T. Rowe Price Global Allocation Fund (RPGAX) N-CSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22810

T. Rowe Price Global Allocation Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: October 31    

Date of reporting period: October 31, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

October

31,

2022

Annual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com.

T.

ROWE

PRICE

RPGAX

Global

Allocation

Fund

–

.

PAFGX

Global

Allocation

Fund–

.

Advisor  Class

TGAFX

Global

Allocation

Fund–

.

I Class

T.

ROWE

PRICE

Global

Allocation

Fund

HIGHLIGHTS

The

Global

Allocation

Fund

declined

but

outperformed

the

Morningstar

Global

Allocation

Index

for

the

12

months

ended

October

31,

2022.

Exposure

to

diversifying

sectors

and

tactical

allocation

decisions

contributed

to

relative

performance.

Security

selection

weighed

on

relative

returns.

While

we

continue

to

be

cautious

on

risk

assets,

we

modestly

trimmed

our

underweight

to

stocks

toward

the

end

of

the

period

but

remain

underweight

to

stocks

and

bonds

relative

to

cash.

We

remain

constructive

on

below

investment-grade

bonds

and

believe

higher

yields

offered

in

the

sector

help

compensate

for

risks.

Given

the

range

of

potential

paths

for

growth

and

inflation,

our

positioning

remains

cautious.

We

continue

to

assess

when

to

add

to

equities

and

other

risk

assets

as

we

evaluate

long-term

valuations

and

early

indications

of

stabilization

or

improvement

in

macroeconomic

conditions.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Global

Allocation

Fund

Market

Commentary

1

Dear

Shareholder

Nearly

all

major

global

stock

and

bond

indexes

fell

sharply

during

your

fund’s

fiscal

year,

the

12-month

period

ended

October

31,

2022,

as

investors

contended

with

persistently

high

inflation,

tightening

financial

conditions,

and

slowing

economic

and

corporate

earnings

growth.

Double-digit

losses

were

common

in

equity

markets

around

the

world,

and

bond

investors

also

faced

a

historically

tough

environment

amid

a

sharp

rise

in

interest

rates.

Value

shares

declined

but

outperformed

growth

stocks

by

a

considerable

margin

as

equity

investors

turned

risk

averse

and

as

rising

rates

put

downward

pressure

on

growth

stock

valuations.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities. 

Energy

was

one

of

the

few

bright

spots

for

investors,

as

oil

prices

jumped

in

response

to

Russia’s

invasion

of

Ukraine

and

the

ensuing

commodity

supply

crunch,

which

helped

some

commodity-exporting

nations

in

Latin

America

and

the

Middle

East

deliver

positive

equity

returns.

While

results

varied

somewhat

by

region,

typically

defensive

sectors,

such

as

utilities,

consumer

staples,

and

health

care,

also

held

up

relatively

well.

Conversely,

diminishing

consumer

confidence

put

a

damper

on

returns

in

the

consumer

discretionary

sector,

and

information

technology

and

communication

services

shares

also

suffered

large

reversals. 

Inflation

remained

a

leading

concern

for

investors

throughout

the

period.

The

war

in

Ukraine

exacerbated

already

existing

supply

chain

problems,

and

other

factors,

such

as

the

impact

of

the

fiscal

and

monetary

stimulus

enacted

during

the

pandemic,

exerted

upward

pressure

on

consumer

demand

and

prices.

While

investors

held

out

hope

that

inflation

had

peaked

during

the

summer,

inflation

measures

remained

elevated.

In

the

U.S.,

the

core

consumer

price

index,

which

excludes

volatile

food

and

energy

costs,

hit

a

40-year

high

in

September,

while

eurozone

inflation

reached

a

record

level

in

October’s

preliminary

report.  

In

response

to

persistent

inflation,

global

central

banks

began

to

tighten

monetary

policy.

The

Federal

Reserve,

which

at

the

end

of

2021

had

forecast

that

it

would

only

need

to

raise

interest

rates

0.75

percentage

point

in

all

of

2022,

rapidly

shifted

in

a

hawkish

direction

and

raised

its

short-term

lending

benchmark

from

near

zero

in

March

to

a

target

range

of

3.75%

to

4.00%

by

T.

ROWE

PRICE

Global

Allocation

Fund

2

early

November

and

indicated

that

additional

hikes

are

likely.

The

European

Central

Bank,

meanwhile,

raised

its

key

interest

rate

to

its

highest

level

since

2009. 

Bond

yields

increased

considerably

across

the

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

1.55%

at

the

start

of

the

period

to

4.10%

at

the

end

of

October.

The

sharp

increase

in

yields

led

to

historically

weak

results

across

the

fixed

income

market,

with

the

Bloomberg

U.S.

Aggregate

Bond

Index

recording

its

worst

month

since

1980

in

September.

(Bond

prices

and

yields

move

in

opposite

directions.) 

On

a

positive

note,

the

U.S.

jobs

market

remained

resilient

during

the

period,

and

the

initial

reading

on

gross

domestic

product

for

the

third

quarter

returned

to

positive

territory

after

two

slightly

negative

quarters.

However,

recession

fears

also

grew

as

corporate

earnings

slowed

and

manufacturing

gauges

drifted

toward

contraction

levels. 

The

past

year

has

been

an

exceptionally

trying

time

for

investors

as

substantial

sell-offs

were

the

norm

across

both

stocks

and

bonds,

and

we

believe

that

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

valuations

have

become

more

attractive

across

many

market

sectors

during

the

downturn,

which

provides

potential

opportunities

for

selective

investors

focused

on

fundamentals.  

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term. 

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely,

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Global

Allocation

Fund

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

long-term

capital

appreciation

and

income.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Global

Allocation

Fund

returned

-17.55%

in

the

12

months

ended

October

31,

2022.

The

fund

outperformed

the

Morningstar

Global

Allocation

Index.

(Returns

for

the

Advisor

and

I

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

The

fund’s

structure

relative

to

the

Morningstar

Global

Allocation

Index

was

a

significant

contributor

to

relative

performance.

Notably,

the

inclusion

of

alternative

investments,

which

outperformed

both

equities

and

fixed

income

for

the

period,

added

value.

The

fund’s

diversifying

allocation

to

these

dynamic

investments,

which

seek

to

mitigate

downside

risk

through

a

return

profile

with

lower

correlation

to

major

asset

classes,

proved

advantageous.

Additionally,

our

fixed

income

structure,

relative

to

the

fixed

income

composition

of

the

index,

lifted

results

as

a

lower

allocation

to

international

bonds

was

beneficial.

Currency-hedged

international

equities

had

a

positive

impact

amid

U.S.

dollar

strength.

High

yield

bonds

declined

but

held

up

better

than

investment-grade

issues,

supported

by

their

lower

sensitivity

to

rising

interest

rates

and

strength

in

the

energy

sector—a

considerable

portion

of

the

high

yield

universe.

The

inclusion

of

U.S.

Treasury

inflation

protected

securities

also

bolstered

results.

However,

the

inclusion

of

international

small-cap

equities

and

dollar-denominated

emerging

markets

bonds

held

back

relative

returns.

Tactical

decisions

to

overweight

and

underweight

various

asset

classes

lifted

relative

returns.

An

underweight

allocation

to

equity

and

fixed

income

markets,

which

generated

double-digit

losses,

coupled

with

an

overweight

to

cash

bolstered

relative

returns.

An

overweight

allocation

to

select

diversifying

fixed

income

sectors

also

worked

in

our

favor,

as

high

yield

bonds

and

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

10/31/22

6

Months

12

Months

Global

Allocation

Fund

–

.

-7.23‌%

-17.55‌%

Global

Allocation

Fund–

.

Advisor  Class

-7.43‌

-17.85‌

Global

Allocation

Fund–

.

I  Class

-7.20‌

-17.49‌

Morningstar

Global

Allocation

Index

-9.45‌

-20.00‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

inflation-linked

securities

outperformed

investment-grade

issues.

Our

inclusion

of

real

assets

as

a

diversifying

sector

was

a

positive

contributor

to

performance,

although

an

underweight

at

the

beginning

of

the

period

was

a

drag.

We

have

since

closed

the

underweight

and

are

now

neutral

to

real

assets

equities.

Security

selection

among

the

underlying

strategies

detracted

from

relative

performance.

Selection

among

the

U.S.

large-cap

value

equities

weighed,

driven

by

holdings

in

the

energy

and

industrials

and

business

services

sectors.

The

U.S.

large-cap

growth

strategy

also

trailed

its

benchmark,

held

back

by

an

overweight

allocation

and

stock

choices

in

the

communication

services

sector.

From

a

regional

perspective,

in

our

international

components,

stock

selection

among

emerging

markets,

European,

and

Japanese

equities

further

hampered

relative

performance.

However,

U.S.

multi-cap

equities

contributed

due

to

an

overweight

allocation

and

stock

selection

in

the

health

care

sector.

Selection

among

U.S.

small-

and

mid-cap

equities

also

added

value,

lifted

by

stronger

relative

performance

in

the

last

three

months

of

the

period.

Security

selection

in

the

hedge

fund

of

funds

strategy

and

the

fixed

income

absolute

return-

oriented

strategy

was

beneficial.

How

is

the

fund

positioned?

While

we

continue

to

be

cautious

on

risk

assets

as

valuations

for

stocks

have

become

more

reasonable,

we

modestly

trimmed

our

underweight

to

stocks

toward

the

end

of

the

period

but

remain

underweight

to

stocks

and

bonds

relative

to

cash.

However,

stocks

remain

vulnerable

amid

tightening

liquidity,

a

hawkish

Fed,

and

earnings

expectations,

which

are

subject

to

revisions

lower.

Stocks

Within

equities,

we

are

modestly

overweight

to

international

stocks,

with

a

tilt

to

emerging

markets,

relative

to

U.S.

stocks.

We

believe

the

global

growth

outlook

may

benefit

from

potential

stabilization

in

China;

however,

multiple

risks

persist,

including

default

risks

in

the

property

sector,

social

policy,

and

sanction-related

impacts.

The

war

in

Ukraine

will

continue

to

weigh

on

global

trade,

energy

access,

and

supply

chain

improvement,

which

contributes

to

a

challenging

backdrop

for

European

equities.

U.S.

stocks

generally

have

a

growth

orientation

and

are

more

susceptible

to

rising

rates,

but

limited

exposure

to

cyclical

trends

may

prove

beneficial

should

recession

concerns

worsen.

In

the

U.S.,

we

trimmed

our

overweight

and

are

close

to

neutral

in

value-

oriented

stocks

to

moderate

the

cyclical

exposure

of

our

equity

allocation.

While

value

stock

valuations

remain

relatively

attractive,

earnings

face

pressure

with

rising

cyclical

risks.

On

the

other

hand,

growth-oriented

equity

valuations

could

be

pressured

by

higher

rates.

We

introduced

a

tactical

allocation

to

large-

cap

core

equities

that

generally

have

a

higher-quality

profile

and

are

less

cyclical

T.

ROWE

PRICE

Global

Allocation

Fund

5

or

have

less

interest

rate

sensitivity

than

value

or

growth

styles,

respectively.

We

are

overweight

to

small-

and

mid-cap

stocks,

which

we

believe

offer

relatively

more

attractive

valuations

than

their

large‐cap

counterparts

and

appear

to

more

fully

price

in

the

probability

of

a

recession.

Among

international

equities,

we

are

close

to

neutral

in

value-oriented

equities

and

are

overweight

to

core

equities,

as

we

believe

that

a

slowing

growth

backdrop

is

unfavorable

for

cyclicals

and

that

growth

stocks

are

under

pressure

from

rising

interest

rates.

We

are

neutral

between

international

small-

cap

stocks

and

international

large-caps.

International

small-cap

stocks

offer

idiosyncratic

opportunities

and

attractive

valuations,

although

a

strong

U.S.

dollar

and

potential

flight

to

quality

could

favor

large-cap

stocks.

We

are

neutral

to

inflation-

sensitive

real

assets

equities,

which

we

believe

can

provide

a

hedge

should

inflationary

pressures

persist

longer,

or

settle

higher,

than

expected.

Although

energy

prices

are

elevated,

geopolitical

risks

and

supply

shortages

are

likely

to

endure

over

the

near

to

medium

term.

The

real

estate

sector

remains

attractive

in

the

context

of

economic

recovery,

as

the

sector

offers

income

and

an

ability

to

raise

rents,

but

equity

prices

remain

vulnerable

to

rising

rates.

Bonds

We

remain

overweight

to

below

investment-grade

bonds,

including

high

yield

bonds

and

floating

rate

loans.

High

yield

credit

fundamentals

are

still

strong,

and

the

default

outlook

remains

stable;

however,

these

positive

factors

are

balanced

against

a

challenging

macroeconomic

environment

and

a

less

favorable

technical

backdrop.

We

are

overweight

to

floating

rate

loans

as

the

short

duration

profile

of

loans

is

attractive

in

a

rising

rate

regime,

but

that

benefit

may

be

waning.

In

our

view,

the

asset

class

is

still

supported

by

solid

fundamentals,

although

liquidity

and

recession

concerns

remain

risks.

We

trimmed

our

overweight

to

inflation-linked

securities

and

are

now

neutral.

We

believe

most

of

the

upward

move

in

inflation

has

been

priced

in,

although

the

sector

could

offer

a

buffer

if

Fed

tightening

fails

to

bring

inflation

down.

*

Includes

the

cash

underlying

futures

positions.

SECURITY

DIVERSIFICATION

T.

ROWE

PRICE

Global

Allocation

Fund

6

Within

international

fixed

income,

we

are

underweight

to

U.S.

dollar-hedged

international

bonds,

as

prices

could

be

pressured

by

rising

interest

rates.

We

are

overweight

to

emerging

markets

local

currency

bonds,

as

yields

are

at

attractive

levels

amid

central

bank

tightening

and

risk-off

sentiment.

Many

emerging

markets

are

further

along

in

tightening

monetary

policy,

although

the

sector

remains

vulnerable

to

Fed

policy

changes.

In

addition,

recent

market

volatility

has

resulted

in

attractively

valued

currencies.

What

is

portfolio

management’s

outlook?

Global

equity

and

bond

markets

were

gripped

with

volatility

throughout

the

reporting

period,

with

most

major

indexes

trending

lower.

Central

banks

continued

to

raise

policy

rates,

tightening

financial

conditions

in

an

effort

to

combat

stubbornly

high

inflation.

Despite

conflicting

signals,

markets

have

begun

to

price

in

higher

recession

probabilities,

as

hopes

for

a

soft

landing

have

diminished.

It

appears

more

likely

that

inflation

will

take

longer

to

fade

and

that

it

will

probably

settle

at

uncomfortably

high

levels,

likely

above

the

Fed’s

2%

long-term

inflation

target.

*

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’s,

Standard

&

Poor’s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’s

nomenclature.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated

(NR).

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

**

U.S.

government

agency

securities

are

issued

or

guaranteed

by

a

U.S.

government

agency

and

may

include

conventional

pass-through

securities

and

collateralized

mortgage

obligations;

unlike

Treasuries,

government

agency

securities

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

may

have

credit

support

from

the

U.S.

Treasury

(e.g.,

FHLMC

and

FNMA

issues)

or

a

direct

government

guarantee

(e.g.,

GNMA

issues).

Therefore,

this

category

may

include

rated

and

unrated

securities.

***

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

BOND

PORTFOLIO

PROFILE

Periods

Ended

4/30/22

10/31/22

Weighted

Average

Effective

Duration

(years)

6.3‌

5.9‌

Weighted

Average

Maturity

(years)

8.4‌

8.6‌

Credit

Quality

Diversification*

U.S.

Government

Agencies**

0.0‌%

0.0‌%

U.S.

Treasuries***

26.9‌ 

25.0‌ 

AAA

5.1‌ 

6.4‌ 

AA

6.1‌ 

7.0‌ 

A

17.5‌ 

14.8‌ 

BBB

16.5‌ 

19.0‌ 

BB

and

Below

26.7‌ 

27.0‌ 

Not

Rated

1.2‌ 

0.8‌ 

Total

100.0‌%

100.0‌%

T.

ROWE

PRICE

Global

Allocation

Fund

7

Valuations

have

improved

as

risk

assets

have

pulled

back

from

recent

highs,

but

uncertainty

around

corporate

fundamentals

suggests

limited

near-term

upside,

particularly

as

earnings

estimates

have

not

seen

significant

downward

revision

to

reflect

rising

recession

risks.

Other

key

risks

to

global

markets

include

central

bank

missteps,

persistent

inflation,

the

potential

for

a

sharper

slowdown

in

global

growth,

China’s

balance

between

containing

the

coronavirus

and

growth,

geopolitical

tensions,

and

potential

supply

chain

disruptions.

Given

the

range

of

potential

paths

for

growth

and

inflation,

our

positioning

remains

cautious.

On

one

hand,

we

expect

that

a

firm

commitment

from

major

central

banks

to

bring

down

inflation

will

result

in

a

low

ceiling

for

stocks

in

the

near

term.

On

the

other

hand,

the

peaking

of

inflationary

pressures

in

key

markets

along

with

a

softening

of

hawkish

central

banks’

rhetoric

and

actions

may

contribute

to

a

market

rally.

We

continue

to

assess

when

to

add

to

equities

and

other

risk

assets

as

we

evaluate

long‐term

valuations

and

early

indications

of

stabilization

or

improvement

in

macroeconomic

conditions.

In

our

view,

these

conditions

contribute

to

a

less

compelling

risk/reward

trade-off

between

stocks

and

bonds

or

cash

in

the

near

term,

and

we

believe

that

a

more

modest

allocation

to

equities

may

be

prudent.

The

elevated

levels

of

volatility

and

uncertainty

in

global

markets

underscore

the

value

of

our

thoughtful

strategic

investing

approach.

Given

the

uncertain

impact

of

forces

driving

global

financial

markets,

we

believe

that

the

Global

Allocation

Fund’s

broad

diversification,

combined

with

our

strength

in

fundamental

research,

can

add

value

over

the

long

term

and

help

mitigate

downside

risk

in

an

uncertain

market

environment.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Global

Allocation

Fund

8

RISKS

OF

STOCK

INVESTING

Stocks

generally

fluctuate

in

value

more

than

bonds

and

may

decline

significantly

over

short

time

periods.

There

is

a

chance

that

stock

prices

overall

will

decline

because

stock

markets

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

The

value

of

stocks

held

by

the

fund

may

decline

due

to

general

weakness

or

volatility

in

the

stock

markets

in

which

the

fund

invests

or

because

of

factors

that

affect

a

particular

company

or

industry.

RISKS

OF

INTERNATIONAL

INVESTING

Non-U.S.

securities

generally

carry

more

risk

than

funds

that

invest

strictly

in

U.S.

assets.

Funds

investing

in

a

single

country

or

in

a

limited

geographic

region

tend

to

be

riskier

than

more

diversified

funds.

Risks

can

result

from

varying

stages

of

economic

and

political

development;

differing

regulatory

environments,

trading

days,

and

accounting

standards;

and

higher

transaction

costs

of

non-U.S.

markets.

Non-U.S.

investments

are

also

subject

to

currency

risk,

or

a

decline

in

the

value

of

a

foreign

currency

versus

the

U.S.

dollar,

which

reduces

the

dollar

value

of

securities

denominated

in

that

currency.

