T.

ROWE

PRICE

Global

Allocation

Fund

July

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.1%

Common

Stocks

0.1%

Globant

(USD) (1)

306‌

61‌

MercadoLibre

(USD) (1)

556‌

453‌

Tenaris,

ADR

(USD) 

1,714‌

48‌

Total

Argentina

(Cost

$180

)

562‌

AUSTRALIA

0.8%

Common

Stocks

0.8%

ALS 

32,801‌

269‌

Australia

&

New

Zealand

Banking

Group 

15,873‌

257‌

BHP

Group 

53,417‌

1,462‌

BHP

Group

(GBP) 

33,912‌

938‌

BlueScope

Steel 

9,403‌

110‌

Challenger 

28,054‌

139‌

Cochlear 

1,365‌

206‌

Downer

EDI 

44,166‌

172‌

Frontier

Digital

Ventures (1)

157,871‌

104‌

Goodman

Group 

8,149‌

119‌

IDP

Education 

7,418‌

149‌

IGO 

97,264‌

762‌

Incitec

Pivot 

25,162‌

64‌

Macquarie

Group 

2,418‌

309‌

Northern

Star

Resources 

43,268‌

238‌

oOh!media 

83,378‌

73‌

OZ

Minerals 

15,446‌

206‌

Perseus

Mining 

155,746‌

185‌

Rio

Tinto 

4,610‌

319‌

Scentre

Group 

156,860‌

321‌

South32 

198,419‌

541‌

Steadfast

Group 

66,348‌

249‌

Tietto

Minerals (1)

214,618‌

72‌

Treasury

Wine

Estates 

17,015‌

147‌

Woodside

Energy

Group

(GBP) (1)

2,412‌

55‌

Worley 

55,358‌

559‌

Xero (1)

2,020‌

133‌

8,158‌

Corporate

Bonds

0.0%

Ausgrid

Finance,

3.85%,

5/1/23

(USD) (2)

105,000‌

105‌

Boral

Finance,

3.00%,

11/1/22

(USD) (2)

10,000‌

10‌

Transurban

Finance,

2.45%,

3/16/31

(USD) (2)

140,000‌

118‌

Transurban

Finance,

4.125%,

2/2/26

(USD) (2)

15,000‌

15‌

T.

ROWE

PRICE

Global

Allocation

Fund

1

T.

ROWE

PRICE

Global

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Woodside

Finance,

3.70%,

3/15/28

(USD) (2)

67,000‌

63‌

Woodside

Finance,

4.50%,

3/4/29

(USD) (2)

105,000‌

104‌

415‌

Total

Australia

(Cost

$7,061

)

8,573‌

AUSTRIA

0.2%

Common

Stocks

0.2%

BAWAG

Group 

23,079‌

1,066‌

Erste

Group

Bank 

8,547‌

217‌

Mayr

Melnhof

Karton 

2,031‌

324‌

Total

Austria

(Cost

$1,569

)

1,607‌

BAHRAIN

0.0%

Common

Stocks

0.0%

Ahli

United

Bank

(KWD) 

234,530‌

236‌

Aluminium

Bahrain 

23,933‌

68‌

Total

Bahrain

(Cost

$310

)

304‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

255,491‌

102‌

Square

Pharmaceuticals 

60,320‌

133‌

Total

Bangladesh

(Cost

$259

)

235‌

BELGIUM

0.1%

Common

Stocks

0.1%

KBC

Group 

2,400‌

126‌

Lotus

Bakeries 

13‌

74‌

Shurgard

Self

Storage 

1,169‌

60‌

Umicore 

5,335‌

193‌

Warehouses

De

Pauw 

2,316‌

79‌

532‌

Corporate

Bonds

0.0%

Anheuser-Busch,

4.90%,

2/1/46

(USD) 

90,000‌

91‌

91‌

Total

Belgium

(Cost

$594

)

623‌

T.

ROWE

PRICE

Global

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BRAZIL

0.4%

Common

Stocks

0.4%

Arco

Platform,

Class

A

(USD) (1)

7,872‌

114‌

B3 

390,600‌

838‌

Boa

Vista

Servicos 

19,174‌

20‌

CI&T,

Class

A

(USD) (1)

4,658‌

53‌

EDP

-

Energias

Do

Brasil 

22,868‌

96‌

Grupo

SBF 

35,200‌

141‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

14,200‌

75‌

Localiza

Rent

a

Car 

50,500‌

568‌

Magazine

Luiza (1)

10,749‌

5‌

Raia

Drogasil 

160,917‌

653‌

Rede

D'Or

Sao

Luiz 

38,111‌

238‌

Suzano 

15,257‌

143‌

Vale 

9,726‌

131‌

WEG 

15,000‌

81‌

XP,

Class

A

(USD) (1)

37,749‌

797‌

3,953‌

Preferred

Stocks

0.0%

Itau

Unibanco

Holding 

25,246‌

116‌

Marcopolo 

212,200‌

102‌

218‌

Total

Brazil

(Cost

$4,792

)

4,171‌

CANADA

1.3%

Common

Stocks

1.1%

Altus

Group 

3,984‌

164‌

Aritzia (1)

5,391‌

170‌

BRP 

738‌

56‌

CAE (1)

5,869‌

155‌

Canadian

Apartment

Properties

REIT 

1,265‌

48‌

Canadian

Natural

Resources 

1,424‌

79‌

Canadian

Pacific

Railway

(USD) 

5,065‌

399‌

Constellation

Software 

104‌

177‌

Definity

Financial 

11,777‌

339‌

dentalcorp

Holdings (1)

12,162‌

104‌

Descartes

Systems

Group (1)

4,104‌

283‌

Descartes

Systems

Group

(USD) (1)

768‌

53‌

Element

Fleet

Management 

36,397‌

418‌

ERO

Copper (1)

2,780‌

28‌

Franco-Nevada 

1,639‌

210‌

K92

Mining (1)

49,374‌

308‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Karora

Resources (1)

38,709‌

101‌

Magna

International

(USD) 

9,031‌

577‌

Manulife

Financial 

28,882‌

529‌

National

Bank

of

Canada 

10,446‌

733‌

Nutrien

(USD) 

30,296‌

2,595‌

Rhyolite

Resources (1)

32,364‌

7‌

Shopify,

Class

A (1)

5,120‌

178‌

Shopify,

Class

A

(USD) (1)

9,640‌

336‌

Spin

Master (1)

7,522‌

280‌

Summit

Industrial

Income

REIT 

16,088‌

234‌

Sun

Life

Financial 

18,118‌

841‌

TC

Energy 

3,209‌

171‌

TC

Energy

(USD) 

12,014‌

641‌

TELUS

International

CDA (1)

4,039‌

112‌

TMX

Group 

3,361‌

345‌

Toromont

Industries 

2,469‌

208‌

Victoria

Gold (1)

14,729‌

117‌

Wesdome

Gold

Mines (1)

41,693‌

335‌

West

Fraser

Timber 

375‌

35‌

Wheaton

Precious

Metals 

2,264‌

78‌

11,444‌

Corporate

Bonds

0.1%

Canadian

Natural

Resources,

2.95%,

1/15/23

(USD) 

175,000‌

174‌

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

99‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

119‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

500,000‌

430‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

10‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

135‌

Toronto-Dominion

Bank,

3.50%,

7/19/23

(USD) 

235,000‌

236‌

TransCanada

PipeLines,

2.50%,

8/1/22

(USD) 

20,000‌

20‌

1,223‌

Government

Bonds

0.1%

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

136‌

Province

of

British

Columbia,

2.00%,

10/23/22

(USD) 

15,000‌

15‌

Province

of

Manitoba,

Series

GX,

2.60%,

4/16/24

(USD) 

270,000‌

268‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

256‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD) 

50,000‌

50‌

725‌

Total

Canada

(Cost

$12,780

)

13,392‌

T.

ROWE

PRICE

Global

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CAYMAN

ISLANDS

0.0%

Convertible

Preferred

Stocks

0.0%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $96

(USD) (1)(3)(4)

1,944‌

285‌

Total

Cayman

Islands

(Cost

$96

)

285‌

CHILE

0.1%

Common

Stocks

0.0%

Antofagasta

(GBP) 

19,710‌

280‌

Sociedad

Quimica

y

Minera

de

Chile,

ADR

(USD) 

2,232‌

220‌

500‌

Corporate

Bonds

0.1%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

211‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (2)

220,000‌

202‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD) (2)

200,000‌

184‌

597‌

Total

Chile

(Cost

$1,006

)

1,097‌

CHINA

2.6%

Common

Stocks

1.8%

58.com

(USD) (1)(3)

5,864‌

—‌

Alibaba

Group

Holding

(HKD) (1)

54,520‌

613‌

Alibaba

Group

Holding,

ADR

(USD) (1)

18,194‌

1,626‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $45

(USD) (1)(3)(4)

11,845‌

23‌

Baidu,

ADR

(USD) (1)

2,349‌

321‌

Beijing

Enterprises

Holdings

(HKD) 

30,500‌

98‌

BOE

Varitronix

(HKD) 

40,000‌

93‌

China

Overseas

Land

&

Investment

(HKD) 

306,000‌

846‌

China

Resources

Gas

Group

(HKD) 

56,000‌

235‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

158,200‌

670‌

Country

Garden

Services

Holdings

(HKD) 

67,000‌

149‌

ENN

Energy

Holdings

(HKD) 

31,800‌

519‌

Fosun

International

(HKD) 

94,500‌

74‌

H

World

Group

(HKD) 

57,300‌

225‌

Haier

Smart

Home,

Class

H

(HKD) 

64,400‌

206‌

JD

Health

International

(HKD) (1)

14,750‌

112‌

JD.com,

Class

A

(HKD) 

17,776‌

530‌

JOYY,

ADR

(USD) 

2,213‌

57‌

Kanzhun,

ADR

(USD) (1)

21,681‌

510‌

Kingdee

International

Software

Group

(HKD) (1)

253,000‌

546‌

T.

ROWE

PRICE

Global

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Li

Auto,

ADR

(USD) (1)

5,300‌

174‌

Li

Ning

(HKD) 

23,000‌

187‌

Meituan,

Class

B

(HKD) (1)

48,700‌

1,093‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

268,000‌

275‌

Pinduoduo,

ADR

(USD) (1)

4,900‌

240‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

113,500‌

667‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

104,000‌

130‌

Shenzhou

International

Group

Holdings

(HKD) 

16,100‌

169‌

Silergy

(TWD) 

14,000‌

262‌

Sinopharm

Group,

Class

H

(HKD) 

20,800‌

48‌

Sunny

Optical

Technology

Group

(HKD) 

22,200‌

300‌

Tencent

Holdings

(HKD) 

90,454‌

3,496‌

Tingyi

Cayman

Islands

Holding

(HKD) 

108,000‌

178‌

Trip.com

Group,

ADR

(USD) (1)

6,000‌

155‌

Tsingtao

Brewery,

Class

H

(HKD) 

24,000‌

234‌

Wuxi

Biologics

Cayman

(HKD) (1)

76,000‌

727‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

413,800‌

279‌

Yum

China

Holdings

(HKD) 

1,900‌

89‌

Yum

China

Holdings

(USD) 

36,700‌

1,788‌

Zhongsheng

Group

Holdings

(HKD) 

157,000‌

899‌

18,843‌

Common

Stocks

-

China

A

Shares

0.7%

Bafang

Electric

Suzhou,

A

Shares

(CNH) 

5,059‌

132‌

China

Oilfield

Services,

A

Shares

(CNH) 

53,000‌

104‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

117,012‌

713‌

Glodon,

A

Shares

(CNH) 

29,500‌

203‌

Gree

Electric

Appliances

of

Zhuhai,

A

Shares

(CNH) 

42,200‌

209‌

Hongfa

Technology,

A

Shares

(CNH) 

81,900‌

500‌

Huayu

Automotive

Systems,

A

Shares

(CNH) 

137,800‌

449‌

Hundsun

Technologies,

A

Shares

(CNH) 

91,300‌

576‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

30,794‌

211‌

Jiangsu

GoodWe

Power

Supply

Technology,

A

Shares

(CNH) 

1,832‌

96‌

Kweichow

Moutai,

A

Shares

(CNH) 

560‌

158‌

Midea

Group,

A

Shares

(CNH) 

74,000‌

605‌

NARI

Technology,

A

Shares

(CNH) 

35,568‌

154‌

Pony

Testing

International

Group,

A

Shares

(CNH) 

32,040‌

207‌

Qingdao

Haier

Biomedical,

A

Shares

(CNH) 

20,727‌

214‌

Sangfor

Technologies,

A

Shares

(CNH) 

8,200‌

118‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

42,400‌

165‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

56,548‌

556‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

45,000‌

199‌

Songcheng

Performance

Development,

A

Shares

(CNH) 

278,800‌

530‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

17,900‌

96‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

54,234‌

417‌

YTO

Express

Group,

A

Shares

(CNH) 

900‌

3‌

T.

