T.

ROWE

PRICE

Global

Allocation

Fund

January

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.1%

Common

Stocks

0.1%

MercadoLibre

(USD) (1)

791‌

895‌

Total

Argentina

(Cost

$182

)

895‌

AUSTRALIA

0.6%

Common

Stocks

0.6%

ALS 

16,544‌

139‌

Australia

&

New

Zealand

Banking

Group 

12,725‌

241‌

BHP

Group 

33,534‌

1,075‌

BHP

Group

(GBP) 

32,344‌

1,021‌

Centuria

Office

REIT 

10,087‌

15‌

Challenger 

24,701‌

101‌

Cochlear 

1,118‌

153‌

Downer

EDI 

48,206‌

187‌

Frontier

Digital

Ventures (1)

112,881‌

113‌

Goodman

Group 

3,735‌

62‌

IDP

Education 

6,071‌

127‌

IGO 

79,514‌

673‌

Incitec

Pivot 

58,052‌

136‌

Macquarie

Group 

2,262‌

296‌

Northern

Star

Resources 

21,519‌

128‌

oOh!media (1)

69,122‌

79‌

OZ

Minerals 

14,198‌

246‌

Perseus

Mining 

141,858‌

148‌

Rio

Tinto 

3,026‌

241‌

Scentre

Group 

114,831‌

238‌

South32 

183,742‌

506‌

Steadfast

Group 

56,885‌

187‌

Tietto

Minerals (1)

109,612‌

38‌

Treasury

Wine

Estates 

17,736‌

133‌

Worley 

52,817‌

435‌

Xero (1)

1,750‌

142‌

6,860‌

Corporate

Bonds

0.0%

Ausgrid

Finance,

3.85%,

5/1/23

(USD) (2)

105,000‌

107‌

Boral

Finance,

3.00%,

11/1/22

(USD) (2)

10,000‌

10‌

Transurban

Finance,

2.45%,

3/16/31

(USD) (2)

140,000‌

136‌

Transurban

Finance,

4.125%,

2/2/26

(USD) (2)

15,000‌

16‌

Woodside

Finance,

3.70%,

3/15/28

(USD) (2)

67,000‌

70‌

T.

ROWE

PRICE

Global

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Woodside

Finance,

4.50%,

3/4/29

(USD) (2)

105,000‌

114‌

453‌

Total

Australia

(Cost

$5,280

)

7,313‌

AUSTRIA

0.2%

Common

Stocks

0.2%

BAWAG

Group 

20,804‌

1,249‌

Erste

Group

Bank 

12,966‌

606‌

Mayr

Melnhof

Karton 

2,156‌

419‌

Total

Austria

(Cost

$1,601

)

2,274‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

425,370‌

273‌

Marico

Bangladesh 

1,114‌

31‌

Olympic

Industries 

11,076‌

21‌

Singer

Bangladesh 

23,560‌

46‌

Square

Pharmaceuticals 

57,457‌

147‌

Total

Bangladesh

(Cost

$437

)

518‌

BELGIUM

0.1%

Common

Stocks

0.1%

Azelis

Group (1)

547‌

14‌

Barco 

3,655‌

75‌

KBC

Group 

2,784‌

242‌

Lotus

Bakeries 

10‌

64‌

Shurgard

Self

Storage 

636‌

37‌

Umicore 

4,782‌

181‌

613‌

Corporate

Bonds

0.0%

Anheuser-Busch,

4.90%,

2/1/46

(USD) 

90,000‌

106‌

106‌

Total

Belgium

(Cost

$590

)

719‌

BRAZIL

0.4%

Common

Stocks

0.4%

Arco

Platform,

Class

A

(USD) (1)

5,600‌

118‌

B3 

254,100‌

702‌

T.

ROWE

PRICE

Global

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Boa

Vista

Servicos 

38,537‌

41‌

EDP

-

Energias

Do

Brasil 

34,868‌

141‌

Grupo

SBF (1)

24,900‌

121‌

Localiza

Rent

a

Car 

15,900‌

176‌

Lojas

Renner 

40,763‌

217‌

Magazine

Luiza 

52,053‌

69‌

Pagseguro

Digital,

Class

A

(USD) (1)

6,427‌

145‌

Raia

Drogasil 

128,966‌

565‌

Rede

D'Or

Sao

Luiz 

38,213‌

320‌

StoneCo,

Class

A

(USD) (1)

13,729‌

214‌

Suzano 

12,757‌

143‌

Vale 

5,359‌

82‌

XP,

Class

A

(USD) (1)

35,566‌

1,185‌

4,239‌

Preferred

Stocks

0.0%

Itau

Unibanco

Holding 

129,346‌

621‌

Marcopolo 

174,900‌

113‌

734‌

Total

Brazil

(Cost

$5,091

)

4,973‌

CANADA

0.9%

Common

Stocks

0.7%

Altus

Group 

3,524‌

169‌

Aritzia (1)

4,500‌

209‌

CAE (1)

5,078‌

128‌

Canadian

Apartment

Properties

REIT 

557‌

24‌

Canadian

Natural

Resources 

907‌

46‌

Canadian

Pacific

Railway

(USD) 

4,170‌

298‌

Constellation

Software 

80‌

138‌

Definity

Financial (1)(3)

10,575‌

240‌

dentalcorp

Holdings (1)

10,310‌

131‌

Descartes

Systems

Group (1)

3,428‌

249‌

Element

Fleet

Management 

31,114‌

317‌

Enbridge

(USD) 

510‌

22‌

Enerflex 

3,585‌

20‌

ERO

Copper (1)

4,261‌

53‌

Franco-Nevada 

1,536‌

203‌

K92

Mining (1)

16,517‌

83‌

Karora

Resources (1)

10,107‌

32‌

Magna

International

(USD) 

8,192‌

660‌

Manulife

Financial 

26,512‌

552‌

National

Bank

of

Canada 

9,700‌

776‌

Rhyolite

Resources,

Acquisition

Date:

12/20/21,

Cost $16 (1)(4)

22,800‌

12‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Shopify,

Class

A (1)

373‌

360‌

Shopify,

Class

A

(USD) (1)

603‌

581‌

Spin

Master (1)

6,158‌

212‌

Summit

Industrial

Income

REIT 

5,905‌

100‌

Sun

Life

Financial 

18,195‌

1,030‌

TC

Energy 

3,709‌

192‌

TC

Energy

(USD) 

6,197‌

320‌

TELUS

International

CDA (1)(3)

2,830‌

80‌

TMX

Group 

3,087‌

314‌

Victoria

Gold (1)

11,173‌

123‌

Wesdome

Gold

Mines (1)

30,826‌

265‌

West

Fraser

Timber 

362‌

34‌

Wheaton

Precious

Metals 

618‌

25‌

7,998‌

Corporate

Bonds

0.1%

Canadian

Natural

Resources,

2.95%,

1/15/23

(USD) 

175,000‌

177‌

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

109‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

128‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

500,000‌

481‌

Suncor

Energy,

3.10%,

5/15/25

(USD) 

70,000‌

72‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

10‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

141‌

Toronto-Dominion

Bank,

3.50%,

7/19/23

(USD) 

235,000‌

243‌

TransCanada

PipeLines,

2.50%,

8/1/22

(USD) 

20,000‌

20‌

1,381‌

Government

Bonds

0.1%

Province

of

Alberta,

2.20%,

7/26/22

(USD) 

130,000‌

131‌

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

145‌

Province

of

British

Columbia,

2.00%,

10/23/22

(USD) 

15,000‌

15‌

Province

of

Manitoba,

2.60%,

4/16/24

(USD) 

270,000‌

277‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

274‌

Province

of

Quebec,

2.875%,

10/16/24

(USD) 

50,000‌

52‌

894‌

Total

Canada

(Cost

$8,036

)

10,273‌

CAYMAN

ISLANDS

0.0%

Common

Stocks

0.0%

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $45

(USD) (1)(4)(5)

11,845‌

43‌

43‌

T.

ROWE

PRICE

Global

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Convertible

Preferred

Stocks

0.0%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $96

(USD) (1)(4)(5)

1,944‌

238‌

238‌

Total

Cayman

Islands

(Cost

$141

)

281‌

CHILE

0.1%

Common

Stocks

0.1%

Antofagasta

(GBP) 

20,209‌

368‌

Banco

Santander

Chile,

ADR

(USD) 

22,187‌

445‌

813‌

Corporate

Bonds

0.0%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

278‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (2)

220,000‌

218‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD) (2)

200,000‌

199‌

695‌

Total

Chile

(Cost

$1,308

)

1,508‌

CHINA

2.5%

Common

Stocks

1.7%

58.com

(USD) (1)(5)

5,864‌

—‌

Alibaba

Group

Holding

(HKD) (1)

52,620‌

825‌

Alibaba

Group

Holding,

ADR

(USD) (1)

15,784‌

1,985‌

Baidu,

ADR

(USD) (1)

2,126‌

340‌

Beijing

Enterprises

Holdings

(HKD) 

30,500‌

104‌

China

Feihe

(HKD) 

113,000‌

157‌

China

Mengniu

Dairy

(HKD) 

4,000‌

24‌

China

Overseas

Land

&

Investment

(HKD) 

329,000‌

971‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

78,200‌

460‌

Country

Garden

Services

Holdings

(HKD) 

73,000‌

431‌

DiDi

Global,

Acquisition

Date:

10/19/15,

Cost $9

(USD) (1)(4)

344‌

5‌

ENN

Energy

Holdings

(HKD) 

26,400‌

420‌

Fosun

International

(HKD) 

94,500‌

107‌

Haier

Smart

Home,

H

Shares

(HKD) 

46,800‌

188‌

Hope

Education

Group

(HKD) 

708,000‌

91‌

Huazhu

Group,

ADR

(USD) (1)

862‌

34‌

I-Mab,

ADR

(USD) (1)

4,869‌

123‌

JD

Health

International

(HKD) (1)

8,200‌

66‌

JD.com

(HKD) (1)

4,087‌

139‌

JOYY,

ADR

(USD) 

2,213‌

112‌

Kanzhun,

ADR

(USD) (1)

10,840‌

328‌

T.

ROWE

PRICE

Global

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kingdee

International

Software

Group

(HKD) (1)

55,000‌

126‌

Li

Ning

(HKD) 

23,500‌

229‌

Meituan,

Class

B

(HKD) (1)

39,000‌

1,164‌

New

Horizon

Health

(HKD) (1)

6,500‌

19‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

232,000‌

216‌

Pinduoduo,

ADR

(USD) (1)

4,900‌

293‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

223,000‌

1,770‌

Shandong

Weigao

Group

Medical

Polymer,

H

Shares

(HKD) 

80,000‌

99‌

Sino

Biopharmaceutical

(HKD) 

421,000‌

290‌

Sinopharm

Group,

H

Shares

(HKD) 

26,400‌

59‌

Sunny

Optical

Technology

Group

(HKD) 

9,300‌

240‌

Tencent

Holdings

(HKD) 

85,854‌

5,380‌

Trip.com

Group,

ADR

(USD) (1)

13,876‌

369‌

Tsingtao

Brewery,

H

Shares

(HKD) 

18,000‌

162‌

Wuxi

Biologics

Cayman

(HKD) (1)

60,000‌

601‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

272,600‌

262‌

Yum

China

Holdings

(USD) 

31,200‌

1,503‌

Zhongsheng

Group

Holdings

(HKD) 

97,000‌

745‌

Zylox-Tonbridge

Medical

Technology

(HKD) (1)(3)

3,000‌

9‌

20,446‌

Common

Stocks

-

China

A

Shares

0.7%

Autel

Intelligent

Technology,

A

Shares

(CNH) 

19,295‌

191‌

Bafang

Electric

Suzhou,

A

Shares

(CNH) 

4,359‌

141‌

BTG

Hotels

Group,

A

Shares

(CNH) (1)

24,473‌

100‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

22,412‌

170‌

Gree

Electric

Appliances

of

Zhuhai,

A

Shares

(CNH) 

134,100‌

806‌

Guangdong

Kinlong

Hardware

Products,

A

Shares

(CNH) 

7,400‌

187‌

Hongfa

Technology,

A

Shares

(CNH) 

54,300‌

547‌

Huayu

Automotive

Systems,

A

Shares

(CNH) 

237,500‌

1,039‌

Hundsun

Technologies,

A

Shares

(CNH) 

98,000‌

909‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

29,380‌

341‌

Jiangsu

Hengrui

Medicine,

A

Shares

(CNH) 

45,120‌

292‌

Kweichow

Moutai,

A

Shares

(CNH) 

1,730‌

518‌

Midea

Group,

A

Shares

(CNH) 

28,400‌

331‌

NARI

Technology,

A

Shares

(CNH) 

27,940‌

156‌

Ocean's

King

Lighting

Science

&

Technology,

A

Shares

(CNH) 

40,107‌

91‌

Ping

An

Insurance

Group,

A

Shares

(CNH) 

8,500‌

67‌

Qingdao

Haier

Biomedical,

A

Shares

(CNH) 

15,915‌

181‌

Sangfor

Technologies,

A

Shares

(CNH) 

9,700‌

238‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

35,200‌

192‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

35,100‌

166‌

Sino

Wealth

Electronic,

A

Shares

(CNH) 

7,490‌

65‌

Songcheng

Performance

Development,

A

Shares

(CNH) 

256,400‌

621‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

50,234‌

394‌

Zhejiang

Shuanghuan

Driveline,

A

Shares

(CNH) 

61,400‌

240‌

T.

