T.
ROWE
PRICE
Global
Allocation
Fund
July
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.1%
Common
Stocks
0.1%
Globant
(USD) (1)
1,709
298
MercadoLibre
(USD) (1)
675
836
Tenaris,
ADR
(USD)
1,435
48
Total
Argentina
(Cost
$536
)
1,182
AUSTRALIA
0.7%
Common
Stocks
0.7%
Allkem (1)
2,629
26
ALS
6,155
49
ANZ
Group
Holdings
10,543
183
Bellevue
Gold (1)
44,350
43
BHP
Group
37,942
1,181
BHP
Group
(GBP)
13,541
422
BlueScope
Steel
2,902
43
Capricorn
Metals (1)
13,225
40
Challenger
18,120
88
Cochlear
706
114
Downer
EDI
25,464
75
Emerald
Resources (1)
61,477
94
Frontier
Digital
Ventures (1)
204,396
60
Goodman
Group
9,745
135
IDP
Education
5,844
98
IGO
54,238
507
Macquarie
Group
1,689
199
Newcrest
Mining
12,028
216
Northern
Star
Resources
45,446
355
oOh!media
66,161
62
Pilbara
Minerals
31,909
104
Red
5 (1)
235,571
29
Rio
Tinto
5,155
408
Scentre
Group
154,542
292
South32
117,410
309
Suncorp
Group
7,426
71
Worley
29,105
341
5,544
Corporate
Bonds
0.0%
Transurban
Finance,
2.45%,
3/16/31
(USD) (2)
140,000
114
Transurban
Finance,
4.125%,
2/2/26
(USD) (2)
15,000
14
Woodside
Finance,
3.70%,
3/15/28
(USD) (2)
67,000
61
T.
ROWE
PRICE
Global
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Woodside
Finance,
4.50%,
3/4/29
(USD) (2)
105,000
99
288
Total
Australia
(Cost
$4,200
)
5,832
AUSTRIA
0.2%
Common
Stocks
0.2%
BAWAG
Group
14,836
723
Erste
Group
Bank
5,394
204
OMV
3,711
167
Schoeller-Bleckmann
Oilfield
Equipment
1,557
94
voestalpine
1,347
45
Total
Austria
(Cost
$996
)
1,233
BAHRAIN
0.0%
Common
Stocks
0.0%
Aluminium
Bahrain
41,369
121
Total
Bahrain
(Cost
$118
)
121
BANGLADESH
0.0%
Common
Stocks
0.0%
BRAC
Bank
238,210
78
Square
Pharmaceuticals
44,279
86
Total
Bangladesh
(Cost
$203
)
164
BELGIUM
0.1%
Common
Stocks
0.1%
KBC
Group
1,174
88
Shurgard
Self
Storage
1,661
76
Umicore
6,077
180
Warehouses
De
Pauw
2,444
72
Total
Belgium
(Cost
$381
)
416
BRAZIL
0.6%
Common
Stocks
0.6%
Arco
Platform,
Class
A
(USD) (1)
6,372
82
B3
226,400
714
CI&T,
Class
A
(USD) (1)
6,558
39
Grupo
SBF
5,448
15
T.
ROWE
PRICE
Global
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hypera
26,739
244
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
16,700
83
Klabin
79,800
388
Localiza
Rent
a
Car
83,516
1,186
Lojas
Renner
18,400
73
Minerva
20,353
44
Multiplan
Empreendimentos
Imobiliarios
7,900
44
Raia
Drogasil
150,038
923
Suzano
14,593
148
Vale,
ADR
(USD)
4,965
73
WEG
35,600
301
XP,
Class
A
(USD) (1)
4,652
126
4,483
Preferred
Stocks
0.0%
Marcopolo
167,600
185
185
Total
Brazil
(Cost
$3,505
)
4,668
CANADA
1.6%
Common
Stocks
1.3%
Agnico
Eagle
Mines
4,506
236
Agnico
Eagle
Mines
(USD)
1,237
65
Altus
Group
3,179
106
Aritzia (1)(3)
5,391
103
ATS (1)
2,466
112
Barrick
Gold
(USD)
7,582
131
Brookfield
5,480
191
BRP
751
69
CAE (1)
3,122
71
Calibre
Mining (1)
28,960
38
Cameco
(USD)
4,973
175
Canadian
Apartment
Properties
REIT (3)
2,152
84
Canadian
National
Railway
(USD)
1,008
122
Canadian
Natural
Resources
1,558
95
Canadian
Pacific
Kansas
City
(USD)
2,324
191
Capstone
Copper (1)
1,337
7
Cenovus
Energy
4,049
77
Constellation
Software
79
167
Definity
Financial
11,735
295
dentalcorp
Holdings (1)
9,562
55
Descartes
Systems
Group (1)
2,512
196
Descartes
Systems
Group
(USD) (1)
700
55
Element
Fleet
Management
25,058
404
T.