ROWE

PRICE

Global

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Zhejiang

HangKe

Technology,

A

Shares

(CNH) 

7,465‌

83‌

Zhejiang

Sanhua

Intelligent

Controls,

A

Shares

(CNH) 

97,200‌

470‌

Zhejiang

Shuanghuan

Driveline,

A

Shares

(CNH) 

47,618‌

280‌

Zhongji

Innolight,

A

Shares

(CNH) 

30,600‌

149‌

7,597‌

Corporate

Bonds

0.1%

Baidu,

3.875%,

9/29/23

(USD) 

210,000‌

211‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23

(USD) (2)

215,000‌

216‌

Tencent

Holdings,

2.985%,

1/19/23

(USD) (2)

200,000‌

200‌

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

247‌

874‌

Total

China

(Cost

$29,466

)

27,314‌

CZECH

REPUBLIC

0.0%

Common

Stocks

0.0%

Komercni

Banka 

1,640‌

41‌

Total

Czech

Republic

(Cost

$48

)

41‌

DENMARK

0.1%

Common

Stocks

0.1%

Ambu,

Class

B 

4,208‌

48‌

Carlsberg,

Class

B 

1,254‌

162‌

Genmab (1)

858‌

305‌

ROCKWOOL,

Class

B 

1,963‌

487‌

Zealand

Pharma (1)

6,102‌

110‌

1,112‌

Corporate

Bonds

0.0%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD) (2)(5)

335,000‌

321‌

321‌

Total

Denmark

(Cost

$1,583

)

1,433‌

EGYPT

0.0%

Common

Stocks

0.0%

Commercial

International

Bank

Egypt,

GDR

(USD) 

2,500‌

5‌

Edita

Food

Industries,

GDR

(USD) 

7,020‌

15‌

Fawry

for

Banking

&

Payment

Technology

Services (1)

14,773‌

2‌

Integrated

Diagnostics

Holdings

(USD) 

156,473‌

130‌

Total

Egypt

(Cost

$216

)

152‌

T.

ROWE

PRICE

Global

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green 

6,082‌

26‌

Total

Estonia

(Cost

$24

)

26‌

FINLAND

0.3%

Common

Stocks

0.3%

Kojamo 

28,591‌

510‌

Metso

Outotec 

34,823‌

288‌

QT

Group (1)

1,153‌

93‌

Sampo,

Class

A 

35,072‌

1,515‌

Stora

Enso,

Class

R 

20,336‌

314‌

UPM-Kymmene 

2,764‌

88‌

Valmet 

15,740‌

438‌

3,246‌

Corporate

Bonds

0.0%

Nordea

Bank,

1.00%,

6/9/23

(USD) (2)

205,000‌

201‌

201‌

Total

Finland

(Cost

$3,118

)

3,447‌

FRANCE

2.4%

Common

Stocks

2.3%

Air

Liquide (6)

3,263‌

449‌

Airbus 

25,707‌

2,772‌

Alstom (6)

6,552‌

156‌

AXA 

70,938‌

1,635‌

BioMerieux 

686‌

74‌

BNP

Paribas 

11,528‌

545‌

Dassault

Aviation 

3,355‌

480‌

Edenred 

13,896‌

713‌

Engie 

63,908‌

791‌

Esker 

639‌

96‌

EssilorLuxottica 

8,391‌

1,315‌

Eurofins

Scientific 

4,585‌

357‌

Faurecia (1)(6)

5,076‌

92‌

Gecina 

280‌

29‌

Ipsen 

1,143‌

116‌

Kering 

880‌

504‌

L'Oreal 

1,444‌

546‌

Legrand 

3,897‌

319‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,879‌

1,305‌

T.

ROWE

PRICE

Global

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Safran 

3,952‌

434‌

Sanofi 

25,403‌

2,524‌

Sanofi,

ADR

(USD) 

19,267‌

957‌

Schneider

Electric 

498‌

69‌

SPIE 

11,505‌

276‌

Teleperformance 

2,347‌

785‌

Thales 

3,026‌

376‌

Tikehau

Capital (6)

5,484‌

136‌

TotalEnergies 

107,878‌

5,510‌

TotalEnergies,

ADR

(USD) 

8,920‌

455‌

Verallia 

11,642‌

298‌

24,114‌

Corporate

Bonds

0.1%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (2)(5)

350,000‌

295‌

BPCE,

4.00%,

9/12/23

(USD) (2)

265,000‌

264‌

BPCE,

4.50%,

3/15/25

(USD) (2)

400,000‌

394‌

Credit

Agricole,

3.75%,

4/24/23

(USD) (2)

250,000‌

250‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

270‌

1,473‌

Total

France

(Cost

$23,978

)

25,587‌

GERMANY

1.5%

Common

Stocks

1.4%

Adesso 

305‌

53‌

AIXTRON 

8,069‌

209‌

Auto1

Group (1)

3,489‌

30‌

BASF 

4,976‌

222‌

Bayer 

16,066‌

937‌

Beiersdorf 

1,179‌

121‌

BioNTech,

ADR

(USD) 

4,126‌

681‌

CANCOM 

2,748‌

94‌

Covestro 

9,856‌

332‌

Daimler

Truck

Holding (1)

8,050‌

220‌

Deutsche

Boerse 

1,236‌

216‌

Deutsche

Post 

4,435‌

177‌

Deutsche

Telekom 

72,531‌

1,378‌

Evotec (1)

22,369‌

581‌

flatexDEGIRO (1)

11,536‌

117‌

Fresenius 

15,112‌

387‌

GEA

Group 

3,233‌

121‌

HeidelbergCement 

1,811‌

92‌

Hypoport (1)

313‌

65‌

Infineon

Technologies 

19,070‌

523‌

KION

Group 

5,131‌

234‌

T.

ROWE

PRICE

Global

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Knaus

Tabbert 

1,794‌

54‌

Knorr-Bremse 

8,134‌

485‌

Mercedes-Benz

Group 

2,941‌

173‌

Munich

Re 

3,070‌

696‌

MYT

Netherlands

Parent,

ADR

(USD) (1)

4,618‌

61‌

Nagarro (1)

851‌

100‌

Norma

Group 

3,962‌

74‌

SAP 

4,485‌

418‌

Scout24 

8,704‌

498‌

Shop

Apotheke

Europe (1)

3,883‌

377‌

Siemens 

30,949‌

3,452‌

Siemens

Healthineers 

7,951‌

407‌

Stroeer 

2,360‌

103‌

Symrise 

4,772‌

557‌

TeamViewer (1)

1,698‌

18‌

Vonovia 

3,266‌

109‌

Zalando (1)

16,898‌

476‌

14,848‌

Corporate

Bonds

0.1%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (2)

155,000‌

151‌

Volkswagen

Group

of

America

Finance,

2.70%,

9/26/22

(USD) (2)

330,000‌

330‌

481‌

Preferred

Stocks

0.0%

Sartorius 

244‌

109‌

Volkswagen 

1,150‌

163‌

272‌

Total

Germany

(Cost

$17,020

)

15,601‌

HONG

KONG

0.4%

Common

Stocks

0.4%

AIA

Group 

169,400‌

1,702‌

Budweiser

Brewing

APAC 

337,400‌

934‌

CK

Hutchison

Holdings 

20,500‌

136‌

Galaxy

Entertainment

Group 

27,000‌

161‌

Hong

Kong

Exchanges

&

Clearing 

6,400‌

294‌

Hongkong

Land

Holdings

(USD) 

43,800‌

228‌

Impro

Precision

Industries 

238,000‌

70‌

Samsonite

International (1)

60,300‌

126‌

Sun

Hung

Kai

Properties 

7,083‌

84‌

Total

Hong

Kong

(Cost

$3,058

)

3,735‌

T.

ROWE

PRICE

Global

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

HUNGARY

0.1%

Common

Stocks

0.1%

OTP

Bank 

21,058‌

435‌

Wizz

Air

Holdings

(GBP) (1)

6,121‌

166‌

Total

Hungary

(Cost

$1,100

)

601‌

ICELAND

0.0%

Common

Stocks

0.0%

Marel 

41,639‌

189‌

Total

Iceland

(Cost

$290

)

189‌

INDIA

1.0%

Common

Stocks

1.0%

Asian

Paints 

4,521‌

191‌

Astral 

8,590‌

198‌

Axis

Bank 

26,288‌

242‌

Blue

Star 

9,669‌

120‌

CreditAccess

Grameen (1)

8,376‌

112‌

Dr

Lal

PathLabs 

1,718‌

50‌

Fine

Organic

Industries 

1,347‌

92‌

FSN

E-Commerce

Ventures (1)

3,912‌

69‌

HDFC

Asset

Management 

9,752‌

240‌

HDFC

Bank 

51,094‌

935‌

HDFC

Life

Insurance 

46,992‌

330‌

Hindustan

Unilever 

7,521‌

251‌

Housing

Development

Finance 

60,555‌

1,836‌

ICICI

Bank,

ADR

(USD) 

7,854‌

163‌

Indus

Towers 

41,697‌

117‌

Info

Edge

India 

1,315‌

72‌

Infosys 

44,627‌

873‌

Kotak

Mahindra

Bank 

57,029‌

1,312‌

Maruti

Suzuki

India 

4,092‌

455‌

NTPC 

162,271‌

314‌

Petronet

LNG 

23,332‌

65‌

Polycab

India 

5,078‌

149‌

Reliance

Industries (1)

25,392‌

807‌

Shriram

Transport

Finance 

10,414‌

183‌

Tata

Consultancy

Services 

4,068‌

170‌

TeamLease

Services (1)

2,493‌

110‌

Torrent

Pharmaceuticals 

11,168‌

215‌

V-Mart

Retail (1)

1,908‌

67‌

T.

ROWE

PRICE

Global

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Voltas 

60,978‌

773‌

Zomato (1)

56,549‌

33‌

Total

India

(Cost

$9,208

)

10,544‌

INDONESIA

0.1%

Common

Stocks

0.1%

Bank

Central

Asia 

1,316,700‌

655‌

Sarana

Menara

Nusantara 

2,294,300‌

182‌

Total

Indonesia

(Cost

$445

)

837‌

IRELAND

0.2%

Common

Stocks

0.0%

Cairn

Homes

(GBP) 

140,816‌

157‌

DCC

(GBP) 

3,386‌

221‌

378‌

Corporate

Bonds

0.2%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

133‌

AerCap

Ireland

Capital,

3.30%,

1/23/23

(USD) 

150,000‌

149‌

AerCap

Ireland

Capital,

4.125%,

7/3/23

(USD) 

150,000‌

149‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD) (2)

70,000‌

68‌

Avolon

Holdings

Funding,

5.25%,

5/15/24

(USD) (2)

215,000‌

213‌

CRH

America

Finance,

3.95%,

4/4/28

(USD) (2)

400,000‌

398‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23

(USD) 

119,000‌

118‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23

(USD) (2)

315,000‌

313‌

1,541‌

Total

Ireland

(Cost

$1,969

)

1,919‌

ITALY

0.7%

Common

Stocks

0.6%

Amplifon 

16,555‌

547‌

Banca

Mediolanum 

71,967‌

477‌

Carel

Industries 

15,628‌

356‌

Davide

Campari-Milano 

37,110‌

412‌

De'

Longhi 

11,571‌

220‌

DiaSorin 

828‌

115‌

Enel 

153,546‌

774‌

Ermenegildo

Zegna

Holditalia

(USD) 

21,154‌

233‌

Ferrari 

2,680‌

569‌

FinecoBank

Banca

Fineco 

50,770‌

631‌

GVS (1)

12,255‌

119‌

Intesa

Sanpaolo 

75,032‌

133‌

T.

ROWE

PRICE

Global

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Leonardo 

15,230‌

143‌

Moncler 

5,510‌

276‌

PRADA

(HKD) 

59,200‌

342‌

Prysmian 

27,883‌

886‌

Stellantis 

11,256‌

162‌

UniCredit 

10,437‌

103‌

6,498‌

Corporate

Bonds

0.1%

Enel

Finance

International,

1.875%,

7/12/28

(USD) (2)

200,000‌

169‌

Eni,

Series

X-R,

4.00%,

9/12/23

(USD) (2)

295,000‌

294‌

463‌

Total

Italy

(Cost

$6,467

)

6,961‌

JAPAN

4.2%

Common

Stocks

4.1%

Aida

Engineering 

10,300‌

71‌

Aiful 

84,500‌

248‌

Aruhi 

12,900‌

103‌

Asahi

Group

Holdings 

6,400‌

223‌

Asahi

Kasei 

29,000‌

233‌

Asics 

5,500‌

105‌

Astellas

Pharma 

73,000‌

1,143‌

Benefit

One 

4,300‌

70‌

Bridgestone 

3,400‌

133‌

Central

Japan

Railway 

1,800‌

211‌

Chugai

Pharmaceutical 

12,600‌

354‌

Coconala (1)(6)

5,200‌

23‌

CyberAgent 

35,200‌

351‌

Dai-ichi

Life

Holdings 

7,700‌

134‌

Daiichi

Sankyo 

20,600‌

546‌

Daikin

Industries 

2,400‌

421‌

Daio

Paper 

42,700‌

457‌

Daiwa

Office

Investment 

14‌

71‌

Daiwabo

Holdings 

16,900‌

243‌

Demae-Can (1)(6)

8,000‌

38‌

Denso 

3,900‌

213‌

DIC 

11,900‌

220‌

Disco 

1,300‌

318‌

eGuarantee 

3,300‌

58‌

Eiken

Chemical 

9,500‌

141‌

Eisai 

5,100‌

234‌

Electric

Power

Development 

21,800‌

368‌

Ezaki

Glico 

4,500‌

131‌

Fancl 

10,100‌

193‌

T.