The

risks

of

international

investing

are

heightened

for

securities

of

issuers

in

emerging

market

countries.

Emerging

market

countries

tend

to

have

economic

structures

that

are

less

diverse

and

mature,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

In

addition

to

the

risks

of

investing

in

international

developed

markets,

emerging

markets

are

more

susceptible

to

governmental

interference,

local

taxes

being

imposed

on

international

investments,

restrictions

on

gaining

access

to

sales

proceeds,

and

less

liquid

and

less

efficient

trading

markets.

RISKS

OF

INVESTING

IN

BONDS

Fixed

income

markets

can

be

adversely

affected

by

economic

and

other

market

developments.

Fixed

income

securities

are

subject

to

interest

rate

risk,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates.

Longer-

maturity

bonds

typically

decline

more

than

shorter

maturities.

Funds

that

invest

in

bonds

are

also

subject

to

credit

risk,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

T.

ROWE

PRICE

Global

Allocation

Fund

9

RISKS

OF

INVESTING

IN

ALTERNATIVES

The

fund’s

exposure

to

alternative

investments

may

be

more

correlated

to

the

broad

markets

than

anticipated

and

thus

may

not

realize

the

intended

benefits

of

such

investments.

A

hedge

fund

is

considered

an

illiquid

asset

by

the

fund,

is

not

subject

to

the

same

regulatory

requirements

as

mutual

funds,

and

could

underperform

comparable

hedge

funds.

Hedge

funds

often

engage

in

leveraging,

short

selling,

commodities

investing,

and

other

speculative

investment

practices

that

are

not

fully

disclosed

and

may

increase

the

risk

of

investment

loss.

Their

underlying

holdings

are

not

as

transparent

to

investors

as

those

of

traditional

mutual

funds,

and

the

redemption

rights

of

an

investor,

such

as

the

fund,

are

typically

limited.

These

factors

make

alternative

investments

more

difficult

to

value

and

monitor

when

compared

with

more

traditional

investments

and

increase

the

fund’s

overall

liquidity

risks.

BENCHMARK

INFORMATION

Note:

©2022

Morningstar,

Inc.

All

rights

reserved.

The

information

contained

therein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete,

or

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

Past

performance

is

no

guarantee

of

future

results.

T.

ROWE

PRICE

Global

Allocation

Fund

10

Microsoft

1.1‌%

Apple

1.1‌ 

Alphabet

1.0‌ 

Elevance

Health

0.8‌ 

UnitedHealth

Group

0.7‌ 

ExxonMobil

0.7‌ 

Chubb

0.7‌ 

Amazon.com

0.7‌ 

AstraZeneca

0.6‌ 

Becton,

Dickinson

&

Company

0.6‌ 

Total

8.0‌%

U.S.

Treasuries

6.2‌%

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

3.7‌ 

T.

Rowe

Price

International

Bond

Fund

–

I

Class

2.7‌ 

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

–

I

Class

2.4‌ 

T.

Rowe

Price

Institutional

High

Yield

Fund

2.3‌ 

T.

Rowe

Price

Dynamic

Global

Bond

Fund

–

I

Class

2.2‌ 

T.

Rowe

Price

Institutional

Floating

Rate

Fund

1.7‌ 

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

–

I

Class

0.6‌ 

JPMorgan

Chase

0.1‌ 

Morgan

Stanley

0.1‌ 

Total

22.0‌%

PORTFOLIO

HIGHLIGHTS

LARGEST

HOLDINGS

Stocks

Percent

of

Net

Assets

10/31/22

Bonds

Percent

of

Net

Assets

10/31/22

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Global

Allocation

Fund

11

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes.

GLOBAL

ALLOCATION

FUND 

Note:

Performance

for

the

Advisor

and

I

Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

10/31/22

1

Year

5

Years

Since

Inception

Inception

Date

Global

Allocation

Fund

–

.

-17.55‌%

3.23‌%

5.04‌%

5/28/13

Global

Allocation

Fund–

.

Advisor  Class

-17.85‌

2.91‌

4.81‌

5/28/13

Global

Allocation

Fund–

.

I  Class

-17.49‌

3.33‌

5.84‌

3/23/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Global

Allocation

Fund

12

EXPENSE

RATIO

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Global

Allocation

Fund

1.02‌%

Global

Allocation

Fund–Advisor

Class

1.36‌ 

Global

Allocation

Fund–I

Class

0.92‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Global

Allocation

Fund

13

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

GLOBAL

ALLOCATION

FUND

Beginning

Account

Value

5/1/22

Ending

Account

Value

10/31/22

Expenses

Paid

During

Period*

5/1/22

to

10/31/22

Investor

Class

Actual

$1,000.00

$927.70

$3.50

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.58

  3.67

Advisor

Class

Actual

  1,000.00

  925.70

  4.90

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.11

  5.14

I

Class

Actual

  1,000.00

  928.00

  2.87

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.23

  3.01

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.72%,

the

2

Advisor

Class

was

1.01%,

and

the

3

I

Class

was

0.59%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

14

QUARTER-END

RETURNS

Periods

Ended

9/30/22

1

Year

5

Years

Since

Inception

Inception

Date

Global

Allocation

Fund

–

.

-18.48‌%

2.79‌%

4.70‌%

5/28/13

Global

Allocation

Fund–

.

Advisor  Class

-18.65‌ 

2.48‌ 

4.48‌ 

5/28/13

Global

Allocation

Fund–

.

I  Class

-18.37‌ 

2.89‌ 

5.36‌ 

3/23/16

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

Advisor

and

3

I

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Global

Allocation

Fund

Financial

Highlights

15

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

10/31/22

10/31/21

10/31/20

10/31/19

10/31/18

NET

ASSET

VALUE

Beginning

of

period

$

16

.75‌

$

13

.80‌

$

13

.22‌

$

12

.18‌

$

12

.68‌

Investment

activities

Net

investment

income

(1)(2)

0

.20‌

0

.16‌

0

.15‌

0

.23‌

0

.20‌

Net

realized

and

unrealized

gain/

loss

(

2

.95‌

)

2

.95‌

0

.72‌

1

.10‌

(

0

.48‌

)

Total

from

investment

activities

(

2

.75‌

)

3

.11‌

0

.87‌

1

.33‌

(

0

.28‌

)

Distributions

Net

investment

income

(

0

.15‌

)

(

0

.14‌

)

(

0

.18‌

)

(

0

.23‌

)

(

0

.12‌

)

Net

realized

gain

(

1

.02‌

)

(

0

.02‌

)

(

0

.11‌

)

(

0

.06‌

)

(

0

.10‌

)

Total

distributions

(

1

.17‌

)

(

0

.16‌

)

(

0

.29‌

)

(

0

.29‌

)

(

0

.22‌

)

NET

ASSET

VALUE

End

of

period

$

12

.83‌

$

16

.75‌

$

13

.80‌

$

13

.22‌

$

12

.18‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

17

.55‌

)

%

22

.66‌

%

6

.65‌

%

11

.26‌

%

(

2

.31‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.86‌

%

0

.83‌

%

0

.84‌

%

0

.85‌

%

0

.89‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.73‌

%

0

.72‌

%

0

.73‌

%

0

.72‌

%

0

.74‌

%

Net

investment

income

1

.37‌

%

1

.01‌

%

1

.12‌

%

1

.85‌

%

1

.56‌

%

Portfolio

turnover

rate

72

.1‌

%

42

.2‌

%

56

.8‌

%

43

.1‌

%

47

.8‌

%

Net

assets,

end

of

period

(in

thousands)

$708,365

$1,037,535

$731,173

$664,057

$546,769

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Global

Allocation

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

10/31/22

10/31/21

10/31/20

10/31/19

10/31/18

NET

ASSET

VALUE

Beginning

of

period

$

16

.59‌

$

13

.67‌

$

13

.13‌

$

12

.11‌

$

12

.62‌

Investment

activities

Net

investment

income

(1)(2)

0

.15‌

0

.11‌

0

.11‌

0

.19‌

0

.16‌

Net

realized

and

unrealized

gain/

loss

(

2

.93‌

)

2

.93‌

0

.71‌

1

.09‌

(

0

.47‌

)

Total

from

investment

activities

(

2

.78‌

)

3

.04‌

0

.82‌

1

.28‌

(

0

.31‌

)

Distributions

Net

investment

income

(

0

.08‌

)

(

0

.10‌

)

(

0

.17‌

)

(

0

.20‌

)

(

0

.10‌

)

Net

realized

gain

(

1

.02‌

)

(

0

.02‌

)

(

0

.11‌

)

(

0

.06‌

)

(

0

.10‌

)

Total

distributions

(

1

.10‌

)

(

0

.12‌

)

(

0

.28‌

)

(

0

.26‌

)

(

0

.20‌

)

NET

ASSET

VALUE

End

of

period

$

12

.71‌

$

16

.59‌

$

13

.67‌

$

13

.13‌

$

12

.11‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

17

.85‌

)

%

22

.33‌

%

6

.31‌

%

10

.87‌

%

(

2

.56‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1

.18‌

%

1

.17‌

%

1

.17‌

%

1

.19‌

%

1

.22‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

1

.02‌

%

1

.04‌

%

1

.05‌

%

1

.04‌

%

1

.05‌

%

Net

investment

income

1

.08‌

%

0

.70‌

%

0

.81‌

%

1

.53‌

%

1

.29‌

%

Portfolio

turnover

rate

72

.1‌

%

42

.2‌

%

56

.8‌

%

43

.1‌

%

47

.8‌

%

Net

assets,

end

of

period

(in

thousands)

$4,457

$6,662

$10,435

$13,949

$12,406

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Global

Allocation

Fund

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

10/31/22

10/31/21

10/31/20

10/31/19

10/31/18

NET

ASSET

VALUE

Beginning

of

period

$

16

.82‌

$

13

.84‌

$

13

.25‌

$

12

.21‌

$

12

.72‌

Investment

activities

Net

investment

income

(1)(2)

0

.22‌

0

.18‌

0

.16‌

0

.24‌

0

.22‌

Net

realized

and

unrealized

gain/

loss

(

2

.97‌

)

2

.97‌

0

.72‌

1

.10‌

(

0

.49‌

)

Total

from

investment

activities

(

2

.75‌

)

3

.15‌

0

.88‌

1

.34‌

(

0

.27‌

)

Distributions

Net

investment

income

(

0

.17‌

)

(

0

.15‌

)

(

0

.18‌

)

(

0

.24‌

)

(

0

.14‌

)

Net

realized

gain

(

1

.02‌

)

(

0

.02‌

)

(

0

.11‌

)

(

0

.06‌

)

(

0

.10‌

)

Total

distributions

(

1

.19‌

)

(

0

.17‌

)

(

0

.29‌

)

(

0

.30‌

)

(

0

.24‌

)

NET

ASSET

VALUE

End

of

period

$

12

.88‌

$

16

.82‌

$

13

.84‌

$

13

.25‌

$

12

.21‌

Ratios/Supplemental

Data

Total

return

(2)(3)

(

17

.49‌

)

%

22

.89‌

%

6

.71‌

%

11

.32‌

%

(

2

.23‌

)

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.75‌

%

0

.73‌

%

0

.75‌

%

0

.77‌

%

0

.80‌

%

Net

expenses

after

waivers/

payments

by

Price

Associates

0

.60‌

%

0

.62‌

%

0

.63‌

%

0

.63‌

%

0

.64‌

%

Net

investment

income

1

.59‌

%

1

.11‌

%

1

.22‌

%

1

.92‌

%

1

.70‌

%

Portfolio

turnover

rate

72

.1‌

%

42

.2‌

%

56

.8‌

%

43

.1‌

%

47

.8‌

%

Net

assets,

end

of

period

(in

thousands)

$241,804

$191,932

$104,623

$68,428

$50,327

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

T.

ROWE

PRICE

Global

Allocation

Fund

October

31,

2022

18

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.1%

Common

Stocks

0.1%

Globant

(USD)  (1)

56‌

10‌

MercadoLibre

(USD)  (1)

563‌

508‌

Tenaris,

ADR

(USD) 

1,916‌

60‌

Total

Argentina

(Cost

$140

)

578‌

AUSTRALIA

0.8%

Common

Stocks

0.8%

ALS 

31,124‌

228‌

Australia

&

New

Zealand

Banking

Group 

16,393‌

269‌

BHP

Group 

56,076‌

1,347‌

BHP

Group

(GBP)  (2)

22,124‌

528‌

BlueScope

Steel 

12,570‌

127‌

Challenger 

28,054‌

126‌

Cochlear 

1,365‌

174‌

Downer

EDI 

38,927‌

112‌

Frontier

Digital

Ventures  (1)

159,333‌

71‌

Goodman

Group 

9,027‌

98‌

IDP

Education 

7,418‌

140‌

IGO 

96,660‌

945‌

Incitec

Pivot 

25,162‌

61‌

Macquarie

Group 

2,418‌

262‌

Northern

Star

Resources 

46,339‌

259‌

oOh!media 

83,378‌

67‌

OZ

Minerals 

17,312‌

268‌

Perseus

Mining 

172,571‌

201‌

Rio

Tinto 

4,610‌

262‌

Scentre

Group 

160,265‌

298‌

South32 

195,973‌

450‌

Steadfast

Group 

68,738‌

223‌

Suncorp

Group 

14,688‌

107‌

Tietto

Minerals  (1)

214,618‌

96‌

Woodside

Energy

Group

(GBP) 

2,412‌

56‌

Worley 

52,251‌

477‌

Xero  (1)

2,020‌

100‌

7,352‌

Corporate

Bonds

0.0%

Ausgrid

Finance,

3.85%,

5/1/23

(USD)  (3)

105,000‌

104‌

Transurban

Finance,

2.45%,

3/16/31

(USD)  (3)

140,000‌

106‌

Transurban

Finance,

4.125%,

2/2/26

(USD)  (3)

15,000‌

14‌

Woodside

Finance,

3.70%,

3/15/28

(USD)  (3)

67,000‌

59‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Woodside

Finance,

4.50%,

3/4/29

(USD)  (3)

105,000‌

94‌

377‌

Total

Australia

(Cost

$6,779

)

7,729‌

AUSTRIA

0.1%

Common

Stocks

0.1%

BAWAG

Group 

21,684‌

1,047‌

Erste

Group

Bank 

8,925‌

220‌

Total

Austria

(Cost

$1,075

)

1,267‌

BAHRAIN

0.0%

Common

Stocks

0.0%

Aluminium

Bahrain 

32,882‌

88‌

Total

Bahrain

(Cost

$113

)

88‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

243,951‌

93‌

Square

Pharmaceuticals 

58,752‌

121‌

Total

Bangladesh

(Cost

$250

)

214‌

BELGIUM

0.1%

Common

Stocks

0.1%

KBC

Group 

2,121‌

106‌

Shurgard

Self

Storage 

1,169‌

51‌

Umicore 

6,485‌

214‌

Warehouses

De

Pauw 

2,316‌

59‌

430‌

Corporate

Bonds

0.0%

Anheuser-Busch,

4.90%,

2/1/46

(USD) 

90,000‌

78‌

78‌

Total

Belgium

(Cost

$534

)

508‌

BRAZIL

0.4%

Common

Stocks

0.4%

Arco

Platform,

Class

A

(USD)  (1)

7,872‌

89‌

B3 

309,600‌

899‌

CI&T,

Class

A

(USD)  (1)

4,658‌

38‌

EDP

-

Energias

Do

Brasil 

20,368‌

91‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Grupo

SBF 

35,200‌

128‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

16,000‌

113‌

Localiza

Rent

a

Car  (1)

141‌

2‌

Localiza

Rent

a

Car 

43,125‌

588‌

Raia

Drogasil 

148,579‌

762‌

Suzano 

13,157‌

136‌

Vale 

13,667‌

177‌

WEG 

26,567‌

207‌

XP,

Class

A

(USD)  (1)

26,784‌

491‌

3,721‌

Preferred

Stocks

0.0%

Marcopolo 

212,200‌

118‌

118‌

Total

Brazil

(Cost

$3,598

)

3,839‌

CANADA

1.4%

Common

Stocks

1.2%

Altus

Group 

3,984‌

142‌

Aritzia  (1)

5,391‌

209‌

ATS

Automation

Tooling

Systems  (1)

1,300‌

41‌

BRP 

1,000‌

67‌

CAE  (1)

5,869‌

112‌

Canadian

Apartment

Properties

REIT  (2)

1,265‌

39‌

Canadian

Natural

Resources 

1,702‌

102‌

Canadian

Pacific

Railway

(USD) 

4,865‌

362‌

Constellation

Software 

134‌

194‌

Definity

Financial 

11,613‌

344‌

dentalcorp

Holdings  (1)(2)

12,162‌

68‌

Descartes

Systems

Group  (1)

4,104‌

283‌

Descartes

Systems

Group

(USD)  (1)

1,011‌

70‌

Element

Fleet

Management 

34,758‌

463‌

ERO

Copper  (1)

2,780‌

32‌

Filo

Mining  (1)

750‌

9‌

Franco-Nevada 

1,567‌

194‌

Ivanhoe

Mines,

Class

A  (1)

2,100‌

15‌

K92

Mining  (1)

47,640‌

216‌

Karora

Resources  (1)

38,709‌

81‌

Magna

International

(USD) 

8,616‌

480‌

Manulife

Financial 

26,457‌

438‌

National

Bank

of

Canada 

11,721‌

798‌

Nutrien

(USD) 

33,302‌

2,814‌

Orla

Mining  (1)

16,219‌

51‌

Osisko

Mining  (1)

16,667‌

35‌

Rhyolite

Resources  (1)

32,364‌

4‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Richelieu

Hardware  (2)

2,800‌

75‌

Shopify,

Class

A  (1)

5,120‌

176‌

Shopify,

Class

A

(USD)  (1)

9,413‌

322‌

Spin

Master 

7,495‌

232‌

Summit

Industrial

Income

REIT 

16,088‌

206‌

Sun

Life

Financial 

15,324‌

651‌

TC

Energy 

2,840‌

125‌

TC

Energy

(USD) 

23,298‌

1,023‌

TELUS

International

CDA  (1)

4,039‌

100‌

TMX

Group 

3,461‌

333‌

Toromont

Industries 

2,469‌

190‌

Victoria

Gold  (1)

11,550‌

58‌

Wesdome

Gold

Mines  (1)

41,399‌

248‌

West

Fraser

Timber 

375‌

28‌

Wheaton

Precious

Metals 

2,049‌

67‌

11,497‌

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

90‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

113‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

500,000‌

379‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

9‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

130‌

Toronto-Dominion

Bank,

3.50%,

7/19/23

(USD) 

235,000‌

232‌

1,127‌

Government

Bonds

0.1%

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

126‌

Province

of

Manitoba,

2.60%,

4/16/24

(USD) 

270,000‌

262‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

238‌

Province

of

Quebec,

2.875%,

10/16/24

(USD) 

50,000‌

48‌

674‌

Total

Canada

(Cost

$13,421

)

13,298‌

CAYMAN

ISLANDS

0.0%

Common

Stocks

0.0%

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $45

(USD)  (1)(4)(5)

