌

739‌

2,214‌

Corporate

Bonds

0.0%

BBVA

Bancomer,

4.375%,

4/10/24

(USD) (2)

150,000‌

149‌

149‌

Government

Bonds

0.0%

United

Mexican

States,

3.50%,

2/12/34

(USD) 

305,000‌

257‌

257‌

Total

Mexico

(Cost

$2,121

)

2,620‌

MOROCCO

0.1%

Common

Stocks

0.1%

Attijariwafa

Bank 

4,585‌

212‌

Hightech

Payment

Systems 

218‌

127‌

Label

Vie 

169‌

81‌

Total

Morocco

(Cost

$388

)

420‌

NETHERLANDS

1.2%

Common

Stocks

1.1%

Aalberts 

2,267‌

102‌

Adyen (1)

405‌

752‌

AerCap

Holdings

(USD) (1)

1,482‌

95‌

Akzo

Nobel 

12,345‌

1,056‌

Argenx,

ADR

(USD) (1)

203‌

102‌

ASML

Holding 

3,534‌

2,531‌

ASML

Holding

(USD) 

641‌

459‌

ASR

Nederland 

5,405‌

245‌

DSM-Firmenich 

529‌

58‌

Heineken 

8,201‌

803‌

IMCD 

1,341‌

203‌

ING

Groep 

80,192‌

1,171‌

Koninklijke

Philips (1)

21,260‌

442‌

Prosus 

9,096‌

720‌

Signify 

2,448‌

77‌

Van

Lanschot

Kempen,

CVA 

3,519‌

115‌

8,931‌

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.1%

ING

Groep,

3.55%,

4/9/24

(USD) 

255,000‌

251‌

JDE

Peet's,

1.375%,

1/15/27

(USD) (2)

290,000‌

252‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

303‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

72‌

878‌

Total

Netherlands

(Cost

$6,327

)

9,809‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

4,963‌

76‌

Total

New

Zealand

(Cost

$13

)

76‌

NORWAY

0.3%

Common

Stocks

0.3%

DNB

Bank 

33,193‌

684‌

Equinor 

26,182‌

801‌

Norsk

Hydro 

18,625‌

122‌

Seadrill

(USD) (1)

4,689‌

229‌

Storebrand 

50,152‌

438‌

Subsea

7 

9,599‌

129‌

TGS 

14,204‌

190‌

Total

Norway

(Cost

$1,686

)

2,593‌

PAKISTAN

0.0%

Common

Stocks

0.0%

Systems 

24,930‌

39‌

Total

Pakistan

(Cost

$37

)

39‌

PANAMA

0.0%

Common

Stocks

0.0%

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E

(USD) 

1,623‌

38‌

38‌

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

27‌

27‌

Total

Panama

(Cost

$61

)

65‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PERU

0.1%

Common

Stocks

0.1%

Alicorp 

13,550‌

27‌

Credicorp

(USD) 

1,485‌

233‌

InRetail

Peru

(USD) 

1,406‌

47‌

Southern

Copper

(USD) 

6,006‌

525‌

Total

Peru

(Cost

$667

)

832‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

BDO

Unibank 

148,452‌

392‌

Converge

Information

and

Communications

Technology

Solutions (1)

128,200‌

24‌

Jollibee

Foods 

66,700‌

310‌

Nickel

Asia 

214,500‌

25‌

SM

Investments 

12,996‌

216‌

Universal

Robina 

85,860‌

192‌

Total

Philippines

(Cost

$1,017

)

1,159‌

POLAND

0.0%

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

53‌

Total

Poland

(Cost

$55

)

53‌

PORTUGAL

0.1%

Common

Stocks

0.1%

Banco

Comercial

Portugues,

Class

R (1)(3)

165,362‌

45‌

Galp

Energia 

19,912‌

265‌

Jeronimo

Martins 

29,685‌

808‌

Total

Portugal

(Cost

$695

)

1,118‌

QATAR

0.0%

Common

Stocks

0.0%

Qatar

National

Bank 

75,233‌

351‌

Total

Qatar

(Cost

$393

)

351‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ROMANIA

0.0%

Common

Stocks

0.0%

Banca

Transilvania 

50,207‌

231‌

OMV

Petrom 

1,157,326‌

139‌

Total

Romania

(Cost

$335

)

370‌

RUSSIA

0.0%

Common

Stocks

0.0%

Alrosa (1)(4)

80,680‌

—‌

Gazprom (1)(4)

31,212‌

—‌

HeadHunter

Group,

ADR

(USD) (1)(4)

4,246‌

—‌

MMC

Norilsk

Nickel (4)

311‌

—‌

Moscow

Exchange (4)

51,640‌

—‌

Polyus (1)(4)

294‌

—‌

Total

Russia

(Cost

$579

)

—‌

SAUDI

ARABIA

0.3%

Common

Stocks

0.3%

Al

Rajhi

Bank 

6,243‌

124‌

Arabian

Internet

&

Communications

Services 

1,954‌

190‌

Nahdi

Medical 

10,897‌

505‌

Saudi

Awwal

Bank 

2,220‌

22‌

Saudi

Basic

Industries 

17,634‌

403‌

Saudi

National

Bank 

59,900‌

616‌

Saudi

Tadawul

Group

Holding 

1,230‌

66‌

1,926‌

Corporate

Bonds

0.0%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD) (2)

245,000‌

240‌

240‌

Total

Saudi

Arabia

(Cost

$2,031

)

2,166‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

76,400‌

117‌

DBS

Group

Holdings 

8,200‌

212‌

Sea,

ADR

(USD) (1)

9,117‌

606‌

United

Overseas

Bank 

21,100‌

479‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wilmar

International 

90,800‌

264‌

Total

Singapore

(Cost

$1,343

)

1,678‌

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

10,805‌

188‌

Total

Slovenia

(Cost

$136

)

188‌

SOUTH

AFRICA

0.2%

Common

Stocks

0.2%

Anglo

American

Platinum 

1,478‌

74‌

Capitec

Bank

Holdings 

3,643‌

365‌

Clicks

Group 

28,101‌

441‌

Impala

Platinum

Holdings 

9,712‌

70‌

Northam

Platinum

Holdings (1)

9,553‌

81‌

Sibanye

Stillwater 

29,324‌

56‌

Woolworths

Holdings 

13,038‌

58‌

1,145‌

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD) (2)

200,000‌

166‌

166‌

Total

South

Africa

(Cost

$1,231

)

1,311‌

SOUTH

KOREA

0.6%

Common

Stocks

0.6%

Korea

Zinc 

85‌

33‌

KT 

6,484‌

150‌

KT,

ADR

(USD) 

5,359‌

63‌

LG

Chem 

1,220‌

621‌

Lotte

Chemical 

368‌

43‌

NAVER 

2,446‌

436‌

Samsung

Electronics 

54,406‌

2,979‌

SK

Hynix 

3,378‌

327‌

Total

South

Korea

(Cost

$2,983

)

4,652‌

SPAIN

0.4%

Common

Stocks

0.4%

Aedas

Homes 

4,787‌

86‌

Amadeus

IT

Group (3)

14,883‌

1,068‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Cellnex

Telecom 

8,349‌

341‌

CIE

Automotive 

3,256‌

102‌

Fluidra (3)

22,210‌

491‌

Iberdrola 

51,639‌

644‌

Laboratorios

Farmaceuticos

Rovi 

3,276‌

157‌

2,889‌

Corporate

Bonds

0.0%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

175‌

175‌

Total

Spain

(Cost

$2,298

)