ROWE

PRICE

Global

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

FANUC 

1,500‌

259‌

Fast

Retailing 

600‌

363‌

Freee (1)(6)

4,200‌

102‌

Fujitec 

14,300‌

307‌

Fujitsu 

2,300‌

308‌

Fujitsu

General 

11,800‌

252‌

Fukui

Computer

Holdings 

3,400‌

90‌

GMO

Financial

Gate (6)

500‌

53‌

GMO

Payment

Gateway 

1,800‌

150‌

Hamamatsu

Photonics 

10,400‌

473‌

Hanwa 

8,700‌

190‌

Hikari

Tsushin 

5,100‌

562‌

Hino

Motors 

44,700‌

232‌

Hitachi 

6,900‌

349‌

Hitachi

Metals (1)

9,300‌

143‌

Honda

Motor 

4,700‌

120‌

Horiba 

2,300‌

113‌

Hoshino

Resorts

REIT 

59‌

289‌

Hoshizaki 

24,800‌

740‌

Idec 

6,300‌

141‌

Industrial

&

Infrastructure

Fund

Investment (6)

128‌

178‌

Isuzu

Motors 

16,700‌

183‌

ITOCHU 

3,400‌

99‌

JINS

Holdings (6)

2,400‌

69‌

JMDC 

2,500‌

124‌

Kansai

Paint 

18,000‌

259‌

Katitas 

1,600‌

40‌

KDDI 

5,100‌

164‌

Keyence 

1,900‌

753‌

Kirin

Holdings 

11,700‌

192‌

Kubota 

7,000‌

116‌

Kyoritsu

Maintenance 

1,500‌

58‌

Kyowa

Kirin 

10,400‌

245‌

LITALICO 

1,200‌

23‌

M3 

1,900‌

66‌

MatsukiyoCocokara 

11,700‌

442‌

Media

Do 

3,400‌

56‌

Medley (1)(6)

2,200‌

55‌

Mercari (1)

3,100‌

53‌

METAWATER 

6,800‌

102‌

Mitsubishi 

8,900‌

264‌

Mitsubishi

Electric 

105,700‌

1,116‌

Mitsubishi

Estate 

10,000‌

149‌

Mitsubishi

HC

Capital 

27,800‌

135‌

Mitsubishi

UFJ

Financial

Group 

102,600‌

578‌

Mitsui

Fudosan 

41,300‌

923‌

T.

ROWE

PRICE

Global

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Mitsui

Fudosan

Logistics

Park 

14‌

55‌

Mitsui

Mining

&

Smelting 

6,500‌

156‌

Miura 

12,400‌

299‌

Modec (1)

9,000‌

84‌

Money

Forward (1)

3,300‌

86‌

Murata

Manufacturing 

13,800‌

806‌

Musashi

Seimitsu

Industry 

11,900‌

128‌

Nakanishi 

7,600‌

143‌

NET

One

Systems 

6,200‌

144‌

Nextage 

16,000‌

354‌

NGK

Spark

Plug 

9,300‌

182‌

Nifco 

4,400‌

107‌

Nihon

M&A

Center

Holdings 

2,900‌

39‌

Nintendo 

1,100‌

492‌

Nippon

Ceramic 

9,400‌

148‌

Nippon

Paint

Holdings 

26,600‌

203‌

Nippon

Sanso

Holdings 

8,700‌

147‌

Nippon

Seiki 

27,500‌

177‌

Nippon

Shokubai 

1,800‌

70‌

Nippon

Soda 

7,200‌

228‌

Nippon

Steel 

25,100‌

373‌

Nippon

Telegraph

&

Telephone 

83,400‌

2,382‌

Nipro 

23,900‌

210‌

Nitto

Boseki 

2,400‌

44‌

NSK 

35,700‌

200‌

NTT

Data 

43,700‌

661‌

Obara

Group 

6,000‌

135‌

Omron 

2,800‌

157‌

Oriental

Land 

1,700‌

258‌

ORIX 

12,300‌

219‌

Otsuka

Holdings 

22,200‌

793‌

Outsourcing 

9,800‌

88‌

PALTAC 

900‌

28‌

Pan

Pacific

International

Holdings 

25,100‌

391‌

Panasonic

Holdings 

33,700‌

278‌

Persol

Holdings 

20,000‌

414‌

Pigeon 

8,300‌

121‌

Plaid (1)

1,800‌

5‌

Pola

Orbis

Holdings 

3,100‌

38‌

Recruit

Holdings 

17,200‌

643‌

Renesas

Electronics (1)

16,500‌

157‌

Rinnai 

700‌

53‌

Ryohin

Keikaku 

7,600‌

75‌

Sakata

INX 

19,300‌

143‌

Sankyu 

900‌

30‌

Sansan (1)

5,900‌

59‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sanwa

Holdings 

9,700‌

105‌

Seven

&

i

Holdings 

23,500‌

958‌

SHIFT (1)

200‌

31‌

Shimadzu 

6,000‌

213‌

Shin-Etsu

Chemical 

300‌

38‌

SMC 

300‌

148‌

SMS 

10,700‌

257‌

SoftBank 

55,500‌

642‌

SoftBank

Group 

15,700‌

660‌

Solasto 

38,800‌

249‌

Sompo

Holdings 

9,700‌

433‌

Sony

Group 

7,100‌

602‌

Stanley

Electric 

22,800‌

401‌

Sumitomo 

31,200‌

439‌

Sumitomo

Densetsu 

12,800‌

257‌

Sumitomo

Electric

Industries 

27,600‌

308‌

Sumitomo

Mitsui

Trust

Holdings 

5,600‌

184‌

Sumitomo

Rubber

Industries 

8,200‌

74‌

Sumitomo

Seika

Chemicals 

7,100‌

160‌

Suzuki

Motor 

21,900‌

718‌

Taiheiyo

Cement 

17,200‌

258‌

Taiyo

Yuden 

2,500‌

89‌

Takeda

Pharmaceutical 

11,400‌

334‌

Takeuchi

Manufacturing 

3,900‌

75‌

Takuma 

7,000‌

74‌

TechnoPro

Holdings 

18,700‌

435‌

THK 

6,000‌

127‌

Tokio

Marine

Holdings 

9,000‌

527‌

Tokyo

Century 

3,700‌

131‌

Tokyo

Electron 

1,600‌

551‌

Tokyo

Tatemono 

19,500‌

287‌

Tosoh 

2,800‌

36‌

Toyo

Tire 

13,200‌

177‌

Toyota

Motor 

75,900‌

1,232‌

UT

Group 

8,900‌

173‌

Visional (1)

1,400‌

77‌

WealthNavi (1)(6)

5,600‌

89‌

Welcia

Holdings 

8,100‌

181‌

Yellow

Hat 

11,600‌

152‌

Z

Holdings 

100,700‌

356‌

42,973‌

Corporate

Bonds

0.1%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (5)

300,000‌

268‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23

(USD) 

340,000‌

340‌

608‌

Total

Japan

(Cost

$41,681

)

43,581‌

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) (1)

16,342‌

153‌

Kaspi.KZ,

GDR

(USD) 

5,947‌

313‌

NAC

Kazatomprom,

GDR

(USD) 

6,388‌

192‌

Total

Kazakhstan

(Cost

$848

)

658‌

KENYA

0.0%

Common

Stocks

0.0%

Safaricom 

195,000‌

48‌

Total

Kenya

(Cost

$67

)

48‌

LUXEMBOURG

0.0%

Common

Stocks

0.0%

Ardagh

Metal

Packaging

(USD) 

1,522‌

10‌

Majorel

Group

Luxembourg 

7,618‌

179‌

Total

Luxembourg

(Cost

$269

)

189‌

MEXICO

0.2%

Common

Stocks

0.2%

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

1,523‌

286‌

Grupo

Financiero

Banorte,

Class

O 

106,000‌

604‌

Grupo

Mexico,

Series

B 

112,708‌

447‌

Wal-Mart

de

Mexico 

122,093‌

444‌

1,781‌

Corporate

Bonds

0.0%

BBVA

Bancomer,

4.375%,

4/10/24

(USD) (2)

150,000‌

149‌

149‌

Government

Bonds

0.0%

Mexico

Government

International

Bond,

3.50%,

2/12/34

(USD) 

505,000‌

439‌

439‌

Total

Mexico

(Cost

$2,355

)

2,369‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

MOROCCO

0.0%

Common

Stocks

0.0%

Attijariwafa

Bank 

2,662‌

111‌

Hightech

Payment

Systems 

251‌

131‌

Label

Vie 

132‌

58‌

Total

Morocco

(Cost

$342

)

300‌

NETHERLANDS

1.3%

Common

Stocks

1.2%

Aalberts 

2,879‌

123‌

Adyen (1)

460‌

827‌

AerCap

Holdings

(USD) (1)

3,800‌

171‌

Akzo

Nobel 

21,024‌

1,415‌

Argenx,

ADR

(USD) (1)

1,926‌

702‌

ASML

Holding 

6,139‌

3,528‌

ASML

Holding

(USD) 

1,761‌

1,012‌

Heineken 

2,641‌

260‌

IMCD 

1,714‌

275‌

ING

Groep 

162,055‌

1,574‌

Intertrust (1)

363‌

7‌

Just

Eat

Takeaway.com (1)

3,118‌

57‌

Kendrion 

2,120‌

33‌

Koninklijke

DSM 

4,305‌

690‌

Koninklijke

Philips 

33,110‌

685‌

Prosus 

13,553‌

884‌

Signify 

3,717‌

121‌

Van

Lanschot

Kempen,

CVA 

4,457‌

102‌

12,466‌

Corporate

Bonds

0.1%

ING

Groep,

3.55%,

4/9/24

(USD) 

255,000‌

253‌

JDE

Peet's,

1.375%,

1/15/27

(USD) (2)

290,000‌

254‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

315‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

75‌

897‌

Total

Netherlands

(Cost

$11,534

)

13,363‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

19,459‌

260‌

Total

New

Zealand

(Cost

$135

)

260‌

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NORWAY

0.2%

Common

Stocks

0.2%

Aker

BP 

1,835‌

64‌

Aker

BP,

SDR

(SEK) (1)

2,206‌

76‌

Bakkafrost 

1,230‌

86‌

DNB

Bank 

30,596‌

603‌

Equinor 

32,345‌

1,245‌

Norsk

Hydro 

15,441‌

105‌

Storebrand 

41,832‌

352‌

TGS 

2,336‌

35‌

Total

Norway

(Cost

$1,556

)

2,566‌

PAKISTAN

0.0%

Common

Stocks

0.0%

Indus

Motor 

520‌

3‌

Systems 

62,100‌

90‌

TRG

Pakistan (1)

214,000‌

82‌

Total

Pakistan

(Cost

$197

)

175‌

PANAMA

0.0%

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

28‌

Total

Panama

(Cost

$27

)

28‌

PERU

0.1%

Common

Stocks

0.1%

Alicorp 

13,294‌

18‌

Credicorp

(USD) 

1,769‌

229‌

InRetail

Peru

(USD) 

638‌

19‌

Southern

Copper

(USD) 

14,022‌

698‌

Total

Peru

(Cost

$1,030

)

964‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

Converge

Information

and

Communications

Technology

Solutions (1)

122,000‌

42‌

Philippine

Seven (1)

20,600‌

24‌

SM

Investments 

33,946‌

478‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Universal

Robina 

121,590‌

245‌

Total

Philippines

(Cost

$948

)

789‌

POLAND

0.0%

Common

Stocks

0.0%

Powszechna

Kasa

Oszczednosci

Bank

Polski (1)

40,917‌

231‌

231‌

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

55‌

55‌

Total

Poland

(Cost

$410

)

286‌

PORTUGAL

0.1%

Common

Stocks

0.1%

Banco

Comercial

Portugues,

Class

R 

384,679‌

57‌

Galp

Energia 

50,622‌

535‌

Jeronimo

Martins 

37,381‌

865‌

Total

Portugal

(Cost

$1,298

)

1,457‌

QATAR

0.1%

Common

Stocks

0.1%

Qatar

National

Bank 

149,731‌

829‌

Total

Qatar

(Cost

$846

)

829‌

ROMANIA

0.0%

Common

Stocks

0.0%

Banca

Transilvania 

526,213‌

216‌

Fondul

Proprietatea 

40,380‌

17‌

Total

Romania

(Cost

$266

)

233‌

RUSSIA

0.0%

Common

Stocks

0.0%

Alrosa (3)

80,680‌

—‌

Gazprom,

ADR

(USD) (1)(3)

15,606‌

—‌

HeadHunter

Group,

ADR

(USD) (3)

4,246‌

—‌

MMC

Norilsk

Nickel (3)

311‌

—‌

Moscow

Exchange (1)(3)

51,640‌

—‌

Ozon

Holdings,

ADR

(USD) (1)(3)

7,944‌

—‌

Polyus (3)

294‌

—‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TCS

Group

Holding,

GDR

(USD) (1)(3)