ROWE
PRICE
Global
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ERO
Copper (1)
14,501
349
Exchange
Income (3)
2,196
86
Filo (1)(3)
8,075
153
First
Quantum
Minerals
12,863
382
Franco-Nevada
3,169
462
Granite
Real
Estate
Investment
Trust (3)
1,178
69
Hudbay
Minerals
(USD)
5,718
34
Ivanhoe
Mines,
Class
A (1)(3)
22,355
237
Jamieson
Wellness (3)
1,013
23
K92
Mining (1)(3)
7,933
37
Karora
Resources (1)
21,868
76
Kinross
Gold
(USD)
4,614
23
Magna
International
(USD)
5,746
370
Maple
Leaf
Foods
3,300
69
National
Bank
of
Canada
7,770
609
NGEx
Minerals (1)
1,971
10
Nutrien
(USD)
17,205
1,185
NuVista
Energy (1)
11,100
96
Orla
Mining (1)(3)
28,518
133
Osisko
Mining (1)
18,718
45
Osisko
Mining,
Warrants,
8/28/24
8,392
2
Parex
Resources
767
17
Richelieu
Hardware (3)
3,000
100
Shopify,
Class
A (1)
4,046
273
Shopify,
Class
A
(USD) (1)
9,117
616
Skeena
Resources (1)
2,773
14
SNC-Lavalin
Group
3,500
102
Spin
Master
5,339
142
StorageVault
Canada
33,724
125
Sun
Life
Financial
8,606
453
Suncor
Energy
11,886
372
Teck
Resources,
Class
B
(USD)
5,147
229
TELUS
International
CDA (1)
1,755
16
TMX
Group
9,392
209
Tourmaline
Oil
713
37
Wesdome
Gold
Mines (1)
34,675
184
West
Fraser
Timber
259
22
Wheaton
Precious
Metals
1,935
87
Whitecap
Resources
8,042
64
10,557
Corporate
Bonds
0.1%
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD)
110,000
95
Canadian
Pacific
Railway,
1.75%,
12/2/26
(USD)
130,000
116
Canadian
Pacific
Railway,
2.875%,
11/15/29
(USD)
55,000
49
Canadian
Pacific
Railway,
3.50%,
5/1/50
(USD)
155,000
117
T.
ROWE
PRICE
Global
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Canadian
Pacific
Railway,
4.30%,
5/15/43
(USD)
25,000
22
Royal
Bank
of
Canada,
2.30%,
11/3/31
(USD)
250,000
203
Thomson
Reuters,
3.35%,
5/15/26
(USD)
10,000
9
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD)
145,000
134
TransCanada
PipeLines,
6.203%,
3/9/26
(USD)
240,000
240
985
Government
Bonds
0.2%
Province
of
Alberta,
3.30%,
3/15/28
(USD)
135,000
128
Province
of
British
Columbia,
4.20%,
7/6/33
(USD)
320,000
315
Province
of
Manitoba,
Series
GX,
2.60%,
4/16/24
(USD)
270,000
264
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD)
250,000
238
Province
of
Quebec,
Series
QO,
2.875%,
10/16/24
(USD)
50,000
48
993
Total
Canada
(Cost
$10,654
)
12,535
CAYMAN
ISLANDS
0.1%
Common
Stocks
0.0%
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $45
(USD) (4)(5)
11,845
23
23
Convertible
Preferred
Stocks
0.1%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $89
(USD) (1)(4)(5)
1,810
359
359
Total
Cayman
Islands
(Cost
$134
)
382
CHILE
0.1%
Common
Stocks
0.1%
Antofagasta
(GBP)
15,713
338
Banco
Santander
Chile,
ADR
(USD)
12,982
274
612
Corporate
Bonds
0.0%
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD)
250,000
220
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (2)
220,000
194
414
Total
Chile
(Cost
$804
)
1,026
T.