ROWE

PRICE

Global

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Zhongji

Innolight,

A

Shares

(CNH) 

22,400‌

127‌

8,110‌

Corporate

Bonds

0.1%

Baidu,

3.875%,

9/29/23

(USD) 

210,000‌

217‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23

(USD) (2)

215,000‌

221‌

Tencent

Holdings,

2.985%,

1/19/23

(USD) (2)

200,000‌

202‌

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

260‌

900‌

Total

China

(Cost

$26,949

)

29,456‌

CZECH

REPUBLIC

0.0%

Common

Stocks

0.0%

Komercni

Banka 

7,863‌

349‌

Total

Czech

Republic

(Cost

$278

)

349‌

DENMARK

0.1%

Common

Stocks

0.1%

Ambu,

Class

B 

6,671‌

141‌

Genmab (1)

381‌

130‌

ROCKWOOL

International,

Class

B 

1,354‌

519‌

Topdanmark 

7,108‌

406‌

Zealand

Pharma (1)

5,085‌

99‌

1,295‌

Corporate

Bonds

0.0%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD) (2)(6)

335,000‌

343‌

343‌

Total

Denmark

(Cost

$1,425

)

1,638‌

EGYPT

0.0%

Common

Stocks

0.0%

Cairo

Investment

&

Real

Estate

Development 

34,914‌

29‌

Commercial

International

Bank

Egypt (1)

9,046‌

30‌

Edita

Food

Industries,

GDR

(USD) 

7,020‌

15‌

E-Finance

for

Digital

&

Financial

Investments (1)

133,353‌

149‌

Fawry

for

Banking

&

Payment

Technology

Services (1)

30,878‌

19‌

Integrated

Diagnostics

Holdings

(USD) 

156,839‌

206‌

Total

Egypt

(Cost

$413

)

448‌

T.

ROWE

PRICE

Global

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green (1)

4,386‌

19‌

Total

Estonia

(Cost

$16

)

19‌

FINLAND

0.3%

Common

Stocks

0.3%

Kojamo 

7,216‌

165‌

Metso

Outotec 

11,985‌

129‌

QT

Group (1)

991‌

115‌

Sampo,

Class

A 

27,703‌

1,375‌

Stora

Enso,

Class

R 

42,859‌

873‌

UPM-Kymmene 

1,726‌

63‌

Valmet 

10,327‌

394‌

3,114‌

Corporate

Bonds

0.0%

Nordea

Bank,

1.00%,

6/9/23

(USD) (2)

205,000‌

204‌

204‌

Total

Finland

(Cost

$2,352

)

3,318‌

FRANCE

1.8%

Common

Stocks

1.6%

Air

Liquide 

3,005‌

514‌

Airbus (1)

21,657‌

2,765‌

Alstom 

7,999‌

259‌

AXA 

42,122‌

1,334‌

BioMerieux 

610‌

72‌

BNP

Paribas 

11,681‌

834‌

Constellium

(USD) (1)

4,098‌

72‌

Dassault

Aviation 

3,729‌

443‌

Edenred 

14,255‌

612‌

Engie 

58,239‌

896‌

Esker 

370‌

100‌

EssilorLuxottica 

7,052‌

1,334‌

Eurofins

Scientific 

4,114‌

413‌

Faurecia 

2,422‌

107‌

Gecina 

131‌

18‌

Ipsen 

1,616‌

157‌

Kering 

1,290‌

963‌

T.

ROWE

PRICE

Global

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

L'Oreal 

1,261‌

539‌

Legrand 

2,835‌

289‌

LVMH

Moet

Hennessy

Louis

Vuitton 

126‌

103‌

Safran 

2,220‌

269‌

Sanofi 

24,776‌

2,591‌

Schneider

Electric 

300‌

51‌

SPIE 

7,975‌

185‌

Teleperformance 

2,029‌

764‌

Thales 

12,402‌

1,144‌

Tikehau

Capital 

4,658‌

124‌

TotalEnergies 

27,942‌

1,589‌

Verallia 

12,050‌

378‌

18,919‌

Corporate

Bonds

0.2%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (2)(6)

350,000‌

340‌

BPCE,

4.00%,

9/12/23

(USD) (2)

265,000‌

274‌

BPCE,

4.50%,

3/15/25

(USD) (2)

400,000‌

425‌

Credit

Agricole,

3.75%,

4/24/23

(USD) (2)

250,000‌

257‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

281‌

1,577‌

Total

France

(Cost

$16,524

)

20,496‌

GERMANY

1.6%

Common

Stocks

1.5%

adidas 

1,724‌

473‌

AIXTRON 

14,831‌

308‌

Auto1

Group (1)

2,906‌

51‌

BASF 

7,018‌

538‌

Bayer 

14,293‌

868‌

Beiersdorf 

1,744‌

173‌

CANCOM 

2,360‌

143‌

Covestro 

7,459‌

448‌

CTS

Eventim (1)

5,625‌

400‌

Daimler

Truck

Holding (1)

1,812‌

64‌

Delivery

Hero (1)

952‌

74‌

Deutsche

Boerse 

1,652‌

294‌

Deutsche

Telekom 

58,916‌

1,112‌

Evotec (1)

18,284‌

740‌

flatexDEGIRO (1)(3)

8,256‌

160‌

Fresenius 

12,508‌

516‌

GEA

Group 

3,752‌

177‌

HeidelbergCement 

2,061‌

143‌

Hypoport (1)

269‌

119‌

T.

ROWE

PRICE

Global

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Infineon

Technologies 

12,485‌

518‌

KION

Group 

4,973‌

460‌

Knaus

Tabbert 

1,584‌

96‌

Knorr-Bremse 

6,028‌

611‌

Mercedes-Benz

Group 

3,405‌

272‌

MorphoSys (1)

1,275‌

41‌

Munich

Re 

3,305‌

1,046‌

MYT

Netherlands

Parent,

ADR

(USD) (1)

3,918‌

67‌

Nagarro (1)

596‌

104‌

Norma

Group 

3,362‌

122‌

SAP 

3,725‌

467‌

Scout24 

9,267‌

554‌

Shop

Apotheke

Europe (1)

2,891‌

376‌

Siemens 

19,600‌

3,112‌

Siemens

Healthineers 

6,452‌

415‌

Stroeer 

2,221‌

166‌

Symrise 

4,159‌

497‌

TeamViewer (1)

3,693‌

56‌

Telefonica

Deutschland

Holding 

31,148‌

89‌

Tonies,

Class

A (1)

4,300‌

39‌

Vonovia 

4,297‌

245‌

Zalando (1)

13,045‌

1,035‌

17,189‌

Corporate

Bonds

0.1%

BMW

U.S.

Capital,

2.95%,

4/14/22

(USD) (2)

295,000‌

296‌

Volkswagen

Group

of

America

Finance,

2.70%,

9/26/22

(USD) (2)

330,000‌

334‌

630‌

Preferred

Stocks

0.0%

Sartorius 

76‌

41‌

Volkswagen 

1,335‌

278‌

319‌

Total

Germany

(Cost

$15,028

)

18,138‌

HONG

KONG

0.4%

Common

Stocks

0.4%

AIA

Group 

221,000‌

2,307‌

Budweiser

Brewing

APAC 

316,900‌

837‌

CK

Hutchison

Holdings 

23,500‌

167‌

Galaxy

Entertainment

Group (1)

31,000‌

180‌

Hong

Kong

Exchanges

&

Clearing 

1,600‌

91‌

Hongkong

Land

Holdings

(USD) 

34,300‌

186‌

T.

ROWE

PRICE

Global

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Impro

Precision

Industries 

211,000‌

52‌

Samsonite

International (1)

54,900‌

115‌

Sun

Hung

Kai

Properties 

5,583‌

68‌

4,003‌

Corporate

Bonds

0.0%

AIA

Group,

3.60%,

4/9/29

(USD) (2)

265,000‌

283‌

283‌

Total

Hong

Kong

(Cost

$3,508

)

4,286‌

HUNGARY

0.1%

Common

Stocks

0.1%

OTP

Bank (1)

12,370‌

718‌

Wizz

Air

Holdings

(GBP) (1)

3,743‌

205‌

Total

Hungary

(Cost

$684

)

923‌

ICELAND

0.0%

Common

Stocks

0.0%

Marel 

51,322‌

326‌

Total

Iceland

(Cost

$362

)

326‌

INDIA

0.9%

Common

Stocks

0.9%

Astral 

7,122‌

208‌

Axis

Bank (1)

24,504‌

256‌

Blue

Star 

8,250‌

97‌

CreditAccess

Grameen (1)

6,599‌

56‌

Dr

Lal

PathLabs 

1,556‌

62‌

Escorts 

9,245‌

230‌

Fine

Organic

Industries 

886‌

46‌

FSN

E-Commerce

Ventures (1)

2,120‌

47‌

HDFC

Asset

Management 

8,579‌

255‌

HDFC

Bank 

54,494‌

1,095‌

Housing

Development

Finance 

64,832‌

2,209‌

ICICI

Bank,

ADR

(USD) 

9,854‌

214‌

Indus

Towers 

32,487‌

111‌

Info

Edge

India 

1,173‌

78‌

Infosys 

44,620‌

1,051‌

Kotak

Mahindra

Bank 

46,684‌

1,170‌

Maruti

Suzuki

India 

4,143‌

479‌

NTPC 

149,095‌

285‌

T.

ROWE

PRICE

Global

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Petronet

LNG 

23,332‌

67‌

Polycab

India 

5,179‌

176‌

Reliance

Industries 

24,192‌

779‌

Shriram

Transport

Finance 

11,024‌

184‌

Tata

Consultancy

Services 

4,728‌

239‌

TeamLease

Services (1)

2,118‌

122‌

Torrent

Pharmaceuticals 

4,626‌

166‌

V-Mart

Retail (1)

1,670‌

85‌

Voltas 

37,021‌

589‌

Zomato (1)

27,885‌

34‌

Total

India

(Cost

$7,880

)

10,390‌

INDONESIA

0.1%

Common

Stocks

0.1%

Bank

Central

Asia 

1,249,700‌

665‌

Sarana

Menara

Nusantara 

2,114,300‌

151‌

Total

Indonesia

(Cost

$395

)

816‌

IRELAND

0.2%

Common

Stocks

0.0%

Cairn

Homes

(GBP) 

116,929‌

163‌

DCC

(GBP) 

2,956‌

249‌

412‌

Corporate

Bonds

0.2%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

147‌

AerCap

Ireland

Capital,

3.30%,

1/23/23

(USD) 

150,000‌

153‌

AerCap

Ireland

Capital,

4.125%,

7/3/23

(USD) 

150,000‌

154‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD) (2)

70,000‌

72‌

Avolon

Holdings

Funding,

5.25%,

5/15/24

(USD) (2)

215,000‌

227‌

CRH

America

Finance,

3.95%,

4/4/28

(USD) (2)

400,000‌

431‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23

(USD) 

300,000‌

306‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23

(USD) (2)

315,000‌

325‌

1,815‌

Total

Ireland

(Cost

$2,086

)

2,227‌

ITALY

0.6%

Common

Stocks

0.6%

Amplifon 

13,680‌

581‌

Banca

Mediolanum 

57,080‌

555‌

Brunello

Cucinelli (1)

1,889‌

110‌

T.

ROWE

PRICE

Global

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Carel

Industries 

12,949‌

312‌

Davide

Campari-Milano 

37,586‌

472‌

De'

Longhi 

9,781‌

337‌

DiaSorin 

766‌

118‌

Enel 

42,755‌

329‌

Ermenegildo

Zegna

Holditalia

(USD) (1)

16,608‌

170‌

Ferrari 

2,266‌

522‌

FinecoBank

Banca

Fineco 

36,798‌

619‌

GVS 

10,353‌

116‌

Intesa

Sanpaolo 

70,531‌

209‌

Leonardo (1)

17,852‌

129‌

Moncler 

4,831‌

310‌

PRADA

(HKD) 

76,900‌

470‌

Prysmian 

25,352‌

855‌

Stellantis 

12,106‌

234‌

Telecom

Italia 

261,931‌

117‌

6,565‌

Corporate

Bonds

0.0%

Enel

Finance

International,

1.875%,

7/12/28

(USD) (2)

200,000‌

188‌

Eni,

Series

X-R,

4.00%,

9/12/23

(USD) (2)

295,000‌

305‌

493‌

Total

Italy

(Cost

$5,140

)

7,058‌

JAPAN

4.0%

Common

Stocks

3.9%

Aida

Engineering 

8,900‌

81‌

Aiful (3)

70,300‌

211‌

Aruhi (3)

11,200‌

112‌

Asahi

Group

Holdings 

5,700‌

233‌

Asahi

Kasei 

26,600‌

263‌

Asics 

6,400‌

124‌

Astellas

Pharma 

61,300‌

989‌

Benefit

One 

6,100‌

186‌

Benesse

Holdings 

3,900‌

76‌

Bridgestone 

3,900‌

171‌

Central

Japan

Railway 

1,600‌

210‌

Chugai

Pharmaceutical 

10,600‌

344‌

Coconala (1)

7,500‌

61‌

CyberAgent 

34,700‌

405‌

Dai-ichi

Life

Holdings 

9,200‌

207‌

Daiichi

Sankyo 

14,000‌

315‌

Daikin

Industries 

3,600‌

756‌

Daio

Paper (3)

34,400‌

560‌

T.

ROWE

PRICE

Global

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Daiwa

Office

Investment 

6‌

38‌

Daiwabo

Holdings 

13,800‌

197‌

Demae-Can (1)

7,300‌

48‌

Denka 

2,000‌

70‌

Denso 

3,500‌

261‌

DIC 

9,800‌

251‌

Disco 

1,200‌

330‌

Eiken

Chemical 

7,700‌

115‌

Eisai 

4,400‌

220‌

Electric

Power

Development 

20,500‌

269‌

Ezaki

Glico (3)

3,600‌

117‌

Fancl 

8,700‌

222‌

FANUC 

1,500‌

297‌

Fast

Retailing 

500‌

294‌

Freee (1)(3)

6,500‌

257‌

Fujitec 

23,800‌

566‌

Fujitsu 

2,500‌

330‌

Fujitsu

General 

13,900‌

282‌

Fukui

Computer

Holdings 

2,800‌

73‌

Fukuoka

Financial

Group 

5,400‌

106‌

GMO

Financial

Gate (3)

700‌

92‌

GMO

Payment

Gateway 

2,200‌

193‌

Hamamatsu

Photonics 

8,800‌

450‌

Hanwa 

6,200‌

170‌

Heiwa

Real

Estate 

4,100‌

140‌

Hikari

Tsushin 

3,300‌

396‌

Hino

Motors 

33,300‌

289‌

Hitachi 

8,000‌

416‌

Hitachi

Metals (1)

10,700‌

193‌

Honda

Motor 

4,700‌

138‌

Horiba 

1,800‌

97‌

Hoshino

Resorts

REIT 

50‌

283‌

Hoshizaki 

12,400‌

916‌

Idec 

5,400‌

115‌

Industrial

&

Infrastructure

Fund

Investment (3)

77‌

129‌

INFRONEER

Holdings 

22,300‌

205‌

JGC

Holdings 

8,600‌

84‌

JINS

Holdings (3)

2,100‌

130‌

JMDC (1)

3,100‌

144‌

Kansai

Paint 

14,800‌

307‌

Keyence 

1,900‌

975‌

Kirin

Holdings 

20,200‌

324‌

Kubota 

19,200‌

412‌

Kyoritsu

Maintenance (3)

4,500‌

161‌

Kyowa

Kirin 

8,200‌

204‌

LITALICO 

1,400‌

35‌

T.