584‌

—‌

X5

Retail

Group,

GDR

(USD) (3)

16,337‌

—‌

Yandex,

Class

A

(USD) (1)(3)

7,997‌

—‌

Total

Russia

(Cost

$1,728

)

—‌

SAUDI

ARABIA

0.2%

Common

Stocks

0.2%

Nahdi

Medical (1)

14,097‌

656‌

Saudi

National

Bank 

49,786‌

934‌

Saudi

Tadawul

Group

Holding 

2,894‌

172‌

1,762‌

Corporate

Bonds

0.0%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD) (2)

245,000‌

242‌

242‌

Total

Saudi

Arabia

(Cost

$1,651

)

2,004‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

41,900‌

66‌

DBS

Group

Holdings 

9,900‌

226‌

Digital

Core

REIT

Management

(USD) (1)

100,600‌

88‌

Lendlease

Global

Commercial

REIT 

76,900‌

46‌

Sea,

ADR

(USD) (1)

11,111‌

848‌

United

Overseas

Bank 

33,700‌

672‌

Wilmar

International 

131,000‌

382‌

Yangzijiang

Financial

Holding

Pte (1)

45,100‌

13‌

Total

Singapore

(Cost

$2,338

)

2,341‌

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

13,547‌

163‌

Total

Slovenia

(Cost

$173

)

163‌

SOUTH

AFRICA

0.1%

Common

Stocks

0.1%

Capitec

Bank

Holdings 

2,368‌

285‌

Clicks

Group 

21,287‌

359‌

FirstRand 

127,297‌

504‌

Impala

Platinum

Holdings 

1,640‌

18‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sibanye

Stillwater 

21,620‌

53‌

1,219‌

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD) (2)

200,000‌

169‌

169‌

Total

South

Africa

(Cost

$1,170

)

1,388‌

SOUTH

KOREA

0.6%

Common

Stocks

0.6%

Coupang

(USD) (1)

12,028‌

208‌

KT 

6,786‌

197‌

KT,

ADR

(USD) 

9,568‌

138‌

LG

Chem 

1,696‌

790‌

LG

H&H 

150‌

90‌

NAVER 

5,151‌

1,030‌

POSCO

Holdings 

187‌

35‌

Samsung

Electronics 

72,175‌

3,417‌

Total

South

Korea

(Cost

$4,530

)

5,905‌

SPAIN

0.5%

Common

Stocks

0.4%

Aedas

Homes 

15,956‌

273‌

Amadeus

IT

Group (1)

23,682‌

1,381‌

Cellnex

Telecom 

14,902‌

667‌

CIE

Automotive 

4,102‌

108‌

Fluidra 

31,493‌

589‌

Iberdrola 

86,586‌

925‌

Indra

Sistemas 

8,258‌

75‌

Laboratorios

Farmaceuticos

Rovi 

5,251‌

275‌

Linea

Directa

Aseguradora

Cia

de

Seguros

y

Reaseguros 

47,264‌

52‌

4,345‌

Corporate

Bonds

0.1%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

179‌

Banco

Santander,

3.848%,

4/12/23

(USD) 

200,000‌

200‌

379‌

Total

Spain

(Cost

$4,658

)

4,724‌

SWEDEN

0.7%

Common

Stocks

0.7%

Alfa

Laval 

1,918‌

57‌

Ambea 

6,875‌

34‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Assa

Abloy,

Class

B 

28,050‌

663‌

Autoliv,

SDR 

2,878‌

250‌

Avanza

Bank

Holding 

8,572‌

165‌

Beijer

Ref 

5,649‌

90‌

Boliden 

12,892‌

431‌

Elekta,

Class

B 

27,772‌

201‌

Epiroc,

Class

A 

41,361‌

731‌

Epiroc,

Class

B 

4,610‌

73‌

Essity,

Class

B 

30,330‌

772‌

Fabege 

6,767‌

69‌

LM

Ericsson,

Class

B 

94,637‌

720‌

Millicom

International

Cellular,

SDR (1)

6,412‌

101‌

MIPS 

1,254‌

67‌

Olink

Holding,

ADR

(USD) (1)

6,285‌

85‌

Sandvik 

13,972‌

257‌

Spotify

Technology

(USD) (1)

1,271‌

144‌

Svenska

Cellulosa,

Class

B 

29,210‌

427‌

Svenska

Handelsbanken,

Class

A 

34,655‌

312‌

Swedbank,

Class

A 

56,268‌

779‌

Thule

Group 

9,902‌

287‌

Trelleborg,

Class

B 

5,243‌

129‌

Total

Sweden

(Cost

$6,716

)

6,844‌

SWITZERLAND

1.6%

Common

Stocks

1.5%

ABB 

16,670‌

507‌

Alcon 

13,380‌

1,053‌

ams (1)

11,787‌

97‌

Barry

Callebaut 

372‌

824‌

Bossard

Holding 

255‌

57‌

DKSH

Holding 

2,791‌

229‌

Julius

Baer

Group 

24,471‌

1,265‌

Lonza

Group 

1,457‌

886‌

Montana

Aerospace (1)

8,691‌

173‌

Nestle 

19,105‌

2,341‌

Novartis 

14,569‌

1,252‌

Partners

Group

Holding 

651‌

711‌

PolyPeptide

Group 

2,608‌

124‌

Roche

Holding 

9,229‌

3,064‌

Sensirion

Holding (1)

772‌

90‌

Sika 

2,271‌

561‌

SKAN

Group 

325‌

18‌

TE

Connectivity

(USD) 

5,641‌

754‌

Tecan

Group 

166‌

59‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UBS

Group 

13,543‌

221‌

Valora

Holding 

910‌

249‌

Zurich

Insurance

Group 

3,042‌

1,328‌

15,863‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD) (2)

235,000‌

206‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23

(USD) (2)(5)

250,000‌

249‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD) (2)(5)

300,000‌

269‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD) (2)(5)

200,000‌

154‌

878‌

Total

Switzerland

(Cost

$13,616

)

16,741‌

TAIWAN

0.7%

Common

Stocks

0.7%

Chailease

Holding 

18,000‌

128‌

Chroma

ATE 

18,000‌

104‌

Largan

Precision 

2,000‌

140‌

MediaTek 

16,000‌

369‌

Taiwan

Semiconductor

Manufacturing 

384,000‌

6,585‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

2,574‌

228‌

Vanguard

International

Semiconductor 

66,000‌

159‌

Total

Taiwan

(Cost

$3,759

)

7,713‌

THAILAND

0.1%

Common

Stocks

0.1%

Airports

of

Thailand (1)

53,500‌

102‌

CP

ALL 

599,500‌

1,005‌

Total

Thailand

(Cost

$1,254

)

1,107‌

UNITED

ARAB

EMIRATES

0.1%

Common

Stocks

0.1%

Air

Arabia 

268,315‌

161‌

Borouge (1)

70,673‌

57‌

First

Abu

Dhabi

Bank 

134,065‌

709‌

Network

International

Holdings

(GBP) (1)

49,324‌

122‌

Total

United

Arab

Emirates

(Cost

$826

)

1,049‌

UNITED

KINGDOM

3.5%

Common

Stocks

3.2%

Abcam (1)

20,383‌

305‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Adriatic

Metals,

CDI

(AUD) (1)

30,009‌

43‌

AJ

Bell 

22,197‌

85‌

Amcor,

CDI

(AUD) 

27,622‌

361‌

Ascential (1)

221,811‌

793‌

Ashtead

Group 

22,317‌

1,256‌

ASOS (1)

22,050‌

281‌

AstraZeneca 

9,637‌

1,268‌

AstraZeneca,

ADR

(USD) 

98,347‌

6,514‌

Auction

Technology

Group (1)

10,390‌

127‌

Baltic

Classifieds

Group (1)

80,999‌

163‌

Big

Yellow

Group 

2,306‌

40‌

boohoo

Group (1)

42,013‌

34‌

Bridgepoint

Group 

124,758‌

390‌

British

American

Tobacco 

4,251‌

167‌

Bunzl 

5,846‌

219‌

Burberry

Group 

13,405‌

295‌

Bytes

Technology

Group 

22,740‌

126‌

Central

Asia

Metals 

60,493‌

184‌

Close

Brothers

Group 

5,596‌

76‌

Compass

Group 

22,891‌

536‌

Croda

International 

3,061‌

280‌

CVS

Group 

4,973‌

104‌

Dechra

Pharmaceuticals 

12,241‌

551‌

Derwent

London 

7,385‌

258‌

Diageo 

10,746‌

509‌

Diploma 

1,646‌

55‌

Direct

Line

Insurance

Group 

97,693‌

245‌

Dr.

Martens 

75,418‌

239‌

Endava,

ADR

(USD) (1)

987‌

101‌

Experian 

11,708‌

410‌

FD

Technologies (1)

6,290‌

150‌

Frontier

Developments (1)

5,962‌

113‌

Funding

Circle

Holdings (1)

79,326‌

36‌

Genuit

Group 

22,778‌

118‌

Genus 

4,944‌

171‌

Georgia

Capital (1)

3,326‌

26‌

Great

Portland

Estates 

51,235‌

388‌

Greggs 

14,483‌

361‌

GSK,

ADR

(USD) 

16,012‌

675‌

Haleon,

ADR

(USD) (1)

20,773‌

146‌

Helios

Towers (1)(6)

104,800‌

184‌

HSBC

Holdings 

37,746‌

236‌

Imperial

Brands 

11,061‌

243‌

Informa (1)

18,408‌

134‌

InterContinental

Hotels

Group 

4,115‌

244‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Intermediate

Capital

Group 

17,189‌

320‌

Investec 

17,334‌

94‌

IQE (1)

292,782‌

156‌

Johnson

Matthey 

11,179‌

292‌

Keywords

Studios 

11,295‌

347‌

Kingfisher 

127,631‌

404‌

Lloyds

Banking

Group 

895,213‌

496‌

London

Stock

Exchange

Group 

9,373‌

915‌

Melrose

Industries 

184,156‌

363‌

Molten

Ventures (1)

37,943‌

221‌

Mondi 

30,417‌

577‌

National

Express

Group (1)

53,663‌

120‌

National

Grid 

30,694‌

423‌

Next 

5,717‌

476‌

Ninety

One 

12,403‌

31‌

Ocado

Group (1)

23,171‌

238‌

Oxford

Nanopore

Technologies (1)

20,229‌

79‌

Persimmon 

12,629‌

291‌

Playtech (1)

14,246‌

85‌

Prudential 

15,838‌

195‌

Renishaw 

3,266‌

173‌

Rightmove 

14,526‌

114‌

Rio

Tinto 

5,311‌

321‌

Rolls-Royce

Holdings (1)

168,555‌

184‌

Rotork 

31,664‌

100‌

Shell 

18,494‌

493‌

Shell,

ADR

(USD) 

6,607‌

353‌

Smith

&

Nephew 

50,160‌

643‌

Smiths

Group 

8,633‌

163‌

Spirax-Sarco

Engineering 

1,370‌

200‌

SSP

Group (1)

45,070‌

140‌

Standard

Chartered 

31,898‌

220‌

Syncona (1)

44,594‌

112‌

Taylor

Wimpey 

69,797‌

109‌

THG (1)

13,325‌

11‌

Trainline (1)

107,896‌

522‌

Unilever

(EUR) 

6,807‌

332‌

Unilever 

41,039‌

1,999‌

UNITE

Group 

3,792‌

54‌

Victorian

Plumbing

Group (1)

30,590‌

19‌

Victrex 

7,250‌

171‌

Vodafone

Group 

135,016‌

199‌

Vodafone

Group,

ADR

(USD) 

26,386‌

389‌

Watches

of

Switzerland

Group (1)

20,199‌

219‌

Weir

Group 

22,767‌

466‌

WPP 

55,649‌

601‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

YouGov 

23,872‌

318‌

33,988‌

Corporate

Bonds

0.3%

Barclays,

VR,

2.279%,

11/24/27

(USD) (5)

335,000‌

300‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

275,000‌

228‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (2)

210,000‌

190‌

Experian

Finance,

2.75%,

3/8/30

(USD) (2)

200,000‌

181‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (5)

200,000‌

170‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (2)

405,000‌

366‌

NatWest

Group,

VR,

4.519%,

6/25/24

(USD) (5)

300,000‌

299‌

NatWest

Markets,

2.375%,

5/21/23

(USD) (2)

240,000‌

237‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

93‌

RELX

Capital,

3.50%,

3/16/23

(USD) 

45,000‌

45‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (5)

200,000‌

180‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD) (2)(5)

320,000‌

299‌

2,588‌

Total

United

Kingdom

(Cost

$35,377

)

36,576‌

UNITED

STATES

68.9%

Asset-Backed

Securities

0.5%

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

105,000‌

102‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

139‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25 (2)

105,000‌

101‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27 (2)

100,000‌

93‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

TSFR

+

1.32%,

3.65%,

4/15/35 (2)

250,000‌

241‌

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

83‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

135‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

USD

LIBOR

+

1.14%,

3.652%,

7/15/36 (2)

250,000‌

241‌

CNH

Equipment

Trust,

Series

2019-C,

Class

B,

2.35%,

4/15/27 

295,000‌

288‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (2)