ROWE
PRICE
Global
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CHINA
2.3%
Common
Stocks
1.6%
58.com
(USD) (4)
5,864
—
Alibaba
Group
Holding
(HKD) (1)
41,620
532
Alibaba
Group
Holding,
ADR
(USD) (1)
13,273
1,356
Baidu,
ADR
(USD) (1)
630
98
BeiGene,
ADR
(USD) (1)
247
53
Beijing
Enterprises
Holdings
(HKD)
21,500
86
BOE
Varitronix
(HKD)
46,000
70
Bosideng
International
Holdings
(HKD)
120,000
55
China
Overseas
Land
&
Investment
(HKD)
323,000
766
China
Overseas
Property
Holdings
(HKD)
80,000
94
China
Resources
Gas
Group
(HKD)
36,900
128
China
Resources
Mixc
Lifestyle
Services
(HKD)
66,000
319
Fosun
International
(HKD)
46,500
34
H
World
Group
(HKD) (1)
49,100
235
Haier
Smart
Home,
Class
H
(HKD)
33,600
111
Hesai
Group,
ADR
(USD) (1)
856
11
JD
Health
International
(HKD) (1)
10,150
74
JD.com,
Class
A
(HKD)
7,376
153
Jiumaojiu
International
Holdings
(HKD)
149,000
294
JOYY,
ADR
(USD)
1,152
40
Kanzhun,
ADR
(USD) (1)
18,923
353
KE
Holdings,
ADR
(USD) (1)
13,809
241
Li
Auto,
ADR
(USD) (1)
13,827
592
Li
Auto,
Class
A
(HKD) (1)
1,400
30
Li
Ning
(HKD)
107,000
652
Nongfu
Spring,
Class
H
(HKD)
39,600
231
PDD
Holdings,
ADR
(USD) (1)
3,691
332
PICC
Property
&
Casualty,
Class
H
(HKD)
118,000
138
Ping
An
Insurance
Group,
Class
H
(HKD)
14,000
102
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
101,600
131
Silergy
(TWD)
15,000
159
Tencent
Holdings
(HKD)
52,554
2,415
Tsingtao
Brewery,
Class
H
(HKD)
16,000
144
Yangzijiang
Shipbuilding
Holdings
(SGD)
214,500
249
Yum
China
Holdings
(HKD)
2,300
142
Yum
China
Holdings
(USD)
31,169
1,902
Zhongsheng
Group
Holdings
(HKD)
268,500
943
13,265
Common
Stocks
-
China
A
Shares
0.6%
Beijing
Career
International,
A
Shares
(CNH)
9,200
48
Bethel
Automotive
Safety
Systems,
A
Shares
(CNH)
3,944
50
T.
ROWE
PRICE
Global
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Chacha
Food,
A
Shares
(CNH)
57,600
331
China
Oilfield
Services,
A
Shares
(CNH)
41,700
89
Focus
Media
Information
Technology,
A
Shares
(CNH)
58,700
61
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
152,912
811
Glodon,
A
Shares
(CNH)
32,040
145
Hichain
Logistics,
A
Shares
(CNH)
16,600
49
Hongfa
Technology,
A
Shares
(CNH)
61,100
297
Hundsun
Technologies,
A
Shares
(CNH)
2,910
17
Inner
Mongolia
Yili
Industrial
Group,
A
Shares
(CNH)
20,000
80
Jason
Furniture
Hangzhou,
A
Shares
(CNH) (1)
23,594
150
Kweichow
Moutai,
A
Shares
(CNH)
1,260
332
Moon
Environment
Technology,
A
Shares
(CNH)
27,900
68
NARI
Technology,
A
Shares
(CNH)
30,821
105
Pony
Testing
International
Group,
A
Shares
(CNH)
58,246
170
Qingdao
Haier
Biomedical,
A
Shares
(CNH)
8,184
55
Qingdao
Hiron
Commercial
Cold
Chain,
A
Shares
(CNH)
17,980
48
Sangfor
Technologies,
A
Shares
(CNH) (1)
500
8
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
33,500
122
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
45,248
450
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
28,100
127
Warom
Technology,
A
Shares
(CNH)
38,900
136
Xiamen
Faratronic,
A
Shares
(CNH)
5,900
111
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
20,300
79
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
104,447
556
YTO
Express
Group,
A
Shares
(CNH)
24,100
53
Yunnan
Aluminium,
A
Shares
(CNH)
35,900
75
Zhejiang
Supcon
Technology,
A
Shares
(CNH)
5,534
42
ZWSOFT
Guangzhou,
A
Shares
(CNH)
9,903
201
4,866
Corporate
Bonds
0.1%
Baidu,
3.875%,
9/29/23
(USD)
210,000
209
Weibo,
3.50%,
7/5/24
(USD)
255,000
250
459
Total
China
(Cost
$17,202
)
18,590
COLOMBIA
0.0%
Common
Stocks
0.0%
Geopark
(USD)
1,025
10
Total
Colombia
(Cost
$12
)
10
T.