ROWE

PRICE

Global

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Mabuchi

Motor 

2,500‌

79‌

MatsukiyoCocokara 

8,000‌

274‌

Media

Do (3)

3,000‌

67‌

Medley (1)(3)

2,700‌

47‌

Mercari (1)

3,800‌

144‌

METAWATER 

5,800‌

103‌

Mitsubishi 

8,000‌

272‌

Mitsubishi

Electric 

99,700‌

1,249‌

Mitsubishi

Estate 

11,200‌

161‌

Mitsubishi

HC

Capital 

24,400‌

126‌

Mitsubishi

UFJ

Financial

Group 

94,000‌

570‌

Mitsui

Fudosan 

33,400‌

716‌

Mitsui

Fudosan

Logistics

Park 

9‌

44‌

Mitsui

Mining

&

Smelting 

5,200‌

147‌

Miura 

11,100‌

328‌

Modec 

7,500‌

75‌

Money

Forward (1)(3)

4,000‌

182‌

Murata

Manufacturing 

11,800‌

887‌

Musashi

Seimitsu

Industry (3)

10,100‌

152‌

Nakanishi 

6,500‌

115‌

NET

One

Systems 

6,700‌

159‌

Nextage 

18,700‌

470‌

NGK

Spark

Plug 

6,800‌

116‌

Nifco 

3,200‌

93‌

Nintendo 

500‌

245‌

Nippon

Ceramic 

8,100‌

173‌

Nippon

Paint

Holdings 

23,000‌

184‌

Nippon

Sanso

Holdings 

3,900‌

77‌

Nippon

Seiki 

22,700‌

203‌

Nippon

Shokubai 

2,100‌

99‌

Nippon

Soda 

5,900‌

169‌

Nippon

Steel 

12,100‌

198‌

Nippon

Telegraph

&

Telephone 

90,000‌

2,576‌

Nipro 

20,000‌

186‌

Nitto

Boseki 

2,100‌

50‌

NSK 

30,600‌

209‌

NTT

Data 

37,300‌

715‌

Obara

Group (3)

4,100‌

119‌

Omron 

2,300‌

168‌

Oriental

Land 

1,300‌

226‌

ORIX 

14,200‌

293‌

Otsuka

Holdings 

21,700‌

740‌

Outsourcing 

7,700‌

89‌

PALTAC 

2,000‌

77‌

Pan

Pacific

International

Holdings 

9,200‌

124‌

Panasonic 

29,300‌

323‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Persol

Holdings 

18,700‌

483‌

Pigeon 

7,200‌

140‌

Plaid (1)(3)

7,600‌

82‌

Pola

Orbis

Holdings 

3,100‌

46‌

Recruit

Holdings 

18,300‌

905‌

Renesas

Electronics (1)

13,800‌

158‌

Round

One 

3,400‌

41‌

Sakata

INX 

16,000‌

135‌

Sansan (1)

10,800‌

120‌

Sanwa

Holdings 

13,700‌

148‌

Sega

Sammy

Holdings 

10,700‌

180‌

Seven

&

i

Holdings 

15,800‌

804‌

Shimadzu 

6,000‌

216‌

Shin-Etsu

Chemical 

200‌

33‌

Shiseido 

700‌

35‌

SMC 

600‌

335‌

SMS 

14,800‌

407‌

SoftBank 

26,500‌

332‌

SoftBank

Group 

18,500‌

820‌

Solasto 

37,000‌

340‌

Sompo

Holdings 

5,300‌

248‌

Sony

Group 

6,300‌

705‌

Stanley

Electric 

20,600‌

482‌

SUMCO 

1,200‌

22‌

Sumitomo 

32,300‌

499‌

Sumitomo

Densetsu 

10,600‌

193‌

Sumitomo

Electric

Industries 

25,100‌

333‌

Sumitomo

Mitsui

Trust

Holdings 

5,000‌

173‌

Sumitomo

Rubber

Industries 

8,200‌

85‌

Sumitomo

Seika

Chemicals 

6,100‌

164‌

Suzuki

Motor 

29,800‌

1,269‌

Taiheiyo

Cement 

15,200‌

302‌

Taiyo

Yuden 

2,500‌

121‌

Takeda

Pharmaceutical 

8,200‌

238‌

Takuma 

5,800‌

74‌

TechnoPro

Holdings 

19,600‌

501‌

THK 

4,700‌

117‌

Tokio

Marine

Holdings 

7,900‌

471‌

Tokyo

Electron 

1,400‌

685‌

Tokyo

Tatemono 

16,300‌

243‌

Tosoh 

2,800‌

44‌

Toyo

Tire 

10,300‌

146‌

Toyota

Motor 

76,200‌

1,506‌

UT

Group 

15,200‌

436‌

V-Cube 

7,700‌

52‌

Visional (1)

1,900‌

140‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

WealthNavi (1)(3)

4,900‌

70‌

Welcia

Holdings 

7,300‌

197‌

Yellow

Hat 

9,700‌

134‌

Z

Holdings 

83,700‌

425‌

46,299‌

Corporate

Bonds

0.1%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000‌

290‌

Panasonic,

2.536%,

7/19/22

(USD) (2)

200,000‌

202‌

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23

(USD) 

340,000‌

351‌

843‌

Total

Japan

(Cost

$40,150

)

47,142‌

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

14,072‌

184‌

Kaspi.KZ,

GDR

(USD) 

3,325‌

284‌

NAC

Kazatomprom,

GDR

(USD) 

5,867‌

185‌

Total

Kazakhstan

(Cost

$713

)

653‌

KENYA

0.0%

Common

Stocks

0.0%

Equity

Group

Holdings (1)

194,600‌

89‌

Safaricom 

810,000‌

261‌

Total

Kenya

(Cost

$348

)

350‌

LUXEMBOURG

0.0%

Common

Stocks

0.0%

Ardagh

Metal

Packaging

(USD) (1)

1,498‌

14‌

Majorel

Group

Luxembourg (1)

4,434‌

125‌

Total

Luxembourg

(Cost

$180

)

139‌

MEXICO

0.2%

Common

Stocks

0.1%

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

3,324‌

675‌

Grupo

Financiero

Banorte,

Class

O 

67,500‌

427‌

Grupo

Mexico,

Series

B 

18,282‌

79‌

Wal-Mart

de

Mexico 

137,593‌

467‌

1,648‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

BBVA

Bancomer,

4.375%,

4/10/24

(USD) (2)

150,000‌

157‌

157‌

Government

Bonds

0.1%

Mexico

Government

International

Bond,

3.50%,

2/12/34

(USD) 

505,000‌

488‌

488‌

Total

Mexico

(Cost

$1,985

)

2,293‌

MOROCCO

0.0%

Common

Stocks

0.0%

Attijariwafa

Bank 

2,954‌

155‌

Hightech

Payment

Systems 

215‌

158‌

Label

Vie 

128‌

71‌

Total

Morocco

(Cost

$335

)

384‌

NETHERLANDS

1.3%

Common

Stocks

1.2%

Aalberts 

2,431‌

149‌

Adyen (1)

28‌

57‌

AerCap

Holdings

(USD) (1)

3,100‌

195‌

Akzo

Nobel 

15,482‌

1,602‌

Argenx,

ADR

(USD) (1)

1,644‌

443‌

ASML

Holding 

5,267‌

3,567‌

ASML

Holding

(USD) 

972‌

658‌

CTP 

2,458‌

50‌

Heineken 

4,211‌

452‌

IMCD 

1,423‌

245‌

ING

Groep 

130,487‌

1,930‌

Intertrust (1)

6,589‌

143‌

Just

Eat

Takeaway.com (1)

2,807‌

139‌

Kendrion 

1,834‌

42‌

Koninklijke

DSM 

4,173‌

782‌

Koninklijke

Philips 

23,884‌

794‌

Prosus 

20,588‌

1,713‌

Shell

(GBP) 

17,984‌

462‌

Signify 

3,717‌

197‌

Van

Lanschot

Kempen,

CVA 

3,799‌

96‌

13,716‌

Corporate

Bonds

0.1%

ING

Groep,

3.55%,

4/9/24

(USD) 

255,000‌

264‌

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JDE

Peet's,

1.375%,

1/15/27

(USD) (2)

290,000‌

274‌

NXP,

2.65%,

2/15/32

(USD) (2)

375,000‌

361‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

79‌

978‌

Total

Netherlands

(Cost

$10,107

)

14,694‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

16,151‌

297‌

Total

New

Zealand

(Cost

$80

)

297‌

NORWAY

0.2%

Common

Stocks

0.2%

Aker

BP 

1,164‌

40‌

Bakkafrost 

420‌

29‌

DNB

Bank 

26,570‌

632‌

Equinor 

27,195‌

750‌

Norsk

Hydro 

5,962‌

46‌

Storebrand 

36,504‌

389‌

Total

Norway

(Cost

$965

)

1,886‌

PAKISTAN

0.0%

Common

Stocks

0.0%

Indus

Motor 

6,240‌

46‌

Systems 

31,900‌

133‌

TRG

Pakistan 

331,500‌

169‌

Total

Pakistan

(Cost

$380

)

348‌

PANAMA

0.0%

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

32‌

Total

Panama

(Cost

$27

)

32‌

PERU

0.0%

Common

Stocks

0.0%

Alicorp 

17,876‌

32‌

Credicorp

(USD) 

50‌

7‌

InRetail

Peru

(USD) 

882‌

31‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Southern

Copper

(USD) 

1,314‌

84‌

Total

Peru

(Cost

$100

)

154‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

Converge

Information

and

Communications

Technology

Solutions (1)

73,500‌

44‌

Philippine

Seven (1)

19,040‌

33‌

SM

Investments 

34,326‌

640‌

Universal

Robina 

126,350‌

315‌

Total

Philippines

(Cost

$949

)

1,032‌

POLAND

0.0%

Common

Stocks

0.0%

InPost

(EUR) (1)

9,956‌

81‌

81‌

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

58‌

58‌

Total

Poland

(Cost

$258

)

139‌

PORTUGAL

0.1%

Common

Stocks

0.1%

Banco

Comercial

Portugues,

Class

R (1)

384,679‌

65‌

Galp

Energia 

54,451‌

601‌

Jeronimo

Martins 

32,888‌

790‌

Total

Portugal

(Cost

$1,298

)

1,456‌

QATAR

0.1%

Common

Stocks

0.1%

Qatar

National

Bank 

101,123‌

608‌

Total

Qatar

(Cost

$549

)

608‌

ROMANIA

0.0%

Common

Stocks

0.0%

Banca

Transilvania 

572,265‌

342‌

BRD-Groupe

Societe

Generale 

14,370‌

65‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Fondul

Proprietatea 

56,832‌

26‌

Total

Romania

(Cost

$393

)

433‌

RUSSIA

0.2%

Common

Stocks

0.2%

Alrosa 

87,050‌

128‌

HeadHunter

Group,

ADR

(USD) 

4,000‌

177‌

MMC

Norilsk

Nickel 

375‌

105‌

Ozon

Holdings,

ADR

(USD) (1)

7,493‌

155‌

Polyus 

410‌

65‌

Sberbank

of

Russia,

ADR

(USD) 

79,470‌

1,115‌

TCS

Group

Holding,

GDR

(USD) 

611‌

44‌

VK,

GDR

(USD) (1)

3,068‌

25‌

X5

Retail

Group,

GDR

(USD) 

15,644‌

354‌

Yandex,

Class

A

(USD) (1)

6,397‌

307‌

Total

Russia

(Cost

$2,296

)

2,475‌

SAUDI

ARABIA

0.2%

Common

Stocks

0.2%

Al

Rajhi

Bank 

13,397‌

532‌

Saudi

National

Bank 

32,618‌

643‌

Saudi

Tadawul

Group

Holding (1)

9,819‌

424‌

1,599‌

Corporate

Bonds

0.0%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD) (2)

245,000‌

251‌

251‌

Total

Saudi

Arabia

(Cost

$1,174

)

1,850‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

32,200‌

46‌

Daiwa

House

Logistics

Trust (1)

34,600‌

21‌

DBS

Group

Holdings 

8,900‌

234‌

Digital

Core

REIT

Management

(USD) (1)

45,100‌

53‌

Sea,

ADR

(USD) (1)

8,380‌

1,260‌

United

Overseas

Bank 

33,400‌

746‌

Wilmar

International 

95,300‌

303‌

Total

Singapore

(Cost

$1,835

)

2,663‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

12,040‌

200‌

Total

Slovenia

(Cost

$152

)

200‌

SOUTH

AFRICA

0.2%

Common

Stocks

0.2%

Capitec

Bank

Holdings 

3,462‌

456‌

Clicks

Group 

15,135‌

290‌

FirstRand 

120,078‌

484‌

Impala

Platinum

Holdings 

1,017‌

16‌

Naspers,

Class

N 

368‌

59‌

Shoprite

Holdings 

21,204‌

290‌

Sibanye

Stillwater 

11,444‌

43‌

1,638‌

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD) (2)