3,064‌

SWEDEN

0.5%

Common

Stocks

0.5%

Assa

Abloy,

Class

B 

16,327‌

393‌

Autoliv,

SDR 

2,325‌

232‌

Avanza

Bank

Holding 

6,729‌

152‌

Beijer

Ref 

6,976‌

95‌

Boliden 

11,596‌

341‌

Elekta,

Class

B 

19,944‌

162‌

Epiroc,

Class

B 

1,554‌

26‌

Essity,

Class

B 

21,115‌

524‌

Millicom

International

Cellular,

SDR (1)(3)

3,373‌

52‌

Norva24

Group (1)

27,945‌

71‌

Olink

Holding,

ADR

(USD) (1)

7,903‌

150‌

Sandvik 

20,924‌

425‌

SSAB,

Class

A 

6,347‌

40‌

Svenska

Cellulosa,

Class

B 

19,947‌

265‌

Svenska

Handelsbanken,

Class

A 

28,243‌

248‌

Swedbank,

Class

A 

18,679‌

343‌

Telefonaktiebolaget

LM

Ericsson,

Class

B 

64,945‌

327‌

Trelleborg,

Class

B 

2,569‌

68‌

Total

Sweden

(Cost

$3,625

)

3,914‌

SWITZERLAND

1.4%

Common

Stocks

1.3%

ABB 

11,299‌

453‌

Alcon 

9,864‌

839‌

ams (1)

8,767‌

78‌

Barry

Callebaut 

265‌

497‌

DKSH

Holding 

2,185‌

176‌

Julius

Baer

Group 

9,182‌

650‌

Lonza

Group 

802‌

466‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Montana

Aerospace (1)

6,846‌

108‌

Nestle 

12,762‌

1,564‌

Novartis 

8,097‌

848‌

Partners

Group

Holding 

418‌

469‌

Roche

Holding 

6,306‌

1,955‌

Sensirion

Holding (1)

614‌

54‌

SKAN

Group 

517‌

47‌

TE

Connectivity

(USD) 

8,938‌

1,283‌

UBS

Group 

6,247‌

139‌

Zurich

Insurance

Group 

1,883‌

910‌

10,536‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD) (2)

235,000‌

200‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD) (2)(6)

300,000‌

265‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD) (2)(6)

200,000‌

141‌

606‌

Total

Switzerland

(Cost

$7,949

)

11,142‌

TAIWAN

0.8%

Common

Stocks

0.8%

Chailease

Holding 

54,000‌

358‌

King

Yuan

Electronics 

23,000‌

46‌

Largan

Precision 

1,000‌

69‌

MediaTek 

13,000‌

286‌

Taiwan

Semiconductor

Manufacturing 

292,000‌

5,273‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

4,688‌

465‌

Vanguard

International

Semiconductor 

103,000‌

254‌

Total

Taiwan

(Cost

$3,102

)

6,751‌

THAILAND

0.1%

Common

Stocks

0.1%

Bumrungrad

Hospital 

25,900‌

163‌

CP

ALL 

163,100‌

303‌

Siam

Cement 

17,000‌

161‌

Total

Thailand

(Cost

$563

)

627‌

UNITED

ARAB

EMIRATES

0.0%

Common

Stocks

0.0%

First

Abu

Dhabi

Bank 

56,669‌

226‌

Total

United

Arab

Emirates

(Cost

$154

)

226‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UNITED

KINGDOM

2.9%

Common

Stocks

2.7%

Abcam,

ADR

(USD) (1)

10,343‌

242‌

Adriatic

Metals,

CDI

(AUD) (1)

85,359‌

201‌

Airtel

Africa 

20,047‌

30‌

Amcor,

CDI

(AUD) 

13,701‌

141‌

Anglo

American 

15,407‌

474‌

Ascential (1)

115,361‌

310‌

Ashtead

Group 

6,308‌

467‌

AstraZeneca 

5,134‌

738‌

AstraZeneca,

ADR

(USD) 

31,291‌

2,244‌

Auction

Technology

Group (1)

8,198‌

75‌

Baltic

Classifieds

Group 

58,869‌

150‌

Barclays 

42,102‌

84‌

Big

Yellow

Group 

11,199‌

154‌

BP,

ADR

(USD) 

4,595‌

171‌

Bridgepoint

Group 

108,144‌

262‌

British

American

Tobacco 

2,233‌

75‌

Bunzl 

4,633‌

172‌

Cab

Payments

Holdings (1)

10,891‌

40‌

Central

Asia

Metals 

51,432‌

121‌

Compass

Group 

15,205‌

396‌

Croda

International 

3,282‌

248‌

Dechra

Pharmaceuticals 

3,525‌

168‌

Derwent

London 

4,450‌

121‌

Diageo 

8,856‌

387‌

Diploma 

1,296‌

54‌

Dowlais

Group (1)

99,986‌

158‌

Dr.

Martens 

63,906‌

125‌

Endava,

ADR

(USD) (1)

1,239‌

65‌

Endeavour

Mining

(CAD) (3)

7,524‌

182‌

Experian 

9,980‌

386‌

FD

Technologies (1)

4,998‌

115‌

Funding

Circle

Holdings (1)

65,313‌

41‌

Genuit

Group 

21,492‌

86‌

Genus 

3,952‌

125‌

Georgia

Capital (1)

5,519‌

66‌

Glencore 

53,815‌

327‌

Great

Portland

Estates 

31,930‌

175‌

Greggs 

6,665‌

236‌

GSK,

ADR

(USD) 

10,457‌

372‌

Helios

Towers (1)

118,892‌

138‌

Hiscox 

4,307‌

60‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

HSBC

Holdings 

102,929‌

855‌

IHS

Holding

(USD) (1)

3,380‌

27‌

Imperial

Brands 

7,285‌

172‌

Informa 

27,307‌

266‌

InterContinental

Hotels

Group 

2,023‌

150‌

Intermediate

Capital

Group 

13,433‌

242‌

Investec 

7,593‌

48‌

IQE (1)(3)

286,423‌

73‌

Johnson

Matthey 

7,450‌

172‌

Keywords

Studios 

8,106‌

183‌

Kingfisher 

97,153‌

306‌

Lloyds

Banking

Group 

533,122‌

308‌

London

Stock

Exchange

Group 

6,022‌

654‌

Melrose

Industries 

43,076‌

293‌

Mondi 

2,008‌

35‌

National

Grid 

21,223‌

281‌

Next 

3,302‌

299‌

Oxford

Nanopore

Technologies (1)

21,533‌

73‌

Pearson 

6,117‌

68‌

Persimmon 

15,434‌

229‌

Prudential 

10,833‌

150‌

Renishaw 

1,511‌

76‌

Rightmove 

19,990‌

146‌

Rio

Tinto 

3,654‌

242‌

Rolls-Royce

Holdings (1)

86,098‌

204‌

Rotork 

51,850‌

205‌

Segro 

6,712‌

66‌

Shell 

26,930‌

816‌

Shell,

ADR

(USD) 

5,115‌

315‌

Smith

&

Nephew 

24,808‌

377‌

Smiths

Group 

3,856‌

84‌

Spirax-Sarco

Engineering 

1,075‌

154‌

Standard

Chartered 

17,402‌

167‌

Syncona (1)

35,348‌

69‌

Taylor

Wimpey 

43,834‌

64‌

Trainline (1)