ROWE
PRICE
Global
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CYPRUS
0.0%
Common
Stocks
0.0%
TCS
Group
Holding,
GDR
(USD) (1)(4)
584
—
Total
Cyprus
(Cost
$32
)
—
DENMARK
0.3%
Common
Stocks
0.3%
Genmab (1)
505
208
Novo
Nordisk,
ADR
(USD)
1,100
177
Novo
Nordisk,
Class
B
7,892
1,273
ROCKWOOL,
Class
B
875
235
Royal
Unibrew
1,003
87
Zealand
Pharma (1)
3,256
113
2,093
Corporate
Bonds
0.0%
Danske
Bank,
VR,
3.244%,
12/20/25
(USD) (2)(6)
335,000
320
320
Total
Denmark
(Cost
$2,276
)
2,413
EGYPT
0.0%
Common
Stocks
0.0%
Integrated
Diagnostics
Holdings
(USD)
138,230
76
Total
Egypt
(Cost
$131
)
76
ESTONIA
0.0%
Common
Stocks
0.0%
Enefit
Green
7,247
34
Total
Estonia
(Cost
$29
)
34
FINLAND
0.2%
Common
Stocks
0.2%
Elisa
4,563
238
Metso
2,791
32
Sampo,
Class
A
15,233
671
Stora
Enso,
Class
R
16,191
199
Valmet
13,550
359
Total
Finland
(Cost
$1,236
)
1,499
T.
ROWE
PRICE
Global
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
FRANCE
1.7%
Common
Stocks
1.6%
Air
Liquide
1,956
352
Airbus
6,948
1,023
Alstom
3,016
92
ArcelorMittal
7,085
205
AXA
28,104
864
BNP
Paribas
6,908
456
Capgemini
875
159
Dassault
Aviation
1,127
219
Edenred
1,752
114
Engie
39,896
654
Eramet
325
27
Esker
506
84
EssilorLuxottica
3,579
720
Eurofins
Scientific (3)
7,668
527
Euronext
728
55
Forvia (1)
2,470
62
Gaztransport
Et
Technigaz
1,129
138
Gecina
764
83
Kering
662
380
L'Oreal
856
398
Legrand
3,189
320
LVMH
Moet
Hennessy
Louis
Vuitton
924
858
Nexity (3)
4,296
73
Remy
Cointreau
1,166
200
Safran
2,895
481
Sanofi
9,173
979
Sartorius
Stedim
Biotech
768
240
Schneider
Electric
356
63
SPIE
10,356
311
Teleperformance
2,425
352
Thales
1,002
150
Tikehau
Capital (3)
4,326
110
TotalEnergies
29,388
1,785
Ubisoft
Entertainment (1)
2,727
92
Virbac
291
90
12,716
Corporate
Bonds
0.1%
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (2)(6)
350,000
288
BPCE,
4.00%,
9/12/23
(USD) (2)
265,000
264
BPCE,
4.50%,
3/15/25
(USD) (2)
400,000
386
T.
ROWE
PRICE
Global
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TotalEnergies
Capital
International,
2.434%,
1/10/25
(USD)
275,000
264
1,202
Total
France
(Cost
$10,081
)
13,918
GERMANY
1.6%
Common
Stocks
1.5%
Adesso
428
50
Auto1
Group (1)
2,789
30
BASF
6,378
342
Bayer
8,884
520
Brenntag
834
65
CANCOM
3,231
93
Covestro (1)
7,744
416
Daimler
Truck
Holding
12,742
478
Deutsche
Boerse
472
91
Deutsche
Telekom
43,684
953
DHL
Group
2,357
121
Evotec (1)
19,097
503
flatexDEGIRO (1)
18,077
178
Fresenius
9,659
303
Hannover
Rueck
1,229
262
Heidelberg
Materials
892
72
Hypoport (1)
418
87
Infineon
Technologies
7,558
332
KION
Group
3,646
153
Knaus
Tabbert
1,490
98
LEG
Immobilien (1)
839
59
Mercedes-Benz
Group
1,439
115
Merck
1,251
220
Munich
Re
1,682
633
Nagarro (1)(3)
786
75
Puma
6,173
417
Redcare
Pharmacy (1)(3)
2,612
303
SAP
9,024
1,231
Scout24
5,162
341
Siemens
13,226
2,254
Siemens
Healthineers
5,890
342
Siltronic
1,639
144
Symrise
2,480
271
Zalando (1)
3,937
136
11,688
Corporate
Bonds
0.0%
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27
(USD) (2)
155,000
147
T.
ROWE
PRICE
Global
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26
(USD) (2)
155,000
154
301
Preferred
Stocks
0.1%
Dr.
Ing.
h.c.
F.