200,000‌

191‌

191‌

Total

South

Africa

(Cost

$1,267

)

1,829‌

SOUTH

KOREA

0.7%

Common

Stocks

0.7%

Coupang

(USD) (1)

14,167‌

295‌

KakaoBank (1)

491‌

17‌

KT (1)

6,838‌

180‌

KT,

ADR

(USD) (1)

9,568‌

124‌

LG

Household

&

Health

Care 

911‌

741‌

NAVER 

5,580‌

1,474‌

Samsung

Electronics 

79,728‌

4,959‌

7,790‌

Preferred

Stocks

0.0%

Samsung

Electronics 

5,351‌

301‌

301‌

Total

South

Korea

(Cost

$5,080

)

8,091‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SPAIN

0.5%

Common

Stocks

0.5%

Aedas

Homes 

15,507‌

422‌

Amadeus

IT

Group,

Class

A (1)

20,177‌

1,388‌

Banco

Bilbao

Vizcaya

Argentaria 

44,301‌

283‌

Cellnex

Telecom 

13,695‌

621‌

CIE

Automotive 

3,514‌

102‌

Fluidra 

22,151‌

705‌

Iberdrola (3)

86,772‌

995‌

Indra

Sistemas (1)

8,258‌

84‌

Inmobiliaria

Colonial

Socimi 

21,793‌

193‌

Laboratorios

Farmaceuticos

Rovi 

5,586‌

410‌

Linea

Directa

Aseguradora

Cia

de

Seguros

y

Reaseguros 

40,739‌

73‌

5,276‌

Corporate

Bonds

0.0%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

207‌

Banco

Santander,

3.848%,

4/12/23

(USD) 

200,000‌

205‌

412‌

Total

Spain

(Cost

$4,661

)

5,688‌

SWEDEN

0.6%

Common

Stocks

0.6%

Ambea 

14,160‌

79‌

Assa

Abloy,

Class

B 

22,511‌

616‌

Atlas

Copco,

Class

B 

534‌

27‌

Autoliv,

SDR (3)

2,263‌

221‌

Avanza

Bank

Holding 

7,141‌

226‌

Beijer

Ref 

4,946‌

86‌

Boliden 

8,299‌

336‌

Elekta,

B

Shares (3)

17,999‌

184‌

Epiroc,

Class

A 

32,735‌

699‌

Epiroc,

Class

B 

2,774‌

50‌

Essity,

Class

B 

2,841‌

80‌

Fabege 

2,844‌

42‌

Granges 

6,996‌

87‌

Hexpol 

1,562‌

19‌

Husqvarna,

Class

B 

28,305‌

394‌

LM

Ericsson,

Class

B 

43,918‌

548‌

Lundin

Energy 

4,366‌

178‌

Millicom

International

Cellular,

SDR (1)(3)

3,769‌

101‌

MIPS 

904‌

90‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Olink

Holding,

ADR

(USD) (1)

5,325‌

86‌

Sandvik 

8,563‌

226‌

Spotify

Technology

(USD) (1)

1,122‌

220‌

Svenska

Cellulosa,

Class

B 

1,672‌

29‌

Svenska

Handelsbanken,

Class

A 

28,532‌

304‌

Swedbank,

Class

A 

55,110‌

1,079‌

Thule

Group 

8,208‌

396‌

Trelleborg,

Class

B 

8,817‌

222‌

Vimian

Group (1)(3)

8,340‌

60‌

Total

Sweden

(Cost

$4,782

)

6,685‌

SWITZERLAND

1.4%

Common

Stocks

1.3%

ABB 

14,458‌

501‌

Alcon 

12,218‌

942‌

ams (1)

9,862‌

166‌

Barry

Callebaut 

356‌

817‌

DKSH

Holding 

2,330‌

187‌

Julius

Baer

Group 

19,608‌

1,281‌

Lonza

Group 

1,357‌

936‌

Montana

Aerospace (1)

6,487‌

242‌

Nestle 

17,909‌

2,313‌

Novartis 

14,633‌

1,271‌

Partners

Group

Holding 

255‌

356‌

PolyPeptide

Group (1)

1,576‌

157‌

Roche

Holding 

9,139‌

3,537‌

Sensirion

Holding (1)

674‌

83‌

SKAN

Group 

325‌

26‌

TE

Connectivity

(USD) 

976‌

140‌

Tecan

Group 

198‌

96‌

UBS

Group 

16,937‌

314‌

Valora

Holding (1)

620‌

120‌

Zurich

Insurance

Group 

3,875‌

1,853‌

15,338‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD) (2)

235,000‌

229‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23

(USD) (2)(6)

250,000‌

253‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD) (2)(6)

300,000‌

287‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD) (2)(6)

200,000‌

194‌

963‌

Total

Switzerland

(Cost

$11,277

)

16,301‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TAIWAN

1.1%

Common

Stocks

1.1%

Chroma

ATE 

12,000‌

94‌

Largan

Precision 

1,000‌

74‌

MediaTek 

15,000‌

596‌

President

Chain

Store 

56,000‌

535‌

Taiwan

Semiconductor

Manufacturing 

413,000‌

9,549‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

9,795‌

1,201‌

Unimicron

Technology 

28,000‌

210‌

Vanguard

International

Semiconductor 

66,000‌

318‌

Win

Semiconductors 

15,000‌

186‌

Total

Taiwan

(Cost

$5,532

)

12,763‌

THAILAND

0.1%

Common

Stocks

0.1%

Airports

of

Thailand (1)

82,800‌

159‌

CP

ALL 

571,100‌

1,081‌

Total

Thailand

(Cost

$1,255

)

1,240‌

TURKEY

0.0%

Common

Stocks

0.0%

D-MARKET

Elektronik

Hizmetler

ve

Ticaret,

ADR

(USD) (1)

24,975‌

48‌

Total

Turkey

(Cost

$300

)

48‌

UNITED

ARAB

EMIRATES

0.1%

Common

Stocks

0.1%

Air

Arabia (1)

254,522‌

101‌

First

Abu

Dhabi

Bank 

101,508‌

554‌

Network

International

Holdings

(GBP) (1)

104,367‌

371‌

Total

United

Arab

Emirates

(Cost

$928

)

1,026‌

UNITED

KINGDOM

3.5%

Common

Stocks

3.2%

Abcam (1)

16,912‌

305‌

AJ

Bell 

19,886‌

91‌

Amcor,

CDI

(AUD) 

31,907‌

382‌

Ascential (1)

176,473‌

843‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Ashtead

Group 

16,171‌

1,157‌

ASOS (1)

20,328‌

610‌

AstraZeneca 

13,519‌

1,573‌

AstraZeneca,

ADR

(USD) 

107,004‌

6,229‌

Auction

Technology

Group (1)

8,700‌

125‌

Aviva 

26,779‌

158‌

Baltic

Classifieds

Group (1)

73,816‌

167‌

Big

Yellow

Group 

1,555‌

31‌

boohoo

Group (1)

76,633‌

111‌

Bridgepoint

Group (1)

95,813‌

499‌

British

American

Tobacco 

4,928‌

210‌

Bunzl 

5,320‌

199‌

Burberry

Group 

12,754‌

324‌

Bytes

Technology

Group 

22,839‌

143‌

Close

Brothers

Group 

5,596‌

97‌

Compass

Group 

19,961‌

454‌

Croda

International 

2,534‌

274‌

CVS

Group 

5,130‌

136‌

Dechra

Pharmaceuticals 

8,684‌

488‌

Deliveroo (1)

17,257‌

36‌

Derwent

London 

5,783‌

267‌

Diageo 

9,329‌

471‌

Direct

Line

Insurance

Group 

75,145‌

310‌

Dr.

Martens 

60,293‌

250‌

Endava,

ADR

(USD) (1)

802‌

97‌

Experian 

11,707‌

489‌

FD

Technologies (1)

5,343‌

116‌

Frontier

Developments (1)(3)

5,008‌

93‌

Funding

Circle

Holdings (1)

69,311‌

89‌

Genuit

Group 

19,570‌

152‌

Genus 

4,194‌

216‌

Georgia

Capital (1)

10,920‌

95‌

GlaxoSmithKline,

ADR

(USD) 

19,457‌

872‌

Great

Portland

Estates 

83,979‌

870‌

Greggs 

9,139‌

331‌

Helios

Towers (1)

101,413‌

210‌

Howden

Joinery

Group 

51,556‌

569‌

HSBC

Holdings 

23,842‌

170‌

Imperial

Brands 

10,074‌

239‌

Informa (1)

20,952‌

158‌

InterContinental

Hotels

Group (1)

7,933‌

524‌

Intermediate

Capital

Group 

14,255‌

368‌

Investec 

17,334‌

100‌

IQE (1)(3)

251,152‌

108‌

Johnson

Matthey 

9,590‌

253‌

Keywords

Studios 

8,408‌

286‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kingfisher 

105,621‌

474‌

Lloyds

Banking

Group 

877,245‌

609‌

London

Stock

Exchange

Group 

19,870‌

1,946‌

Meggitt (1)

22,233‌

225‌

Melrose

Industries 

158,516‌

323‌

Molten

Ventures (1)

31,560‌

328‌

Mondi 

24,160‌

604‌

National

Express

Group (1)

45,527‌

154‌

National

Grid 

64,732‌

947‌

Next 

5,388‌

549‌

Ninety

One 

11,002‌

39‌

Ocado

Group (1)

16,774‌

342‌

Oxford

Nanopore

Technologies (1)

14,424‌

95‌

Persimmon 

8,925‌

291‌

Playtech (1)

13,408‌

106‌

Renishaw 

2,763‌

171‌

Rightmove 

12,566‌

111‌

Rio

Tinto 

2,024‌

143‌

Rolls-Royce

Holdings (1)

154,746‌

243‌

Rotork 

27,214‌

125‌

Royal

Dutch

Shell,

Class

B,

ADR

(USD) (1)

5,013‌

256‌

Segro 

20,836‌

367‌

Smith

&

Nephew 

44,709‌

760‌

Smiths

Group 

10,808‌

228‌

Spirax-Sarco

Engineering 

1,141‌

206‌

SSP

Group (1)

38,717‌

144‌

Standard

Chartered 

18,284‌

133‌

Syncona (1)(3)

37,277‌

96‌

Taylor

Wimpey 

61,869‌

127‌

THG (1)

45,382‌

81‌

Trainline (1)

95,303‌

288‌

Unilever

(EUR) 

3,972‌

203‌

Unilever 

26,938‌

1,381‌

UNITE

Group 

1,433‌

20‌

Victorian

Plumbing

Group (1)

30,590‌

42‌

Victrex 

6,049‌

168‌

Vodafone

Group 

156,726‌

275‌

Vodafone

Group,

ADR

(USD) 

21,194‌

371‌

Watches

of

Switzerland

Group (1)

16,793‌

293‌

Weir

Group 

13,490‌

318‌

Whitbread (1)

4,909‌

202‌

WPP 

48,513‌

761‌

YouGov 

19,778‌

308‌

37,198‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.3%

Barclays,

VR,

2.279%,

11/24/27

(USD) (6)

335,000‌

328‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

275,000‌

277‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (2)

210,000‌

202‌

Experian

Finance,

2.75%,

3/8/30

(USD) (2)

200,000‌

199‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (6)

200,000‌

191‌

HSBC

Holdings,

VR,

2.848%,

6/4/31

(USD) (6)

280,000‌

274‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (2)

405,000‌

391‌

NatWest

Group,

VR,

4.519%,

6/25/24

(USD) (6)

300,000‌

311‌

NatWest

Markets,

2.375%,

5/21/23

(USD) (2)

240,000‌

243‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

102‌

RELX

Capital,

3.50%,

3/16/23

(USD) 

45,000‌

46‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (6)

200,000‌

196‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD) (2)(6)

320,000‌

315‌

Unilever

Capital,

3.00%,

3/7/22

(USD) 

150,000‌

151‌

3,226‌

Total

United

Kingdom

(Cost

$35,179

)

40,424‌

UNITED

STATES

71.0%

Asset-Backed

Securities

0.5%

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

146‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25 (2)

105,000‌

109‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27 (2)

100,000‌

100‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

SOFR

+

1.32%,

1.55%,

4/15/35 (2)

250,000‌

250‌

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

88‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

153‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

USD

LIBOR

+

1.14%,

1.381%,

7/15/36 (2)

250,000‌

250‌

CNH

Equipment

Trust,

Series

2019-C,

Class

B,

2.35%,

4/15/27 

295,000‌

300‌

DRIVEN

BRANDS

FUNDING,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (2)

128,700‌

128‌

DRIVEN

BRANDS

FUNDING,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (2)

129,675‌

125‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

USD

LIBOR

+

1.12%,

1.28%,

5/20/34 (2)

250,000‌

250‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

C,

0.74%,

1/15/26 

215,000‌

214‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

C,

0.98%,

6/15/26 

75,000‌

74‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

215,000‌

213‌

Ford

Credit

Auto

Owner

Trust,

Series

2019-1,

Class

B,

3.82%,

7/15/30 (2)

205,000‌

213‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (2)

115,000‌

112‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

199‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

90‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (2)

106,425‌

110‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28 (2)

223,784‌

222‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (2)

146,571‌

147‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (2)

82,707‌

81‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (2)

268,115‌

272‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-FA,

Class

A2,

2.60%,

8/15/68 (2)

70,366‌

71‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-GA,

Class

A,

2.40%,

10/15/68 (2)

80,130‌

81‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (2)

43,940‌

44‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (2)

53,652‌

53‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-A,

Class

A,

0.84%,

5/15/69 (2)

61,102‌

60‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (2)

251,421‌

245‌

Planet

Fitness

Master

Issuer,

Series

2018-1A,

Class

A2I,

4.262%,

9/5/48 (2)

198,338‌

198‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (2)

129,675‌

125‌

Sierra

Timeshare

Receivables

Funding,

Series

2018-2A,

Class

A,

3.50%,

6/20/35 (2)

34,239‌

35‌

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

A3,

ARM,

1M

USD

LIBOR

+

1.75%,

1.853%,

5/17/32 (2)