33,499‌

113‌

Unilever

(EUR) 

3,660‌

197‌

Unilever 

30,506‌

1,639‌

UNITE

Group 

3,574‌

45‌

Victrex 

8,144‌

162‌

Vodafone

Group 

66,065‌

63‌

Vodafone

Group,

ADR

(USD) 

18,426‌

177‌

Watches

of

Switzerland

Group (1)

10,439‌

101‌

Weir

Group 

5,265‌

124‌

WPP 

39,373‌

430‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

YouGov 

19,587‌

244‌

21,346‌

Convertible

Preferred

Stocks

0.0%

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $10 (1)(4)(5)

475‌

11‌

11‌

Corporate

Bonds

0.2%

Barclays,

VR,

2.279%,

11/24/27

(USD) (6)

335,000‌

298‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

125,000‌

99‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (2)

210,000‌

185‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (6)

200,000‌

168‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (2)

405,000‌

354‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

89‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (6)

200,000‌

176‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD) (2)(6)

320,000‌

301‌

1,670‌

Total

United

Kingdom

(Cost

$19,383

)

23,027‌

UNITED

STATES

70.7%

Asset-Backed

Securities

0.6%

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

85,589‌

84‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

136‌

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

91‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

TSFR

+

1.32%,

6.628%,

4/15/35 (2)

250,000‌

247‌

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

83‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

132‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

TSFR

+

1.402%,

6.71%,

7/15/36 (2)

250,000‌

248‌

CNH

Equipment

Trust,

Series

2019-C,

Class

B,

2.35%,

4/15/27 

295,000‌

293‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (2)

126,750‌

109‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (2)

127,725‌

105‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

USD

LIBOR

+

1.12%,

6.499%,

5/20/34 (2)

250,000‌

248‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Enterprise

Fleet

Financing,

Series

2023-2,

Class

A2,

5.56%,

4/22/30 (2)

230,000‌

229‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

C,

0.74%,

1/15/26 

65,944‌

65‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

215,000‌

207‌

Ford

Credit

Auto

Owner

Trust,

Series

2019-1,

Class

B,

3.82%,

7/15/30 (2)

205,000‌

202‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (2)

115,000‌

104‌

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

A,

4.85%,

8/15/35 (2)

185,000‌

182‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

186‌

GM

Financial

Automobile

Leasing

Trust,

Series

2023-1,

Class

C,

5.76%,

1/20/27 

180,000‌

178‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

87‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (2)

104,775‌

98‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28 (2)

69,552‌

67‌

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A4,

5.07%,

2/15/29 (2)

50,000‌

49‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (2)

85,115‌

80‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (2)

44,168‌

40‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (2)

150,504‌

142‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (2)

28,703‌

25‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (2)

31,225‌

28‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (2)

166,339‌

148‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (2)

80,191‌

80‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (2)

124,669‌

101‌

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

A3,

FRN,

1M

TSFR

+

1.864%,

7.086%,

5/17/32 (2)

9,053‌

9‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31 (2)

31,661‌

31‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

TSFR

+

1.564%,

6.786%,

2/17/32 (2)

44,008‌

44‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (2)

76,597‌

73‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (2)

38,003‌

36‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (2)

59,419‌

53‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (2)

132,295‌

113‌

4,535‌

Bond

Mutual

Funds

15.3%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.36% (7)(8)

2,080,688‌

16,458‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.18% (7)(8)

3,959,299‌

20,153‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.40% (7)(8)

4,778,796‌

30,823‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.90% (7)(8)

878,762‌

8,234‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.95% (7)(8)

2,643,319‌

20,063‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.68% (7)(8)

3,474,176‌

24,910‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.66% (7)(8)

268,038‌

2,185‌

122,826‌

Common

Stocks

29.3%

AbbVie 

3,566‌

533‌

Acadia

Realty

Trust,

REIT 

10,501‌

165‌

Accenture,

Class

A 

3,313‌

1,048‌

Adobe (1)

417‌

228‌

Advanced

Micro

Devices (1)

2,778‌

318‌

Affirm

Holdings (1)

1,600‌

31‌

Agilent

Technologies 

5,055‌

616‌

Alcoa 

554‌

20‌

Alexandria

Real

Estate

Equities,

REIT 

1,272‌

160‌

Align

Technology (1)

146‌

55‌

Allstate 

9,911‌

1,117‌

Alphabet,

Class

A (1)

3,901‌

518‌

Alphabet,

Class

C (1)

57,273‌

7,624‌

Amazon.com (1)

60,473‌

8,084‌

Ameren 

2,176‌

186‌

American

Express 

4,647‌

785‌

American

Homes

4

Rent,

Class

A,

REIT 

7,816‌

293‌

American

Tower,

REIT 

1,942‌

370‌

AmerisourceBergen 

15,511‌

2,899‌

AMETEK 

9,668‌

1,533‌

Amgen 

5,390‌

1,262‌

Amphenol,

Class

A 

11,118‌

982‌

Analog

Devices 

4,524‌

903‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Apollo

Global

Management 

2,950‌

241‌

Apple 

51,492‌

10,116‌

Apple

Hospitality

REIT,

REIT 

8,199‌

127‌

Applied

Materials 

13,052‌

1,979‌

Atlassian,

Class

A (1)

644‌

117‌

Autodesk (1)

2,539‌

538‌

AutoZone (1)

328‌

814‌

AvalonBay

Communities,

REIT 

3,000‌

566‌

Baker

Hughes 

2,861‌

102‌

Ball 

946‌

55‌

Bank

of

America 

73,362‌

2,348‌

Bath

&

Body

Works 

2,636‌

98‌

Becton

Dickinson

&

Company 

3,862‌

1,076‌

Berkshire

Hathaway,

Class

B (1)

6,951‌

2,446‌

Best

Buy 

1,039‌

86‌

BILL

Holdings (1)

2,159‌

271‌

Block,

Class

A (1)

848‌

68‌

Boeing (1)

1,569‌

375‌

Booking

Holdings (1)

590‌

1,753‌

Booz

Allen

Hamilton

Holding 

8,823‌

1,068‌

Broadcom 

2,548‌

2,290‌

Broadridge

Financial

Solutions 

3,724‌

625‌

Cactus,

Class

A 

846‌

43‌

Cadence

Design

Systems (1)

1,918‌

449‌

Camden

Property

Trust,

REIT 

1,551‌

169‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (1)(4)(5)

105‌

74‌

Carrier

Global 

24,341‌

1,449‌

Carvana (1)

1,782‌

82‌

Caterpillar 

1,299‌

344‌

Cava

Group (1)

877‌

50‌

Cboe

Global

Markets 

4,289‌

599‌

CBRE

Group,

Class

A (1)

389‌

32‌

CCC

Intelligent

Solutions

Holdings (1)

12,746‌

140‌

Ceridian

HCM

Holding (1)

3,461‌

245‌

CF

Industries

Holdings 

1,026‌

84‌

ChampionX 

1,988‌

71‌

Charles

Schwab 

10,299‌

681‌

Chesapeake

Energy 

1,314‌

111‌

Chevron 

9,877‌

1,616‌

Chipotle

Mexican

Grill (1)

428‌

840‌

Chubb 

11,504‌

2,352‌

Cintas 

129‌

65‌

CME

Group 

400‌

80‌

Coca-Cola 

26,908‌

1,666‌

Colgate-Palmolive 

9,249‌

705‌

Commercial

Metals 

682‌

39‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Comstock

Resources 

3,186‌

41‌

Confluent,

Class

A (1)