11,845‌

23‌

23‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Convertible

Preferred

Stocks

0.0%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $96

(USD)  (1)(4)(5)

1,944‌

344‌

344‌

Total

Cayman

Islands

(Cost

$141

)

367‌

CHILE

0.1%

Common

Stocks

0.0%

Antofagasta

(GBP) 

18,393‌

248‌

248‌

Corporate

Bonds

0.1%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

191‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD)  (3)

220,000‌

184‌

Corp

Nacional

del

Cobre

de

Chile,

3.15%,

1/14/30

(USD)  (3)

200,000‌

167‌

542‌

Total

Chile

(Cost

$834

)

790‌

CHINA

2.1%

Common

Stocks

1.4%

58.com

(USD)  (1)(4)

5,864‌

—‌

Alibaba

Group

Holding

(HKD)  (1)

54,520‌

424‌

Alibaba

Group

Holding,

ADR

(USD)  (1)

11,441‌

727‌

Baidu,

ADR

(USD)  (1)

1,384‌

106‌

Beijing

Enterprises

Holdings

(HKD) 

30,500‌

77‌

BOE

Varitronix

(HKD) 

48,000‌

71‌

China

Overseas

Land

&

Investment

(HKD) 

314,500‌

601‌

China

Resources

Gas

Group

(HKD) 

56,000‌

143‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

143,000‌

419‌

Country

Garden

Services

Holdings

(HKD) 

67,000‌

59‌

ENN

Energy

Holdings

(HKD) 

24,800‌

247‌

Fosun

International

(HKD) 

94,500‌

58‌

H

World

Group

(HKD) 

57,300‌

156‌

Haier

Smart

Home,

Class

H

(HKD) 

64,400‌

161‌

JD

Health

International

(HKD)  (1)

15,950‌

87‌

JD.com,

Class

A

(HKD) 

17,776‌

324‌

JOYY,

ADR

(USD) 

2,213‌

56‌

Kanzhun,

ADR

(USD)  (1)

25,551‌

279‌

KE

Holdings,

ADR

(USD)  (1)

7,700‌

78‌

Kingdee

International

Software

Group

(HKD)  (1)

113,000‌

185‌

Li

Auto,

ADR

(USD)  (1)

8,900‌

121‌

Li

Auto,

Class

A

(HKD)  (1)

1,900‌

13‌

Li

Ning

(HKD) 

54,500‌

282‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Meituan,

Class

B

(HKD)  (1)

49,700‌

796‌

Nongfu

Spring,

Class

H

(HKD) 

19,400‌

97‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

266,000‌

245‌

Pinduoduo,

ADR

(USD)  (1)

4,900‌

269‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

88,000‌

352‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD)  (2)

123,200‌

170‌

Silergy

(TWD) 

22,000‌

254‌

Sinopharm

Group,

Class

H

(HKD) 

18,400‌

35‌

Sunny

Optical

Technology

Group

(HKD) 

12,800‌

111‌

Tencent

Holdings

(HKD) 

91,754‌

2,411‌

Tingyi

Cayman

Islands

Holding

(HKD) 

108,000‌

169‌

Trip.com

Group,

ADR

(USD)  (1)

7,800‌

177‌

Tsingtao

Brewery,

Class

H

(HKD) 

24,000‌

168‌

Wuxi

Biologics

Cayman

(HKD)  (1)

44,500‌

200‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

351,100‌

298‌

Yum

China

Holdings

(HKD) 

3,050‌

123‌

Yum

China

Holdings

(USD) 

36,700‌

1,518‌

Zhongsheng

Group

Holdings

(HKD) 

271,000‌

1,029‌

13,096‌

Common

Stocks

-

China

A

Shares

0.6%

China

Oilfield

Services,

A

Shares

(CNH) 

53,000‌

122‌

Foshan

Haitian

Flavouring

&

Food,

A

Shares

(CNH) 

11,100‌

91‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

142,212‌

651‌

Glodon,

A

Shares

(CNH) 

33,900‌

230‌

GoodWe

Technologies,

A

Shares

(CNH) 

2,652‌

122‌

Hongfa

Technology,

A

Shares

(CNH) 

81,900‌

386‌

Huayu

Automotive

Systems,

A

Shares

(CNH) 

23,200‌

53‌

Hundsun

Technologies,

A

Shares

(CNH) 

114,390‌

655‌

Inner

Mongolia

Yili

Industrial

Group,

A

Shares

(CNH) 

23,900‌

83‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

23,094‌

96‌

Kweichow

Moutai,

A

Shares

(CNH) 

560‌

104‌

Midea

Group,

A

Shares

(CNH) 

35,146‌

193‌

NARI

Technology,

A

Shares

(CNH) 

35,568‌

119‌

Pony

Testing

International

Group,

A

Shares

(CNH) 

32,040‌

156‌

Qingdao

Haier

Biomedical,

A

Shares

(CNH) 

20,075‌

212‌

Sangfor

Technologies,

A

Shares

(CNH) 

6,800‌

117‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

42,400‌

160‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

56,548‌

518‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

45,000‌

156‌

Songcheng

Performance

Development,

A

Shares

(CNH) 

278,800‌

440‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

23,800‌

98‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

62,634‌

482‌

YTO

Express

Group,

A

Shares

(CNH) 

30,600‌

79‌

Zhejiang

HangKe

Technology,

A

Shares

(CNH) 

7,465‌

51‌

Zhejiang

Sanhua

Intelligent

Controls,

A

Shares

(CNH) 

97,200‌

283‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Zhejiang

Shuanghuan

Driveline,

A

Shares

(CNH) 

33,000‌

128‌

Zhongji

Innolight,

A

Shares

(CNH) 

11,400‌

46‌

5,831‌

Corporate

Bonds

0.1%

Baidu,

3.875%,

9/29/23

(USD) 

210,000‌

207‌

State

Grid

Overseas

Investment,

3.75%,

5/2/23

(USD)  (3)

215,000‌

214‌

Tencent

Holdings,

2.985%,

1/19/23

(USD)  (3)

200,000‌

199‌

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

241‌

861‌

Total

China

(Cost

$27,261

)

19,788‌

DENMARK

0.1%

Common

Stocks

0.1%

Carlsberg,

Class

B 

1,124‌

133‌

Genmab  (1)

748‌

288‌

ROCKWOOL,

Class

B 

1,841‌

367‌

Zealand

Pharma  (1)

6,650‌

171‌

959‌

Corporate

Bonds

0.0%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD)  (3)(6)

335,000‌

308‌

308‌

Total

Denmark

(Cost

$1,476

)

1,267‌

EGYPT

0.0%

Common

Stocks

0.0%

Commercial

International

Bank

Egypt,

GDR

(USD) 

3,761‌

5‌

Edita

Food

Industries,

GDR

(USD) 

7,020‌

15‌

Fawry

for

Banking

&

Payment

Technology

Services  (1)

14,773‌

2‌

Integrated

Diagnostics

Holdings

(USD) 

154,388‌

119‌

Total

Egypt

(Cost

$213

)

141‌

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green 

5,198‌

21‌

Total

Estonia

(Cost

$20

)

21‌

FINLAND

0.3%

Common

Stocks

0.3%

Kojamo  (2)

28,263‌

368‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Metso

Outotec 

32,852‌

249‌

Sampo,

Class

A 

30,004‌

1,372‌

Stora

Enso,

Class

R 

20,999‌

274‌

UPM-Kymmene 

2,764‌

93‌

Valmet 

17,519‌

398‌

2,754‌

Corporate

Bonds

0.0%

Nordea

Bank,

1.00%,

6/9/23

(USD)  (3)

205,000‌

200‌

200‌

Total

Finland

(Cost

$2,818

)

2,954‌

FRANCE

2.0%

Common

Stocks

1.8%

Air

Liquide 

3,431‌

449‌

Airbus 

15,387‌

1,665‌

Alstom 

5,485‌

113‌

AXA 

64,425‌

1,591‌

BioMerieux 

686‌

61‌

BNP

Paribas 

11,451‌

537‌

Capgemini 

933‌

153‌

Dassault

Aviation 

3,261‌

484‌

Edenred 

3,065‌

157‌

Engie 

59,902‌

778‌

Esker 

639‌

84‌

EssilorLuxottica 

7,386‌

1,168‌

Eurofins

Scientific 

4,585‌

293‌

Faurecia  (1)(2)

4,339‌

65‌

Gecina 

280‌

25‌

Ipsen 

1,143‌

117‌

Kering 

1,045‌

479‌

L'Oreal 

1,378‌

433‌

Legrand 

5,547‌

423‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,719‌

1,085‌

Nexity 

4,970‌

99‌

Safran 

3,878‌

432‌

Sanofi 

20,417‌

1,757‌

Sanofi,

ADR

(USD) 

16,427‌

710‌

Schneider

Electric 

553‌

70‌

SPIE 

11,505‌

269‌

Teleperformance 

3,062‌

820‌

Thales 

2,656‌

338‌

Tikehau

Capital 

5,484‌

133‌

TotalEnergies 

44,781‌

2,443‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Verallia 

10,163‌

288‌

17,519‌

Corporate

Bonds

0.2%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD)  (3)(6)

350,000‌

259‌

BPCE,

4.00%,

9/12/23

(USD)  (3)

265,000‌

259‌

BPCE,

4.50%,

3/15/25

(USD)  (3)

400,000‌

375‌

Credit

Agricole,

3.75%,

4/24/23

(USD)  (3)

250,000‌

248‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

260‌

1,401‌

Total

France

(Cost

$17,340

)

18,920‌

GERMANY

1.3%

Common

Stocks

1.2%

Adesso 

305‌

30‌

AIXTRON 

4,529‌

111‌

Auto1

Group  (1)

3,489‌

23‌

BASF 

5,522‌

248‌

Bayer 

16,458‌

865‌

Beiersdorf 

601‌

58‌

Brenntag 

858‌

52‌

CANCOM 

2,748‌

68‌

Covestro 

10,058‌

341‌

Daimler

Truck

Holding  (1)

19,104‌

510‌

Deutsche

Boerse 

675‌

110‌

Deutsche

Post 

4,174‌

148‌

Deutsche

Telekom 

69,320‌

1,308‌

Evotec  (1)

22,025‌

420‌

flatexDEGIRO  (1)

17,257‌

151‌

Fresenius 

13,678‌

315‌

GEA

Group 

2,876‌

100‌

HeidelbergCement 

1,617‌

74‌

Hypoport  (1)

313‌

31‌

Infineon

Technologies 

17,624‌

428‌

KION

Group 

5,448‌

121‌

Knaus

Tabbert 

1,794‌

49‌

Mercedes-Benz

Group 

2,607‌

151‌

Munich

Re 

2,467‌

651‌

MYT

Netherlands

Parent,

ADR

(USD)  (1)

4,618‌

53‌

Nagarro  (1)

851‌

85‌

SAP 

5,023‌

483‌

Scout24 

6,314‌

324‌

Shop

Apotheke

Europe  (1)

3,322‌

138‌

Siemens 

24,450‌

2,670‌

Siemens

Healthineers 

8,883‌

407‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Stroeer 

2,360‌

96‌

Symrise 

4,103‌

419‌

Vonovia 

1,909‌

42‌

Zalando  (1)

14,339‌

330‌

11,410‌

Corporate

Bonds

0.0%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD)  (3)

155,000‌

139‌

139‌

Preferred

Stocks

0.1%

Dr

Ing

hc

F

Porsche  (1)

7,907‌

809‌

Sartorius 

285‌

101‌

Volkswagen 

1,018‌

130‌

1,040‌

Total

Germany

(Cost

$14,171

)

12,589‌

HONG

KONG

0.3%

Common

Stocks

0.3%

AIA

Group 

136,800‌

1,036‌

Budweiser

Brewing

APAC 

346,700‌

730‌

CK

Hutchison

Holdings 

18,000‌

89‌

Galaxy

Entertainment

Group 

24,000‌

110‌

Hong

Kong

Exchanges

&

Clearing 

1,400‌

37‌

Hongkong

Land

Holdings

(USD) 

41,600‌

160‌

Impro

Precision

Industries 

238,000‌

62‌

Samsonite

International  (1)

61,200‌

131‌

Sun

Hung

Kai

Properties 

6,583‌

71‌

Wharf

Real

Estate

Investment 

18,000‌

71‌

Total

Hong

Kong

(Cost

$2,611

)

2,497‌

HUNGARY

0.0%

Common

Stocks

0.0%

OTP

Bank 

20,639‌

450‌

Total

Hungary

(Cost

$755

)

450‌

ICELAND

0.0%

Common

Stocks

0.0%

Marel 

48,011‌

168‌

Total

Iceland

(Cost

$315

)

168‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

INDIA

1.2%

Common

Stocks

1.2%

Asian

Paints 

6,868‌

259‌

Astral 

7,114‌

175‌

Axis

Bank 

53,600‌

588‌

Blue

Star 

9,669‌

144‌

CreditAccess

Grameen  (1)

8,376‌

99‌

Dr

Lal

PathLabs 

1,718‌

53‌

Fine

Organic

Industries 

856‌

59‌

FSN

E-Commerce

Ventures  (1)

3,912‌

56‌

HDFC

Asset

Management 

9,752‌

245‌

HDFC

Bank 

45,914‌

833‌

HDFC

Life

Insurance 

88,566‌

579‌

Hindustan

Unilever 

10,303‌

319‌

Housing

Development

Finance 

53,808‌

1,609‌

ICICI

Bank,

ADR

(USD) 

7,854‌

173‌

Indus

Towers 

34,553‌

78‌

Info

Edge

India 

1,315‌

62‌

Infosys 

44,627‌

833‌

Kotak

Mahindra

Bank 

60,858‌

1,401‌

Maruti

Suzuki

India 

4,515‌

521‌

NTPC 

162,271‌

340‌

Petronet

LNG 

18,451‌

46‌

Polycab

India 

5,078‌

170‌

Reliance

Industries 

27,589‌

850‌

Shriram

Transport

Finance 

8,442‌

125‌

Tata

Consultancy

Services 

4,068‌

156‌

TeamLease

Services  (1)

2,493‌

88‌

Torrent

Pharmaceuticals 

11,168‌

222‌

V-Mart

Retail 

1,908‌

69‌

Voltas 

74,181‌

787‌

Zomato  (1)

138,745‌

106‌

Total

India

(Cost

$9,970

)

11,045‌

INDONESIA

0.1%

Common

Stocks

0.1%

Bank

Central

Asia 

1,253,800‌

709‌

Sarana

Menara

Nusantara 

1,539,700‌

114‌

Sumber

Alfaria

Trijaya 

293,700‌

53‌

Total

Indonesia

(Cost

$411

)

876‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

IRELAND

0.2%

Common

Stocks

0.0%

Cairn

Homes

(GBP) 

140,816‌

136‌

DCC

(GBP) 

4,071‌

226‌

Kenmare

Resources

(GBP) 

844‌

4‌

366‌

Corporate

Bonds

0.2%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

127‌

AerCap

Ireland

Capital,

3.30%,

1/23/23

(USD) 

150,000‌

149‌

AerCap

Ireland

Capital,

4.125%,

7/3/23

(USD) 

150,000‌

148‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD)  (3)

70,000‌

66‌

Avolon

Holdings

Funding,

5.25%,

5/15/24

(USD)  (3)

215,000‌

208‌

CRH

America

Finance,

3.95%,

4/4/28

(USD)  (3)

400,000‌

366‌

Shire

Acquisitions

Investments

Ireland,

2.875%,

9/23/23

(USD) 

119,000‌

117‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23

(USD)  (3)

315,000‌

310‌

1,491‌

Total

Ireland

(Cost

$2,009

)

1,857‌

ITALY

0.7%

Common

Stocks

0.6%

Amplifon 

19,214‌

477‌

Ariston

Holding 

9,416‌

80‌

Banca

Mediolanum 

60,401‌

452‌

Carel

Industries 

14,336‌

312‌

Davide

Campari-Milano 

33,788‌

303‌

De'

Longhi 

10,574‌

182‌

DiaSorin 

910‌

119‌

Enel 

137,248‌

613‌

Ermenegildo

Zegna

(USD) 

21,154‌

232‌

Ferrari 

2,265‌

447‌

FinecoBank

Banca

Fineco 

50,575‌

682‌

GVS  (1)(2)

12,255‌

63‌

Intesa

Sanpaolo 

80,029‌

153‌

Leonardo 

13,550‌

109‌

Moncler 

6,145‌

265‌

PRADA

(HKD) 

44,000‌

200‌

Prysmian 

24,539‌

799‌

Stellantis 

10,132‌

137‌

UniCredit 

12,289‌

152‌

5,777‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.1%

Enel

Finance

International,

1.875%,

7/12/28

(USD)  (3)

200,000‌

151‌

Eni,

Series

X-R,

4.00%,

9/12/23

(USD)  (3)

295,000‌

289‌

440‌

Total

Italy

(Cost

$5,956

)

6,217‌

JAPAN

4.0%

Common

Stocks

3.9%

Aida

Engineering 

10,300‌

60‌

Aiful  (2)

84,500‌

230‌

Aruhi  (2)

3,000‌

28‌

Asahi

Group

Holdings 

5,600‌

157‌

Asahi

Kasei 

31,800‌

204‌

Asics 

4,800‌

74‌

Astellas

Pharma 

70,300‌

970‌

Benefit

One 

2,700‌

37‌

Central

Japan

Railway 

1,800‌

208‌

Chugai

Pharmaceutical 

14,800‌

343‌

CyberAgent 

34,200‌

281‌

Dai-ichi

Life

Holdings 

7,700‌

122‌

Daiichi

Sankyo 

16,900‌

541‌

Daikin

Industries 

700‌

105‌

Daio

Paper 

40,000‌

295‌

Daiwa

Office

Investment 

12‌

57‌

Daiwabo

Holdings 

16,900‌

218‌

Demae-Can  (1)(2)

8,000‌

26‌

Denso 

3,900‌

194‌

DIC 

11,300‌

190‌

Disco 

1,300‌

311‌

East

Japan

Railway 

3,600‌

192‌

eGuarantee 

3,300‌

53‌

Eiken

Chemical 

9,500‌

117‌

Eisai 

3,700‌

223‌

Electric

Power

Development 

24,300‌

338‌

Fancl 

10,100‌

191‌

FANUC 

1,500‌

196‌

Fast

Retailing 

400‌

223‌

Freee  (1)(2)

4,200‌

82‌

Fujitec  (2)

8,200‌

163‌

Fujitsu 

2,000‌

230‌

Fujitsu

General 

9,300‌

212‌

Fukui

Computer

Holdings 

3,400‌

79‌

GMO

Financial

Gate 

500‌

47‌

GMO

Payment

Gateway 

1,800‌

129‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hamamatsu

Photonics 

10,800‌

489‌

Hanwa 

8,700‌

210‌

Hikari

Tsushin 

5,100‌

616‌

Hino

Motors  (1)

44,700‌

186‌

Hitachi 

7,200‌

327‌

Honda

Motor 

5,100‌

116‌

Horiba 

2,300‌

94‌

Hoshino

Resorts

REIT  (2)