130,000‌

131‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31 (2)

86,703‌

88‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

ARM,

1M

USD

LIBOR

+

1.45%,

1.556%,

2/17/32 (2)

108,083‌

109‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (2)

159,502‌

161‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (2)

62,111‌

64‌

SMB

Private

Education

Loan

Trust,

Series

2019-A,

Class

A2B,

ARM,

1M

USD

LIBOR

+

0.87%,

0.98%,

7/15/36 (2)

71,319‌

72‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (2)

88,924‌

87‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (2)

203,819‌

196‌

Synchrony

Credit

Card

Master

Note

Trust,

Series

2017-2,

Class

A,

2.62%,

10/15/25 

50,000‌

51‌

5,717‌

Bond

Mutual

Funds

20.5%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

3.50% (7)(8)

2,928,305‌

28,170‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

5.59% (7)(8)

5,001,309‌

27,757‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

4.67% (7)(8)

5,583,750‌

43,107‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

3.32% (7)(8)

2,487,339‌

24,227‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

4.64% (7)(8)

3,088,044‌

26,465‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

1.67% (7)(8)

4,146,533‌

36,904‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

1.71% (7)(8)

632,237‌

6,202‌

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund

-

I

Class,

0.89% (7)(8)

9,148,190‌

46,107‌

238,939‌

Common

Stocks

28.5%

Abbott

Laboratories 

7,662‌

977‌

AbbVie 

38,884‌

5,323‌

Acadia

Realty

Trust,

REIT 

8,053‌

159‌

Accenture,

Class

A 

4,816‌

1,703‌

Advanced

Micro

Devices (1)

12,463‌

1,424‌

AES 

14,187‌

315‌

Affirm

Holdings (1)

2,685‌

172‌

AGCO 

229‌

27‌

Agilent

Technologies 

10,321‌

1,438‌

Air

Products

&

Chemicals 

2,601‌

734‌

Alamo

Group 

164‌

23‌

Albemarle 

4,038‌

891‌

Alexandria

Real

Estate

Equities,

REIT 

3,820‌

744‌

Align

Technology (1)

212‌

105‌

Alphabet,

Class

A (1)

359‌

971‌

Alphabet,

Class

C (1)

7,425‌

20,151‌

Amazon.com (1)

2,986‌

8,933‌

Ameren 

508‌

45‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

American

Campus

Communities,

REIT 

2,979‌

156‌

American

Electric

Power 

13,413‌

1,213‌

American

International

Group 

76,485‌

4,417‌

Anthem 

7,075‌

3,120‌

Apartment

Income

REIT,

REIT 

1,779‌

94‌

Apple 

64,158‌

11,214‌

Apple

Hospitality

REIT,

REIT 

9,051‌

146‌

Atlassian,

Class

A (1)

1,837‌

596‌

AvalonBay

Communities,

REIT 

1,311‌

320‌

Avery

Dennison 

234‌

48‌

Ball 

468‌

45‌

Bank

of

America 

106,777‌

4,927‌

Bank

of

New

York

Mellon 

18,436‌

1,092‌

Becton

Dickinson

&

Company 

10,885‌

2,766‌

Bill.com

Holdings (1)

1,478‌

278‌

Block,

Class

A (1)

2,967‌

363‌

Bluescape

Opportunities

Acquisition (1)

993‌

10‌

Boeing (1)

3,069‌

615‌

Booking

Holdings (1)

428‌

1,051‌

Bristol-Myers

Squibb 

13,683‌

888‌

Broadcom 

1,071‌

627‌

Burlington

Stores (1)

1,451‌

344‌

Cactus,

Class

A 

823‌

40‌

Camden

Property

Trust,

REIT 

6,324‌

1,012‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (1)(4)(5)

105‌

179‌

Carvana (1)

5,527‌

896‌

Caterpillar 

1,290‌

260‌

Cedar

Fair (1)

21,938‌

1,091‌

Centene (1)

40,373‌

3,139‌

Ceridian

HCM

Holding (1)

2,514‌

191‌

CF

Industries

Holdings 

364‌

25‌

ChampionX (1)

1,463‌

33‌

Charles

Schwab 

64,792‌

5,682‌

Charter

Communications,

Class

A (1)

3,568‌

2,117‌

Chevron 

9,277‌

1,218‌

Chipotle

Mexican

Grill (1)

1,092‌

1,622‌

Chubb 

26,340‌

5,196‌

Cigna 

5,408‌

1,246‌

Cintas 

252‌

99‌

Citigroup 

22,775‌

1,483‌

CME

Group 

12,058‌

2,767‌

CMS

Energy 

5,435‌

350‌

Coca-Cola 

29,506‌

1,800‌

Cognizant

Technology

Solutions,

Class

A 

8,133‌

695‌

Comcast,

Class

A 

23,604‌

1,180‌

Confluent,

Class

A (1)

1,869‌

122‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ConocoPhillips 

3,055‌

271‌

Cooper 

1,710‌

681‌

Copart (1)

1,520‌

196‌

Coupa

Software (1)

496‌

67‌

Crowdstrike

Holdings,

Class

A (1)

403‌

73‌

CSX 

70,140‌

2,400‌

CubeSmart,

REIT 

4,803‌

244‌

Danaher 

15,935‌

4,554‌

Darling

Ingredients (1)

582‌

37‌

Datadog,

Class

A (1)

1,288‌

188‌

Deere 

140‌

53‌

Devon

Energy 

2,748‌

139‌

DocuSign (1)

1,702‌

214‌

Dollar

General 

10,468‌

2,182‌

Dominion

Energy 

19,523‌

1,575‌

DoorDash,

Class

A (1)

4,114‌

467‌

Douglas

Emmett,

REIT 

5,019‌

157‌

DTE

Energy 

1,558‌

188‌

East

West

Bancorp 

6,737‌

582‌

EastGroup

Properties,

REIT 

560‌

112‌

Elanco

Animal

Health (1)

10,690‌

278‌

Element

Solutions 

2,321‌

52‌

Eli

Lilly 

3,499‌

859‌

Entegris 

420‌

50‌

Entergy 

3,023‌

338‌

EOG

Resources 

5,213‌

581‌

EPAM

Systems (1)

62‌

30‌

Equinix,

REIT 

508‌

368‌

Equitable

Holdings 

24,693‌

831‌

Equity

LifeStyle

Properties,

REIT 

10,738‌

841‌

Equity

Residential,

REIT 

3,558‌

316‌

Essex

Property

Trust,

REIT 

843‌

280‌

Euronet

Worldwide (1)

4,639‌

621‌

Eversource

Energy 

2,911‌

260‌

Exxon

Mobil 

24,093‌

1,830‌

Federal

Realty

Investment

Trust,

REIT 

494‌

63‌

Fidelity

National

Information

Services 

14,485‌

1,737‌

Fiserv (1)

12,003‌

1,269‌

Fortinet (1)

1,587‌

472‌

Fortive 

12,782‌

902‌

General

Electric 

78,546‌

7,421‌

General

Motors (1)

2,850‌

150‌

Global

Payments 

4,423‌

663‌

Goldman

Sachs

Group 

2,186‌

775‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(4)(5)

826‌

24‌

Halliburton 

41,501‌

1,276‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hartford

Financial

Services

Group 

35,259‌

2,534‌

HashiCorp,

Class

A (1)

434‌

29‌

HCA

Healthcare 

15,476‌

3,715‌

Healthcare

Realty

Trust,

REIT 

2,634‌

82‌

Healthcare

Trust

of

America,

Class

A,

REIT 

2,197‌

71‌

Hess 

765‌

71‌

Highwoods

Properties,

REIT 

703‌

30‌

Hilton

Worldwide

Holdings (1)

8,945‌

1,298‌

Home

Depot 

4,149‌

1,523‌

Honeywell

International 

4,981‌

1,018‌

Host

Hotels

&

Resorts,

REIT (1)

1,810‌

31‌

Howard

Hughes (1)

833‌

80‌

Hubbell 

4,449‌

833‌

Humana 

2,666‌

1,046‌

IDACORP 

195‌

21‌

International

Flavors

&

Fragrances 

6,220‌

821‌

International

Paper 

1,422‌

69‌

Intuit 

3,748‌

2,081‌

Intuitive

Surgical (1)

6,609‌

1,878‌

Jacobs

Engineering

Group 

5,208‌

678‌

Johnson

&

Johnson 

6,125‌

1,055‌

JPMorgan

Chase 

7,003‌

1,041‌

Kadant 

105‌

22‌

Keurig

Dr

Pepper 

57,727‌

2,191‌

Kilroy

Realty,

REIT 

1,779‌

114‌

Kimberly-Clark 

10,641‌

1,465‌

Kimco

Realty,

REIT 

5,621‌

136‌

KLA 

5,062‌

1,970‌

Kodiak

Sciences (1)

888‌

52‌

L3Harris

Technologies 

7,382‌

1,545‌

Lam

Research 

1,281‌

756‌

Legalzoom.com (1)

5,277‌

84‌

Lennar,

Class

A 

2,856‌

274‌

Liberty

Media-Liberty

Formula

One,

Class

C (1)

20,653‌

1,244‌

Linde

(EUR) 

825‌

262‌

Linde 

5,758‌

1,835‌

Live

Nation

Entertainment (1)

14,050‌

1,539‌

Lululemon

Athletica (1)

4,720‌

1,575‌

Magnolia

Oil

&

Gas,

Class

A 

2,634‌

57‌

Marriott

International,

Class

A (1)

11,251‌

1,813‌

Marsh

&

McLennan 

974‌

150‌

Martin

Marietta

Materials 

1,028‌

400‌

Marvell

Technology 

10,977‌

784‌

Mastercard,

Class

A 

4,799‌

1,854‌

Medtronic 

24,114‌

2,496‌

Merck 

18,149‌

1,479‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Meta

Platforms,

Class

A (1)

17,328‌

5,428‌

MetLife 

9,200‌

617‌

Microsoft 

74,104‌

23,045‌

Middleby (1)

8,713‌

1,614‌

Molina

Healthcare (1)

4,267‌

1,239‌

Mondelez

International,

Class

A 

29,815‌

1,998‌

MongoDB (1)

1,082‌

438‌

Monolithic

Power

Systems 

561‌

226‌

Morgan

Stanley 

6,634‌

680‌

Motorola

Solutions 

2,513‌

583‌

MSCI 

165‌

88‌

Netflix (1)

3,360‌

1,435‌

NextEra

Energy 

63,811‌

4,985‌

NIKE,

Class

B 

4,185‌

620‌

NiSource 

26,511‌

774‌

Norfolk

Southern 

9,904‌

2,694‌

Nucor 

971‌

98‌

NVIDIA 

12,800‌

3,134‌

NXP

Semiconductors 

4,263‌

876‌

Olaplex

Holdings (1)

11,239‌

245‌

Opendoor

Technologies,

Class

A (1)

6,722‌

67‌

O'Reilly

Automotive (1)

1,229‌

801‌

Packaging

Corp.

of

America 

3,908‌

589‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(4)(5)

21,572‌

22‌

Paycom

Software (1)

196‌

66‌

PayPal

Holdings (1)

4,425‌

761‌

Pebblebrook

Hotel

Trust,

REIT 

5,144‌

111‌

PerkinElmer 

7,390‌

1,272‌

Pfizer 

17,550‌

925‌

PG&E (1)

103,973‌

1,330‌

Pinterest,

Class

A (1)

8,847‌

261‌

Pioneer

Natural

Resources 

701‌

153‌

Planet

Fitness,

Class

A (1)

12,099‌

1,072‌

PNC

Financial

Services

Group 

5,701‌

1,174‌

PPG

Industries 

370‌

58‌

Prologis,

REIT 

28,840‌

4,523‌

PS

Business

Parks,

REIT 

620‌

103‌

Public

Storage,

REIT 

986‌

353‌

Quaker

Chemical 

128‌

27‌

QUALCOMM 

10,457‌

1,838‌

Quanta

Services 

337‌

35‌

Rayonier,

REIT 

64‌

2‌

Regency

Centers,

REIT 

1,646‌

118‌

Reliance

Steel

&

Aluminum 

1,683‌

257‌

Republic

Services 

12,381‌

1,581‌

Rexford

Industrial

Realty,

REIT 

2,613‌

191‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Rivian

Automotive,

Acquisition

Date:

12/23/19

-

7/23/21,

Cost $823 (1)(4)

34,730‌

2,169‌

Rivian

Automotive,

Class

A (1)

6,857‌

451‌

Roper

Technologies 

2,692‌

1,177‌

Ross

Stores 

14,289‌

1,397‌

Royal

Gold 

114‌

12‌

RPM

International 

974‌

86‌

S&P

Global 

1,238‌

514‌

salesforce.com (1)

10,936‌

2,544‌

Sanderson

Farms 

91‌

17‌

SBA

Communications,

REIT 

152‌

49‌

Sempra

Energy 

19,275‌

2,663‌

ServiceNow (1)

4,187‌

2,453‌

Sherwin-Williams 

3,078‌

882‌

Shoals

Technologies

Group,

Class

A (1)

1,691‌

28‌

Simon

Property

Group,

REIT 

1,140‌

168‌

SL

Green

Realty,

REIT 

965‌

70‌

Snap,

Class

A (1)

30,560‌

994‌

Snowflake,

Class

A (1)

476‌

131‌

Southern 

45,672‌

3,174‌

Starbucks 

15,161‌

1,491‌

State

Street 

25,741‌

2,433‌

Steel

Dynamics 

2,114‌

117‌

STERIS 

2,372‌

532‌

Stryker 

2,337‌

580‌

Sunstone

Hotel

Investors,

REIT (1)

6,727‌

76‌

Synopsys (1)

4,227‌

1,312‌

T-Mobile

U.S. (1)

8,929‌

966‌

Teleflex 

2,253‌

699‌

Terreno

Realty,

REIT 

2,094‌

157‌

Tesla (1)

2,473‌

2,316‌

Texas

Instruments 

8,927‌

1,602‌

Thermo

Fisher

Scientific 

7,604‌

4,420‌

Timken 

340‌

23‌

TJX 

7,157‌

515‌

Toast,

Class

A (1)

302‌

7‌

TransUnion 

7,091‌

731‌

Travelers 

14,593‌

2,425‌

Twilio,

Class

A (1)

426‌

88‌

Ultragenyx

Pharmaceutical (1)

3,369‌

236‌

Union

Pacific 

6,936‌

1,696‌

United

Parcel

Service,

Class

B 

5,178‌

1,047‌

UnitedHealth

Group 

14,640‌

6,918‌

Vail

Resorts 

954‌

264‌

Veeva

Systems,

Class

A (1)

904‌

214‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17,

Cost $4 (1)(4)(5)

1‌

6‌

VeriSign (1)

5,996‌

1,302‌

Visa,

Class

A 

22,626‌

5,117‌

Vulcan

Materials 

776‌

148‌

Walmart 

21,998‌

3,076‌

Walt

Disney (1)

9,077‌

1,298‌

Waste

Connections 

5,001‌

624‌

Wells

Fargo 

26,806‌

1,442‌

Welltower,

REIT 

5,406‌

468‌

West

Pharmaceutical

Services 

1,037‌

408‌

Western

Alliance

Bancorp 

4,714‌

468‌

Westrock 

31,004‌

1,431‌

Weyerhaeuser,

REIT 

3,107‌

126‌

Wix.com (1)

1,232‌

162‌

Workiva (1)

2,550‌

302‌

Xcel

Energy 

30,846‌

2,149‌

Yum!