1,493‌

52‌

ConocoPhillips 

6,730‌

792‌

Constellation

Energy 

15,656‌

1,513‌

Corebridge

Financial 

13,252‌

248‌

Crowdstrike

Holdings,

Class

A (1)

345‌

56‌

Crown

Castle,

REIT 

1,127‌

122‌

CSX 

64,307‌

2,143‌

CubeSmart,

REIT 

5,070‌

220‌

Cummins 

5,326‌

1,389‌

Danaher 

4,245‌

1,083‌

Darling

Ingredients (1)

2,102‌

146‌

Datadog,

Class

A (1)

666‌

78‌

Deere 

483‌

207‌

Devon

Energy 

8,639‌

466‌

Diamondback

Energy 

1,783‌

263‌

Dollar

General 

1,325‌

224‌

Dominion

Energy 

838‌

45‌

DoorDash,

Class

A (1)

1,061‌

96‌

Douglas

Emmett,

REIT 

5,602‌

82‌

Dover 

1,040‌

152‌

East

West

Bancorp 

2,144‌

133‌

EastGroup

Properties,

REIT 

1,064‌

188‌

Eaton 

3,115‌

640‌

Elevance

Health 

9,352‌

4,411‌

Eli

Lilly 

5,663‌

2,574‌

Entergy 

1,720‌

177‌

EOG

Resources 

1,711‌

227‌

EPAM

Systems (1)

487‌

115‌

EQT 

42,878‌

1,809‌

Equinix,

REIT 

934‌

756‌

Equitrans

Midstream 

4,523‌

47‌

Equity

LifeStyle

Properties,

REIT 

18,316‌

1,304‌

Equity

Residential,

REIT 

5,357‌

353‌

Essex

Property

Trust,

REIT 

1,166‌

284‌

Evergy 

4,016‌

241‌

Extra

Space

Storage,

REIT 

2,549‌

356‌

Exxon

Mobil 

13,045‌

1,399‌

Federal

Realty

Investment

Trust,

REIT 

222‌

23‌

FirstEnergy 

5,718‌

225‌

Fiserv (1)

16,176‌

2,042‌

FleetCor

Technologies (1)

2,202‌

548‌

Floor

&

Decor

Holdings,

Class

A (1)

787‌

90‌

FMC 

622‌

60‌

Fortinet (1)

605‌

47‌

Freeport-McMoRan 

19,529‌

872‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

FTI

Consulting (1)

1,068‌

187‌

Gaming

&

Leisure

Properties,

REIT 

2,626‌

125‌

GE

HealthCare

Technologies 

8,726‌

681‌

General

Dynamics 

4,967‌

1,111‌

General

Electric 

18,190‌

2,078‌

General

Mills 

12,971‌

969‌

General

Motors 

4,964‌

190‌

Goldman

Sachs

Group 

4,098‌

1,458‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(4)(5)

826‌

13‌

Halliburton 

19,668‌

769‌

Hartford

Financial

Services

Group 

13,322‌

958‌

HCA

Healthcare 

2,814‌

768‌

Healthcare

Realty

Trust,

REIT 

5,751‌

112‌

Hershey 

3,184‌

736‌

Hess 

4,407‌

669‌

Hilton

Worldwide

Holdings 

2,106‌

327‌

Home

Depot 

2,735‌

913‌

Host

Hotels

&

Resorts,

REIT 

5,298‌

97‌

Hubbell 

3,499‌

1,092‌

Humana 

1,870‌

854‌

IDEX 

222‌

50‌

Intapp (1)

529‌

22‌

Intuit 

1,840‌

942‌

Intuitive

Surgical (1)

2,900‌

941‌

Ivanhoe

Electric (1)

4,524‌

74‌

Johnson

&

Johnson 

10,966‌

1,837‌

Jones

Lang

LaSalle (1)

410‌

68‌

JPMorgan

Chase 

27,380‌

4,325‌

Karuna

Therapeutics (1)

320‌

64‌

Kenvue (1)

28,923‌

685‌

Keurig

Dr

Pepper 

7,754‌

264‌

Kilroy

Realty,

REIT 

2,930‌

105‌

Kimco

Realty,

REIT 

3,055‌

62‌

Kinder

Morgan 

39,222‌

695‌

KLA 

2,117‌

1,088‌

Kosmos

Energy (1)

35,116‌

249‌

Kraft

Heinz 

6,428‌

233‌

L3Harris

Technologies 

4,629‌

877‌

Lam

Research 

1,844‌

1,325‌

Las

Vegas

Sands (1)

8,194‌

490‌

Liberty

Energy,

Class

A 

2,345‌

39‌

Liberty

Media-Liberty

Formula

One,

Class

C (1)

5,887‌

427‌

Linde 

6,710‌

2,621‌

Live

Nation

Entertainment (1)

1,176‌

103‌

LPL

Financial

Holdings 

2,092‌

480‌

Lululemon

Athletica (1)

1,525‌

577‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Magnolia

Oil

&

Gas,

Class

A 

2,213‌

49‌

Marathon

Petroleum 

732‌

97‌

Marriott

International,

Class

A 

1,956‌

395‌

Marsh

&

McLennan 

1,284‌

242‌

Martin

Marietta

Materials 

70‌

31‌

Marvell

Technology 

1,711‌

111‌

Mastercard,

Class

A 

3,088‌

1,218‌

McDonald's 

5,026‌

1,474‌

Medtronic 

3,598‌

316‌

Merck 

16,928‌

1,805‌

Meta

Platforms,

Class

A (1)

9,846‌

3,137‌

MetLife 

32,245‌

2,030‌

Micron

Technology 

24,493‌

1,749‌

Microsoft 

41,100‌

13,806‌

Molina

Healthcare (1)

3,572‌

1,088‌

Mondelez

International,

Class

A 

29,482‌

2,185‌

MongoDB (1)

559‌

237‌

Monolithic

Power

Systems 

685‌

383‌

Morgan

Stanley 

6,240‌

571‌

MSCI 

93‌

51‌

Netflix (1)

1,980‌

869‌

Newmont 

11,974‌

514‌

NextEra

Energy 

12,713‌

932‌

NIKE,

Class

B 

1,169‌

129‌

Noble (1)

1,316‌

69‌

Norfolk

Southern 

1,944‌

454‌

Northrop

Grumman 

569‌

253‌

NOV 

6,047‌

121‌

Nucor 

2,483‌

427‌

NVIDIA 

14,952‌

6,987‌

NXP

Semiconductors 

5,455‌

1,216‌

Old

Dominion

Freight

Line 

2,675‌

1,122‌

O'Reilly

Automotive (1)

702‌

650‌

Packaging

Corp.

of

America 

456‌

70‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(4)(5)

21,572‌

9‌

Paycom

Software 

106‌

39‌

Pebblebrook

Hotel

Trust,

REIT 

2,510‌

39‌

PepsiCo 

4,886‌

916‌

PG&E (1)

3,100‌

55‌

Philip

Morris

International 

15,807‌

1,576‌

Pinterest,

Class

A (1)