128,050‌

113‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (2)

129,025‌

109‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

USD

LIBOR

+

1.12%,

2.598%,

5/20/34 (2)

250,000‌

241‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

C,

0.74%,

1/15/26 

215,000‌

211‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

C,

0.98%,

6/15/26 

75,000‌

72‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

215,000‌

203‌

Ford

Credit

Auto

Owner

Trust,

Series

2019-1,

Class

B,

3.82%,

7/15/30 (2)

205,000‌

204‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (2)

115,000‌

105‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

186‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

86‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (2)

105,875‌

104‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28 (2)

160,885‌

155‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (2)

119,308‌

113‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (2)

68,124‌

62‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (2)

206,032‌

201‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-FA,

Class

A2,

2.60%,

8/15/68 (2)

57,750‌

55‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-GA,

Class

A,

2.40%,

10/15/68 (2)

64,402‌

62‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (2)

35,927‌

34‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (2)

43,339‌

40‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-A,

Class

A,

0.84%,

5/15/69 (2)

50,365‌

46‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (2)

216,540‌

198‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (2)

128,700‌

109‌

Sierra

Timeshare

Receivables

Funding,

Series

2018-2A,

Class

A,

3.50%,

6/20/35 (2)

27,469‌

27‌

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

A3,

ARM,

1M

USD

LIBOR

+

1.75%,

3.749%,

5/17/32 (2)

91,641‌

92‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31 (2)

65,736‌

65‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

ARM,

1M

USD

LIBOR

+

1.45%,

3.449%,

2/17/32 (2)

83,304‌

83‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (2)

130,831‌

129‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (2)

52,660‌

51‌

SMB

Private

Education

Loan

Trust,

Series

2019-A,

Class

A2B,

ARM,

1M

USD

LIBOR

+

0.87%,

2.869%,

7/15/36 (2)

60,719‌

59‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (2)

76,033‌

70‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (2)

173,623‌

156‌

Synchrony

Credit

Card

Master

Note

Trust,

Series

2017-2,

Class

A,

2.62%,

10/15/25 

50,000‌

50‌

4,914‌

Bond

Mutual

Funds

15.3%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.85% (7)(8)

2,038,980‌

19,676‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

7.36% (7)(8)

5,144,582‌

23,871‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.03% (7)(8)

6,112,611‌

38,571‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

5.58% (7)(8)

2,082,767‌

19,307‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.69% (7)(8)

2,926,916‌

22,713‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.75% (7)(8)

3,944,377‌

30,174‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.69% (7)(8)

689,652‌

6,400‌

160,712‌

Common

Stocks

27.9%

Abbott

Laboratories 

11,868‌

1,292‌

AbbVie 

21,868‌

3,138‌

Acadia

Realty

Trust,

REIT 

9,087‌

156‌

Accenture,

Class

A 

2,511‌

769‌

Advanced

Micro

Devices (1)

19,567‌

1,848‌

Affirm

Holdings (1)

2,685‌

72‌

AGCO 

362‌

39‌

Air

Products

&

Chemicals 

540‌

134‌

Alamo

Group 

215‌

28‌

Albemarle 

268‌

65‌

Alexandria

Real

Estate

Equities,

REIT 

2,213‌

367‌

Align

Technology (1)

362‌

102‌

Alphabet,

Class

A (1)

6,160‌

716‌

Alphabet,

Class

C (1)

108,145‌

12,614‌

Amazon.com (1)

57,033‌

7,697‌

Ameren 

3,574‌

333‌

American

Electric

Power 

15,759‌

1,553‌

American

Homes

4

Rent,

Class

A,

REIT 

7,227‌

274‌

American

International

Group 

28,257‌

1,463‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

American

Tower,

REIT 

1,756‌

476‌

Analog

Devices 

8,641‌

1,486‌

Apartment

Income

REIT,

REIT 

1,602‌

73‌

Apollo

Global

Management 

11,412‌

652‌

Apple 

64,944‌

10,554‌

Apple

Hospitality

REIT,

REIT 

12,913‌

215‌

Atlassian,

Class

A (1)

2,164‌

453‌

AvalonBay

Communities,

REIT 

8,017‌

1,715‌

Avery

Dennison 

332‌

63‌

Baker

Hughes 

36,769‌

945‌

Ball 

4,813‌

353‌

Bank

of

America 

81,364‌

2,751‌

Becton

Dickinson

&

Company 

23,225‌

5,674‌

Best

Buy 

5,834‌

449‌

Bill.com

Holdings (1)

2,353‌

318‌

Block (1)

3,486‌

265‌

Booking

Holdings (1)

200‌

387‌

Bristol-Myers

Squibb 

13,223‌

976‌

Broadcom 

1,536‌

822‌

Burlington

Stores (1)

1,304‌

184‌

Cactus,

Class

A 

1,474‌

61‌

Camden

Property

Trust,

REIT 

2,700‌

381‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (1)(3)(4)

105‌

100‌

Carvana (1)

8,654‌

252‌

Caterpillar 

1,735‌

344‌

CCC

Intelligent

Solutions

Holdings (1)

20,211‌

202‌

Centene (1)

40,041‌

3,723‌

Ceridian

HCM

Holding (1)

5,409‌

296‌

CF

Industries

Holdings 

847‌

81‌

ChampionX 

2,375‌

50‌

Charles

Schwab 

50,733‌

3,503‌

Cheniere

Energy 

1,711‌

256‌

Chevron 

1,999‌

327‌

Chipotle

Mexican

Grill (1)

1,115‌

1,744‌

Chubb 

29,417‌

5,549‌

Cigna 

2,403‌

662‌

Cintas 

272‌

116‌

CME

Group 

4,848‌

967‌

CMS

Energy 

569‌

39‌

Coca-Cola 

13,189‌

846‌

Confluent,

Class

A (1)

2,706‌

69‌

ConocoPhillips 

4,578‌

446‌

Cooper 

1,892‌

619‌

Corning 

23,031‌

847‌

Crowdstrike

Holdings,

Class

A (1)

483‌

89‌

Crown

Castle

International,

REIT 

1,357‌

245‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Crown

Holdings 

598‌

61‌

CSX 

80,833‌

2,613‌

CubeSmart,

REIT 

8,205‌

376‌

Danaher 

15,596‌

4,546‌

Darling

Ingredients (1)

1,584‌

110‌

Datadog,

Class

A (1)

1,467‌

150‌

Deere 

428‌

147‌

Devon

Energy 

3,859‌

242‌

Dollar

General 

8,757‌

2,175‌

Dominion

Energy 

43,367‌

3,555‌

DoorDash,

Class

A (1)

4,306‌

300‌

Douglas

Emmett,

REIT 

5,847‌

138‌

DTE

Energy 

3,652‌

476‌

Duke

Energy 

13,925‌

1,531‌

EastGroup

Properties,

REIT 

981‌

167‌

Eaton 

12,947‌

1,921‌

Element

Solutions 

2,896‌

57‌

Elevance

Health 

11,313‌

5,397‌

Eli

Lilly 

6,875‌

2,267‌

Entegris 

434‌

48‌

EOG

Resources 

7,244‌

806‌

EPAM

Systems (1)

23‌

8‌

Equinix,

REIT 

964‌

678‌

Equitrans

Midstream 

7,010‌

55‌

Equity

LifeStyle

Properties,

REIT 

6,481‌

476‌

Equity

Residential,

REIT 

10,034‌

787‌

Essex

Property

Trust,

REIT 

1,158‌

332‌

Exelon 

7,639‌

355‌

Extra

Space

Storage,

REIT 

278‌

53‌

Exxon

Mobil 

26,476‌

2,566‌

Federal

Realty,

REIT 

605‌

64‌

Fidelity

National

Information

Services 

8,625‌

881‌

Fiserv (1)

22,806‌

2,410‌

FleetCor

Technologies (1)

4,028‌

886‌

Floor

&

Decor

Holdings,

Class

A (1)

3,159‌

254‌

FMC 

11,415‌

1,268‌

Fortinet (1)

7,053‌

421‌

General

Electric 

31,553‌

2,332‌

Goldman

Sachs

Group 

5,334‌

1,778‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(3)(4)

826‌

24‌

Halliburton 

1,805‌

53‌

Hartford

Financial

Services

Group 

10,199‌

657‌

HashiCorp,

Class

A (1)

747‌

27‌

HCA

Healthcare 

3,537‌

751‌

Hess 

1,658‌

186‌

Hilton

Worldwide

Holdings 

6,085‌

779‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Home

Depot 

4,060‌

1,222‌

Honeywell

International 

11,138‌

2,144‌

Host

Hotels

&

Resorts,

REIT 

62,360‌

1,111‌

Howard

Hughes (1)

656‌

46‌

Hubbell 

7,190‌

1,575‌

Humana 

2,110‌

1,017‌

Illinois

Tool

Works 

1,553‌

323‌

Ingersoll

Rand 

11,774‌

586‌

International

Flavors

&

Fragrances 

8,591‌

1,066‌

International

Paper 

2,150‌

92‌

Intuit 

4,250‌

1,939‌

Intuitive

Surgical (1)

8,744‌

2,013‌

Johnson

&

Johnson 

18,809‌

3,283‌

JPMorgan

Chase 

37,988‌

4,382‌

Keurig

Dr

Pepper 

54,701‌

2,119‌

Kilroy

Realty,

REIT 

2,330‌

126‌

Kimco

Realty,

REIT 

1,853‌

41‌

KLA 

5,236‌

2,008‌

L3Harris

Technologies 

9,473‌

2,273‌

Laboratory

Corp.

of

America

Holdings 

1,641‌

430‌

Lam

Research 

607‌

304‌

Liberty

Energy (1)

2,427‌

34‌

Liberty

Media-Liberty

Formula

One,

Class

C (1)

13,192‌

894‌

Linde

(EUR) 

922‌

279‌

Linde 

1,860‌

562‌

Live

Nation

Entertainment (1)

6,469‌

608‌

Lululemon

Athletica (1)

4,586‌

1,424‌

Magnolia

Oil

&

Gas,

Class

A 

3,787‌

91‌

Marriott

International,

Class

A 

11,186‌

1,777‌

Marsh

&

McLennan 

1,877‌

308‌

Martin

Marietta

Materials 

331‌

117‌

Marvell

Technology 

5,494‌

306‌

Mastercard,

Class

A 

5,379‌

1,903‌

McDonald's 

6,526‌

1,719‌

Meta

Platforms,

Class

A (1)

12,524‌

1,993‌

MetLife 

16,086‌

1,017‌

Microsoft 

52,816‌

14,828‌

Middleby (1)

8,296‌

1,200‌

Moderna (1)

4,375‌

718‌

Molina

Healthcare (1)

3,968‌

1,300‌

Mondelez

International,

Class

A 

17,534‌

1,123‌

MongoDB (1)

1,299‌

406‌

Monolithic

Power

Systems 

697‌

324‌

Monster

Beverage (1)

9,859‌

982‌

Motorola

Solutions 

4,779‌

1,140‌

MSCI 

207‌

100‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Netflix (1)

1,409‌

317‌

Newmont 

620‌

28‌

NextEra

Energy 

17,719‌

1,497‌

NIKE,

Class

B 

4,704‌

541‌

NiSource 

17,960‌

546‌

Norfolk

Southern 

3,053‌

767‌

Northrop

Grumman 

2,089‌

1,000‌

Nucor 

2,694‌

366‌

NVIDIA 

10,804‌

1,962‌

NXP

Semiconductors 

3,627‌

667‌

Olaplex

Holdings (1)

25,508‌

439‌

Opendoor

Technologies,

Class

A (1)

13,392‌

66‌

O'Reilly

Automotive (1)

443‌

312‌

Packaging

Corp.

of

America 

2,587‌

364‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(3)(4)

21,572‌

14‌

Paycom

Software (1)

196‌

65‌

PayPal

Holdings (1)

2,150‌

186‌

Pebblebrook

Hotel

Trust,

REIT 

7,965‌

156‌

PerkinElmer 

6,593‌

1,010‌

Philip

Morris

International 

37,296‌

3,623‌

Pioneer

Natural

Resources 

1,037‌

246‌

Planet

Fitness,

Class

A (1)

9,936‌

783‌

Procter

&

Gamble 

12,015‌

1,669‌

Progressive 

18,897‌

2,174‌

Prologis,

REIT 

18,503‌

2,453‌

Public

Storage,

REIT 

1,904‌

621‌

QUALCOMM 

11,266‌

1,634‌

Quanta

Services 

488‌

68‌

Rayonier,

REIT 

3,233‌

122‌

Regency

Centers,

REIT 

4,016‌

259‌

Regeneron

Pharmaceuticals (1)

1,674‌

974‌

Reliance

Steel

&

Aluminum 

2,411‌

459‌

Republic

Services 

9,414‌

1,305‌

Rexford

Industrial

Realty,

REIT 

4,847‌

317‌

Roper

Technologies 

2,721‌

1,188‌

Ross

Stores 

14,391‌

1,169‌

Royal

Gold 

457‌

48‌

RPM

International 

1,607‌

145‌

S&P

Global 

1,227‌

462‌

Saia (1)

1,550‌

369‌

Salesforce (1)