Brands 

21,184‌

2,652‌

Zoetis 

4,835‌

966‌

Zoom

Video

Communications,

Class

A (1)

1,946‌

300‌

332,473‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97 (1)(4)(5)

2,160‌

147‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42 (1)(4)(5)

618‌

42‌

AES,

6.875%,

2/15/24 

2,120‌

190‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7 (1)(4)(5)

4‌

7‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52 (1)(4)(5)

6,404‌

52‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (1)(4)

(5)

116‌

25‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)(4)

(5)

309‌

68‌

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $3 (1)(4)(5)

163‌

10‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33 (1)(4)(5)

1,103‌

33‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15 (1)(4)(5)

255‌

15‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71 (1)(4)(5)

2,594‌

71‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37 (1)

(4)(5)

2,783‌

37‌

NextEra

Energy,

5.279%,

3/1/23 

1,279‌

65‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $155 (1)(4)(5)

16,193‌

155‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (1)(4)(5)

1,666‌

79‌

Southern,

Series

2019,

6.75%,

8/1/22 

5,234‌

280‌

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2 (1)(4)(5)

2,304‌

3‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3 (1)(4)(5)

3,239‌

4‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143 (1)(4)(5)

1,669‌

153‌

1,436‌

Corporate

Bonds

3.0%

Abbott

Laboratories,

1.15%,

1/30/28 

190,000‌

181‌

AbbVie,

2.95%,

11/21/26 

145,000‌

149‌

AbbVie,

3.60%,

5/14/25 

240,000‌

252‌

AbbVie,

4.50%,

5/14/35 

30,000‌

34‌

AbbVie,

4.70%,

5/14/45 

95,000‌

110‌

Agilent

Technologies,

3.875%,

7/15/23 

65,000‌

67‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

27‌

Air

Lease,

2.20%,

1/15/27 

195,000‌

189‌

Air

Lease,

3.625%,

4/1/27 

45,000‌

46‌

Ally

Financial,

2.20%,

11/2/28 

270,000‌

258‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

40‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

51‌

Amazon.com,

3.875%,

8/22/37 

150,000‌

167‌

American

Airlines

PTT,

Series

2014-1,

Class

A,

3.70%,

10/1/26 

21,888‌

22‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

169,963‌

169‌

American

Campus

Communities

Operating

Partnership,

3.625%,

11/15/27 

230,000‌

240‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

254‌

American

Tower,

1.45%,

9/15/26 

355,000‌

340‌

Amphenol,

2.20%,

9/15/31 

105,000‌

99‌

Anthem,

4.101%,

3/1/28 

130,000‌

141‌

Anthem,

4.65%,

1/15/43 

20,000‌

23‌

Aon,

2.20%,

11/15/22 

195,000‌

197‌

Aon,

3.875%,

12/15/25 

25,000‌

27‌

Appalachian

Power,

4.45%,

6/1/45 

40,000‌

44‌

Apple,

1.70%,

8/5/31 

235,000‌

220‌

Apple,

3.20%,

5/13/25 

260,000‌

272‌

Apple,

3.20%,

5/11/27 

300,000‌

315‌

AT&T,

2.75%,

6/1/31 

215,000‌

211‌

AT&T,

3.00%,

6/30/22 

150,000‌

151‌

Autodesk,

2.40%,

12/15/31 

385,000‌

368‌

AutoZone,

3.125%,

4/21/26 

170,000‌

176‌

AutoZone,

3.75%,

6/1/27 

70,000‌

75‌

Baltimore

Gas

&

Electric,

3.35%,

7/1/23 

225,000‌

230‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

422‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Bank

of

America,

4.45%,

3/3/26 

50,000‌

54‌

Bank

of

America,

VR,

3.55%,

3/5/24 (6)

100,000‌

102‌

Bank

of

America,

VR,

4.244%,

4/24/38 (6)

120,000‌

134‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

62‌

Baxter

International,

1.915%,

2/1/27 (2)

330,000‌

326‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

115‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

194‌

Berkshire

Hathaway,

2.75%,

3/15/23 

35,000‌

36‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

31‌

Biogen,

3.625%,

9/15/22 

90,000‌

92‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

11‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

32‌

BP

Capital

Markets

America,

1.749%,

8/10/30 

180,000‌

167‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (2)

100,000‌

97‌

Bristol-Myers

Squibb,

2.90%,

7/26/24 

163,000‌

169‌

Bristol-Myers

Squibb,

3.55%,

8/15/22 

250,000‌

253‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

25,000‌

26‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

85‌

Burlington

Northern

Santa

Fe,

3.05%,

9/1/22 

65,000‌

66‌

Cameron

LNG,

2.902%,

7/15/31 (2)

40,000‌

40‌

Cameron

LNG,

3.701%,

1/15/39 (2)

30,000‌

31‌

Capital

One

Financial,

3.20%,

1/30/23 

230,000‌

234‌

Capital

One

Financial,

VR,

2.359%,

7/29/32 (6)

215,000‌

197‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

131‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

84‌

CC

Holdings,

3.849%,

4/15/23 

25,000‌

26‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

428‌

Charter

Communications

Operating,

4.50%,

2/1/24 

250,000‌

262‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

54‌

Cigna,

3.25%,

4/15/25 

250,000‌

262‌

Cigna,

3.75%,

7/15/23 

63,000‌

65‌

Citigroup,

4.45%,

9/29/27 

70,000‌

76‌

Citigroup,

VR,

3.887%,

1/10/28 (6)

315,000‌

334‌

Citigroup,

VR,

4.075%,

4/23/29 (6)

100,000‌

107‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

30‌

CNO

Global

Funding,

2.65%,

1/6/29 (2)

315,000‌

306‌

Comcast,

1.95%,

1/15/31 

155,000‌

146‌

Comcast,

2.65%,

2/1/30 

225,000‌

226‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

97‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

50‌

CommonSpirit

Health,

2.95%,

11/1/22 

25,000‌

25‌

ConocoPhillips,

3.75%,

10/1/27 (2)

25,000‌

27‌

Crown

Castle

International,

2.10%,

4/1/31 

250,000‌

231‌

Crown

Castle

International,

3.70%,

6/15/26 

40,000‌

42‌

Crown

Castle

International,

4.75%,

5/15/47 

30,000‌

35‌

Crown

Castle

Towers,

3.72%,

7/15/23 (2)

125,000‌

126‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CVS

Health,

2.70%,

8/21/40 

40,000‌

36‌

CVS

Health,

3.25%,

8/15/29 

225,000‌

232‌

CVS

Health,

3.50%,

7/20/22 

40,000‌

40‌

DCP

Midstream

Operating,

3.875%,

3/15/23 

25,000‌

25‌

Delta

Air

Lines,

3.80%,

4/19/23 

75,000‌

76‌

Diamondback

Energy,

2.875%,

12/1/24 

270,000‌

275‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

16‌

Discover

Financial

Services,

3.85%,

11/21/22 

95,000‌

97‌

Eaton

Vance,

3.625%,

6/15/23 

15,000‌

15‌

Ecolab,

3.25%,

12/1/27 

265,000‌

281‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

134‌

Equitable

Holdings,

3.90%,

4/20/23 

29,000‌

30‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

131‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

16‌

Fifth

Third

Bancorp,

4.30%,

1/16/24 

65,000‌

68‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

77‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (2)

65,000‌

68‌

Fiserv,

3.20%,

7/1/26 

100,000‌

104‌

Florida

Gas

Transmission,

3.875%,

7/15/22 (2)

20,000‌

20‌

Florida

Gas

Transmission,

4.35%,

7/15/25 (2)

215,000‌

229‌

General

Motors,

4.00%,

4/1/25 

55,000‌

58‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

294‌

General

Motors

Financial,

3.55%,

7/8/22 

205,000‌

207‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

18‌

Gilead

Sciences,

3.25%,

9/1/22 

20,000‌

20‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

312‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

121‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

18‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

14‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (6)

200,000‌

194‌

Goldman

Sachs

Group,

VR,

2.65%,

10/21/32 (6)

165,000‌

160‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (6)

130,000‌

122‌

Hackensack

Meridian

Health,

4.211%,

7/1/48 

155,000‌

191‌

Hasbro,

3.00%,

11/19/24 

150,000‌

153‌

Hasbro,

3.55%,

11/19/26 

420,000‌

439‌

HCA,

4.125%,

6/15/29 

235,000‌

249‌

Healthcare

Realty

Trust,

3.625%,

1/15/28 

30,000‌

31‌

Healthpeak

Properties,

2.125%,

12/1/28 

80,000‌

78‌

Healthpeak

Properties,

2.875%,

1/15/31 

45,000‌

45‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (2)

100,000‌

108‌

Home

Depot,

1.50%,

9/15/28 

350,000‌

334‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

262‌

Hyatt

Hotels,

3.375%,

7/15/23 

30,000‌

30‌

Hyundai

Capital

America,

1.30%,

1/8/26 (2)

145,000‌

139‌

Hyundai

Capital

America,

1.65%,

9/17/26 (2)

180,000‌

173‌

Hyundai

Capital

America,

1.80%,

10/15/25 (2)

55,000‌

54‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hyundai

Capital

America,

2.00%,

6/15/28 (2)

235,000‌

221‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

170‌

Intercontinental

Exchange,

3.45%,

9/21/23 

275,000‌

284‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

80‌

ITC

Holdings,

2.70%,

11/15/22 

95,000‌

96‌

Jackson

Financial,

1.125%,

11/22/23 (2)

270,000‌

267‌

JPMorgan

Chase,

3.375%,

5/1/23 

410,000‌

420‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (6)

235,000‌

227‌

JPMorgan

Chase,

VR,

3.559%,

4/23/24 (6)

125,000‌

128‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (6)

160,000‌

173‌

Kansas

City

Southern,

2.875%,

11/15/29 

55,000‌

56‌

Kansas

City

Southern,

3.50%,

5/1/50 

155,000‌

156‌

Kansas

City

Southern,

4.30%,

5/15/43 

25,000‌

28‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

72‌

KeyCorp,

2.25%,

4/6/27 

90,000‌

90‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

247‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

41‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

27‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

16‌

Kimco

Realty,

3.40%,

11/1/22 

20,000‌

20‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

58‌

Liberty

Mutual

Group,

4.25%,

6/15/23 (2)

10,000‌

10‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (2)

20,000‌

23‌

Life

Storage,

4.00%,

6/15/29 

145,000‌

156‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

317‌

M&T

Bank,

3.55%,

7/26/23 

345,000‌

355‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

312‌

Marsh

&

McLennan,

3.30%,

3/14/23 

10,000‌

10‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

120‌

McDonald's,

1.45%,

9/1/25 

65,000‌

64‌

McKesson,

1.30%,

8/15/26 

390,000‌

372‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

139‌

Met

Tower

Global

Funding,

1.25%,

9/14/26 (2)

245,000‌

235‌

Micron

Technology,

4.185%,

2/15/27 

33,000‌

35‌

Microsoft,

2.921%,

3/17/52 

90,000‌

88‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (2)

110,000‌

118‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

182‌

Mondelez

International

Holdings

Netherlands,

1.25%,

9/24/26 (2)

385,000‌

368‌

Moody's,

2.00%,

8/19/31 

335,000‌

314‌

Morgan

Stanley,

3.125%,

1/23/23 

485,000‌

494‌

Morgan

Stanley,

4.10%,

5/22/23 

200,000‌

206‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

51‌

Morgan

Stanley,

VR,

3.971%,

7/22/38 (6)

135,000‌

147‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

308‌

NiSource,

3.49%,

5/15/27 

215,000‌

226‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NiSource,

3.95%,

3/30/48 

105,000‌

112‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

27‌

Northwestern

University,

Series

2020,

2.64%,

12/1/50 

140,000‌

135‌

Nucor,

2.70%,

6/1/30 

70,000‌

70‌

Nucor,

3.95%,

5/1/28 

130,000‌

141‌

Omnicom

Group,

3.60%,

4/15/26 

50,000‌

53‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

52‌

Oracle,

2.40%,

9/15/23 

300,000‌

303‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

153‌

O'Reilly

Automotive,

3.80%,

9/1/22 

125,000‌

126‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

407‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

125,000‌

118‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

16‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

351‌

PerkinElmer,

1.90%,

9/15/28 

230,000‌

219‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

203‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

76‌

PNC

Financial

Services

Group,

3.30%,

3/8/22 

20,000‌

20‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

28‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23 (2)

270,000‌

279‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

155‌

Principal

Financial

Group,

3.30%,

9/15/22 

25,000‌

25‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

36‌

Prologis,

2.125%,

4/15/27 

30,000‌

30‌

Protective

Life

Global

Funding,

1.082%,

6/9/23 (2)