7,147‌

207‌

Pioneer

Natural

Resources 

670‌

151‌

PNC

Financial

Services

Group 

9,867‌

1,351‌

PotlatchDeltic,

REIT 

892‌

48‌

Procter

&

Gamble 

18,981‌

2,967‌

Progressive 

17,261‌

2,175‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Prologis,

REIT 

10,577‌

1,319‌

Public

Storage,

REIT 

6,186‌

1,743‌

QUALCOMM 

2,221‌

294‌

Quanta

Services 

289‌

58‌

Quest

Diagnostics 

4,557‌

616‌

Range

Resources 

27,354‌

860‌

Rayonier,

REIT 

3,857‌

128‌

Regency

Centers,

REIT 

5,779‌

379‌

Regeneron

Pharmaceuticals (1)

1,839‌

1,364‌

Reliance

Steel

&

Aluminum 

1,199‌

351‌

Rexford

Industrial

Realty,

REIT 

4,925‌

271‌

Rivian

Automotive,

Class

A (1)

4,640‌

128‌

Roper

Technologies 

1,521‌

750‌

Ross

Stores 

1,832‌

210‌

Royal

Gold 

303‌

36‌

RPM

International 

594‌

61‌

S&P

Global 

491‌

194‌

Saia (1)

364‌

154‌

Salesforce (1)

1,644‌

370‌

SBA

Communications,

REIT 

975‌

213‌

Schlumberger 

39,409‌

2,299‌

Seagen (1)

1,101‌

211‌

Service

Corp

International 

4,218‌

281‌

ServiceNow (1)

1,963‌

1,144‌

Sherwin-Williams 

844‌

233‌

Shoals

Technologies

Group,

Class

A (1)

1,828‌

47‌

Simon

Property

Group,

REIT 

3,729‌

465‌

SiteOne

Landscape

Supply (1)

866‌

147‌

Skyward

Specialty

Insurance

Group (1)

1,679‌

40‌

Skyworks

Solutions 

1,738‌

199‌

SL

Green

Realty,

REIT 

786‌

30‌

Snowflake,

Class

A (1)

475‌

84‌

SolarEdge

Technologies (1)

281‌

68‌

Southern 

10,812‌

782‌

Southwestern

Energy (1)

69,977‌

453‌

Steel

Dynamics 

2,508‌

267‌

STERIS 

2,593‌

585‌

Stryker 

1,257‌

356‌

Sun

Communities,

REIT 

646‌

84‌

Super

Micro

Computer (1)

443‌

146‌

Synopsys (1)

1,713‌

774‌

T-Mobile

U.S. (1)

20,432‌

2,815‌

Target 

4,241‌

579‌

TechnipFMC (1)

25,371‌

465‌

Teleflex 

213‌

53‌

Terreno

Realty,

REIT 

3,975‌

236‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Tesla (1)

4,037‌

1,080‌

Texas

Instruments 

12,889‌

2,320‌

Thermo

Fisher

Scientific 

5,977‌

3,279‌

TJX 

4,422‌

383‌

TransDigm

Group 

387‌

348‌

Travelers 

4,397‌

759‌

U.S.

Bancorp 

22,497‌

893‌

Ulta

Beauty (1)

2,414‌

1,074‌

Union

Pacific 

6,186‌

1,435‌

UnitedHealth

Group 

6,467‌

3,275‌

Valero

Energy 

727‌

94‌

Veeva

Systems,

Class

A (1)

1,272‌

260‌

Ventas,

REIT 

4,835‌

235‌

VeriSign (1)

552‌

116‌

Verisk

Analytics 

2,441‌

559‌

Verra

Mobility (1)

1,461‌

31‌

Vertex

Pharmaceuticals (1)

2,406‌

848‌

Visa,

Class

A 

17,922‌

4,261‌

Vulcan

Materials 

237‌

52‌

Walmart 

9,717‌

1,553‌

Warrior

Met

Coal 

1,038‌

46‌

Waste

Connections 

832‌

117‌

Wells

Fargo 

29,075‌

1,342‌

Welltower,

REIT 

5,148‌

423‌

West

Pharmaceutical

Services 

661‌

243‌

Western

Alliance

Bancorp 

4,286‌

223‌

Westinghouse

Air

Brake

Technologies 

14,650‌

1,735‌

Westrock 

1,014‌

34‌

Weyerhaeuser,

REIT 

18,513‌

631‌

Williams 

29,939‌

1,031‌

Zoetis 

1,170‌

220‌

235,527‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97 (1)(4)(5)

2,160‌

69‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42 (1)(4)(5)

618‌

20‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7 (1)(4)(5)

4‌

3‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52 (1)(4)(5)

6,404‌

34‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (1)(4)

(5)

348‌

25‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)(4)

(5)

927‌

68‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

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

17‌

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

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $122 (1)(4)(5)

2,843‌

122‌

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

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $155 (1)(4)(5)

16,193‌

68‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (1)(4)(5)

1,666‌

79‌

Sortera

Tech,

Series

C-1,

Acquisition

Date:

4/13/23,

Cost $11 (1)(4)(5)

764‌

11‌

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

64‌

960‌

Corporate

Bonds

2.7%

AbbVie,

2.95%,

11/21/26 

145,000‌

136‌

AbbVie,

4.50%,

5/14/35 

30,000‌

28‌

AbbVie,

4.70%,

5/14/45 

95,000‌

86‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

19‌

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35 

105,000‌

98‌

Ally

Financial,

2.20%,

11/2/28 

120,000‌

98‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

38‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

49‌

American

Airlines

PTT,

Series

2014-1,

Class

A,

3.70%,

10/1/26 

19,309‌

18‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

154,898‌

135‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

247‌

American

Tower,

1.45%,

9/15/26 

355,000‌

315‌

Amphenol,

2.20%,

9/15/31 

105,000‌

85‌

Amphenol,

4.75%,

3/30/26 

25,000‌

25‌

Aon,

3.875%,

12/15/25 

25,000‌

24‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Appalachian

Power,

4.45%,

6/1/45 

40,000‌

33‌

Apple,

3.20%,

5/11/27 

300,000‌

286‌

AT&T,

2.75%,

6/1/31 

215,000‌

178‌

Autodesk,

2.40%,

12/15/31 

135,000‌

111‌

AutoZone,

3.125%,

4/21/26 

170,000‌

161‌

AutoZone,

3.75%,

6/1/27 

70,000‌

67‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

383‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

49‌

Bank

of

America,

VR,

4.244%,

4/24/38 (6)

120,000‌

106‌

Bank

of

America,

VR,

5.08%,

1/20/27 (6)

225,000‌

222‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

52‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

100‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

174‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

23‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

29‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (2)

100,000‌

89‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

25,000‌

23‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

73‌

Cameron

LNG,

2.902%,

7/15/31 (2)

40,000‌

34‌

Cameron

LNG,

3.701%,

1/15/39 (2)

30,000‌

24‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

117‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

77‌

Carvana,

10.25%,

5/1/30 (2)

86,000‌

70‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

319‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

49‌

Charter

Communications

Operating,

Series

USD,

4.50%,

2/1/24 

250,000‌

248‌

Cigna

Group,

3.25%,

4/15/25 

250,000‌

240‌

Citigroup,

4.45%,

9/29/27 

70,000‌

67‌

Citigroup,

VR,

3.887%,

1/10/28 (6)

315,000‌

298‌

Citigroup,

VR,

4.075%,

4/23/29 (6)

100,000‌

94‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

23‌

CNO

Global

Funding,

2.65%,

1/6/29 (2)