Porsche
2,708
331
Sartorius (3)
474
196
Volkswagen
2,436
323
850
Total
Germany
(Cost
$10,105
)
12,839
HONG
KONG
0.3%
Common
Stocks
0.3%
AIA
Group
105,400
1,054
ASMPT
8,900
87
Budweiser
Brewing
APAC
245,000
598
CK
Hutchison
Holdings
10,000
62
Galaxy
Entertainment
Group (1)
13,000
95
Hong
Kong
Exchanges
&
Clearing
1,800
76
Hongkong
Land
Holdings
(USD)
12,172
43
Impro
Precision
Industries
208,000
72
Kerry
Properties
17,000
37
Samsonite
International (1)
41,400
123
Sun
Hung
Kai
Properties
11,083
139
Wharf
Real
Estate
Investment
20,000
107
Total
Hong
Kong
(Cost
$1,956
)
2,493
HUNGARY
0.1%
Common
Stocks
0.1%
OTP
Bank
14,814
539
Total
Hungary
(Cost
$470
)
539
ICELAND
0.0%
Common
Stocks
0.0%
Marel
41,386
138
Total
Iceland
(Cost
$202
)
138
INDIA
0.9%
Common
Stocks
0.9%
Asian
Paints
7,926
325
T.
ROWE
PRICE
Global
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Astral
6,148
148
Axis
Bank
45,290
526
Blue
Star
9,295
89
CreditAccess
Grameen (1)
6,629
118
Dixon
Technologies
India
1,158
58
FSN
E-Commerce
Ventures (1)
19,029
33
HDFC
Asset
Management
6,403
197
HDFC
Bank
43,393
871
HDFC
Life
Insurance
67,419
531
Hindustan
Unilever
7,893
246
ICICI
Bank,
ADR
(USD)
3,855
95
Info
Edge
India
1,324
74
Infosys
44,271
732
Jio
Financial
Services (1)
23,844
73
Kotak
Mahindra
Bank
34,349
776
Larsen
&
Toubro
4,193
137
Maruti
Suzuki
India
1,788
213
Nexus
Select
Trust (1)
18,211
26
NTPC
86,877
230
Page
Industries
162
75
Polycab
India
2,553
150
Reliance
Industries
24,241
752
Shriram
Finance
4,073
94
Tata
Consultancy
Services
3,122
130
TeamLease
Services (1)
2,045
58
Titan
226
8
Torrent
Pharmaceuticals
4,945
121
Varun
Beverages
4,915
48
Voltas
44,315
420
Zomato (1)
117,289
120
Total
India
(Cost
$6,192
)
7,474
INDONESIA
0.1%
Common
Stocks
0.1%
Bank
Central
Asia
1,159,100
702
Sarana
Menara
Nusantara
895,200
60
Sumber
Alfaria
Trijaya
984,100
176
Total
Indonesia
(Cost
$486
)
938
IRELAND
0.2%
Common
Stocks
0.1%
Cairn
Homes
(GBP) (3)
110,696
135
DCC
(GBP)
3,047
176
T.
ROWE
PRICE
Global
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kenmare
Resources
(GBP)
8,801
48
Kerry
Group,
Class
A
748
74
433
Corporate
Bonds
0.1%
AerCap
Ireland
Capital,
2.45%,
10/29/26
(USD)
150,000
135
AerCap
Ireland
Capital,
5.75%,
6/6/28
(USD)
265,000
263
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (2)
70,000
68
Avolon
Holdings
Funding,
5.25%,
5/15/24
(USD) (2)
215,000
212
CRH
America
Finance,
3.95%,
4/4/28
(USD) (2)
400,000
380
1,058
Total
Ireland
(Cost
$1,515
)
1,491
ITALY
0.7%
Common
Stocks
0.6%
Amplifon
15,699
531
Ariston
Holding
12,053
112
Banca
Mediolanum
10,396
101
BFF
Bank
7,867
89
Carel
Industries
5,789
166
Davide
Campari-Milano
17,273
232
De'
Longhi
5,254
133
DiaSorin
801
90
Enel
85,217
588
Ermenegildo
Zegna
(USD)
16,946
269
Ferrari
1,249
400
FinecoBank
Banca
Fineco
9,663
150
GVS (1)
11,560
73
Intesa
Sanpaolo
132,419
383
Leonardo
7,455
101
Moncler
3,974
287
PRADA
(HKD)
29,600
211
Prysmian
13,353
532
Stellantis
5,752
118
Technoprobe (1)
10,441
96
UniCredit
7,155
181
4,843
Corporate
Bonds
0.1%
Enel
Finance
International,
1.875%,
7/12/28
(USD) (2)
200,000
169
Eni,
Series
X-R,
4.00%,
9/12/23
(USD) (2)
295,000
294
463
Total
Italy
(Cost
$3,537
)
5,306
T.