60‌

285‌

Hoshizaki 

23,800‌

682‌

Idec 

6,300‌

135‌

Industrial

&

Infrastructure

Fund

Investment 

99‌

105‌

Isuzu

Motors 

16,700‌

196‌

ITOCHU 

5,000‌

129‌

JINS

Holdings 

2,100‌

63‌

JMDC 

2,500‌

89‌

Kansai

Paint 

18,000‌

235‌

Katitas 

2,400‌

54‌

Keyence 

1,900‌

716‌

Kirin

Holdings  (2)

11,900‌

175‌

Kubota 

7,000‌

98‌

Kyoritsu

Maintenance 

1,500‌

62‌

Kyowa

Kirin 

10,400‌

245‌

LITALICO 

1,200‌

25‌

M3 

1,900‌

57‌

MatsukiyoCocokara 

4,000‌

146‌

Media

Do 

3,400‌

48‌

Medley  (1)(2)

2,200‌

53‌

Mercari  (1)

2,000‌

33‌

METAWATER 

6,800‌

87‌

Mitsubishi 

9,000‌

244‌

Mitsubishi

Electric 

95,000‌

836‌

Mitsubishi

Estate 

8,700‌

109‌

Mitsubishi

HC

Capital 

30,300‌

130‌

Mitsubishi

UFJ

Financial

Group 

171,900‌

812‌

Mitsui

Fudosan 

43,300‌

829‌

Mitsui

Fudosan

Logistics

Park 

14‌

46‌

Mitsui

Mining

&

Smelting 

6,500‌

131‌

Miura 

12,400‌

253‌

Modec  (1)

9,000‌

98‌

Money

Forward  (1)

2,700‌

76‌

Murata

Manufacturing 

13,700‌

649‌

Musashi

Seimitsu

Industry  (2)

11,900‌

137‌

Nakanishi 

7,600‌

139‌

NET

One

Systems 

6,200‌

127‌

Nextage 

12,800‌

247‌

NGK

Spark

Plug 

9,300‌

170‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nifco 

4,400‌

102‌

Nihon

M&A

Center

Holdings 

2,900‌

33‌

Nintendo 

11,000‌

447‌

Nippon

Ceramic 

6,900‌

120‌

Nippon

Paint

Holdings 

26,600‌

170‌

Nippon

Sanso

Holdings 

7,800‌

124‌

Nippon

Seiki 

27,500‌

140‌

Nippon

Shokubai 

1,600‌

57‌

Nippon

Soda 

7,200‌

215‌

Nippon

Steel 

22,800‌

313‌

Nippon

Telegraph

&

Telephone 

84,600‌

2,333‌

Nipro 

23,900‌

180‌

Nitto

Boseki 

2,400‌

36‌

Nomura

Research

Institute 

1,800‌

40‌

NSK 

35,700‌

189‌

NTT

Data 

45,100‌

653‌

Obara

Group 

6,000‌

139‌

Olympus 

10,000‌

211‌

Omron 

2,600‌

121‌

Oriental

Land 

1,700‌

228‌

ORIX 

23,900‌

351‌

Otsuka

Holdings 

19,500‌

625‌

Outsourcing 

9,800‌

76‌

Pan

Pacific

International

Holdings 

12,200‌

200‌

Panasonic

Holdings 

32,800‌

234‌

Persol

Holdings 

15,200‌

304‌

Pigeon 

8,300‌

109‌

Plaid  (1)(2)

1,800‌

8‌

Pola

Orbis

Holdings 

2,600‌

29‌

Recruit

Holdings 

10,300‌

317‌

Renesas

Electronics  (1)

15,700‌

131‌

Resona

Holdings 

98,600‌

372‌

Rinnai 

700‌

48‌

Ryohin

Keikaku 

7,600‌

72‌

Sakata

INX 

19,300‌

138‌

Sankyu 

2,100‌

63‌

Sansan  (1)

5,900‌

59‌

Sanwa

Holdings 

9,700‌

84‌

Seven

&

i

Holdings  (2)

25,300‌

944‌

SHIFT  (1)

200‌

31‌

Shimadzu 

7,800‌

205‌

Shin-Etsu

Chemical 

300‌

31‌

SMC 

300‌

120‌

SMS 

2,100‌

48‌

Socionext  (1)

3,800‌

135‌

SoftBank 

34,700‌

342‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SoftBank

Group 

3,800‌

163‌

Solasto 

38,800‌

234‌

Sompo

Holdings 

11,000‌

459‌

Sony

Group 

13,000‌

877‌

Stanley

Electric 

21,700‌

369‌

Sumitomo 

29,400‌

374‌

Sumitomo

Densetsu 

12,800‌

225‌

Sumitomo

Electric

Industries 

27,600‌

288‌

Sumitomo

Mitsui

Trust

Holdings 

5,800‌

167‌

Sumitomo

Rubber

Industries 

8,200‌

70‌

Sumitomo

Seika

Chemicals 

6,500‌

130‌

Suzuki

Motor 

22,100‌

747‌

Taiheiyo

Cement 

17,200‌

234‌

Taiyo

Yuden 

2,500‌

68‌

Takeda

Pharmaceutical 

4,600‌

122‌

Takeuchi

Manufacturing 

5,200‌

105‌

Takuma 

7,000‌

58‌

TechnoPro

Holdings  (2)

12,000‌

288‌

THK 

6,600‌

115‌

Tokio

Marine

Holdings 

26,700‌

483‌

Tokyo

Century 

3,700‌

126‌

Tokyo

Electron 

1,600‌

421‌

Tokyo

Tatemono 

18,400‌

253‌

Tosoh 

2,800‌

30‌

Toyo

Tire 

13,200‌

155‌

Toyota

Motor 

72,500‌

1,006‌

UT

Group 

5,100‌

83‌

Visional  (1)

2,500‌

170‌

Welcia

Holdings 

8,200‌

171‌

Yellow

Hat 

11,600‌

139‌

Z

Holdings 

106,600‌

275‌

37,247‌

Corporate

Bonds

0.1%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD)  (6)

300,000‌

253‌

Sumitomo

Mitsui

Financial

Group,

3.748%,

7/19/23

(USD) 

340,000‌

336‌

589‌

Total

Japan

(Cost

$39,187

)

37,836‌

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

16,849‌

170‌

Kaspi.KZ,

GDR

(USD) 

5,059‌

331‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NAC

Kazatomprom,

GDR

(USD) 

6,845‌

181‌

Total

Kazakhstan

(Cost

$761

)

682‌

KENYA

0.0%

Common

Stocks

0.0%

Safaricom 

116,500‌

24‌

Total

Kenya

(Cost

$40

)

24‌

LUXEMBOURG

0.0%

Common

Stocks

0.0%

Ardagh

Metal

Packaging

(USD) 

6,116‌

27‌

Majorel

Group

Luxembourg 

7,618‌

156‌

Total

Luxembourg

(Cost

$299

)

183‌

MEXICO

0.3%

Common

Stocks

0.2%

Corp

Inmobiliaria

Vesta  (2)

38,700‌

84‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

1,523‌

355‌

Grupo

Financiero

Banorte,

Class

O 

73,100‌

595‌

Grupo

Mexico,

Series

B 

101,880‌

367‌

Wal-Mart

de

Mexico 

178,493‌

690‌

2,091‌

Corporate

Bonds

0.0%

BBVA

Bancomer,

4.375%,

4/10/24

(USD)  (3)

150,000‌

147‌

147‌

Government

Bonds

0.1%

Mexico

Government

International

Bond,

3.50%,

2/12/34

(USD) 

505,000‌

387‌

387‌

Total

Mexico

(Cost

$2,327

)

2,625‌

MOROCCO

0.0%

Common

Stocks

0.0%

Attijariwafa

Bank 

2,792‌

98‌

Hightech

Payment

Systems 

251‌

147‌

Label

Vie 

125‌

51‌

Total

Morocco

(Cost

$344

)

296‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NETHERLANDS

1.2%

Common

Stocks

1.1%

Aalberts 

2,879‌

100‌

Adyen  (1)

476‌

679‌

AerCap

Holdings

(USD)  (1)

3,402‌

182‌

Akzo

Nobel 

20,561‌

1,269‌

Argenx,

ADR

(USD)  (1)

1,730‌

671‌

ASML

Holding 

6,062‌

2,844‌

ASML

Holding

(USD) 

2,696‌

1,274‌

IMCD 

1,714‌

222‌

ING

Groep 

155,244‌

1,528‌

Kendrion 

2,120‌

31‌

Koninklijke

DSM 

3,614‌

425‌

Koninklijke

Philips 

35,121‌

445‌

Prosus 

14,103‌

610‌

Signify 

3,756‌

104‌

Van

Lanschot

Kempen,

CVA 

4,457‌

96‌

10,480‌

Corporate

Bonds

0.1%

ING

Groep,

3.55%,

4/9/24

(USD) 

255,000‌

248‌

JDE

Peet's,

1.375%,

1/15/27

(USD)  (3)

290,000‌

240‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

279‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

72‌

839‌

Total

Netherlands

(Cost

$11,029

)

11,319‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

19,459‌

221‌

Total

New

Zealand

(Cost

$135

)

221‌

NORWAY

0.3%

Common

Stocks

0.3%

Aker

BP 

2,464‌

78‌

Bakkafrost 

1,508‌

75‌

DNB

Bank 

31,595‌

559‌

Equinor 

38,814‌

1,414‌

Norsk

Hydro 

28,589‌

181‌

Storebrand 

72,441‌

564‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TGS 

16,295‌

222‌

Total

Norway

(Cost

$2,278

)

3,093‌

PAKISTAN

0.0%

Common

Stocks

0.0%

Indus

Motor 

520‌

2‌

Systems 

48,572‌

98‌

Total

Pakistan

(Cost

$78

)

100‌

PANAMA

0.0%

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

24‌

Total

Panama

(Cost

$27

)

24‌

PERU

0.1%

Common

Stocks

0.1%

Alicorp 

13,294‌

21‌

Credicorp

(USD) 

1,347‌

197‌

InRetail

Peru

(USD) 

638‌

22‌

Southern

Copper

(USD) 

10,661‌

501‌

Total

Peru

(Cost

$723

)

741‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

BDO

Unibank 

26,960‌

60‌

Converge

Information

and

Communications

Technology

Solutions  (1)

143,500‌

31‌

Nickel

Asia 

45,200‌

4‌

Philippine

Seven  (1)

20,240‌

23‌

SM

Investments 

34,736‌

495‌

Universal

Robina 

120,330‌

254‌

Total

Philippines

(Cost

$1,018

)

867‌

POLAND

0.0%

Common

Stocks

0.0%

Powszechna

Kasa

Oszczednosci

Bank

Polski 

40,917‌

223‌

223‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

52‌

52‌

Total

Poland

(Cost

$410

)

275‌

PORTUGAL

0.1%

Common

Stocks

0.1%

Banco

Comercial

Portugues,

Class

R 

295,946‌

42‌

Galp

Energia 

45,737‌

465‌

Jeronimo

Martins 

30,057‌

622‌

Total

Portugal

(Cost

$1,057

)

1,129‌

QATAR

0.1%

Common

Stocks

0.1%

Qatar

National

Bank 

114,173‌

625‌

Total

Qatar

(Cost

$623

)

625‌

ROMANIA

0.0%

Common

Stocks

0.0%

Banca

Transilvania 

49,003‌

168‌

Fondul

Proprietatea 

38,062‌

13‌

Total

Romania

(Cost

$246

)

181‌

RUSSIA

0.0%

Common

Stocks

0.0%

Alrosa  (4)

80,680‌

—‌

Gazprom  (4)

31,212‌

—‌

HeadHunter

Group,

ADR

(USD)  (4)

4,246‌

—‌

MMC

Norilsk

Nickel  (4)

311‌

—‌

Moscow

Exchange  (1)(4)

51,640‌

—‌

Ozon

Holdings,

ADR

(USD)  (1)(4)

7,944‌

—‌

Polyus  (1)(4)

294‌

—‌

TCS

Group

Holding,

GDR

(USD)  (1)(4)

584‌

—‌

X5

Retail

Group,

GDR

(USD)  (4)

16,337‌

—‌

Yandex,

Class

A

(USD)  (1)(4)

7,997‌

—‌

Total

Russia

(Cost

$1,728

)

—‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SAUDI

ARABIA

0.2%

Common

Stocks

0.2%

Al

Rajhi

Bank  (1)

4,375‌

99‌

Nahdi

Medical 

10,946‌

577‌

Saudi

British

Bank 

2,726‌

32‌

Saudi

National

Bank 

34,436‌

544‌

Saudi

Tadawul

Group

Holding 

1,981‌

114‌

1,366‌

Corporate

Bonds

0.0%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD)  (3)

245,000‌

236‌

236‌

Total

Saudi

Arabia

(Cost

$1,321

)

1,602‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

62,800‌

83‌

DBS

Group

Holdings 

10,200‌

246‌

Digital

Core

REIT

Management

(USD) 

81,400‌

41‌

Lendlease

Global

Commercial

REIT 

90,600‌

45‌

Sea,

ADR

(USD)  (1)

13,681‌

680‌

United

Overseas

Bank 

32,800‌

643‌

Wilmar

International 

141,500‌

388‌

Total

Singapore

(Cost

$2,480

)

2,126‌

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

10,601‌

108‌

Total

Slovenia

(Cost

$133

)

108‌

SOUTH

AFRICA

0.2%

Common

Stocks

0.2%

Capitec

Bank

Holdings 

4,051‌

419‌

Clicks

Group 

32,142‌

544‌

FirstRand 

92,584‌

324‌

Impala

Platinum

Holdings 

1,640‌

17‌

Sibanye

Stillwater 

6,363‌

15‌

1,319‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD)  (3)

200,000‌

154‌

154‌

Total

South

Africa

(Cost

$1,338

)

1,473‌

SOUTH

KOREA

0.6%

Common

Stocks

0.6%

KT 

8,523‌

219‌

KT,

ADR

(USD) 

8,968‌

114‌

LG

Chem 

1,696‌

744‌

LG

H&H 

150‌

54‌

NAVER 

4,907‌

582‌

POSCO

Holdings 

1,887‌

329‌

Samsung

Electronics 

77,631‌

3,231‌

Total

South

Korea

(Cost

$4,630

)

5,273‌

SPAIN

0.4%

Common

Stocks

0.4%

Aedas

Homes 

15,956‌

207‌

Amadeus

IT

Group  (1)

22,291‌

1,163‌

Cellnex

Telecom 

12,910‌

423‌

CIE

Automotive 

4,102‌

105‌

Fluidra  (2)

30,734‌

417‌

Iberdrola 

78,785‌

801‌

Indra

Sistemas 

6,612‌

59‌

Laboratorios

Farmaceuticos

Rovi 

5,251‌

239‌

Linea

Directa

Aseguradora

Cia

de

Seguros

y

Reaseguros 

47,264‌

44‌

3,458‌

Corporate

Bonds

0.0%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

158‌

Banco

Santander,

3.848%,

4/12/23

(USD) 

200,000‌

198‌

356‌

Total

Spain

(Cost

$4,303

)

3,814‌

SWEDEN

0.6%

Common

Stocks

0.6%

Alfa

Laval 

1,918‌

47‌

Assa

Abloy,

Class

B 

27,296‌

551‌

Autoliv,

SDR 

3,006‌

242‌

Avanza

Bank

Holding  (2)

8,572‌

171‌

Beijer

Ref 

5,649‌

88‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Boliden 

13,302‌

387‌

Elekta,

Class

B 

29,662‌

151‌

Epiroc,

Class

A 

38,522‌

590‌

Epiroc,

Class

B 

4,610‌

62‌

Essity,

Class

B 

29,540‌

624‌

LM

Ericsson,

Class

B 

102,248‌

568‌

Millicom

International

Cellular,

SDR  (1)

6,419‌

70‌

MIPS 

1,789‌

58‌

Olink

Holding,

ADR

(USD)  (1)

6,585‌

121‌

Sandvik 

13,972‌

218‌

Svenska

Cellulosa,

Class

B 

29,017‌

342‌

Svenska

Handelsbanken,

Class

A 

40,011‌

372‌

Swedbank,

Class

A 

49,262‌

734‌

Thule

Group  (2)

9,902‌

195‌

Trelleborg,

Class

B 

5,243‌

115‌

Total

Sweden

(Cost

$6,288

)

5,706‌

SWITZERLAND

1.5%

Common

Stocks

1.4%

ABB 

16,981‌

472‌

Alcon 

13,804‌

840‌

ams  (1)

11,787‌

67‌

Barry

Callebaut 

366‌

692‌

Bossard

Holding 

255‌

51‌

DKSH

Holding 

2,791‌

201‌

Julius

Baer

Group 

22,471‌

1,078‌

Lonza

Group 

1,385‌

713‌

Montana

Aerospace  (1)

8,691‌

100‌

Nestle 

18,907‌

2,058‌

Novartis 

13,689‌

1,107‌

Partners

Group

Holding 

644‌

578‌

PolyPeptide

Group 

2,875‌

84‌

Roche

Holding 

9,022‌

2,994‌

Sensirion

Holding  (1)

772‌

70‌

Sika 

2,222‌

501‌

SKAN

Group 

325‌

20‌

TE

Connectivity

(USD) 

1,678‌

205‌

Tecan

Group 

166‌

61‌

UBS

Group 

12,038‌

191‌

Zurich

Insurance

Group 

2,929‌

1,248‌

13,331‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD)  (3)

235,000‌

189‌

Credit

Suisse

Group,

VR,

2.997%,

12/14/23

(USD)  (3)(6)

250,000‌

243‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UBS

Group,

VR,

1.364%,

1/30/27

(USD)  (3)(6)

300,000‌

251‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD)  (3)(6)

200,000‌

122‌

805‌

Total

Switzerland

(Cost

$12,496

)

14,136‌

TAIWAN

0.6%

Common

Stocks

0.6%

Chailease

Holding 

52,000‌

240‌

Chroma

ATE 

18,000‌

98‌

Largan

Precision 

2,000‌

114‌

MediaTek 

16,000‌

292‌

Taiwan

Semiconductor

Manufacturing 

393,000‌

4,725‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

2,493‌

153‌

Vanguard

International

Semiconductor 

91,000‌

187‌

Total

Taiwan

(Cost

$4,180

)

5,809‌

THAILAND

0.1%

Common

Stocks

0.1%

Airports

of

Thailand  (1)

53,500‌

104‌

Bumrungrad

Hospital 

5,400‌

32‌

CP

ALL 

486,500‌

789‌

Siam

Cement 

12,000‌

102‌

Total

Thailand

(Cost

$1,122

)

1,027‌

UNITED

ARAB

EMIRATES

0.1%

Common

Stocks

0.1%

Air

Arabia 

268,315‌

149‌

First

Abu

Dhabi

Bank 

115,998‌

566‌

Network

International

Holdings

(GBP)  (1)

30,307‌

113‌

Total

United

Arab

Emirates

(Cost

$573

)

828‌

UNITED

KINGDOM

3.1%

Common

Stocks

2.9%

Abcam  (1)

20,383‌

315‌

Adriatic

Metals,

CDI

(AUD)  (1)

39,795‌

62‌

AJ

Bell 

22,197‌

83‌

Amcor,

CDI

(AUD) 

26,320‌

306‌

Ascential  (1)

213,760‌

471‌

Ashtead

Group 

22,364‌

1,165‌

ASOS  (1)(2)

12,466‌

80‌

AstraZeneca 

9,147‌

1,073‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

AstraZeneca,

ADR

(USD) 

81,565‌

4,797‌

Auction

Technology

Group  (1)

10,390‌

89‌

Baltic

Classifieds

Group 

78,943‌

126‌

Big

Yellow

Group 

9,435‌

121‌

boohoo

Group  (1)(2)

42,013‌

20‌

Bridgepoint

Group 

137,495‌

314‌

British

American

Tobacco 

3,990‌

158‌

Bunzl 

6,367‌

207‌

Burberry

Group 

10,881‌

227‌

Bytes

Technology

Group 

22,740‌

94‌

Central

Asia

Metals 

63,495‌

156‌

Close

Brothers

Group 

5,596‌

63‌

Compass

Group 

21,937‌

462‌

Croda

International 

3,061‌

237‌

Dechra

Pharmaceuticals 

11,504‌

346‌

Derwent

London 

6,792‌

168‌

Diageo 

11,871‌

488‌

Diploma 

1,646‌

47‌

Direct

Line

Insurance

Group 

92,989‌

215‌

Dr.