205,000‌

204‌

Providence

Health

&

Services

Obligated

Group,

4.379%,

10/1/23 

25,000‌

26‌

Public

Storage,

1.95%,

11/9/28 

150,000‌

146‌

QUALCOMM,

3.25%,

5/20/27 

107,000‌

112‌

QVC,

4.85%,

4/1/24 

20,000‌

20‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

69‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

38‌

Republic

Services,

2.375%,

3/15/33 

355,000‌

340‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

242‌

Rockwell

Automation,

1.75%,

8/15/31 

330,000‌

310‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

60‌

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

53‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

54‌

salesforce.com,

2.70%,

7/15/41 

370,000‌

348‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (6)

135,000‌

133‌

SBA

Tower

Trust,

2.836%,

1/15/25 (2)

250,000‌

255‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

209‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

333‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

47‌

Spectra

Energy

Partners,

3.375%,

10/15/26 

40,000‌

41‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

179‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

State

Street,

3.10%,

5/15/23 

25,000‌

26‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

392‌

Teachers

Insurance

&

Annuity

Association

of

America,

4.27%,

5/15/47 (2)

130,000‌

149‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

78‌

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

45‌

Thermo

Fisher

Scientific,

2.80%,

10/15/41 

140,000‌

133‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

16‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

17‌

TJX,

1.60%,

5/15/31 

55,000‌

51‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

29‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

12‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

3,314‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

296,244‌

298‌

UnitedHealth

Group,

2.00%,

5/15/30 

85,000‌

81‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

43‌

Valero

Energy,

2.85%,

4/15/25 

260,000‌

265‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

26‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

234‌

Verizon

Communications,

2.65%,

11/20/40 

420,000‌

374‌

Visa,

2.15%,

9/15/22 

90,000‌

91‌

Visa,

4.15%,

12/14/35 

90,000‌

103‌

Vistra

Operations,

3.55%,

7/15/24 (2)

135,000‌

138‌

VMware,

1.40%,

8/15/26 

350,000‌

335‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

146‌

Wells

Fargo,

3.50%,

3/8/22 

16,000‌

16‌

Wells

Fargo,

VR,

3.068%,

4/30/41 (6)

240,000‌

232‌

Western

Midstream

Operating,

4.00%,

7/1/22 

20,000‌

20‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

42‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

175‌

WP

Carey,

3.85%,

7/15/29 

215,000‌

231‌

34,767‌

Equity

Mutual

Funds

2.4%

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

2,876,427‌

28,793‌

28,793‌

Municipal

Securities

0.3%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

297‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

236‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

56‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

219‌

Dallas

Fort

Worth

Int'l

Airport,

2.843%,

11/1/46 

150,000‌

147‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

395‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

$

Value

(Cost

and

value

in

$000s)

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

16‌

Los

Angeles

Airport,

Build

America,

Series

C,

7.053%,

5/15/40 

15,000‌

23‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

182‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36 

20,000‌

24‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Series

B,

3.235%,

7/1/52 

200,000‌

195‌

Metropolitan

Transportation

Auth.,

Build

America,

Series

A-1,

5.871%,

11/15/39 

15,000‌

19‌

Miami-Dade

County

Transit

System,

Bulild

America,

Series

B,

5.624%,

7/1/40 

160,000‌

213‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

94‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

127,000‌

188‌

New

York

State

Dormitory

Auth.,

Build

America,

Series

F,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

19‌

New

York

State

Urban

Dev.,

Series

B,

2.59%,

3/15/35 

305,000‌

293‌

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

5,000‌

5‌

Port

Auth.

of

New

York

&

New

Jersey,

Series

182,

5.31%,

8/1/46 

20,000‌

22‌

South

Carolina

Public

Service

Auth.,

Series

D,

Unrefunded

Portion,

2.388%,

12/1/23 

25,000‌

25‌

Texas

A&M

Univ.,

Series

B,

3.33%,

5/15/39 

250,000‌

262‌

Univ.

of

California

Regents,

Series

AJ,

4.601%,

5/15/31 

25,000‌

29‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

15,000‌

20‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

32‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

120‌

3,131‌

Non-U.S.

Government

Mortgage-Backed

Securities

0.6%

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (2)

120,623‌

119‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (2)

39,523‌

39‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (2)

98,655‌

97‌

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

A,

ARM,

1M

USD

LIBOR

+

0.93%,

1.036%,

12/15/36 (2)

150,000‌

149‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (2)

118,696‌

117‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

2.266%,

11/15/34 (2)

50,000‌

49‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

$

Value

(Cost

and

value

in

$000s)

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.004%,

1.11%,

10/15/23 (2)

225,000‌

221‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (2)

100,000‌

101‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

58‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

114‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

26‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (2)

79,575‌

79‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

1.406%,

11/15/37 (2)

137,619‌

137‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

1.756%,

11/15/37 (2)

155,313‌

155‌

COLT

Funding,

Series

2021-6,

Class

A1,

CMO,

ARM,

1.907%,

12/25/66 (2)

261,555‌

260‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

42‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

63‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

106‌

Connecticut

Avenue

Securities,

Series

2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

1.208%,

11/25/29 

119,556‌

120‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

0.95%,

11/25/41 (2)

70,706‌

71‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (2)

33,027‌

33‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

1.487%,

7/15/38 (2)

99,388‌

99‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36 (2)

165,000‌

167‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (2)

10,725‌

11‌

Galton

Funding

Mortgage

Trust,

Series

2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (2)

82,628‌

83‌

Galton

Funding

Mortgage

Trust,

Series

2020-H1,

Class

A1,

CMO,

ARM,

2.31%,

1/25/60 (2)

10,103‌

10‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40 (2)

100,000‌

96‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

USD

LIBOR

+

1.633%,

1.739%,

12/15/36 (2)

70,000‌

69‌

GS

Mortgage

Securities

Trust,

Series

2013-GC16,

Class

B,

ARM,

5.161%,

11/10/46 

175,000‌

181‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

$

Value

(Cost

and

value

in

$000s)

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

26‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

71‌

GS

Mortgage-Backed

Securities

Trust,

Series

2021-PJ5,

Class

A8,

CMO,

ARM,

2.50%,

10/25/51 (2)

203,183‌

202‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

69‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

49,793‌

52‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (2)

100,000‌

102‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (2)

53,073‌

54‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (2)

62,850‌

64‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.83%,

0.932%,

8/25/50 (2)

14,365‌

14‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (2)

25,538‌

26‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

USD

LIBOR

+

1.101%,

1.207%,

4/15/38 (2)

255,000‌

254‌

MHC

Trust,

Series

2021-MHC2,

Class

D,

ARM,

1M

USD

LIBOR

+

1.50%,

1.606%,

5/15/23 (2)

110,000‌

109‌

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1,

ARM,

3.25%,

5/25/62 (2)

50,842‌

51‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C9,

Class

A4,

3.102%,

5/15/46 

20,000‌

20‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C17,

Class

B,

ARM,

4.464%,

8/15/47 

20,000‌

21‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

35,000‌

37‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

90‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

164‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C30,

Class

A5,

2.86%,

9/15/49 

25,000‌

26‌

Morgan

Stanley

Capital

I

Trust,

Series

2019-MEAD,

Class

D,

ARM,

3.177%,

11/10/36 (2)

130,000‌

126‌

New

Orleans

Hotel

Trust,

Series

2019-HNLA,

Class

C,

ARM,

1M

USD

LIBOR

+

1.589%,

1.695%,

4/15/32 (2)

100,000‌

99‌

New

Residential

Mortgage

Loan

Trust,

Series

2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59 (2)

62,311‌

62‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

USD

LIBOR

+

1.995%,

2.102%,

11/15/38 (2)

295,000‌

293‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

$

Value

(Cost

and

value

in

$000s)

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

1.208%,

10/25/59 (2)

26,070‌

26‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.225%,

12/25/49 (2)

195,507‌

197‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (2)

11,340‌

11‌

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

USD

LIBOR

+

1.50%,

1.606%,

5/15/38 (2)

110,000‌

110‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (2)

7,709‌

8‌

Starwood

Mortgage

Residential

Trust,

Series

2019-INV1,

Class

A1,

CMO,

ARM,

2.61%,

9/27/49 (2)

11,416‌

11‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (2)

45,174‌

45‌

Starwood

Mortgage

Residential

Trust,

Series

2021-2,

Class

A2,

CMO,

ARM,

1.172%,

5/25/65 (2)

57,166‌

57‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2020-DNA6,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.90%,

0.95%,

12/25/50 (2)

7,345‌

7‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA2,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.80%,

0.85%,

8/25/33 (2)

63,255‌

63‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

2.15%,

10/25/33 (2)

60,000‌

61‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

1.55%,

10/25/41 (2)

100,000‌

99‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

0.90%,

11/25/41 (2)

165,000‌

165‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-HQA1,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.70%,

0.75%,

8/25/33 (2)

86,285‌

86‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

ARM,

2.75%,

10/25/57 (2)

42,463‌

43‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

ARM,

3.00%,

1/25/58 (2)

32,501‌

33‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (2)

36,197‌

36‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (2)

74,690‌

75‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (2)

59,022‌

58‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (2)

289,976‌

286‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

43‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

105‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

79‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

$

Value

(Cost

and

value

in

$000s)

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2021-

RR1,

Class

A1,

CMO,

ARM,

2.50%,

12/25/50 (2)

96,142‌

94‌

6,702‌

Private

Investment

Companies

7.8%

Blackstone

Partners

Offshore

Fund,

Series

E1 (1)(5)

43,084‌

91,196‌

91,196‌

U.S.

Government

&

Agency

Mortgage-Backed

Securities

0.0%

Federal

Home

Loan

Mortgage 

2.777%,

4/25/23 

5‌

5‌

2.952%,

2/25/27 

27‌

28‌

33‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

7.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 (9)

1,830,000‌

1,544‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

1,325,000‌

1,111‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

850,000‌

792‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

2,530,000‌

2,411‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 (9)

3,705,000‌

3,508‌

U.S.

Treasury

Bonds,

1.875%,

11/15/51 

94,000‌

89‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

1,900,000‌

1,851‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

1,075,000‌

1,048‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

153‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

71‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 (9)(10)

5,915,000‌

6,599‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 (10)

570,000‌

642‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

452‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

501‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

255‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

866‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

176‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

335‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

711‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

200,000‌

254‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

339,494‌

367‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

247,574‌

275‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

1,014,663‌

1,183‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

375,171‌

446‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

170,413‌

214‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

296,664‌

377‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

349,413‌

454‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

149,117‌

196‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

144,306‌

194‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.75%,

1/15/28 

38,475‌

45‌

T.

ROWE

PRICE

Global

Allocation

Fund

48

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Bonds,

2.00%,

1/15/26 

476,136‌

542‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/23 

256,488‌

264‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/24 

1,682,109‌

1,775‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

3,598,855‌

3,799‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

1,223,322‌

1,300‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

2,253,898‌

2,394‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

3,155,163‌

3,370‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

2,268,877‌

2,425‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30 

301,733‌

326‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30 

1,055,352‌

1,148‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

373,706‌

406‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

1,261,767‌

1,375‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

599,609‌

651‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

4,101,383‌

4,345‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29 

1,086,610‌

1,187‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/23 

5,774,731‌

6,031‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/25 

591,895‌

634‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

1,148,339‌

1,241‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

122,715‌

134‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

4/15/24 

347,149‌

366‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28 

315,622‌

345‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

4/15/23 

3,793,376‌

3,939‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/24 

838,619‌

884‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

1,512,500‌

1,635‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.75%,

7/15/28 

290,110‌

325‌

U.S.

Treasury

Notes,

0.125%,

7/31/22 

610,000‌

609‌

U.S.

Treasury

Notes,

0.125%,

1/31/23 

1,160,000‌

1,152‌

U.S.

Treasury

Notes,

0.125%,

5/31/23 (9)

4,805,000‌

4,752‌

U.S.

Treasury

Notes,

0.25%,

5/31/25 (9)

7,490,000‌

7,200‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

382‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

113‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 (9)

1,710,000‌

1,658‌

U.S.

Treasury

Notes,

1.125%,

2/28/22 

840,000‌

841‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

950,000‌

943‌

U.S.

Treasury

Notes,

1.875%,

9/30/22 

25,000‌

25‌

85,636‌

Total

United

States

(Cost

$717,256

)

828,823‌

URUGUAY

0.0%

Common

Stocks

0.0%

Dlocal

(USD) (1)

1,250‌

37‌

Globant

(USD) (1)

1,524‌

389‌

Total

Uruguay

(Cost

$385

)

426‌

T.

ROWE

PRICE

Global

Allocation

Fund

49

$

Value

(Cost

and

value

in

$000s)

VIETNAM

0.2%

Common

Stocks

0.2%

Airports

Corp.

of

Vietnam (1)

8,900‌

34‌

Asia

Commercial

Bank (1)

64,375‌

106‌

Bank

for

Foreign

Trade

of

Vietnam 

65,032‌

256‌

FPT 

79,360‌

324‌

Military

Commercial

Joint

Stock

Bank (1)

104,625‌

165‌

Mobile

World

Investment 

67,500‌

423‌

Nam

Long

Investment 

33,266‌

74‌

Phu

Nhuan

Jewelry 

56,800‌

264‌

Saigon

Beer

Alcohol

Beverage 

23,100‌

151‌

Vietnam

Dairy

Products 

54,900‌

202‌

Total

Vietnam

(Cost

$1,640

)

1,999‌

SHORT-TERM

INVESTMENTS

2.7%

Money

Market

Funds

2.7%

T.

Rowe

Price

Treasury

Reserve

Fund,

0.08% (7)(11)

31,779,156‌

31,779‌

Total

Short-Term

Investments

(Cost

$31,779)

31,779‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

0.09% (7)(11)

2,351,179‌

2,351‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

2,351‌

Total

Securities

Lending

Collateral

(Cost

$2,351)

2,351‌

T.