ROWE
PRICE
Global
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JAPAN
4.0%
Common
Stocks
3.9%
Advantest
500
69
Aida
Engineering
8,200
59
Aiful
85,300
214
Asahi
Group
Holdings
3,200
126
Asahi
Kasei
21,500
147
Astellas
Pharma
57,700
844
Benefit
One
1,800
19
Calbee
2,200
43
Central
Japan
Railway
1,100
140
Chugai
Pharmaceutical
5,100
152
CyberAgent
17,300
109
Daiei
Kankyo
16,600
281
Daiichi
Sankyo
9,500
293
Daikin
Industries
1,800
364
Daio
Paper
13,600
117
Daiwabo
Holdings
7,900
153
Demae-Can (1)(3)
4,400
15
Denso
4,200
292
DIC
8,000
151
Disco
2,100
395
eGuarantee
2,800
42
Eiken
Chemical
7,400
79
Electric
Power
Development
17,700
280
Fancl
6,000
105
Fast
Retailing
1,000
251
Food
&
Life
6,900
136
Fujitsu
1,000
129
Fukui
Computer
Holdings
2,700
50
Fukuoka
Financial
Group
2,500
60
Fuso
Chemical
700
22
GMO
Payment
Gateway
1,400
107
Hamamatsu
Photonics
6,700
323
Hanwa
7,500
257
Harmonic
Drive
Systems
4,100
113
Hikari
Tsushin
3,400
505
Hitachi
8,100
530
Honda
Motor
3,400
108
Horiba
2,000
118
Hoshino
Resorts
REIT
10
44
Hoshizaki
6,100
234
Hoya
1,300
151
T.
ROWE
PRICE
Global
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Idec
4,900
104
IHI
2,400
59
Industrial
&
Infrastructure
Fund
Investment (3)
43
45
Invincible
Investment
179
74
Isetan
Mitsukoshi
Holdings
3,500
38
ITOCHU
4,900
198
JMDC
2,000
76
Kansai
Paint
14,600
239
Kao
8,000
304
Katitas
3,700
68
Keyence
1,400
628
Kirin
Holdings
8,500
126
Konica
Minolta
9,900
37
Kyoritsu
Maintenance
500
20
Lasertec
300
45
LITALICO
1,200
19
MatsukiyoCocokara (3)
1,700
99
Medley (1)
1,400
50
Mercari (1)
1,700
43
METAWATER
6,000
77
MINEBEA
MITSUMI
2,500
46
Mitsubishi
5,900
302
Mitsubishi
Electric
43,100
622
Mitsubishi
Estate
7,100
87
Mitsubishi
HC
Capital
20,100
133
Mitsubishi
UFJ
Financial
Group
117,300
945
Mitsui
Fudosan
36,900
758
Mitsui
Fudosan
Logistics
Park
22
78
Mitsui
Mining
&
Smelting
3,900
92
Miura
9,800
247
Modec (1)
7,100
75
Murata
Manufacturing
10,100
600
Musashi
Seimitsu
Industry
4,800
60
Nakanishi
4,700
108
Nexon
4,500
86
Nextage (3)
18,200
478
NIDEC
5,100
305
Nifco
2,600
77
Nippon
Ceramic
2,500
45
Nippon
Paint
Holdings
20,500
188
Nippon
Sanso
Holdings
6,000
145
Nippon
Seiki
10,400
73
Nippon
Shokubai
900
35
Nippon
Soda
5,900
222
Nippon
Steel
11,200
256
Nippon
Telegraph
&
Telephone
806,900
925
T.
ROWE
PRICE
Global
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Nipro
18,700
136
Niterra
8,100
171
Nitori
Holdings
1,600
196
Nomura
Research
Institute
5,100
145
NTT
Data
Group
21,900
305
Obara
Group
5,000
146
Olympus
27,900
455
Omron
2,300
123
Oriental
Land
6,700
257
ORIX
27,400
527
Otsuka
Holdings
9,400
346
Outsourcing
6,000
61
Panasonic
Holdings
42,700
527
Persol
Holdings
17,500
346
Plus
Alpha
Consulting
2,900
57
Recruit
Holdings
14,100
488
Renesas
Electronics (1)
10,400
201
Rohto
Pharmaceutical
4,000
85
Sakata
INX
15,200
131
Sankyu
1,700
59
Sanwa
Holdings
6,800
92
Seven
&
i
Holdings
18,700
776
SHIFT (1)
900
213
Shimadzu
6,100
185
Shin-Etsu
Chemical
8,300
273
Shiseido
6,100
267
SMC
300
157
Socionext (3)
300
35
Sompo
Holdings
2,100
93
Sony
Group
11,300
1,058
Stanley
Electric
21,400
395
Sumitomo
18,300
393
Sumitomo
Densetsu
7,900
176
Sumitomo
Metal
Mining
3,400
117
Sumitomo
Mitsui
Trust
Holdings
8,400
327
Sumitomo
Pharma
10,700
44
Sumitomo
Seika
Chemicals
2,400
79
Suntory
Beverage
&
Food
3,300
117
Suzuki
Motor
11,200
450
Taiheiyo
Cement
13,700
286
Taiyo
Yuden
1,200
36
Takeda
Pharmaceutical
2,700
83
Takeuchi
Manufacturing
4,400
138
Takuma
5,600
61
TechnoPro
Holdings
7,900
205
THK
4,000
80
T.