315,000‌

267‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

92‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

42‌

Corebridge

Financial,

4.40%,

4/5/52 

375,000‌

296‌

Crown

Castle,

2.10%,

4/1/31 

250,000‌

199‌

Crown

Castle,

3.70%,

6/15/26 

40,000‌

38‌

Crown

Castle,

4.75%,

5/15/47 

30,000‌

25‌

CVS

Health,

2.70%,

8/21/40 

290,000‌

200‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

14‌

Elevance

Health,

4.101%,

3/1/28 

130,000‌

125‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

18‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

118‌

Equifax,

5.10%,

12/15/27 

145,000‌

144‌

ERAC

USA

Finance,

5.40%,

5/1/53 (2)

300,000‌

299‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

108‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

14‌

Experian

Finance,

2.75%,

3/8/30 (2)

200,000‌

170‌

Extra

Space

Storage,

4.00%,

6/15/29 

145,000‌

133‌

Fifth

Third

Bancorp,

4.30%,

1/16/24 

65,000‌

64‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

67‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (2)

65,000‌

63‌

Fiserv,

3.20%,

7/1/26 

100,000‌

95‌

Florida

Gas

Transmission,

4.35%,

7/15/25 (2)

215,000‌

209‌

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

13‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

291‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

110‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

14‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

11‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (6)

200,000‌

163‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (6)

130,000‌

92‌

Hasbro,

3.00%,

11/19/24 

150,000‌

145‌

Hasbro,

3.55%,

11/19/26 

420,000‌

394‌

HCA,

4.125%,

6/15/29 

235,000‌

218‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

26‌

Healthpeak,

2.125%,

12/1/28 

80,000‌

68‌

Healthpeak,

2.875%,

1/15/31 

45,000‌

38‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (2)

100,000‌

93‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

243‌

Hyundai

Capital

America,

1.30%,

1/8/26 (2)

145,000‌

130‌

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

198‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

120‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

73‌

Interpublic

Group

of

Companies,

5.375%,

6/15/33 

410,000‌

402‌

Jackson

Financial,

1.125%,

11/22/23 

270,000‌

266‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (6)

235,000‌

212‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (6)

160,000‌

138‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

54‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

227‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

38‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

21‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

14‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

48‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (2)

20,000‌

17‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

283‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

277‌

Mars,

4.75%,

4/20/33 (2)

125,000‌

123‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

113‌

McDonald's,

1.45%,

9/1/25 

65,000‌

60‌

McKesson,

5.25%,

2/15/26 

370,000‌

370‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

95‌

Met

Tower

Global

Funding,

1.25%,

9/14/26 (2)

245,000‌

215‌

Micron

Technology,

4.185%,

2/15/27 

31,000‌

30‌

Microsoft,

2.921%,

3/17/52 

90,000‌

66‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (2)

110,000‌

104‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

160‌

Moody's,

2.00%,

8/19/31 

335,000‌

271‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

40‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (6)

135,000‌

102‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

258‌

NiSource,

3.49%,

5/15/27 

215,000‌

203‌

NiSource,

3.95%,

3/30/48 

105,000‌

83‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

24‌

Northwestern

University,

Series

2020,

2.64%,

12/1/50 

140,000‌

94‌

Nucor,

2.70%,

6/1/30 

70,000‌

61‌

Nucor,

3.95%,

5/1/28 

130,000‌

124‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

49‌

Oracle,

2.40%,

9/15/23 

300,000‌

299‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

137‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

392‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

125,000‌

107‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

333‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

189‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

72‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

50,000‌

50‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

22‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23 (2)

270,000‌

269‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

131‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

34‌

Public

Storage,

1.95%,

11/9/28 

150,000‌

129‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

61‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

33‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

216‌

Revvity,

1.90%,

9/15/28 

230,000‌

196‌

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

47‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (6)

135,000‌

117‌

SBA

Tower

Trust,

2.836%,

1/15/25 (2)

250,000‌

238‌

Sempra,

3.30%,

4/1/25 

185,000‌

178‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

186‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23 

119,000‌

118‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

276‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

44‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

169‌

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

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

12‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

12‌

TJX,

1.60%,

5/15/31 

55,000‌

45‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

21‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

9‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

2,903‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

270,594‌

234‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

39‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

22‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

213‌

Visa,

4.15%,

12/14/35 

90,000‌

86‌

Vistra

Operations,

3.55%,

7/15/24 (2)

135,000‌

131‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

125‌

Wells

Fargo,

VR,

5.389%,

4/24/34 (6)

410,000‌

408‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

39‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

152‌

WP

Carey,

3.85%,

7/15/29 

115,000‌

104‌

21,936‌

Equity

Mutual

Funds

8.1%

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class (7)

2,160,946‌

43,975‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

2,187,276‌

20,954‌

64,929‌

Municipal

Securities

0.2%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

223‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

176‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

43‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

171‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

316‌

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

140‌

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

126‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Metropolitan

Transportation

Auth.,

Build

America,

Series

A-1,

5.871%,

11/15/39 

15,000‌

15‌

Miami-Dade

County

Transit

System,

Build

America,

Series

B,

5.624%,

7/1/40 

160,000‌

167‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

71‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

125,000‌

140‌

New

York

State

Dormitory

Auth.,

Build

America,

Series

F,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

15‌

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 (9)

25,000‌

25‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

15,000‌

16‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

23‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

100‌

1,844‌

Non-U.S.

Government

Mortgage-Backed

Securities

0.8%

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (2)

73,847‌

61‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (2)

24,197‌

20‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (2)

64,112‌

52‌

Angel

Oak

Mortgage

Trust,

Series

2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (2)

228,270‌

215‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (2)

84,591‌

71‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.496%,

11/15/34 (2)

50,000‌

20‌

Benchmark

Mortgage

Trust,

Series

2023-V3,

Class

A3,

6.363%,

7/15/56 

145,000‌

149‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44 (2)

150,000‌

112‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

6.34%,

10/15/36 (2)

225,000‌

217‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (2)

100,000‌

90‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

51‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

72‌

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62 (2)

228,957‌

204‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

24‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (2)

60,940‌

51‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.636%,

11/15/37 (2)

137,619‌

136‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

38‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

57‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

95‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

5.969%,

11/25/41 (2)

31,356‌

31‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.069%,

12/25/41 (2)

29,777‌

30‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R02,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.369%,

1/25/43 (2)

74,667‌

76‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.369%,

5/25/43 (2)

189,421‌

192‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R05,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.90%,

6.969%,

6/25/43 (2)

132,324‌

133‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (2)

18,745‌

17‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.716%,

7/15/38 (2)

96,082‌

94‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K068,

Class

A1,

2.952%,

2/25/27 

19,981‌

19‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K137,

Class

A2,

ARM,

2.347%,

11/25/31 

860,000‌

724‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

370,000‌

344‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

285,000‌

280‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36 (2)

165,000‌

157‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (2)

6,023‌

5‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40 (2)

100,000‌

75‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

6.969%,

12/15/36 (2)

70,000‌

69‌

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

60‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

62‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

43,406‌

41‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (2)

100,000‌

74‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (2)

35,535‌

31‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (2)

42,080‌

37‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

5.98%,

8/25/50 (2)

9,378‌

9‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (2)

16,673‌

15‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.437%,

4/15/38 (2)

255,000‌

251‌

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62 (2)

25,004‌

24‌

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

81‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

144‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C30,

Class

A5,

2.86%,

9/15/49 

25,000‌

23‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (2)

135,885‌

109‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

TSFR

+

2.109%,

7.331%,

11/15/38 (2)