Martens 

75,418‌

214‌

Endava,

ADR

(USD)  (1)

867‌

66‌

Experian 

13,668‌

436‌

FD

Technologies  (1)

6,290‌

97‌

Frontier

Developments  (1)(2)

5,962‌

91‌

Funding

Circle

Holdings  (1)

79,326‌

44‌

Genuit

Group 

22,778‌

67‌

Genus 

4,944‌

144‌

Georgia

Capital  (1)

5,096‌

36‌

Glencore 

18,556‌

106‌

Great

Portland

Estates 

48,579‌

286‌

Greggs 

13,235‌

307‌

GSK,

ADR

(USD) 

15,182‌

504‌

Haleon,

ADR

(USD)  (1)

18,261‌

112‌

Helios

Towers  (1)

117,466‌

169‌

HSBC

Holdings 

38,730‌

199‌

Imperial

Brands 

9,958‌

243‌

Informa 

16,381‌

104‌

InterContinental

Hotels

Group 

3,483‌

187‌

Intermediate

Capital

Group 

17,189‌

209‌

Investec 

13,610‌

68‌

IQE  (1)(2)

292,782‌

141‌

Johnson

Matthey 

10,386‌

231‌

Keywords

Studios 

11,295‌

312‌

Kingfisher 

120,191‌

302‌

Lloyds

Banking

Group 

821,085‌

394‌

London

Stock

Exchange

Group 

8,467‌

734‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Melrose

Industries 

189,306‌

254‌

Molten

Ventures  (1)

37,943‌

139‌

Mondi 

26,085‌

438‌

National

Express

Group  (1)

53,663‌

104‌

National

Grid 

30,442‌

332‌

Next 

5,639‌

318‌

Ninety

One 

12,403‌

29‌

Ocado

Group  (1)(2)

23,171‌

126‌

Oxford

Nanopore

Technologies  (1)

20,229‌

61‌

Persimmon 

14,255‌

213‌

Prudential 

14,011‌

130‌

Renishaw 

2,259‌

91‌

Rightmove 

26,317‌

148‌

Rio

Tinto 

8,261‌

432‌

Rolls-Royce

Holdings  (1)

151,139‌

136‌

Rotork 

52,329‌

153‌

Shell 

45,880‌

1,271‌

Shell,

ADR

(USD) 

6,562‌

365‌

Smith

&

Nephew 

45,625‌

539‌

Smiths

Group 

7,687‌

138‌

Spirax-Sarco

Engineering 

1,370‌

169‌

Standard

Chartered 

32,194‌

192‌

Syncona  (1)

44,594‌

89‌

Taylor

Wimpey 

76,563‌

82‌

Trainline  (1)

98,595‌

375‌

Unilever

(EUR) 

6,807‌

311‌

Unilever 

25,584‌

1,163‌

UNITE

Group 

6,179‌

63‌

Victorian

Plumbing

Group  (1)

30,590‌

20‌

Victrex 

7,250‌

138‌

Vodafone

Group 

119,946‌

140‌

Vodafone

Group,

ADR

(USD) 

29,249‌

345‌

Watches

of

Switzerland

Group  (1)

20,199‌

180‌

Weir

Group 

23,223‌

405‌

WPP 

61,376‌

540‌

YouGov 

23,872‌

244‌

Yulife

Holdings,

Acquisition

Date:

10/11/22,

Cost $2  (1)(4)(5)

81‌

2‌

27,568‌

Convertible

Preferred

Stocks

0.0%

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $8  (1)(4)(5)

394‌

8‌

8‌

Corporate

Bonds

0.2%

Barclays,

VR,

2.279%,

11/24/27

(USD)  (6)

335,000‌

277‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

275,000‌

199‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD)  (3)

210,000‌

179‌

Experian

Finance,

2.75%,

3/8/30

(USD)  (3)

200,000‌

160‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD)  (6)

200,000‌

151‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD)  (3)

405,000‌

338‌

NatWest

Group,

VR,

4.519%,

6/25/24

(USD)  (6)

300,000‌

295‌

NatWest

Markets,

2.375%,

5/21/23

(USD)  (3)

240,000‌

235‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

84‌

RELX

Capital,

3.50%,

3/16/23

(USD) 

45,000‌

45‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD)  (6)

200,000‌

164‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD)  (3)(6)

320,000‌

286‌

2,413‌

Total

United

Kingdom

(Cost

$32,914

)

29,989‌

UNITED

STATES

71.9%

Asset-Backed

Securities

0.5%

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

105,000‌

100‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

133‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25  (3)

105,000‌

99‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27  (3)

100,000‌

88‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

TSFR

+

1.32%,

5.184%,

4/15/35  (3)

250,000‌

239‌

Carmax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

79‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

130‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

USD

LIBOR

+

1.14%,

5.219%,

7/15/36  (3)

250,000‌

240‌

CNH

Equipment

Trust,

Series

2019-C,

Class

B,

2.35%,

4/15/27 

295,000‌

286‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51  (3)

127,725‌

103‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51  (3)

128,700‌

100‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

USD

LIBOR

+

1.12%,

4.104%,

5/20/34  (3)

250,000‌

239‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

C,

0.74%,

1/15/26 

210,574‌

206‌

Exeter

Automobile

Receivables

Trust,

Series

2021-2A,

Class

C,

0.98%,

6/15/26 

75,000‌

71‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

215,000‌

200‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Ford

Credit

Auto

Owner

Trust,

Series

2019-1,

Class

B,

3.82%,

7/15/30  (3)

205,000‌

200‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33  (3)

115,000‌

101‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

178‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

85‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48  (3)

105,600‌

98‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28  (3)

133,521‌

128‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38  (3)

107,494‌

101‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41  (3)

61,142‌

55‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68  (3)

190,086‌

181‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-FA,

Class

A2,

2.60%,

8/15/68  (3)

54,457‌

50‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-GA,

Class

A,

2.40%,

10/15/68  (3)

60,957‌

56‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69  (3)

33,928‌

30‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69  (3)

40,198‌

36‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2021-A,

Class

A,

0.84%,

5/15/69  (3)

47,733‌

40‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62  (3)

202,871‌

177‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51  (3)

128,375‌

98‌

Sierra

Timeshare

Receivables

Funding,

Series

2018-2A,

Class

A,

3.50%,

6/20/35  (3)

24,485‌

24‌

SMB

Private

Education

Loan

Trust,

Series

2015-B,

Class

A3,

FRN,

1M

USD

LIBOR

+

1.75%,

5.162%,

5/17/32  (3)

68,587‌

69‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31  (3)

56,562‌

54‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

USD

LIBOR

+

1.45%,

4.862%,

2/17/32  (3)

72,759‌

72‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34  (3)

116,520‌

112‌

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37  (3)

48,938‌

47‌

SMB

Private

Education

Loan

Trust,

Series

2019-A,

Class

A2B,

FRN,

1M

USD

LIBOR

+

0.87%,

4.282%,

7/15/36  (3)

56,659‌

56‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53  (3)

71,304‌

63‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53  (3)

161,415‌

134‌

4,558‌

Bond

Mutual

Funds

15.6%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.79%  (7)(8)

2,155,995‌

20,913‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

7.97%  (7)(8)

5,227,011‌

22,528‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.62%  (7)(8)

6,198,226‌

35,764‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.05%  (7)(8)

1,771,699‌

16,193‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.54%  (7)(8)

2,975,014‌

21,807‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.97%  (7)(8)

3,962,741‌

26,115‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.79%  (7)(8)

692,743‌

5,944‌

149,264‌

Common

Stocks

27.9%

Abbott

Laboratories 

7,027‌

695‌

AbbVie 

23,207‌

3,397‌

Acadia

Realty

Trust,

REIT 

9,495‌

133‌

Advanced

Micro

Devices  (1)

8,005‌

481‌

Affirm

Holdings  (1)

2,685‌

54‌

AGCO 

362‌

45‌

Air

Products

&

Chemicals 

490‌

123‌

Albemarle 

186‌

52‌

Alexandria

Real

Estate

Equities,

REIT 

2,126‌

309‌

Align

Technology  (1)

362‌

70‌

Allstate 

8,140‌

1,028‌

Alphabet,

Class

A  (1)

6,267‌

592‌

Alphabet,

Class

C  (1)

98,288‌

9,304‌

Amazon.com  (1)

62,392‌

6,391‌

Ameren 

7,147‌

583‌

American

Electric

Power 

15,156‌

1,333‌

American

Homes

4

Rent,

Class

A,

REIT 

8,183‌

261‌

American

International

Group 

15,411‌

878‌

American

Tower,

REIT 

1,861‌

386‌

AMETEK 

1,199‌

155‌

Apartment

Income

REIT,

REIT 

1,602‌

62‌

Apple 

69,471‌

10,653‌

Apple

Hospitality

REIT,

REIT 

12,014‌

206‌

Atlassian,

Class

A  (1)

2,102‌

426‌

AutoZone  (1)

136‌

344‌

AvalonBay

Communities,

REIT 

4,909‌

860‌

Avery

Dennison 

332‌

56‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Baker

Hughes 

1,800‌

50‌

Ball 

3,064‌

151‌

Bank

of

America 

143,481‌

5,171‌

Becton

Dickinson

&

Company 

24,539‌

5,790‌

Best

Buy 

6,462‌

442‌

Bill.com

Holdings  (1)

2,488‌

332‌

Block  (1)

3,239‌

195‌

Booking

Holdings  (1)

189‌

353‌

Booz

Allen

Hamilton

Holding 

2,408‌

262‌

Broadcom 

4,370‌

2,054‌

Burlington

Stores  (1)

3,061‌

438‌

Cactus,

Class

A 

1,474‌

76‌

Camden

Property

Trust,

REIT 

1,754‌

203‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179  (1)(4)(5)

105‌

100‌

Carvana  (1)

5,458‌

74‌

Caterpillar 

376‌

81‌

CCC

Intelligent

Solutions

Holdings  (1)

15,579‌

145‌

Centene  (1)

35,995‌

3,064‌

Ceridian

HCM

Holding  (1)

4,463‌

295‌

CF

Industries

Holdings 

3,171‌

337‌

ChampionX 

2,375‌

68‌

Charles

Schwab 

27,248‌

2,171‌

Cheniere

Energy 

3,076‌

543‌

Chevron 

14,909‌

2,697‌

Chipotle

Mexican

Grill  (1)

896‌

1,342‌

Chubb 

30,739‌

6,605‌

Cigna 

2,019‌

652‌

Cintas 

272‌

116‌

CME

Group 

3,469‌

601‌

CMS

Energy 

569‌

32‌

Coca-Cola 

29,223‌

1,749‌

Confluent,

Class

A  (1)

2,706‌

73‌

ConocoPhillips 

4,588‌

578‌

Corebridge

Financial 

19,060‌

432‌

Crowdstrike

Holdings,

Class

A  (1)

737‌

119‌

Crown

Castle,

REIT 

1,357‌

181‌

Crown

Holdings 

722‌

50‌

CSX 

42,130‌

1,224‌

CubeSmart,

REIT 

7,013‌

294‌

Cummins 

450‌

110‌

Danaher 

10,764‌

2,709‌

Darling

Ingredients  (1)

1,929‌

151‌

Datadog,

Class

A  (1)

1,467‌

118‌

Deere 

444‌

176‌

Devon

Energy 

3,994‌

309‌

Dollar

General 

7,648‌

1,951‌

T.

ROWE

PRICE

Global

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Dominion

Energy 

39,169‌

2,741‌

DoorDash,

Class

A  (1)

2,390‌

104‌

Douglas

Emmett,

REIT 

5,847‌

103‌

DTE

Energy 

8,004‌

897‌

EastGroup

Properties,

REIT 

981‌

154‌

Eaton 

14,505‌

2,177‌

Element

Solutions 

2,896‌

50‌

Elevance

Health 

13,432‌

7,344‌

Eli

Lilly 

9,284‌

3,362‌

Entegris 

337‌

27‌

EOG

Resources 

8,628‌

1,178‌

EPAM

Systems  (1)

13‌

5‌

Equinix,

REIT 

995‌

564‌

Equitrans

Midstream 

7,010‌

59‌

Equity

LifeStyle

Properties,

REIT 

7,552‌

483‌

Equity

Residential,

REIT 

5,076‌

320‌

Essex

Property

Trust,

REIT 

1,128‌

251‌

Exelon 

24,359‌

940‌

Extra

Space

Storage,

REIT 

324‌

57‌

Exxon

Mobil 

60,285‌

6,680‌

Federal

Realty

Investment

Trust,

REIT 

272‌

27‌

Fifth

Third

Bancorp 

10,381‌

370‌

FirstEnergy 

17,345‌

654‌

Fiserv  (1)

28,516‌

2,930‌

Floor

&

Decor

Holdings,

Class

A  (1)

2,105‌

154‌

FMC 

7,647‌

909‌

Fortinet  (1)

2,652‌

152‌

General

Electric 

42,062‌

3,273‌

Goldman

Sachs

Group 

5,787‌

1,994‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24  (1)(4)(5)

826‌

16‌

Halliburton 

1,805‌

66‌

Hartford

Financial

Services

Group 

16,397‌

1,187‌

HashiCorp,

Class

A  (1)

747‌

23‌

HCA

Healthcare 

8,290‌

1,803‌

Hess 

7,413‌

1,046‌

Hilton

Worldwide

Holdings 

1,402‌

190‌

Home

Depot 

4,054‌

1,201‌

Honeywell

International 

6,528‌

1,332‌

Host

Hotels

&

Resorts,

REIT 

3,317‌

63‌

Howard

Hughes  (1)

488‌

30‌

Hubbell 

5,916‌

1,405‌

Humana 

3,112‌

1,737‌

International

Flavors

&

Fragrances 

1,328‌

130‌

International

Paper 

1,945‌

65‌

Intuit 

3,906‌

1,670‌

Intuitive

Surgical  (1)

6,592‌

1,625‌

T.

ROWE

PRICE

Global

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Johnson

&

Johnson 

27,703‌

4,819‌

JPMorgan

Chase 

20,775‌

2,615‌

Karuna

Therapeutics  (1)

942‌

207‌

Keurig

Dr

Pepper 

68,952‌

2,678‌

Kilroy

Realty,

REIT 

2,330‌

100‌

Kimberly-Clark 

2,312‌

288‌

Kimco

Realty,

REIT 

2,663‌

57‌

Kinder

Morgan 

45,247‌

820‌

KLA 

6,940‌

2,196‌

Kosmos

Energy  (1)

3,344‌

22‌

Kraft

Heinz 

35,425‌

1,363‌

L3Harris

Technologies 

12,280‌

3,027‌

Lam

Research 

1,545‌

625‌

Liberty

Energy  (1)

2,427‌

41‌

Liberty

Media-Liberty

Formula

One,

Class

C  (1)

11,668‌

674‌

Linde

(EUR) 

951‌

284‌

Linde 

2,805‌

834‌

Live

Nation

Entertainment  (1)

4,907‌

391‌

Lululemon

Athletica  (1)

3,000‌

987‌

Magnolia

Oil

&

Gas,

Class

A 

3,787‌

97‌

Marriott

International,

Class

A 

5,416‌

867‌

Marsh

&

McLennan 

1,885‌

304‌

Martin

Marietta

Materials 

379‌

127‌

Marvell

Technology 

5,307‌

211‌

Mastercard,

Class

A 

5,628‌

1,847‌

McDonald's 

9,195‌

2,507‌

Meta

Platforms,

Class

A  (1)

11,415‌

1,063‌

MetLife 

32,040‌

2,346‌

Micron

Technology 

492‌

27‌

Microsoft 

45,975‌

10,672‌

Middleby  (1)

5,171‌

723‌

Moderna  (1)

3,833‌

576‌

Molina

Healthcare  (1)

3,116‌

1,118‌

Mondelez

International,

Class

A 

30,476‌

1,874‌

MongoDB  (1)

1,295‌

237‌

Monolithic

Power

Systems 

729‌

247‌

Monster

Beverage  (1)

1,503‌

141‌

Motorola

Solutions 

2,414‌

603‌

MSCI 

207‌

97‌

Netflix  (1)

4,956‌

1,447‌

Newmont 

2,533‌

107‌

NextEra

Energy 

414‌

32‌

NIKE,

Class

B 

4,619‌

428‌

NiSource 

7,663‌

197‌

Norfolk

Southern 

2,040‌

465‌

Northrop

Grumman 

3,633‌

1,995‌

T.

ROWE

PRICE

Global

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nucor 

2,484‌

326‌

NVIDIA 

10,948‌

1,478‌

NXP

Semiconductors 

3,513‌

513‌

Old

Dominion

Freight

Line 

683‌

188‌

Opendoor

Technologies,

Class

A  (1)

13,392‌

35‌

O'Reilly

Automotive  (1)

385‌

322‌

Packaging

Corp.

of

America 

1,041‌

125‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81  (1)(4)(5)

21,572‌

14‌

Paycom

Software  (1)

196‌

68‌

PayPal

Holdings  (1)

2,010‌

168‌

Pebblebrook

Hotel

Trust,

REIT 

6,568‌

105‌

PerkinElmer 

4,064‌

543‌

Philip

Morris

International 

42,585‌

3,911‌

Pinterest,

Class

A  (1)

15,143‌

373‌

Pioneer

Natural

Resources 

1,107‌

284‌

Planet

Fitness,

Class

A  (1)

4,159‌

272‌

Procter

&

Gamble 

16,485‌

2,220‌

Progressive 

19,457‌

2,498‌

Prologis,

REIT 

23,675‌

2,622‌

Public

Storage,

REIT 

1,873‌

580‌

QUALCOMM 

6,171‌

726‌

Quanta

Services 

488‌

69‌

Rayonier,

REIT 

3,813‌

128‌

Regency

Centers,

REIT 

4,788‌

290‌

Regeneron

Pharmaceuticals  (1)

1,118‌

837‌

Reliance

Steel

&

Aluminum 

2,411‌

486‌

Republic

Services 

5,752‌

763‌

Rexford

Industrial

Realty,

REIT 

5,233‌

289‌

Rivian

Automotive,

Class

A  (1)

3,125‌

109‌

Roper

Technologies 

2,778‌

1,152‌

Ross

Stores 

10,745‌

1,028‌

Royal

Gold 

284‌

27‌

RPM

International 

1,386‌

131‌

S&P

Global 

1,219‌

392‌

Saia  (1)

1,504‌

299‌

Salesforce  (1)

4,755‌

773‌

SBA

Communications,

REIT 

1,126‌

304‌

Sempra

Energy 

9,412‌

1,421‌

ServiceNow  (1)

3,495‌

1,470‌

Sherwin-Williams 

5,396‌

1,214‌

Shoals

Technologies

Group,

Class

A  (1)

2,503‌

58‌

Simon

Property

Group,

REIT 

3,758‌

410‌

SL

Green

Realty,

REIT 

1,515‌

60‌

Snowflake,

Class

A  (1)

1,923‌

308‌

Southern 

65,451‌

4,286‌

Steel

Dynamics 

3,680‌

346‌

T.