ROWE
PRICE
Global
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TKP (1)
5,100
102
Tokai
Carbon
16,900
150
Tokio
Marine
Holdings
24,000
552
Tokyo
Century
3,000
118
Tokyo
Electron
4,600
690
Tokyo
Seimitsu
1,600
89
Tokyo
Tatemono
15,200
203
Tokyu
REIT (3)
21
28
Tosoh
1,500
20
Toyo
Tire
10,600
144
Toyota
Motor
59,000
992
TRYT (1)
12,700
79
Visional (1)(3)
2,600
143
Welcia
Holdings (3)
3,800
72
Yellow
Hat
9,100
120
Z
Holdings
78,500
219
31,583
Corporate
Bonds
0.1%
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (6)
300,000
267
267
Total
Japan
(Cost
$24,744
)
31,850
KAZAKHSTAN
0.1%
Common
Stocks
0.1%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
8,549
122
Kaspi.KZ,
GDR
(USD)
3,187
292
NAC
Kazatomprom,
GDR
(USD)
6,868
186
Total
Kazakhstan
(Cost
$424
)
600
KENYA
0.0%
Common
Stocks
0.0%
Safaricom
46,300
6
Total
Kenya
(Cost
$16
)
6
MEXICO
0.3%
Common
Stocks
0.3%
Becle
50,200
131
Corp
Inmobiliaria
Vesta (3)
28,400
103
Corp.
Inmobiliaria
Vesta,
ADR
(USD)
871
32
Gruma,
Class
B
14,190
253
T.
ROWE
PRICE
Global
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
229
65
Grupo
Financiero
Banorte,
Class
O
25,900
245
Grupo
Mexico,
Series
B
120,870
628
Industrias
Penoles (1)(3)
1,258
18
Wal-Mart
de
Mexico
177,393
739
2,214
Corporate
Bonds
0.0%
BBVA
Bancomer,
4.375%,
4/10/24
(USD) (2)
150,000
149
149
Government
Bonds
0.0%
United
Mexican
States,
3.50%,
2/12/34
(USD)
305,000
257
257
Total
Mexico
(Cost
$2,121
)
2,620
MOROCCO
0.1%
Common
Stocks
0.1%
Attijariwafa
Bank
4,585
212
Hightech
Payment
Systems
218
127
Label
Vie
169
81
Total
Morocco
(Cost
$388
)
420
NETHERLANDS
1.2%
Common
Stocks
1.1%
Aalberts
2,267
102
Adyen (1)
405
752
AerCap
Holdings
(USD) (1)
1,482
95
Akzo
Nobel
12,345
1,056
Argenx,
ADR
(USD) (1)
203
102
ASML
Holding
3,534
2,531
ASML
Holding
(USD)
641
459
ASR
Nederland
5,405
245
DSM-Firmenich
529
58
Heineken
8,201
803
IMCD
1,341
203
ING
Groep
80,192
1,171
Koninklijke
Philips (1)
21,260
442
Prosus
9,096
720
Signify
2,448
77
Van
Lanschot
Kempen,
CVA
3,519
115
8,931
T.
ROWE
PRICE
Global
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds
0.1%
ING
Groep,
3.55%,
4/9/24
(USD)
255,000
251
JDE
Peet's,
1.375%,
1/15/27
(USD) (2)
290,000
252
NXP,
2.65%,
2/15/32
(USD)
375,000
303
Shell
International
Finance,
3.25%,
5/11/25
(USD)
75,000
72
878
Total
Netherlands
(Cost
$6,327
)
9,809
NEW
ZEALAND
0.0%
Common
Stocks
0.0%
Fisher
&
Paykel
Healthcare
4,963
76
Total
New
Zealand
(Cost
$13
)
76
NORWAY
0.3%
Common
Stocks
0.3%
DNB
Bank
33,193
684
Equinor
26,182
801
Norsk
Hydro
18,625
122
Seadrill
(USD) (1)
4,689
229
Storebrand
50,152
438
Subsea
7
9,599
129
TGS
14,204
190
Total
Norway
(Cost
$1,686
)
2,593
PAKISTAN
0.0%
Common
Stocks
0.0%
Systems
24,930
39
Total
Pakistan
(Cost
$37
)
39
PANAMA
0.0%
Common
Stocks
0.0%
Banco
Latinoamericano
de
Comercio
Exterior,
Class
E
(USD)
1,623
38
38
Government
Bonds
0.0%
Republic
of
Panama,
6.70%,
1/26/36
(USD)
25,000
27
27
Total
Panama
(Cost
$61
)
65
T.