295,000‌

247‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.512%,

10/25/59 (2)

10,551‌

10‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.197%,

12/25/49 (2)

188,162‌

153‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (2)

6,952‌

7‌

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.836%,

5/15/38 (2)

110,000‌

91‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (2)

2,205‌

2‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (2)

25,226‌

22‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.169%,

10/25/33 (2)

60,000‌

60‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

6.569%,

10/25/41 (2)

100,000‌

98‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.919%,

11/25/41 (2)

126,965‌

126‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

7.069%,

4/25/42 (2)

131,282‌

132‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

7.169%,

3/25/42 (2)

107,316‌

108‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2023-DNA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

7.169%,

3/25/43 (2)

36,994‌

37‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2023-DNA2,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

7.169%,

4/25/43 (2)

127,067‌

129‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57 (2)

25,710‌

24‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (2)

17,565‌

17‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (2)

16,999‌

16‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (2)

33,724‌

32‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (2)

35,864‌

30‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (2)

230,950‌

197‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (2)

126,470‌

125‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

39‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

95‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

71‌

6,886‌

Private

Investment

Companies

7.3%

Blackstone

Partners

Offshore

Fund,

Series

E1 (4)

25,981‌

58,840‌

58,840‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

6.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,830,000‌

1,160‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

990,000‌

558‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

1,510,000‌

1,041‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

580,000‌

412‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 (10)

1,515,000‌

973‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

2,490,000‌

1,658‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

241‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 (10)(11)

1,545,000‌

1,083‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

110‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

52‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 (10)

4,915,000‌

3,847‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

459‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

327‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

358‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

180‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

607‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

123‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

800,000‌

661‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

251‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

516‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

220,000‌

196‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

80,000‌

75‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

585,000‌

547‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

564‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

205,000‌

196‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

235,000‌

225‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

150,000‌

150‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

121,487‌

78‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/52 

179,936‌

116‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

270,893‌

183‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

252,523‌

203‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

447,522‌

373‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

240,513‌

197‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

79,451‌

67‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

139,363‌

117‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

163,161‌

137‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

159,464‌

147‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53 

381,112‌

361‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

3,393,531‌

3,232‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

564,488‌

536‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

928,208‌

872‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

1,080,738‌

1,017‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

544,131‌

510‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30 

523,343‌

470‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

408,905‌

363‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

63,203‌

56‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

413,069‌

363‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

453,776‌

435‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29 

1,162,793‌

1,066‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

2,029,288‌

1,907‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28 

384,187‌

361‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

202,613‌

193‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

949,907‌

871‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.125%,

1/15/33 

1,343,112‌

1,283‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

3,134,058‌

3,043‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33 

240,331‌

236‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 

2,285,140‌

2,258‌

U.S.

Treasury

Notes,

0.125%,

8/31/23 

295,000‌

294‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

333‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

103‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

1,710,000‌

1,543‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 

1,285,000‌

1,047‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

950,000‌

826‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

2,720,000‌

2,496‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

310‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

520,000‌

500‌

U.S.

Treasury

Notes,

3.50%,

2/15/33 

50,000‌

48‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

645,000‌

630‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

725,000‌

718‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

2,620,000‌

2,603‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

1,440,000‌

1,431‌

50,503‌

Total

United

States

(Cost

$499,334

)

568,786‌

VIETNAM

0.3%

Common

Stocks

0.3%

Airports

Corp.

of

Vietnam (1)

2,900‌

10‌

Asia

Commercial

Bank 

284,971‌

286‌

Bank

for

Foreign

Trade

of

Vietnam (1)

42,081‌

163‌

Binh

Minh

Plastics 

9,100‌

38‌

FPT 

140,116‌

534‌

FPT

Digital

Retail 

13,195‌

43‌

Hoa

Phat

Group (1)

492,100‌

587‌

Khang

Dien

House

Trading

&

Investment (1)

8,540‌

13‌

Military

Commercial

Joint

Stock

Bank 

181,042‌

153‌

Mobile

World

Investment 

37,600‌

88‌

Nam

Long

Investment 

43,766‌

74‌

Phu

Nhuan

Jewelry 

38,600‌

135‌

Saigon

Beer

Alcohol

Beverage 

8,300‌

55‌

Vietnam

Dairy

Products 

45,400‌

150‌

Vietnam

Engine

&

Agricultural

Machinery 

69,200‌

110‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank (1)

20,000‌

31‌

Vincom

Retail (1)

97,100‌

122‌

Total

Vietnam

(Cost

$2,053

)

2,592‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SHORT-TERM

INVESTMENTS

3.0%

Money

Market

Funds

3.0%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.26% (7)(12)

24,188,077‌

24,188‌

Total

Short-Term

Investments

(Cost

$24,188)

24,188‌

SECURITIES

LENDING

COLLATERAL

0.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.4%

Money

Market

Funds

0.4%

T.

Rowe

Price

Government

Reserve

Fund,

5.32% (7)(12)

3,053,529‌

3,054‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

3,054‌

Total

Securities

Lending

Collateral

(Cost

$3,054)

3,054‌

Total

Investments

in

Securities

100.0%

(Cost

$689,978)

$

804,644‌

Other

Assets

Less

Liabilities

0.0%

296

Net

Assets

100.0%

$

804,940‌

‡

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

$15,794

and

represents

2.0%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

July

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

$1,449

and

represents

0.2%

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

T.

ROWE

PRICE

Global

Allocation

Fund

48

.

.

.

.

.

.

.

.

.

.

(8)

SEC

30-day

yield

(9)

Escrowed

to

maturity

(10)

At

July

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(11)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

July

31,

2023.

(12)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

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

OTC

Over-the-counter

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

T.

ROWE

PRICE

Global

Allocation

Fund

49

.

.

.

.

.

.

.

.

.

.

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

50

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Daimler

Truck

Holding,

Call,

9/15/23

@

35.00

(EUR)

2

7

—‌

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

9/15/23

@

$75.00

860

6,493

(75‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

9/15/23

@

$75.00

1,004

7,580

(66‌)

Goldman

Sachs

Julius

Baer

Group,

Call,

9/15/23

@

65.00

(CHF)

1

6

—‌

Morgan

Stanley

S&P

500

Index,

Call,

9/15/23

@

$4,625.00

79

36,253

(545‌)

Total

Options

Written

(Premiums

$(674))

$

(686‌)

T.

ROWE

PRICE

Global

Allocation

Fund

51

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Citibank

8/31/23

USD

9,978‌

JPY

1,390,420‌

$

153‌

Deutsche

Bank

8/31/23

USD

172‌

ILS

637‌

(2‌)

JPMorgan

Chase

8/31/23

CHF

68‌

USD

79‌

—‌

JPMorgan

Chase

8/31/23

GBP

46‌

USD

59‌

—‌

JPMorgan

Chase

8/31/23

HKD

5‌

USD

1‌

—‌

JPMorgan

Chase

8/31/23

JPY

19,893‌

USD

141‌

—‌

JPMorgan

Chase

8/31/23

NOK

134‌

USD

13‌

—‌

JPMorgan

Chase

8/31/23

SEK

292‌

USD

28‌

—‌

JPMorgan

Chase

8/31/23

SGD

25‌

USD

19‌

—‌

JPMorgan

Chase

8/31/23

USD

33‌

AUD

49‌

—‌

JPMorgan

Chase

8/31/23

USD

4,479‌

CHF

3,820‌

82‌

JPMorgan

Chase

8/31/23

USD

1,318‌

DKK

8,798‌

18‌

JPMorgan

Chase

8/31/23

USD

43‌

EUR

39‌

—‌

JPMorgan

Chase

8/31/23

USD

6,455‌

GBP

4,976‌

68‌

JPMorgan

Chase

8/31/23

USD

1,052‌

HKD

8,207‌

—‌

JPMorgan

Chase

8/31/23

USD

4‌

ILS

13‌

—‌

JPMorgan

Chase

8/31/23

USD

291‌

NOK

2,915‌

3‌

JPMorgan

Chase

8/31/23

USD

89‌

NZD

142‌

—‌

JPMorgan

Chase

8/31/23

USD

1,452‌

SEK

14,951‌

30‌

JPMorgan

Chase

8/31/23

USD

556‌

SGD

735‌

3‌

State

Street

8/31/23

USD

3,220‌

AUD

4,731‌

38‌

State

Street

8/31/23

USD

14,647‌

EUR

13,115‌

204‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

597‌

T.