14,911‌

2,744‌

SBA

Communications,

REIT 

1,092‌

367‌

Sempra

Energy 

17,374‌

2,881‌

ServiceNow (1)

3,430‌

1,532‌

Sherwin-Williams 

9,448‌

2,286‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Shoals

Technologies

Group,

Class

A (1)

4,185‌

99‌

Simon

Property

Group,

REIT 

3,240‌

352‌

SL

Green

Realty,

REIT 

1,697‌

84‌

Snap,

Class

A (1)

4,374‌

43‌

Snowflake,

Class

A (1)

918‌

138‌

Southern 

69,157‌

5,317‌

Steel

Dynamics 

4,033‌

314‌

STERIS 

900‌

203‌

Stryker 

2,541‌

546‌

Synopsys (1)

5,001‌

1,838‌

T-Mobile

U.S. (1)

15,942‌

2,281‌

TechnipFMC (1)

5,750‌

46‌

Teleflex 

665‌

160‌

Terreno

Realty,

REIT 

4,086‌

256‌

Tesla (1)

5,847‌

5,212‌

Texas

Instruments 

8,792‌

1,573‌

Thermo

Fisher

Scientific 

6,684‌

4,000‌

TJX 

15,183‌

929‌

TransUnion 

1,454‌

115‌

Travelers 

15,338‌

2,434‌

UiPath,

Class

A (1)

15,045‌

276‌

Union

Pacific 

3,210‌

730‌

UnitedHealth

Group 

13,469‌

7,305‌

Valero

Energy 

5,594‌

620‌

Veeva

Systems,

Class

A (1)

4,905‌

1,097‌

Ventas,

REIT 

3,260‌

175‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17,

Cost $4 (1)(3)(4)

1‌

6‌

VeriSign (1)

4,250‌

804‌

Visa,

Class

A 

26,606‌

5,643‌

Vulcan

Materials 

957‌

158‌

Walmart 

29,829‌

3,939‌

Walt

Disney (1)

17,416‌

1,848‌

Waste

Connections 

1,730‌

231‌

WEC

Energy

Group 

1,302‌

135‌

Wells

Fargo 

76,927‌

3,375‌

Welltower,

REIT 

5,390‌

465‌

West

Pharmaceutical

Services 

3,373‌

1,159‌

Western

Alliance

Bancorp 

8,277‌

632‌

Westrock 

1,082‌

46‌

Williams 

17,454‌

595‌

Wix.com (1)

1,444‌

86‌

Workiva (1)

6,622‌

434‌

Xcel

Energy 

13,452‌

984‌

Yum!

Brands 

16,320‌

2,000‌

Zoetis 

6,232‌

1,138‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Zoom

Video

Communications,

Class

A (1)

7,800‌

810‌

292,534‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97 (1)(3)(4)

2,160‌

147‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42 (1)(3)(4)

618‌

42‌

AES,

6.875%,

2/15/24 

1,956‌

175‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7 (1)(3)(4)

4‌

4‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52 (1)(3)(4)

6,404‌

42‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (1)(3)

(4)

116‌

19‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)(3)

(4)

309‌

51‌

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $3 (1)(3)(4)

163‌

10‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33 (1)(3)(4)

1,103‌

34‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15 (1)(3)(4)

255‌

24‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71 (1)(3)(4)

2,594‌

71‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37 (1)

(3)(4)

2,783‌

37‌

NextEra

Energy,

5.279%,

3/1/23 

2,378‌

124‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $155 (1)(3)(4)

16,193‌

98‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (1)(3)(4)

1,666‌

87‌

Southern,

Series

2019,

6.75%,

8/1/22 

1,551‌

86‌

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2 (1)(3)(4)

2,304‌

3‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3 (1)(3)(4)

3,239‌

4‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143 (1)(3)(4)

1,669‌

153‌

1,211‌

Corporate

Bonds

2.5%

AbbVie,

2.95%,

11/21/26 

145,000‌

141‌

AbbVie,

4.50%,

5/14/35 

30,000‌

30‌

AbbVie,

4.70%,

5/14/45 

95,000‌

96‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

21‌

Air

Lease,

2.20%,

1/15/27 

195,000‌

173‌

Air

Lease,

3.625%,

4/1/27 

45,000‌

42‌

Ally

Financial,

2.20%,

11/2/28 

270,000‌

229‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

38‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Amazon.com,

2.80%,

8/22/24 

50,000‌

50‌

Amazon.com,

3.875%,

8/22/37 

150,000‌

150‌

American

Airlines

PTT,

Series

2014-1,

Class

A,

3.70%,

10/1/26 

21,010‌

18‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

164,941‌

148‌

American

Campus

Communities

Operating

Partnership,

3.625%,

11/15/27 

230,000‌

228‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

247‌

American

Tower,

1.45%,

9/15/26 

355,000‌

317‌

Amphenol,

2.20%,

9/15/31 

105,000‌

90‌

Aon,

2.20%,

11/15/22 

195,000‌

195‌

Aon,

3.875%,

12/15/25 

25,000‌

25‌

Appalachian

Power,

4.45%,

6/1/45 

40,000‌

36‌

Apple,

3.20%,

5/11/27 

300,000‌

302‌

AT&T,

2.75%,

6/1/31 

215,000‌

192‌

Autodesk,

2.40%,

12/15/31 

385,000‌

328‌

AutoZone,

3.125%,

4/21/26 

170,000‌

167‌

AutoZone,

3.75%,

6/1/27 

70,000‌

70‌

Baltimore

Gas

&

Electric,

3.35%,

7/1/23 

225,000‌

225‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

400‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

51‌

Bank

of

America,

VR,

3.55%,

3/5/24 (5)

100,000‌

100‌

Bank

of

America,

VR,

4.244%,

4/24/38 (5)

120,000‌

116‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

56‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

105‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

182‌

Berkshire

Hathaway,

2.75%,

3/15/23 

35,000‌

35‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

26‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

30‌

BP

Capital

Markets

America,

1.749%,

8/10/30 

180,000‌

155‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (2)

100,000‌

90‌

Bristol-Myers

Squibb,

2.90%,

7/26/24 

163,000‌

163‌

Bristol-Myers

Squibb,

3.55%,

8/15/22 

250,000‌

250‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

25,000‌

24‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

74‌

Cameron

LNG,

2.902%,

7/15/31 (2)

40,000‌

36‌

Cameron

LNG,

3.701%,

1/15/39 (2)

30,000‌

26‌

Capital

One

Financial,

3.20%,

1/30/23 

230,000‌

230‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

123‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

80‌

Carvana,

10.25%,

5/1/30 (2)

149,000‌

123‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

368‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

51‌

Charter

Communications

Operating,

Series

USD,

4.50%,

2/1/24 

250,000‌

252‌

Cigna,

3.25%,

4/15/25 

250,000‌

247‌

Cigna,

3.75%,

7/15/23 

63,000‌

63‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Citigroup,

4.45%,

9/29/27 

70,000‌

70‌

Citigroup,

VR,

3.887%,

1/10/28 (5)

315,000‌

308‌

Citigroup,

VR,

4.075%,

4/23/29 (5)

100,000‌

97‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

24‌

CNO

Global

Funding,

2.65%,

1/6/29 (2)

315,000‌

280‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

93‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

44‌

CommonSpirit

Health,

2.95%,

11/1/22 

25,000‌

25‌

Corebridge

Financial,

4.40%,

4/5/52 (2)

375,000‌

325‌

Crown

Castle

International,

2.10%,

4/1/31 

250,000‌

208‌

Crown

Castle

International,

3.70%,

6/15/26 

40,000‌

39‌

Crown

Castle

International,

4.75%,

5/15/47 

30,000‌

28‌

CVS

Health,

2.70%,

8/21/40 

40,000‌

30‌

DCP

Midstream

Operating,

3.875%,

3/15/23 

25,000‌

25‌

Delta

Air

Lines,

3.80%,

4/19/23 

75,000‌

75‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

15‌

Discover

Financial

Services,

3.85%,

11/21/22 

95,000‌

95‌

Eaton

Vance,

3.625%,

6/15/23 

15,000‌

15‌

Elevance

Health,

4.101%,

3/1/28 

130,000‌

132‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

20‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

122‌

Equitable

Holdings,

3.90%,

4/20/23 

29,000‌

29‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

115‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

14‌

Fifth

Third

Bancorp,

4.30%,

1/16/24 

65,000‌

65‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

70‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (2)

65,000‌

65‌

Fiserv,

3.20%,

7/1/26 

100,000‌

97‌

Florida

Gas

Transmission,

4.35%,

7/15/25 (2)

215,000‌

217‌

General

Motors,

4.00%,

4/1/25 

55,000‌

55‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

264‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

14‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

299‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

115‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

15‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

12‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (5)

200,000‌

173‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (5)

130,000‌

100‌

Hackensack

Meridian

Health,

4.211%,

7/1/48 

155,000‌

149‌

Hasbro,

3.00%,

11/19/24 

150,000‌

147‌

Hasbro,

3.55%,

11/19/26 

420,000‌

409‌

HCA,

4.125%,

6/15/29 

235,000‌

225‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

29‌

Healthpeak

Properties,

2.125%,

12/1/28 

80,000‌

71‌

Healthpeak

Properties,

2.875%,

1/15/31 

45,000‌

40‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (2)

100,000‌

99‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Honeywell

International,

1.10%,

3/1/27 

275,000‌

251‌

Hyatt

Hotels,

3.375%,

7/15/23 

30,000‌

30‌

Hyundai

Capital

America,

1.30%,

1/8/26 (2)

145,000‌

130‌

Hyundai

Capital

America,

1.65%,

9/17/26 (2)

180,000‌

161‌

Hyundai

Capital

America,

1.80%,

10/15/25 (2)

55,000‌

51‌

Hyundai

Capital

America,

2.00%,

6/15/28 (2)

235,000‌

201‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

134‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

76‌

ITC

Holdings,

2.70%,

11/15/22 

95,000‌

95‌

Jackson

Financial,

1.125%,

11/22/23 (2)

270,000‌

261‌

JPMorgan

Chase,

3.375%,

5/1/23 

410,000‌

411‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (5)

235,000‌

214‌

JPMorgan

Chase,

VR,

3.559%,

4/23/24 (5)

125,000‌

125‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (5)

160,000‌

147‌

Kansas

City

Southern,

2.875%,

11/15/29 

55,000‌

51‌

Kansas

City

Southern,

3.50%,

5/1/50 

155,000‌

128‌

Kansas

City

Southern,

4.30%,

5/15/43 

25,000‌

23‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

62‌

KeyCorp,

2.25%,

4/6/27 

90,000‌

83‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

233‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

39‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

24‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

15‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

51‌

Liberty

Mutual

Group,

4.25%,

6/15/23 (2)

10,000‌

10‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (2)

20,000‌

19‌

Life

Storage,

4.00%,

6/15/29 

145,000‌

137‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

290‌

M&T

Bank,

3.55%,

7/26/23 

345,000‌

345‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

286‌

Marsh

&

McLennan,

3.30%,

3/14/23 

10,000‌

10‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

115‌

McDonald's,

1.45%,

9/1/25 

65,000‌

61‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

113‌

Met

Tower

Global

Funding,

1.25%,

9/14/26 (2)

245,000‌

221‌

Micron

Technology,

4.185%,

2/15/27 

31,000‌

31‌

Microsoft,

2.921%,

3/17/52 

90,000‌

75‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (2)

110,000‌

109‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

169‌

Moody's,

2.00%,

8/19/31 

335,000‌

285‌

Morgan

Stanley,

3.125%,

1/23/23 

485,000‌

485‌

Morgan

Stanley,

4.10%,

5/22/23 

200,000‌

201‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

42‌

Morgan

Stanley,

VR,

3.971%,

7/22/38 (5)

135,000‌

126‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

279‌

NiSource,

3.49%,

5/15/27 

215,000‌

211‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NiSource,

3.95%,

3/30/48 

105,000‌

90‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

25‌

Northwestern

University,

Series

2020,

2.64%,

12/1/50 

140,000‌

105‌

Nucor,

2.70%,

6/1/30 

70,000‌

62‌

Nucor,

3.95%,

5/1/28 

130,000‌

129‌

Omnicom

Group,

3.60%,

4/15/26 

50,000‌

50‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

50‌

Oracle,

2.40%,

9/15/23 

300,000‌

297‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

144‌

O'Reilly

Automotive,

3.80%,

9/1/22 

125,000‌

125‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

393‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

125,000‌

107‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

339‌

PerkinElmer,

1.90%,

9/15/28 

230,000‌

199‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

196‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

73‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

24‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23 (2)

270,000‌

270‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

136‌

Principal

Financial

Group,

3.30%,

9/15/22 

25,000‌

25‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

35‌

Protective

Life

Global

Funding,

1.082%,

6/9/23 (2)

205,000‌

201‌

Providence

Health

&

Services

Obligated

Group,

4.379%,

10/1/23 

25,000‌

25‌

Public

Storage,

1.95%,

11/9/28 

150,000‌

133‌

QUALCOMM,

3.25%,

5/20/27 

107,000‌

107‌

QVC,

4.85%,

4/1/24 

20,000‌

19‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

63‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

35‌

Republic

Services,

2.375%,

3/15/33 

355,000‌

302‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

225‌

Rockwell

Automation,

1.75%,

8/15/31 

330,000‌

281‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

55‌

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

50‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

49‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (5)