ROWE

PRICE

Global

Allocation

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Stryker 

2,487‌

570‌

Synopsys  (1)

3,617‌

1,058‌

T-Mobile

U.S.  (1)

17,821‌

2,701‌

TechnipFMC  (1)

15,420‌

163‌

Teleflex 

445‌

95‌

Terreno

Realty,

REIT 

4,086‌

233‌

Tesla  (1)

14,469‌

3,292‌

Texas

Instruments 

10,724‌

1,723‌

Thermo

Fisher

Scientific 

6,377‌

3,278‌

TJX 

11,151‌

804‌

TransUnion 

1,454‌

86‌

Travelers 

15,797‌

2,914‌

Union

Pacific 

280‌

55‌

UnitedHealth

Group 

12,254‌

6,803‌

Valero

Energy 

2,548‌

320‌

Veeva

Systems,

Class

A  (1)

4,865‌

817‌

Ventas,

REIT 

4,131‌

162‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

10/16/17,

Cost $4  (1)(4)(5)

1‌

15‌

VeriSign  (1)

3,586‌

719‌

Visa,

Class

A 

25,589‌

5,301‌

Vulcan

Materials 

1,067‌

175‌

Walmart 

17,901‌

2,548‌

Walt

Disney  (1)

15,437‌

1,645‌

Waste

Connections 

1,460‌

193‌

WEC

Energy

Group 

955‌

87‌

Wells

Fargo 

91,031‌

4,187‌

Welltower,

REIT 

4,265‌

260‌

West

Pharmaceutical

Services 

3,370‌

775‌

Western

Alliance

Bancorp 

8,336‌

560‌

Westrock 

1,082‌

37‌

Weyerhaeuser,

REIT 

24,662‌

763‌

Wix.com  (1)

1,504‌

126‌

Workiva  (1)

3,191‌

248‌

Xcel

Energy 

6,535‌

425‌

Yum!

Brands 

6,431‌

760‌

Zoetis 

6,488‌

978‌

266,369‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97  (1)(4)(5)

2,160‌

147‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42  (1)(4)(5)

618‌

42‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7  (1)(4)(5)

4‌

4‌

T.

ROWE

PRICE

Global

Allocation

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52  (1)(4)(5)

6,404‌

42‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21  (1)(4)

(5)

348‌

16‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68  (1)(4)

(5)

927‌

43‌

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $3  (1)(4)(5)

163‌

10‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33  (1)(4)(5)

1,103‌

21‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15  (1)(4)(5)

255‌

34‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144  (1)(4)(5)

1,084‌

144‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71  (1)(4)(5)

2,594‌

71‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37  (1)

(4)(5)

2,783‌

38‌

NextEra

Energy,

5.279%,

3/1/23 

2,378‌

118‌

Rad

Power

Bikes,

Series

D,

Acquisition

Date:

9/16/21,

Cost $155  (1)(4)(5)

16,193‌

69‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79  (1)(4)(5)

1,666‌

130‌

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2  (1)(4)(5)

2,304‌

3‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3  (1)(4)(5)

3,239‌

4‌

Treeline,

Series

A,

Acquisition

Date:

9/26/22,

Cost $12  (1)(4)(5)

1,491‌

12‌

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $16  (1)(4)(5)

802‌

16‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143  (1)(4)(5)

1,669‌

153‌

1,117‌

Corporate

Bonds

2.5%

AbbVie,

2.95%,

11/21/26 

145,000‌

132‌

AbbVie,

4.50%,

5/14/35 

30,000‌

27‌

AbbVie,

4.70%,

5/14/45 

95,000‌

79‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

18‌

Air

Lease,

2.20%,

1/15/27 

85,000‌

71‌

Ally

Financial,

2.20%,

11/2/28 

270,000‌

207‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

37‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

48‌

Amazon.com,

3.875%,

8/22/37 

150,000‌

127‌

American

Airlines

PTT,

Series

2014-1,

Class

A,

3.70%,

10/1/26 

20,151‌

17‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

159,919‌

132‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

241‌

American

Tower,

1.45%,

9/15/26 

355,000‌

299‌

Amphenol,

2.20%,

9/15/31 

105,000‌

80‌

T.

ROWE

PRICE

Global

Allocation

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Aon,

2.20%,

11/15/22 

195,000‌

195‌

Aon,

3.875%,

12/15/25 

25,000‌

24‌

Appalachian

Power,

4.45%,

6/1/45 

40,000‌

31‌

Apple,

3.20%,

5/11/27 

300,000‌

282‌

AT&T,

2.75%,

6/1/31 

215,000‌

172‌

Autodesk,

2.40%,

12/15/31 

385,000‌

298‌

AutoZone,

3.125%,

4/21/26 

170,000‌

158‌

AutoZone,

3.75%,

6/1/27 

70,000‌

65‌

Baltimore

Gas

&

Electric,

3.35%,

7/1/23 

225,000‌

223‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

374‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

48‌

Bank

of

America,

VR,

3.55%,

3/5/24  (6)

100,000‌

99‌

Bank

of

America,

VR,

4.244%,

4/24/38  (6)

120,000‌

97‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

50‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

96‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

170‌

Berkshire

Hathaway,

2.75%,

3/15/23 

35,000‌

35‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

22‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

29‌

BP

Capital

Markets

America,

1.749%,

8/10/30 

180,000‌

140‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26  (3)

100,000‌

86‌

Bristol-Myers

Squibb,

2.90%,

7/26/24 

163,000‌

157‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

25,000‌

22‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

66‌

Cameron

LNG,

2.902%,

7/15/31  (3)

40,000‌

32‌

Cameron

LNG,

3.701%,

1/15/39  (3)

30,000‌

22‌

Capital

One

Financial,

3.20%,

1/30/23 

230,000‌

229‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

115‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

76‌

Carvana,

10.25%,

5/1/30  (3)

149,000‌

89‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

310‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

49‌

Charter

Communications

Operating,

Series

USD,

4.50%,

2/1/24 

250,000‌

246‌

Cigna,

3.25%,

4/15/25 

250,000‌

238‌

Cigna,

3.75%,

7/15/23 

63,000‌

62‌

Citigroup,

4.45%,

9/29/27 

70,000‌

65‌

Citigroup,

VR,

3.887%,

1/10/28  (6)

315,000‌

288‌

Citigroup,

VR,

4.075%,

4/23/29  (6)

100,000‌

90‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

21‌

CNO

Global

Funding,

2.65%,

1/6/29  (3)

315,000‌

259‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

90‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

39‌

CommonSpirit

Health,

2.95%,

11/1/22 

25,000‌

25‌

Corebridge

Financial,

4.40%,

4/5/52  (3)

375,000‌

274‌

Crown

Castle,

2.10%,

4/1/31 

250,000‌

186‌

T.

ROWE

PRICE

Global

Allocation

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Crown

Castle,

3.70%,

6/15/26 

40,000‌

37‌

Crown

Castle,

4.75%,

5/15/47 

30,000‌

24‌

CVS

Health,

2.70%,

8/21/40 

40,000‌

26‌

DCP

Midstream

Operating,

3.875%,

3/15/23 

25,000‌

25‌

Delta

Air

Lines,

3.80%,

4/19/23 

17,000‌

17‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

14‌

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

122‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

17‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

112‌

Equifax,

5.10%,

12/15/27 

145,000‌

140‌

Equitable

Holdings,

3.90%,

4/20/23 

29,000‌

29‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

102‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

13‌

Fifth

Third

Bancorp,

4.30%,

1/16/24 

65,000‌

64‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

67‌

FirstEnergy

Transmission,

4.35%,

1/15/25  (3)

65,000‌

63‌

Fiserv,

3.20%,

7/1/26 

100,000‌

92‌

Florida

Gas

Transmission,

4.35%,

7/15/25  (3)

215,000‌

207‌

General

Motors,

4.00%,

4/1/25 

55,000‌

53‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

247‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

12‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

287‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

106‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

12‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

10‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32  (6)

200,000‌

153‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42  (6)

130,000‌

81‌

Hackensack

Meridian

Health,

4.211%,

7/1/48 

155,000‌

120‌

Hasbro,

3.00%,

11/19/24 

150,000‌

142‌

Hasbro,

3.55%,

11/19/26 

420,000‌

384‌

HCA,

4.125%,

6/15/29 

235,000‌

207‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

26‌

Healthpeak

Properties,

2.125%,

12/1/28 

80,000‌

64‌

Healthpeak

Properties,

2.875%,

1/15/31 

45,000‌

36‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28  (3)

100,000‌

91‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

236‌

Hyundai

Capital

America,

1.30%,

1/8/26  (3)

145,000‌

123‌

Hyundai

Capital

America,

1.65%,

9/17/26  (3)

180,000‌

149‌

Hyundai

Capital

America,

1.80%,

10/15/25  (3)

55,000‌

48‌

Hyundai

Capital

America,

2.00%,

6/15/28  (3)

235,000‌

183‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

111‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

72‌

Jackson

Financial,

1.125%,

11/22/23 

270,000‌

258‌

JPMorgan

Chase,

3.375%,

5/1/23 

410,000‌

407‌

T.

ROWE

PRICE

Global

Allocation

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Chase,

VR,

1.578%,

4/22/27  (6)

235,000‌

201‌

JPMorgan

Chase,

VR,

3.559%,

4/23/24  (6)

125,000‌

124‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38  (6)

160,000‌

124‌

Kansas

City

Southern,

2.875%,

11/15/29 

55,000‌

47‌

Kansas

City

Southern,

3.50%,

5/1/50 

155,000‌

104‌

Kansas

City

Southern,

4.30%,

5/15/43 

25,000‌

19‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

52‌

KeyCorp,

2.25%,

4/6/27 

90,000‌

78‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

225‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

38‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

22‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

14‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

44‌

Liberty

Mutual

Group,

4.25%,

6/15/23  (3)

10,000‌

10‌

Liberty

Mutual

Group,

4.85%,

8/1/44  (3)

20,000‌

16‌

Life

Storage,

4.00%,

6/15/29 

145,000‌

126‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

272‌

M&T

Bank,

3.55%,

7/26/23 

345,000‌

341‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

264‌

Marsh

&

McLennan,

3.30%,

3/14/23 

10,000‌

10‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

112‌

McDonald's,

1.45%,

9/1/25 

65,000‌

59‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

84‌

Met

Tower

Global

Funding,

1.25%,

9/14/26  (3)

245,000‌

210‌

Micron

Technology,

4.185%,

2/15/27 

31,000‌

29‌

Microsoft,

2.921%,

3/17/52 

90,000‌

61‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28  (3)

110,000‌

101‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

154‌

Moody's,

2.00%,

8/19/31 

335,000‌

253‌

Morgan

Stanley,

3.125%,

1/23/23 

485,000‌

483‌

Morgan

Stanley,

4.10%,

5/22/23 

200,000‌

199‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

34‌

Morgan

Stanley,

VR,

3.971%,

7/22/38  (6)

135,000‌

107‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

246‌

NiSource,

3.49%,

5/15/27 

215,000‌

196‌

NiSource,

3.95%,

3/30/48 

105,000‌

75‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

24‌

Northwestern

University,

Series

2020,

2.64%,

12/1/50 

140,000‌

86‌

Nucor,

2.70%,

6/1/30 

70,000‌

57‌

Nucor,

3.95%,

5/1/28 

130,000‌

119‌

Omnicom

Group,

3.60%,

4/15/26 

50,000‌

47‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

48‌

Oracle,

2.40%,

9/15/23 

300,000‌

293‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

134‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

383‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

125,000‌

103‌

T.

ROWE

PRICE

Global

Allocation

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

328‌

PerkinElmer,

1.90%,

9/15/28 

230,000‌

184‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

186‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

70‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

21‌

Pricoa

Global

Funding

I,

3.45%,

9/1/23  (3)

270,000‌

266‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

124‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

33‌

Protective

Life

Global

Funding,

1.082%,

6/9/23  (3)

205,000‌

200‌

Providence

Health

&

Services

Obligated

Group,

4.379%,

10/1/23 

25,000‌

25‌

Public

Storage,

1.95%,

11/9/28 

150,000‌

124‌

QUALCOMM,

3.25%,

5/20/27 

107,000‌

99‌

QVC,

4.85%,

4/1/24 

20,000‌

19‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

58‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

32‌

Republic

Services,

2.375%,

3/15/33 

355,000‌

272‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

209‌

Rockwell

Automation,

1.75%,

8/15/31 

330,000‌

250‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

50‌

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

47‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

46‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (6)

135,000‌

112‌

SBA

Tower

Trust,

2.836%,

1/15/25  (3)

250,000‌

232‌

Sempra

Energy,

3.30%,

4/1/25 

185,000‌

175‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

174‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

258‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

43‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

168‌

State

Street,

3.10%,

5/15/23 

25,000‌

25‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

362‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

70‌

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

42‌

Thermo

Fisher

Scientific,

2.80%,

10/15/41 

140,000‌

96‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

12‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

11‌

TJX,

1.60%,

5/15/31 

55,000‌

41‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

20‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

9‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

3,040‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

279,144‌

215‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

39‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

21‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

209‌

Visa,

4.15%,

12/14/35 

90,000‌

81‌

T.

ROWE

PRICE

Global

Allocation

Fund

57

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Vistra

Operations,

3.55%,

7/15/24  (3)

135,000‌

128‌

VMware,

1.40%,

8/15/26 

350,000‌

299‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

119‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

39‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

147‌

WP

Carey,

3.85%,

7/15/29 

115,000‌

100‌

23,904‌

Equity

Mutual

Funds

10.1%

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class  (7)

2,926,228‌

27,945‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class  (7)

2,948,653‌

55,376‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class  (7)

440,603‌

13,271‌

96,592‌

Municipal

Securities

0.2%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

222‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

165‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

42‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

156‌

Dallas

Fort

Worth

Int'l

Airport,

2.843%,

11/1/46 

150,000‌

101‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

289‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

14‌

Los

Angeles

Airport,

Build

America,

Series

C,

7.053%,

5/15/40 

15,000‌

17‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

143‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36 

20,000‌

18‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Series

B,

3.235%,

7/1/52 

200,000‌

114‌

Metropolitan

Transportation

Auth.,

Build

America,

Series

A-1,

5.871%,

11/15/39 

15,000‌

14‌

Miami-Dade

County

Transit

System,

Build

America,

Series

B,

5.624%,

7/1/40 

160,000‌

159‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

69‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

126,000‌

129‌

New

York

State

Dormitory

Auth.,

Build

America,

Series

F,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

15‌

New

York

State

Urban

Dev.,

Series

B,

2.59%,

3/15/35 

305,000‌

224‌

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

19‌

South

Carolina

Public

Service

Auth.,

Series

D,

Unrefunded

Portion,

2.388%,

12/1/23 

25,000‌

24‌

T.

ROWE

PRICE

Global

Allocation

Fund

58

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Texas

A&M

Univ.,

Series

B,

3.33%,

5/15/39 

250,000‌

192‌

Univ.

of

California

Regents,

Series

AJ,

4.601%,

5/15/31 

25,000‌

24‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

15,000‌

15‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

22‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

94‌

2,286‌

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  (3)

85,046‌

64‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66  (3)

27,866‌

21‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66  (3)

69,615‌

54‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51  (3)

92,941‌

76‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

5.572%,

11/15/34  (3)

50,000‌

45‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44  (3)

150,000‌

114‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.004%,

4.416%,

10/15/23  (3)

225,000‌

208‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52  (3)

100,000‌

93‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

50‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

96‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

24‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50  (3)

66,364‌

54‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

USD

LIBOR

+

1.30%,

4.712%,

11/15/37  (3)

137,619‌

132‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

5.062%,

11/15/37  (3)

155,313‌

149‌

COLT

Mortgage

Loan

Trust,

Series

2021-6,

Class

A1,

CMO,

ARM,

1.907%,

12/25/66  (3)

222,271‌

185‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

38‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

57‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

95‌

Connecticut

Avenue

Securities,

Series

2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

4.686%,

11/25/29 

80,103‌

79‌

T.

ROWE

PRICE

Global

Allocation

Fund

59

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

3.897%,

11/25/41  (3)

45,781‌

45‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

3.997%,

12/25/41  (3)

37,801‌

37‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59  (3)

21,640‌

20‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

USD

LIBOR

+

1.38%,

4.793%,

7/15/38  (3)

97,619‌

93‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36  (3)

165,000‌

152‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (3)

7,699‌

7‌

Galton

Funding

Mortgage

Trust,

Series

2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59  (3)

58,543‌

56‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40  (3)

100,000‌

72‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

USD

LIBOR

+

1.633%,

5.045%,

12/15/36  (3)

70,000‌

67‌

GS

Mortgage

Securities

Trust,

Series

2013-GC16,

Class

B,

ARM,

5.161%,

11/10/46 

175,000‌

170‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

24‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

60‌

GS

Mortgage-Backed

Securities

Trust,

Series

2021-PJ5,

Class

A8,

CMO,

ARM,

2.50%,

10/25/51  (3)

189,337‌

161‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

61‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

43,406‌

41‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39  (3)

100,000‌

82‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (3)

39,654‌

36‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (3)

46,959‌

42‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.83%,

3.914%,

8/25/50  (3)

10,119‌

9‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50  (3)

17,989‌

16‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

USD

LIBOR

+

1.101%,

4.513%,

4/15/38  (3)

255,000‌

242‌

MHC

Trust,

Series

2021-MHC2,

Class

D,

ARM,

1M

USD

LIBOR

+

1.50%,

4.912%,

5/15/38  (3)

110,000‌

102‌

Mill

City

Mortgage

Loan

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.25%,

5/25/62  (3)

33,787‌

32‌

T.