ROWE

PRICE

Global

Allocation

Fund

52

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

66

MSCI

EAFE

Index

contracts

9/23

(7,279)

$

(197‌)

Long,

61

S&P

500

E-Mini

Index

contracts

9/23

14,074

109‌

Long,

27

U.S.

Treasury

Long

Bond

contracts

9/23

3,360

(65‌)

Long,

37

U.S.

Treasury

Notes

five

year

contracts

9/23

3,952

(66‌)

Long,

11

U.S.

Treasury

Notes

ten

year

contracts

9/23

1,226

(31‌)

Long,

3

U.S.

Treasury

Notes

two

year

contracts

9/23

609

(10‌)

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

9/23

397

(11‌)

Short,

8

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/23

(936)

23‌

Net

payments

(receipts)

of

variation

margin

to

date

308‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

60‌

T.

ROWE

PRICE

Global

Allocation

Fund

53

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

July

31,

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,

6.36% 

$

960‌

$

(2,624‌)

$

709‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.18% 

(1,601‌)

5,578‌

1,150‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.40% 

(3,972‌)

8,066‌

1,591‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.90% 

(473‌)

817‌

847‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.95% 

(806‌)

1,615‌

1,198‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

2,832‌

4,357‌

410‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.68% 

(2,143‌)

4,444‌

494‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.66% 

(324‌)

483‌

82‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

(848‌)

1,146‌

711‌

T.

Rowe

Price

Government

Reserve

Fund,

5.32%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.26%

—‌

—‌

927‌

Affiliates

not

held

at

period

end

(353‌)

479‌

77‌

Totals

$

(6,728‌)#

$

24,361‌

$

8,196‌+

T.

ROWE

PRICE

Global

Allocation

Fund

54

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/22

Purchase

Cost

Sales

Cost

Value

07/31/23

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.36% 

$

20,913‌

$

6,087‌

$

7,918‌

$

16,458‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.18% 

22,528‌

1,148‌

9,101‌

20,153‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.40% 

35,764‌

1,591‌

14,598‌

30,823‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.90% 

16,193‌

847‌

9,623‌

8,234‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.95% 

21,807‌

2,233‌

5,592‌

20,063‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

55,376‌

3,296‌

19,054‌

43,975‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.68% 

26,115‌

2,494‌

8,143‌

24,910‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.66% 

5,944‌

556‌

4,798‌

2,185‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

27,945‌

932‌

9,069‌

20,954‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

13,271‌

589‌

14,339‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.32%

3,151‌

 ¤

 ¤

3,054‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.26%

26,870‌

 ¤

 ¤

24,188‌

Total

$

214,997‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$6,516

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$8,196

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

$235,354.

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.

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

T.

ROWE

PRICE

Global

Allocation

Fund

57

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

July

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

$

—‌

$

96,675‌

$

—‌

$

96,675‌

Bond

Mutual

Funds

122,826‌

—‌

—‌

122,826‌

Common

Stocks

254,006‌

177,642‌

119‌

431,767‌

Convertible

Preferred

Stocks

—‌

—‌

1,330‌

1,330‌

Equity

Mutual

Funds

64,929‌

—‌

—‌

64,929‌

Preferred

Stocks

—‌

1,035‌

—‌

1,035‌

Private

Investment

Companies

—‌

—‌

58,840‌

58,840‌

Short-Term

Investments

24,188‌

—‌

—‌

24,188‌

Securities

Lending

Collateral

3,054‌

—‌

—‌

3,054‌

Total

Securities

469,003‌

275,352‌

60,289‌

804,644‌

Forward

Currency

Exchange

Contracts

—‌

599‌

—‌

599‌

Futures

Contracts*

132‌

—‌

—‌

132‌

Total

$

469,135‌

$

275,951‌

$

60,289‌

$

805,375‌

Liabilities

Options

Written

$

—‌

$

686‌

$

—‌

$

686‌

Forward

Currency

Exchange

Contracts

—‌

2‌

—‌

2‌

Futures

Contracts*

380‌

—‌

—‌

380‌

Total

$

380‌

$

688‌

$

—‌

$

1,068‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

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

July

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

July

31,

2023,

totaled $(1,369,000) for

the

period ended

July

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

7/31/23

Investment

in

Securities

Common

Stocks

$

170‌

$

284‌

$

—‌

$

(335‌)

$

119‌

Convertible

Preferred

Stocks

1,351‌

(145‌)

144‌

(20‌)

1,330‌

Private

Investment

Companies

77,741‌

3,099‌

—‌

(22,000‌)

58,840‌

Total

$

79,262‌

$

3,238‌

$

144‌

$

(22,355‌)

$

60,289‌

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

$

119

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Enterprise

value

to

gross

profit

multiple

4.7x

–

18.6x

14.7x

Increase

Gross

profit

growth

rate

24%

–

27%

27%

Increase

Enterprise

value

to

sales

multiple

1.7x

–

14.8x

11.6x

Increase

Sales

growth

rate

23%

–

27%

26%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,330

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Premium

for

liquidation

preference

—#

—#

Increase

Probability

for

potential

outcome

20%

-

40%

33%

Increase

Enterprise

value

to

gross

profit

multiple

9.5x

–

18.6x

11.3x

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**

Gross

profit

growth

rate

24%

-

51%

46%

Increase

Enterprise

value

to

sales

multiple

1.6x

–

14.8x

2.7x

Increase

Sales

growth

rate

18%

-

90%

34%

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

7.5x

Increase

EBITDA

growth

rate

65%

65%

Increase

Projected

enterprise

value

to

gross

profit

multiple

23.5x

–

30.5x

27.0x

Increase

Projected

enterprise

value

to

sales

multiple

2.3x

–

22.6x

6.2x

Increase

Premium

to

public

company

multiples

2%

-

36%

11%

Increase

Projected

enterprise

value

to

EBITDA

multiple

10.5x

–

15.1x

13.7x

Increase

Projected

enterprise

value

to

EBIT

multiple

14.7x

–

26.9x

20.8x

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

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**

EBIT

growth

rate

22%

22%

Increase

Discount

to

public

company

multiples

58%

-

70%

64%

Decrease

Discount

rate

for

cost

of

capital

15%

-

40%

29%

Decrease

Discount

for

lack

of

collectability

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

58,840

Rollforward

of

Investee

NAV

Estimated

return

0.76%

0.76%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

63

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

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.

F154-054Q3

07/23