135,000‌

120‌

SBA

Tower

Trust,

2.836%,

1/15/25 (2)

250,000‌

239‌

Sempra

Energy,

3.30%,

4/1/25 

185,000‌

183‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

191‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

290‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

45‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

172‌

State

Street,

3.10%,

5/15/23 

25,000‌

25‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

375‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

74‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

43‌

Thermo

Fisher

Scientific,

2.80%,

10/15/41 

140,000‌

115‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

14‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

13‌

TJX,

1.60%,

5/15/31 

55,000‌

46‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

24‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

10‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

3,177‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

287,694‌

253‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

41‌

Valero

Energy,

2.85%,

4/15/25 

64,000‌

62‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

23‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

222‌

Visa,

2.15%,

9/15/22 

90,000‌

90‌

Visa,

4.15%,

12/14/35 

90,000‌

94‌

Vistra

Operations,

3.55%,

7/15/24 (2)

135,000‌

131‌

VMware,

1.40%,

8/15/26 

350,000‌

315‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

133‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

40‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

159‌

WP

Carey,

3.85%,

7/15/29 

115,000‌

110‌

26,687‌

Equity

Mutual

Funds

8.1%

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

2,926,228‌

27,975‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class (7)

2,948,653‌

57,086‌

85,061‌

Municipal

Securities

0.3%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

254‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

195‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

48‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

182‌

Dallas

Fort

Worth

Int'l

Airport,

2.843%,

11/1/46 

150,000‌

117‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

335‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

15‌

Los

Angeles

Airport,

Build

America,

Series

C,

7.053%,

5/15/40 

15,000‌

19‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

166‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36 

20,000‌

21‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Series

B,

3.235%,

7/1/52 

200,000‌

163‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Metropolitan

Transportation

Auth.,

Build

America,

Series

A-1,

5.871%,

11/15/39 

15,000‌

16‌

Miami-Dade

County

Transit

System,

Bulild

America,

Series

B,

5.624%,

7/1/40 

160,000‌

180‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

78‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

126,000‌

153‌

New

York

State

Dormitory

Auth.,

Build

America,

Series

F,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

17‌

New

York

State

Urban

Dev.,

Series

B,

2.59%,

3/15/35 

305,000‌

258‌

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

5,000‌

5‌

Port

Auth.

of

New

York

&

New

Jersey,

Series

182,

5.31%,

8/1/46 

20,000‌

20‌

South

Carolina

Public

Service

Auth.,

Series

D,

Unrefunded

Portion,

2.388%,

12/1/23 

25,000‌

25‌

Texas

A&M

Univ.,

Series

B,

3.33%,

5/15/39 

250,000‌

227‌

Univ.

of

California

Regents,

Series

AJ,

4.601%,

5/15/31 

25,000‌

26‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

15,000‌

17‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

26‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

109‌

2,672‌

Non-U.S.

Government

Mortgage-Backed

Securities

0.6%

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (2)

88,891‌

81‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (2)

29,126‌

26‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (2)

76,358‌

69‌

Atrium

Hotel

Portfolio

Trust,

Series

2017-ATRM,

Class

A,

ARM,

1M

USD

LIBOR

+

0.93%,

2.929%,

12/15/36 (2)

150,000‌

146‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (2)

98,101‌

91‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

4.159%,

11/15/34 (2)

50,000‌

47‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44 (2)

150,000‌

135‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.004%,

3.003%,

10/15/23 (2)

225,000‌

209‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (2)

100,000‌

96‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

54‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

102‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

25‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (2)

69,509‌

62‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

3.299%,

11/15/37 (2)

137,619‌

134‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

3.649%,

11/15/37 (2)

155,313‌

151‌

COLT

Mortgage

Loan

Trust,

Series

2021-6,

Class

A1,

CMO,

ARM,

1.907%,

12/25/66 (2)

226,080‌

198‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

40‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

60‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

99‌

Connecticut

Avenue

Securities,

Series

2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

3.359%,

11/25/29 

91,314‌

91‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

2.414%,

11/25/41 (2)

52,194‌

51‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

2.514%,

12/25/41 (2)

41,862‌

41‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (2)

22,785‌

22‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

3.38%,

7/15/38 (2)

99,388‌

97‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36 (2)

165,000‌

158‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (2)

7,854‌

8‌

Galton

Funding

Mortgage

Trust,

Series

2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (2)

60,461‌

60‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40 (2)

100,000‌

83‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

USD

LIBOR

+

1.633%,

3.632%,

12/15/36 (2)

70,000‌

67‌

GS

Mortgage

Securities

Trust,

Series

2013-GC16,

Class

B,

ARM,

5.161%,

11/10/46 

175,000‌

172‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

25‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

65‌

GS

Mortgage-Backed

Securities

Trust,

Series

2021-PJ5,

Class

A8,

CMO,

ARM,

2.50%,

10/25/51 (2)

194,096‌

179‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

65‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

46,018‌

46‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (2)

100,000‌

92‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (2)

41,363‌

40‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (2)

48,982‌

47‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.83%,

2.454%,

8/25/50 (2)

10,584‌

10‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (2)

18,816‌

18‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

USD

LIBOR

+

1.101%,

3.10%,

4/15/38 (2)

255,000‌

243‌

MHC

Trust,

Series

2021-MHC2,

Class

D,

ARM,

1M

USD

LIBOR

+

1.50%,

3.499%,

5/15/23 (2)

110,000‌

104‌

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62 (2)

37,885‌

37‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2013-C9,

Class

A4,

3.102%,

5/15/46 

20,000‌

20‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C17,

Class

B,

ARM,

4.464%,

8/15/47 

20,000‌

20‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

35,000‌

34‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

84‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

152‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C30,

Class

A5,

2.86%,

9/15/49 

25,000‌

24‌

Morgan

Stanley

Capital

I

Trust,

Series

2019-MEAD,

Class

D,

ARM,

3.177%,

11/10/36 (2)

130,000‌

115‌

New

Orleans

Hotel

Trust,

Series

2019-HNLA,

Class

C,

ARM,

1M

USD

LIBOR

+

1.589%,

3.588%,

4/15/32 (2)

100,000‌

93‌

New

Residential

Mortgage

Loan

Trust,

Series

2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59 (2)

44,572‌

42‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (2)

144,658‌

129‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

USD

LIBOR

+

1.995%,

3.995%,

11/15/38 (2)

295,000‌

274‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

3.359%,

10/25/59 (2)

15,643‌

15‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.207%,

12/25/49 (2)

193,122‌

173‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (2)

7,631‌

8‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

USD

LIBOR

+

1.50%,

3.499%,

5/15/38 (2)

110,000‌

104‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (2)

4,235‌

4‌

Starwood

Mortgage

Residential

Trust,

Series

2019-INV1,

Class

A1,

CMO,

ARM,

2.61%,

9/27/49 (2)

260‌

—‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (2)

32,190‌

30‌

Starwood

Mortgage

Residential

Trust,

Series

2021-2,

Class

A2,

CMO,

ARM,

1.172%,

5/25/65 (2)

42,339‌

40‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA2,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.80%,

2.314%,

8/25/33 (2)

28,061‌

28‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

3.614%,

10/25/33 (2)

60,000‌

57‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

3.014%,

10/25/41 (2)

100,000‌

93‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

2.364%,

11/25/41 (2)

165,000‌

161‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-HQA1,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.70%,

2.214%,

8/25/33 (2)

38,967‌

39‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

3.514%,

4/25/42 (2)

167,075‌

166‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

3.614%,

3/25/42 (2)

140,153‌

139‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57 (2)

34,123‌

34‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (2)

24,755‌

24‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (2)

23,436‌

23‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59 (2)

54,334‌

53‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (2)

44,471‌

41‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (2)

255,619‌

229‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

41‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

99‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

74‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2021-

RR1,

Class

A1,

CMO,

ARM,

2.50%,

12/25/50 (2)

91,660‌

81‌

6,389‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Private

Investment

Companies

7.3%

Blackstone

Partners

Offshore

Fund,

Series

E1 (1)(3)

35,807‌

76,261‌

76,261‌

U.S.

Government

&

Agency

Mortgage-Backed

Securities

0.0%

Federal

Home

Loan

Mortgage 

2.777%,

4/25/23 

4‌

4‌

2.952%,

2/25/27 

25‌

25‌

29‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

6.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,830,000‌

1,306‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

990,000‌

667‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

1,510,000‌

1,178‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

2,530,000‌

2,034‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 (9)(10)

3,590,000‌

2,756‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

2,490,000‌

1,976‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

289‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

1,545,000‌

1,301‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

126‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

60‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 (9)(10)

5,915,000‌

5,388‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

528‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

374‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

413‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

209‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

711‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

145‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

286‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

590‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

645‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

116,761‌

97‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/52 

120,226‌

100‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

260,355‌

223‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

658,554‌

625‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

644,198‌

633‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

231,155‌

229‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

311,980‌

319‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

367,449‌

376‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

156,813‌

162‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

105,099‌

115‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/24 

916,972‌

926‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

2,844,757‌

2,867‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

473,692‌

477‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

375,128‌

379‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

782,428‌

789‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

1,424,283‌

1,442‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

102,688‌

104‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

3,959,068‌

3,998‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30 

317,307‌

318‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30 

1,109,829‌

1,115‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

392,998‌

394‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

60,745‌

61‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

1,183,093‌

1,180‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

2,183,088‌

2,206‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29 

1,142,700‌

1,160‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/23 

3,196,545‌

3,228‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/25 

1,534,550‌

1,564‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

416,254‌

425‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

229,542‌

236‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

4/15/24 

553,978‌

561‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

4/15/23 

68,605‌

69‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/24 

981,248‌

995‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

1,254,743‌

1,288‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

337,017‌

354‌

U.S.

Treasury

Notes,

0.125%,

5/31/23 (9)

2,285,000‌

2,231‌

U.S.

Treasury

Notes,

0.25%,

6/15/23 

105,000‌

103‌

U.S.

Treasury

Notes,

0.25%,

5/31/25 (9)

4,965,000‌

4,616‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

358‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

108‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 (9)

1,710,000‌

1,590‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 

2,145,000‌

1,904‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

950,000‌

887‌

U.S.

Treasury

Notes,

1.875%,

9/30/22 

25,000‌

25‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

2,885,000‌

2,781‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

341‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

520,000‌

518‌

65,459‌

Total

United

States

(Cost

$671,135

)

721,929‌

URUGUAY

0.0%

Common

Stocks

0.0%

Dlocal

(USD) (1)

856‌

24‌

Total

Uruguay

(Cost

$23

)

24‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

VIETNAM

0.2%

Common

Stocks

0.2%

Airports

Corp.

of

Vietnam (1)

8,900‌

33‌

Asia

Commercial

Bank (1)

165,193‌

185‌

Bank

for

Foreign

Trade

of

Vietnam 

63,032‌

202‌

FPT 

119,232‌

439‌

Khang

Dien

House

Trading

&

Investment (1)

22,440‌

36‌

Military

Commercial

Joint

Stock

Bank (1)

153,125‌

180‌

Mobile

World

Investment 

82,200‌

222‌

Nam

Long

Investment 

42,466‌

72‌

Phu

Nhuan

Jewelry 

27,600‌

138‌

Saigon

Beer

Alcohol

Beverage 

23,200‌

179‌

Vietnam

Dairy

Products 

30,500‌

95‌

Vietnam

Engine

&

Agricultural

Machinery 

32,700‌

62‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank (1)

20,000‌

34‌

Total

Vietnam

(Cost

$1,720

)

1,877‌

SHORT-TERM

INVESTMENTS

3.9%

Money

Market

Funds

3.9%

T.

Rowe

Price

Treasury

Reserve

Fund,

2.02% (7)(11)

40,879,900‌

40,880‌

Total

Short-Term

Investments

(Cost

$40,880)

40,880‌

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

2.03% (7)(11)

723,575‌

724‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

724‌

Total

Securities

Lending

Collateral

(Cost

$724)

724‌

T.

ROWE

PRICE

Global

Allocation

Fund

48

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.0%

Exchange-Traded

Options

Purchased

0

.0

%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

Notes

ten

year

futures

contracts,

Call,

8/26/22

@

$122.25 (1)

4‌

485‌

2‌

Total

Options

Purchased

(Cost

$2)

2‌

Total

Investments

in

Securities

100.2%

(Cost

$982,726)

$

1,049,322‌

Other

Assets

Less

Liabilities

(0.2)%

(2,224)

Net

Assets

100.0%

$

1,047,098‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$19,464

and

represents

1.9%

of

net

assets.

(3)

Level

3

in

fair

value

hierarchy.

(4)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,278

and

represents

0.1%

of

net

assets.

(5)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(6)

All

or

a

portion

of

this

security

is

on

loan

at

July

31,

2022.

(7)

Affiliated

Companies

(8)

SEC

30-day

yield

(9)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

July

31,

2022.

(10)

At

July

31,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(11)

Seven-day

yield

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

ADR

American

Depositary

Receipts

T.

ROWE

PRICE

Global

Allocation

Fund

49

.