ROWE

PRICE

Global

Allocation

Fund

60

Shares/Par

$

Value

(Cost

and

value

in

$000s)

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

19‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

35,000‌

33‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

80‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

144‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2016-C30,

Class

A5,

2.86%,

9/15/49 

25,000‌

22‌

Morgan

Stanley

Capital

I

Trust,

Series

2019-MEAD,

Class

D,

ARM,

3.177%,

11/10/36  (3)

130,000‌

109‌

New

Orleans

Hotel

Trust,

Series

2019-HNLA,

Class

C,

ARM,

1M

USD

LIBOR

+

1.589%,

5.001%,

4/15/32  (3)

100,000‌

93‌

New

Residential

Mortgage

Loan

Trust,

Series

2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59  (3)

43,015‌

38‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52  (3)

142,121‌

111‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

USD

LIBOR

+

1.995%,

5.408%,

11/15/38  (3)

295,000‌

270‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

4.686%,

10/25/59  (3)

13,501‌

13‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.203%,

12/25/49  (3)

191,904‌

148‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48  (3)

7,514‌

7‌

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

USD

LIBOR

+

1.50%,

4.912%,

5/15/38  (3)

110,000‌

100‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (3)

3,564‌

3‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55  (3)

29,688‌

27‌

Starwood

Mortgage

Residential

Trust,

Series

2021-2,

Class

A2,

CMO,

ARM,

1.172%,

5/25/65  (3)

38,385‌

35‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA2,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.80%,

3.797%,

8/25/33  (3)

15,530‌

15‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

5.097%,

10/25/33  (3)

60,000‌

57‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA6,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.50%,

4.497%,

10/25/41  (3)

100,000‌

92‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

3.847%,

11/25/41  (3)

160,240‌

155‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-HQA1,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.70%,

3.697%,

8/25/33  (3)

19,621‌

19‌

T.

ROWE

PRICE

Global

Allocation

Fund

61

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

4.997%,

4/25/42  (3)

155,898‌

153‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2022-HQA1,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.10%,

5.097%,

3/25/42  (3)

130,900‌

130‌

Towd

Point

Mortgage

Trust,

Series

2017-6,

Class

A1,

CMO,

ARM,

2.75%,

10/25/57  (3)

31,424‌

30‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58  (3)

22,443‌

22‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59  (3)

20,555‌

19‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59  (3)

46,376‌

44‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66  (3)

42,516‌

33‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66  (3)

249,599‌

200‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

39‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

94‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

71‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series

2021-

RR1,

Class

A1,

CMO,

ARM,

2.50%,

12/25/50  (3)

89,851‌

70‌

5,776‌

Private

Investment

Companies

8.2%

Blackstone

Partners

Offshore

Fund,

Series

E1  (4)

35,804‌

77,741‌

77,741‌

U.S.

Government

&

Agency

Mortgage-Backed

Securities

0.0%

Federal

Home

Loan

Mortgage 

2.777%,

4/25/23 

3‌

3‌

2.952%,

2/25/27 

24‌

23‌

26‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

6.2%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,830,000‌

1,092‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

990,000‌

527‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41  (9)

1,510,000‌

985‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

2,530,000‌

1,710‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51  (9)

3,590,000‌

2,198‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50  (9)

2,490,000‌

1,583‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

230‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52  (9)

1,545,000‌

1,036‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

104‌

T.

ROWE

PRICE

Global

Allocation

Fund

62

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

50‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47  (9)(10)

5,915,000‌

4,435‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

439‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

312‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

342‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

173‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

584‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

119‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

1,100,000‌

881‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

240‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

493‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

750,000‌

647‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

545‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

118,308‌

76‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/52 

210,445‌

135‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

263,806‌

176‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

617,048‌

487‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

652,607‌

537‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

234,221‌

188‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

316,115‌

264‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

372,319‌

306‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

158,892‌

131‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

155,292‌

142‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/24 

3,055,809‌

2,977‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/24 

985,486‌

956‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

2,555,335‌

2,450‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

460,689‌

440‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

1,007,371‌

950‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

1,443,157‌

1,364‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

30,348‌

29‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

4,022,237‌

3,753‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30 

321,516‌

288‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30 

1,124,539‌

1,003‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

398,209‌

352‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

61,550‌

54‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

750,038‌

655‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

1/15/25 

41,139‌

40‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29 

498,570‌

455‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/25 

354,690‌

343‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

3,400,165‌

3,214‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

232,585‌

220‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

2,881,917‌

2,778‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

1,124,445‌

1,030‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 

890,531‌

892‌

U.S.

Treasury

Notes,

0.125%,

5/31/23  (9)

1,535,000‌

1,495‌

U.S.

Treasury

Notes,

0.25%,

6/15/23 

105,000‌

102‌

T.

ROWE

PRICE

Global

Allocation

Fund

63

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Notes,

0.25%,

5/31/25  (9)(10)

4,965,000‌

4,459‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

324‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

100‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

1,710,000‌

1,508‌

U.S.

Treasury

Notes,

1.25%,

8/15/31  (9)(10)

2,145,000‌

1,706‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

950,000‌

810‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

2,720,000‌

2,461‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

304‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

520,000‌

499‌

59,178‌

Total

United

States

(Cost

$668,975

)

686,811‌

URUGUAY

0.0%

Common

Stocks

0.0%

Dlocal

(USD)  (1)

486‌

11‌

Total

Uruguay

(Cost

$13

)

11‌

VIETNAM

0.2%

Common

Stocks

0.2%

Airports

Corp.

of

Vietnam  (1)

10,200‌

31‌

Asia

Commercial

Bank  (1)

165,193‌

158‌

Bank

for

Foreign

Trade

of

Vietnam 

56,732‌

168‌

FPT 

99,232‌

320‌

FPT

Digital

Retail 

7,000‌

23‌

Khang

Dien

House

Trading

&

Investment  (1)

40,540‌

37‌

Military

Commercial

Joint

Stock

Bank  (1)

255,950‌

194‌

Mobile

World

Investment 

82,200‌

188‌

Nam

Long

Investment 

43,366‌

40‌

Phu

Nhuan

Jewelry 

47,600‌

204‌

Saigon

Beer

Alcohol

Beverage 

14,000‌

104‌

Vietnam

Dairy

Products 

47,800‌

151‌

Vietnam

Engine

&

Agricultural

Machinery 

80,100‌

126‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank  (1)

40,000‌

42‌

Total

Vietnam

(Cost

$1,917

)

1,786‌

SHORT-TERM

INVESTMENTS

2.8%

Money

Market

Funds

2.8%

T.

Rowe

Price

Treasury

Reserve

Fund,

3.18%  (7)(11)

26,870,204‌

26,870‌

Total

Short-Term

Investments

(Cost

$26,870)

26,870‌

T.

ROWE

PRICE

Global

Allocation

Fund

64

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

0.3%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

3.21%  (7)(11)

3,150,749‌

3,151‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

3,151‌

Total

Securities

Lending

Collateral

(Cost

$3,151)

3,151‌

Total

Investments

in

Securities

100.4%

of

Net

Assets

(Cost

$947,225)

$

958,209‌

‡

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)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

October

31,

2022.

(3)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$17,437

and

represents

1.8%

of

net

assets.

(4)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,521

and

represents

0.2%

of

net

assets.

(6)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7)

Affiliated

Companies

(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

October

31,

2022.

(10)

At

October

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)

T.

ROWE

PRICE

Global

Allocation

Fund

65

.

.

.

.

.

.

.

.

.

.

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

ILS

Israeli

Shekel

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

66

(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,

12/16/22

@

$73.00

2,469

18,130

(

354‌

)

S&P

500

Index,

Call,

12/16/22

@

$3,875.00

119

46,077

(

1,663‌

)

Total

Options

Written

(Premiums

$(2,081))

$

(

2,017‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

67

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

11/30/22

USD

7,856‌

GBP

6,786‌

$

67‌

Deutsche

Bank

11/30/22

USD

15,011‌

EUR

14,956‌

200‌

Deutsche

Bank

11/30/22

USD

96‌

NZD

165‌

—‌

Goldman

Sachs

11/30/22

USD

293‌

ILS

1,029‌

2‌

JPMorgan

Chase

11/30/22

HKD

1,337‌

USD

170‌

—‌

JPMorgan

Chase

11/30/22

NZD

6‌

USD

3‌

—‌

JPMorgan

Chase

11/30/22

SGD

16‌

USD

11‌

—‌

JPMorgan

Chase

11/30/22

USD

94‌

AUD

147‌

—‌

JPMorgan

Chase

11/30/22

USD

5,366‌

CHF

5,300‌

56‌

JPMorgan

Chase

11/30/22

USD

1,411‌

DKK

10,464‌

19‌

JPMorgan

Chase

11/30/22

USD

1,216‌

EUR

1,228‌

—‌

JPMorgan

Chase

11/30/22

USD

88‌

GBP

76‌

—‌

JPMorgan

Chase

11/30/22

USD

3‌

ILS

10‌

—‌

JPMorgan

Chase

11/30/22

USD

110‌

JPY

16,344‌

—‌

JPMorgan

Chase

11/30/22

USD

22‌

NOK

231‌

—‌

JPMorgan

Chase

11/30/22

USD

128‌

SEK

1,415‌

—‌

Morgan

Stanley

11/30/22

USD

399‌

NOK

4,104‌

4‌

Morgan

Stanley

11/30/22

USD

1,656‌

SEK

18,069‌

16‌

RBC

Dominion

Securities

11/30/22

USD

1,407‌

HKD

11,038‌

—‌

State

Street

11/30/22

USD

3,955‌

AUD

6,126‌

33‌

State

Street

11/30/22

USD

686‌

SGD

967‌

3‌

Westpac

11/30/22

USD

11,089‌

JPY

1,621,040‌

150‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

550‌

T.

ROWE

PRICE

Global

Allocation

Fund

68

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

66

MSCI

EAFE

Index

contracts

12/22

(5,794)

$

273‌

Long,

67

S&P

500

E-Mini

Index

contracts

12/22

13,008

160‌

Long,

29

U.S.

Treasury

Long

Bond

contracts

12/22

3,494

(

446‌

)

Long,

52

U.S.

Treasury

Notes

five

year

contracts

12/22

5,543

(

184‌

)

Long,

12

U.S.

Treasury

Notes

ten

year

contracts

12/22

1,327

(

39‌

)

Long,

11

U.S.

Treasury

Notes

two

year

contracts

12/22

2,248

(

37‌

)

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

12/22

383

(

43‌

)

Short,

13

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/22

(1,508)

124‌

Net

payments

(receipts)

of

variation

margin

to

date

(

10‌

)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(

202‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

69

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

year

ended

October

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,

4.79% 

$

526‌

$

(

53‌

)

$

601‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

7.97% 

—‌

(

7,367‌

)

1,337‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.62% 

—‌

(

13,862‌

)

1,969‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.05% 

(

640‌

)

(

921‌

)

1,020‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.54% 

(

317‌

)

(

4,203‌

)

1,409‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.97% 

(

1,026‌

)

(

9,556‌

)

648‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.79% 

5‌

(

916‌

)

121‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

671‌

(

3,426‌

)

140‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class 

—‌

(

2,624‌

)

—‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

—‌

(

479‌

)

—‌

T.

Rowe

Price

Treasury

Reserve

Fund,

3.18%

—‌

—‌

300‌

T.

Rowe

Price

Government

Reserve

Fund,

3.21%

—‌

—‌

—‌

++

T.

Rowe

Price

Short-Term

Fund

—‌

—‌

—‌

++

Affiliates

not

held

at

period

end

30‌

437‌

213‌

Totals

$

(

751‌

)

#

$

(

42,970‌

)

$

7,758‌

+

T.

ROWE

PRICE

Global

Allocation

Fund

70

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/21

Purchase

Cost

Sales

Cost

Value

10/31/22

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.79% 

$

27,939‌

$

2,960‌

$

9,933‌

$

20,913‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

7.97% 

—‌

29,895‌

—‌

22,528‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

Investor

Class,

7.54% 

28,100‌

—‌

28,924‌

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.62% 

45,174‌

4,452‌

—‌

35,764‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.05% 

21,460‌

3,894‌

8,240‌

16,193‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.54% 

26,867‌

1,410‌

2,267‌

21,807‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

2.97% 

37,773‌

3,129‌

5,231‌

26,115‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.79% 

6,236‌

1,197‌

573‌

5,944‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

30,060‌

1,311‌

—‌

27,945‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class 

—‌

58,000‌

—‌

55,376‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

—‌

13,750‌

—‌

13,271‌

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund

-

I

Class,

4.11% 

46,184‌

287‌

46,084‌

—‌

T.

Rowe

Price

Treasury

Reserve

Fund,

3.18%

69,784‌

¤

¤

26,870‌

T.

Rowe

Price

Government

Reserve

Fund,

3.21%

—‌

¤

¤

3,151‌

T.

Rowe

Price

Short-Term

Fund

4,373‌

¤

¤

—‌

Total

$

275,877‌

^

T.

ROWE

PRICE

Global

Allocation

Fund

71

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$1,504

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$7,758

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

$320,595.

T.

ROWE

PRICE

Global

Allocation

Fund

October

31,

2022

Statement

of

Assets

and

Liabilities

72

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$947,225)

$

958,209‌

Receivable

for

investment

securities

sold

8,282‌

Foreign

currency

(cost

$1,335)

1,334‌

Interest

and

dividends

receivable

1,120‌

Receivable

for

shares

sold

869‌

Unrealized

gain

on

forward

currency

exchange

contracts

550‌

Cash

8‌

Other

assets

2,840‌

Total

assets

973,212‌

Liabilities

Payable

for

investment

securities

purchased

8,658‌

Obligation

to

return

securities

lending

collateral

3,151‌

Options

written

(premiums

$2,081)

2,017‌

Payable

for

shares

redeemed

815‌

Investment

management

fees

payable

428‌

Variation

margin

payable

on

futures

contracts

202‌

Due

to

affiliates

15‌

Other

liabilities

3,300‌

Total

liabilities

18,586‌

NET

ASSETS

$

954,626‌

T.

ROWE

PRICE

Global

Allocation

Fund

October

31,

2022

Statement

of

Assets

and

Liabilities

73

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

(

12,269‌

)

Paid-in

capital

applicable

to

74,347,417

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

966,895‌

NET

ASSETS

$

954,626‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($708,364,423

/

55,222,720

shares

outstanding)

$

12.83‌

Advisor

Class

($4,457,043

/

350,553

shares

outstanding)

$

12.71‌

I

Class

($241,804,400

/

18,774,144

shares

outstanding)

$

12.88‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Operations

74

($000s)

Year

Ended

10/31/22

Investment

Income

(Loss)

Income

    Interest

$

11,834‌

Dividend

(net

of

foreign

taxes

of

$704)

11,358‌

Securities

lending

36‌

Total

income

23,228‌

Expenses

Investment

management

7,503‌

Shareholder

servicing

Investor

Class

$

968‌

Advisor

Class

10‌

I

Class

25‌

1,003‌

Rule

12b-1

fees

Advisor

Class

14‌

Prospectus

and

shareholder

reports

Investor

Class

78‌

Advisor

Class

1‌

I

Class

6‌

85‌

Custody

and

accounting

333‌

Registration

125‌

Legal

and

audit

95‌

Directors

3‌

Miscellaneous

30‌

Waived

/

paid

by

Price

Associates

(

1,501‌

)

Total

expenses

7,690‌

Net

investment

income

15,538‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Operations

75

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$47)

(

6,992‌

)

Futures

(

8,007‌

)

Swaps

(

51‌

)

Options

written

3,687‌

Forward

currency

exchange

contracts

9,856‌

Foreign

currency

transactions

(

254‌

)

Capital

gain

distributions

from

mutual

funds

1,504‌

Net

realized

loss

(

257‌

)

Change

in

net

unrealized

gain

/

loss

Securities

(

227,670‌

)

Futures

(

2,607‌

)

Swaps

(

2‌

)

Options

written

140‌

Forward

currency

exchange

contracts

375‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(

63‌

)

Change

in

net

unrealized

gain

/

loss

(

229,827‌

)

Net

realized

and

unrealized

gain

/

loss

(

230,084‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

214,546‌

)

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Changes

in

Net

Assets

76

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/22

10/31/21

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

15,538‌

$

11,291‌

Net

realized

gain

(loss)

(

257‌

)

72,742‌

Change

in

net

unrealized

gain

/

loss

(

229,827‌

)

119,190‌

Increase

(decrease)

in

net

assets

from

operations

(

214,546‌

)

203,223‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(

72,421‌

)

(

8,712‌

)

Advisor

Class

(

451‌

)

(

99‌

)

I

Class

(

13,897‌

)

(

1,312‌

)

Decrease

in

net

assets

from

distributions

(

86,769‌

)

(

10,123‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

130,313‌

273,060‌

Advisor

Class

1,109‌

4,150‌

I

Class

140,314‌

74,770‌

Distributions

reinvested

Investor

Class

50,861‌

5,838‌

Advisor

Class

446‌

99‌

I

Class

13,847‌

1,286‌

Shares

redeemed

Investor

Class

(

269,231‌

)

(

138,750‌

)

Advisor

Class

(

2,191‌

)

(

9,684‌

)

I

Class

(

45,656‌

)

(

13,971‌

)

Increase

in

net

assets

from

capital

share

transactions

19,812‌

196,798‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Changes

in

Net

Assets

77

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/22

10/31/21

Net

Assets

Increase

(decrease)

during

period

(

281,503‌

)

389,898‌

Beginning

of

period

1,236,129‌

846,231‌

End

of

period

$

954,626‌

$

1,236,129‌

*Share

information

(000s)

Shares

sold

Investor

Class

8,898‌

17,126‌

Advisor

Class

77‌

270‌

I

Class

9,740‌

4,638‌

Distributions

reinvested

Investor

Class

3,322‌

386‌

Advisor

Class

29‌

7‌

I

Class

902‌

85‌

Shares

redeemed

Investor

Class

(

18,927‌

)

(

8,576‌

)

Advisor

Class

(

157‌

)

(

638‌

)

I

Class

(

3,280‌

)

(

868‌

)

Increase

in

shares

outstanding

604‌

12,430‌

T.

ROWE

PRICE

Global

Allocation

Fund

NOTES

TO

FINANCIAL

STATEMENTS

78

T.

Rowe

Price

Global

Allocation

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified,

open-end

management

investment

company. The

fund

seeks

long-term

capital

appreciation

and

income.

The

fund

has

three classes

of

shares:

the

Global

Allocation

Fund

(Investor

Class),

the

Global

Allocation

Fund–Advisor

Class

(Advisor

Class)

and

the

Global

Allocation

Fund–I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

T.

ROWE

PRICE

Global

Allocation

Fund

79

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/

loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings.

Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

net

realized

gain

(loss)

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’s

average

daily

net

assets.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

ROWE

PRICE

Global

Allocation

Fund

80

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

early

adoption

is

permitted.

Management

expects

that

the

adoption

of

the

guidance

will

not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

T.

ROWE

PRICE

Global

Allocation

Fund

81

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

T.

ROWE

PRICE

Global

Allocation

Fund

82

the

NYSE

will

affect

the

value

of

some

or

all

of the

fund’s

portfolio

securities.

Each

business

day,

the

Valuation

Designee 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 Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

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

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Assets

and

liabilities

other

than

financial

instruments,

including

short-

term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

T.