ROWE

PRICE

Global

Allocation

Fund

50

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.0%

Exchange-Traded

Options

Purchased

0

.0

%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

Notes

10

year

futures

contract,

Put,

2/18/22

@

$127.00 (1)

14‌

1,792‌

3‌

Total

Options

Purchased

(Cost

$3)

3‌

Total

Investments

in

Securities

100.0%

(Cost

$993,655)

$

1,167,346‌

Other

Assets

Less

Liabilities

(0.0)%

(14)

Net

Assets

100.0%

$

1,167,332‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$22,735

and

represents

1.9%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

January

31,

2022.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

has

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$3,599

and

represents

0.3%

of

net

assets.

(5)

Level

3

in

fair

value

hierarchy.

(6)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7)

Affiliated

Companies

(8)

SEC

30-day

yield

(9)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

January

31,

2022.

(10)

At

January

31,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(11)

Seven-day

yield

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

SOFR

Three

month

Term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

ADR

American

Depositary

Receipts

T.

ROWE

PRICE

Global

Allocation

Fund

51

.

.

.

.

.

.

.

.

.

.

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

ILS

Israeli

Shekel

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

52

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

Exchange-Traded

Options

Written

(0.2)%

Description

Contracts

Notional

Amount

$

Value

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

2/18/22

@

$85.00

2,600

22,472

(

285‌

)

S&P

500

Index,

Call,

3/18/22

@

$4,450.00

121

54,638

(

1,991‌

)

U.S.

Treasury

Long-Term

Bonds

Futures,

Call,

2/18/22

@

$162.00

45

7,003

(

4‌

)

U.S.

Treasury

Long-Term

Bonds

Futures,

Put,

2/18/22

@

$162.00

45

7,003

(

290‌

)

Total

Exchange-Traded

Options

Written

(Premiums

$(2,137))

$

(

2,570‌

)

OTC

Options

Written

(0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Erste

Group

Bank,

Call,

6/17/22

@

48.00

(EUR)

4

17

—‌

Total

OTC

Options

Written

(Premiums

$–)

$

—‌

Total

Options

Written

(Premiums

$(2,137))

$

(

2,570‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

53

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

United

States

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.IG-S37,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/26

3,500

70

85

(

15‌

)

Total

United

States

(

15‌

)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(

15‌

)

Total

Centrally

Cleared

Swaps

(

15‌

)

Net

payments

(receipts)

of

variation

margin

to

date

18‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

3‌

T.

ROWE

PRICE

Global

Allocation

Fund

54

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Barclays

Bank

2/28/22

USD

8,298‌

GBP

6,197‌

$

(

35‌

)

Canadian

Imperial

Bank

of

Commerce

4/22/22

CAD

140‌

USD

112‌

(

2‌

)

Citibank

2/25/22

GBP

82‌

USD

112‌

(

2‌

)

Citibank

2/25/22

USD

71‌

GBP

53‌

—‌

Goldman

Sachs

2/25/22

EUR

202‌

USD

229‌

(

2‌

)

Goldman

Sachs

2/25/22

GBP

106‌

USD

141‌

2‌

Goldman

Sachs

2/28/22

USD

2,157‌

SEK

20,167‌

(

6‌

)

Goldman

Sachs

2/28/22

USD

598‌

SGD

808‌

(

1‌

)

HSBC

Bank

2/28/22

USD

128‌

NZD

192‌

2‌

JPMorgan

Chase

2/25/22

AUD

159‌

USD

115‌

(

3‌

)

JPMorgan

Chase

2/25/22

EUR

61‌

USD

70‌

(

1‌

)

JPMorgan

Chase

2/25/22

USD

113‌

AUD

159‌

1‌

JPMorgan

Chase

2/25/22

USD

183‌

EUR

161‌

2‌

JPMorgan

Chase

2/25/22

USD

112‌

EUR

100‌

(

1‌

)

JPMorgan

Chase

2/25/22

USD

110‌

GBP

82‌

—‌

JPMorgan

Chase

2/25/22

USD

138‌

GBP

103‌

(

1‌

)

JPMorgan

Chase

2/28/22

CHF

285‌

USD

308‌

—‌

JPMorgan

Chase

2/28/22

DKK

1,015‌

USD

153‌

—‌

JPMorgan

Chase

2/28/22

EUR

540‌

USD

607‌

—‌

JPMorgan

Chase

2/28/22

JPY

64,536‌

USD

561‌

—‌

JPMorgan

Chase

2/28/22

NZD

35‌

USD

23‌

—‌

JPMorgan

Chase

2/28/22

SEK

1,098‌

USD

118‌

—‌

JPMorgan

Chase

2/28/22

USD

20‌

AUD

28‌

—‌

JPMorgan

Chase

2/28/22

USD

27‌

GBP

20‌

—‌

JPMorgan

Chase

2/28/22

USD

21‌

HKD

160‌

—‌

JPMorgan

Chase

2/28/22

USD

240‌

ILS

761‌

(

1‌

)

JPMorgan

Chase

2/28/22

USD

11‌

NOK

97‌

—‌

JPMorgan

Chase

2/28/22

USD

24‌

SGD

33‌

—‌

JPMorgan

Chase

4/22/22

NZD

168‌

USD

114‌

(

4‌

)

JPMorgan

Chase

4/22/22

USD

111‌

CAD

140‌

—‌

JPMorgan

Chase

4/22/22

USD

67‌

CAD

86‌

—‌

JPMorgan

Chase

4/22/22

USD

112‌

NZD

168‌

2‌

JPMorgan

Chase

4/22/22

USD

46‌

NZD

70‌

—‌

Morgan

Stanley

2/25/22

EUR

302‌

USD

342‌

(

3‌

)

Morgan

Stanley

2/28/22

USD

3,895‌

AUD

5,502‌

5‌

Morgan

Stanley

2/28/22

USD

1,506‌

DKK

10,037‌

(

10‌

)

Morgan

Stanley

2/28/22

USD

12,888‌

JPY

1,484,375‌

(

13‌

)

Morgan

Stanley

2/28/22

USD

371‌

NOK

3,320‌

(

3‌

)

RBC

Dominion

Securities

2/28/22

USD

1,522‌

HKD

11,859‌

1‌

Standard

Chartered

2/28/22

USD

18,679‌

EUR

16,733‌

(

129‌

)

UBS

Investment

Bank

2/25/22

USD

457‌

EUR

404‌

3‌

T.

ROWE

PRICE

Global

Allocation

Fund

55

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

2/28/22

USD

5,869‌

CHF

5,461‌

$

(

28‌

)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(

227‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

56

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

30

MSCI

EAFE

Index

contracts

3/22

(3,353)

$

58‌

Long,

447

Russell

2000

E-Mini

Index

contracts

3/22

45,245

(

3,815‌

)

Long,

49

S&P

500

E-Mini

Index

contracts

3/22

11,035

132‌

Long,

66

S&P

MidCap

400

E-Mini

Index

contracts

3/22

17,356

(

917‌

)

Short,

2

U.S.

Treasury

Long

Bond

contracts

3/22

(311)

—‌

Short,

16

U.S.

Treasury

Notes

ten

year

contracts

3/22

(2,047)

1‌

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

3/22

567

—‌

Long,

4

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/22

571

—‌

Long,

83

U.S.

Treasury

Notes

five

year

contracts

3/22

9,894

(

17‌

)

Short,

64

U.S.

Treasury

Notes

two

year

contracts

3/22

(13,866)

15‌

Net

payments

(receipts)

of

variation

margin

to

date

6,245‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

1,702‌

T.

ROWE

PRICE

Global

Allocation

Fund

57

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

January

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

3.50% 

$

359‌

$

(

308‌

)

$

180‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

5.59% 

—‌

(

1,517‌

)

274‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

Investor

Class,

5.66% 

—‌

824‌

93‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

4.67% 

—‌

(

2,550‌

)

483‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

3.32% 

—‌

(

72‌

)

214‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

4.64% 

—‌

(

767‌

)

365‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

1.67% 

206‌

(

1,238‌

)

163‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

1.71% 

77‌

(

139‌

)

28‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

671‌

(

2,078‌

)

—‌

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund

-

I

Class,

0.89% 

191‌

(

364‌

)

96‌

T.

Rowe

Price

Government

Reserve

Fund,

0.09%

—‌

—‌

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

0.08%

—‌

—‌

9‌

T.

Rowe

Price

Short-Term

Fund

—‌

—‌

—‌

++

Totals

$

1,504‌

#

$

(

8,209‌

)

$

1,905‌

+

T.

ROWE

PRICE

Global

Allocation

Fund

58

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/21

Purchase

Cost

Sales

Cost

Value

01/31/22

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

3.50% 

$

27,939‌

$

539‌

$

—‌

$

28,170‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

5.59% 

—‌

29,274‌

—‌

27,757‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

Investor

Class,

5.66% 

28,100‌

—‌

28,924‌

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

4.67% 

45,174‌

483‌

—‌

43,107‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

3.32% 

21,460‌

2,839‌

—‌

24,227‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

4.64% 

26,867‌

365‌

—‌

26,465‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

1.67% 

37,773‌

369‌

—‌

36,904‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

1.71% 

6,236‌

105‌

—‌

6,202‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

30,060‌

811‌

—‌

28,793‌

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund

-

I

Class,

0.89% 

46,184‌

287‌

—‌

46,107‌

T.

Rowe

Price

Government

Reserve

Fund,

0.09%

—‌

¤

¤

2,351‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.08%

69,784‌

¤

¤

31,779‌

T.

Rowe

Price

Short-Term

Fund

4,373‌

¤

¤

—‌

Total

$

301,862‌

^

#

Capital

gain

distributions

from

mutual

funds

represented

$1,504

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$1,905

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$311,818.

T.

ROWE

PRICE

Global

Allocation

Fund

Unaudited

Notes

to

the

Portfolio

of

Investments

59

T.

Rowe

Price

Global

Allocation

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Global

Allocation

Fund

60

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

T.

ROWE

PRICE

Global

Allocation

Fund

61

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation

Committee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

T.

ROWE

PRICE

Global

Allocation

Fund

62

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

January

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

153,359‌

$

—‌

$

153,359‌

Bond

Mutual

Funds

238,939‌

—‌

—‌

238,939‌

Common

Stocks

354,644‌

262,980‌

274‌

617,898‌

Convertible

Preferred

Stocks

—‌

535‌

1,139‌

1,674‌

Equity

Mutual

Funds

28,793‌

—‌

—‌

28,793‌

Preferred

Stocks

—‌

1,354‌

—‌

1,354‌

Private

Investment

Companies

—‌

—‌

91,196‌

91,196‌

Short-Term

Investments

31,779‌

—‌

—‌

31,779‌

Securities

Lending

Collateral

2,351‌

—‌

—‌

2,351‌

Options

Purchased

3‌

—‌

—‌

3‌

Total

Securities

656,509‌

418,228‌

92,609‌

1,167,346‌

Forward

Currency

Exchange

Contracts

—‌

18‌

—‌

18‌

Futures

Contracts*

206‌

—‌

—‌

206‌

Total

$

656,715‌

$

418,246‌

$

92,609‌

$

1,167,570‌

Liabilities

Options

Written

$

294‌

$

2,276‌

$

—‌

$

2,570‌

Swaps*

—‌

15‌

—‌

15‌

Forward

Currency

Exchange

Contracts

—‌

245‌

—‌

245‌

Futures

Contracts*

4,749‌

—‌

—‌

4,749‌

Total

$

5,043‌

$

2,536‌

$

—‌

$

7,579‌

T.

ROWE

PRICE

Global

Allocation

Fund

63

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

January

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

January

31,

2022,

totaled $17,542,000 for

the

period ended

January

31,

2022.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-

Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

10/31/21

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

1/31/22

Investment

in

Securities

Common

Stocks

$

157‌

$

(4‌)

$

121‌

$

—‌

$

274‌

Convertible

Bonds

212‌

—‌

—‌

(212‌)

—‌

Convertible

Preferred

Stocks

3,300‌

(1,627‌)

77‌

(611‌)

1,139‌

Private

Investment

Companies

91,035‌

161‌

73,651‌

(73,651‌)

91,196‌

Total

$

94,704‌

$

(1,470‌)

$

73,849‌

$

(74,474‌)

$

92,609‌

T.

ROWE

PRICE

Global

Allocation

Fund

64

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

274

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

lack

of

certainty

100%

100%

Decrease

Market

comparable

Enterprise

value

to

gross

profit

multiple

14.7x

14.7x

Increase

Enterprise

value

to

sales

multiple

4.8x

4.8x

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.5x

12.5x

Increase

Enterprise

value

to

EBITDA

multiple

10.5x

10.5x

Increase

Segment-

based

price-

to-earnings

multiple

9.5x

–

36.8x

10.0x

Increase

Whole

company

price-to-

earnings

multiple

18.1x

18.1x

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

20%

20%

Decrease

T.

ROWE

PRICE

Global

Allocation

Fund

65

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

SUBSEQUENT

EVENT 

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict.

Economic

sanctions

have

since

been

imposed

on

Russia

and

certain

of

its

citizens,

including

the

exclusion

of

Russia

from

the

SWIFT

global

payments

network.

As

a

result,

Russia’s

central

bank

closed

the

country’s

stock

market

on

February

28,

2022,

and

Russian-related

stocks

and

debt

and

the

Russian

ruble

have

since

suffered

significant

declines

in

value.

In

addition,

this

armed

conflict

and

the

related

sanctions

may

cause

significant

disruptions

to

global

business

activity

and

volatility

in

global

financial

markets.

The

duration

of

the

conflict

and

related

economic

sanctions

and

their

effects

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Convertible

Preferred

Stocks

$

1,139

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

3.0x

–

4.2x

3.6x

Increase

Sales

growth

rate

18%

-

32%

25%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

91,196

Rollforward

of

Investee

NAV

Estimated

return

0.17%

0.17%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

66

on

the

financial

markets

cannot

be

determined

with

certainty.

The

fund’s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

such

events.

Management

is

actively

monitoring

these

events.

F154-054Q1

01/22