.

.

.

.

.

.

.

.

.

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

ILS

Israeli

Shekel

JPY

Japanese

Yen

KWD

Kuwait

Dinar

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

50

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

Exchange-Traded

Options

Written

(0.2)%

Description

Contracts

Notional

Amount

$

Value

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

9/16/22

@

$77.00

2,504

19,579

(

303‌

)

S&P

500

Index,

Call,

9/16/22

@

$4,100.00

119

49,150

(

1,623‌

)

Total

Options

Written

(Premiums

$(1,736))

$

(

1,926‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

51

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

8/19/22

SEK

2,990‌

USD

307‌

$

(

13‌

)

Bank

of

America

8/19/22

USD

44‌

EUR

42‌

2‌

Bank

of

America

8/19/22

USD

354‌

SEK

3,500‌

9‌

Barclays

Bank

8/19/22

USD

44‌

GBP

36‌

—‌

Barclays

Bank

8/19/22

USD

29‌

GBP

24‌

—‌

Barclays

Bank

8/31/22

USD

8,013‌

GBP

6,636‌

(

75‌

)

Citibank

8/19/22

USD

311‌

GBP

249‌

8‌

Citibank

9/23/22

USD

74‌

SEK

745‌

—‌

Deutsche

Bank

8/31/22

USD

15,060‌

EUR

14,799‌

(

99‌

)

Goldman

Sachs

8/19/22

EUR

189‌

USD

203‌

(

10‌

)

Goldman

Sachs

8/19/22

USD

44‌

SEK

440‌

—‌

Goldman

Sachs

10/21/22

USD

28‌

NZD

45‌

—‌

HSBC

Bank

8/19/22

GBP

82‌

USD

103‌

(

3‌

)

JPMorgan

Chase

8/19/22

EUR

151‌

USD

154‌

—‌

JPMorgan

Chase

8/19/22

EUR

21‌

USD

22‌

(

1‌

)

JPMorgan

Chase

8/19/22

GBP

238‌

USD

299‌

(

9‌

)

JPMorgan

Chase

8/19/22

SEK

950‌

USD

98‌

(

4‌

)

JPMorgan

Chase

8/19/22

USD

314‌

EUR

298‌

9‌

JPMorgan

Chase

8/19/22

USD

44‌

GBP

36‌

1‌

JPMorgan

Chase

8/31/22

USD

459‌

AUD

657‌

(

1‌

)

JPMorgan

Chase

8/31/22

USD

804‌

CHF

764‌

(

1‌

)

JPMorgan

Chase

8/31/22

USD

1,538‌

DKK

11,245‌

(

9‌

)

JPMorgan

Chase

8/31/22

USD

2,362‌

EUR

2,312‌

(

6‌

)

JPMorgan

Chase

8/31/22

USD

828‌

GBP

680‌

(

1‌

)

JPMorgan

Chase

8/31/22

USD

1,653‌

HKD

12,964‌

—‌

JPMorgan

Chase

8/31/22

USD

278‌

ILS

955‌

(

3‌

)

JPMorgan

Chase

8/31/22

USD

1,610‌

JPY

214,606‌

(

3‌

)

JPMorgan

Chase

8/31/22

USD

549‌

NOK

5,366‌

(

6‌

)

JPMorgan

Chase

8/31/22

USD

99‌

NZD

160‌

(

1‌

)

JPMorgan

Chase

8/31/22

USD

1,969‌

SEK

20,210‌

(

23‌

)

JPMorgan

Chase

8/31/22

USD

744‌

SGD

1,032‌

(

3‌

)

JPMorgan

Chase

9/23/22

SEK

90‌

USD

9‌

—‌

JPMorgan

Chase

10/21/22

NZD

114‌

USD

71‌

—‌

JPMorgan

Chase

10/21/22

USD

72‌

AUD

103‌

—‌

JPMorgan

Chase

10/21/22

USD

71‌

NZD

114‌

(

1‌

)

Morgan

Stanley

8/19/22

USD

30‌

EUR

29‌

—‌

Morgan

Stanley

9/23/22

SEK

655‌

USD

65‌

—‌

Standard

Chartered

8/31/22

USD

11,108‌

JPY

1,516,517‌

(

292‌

)

UBS

Investment

Bank

8/19/22

EUR

151‌

USD

160‌

(

5‌

)

UBS

Investment

Bank

8/19/22

USD

184‌

EUR

172‌

8‌

T.

ROWE

PRICE

Global

Allocation

Fund

52

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

8/31/22

USD

5,201‌

CHF

4,995‌

$

(

61‌

)

Westpac

8/31/22

USD

4,008‌

AUD

5,766‌

(

23‌

)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(

616‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

53

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

66

MSCI

EAFE

Index

contracts

9/22

(6,442)

$

(

196‌

)

Long,

72

S&P

500

E-Mini

Index

contracts

9/22

14,881

412‌

Long,

26

U.S.

Treasury

Long

Bond

contracts

9/22

3,744

80‌

Long,

107

U.S.

Treasury

Notes

five

year

contracts

9/22

12,169

169‌

Long,

2

U.S.

Treasury

Notes

ten

year

contracts

9/22

242

1‌

Short,

1

U.S.

Treasury

Notes

two

year

contracts

9/22

(211)

—‌

Long,

2

Ultra

U.S.

Treasury

Bonds

contracts

9/22

317

—‌

Short,

7

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/22

(919)

(

24‌

)

Net

payments

(receipts)

of

variation

margin

to

date

(

189‌

)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

253‌

T.

ROWE

PRICE

Global

Allocation

Fund

54

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

July

31,

2022.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.85% 

$

499‌

$

(

171‌

)

$

509‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

7.36% 

—‌

(

5,659‌

)

964‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.03% 

—‌

(

10,548‌

)

1,462‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

5.58% 

(

389‌

)

(

915‌

)

726‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.69% 

(

317‌

)

(

2,943‌

)

1,056‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.75% 

(

1,026‌

)

(

5,372‌

)

524‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.69% 

5‌

(

434‌

)

94‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

671‌

(

3,396‌

)

139‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class 

—‌

(

914‌

)

—‌

T.

Rowe

Price

Government

Reserve

Fund,

2.03%

—‌

—‌

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

2.02%

—‌

—‌

79‌

T.

Rowe

Price

Short-Term

Fund

—‌

—‌

—‌

++

Affiliates

not

held

at

period

end

30‌

438‌

213‌

Totals

$

(

527‌

)

#

$

(

29,914‌

)

$

5,766‌

+

T.

ROWE

PRICE

Global

Allocation

Fund

55

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/21

Purchase

Cost

Sales

Cost

Value

07/31/22

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.85% 

$

27,939‌

$

868‌

$

8,960‌

$

19,676‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

7.36% 

—‌

29,530‌

—‌

23,871‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

Investor

Class,

7.08% 

28,100‌

—‌

28,924‌

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.03% 

45,174‌

3,945‌

—‌

38,571‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

5.58% 

21,460‌

3,601‌

4,839‌

19,307‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.69% 

26,867‌

1,056‌

2,267‌

22,713‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.75% 

37,773‌

3,004‌

5,231‌

30,174‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.69% 

6,236‌

1,170‌

572‌

6,400‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

30,060‌

1,311‌

—‌

27,975‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class 

—‌

58,000‌

—‌

57,086‌

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund

-

I

Class,

2.85% 

46,184‌

287‌

46,085‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

2.03%

—‌

¤

¤

724‌

T.

Rowe

Price

Treasury

Reserve

Fund,

2.02%

69,784‌

¤

¤

40,880‌

T.

Rowe

Price

Short-Term

Fund

4,373‌

¤

¤

—‌

Total

$

287,377‌

^

T.

ROWE

PRICE

Global

Allocation

Fund

56

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

#

Capital

gain

distributions

from

mutual

funds

represented

$1,504

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$5,766

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$319,039.

T.

ROWE

PRICE

Global

Allocation

Fund

Unaudited

Notes

to

the

Portfolio

of

Investments

57

T.

Rowe

Price

Global

Allocation

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

T.

Rowe

Price

Valuation

Committee

(the

Valuation

Committee)

is

an

internal

committee

that

has

been

delegated

certain

responsibilities

by

the

fund’s

Board

of

Directors

(the

Board)

to

ensure

that

financial

instruments

are

appropriately

priced

at

fair

value

in

accordance

with

GAAP

and

the

1940

Act.

Subject

to

oversight

by

the

Board,

the

Valuation

Committee

develops

and

oversees

pricing-related

policies

and

procedures

and

approves

all

fair

value

determinations.

Specifically,

the

Valuation

Committee

establishes

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

T.

ROWE

PRICE

Global

Allocation

Fund

58

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the fund’s

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

fund

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its

portfolio

securities.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The

fund

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Global

Allocation

Fund

59

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation

Committee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

The

objective

of

any

fair

value

pricing

determination

is

to

arrive

at

a

price

that

could

reasonably

be

expected

from

a

current

sale.

Financial

instruments

fair

valued

by

the

Valuation

Committee

are

primarily

private

placements,

restricted

securities,

warrants,

rights,

and

other

securities

that

are

not

publicly

traded.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Committee

typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Committee

may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

available,

including

actual

purchase

and

sale

transactions

of

the

investment.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions,

and

fair

value

prices

determined

by

the

Valuation

Committee

could

differ

from

those

of

other

market

participants.

T.

ROWE

PRICE

Global

Allocation

Fund

60

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

July

31,

2022

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

120,987‌

$

—‌

$

120,987‌

Bond

Mutual

Funds

160,712‌

—‌

—‌

160,712‌

Common

Stocks

319,594‌

242,948‌

167‌

562,709‌

Convertible

Preferred

Stocks

—‌

385‌

1,111‌

1,496‌

Equity

Mutual

Funds

85,061‌

—‌

—‌

85,061‌

Preferred

Stocks

—‌

490‌

—‌

490‌

Private

Investment

Companies

—‌

—‌

76,261‌

76,261‌

Short-Term

Investments

40,880‌

—‌

—‌

40,880‌

Securities

Lending

Collateral

724‌

—‌

—‌

724‌

Options

Purchased

2‌

—‌

—‌

2‌

Total

Securities

606,973‌

364,810‌

77,539‌

1,049,322‌

Forward

Currency

Exchange

Contracts

—‌

37‌

—‌

37‌

Futures

Contracts*

662‌

—‌

—‌

662‌

Total

$

607,635‌

$

364,847‌

$

77,539‌

$

1,050,021‌

Liabilities

Options

Written

$

—‌

$

1,926‌

$

—‌

$

1,926‌

Forward

Currency

Exchange

Contracts

—‌

653‌

—‌

653‌

Futures

Contracts*

220‌

—‌

—‌

220‌

Total

$

220‌

$

2,579‌

$

—‌

$

2,799‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-

Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Global

Allocation

Fund

61

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

July

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

July

31,

2022,

totaled $14,999,000 for

the

period ended

July

31,

2022.

During

the

period,

transfers

into

Level

3

resulted

from

a

lack

of marketability

for

the

securities.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

10/31/21

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Ending

Balance

7/31/22

Investment

in

Securities

Common

Stocks

$

157‌

$

(2,495‌)

$

732‌

$

(63‌)

$

1,836‌

$

167‌

Convertible

Bonds

212‌

—‌

—‌

(212‌)

—‌

—‌

Convertible

Preferred

Stocks

3,300‌

(1,655‌)

77‌

(611‌)

—‌

1,111‌

Private

Investment

Companies

91,035‌

726‌

73,651‌

(89,151‌)

—‌

76,261‌

Total

$

94,704‌

$

(3,424‌)

$

74,460‌

$

(90,037‌)

$

1,836‌

$

77,539‌

T.

ROWE

PRICE

Global

Allocation

Fund

62

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

167

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

lack

of

certainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Enterprise

value

to

gross

profit

multiple

6.0x

–

16.5x

15.2x

Increase

Enterprise

value

to

sales

multiple

2.8x

–

12.6x

11.4x

Increase

Price-to-

earnings

multiple

7.1x

–

19.9x

12.8x

Increase

Price-to-

earnings

growth

rate

(42%)

(42%)

Increase

Projected

enterprise

value

to

EBITDA

multiple

12.5x

12.5x

Increase

Enterprise

value

to

EBITDA

multiple

10.5x

10.5x

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

20%

20%

Decrease

T.

ROWE

PRICE

Global

Allocation

Fund

63

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Convertible

Preferred

Stocks

$

1,111

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

gross

profit

multiple

4.5x

–

23.2x

11.1x

Increase

Gross

profit

growth

rate

18%

-

66%

38%

Increase

Enterprise

value

to

sales

multiple

1.4x

–

16.8x

4.2x

Increase

Sales

growth

rate

5%

-

75%

29%

Increase

Enterprise

Value

to

EBITDA

Multiple

18.2x

18.2x

Increase

Enterprise

Value

to

EBIT

Multiple

9.8x

–

15.1x

12.2x

Increase

EBIT

growth

rate

26%

-

55%

41%

Increase

Discount

rate

for

cost

of

capital

25%

-

40%

28%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

76,261

Rollforward

of

Investee

NAV

Estimated

return

0.15%

0.15%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

64

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F154-054Q3

07/22