ROWE

PRICE

Global

Allocation

Fund

83

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Global

Allocation

Fund

84

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

October

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

$

—‌

$

109,368‌

$

—‌

$

109,368‌

Bond

Mutual

Funds

149,264‌

—‌

—‌

149,264‌

Common

Stocks

287,427‌

204,999‌

170‌

492,596‌

Convertible

Preferred

Stocks

—‌

118‌

1,351‌

1,469‌

Equity

Mutual

Funds

96,592‌

—‌

—‌

96,592‌

Preferred

Stocks

—‌

1,158‌

—‌

1,158‌

Private

Investment

Companies

—‌

—‌

77,741‌

77,741‌

Short-Term

Investments

26,870‌

—‌

—‌

26,870‌

Securities

Lending

Collateral

3,151‌

—‌

—‌

3,151‌

Total

Securities

563,304‌

315,643‌

79,262‌

958,209‌

Forward

Currency

Exchange

Contracts

—‌

550‌

—‌

550‌

Futures

Contracts*

557‌

—‌

—‌

557‌

Total

$

563,861‌

$

316,193‌

$

79,262‌

$

959,316‌

Liabilities

Options

Written

$

—‌

$

2,017‌

$

—‌

$

2,017‌

Forward

Currency

Exchange

Contracts

—‌

—‌

—‌

—‌

Futures

Contracts*

749‌

—‌

—‌

749‌

Total

$

749‌

$

2,017‌

$

—‌

$

2,766‌

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

85

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

year ended

October

31,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

October

31,

2022,

totaled $(840,000) for

the

year ended

October

31,

2022.

During

the

year,

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

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

10/31/21

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Into

Level

3

Ending

Balance

10/31/22

Investment

in

Securities

Common

Stocks

$

157‌

$

(2,495‌)

$

735‌

$

(63‌)

$

1,836‌

$

170‌

Convertible

Bonds

212‌

—‌

—‌

(212‌)

—‌

—‌

Convertible

Preferred

Stocks

3,300‌

(1,594‌)

257‌

(612‌)

—‌

1,351‌

Private

Investment

Companies

91,035‌

2,206‌

—‌

(15,500‌)

—‌

77,741‌

Total

$

94,704‌

$

(1,883‌)

$

992‌

$

(16,387‌)

$

1,836‌

$

79,262‌

T.

ROWE

PRICE

Global

Allocation

Fund

86

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

$170

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

14.7x

Increase

Gross

profit

growth

rate

34%

34%

Increase

Enterprise

value

to

sales

multiple

2.8x

–

12.6x

11.1x

Increase

Sales

growth

rate

29%

29%

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

14.0x

14.0x

Increase

Enterprise

value

to

EBITDA

multiple

10.1x

10.1x

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

87

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

rate

for

cost

of

capital

13%

13%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,351

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

gross

profit

multiple

4.4x

–

26.0x

12.8x

Increase

Gross

profit

growth

rate

25%

-

55%

38%

Increase

Enterprise

value

to

sales

multiple

1.3x

–

18.8x

7.7x

Increase

Sales

growth

rate

0%

-

63%

29%

Increase

Projected

enterprise

value

to

EBITDA

multiple

10.5x

10.5x

Increase

Discount

rate

for

cost

of

capital

20%

20%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

77,741

Rollforward

of

Investee

NAV

Estimated

return

1.08%

1.08%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

88

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

October

31,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

October

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T.

ROWE

PRICE

Global

Allocation

Fund

89

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

124‌

Foreign

exchange

derivatives

Forwards

550‌

Equity

derivatives

Futures

433‌

*

Total

$

1,107‌

*

Liabilities

Interest

rate

derivatives

Futures

$

749‌

Foreign

exchange

derivatives

Forwards

—‌†

Equity

derivatives

Options

Written

2,017‌

Total

$

2,766‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

†

Amount

represents

less

than

$1,000.

T.

ROWE

PRICE

Global

Allocation

Fund

90

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

October

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

8‌

$

250‌

$

(1,621‌)

$

—‌

$

—‌

$

(1,363‌)

Foreign

exchange

derivatives

—‌

—‌

—‌

9,856‌

—‌

9,856‌

Credit

derivatives

—‌

(774‌)

—‌

—‌

(51‌)

(825‌)

Equity

derivatives

—‌

4,211‌

(6,386‌)

—‌

—‌

(2,175‌)

Total

$

8‌

$

3,687‌

$

(8,007‌)

$

9,856‌

$

(51‌)

$

5,493‌

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

4‌

$

(446‌)

$

—‌

$

—‌

$

(442‌)

Foreign

exchange

derivatives

—‌

—‌

—‌

375‌

—‌

375‌

Credit

derivatives

—‌

13‌

—‌

—‌

(2‌)

11‌

Equity

derivatives

—‌

123‌

(2,161‌)

—‌

—‌

(2,038‌)

Total

$

—‌

$

140‌

$

(2,607‌)

$

375‌

$

(2‌)

$

(2,094‌)

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Global

Allocation

Fund

91

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

October

31,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

8‌

$

250‌

$

(1,621‌)

$

—‌

$

—‌

$

(1,363‌)

Foreign

exchange

derivatives

—‌

—‌

—‌

9,856‌

—‌

9,856‌

Credit

derivatives

—‌

(774‌)

—‌

—‌

(51‌)

(825‌)

Equity

derivatives

—‌

4,211‌

(6,386‌)

—‌

—‌

(2,175‌)

Total

$

8‌

$

3,687‌

$

(8,007‌)

$

9,856‌

$

(51‌)

$

5,493‌

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

4‌

$

(446‌)

$

—‌

$

—‌

$

(442‌)

Foreign

exchange

derivatives

—‌

—‌

—‌

375‌

—‌

375‌

Credit

derivatives

—‌

13‌

—‌

—‌

(2‌)

11‌

Equity

derivatives

—‌

123‌

(2,161‌)

—‌

—‌

(2,038‌)

Total

$

—‌

$

140‌

$

(2,607‌)

$

375‌

$

(2‌)

$

(2,094‌)

^

Options

purchased

are

reported

as

securities.

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

T.

ROWE

PRICE

Global

Allocation

Fund

92

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

October

31,

2022,

securities

valued

at $969,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

October

31,

2022,

no

collateral

was

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives. As

of

October

31,

2022,

securities

valued

at $17,232,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It

uses

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

October

31,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

6%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

T.

ROWE

PRICE

Global

Allocation

Fund

93

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

October

31,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

3%

and

9%

of

net

assets.

Options

 The

fund

is

subject

to interest

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

T.

ROWE

PRICE

Global

Allocation

Fund

94

received

by

the

fund.

During

the

year ended

October

31,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

6%

and

9%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

T.

ROWE

PRICE

Global

Allocation

Fund

95

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

October

31,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information. 

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs. 

Collateralized

Loan

Obligations

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

T.

ROWE

PRICE

Global

Allocation

Fund

96

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

Private

Investments

Issued

by

Special

Purpose

Acquisition

Companies

Special purpose

acquisition

companies

(SPACs)

are

shell

companies

that

have

no

operations

but

are

formed

to

raise

capital

with

the

intention

of

merging

with

or

acquiring

a

company

with

the

proceeds

of

the

SPAC’s

initial

public

offering

(IPO).

The

fund

may

enter

into

a

contingent

commitment

with

a

SPAC

to

purchase

private

investments

in

public

equity

(PIPE)

if

and

when

the

SPAC

completes

its

merger

or

acquisition.

The

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

the

PIPE.

However,

if

the

commitment

expires,

then

no

shares

are

purchased.

Purchased

PIPE

shares

will

be

restricted

from

trading

until

the

registration

statement

for

the

shares

is

declared

effective.

Upon

registration,

the

shares

can

be

freely

sold;

however,

in

certain

circumstances,

the

issuer

may

have

the

right

to

temporarily

suspend

trading

of

the

shares

in

the

first

year

after

the

merger

or

acquisition.

The

securities

issued

by

a

SPAC

may

be

considered

illiquid,

more

difficult

to

value,

and/or

be

subject

to

restrictions

on

resale.

Investment

in

Blackstone

Partners

Offshore

Fund

 The

fund

invested

in

Blackstone

Partners

Offshore

Fund

Ltd.

(Blackstone

Partners),

a

multi-strategy

hedge

fund-of-funds

offered

by

Blackstone

Alternative

Asset

Management

(BAAM),

a

unit

of

Blackstone

Group

L.P.

(Blackstone).

Blackstone

Partners

provides

the

fund

exposure

to

alternative

investments

primarily

through

Blackstone

Partners’

investments

in

underlying

private

investment

funds,

and

the

underlying

funds

are

mostly

managed

by

investment

managers

unaffiliated

with

BAAM

or

Blackstone.

Blackstone

Partners

and

the

underlying

funds

may

use

leverage,

engage

in

short-selling,

and

invest

in

commodities

or

other

speculative

investments,

which

may

increase

the

risk

of

investment

loss.

Blackstone

Partners

and

the

underlying

funds

are

not

subject

to

the

same

regulatory

requirements

as

open-end

mutual

funds,

and,

therefore,

their

investments

and

related

valuations

may

not

be

as

transparent.

Ownership

interests

in

Blackstone

Partners

are

not

T.

ROWE

PRICE

Global

Allocation

Fund

97

transferable

and

are

subject

to

various

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

In

addition,

Blackstone

Partners’

ownership

in

the

underlying

funds

may

also

be

subject

to

transfer

and

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

All

of

these

restrictions

are

subject

to

change

at

the

sole

discretion

of

Blackstone

Partners

or

an

underlying

fund’s

management.

As

of

October

31,

2022,

the

fund’s

investment

in

Blackstone

Partners

is

subject

to

semi-annual

redemption

with

95

days

prior

written

notice

and

is

considered

an

illiquid

asset. 

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on the

fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on the fund's performance. 

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

T.

ROWE

PRICE

Global

Allocation

Fund

98

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

October

31,

2022,

the

value

of

loaned

securities

was

$2,972,000;

the

value

of

cash

collateral

and

related

investments

was

$3,151,000.

Other

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $666,350,000 and

$658,616,000,

respectively,

for

the

year ended

October

31,

2022.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$94,365,000 and

$108,947,000,

respectively,

for

the

year ended

October

31,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

deemed

distributions

on

shareholder

redemptions,

the

character

of

net

currency

losses,

the

character

of

income

on

passive

foreign

investment

companies

and

the

character

of

distributions

from

the

underlying

funds.

T.

ROWE

PRICE

Global

Allocation

Fund

99

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

At

October

31,

2022,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

October

31,

2022,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales,

the

realization

of

gains/losses

on

passive

foreign

investment

companies

and

the

realization

of

gains/losses

($000s)

October

31,

2022

October

31,

2021

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

44,227‌

$

10,123‌

Long-term

capital

gain

42,542‌

—‌

Total

distributions

$

86,769‌

$

10,123‌

($000s)

Cost

of

investments

$

984,326‌

Unrealized

appreciation

$

125,897‌

Unrealized

depreciation

(154,099‌)

Net

unrealized

appreciation

(depreciation)

$

(28,202‌)

($000s)

Undistributed

ordinary

income

$

24,028‌

Net

unrealized

appreciation

(depreciation)

(28,202‌)

Loss

carryforwards

and

deferrals

(8,095‌)

Total

distributable

earnings

(loss)

$

(12,269‌)

T.

ROWE

PRICE

Global

Allocation

Fund

100

on

certain

open

derivative

contracts.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards. Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.40%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

October

31,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

The Advisor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is

required

to

waive

its

management

fee

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

T.

ROWE

PRICE

Global

Allocation

Fund

101

extraordinary expenses;

and

acquired

fund

fees

and

expenses) that

would

otherwise

cause

the

class’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

year ended October

31,

2022

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $65,000 remain

subject

to

repayment

by

the

fund

at

October

31,

2022.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

1.15%

0.05%

Expense

limitation

date

02/29/24

02/29/24

(Waived)/repaid

during

the

period

($000s)

$(2)

$(38)

T.

ROWE

PRICE

Global

Allocation

Fund

102

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

year ended

October

31,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$107,000 for

Price

Associates;

$213,000 for

T.

Rowe

Price

Services,

Inc.;

and

$2,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds,

or

the

T.

Rowe

Price

Short-Term

Fund,

a

short-term

bond

fund

(collectively,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund;

prior

to

December

13,

2021,

the

cash

collateral

from

securities

lending

was

invested

in

the

T.

Rowe

Price

Short-Term

Fund.

The

Price

Reserve

Funds

pay

no

investment

management

fees. 

T.

ROWE

PRICE

Global

Allocation

Fund

103

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’s

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund’s

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

year

ended

October

31,

2022,

are

as

follows:

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$1,134,000,

$8,000

and

$319,000

for

the

Investor

Class,

Advisor

Class,

and

I

Class,

respectively,

for

the

year ended

October

31,

2022. 

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.48%

$

119‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class

0.64%

136‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

Investor

Class

0.64%

11‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

0.70%

280‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

120‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

122‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class

0.48%

153‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.48%

30‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

0.99%

259‌

T.

Rowe

Price

QM

U.S.

Small

&

Mid-Cap

Core

Equity

Fund

-

I

Class

0.63%

196‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class

0.53%

12‌

T.

Rowe

Price

Ultra

Short-Term

Bond

Fund

-

I

Class

0.16%

23‌

Total

Management

Fee

Waived

$

1,461‌

T.

ROWE

PRICE

Global

Allocation

Fund

104

As

of

October

31,

2022,

T.

Rowe

Price

Group,

Inc.,

or

its

wholly

owned

subsidiaries,

owned

15,533,328

shares

of

the

Investor

Class,

representing

28%

of

the

Investor

Class's

net

assets.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

year ended

October

31,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades.

This

agreement

may

be

rescinded

at

any

time.

For

the

year ended

October

31,

2022,

this

reimbursement

amounted

to

$17,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

NOTE

8

-

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

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance. Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Global

Allocation

Fund

105

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

and

Shareholders

of

T.

Rowe

Price

Global

Allocation

Fund,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Global

Allocation

Fund,

Inc.

(the

"Fund")

as

of

October

31,

2022,

the

related

statement

of

operations

for

the

year

ended

October

31,

2022,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2022,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2022

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2022

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Global

Allocation

Fund

106

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2022

by

correspondence

with

the

custodians,

transfer

agent,

investment

manager

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

December

16,

2022

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Global

Allocation

Fund

107

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 10/31/22

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included:

$32,924,000 from

short-term

capital

gains 

$42,542,000 from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%

For

taxable

non-corporate

shareholders,

$9,440,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$3,284,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction.  

T.

ROWE

PRICE

Global

Allocation

Fund

108

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Global

Allocation

Fund

109

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Global

Allocation

Fund

110

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

ROWE

PRICE

Global

Allocation

Fund

111

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

interested

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[205]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

President,

Radian

Guaranty

(2008

to

2017);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Ronald

J.

Daniels

(b)

(1959)

2018

[0]

President,

The

Johns

Hopkins

University

and

Professor,

Political

Science

Department,

The

Johns

Hopkins

University

(2009

to

present);

Director,

Lyndhurst

Holdings

(2015

to

present);

Director,

BridgeBio

Pharma,

Inc.

(2020

to

present)

Bruce

W.

Duncan

(1951)

2013

[205]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chief

Executive

Officer

and

Director

(2009

to

2016),

Chair

of

the

Board

(2016

to

2020),

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Chair

of

the

Board

(2005

to

2016)

and

Director

(1999

to

2016),

Starwood

Hotels

&

Resorts,

a

hotel

and

leisure

company;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

present);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2013

[205]

Advisory

Board

Member,

Pipeline

Crisis/Winning

Strategies,

a

collaborative

working

to

improve

opportunities

for

young

African

Americans

(1997

to

2016);

Chair

of

the

Board,

all

funds

(July

2018

to

present)

T.

ROWE

PRICE

Global

Allocation

Fund

112

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Paul

F.

McBride

(1956)

2013

[205]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

Kellye

L.

Walker

(c)

(1966)

2021

[205]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2021,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

April

27,

2022,

Mr.

Daniels

resigned

from

his

role

as

an

independent

director

of

the

Price

Funds.

(c)

Effective

November

8,

2021,

Ms.

Walker

was

appointed

as

an

independent

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[205]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

Robert

W.

Sharps,

CFA,

CPA

(b)

(1971)

2017

[0]

Director

and

Vice

President,

T.

Rowe

Price;

Director,

Price

Investment

Management;

Chief

Executive

Officer

and

President,

T.

Rowe

Price

Group,

Inc.;

Vice

President,

T.

Rowe

Price

Trust

Company

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

113

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[205]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

(a)

All

information

about

the

interested

directors

was

current

as

of

January

1,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

(b)

Effective

February

3,

2022,

Mr.

Sharps

resigned

from

his

role

as

an

interested

director

of

the

Price

Funds.

Name

(Year

of

Birth)

Position

Held

With Global

Allocation

Fund 

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019);

Senior

Vice

President

and

Senior

Counsel, Pacific

Investment

Management

Company

LLC

(to

2017)

David

L.

Clewell

(1984)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Christina

Dove

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Gary

J.

Greb

(1961)

Vice

President

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

Price

International,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

114

Name

(Year

of

Birth)

Position

Held

With Global

Allocation

Fund 

Principal

Occupation(s) 

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Robert

Lovette

Harlow,

CAIA,

CFA

(1986)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Stefan

Hubrich,

Ph.D.,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Robert

M.

Larkins,

CFA

(1973)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Sean

P.

McWilliams

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Robert

A.

Panariello

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.

Shannon

H.

Rauser

(1987)

Assistant

Secretary 

Assistant

Vice

President,

T.

Rowe

Price

Michael

K.

Sewell

(1982)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Charles

M.

Shriver,

CFA

(1967)

Co-president 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Toby

M.

Thompson,

CAIA,

CFA

(1971)

Co-president 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

You

have

many

investment

goals.

Explore

products

and

services

that

can

help

you

achieve

them.

Whether

you

want

to

put

away

more

money

for

retirement,

for

a

child’s

education,

or

for

other

priorities,

we

have

solutions

for

you.

See

how

we

can

help

you

accomplish

the

investment

goals

that

are

important

to

you.

RETIREMENT

IRAs:

Traditional,

Roth,

Rollover/Transfer,

or

Brokerage

Small

Business

Plans

help

minimize

taxes,

maximize

savings

T.

Rowe

Price

®

ActivePlus

Portfolios

1

for

online

investing

powered

by

experts

GENERAL

INVESTING

Individual

or

Joint

Tenant

Brokerage

2

offers

access

to

stocks,

ETFs,

bonds,

and

more

Gifts

and

transfers

to

a

child

(UGMA/UTMAs)

Trust

Transfer

on

Death

COLLEGE

SAVINGS

T.

Rowe

Price-managed

529

plans

offer

tax-

advantaged

solutions

for

families

saving

money

for

college

tuition

and

education-

related

expenses

Visit

troweprice.com/broadrange

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

internationally

involves

special

risks

including

economic

and

political

uncertainty

and

currency

fluctuation.

1

The

T.

Rowe

Price

®

ActivePlus

Portfolios

is

a

discretionary

investment

management

program

provided

by

T.

Rowe

Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

202212-2401361

F154-050

12/22

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2022		2021
Audit Fees	$	41,766	$	40,480
Audit-Related Fees		-		-
Tax Fees		1,431		5,751
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1)  The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

(2)  No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f)  Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g)  The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $2,760,000 and $3,600,000, respectively.

(h)  All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item  13. Exhibits.

(a)(1) The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is attached.

(2) Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

(3) Written solicitation to repurchase securities issued by closed-end companies: not applicable.

(b) A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Global Allocation Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	December 16, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	December 16, 2022
By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	December 16, 2022