ROWE
PRICE
Global
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PERU
0.1%
Common
Stocks
0.1%
Alicorp
13,550
27
Credicorp
(USD)
1,485
233
InRetail
Peru
(USD)
1,406
47
Southern
Copper
(USD)
6,006
525
Total
Peru
(Cost
$667
)
832
PHILIPPINES
0.1%
Common
Stocks
0.1%
BDO
Unibank
148,452
392
Converge
Information
and
Communications
Technology
Solutions (1)
128,200
24
Jollibee
Foods
66,700
310
Nickel
Asia
214,500
25
SM
Investments
12,996
216
Universal
Robina
85,860
192
Total
Philippines
(Cost
$1,017
)
1,159
POLAND
0.0%
Government
Bonds
0.0%
Republic
of
Poland,
3.25%,
4/6/26
(USD)
55,000
53
Total
Poland
(Cost
$55
)
53
PORTUGAL
0.1%
Common
Stocks
0.1%
Banco
Comercial
Portugues,
Class
R (1)(3)
165,362
45
Galp
Energia
19,912
265
Jeronimo
Martins
29,685
808
Total
Portugal
(Cost
$695
)
1,118
QATAR
0.0%
Common
Stocks
0.0%
Qatar
National
Bank
75,233
351
Total
Qatar
(Cost
$393
)
351
T.
ROWE
PRICE
Global
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ROMANIA
0.0%
Common
Stocks
0.0%
Banca
Transilvania
50,207
231
OMV
Petrom
1,157,326
139
Total
Romania
(Cost
$335
)
370
RUSSIA
0.0%
Common
Stocks
0.0%
Alrosa (1)(4)
80,680
—
Gazprom (1)(4)
31,212
—
HeadHunter
Group,
ADR
(USD) (1)(4)
4,246
—
MMC
Norilsk
Nickel (4)
311
—
Moscow
Exchange (4)
51,640
—
Polyus (1)(4)
294
—
Total
Russia
(Cost
$579
)
—
SAUDI
ARABIA
0.3%
Common
Stocks
0.3%
Al
Rajhi
Bank
6,243
124
Arabian
Internet
&
Communications
Services
1,954
190
Nahdi
Medical
10,897
505
Saudi
Awwal
Bank
2,220
22
Saudi
Basic
Industries
17,634
403
Saudi
National
Bank
59,900
616
Saudi
Tadawul
Group
Holding
1,230
66
1,926
Corporate
Bonds
0.0%
Saudi
Arabian
Oil,
2.875%,
4/16/24
(USD) (2)
245,000
240
240
Total
Saudi
Arabia
(Cost
$2,031
)
2,166
SINGAPORE
0.2%
Common
Stocks
0.2%
CapitaLand
Integrated
Commercial
Trust
76,400
117
DBS
Group
Holdings
8,200
212
Sea,
ADR
(USD) (1)
9,117
606
United
Overseas
Bank
21,100
479
T.
ROWE
PRICE
Global
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wilmar
International
90,800
264
Total
Singapore
(Cost
$1,343
)
1,678
SLOVENIA
0.0%
Common
Stocks
0.0%
Nova
Ljubljanska
Banka,
GDR
10,805
188
Total
Slovenia
(Cost
$136
)
188
SOUTH
AFRICA
0.2%
Common
Stocks
0.2%
Anglo
American
Platinum
1,478
74
Capitec
Bank
Holdings
3,643
365
Clicks
Group
28,101
441
Impala
Platinum
Holdings
9,712
70
Northam
Platinum
Holdings (1)
9,553
81
Sibanye
Stillwater
29,324
56
Woolworths
Holdings
13,038
58
1,145
Corporate
Bonds
0.0%
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (2)
200,000
166
166
Total
South
Africa
(Cost
$1,231
)
1,311
SOUTH
KOREA
0.6%
Common
Stocks
0.6%
Korea
Zinc
85
33
KT
6,484
150
KT,
ADR
(USD)
5,359
63
LG
Chem
1,220
621
Lotte
Chemical
368
43
NAVER
2,446
436
Samsung
Electronics
54,406
2,979
SK
Hynix
3,378
327
Total
South
Korea
(Cost
$2,983
)
4,652
SPAIN
0.4%
Common
Stocks
0.4%
Aedas
Homes
4,787
86
Amadeus
IT
Group (3)
14,883
1,068
T.
ROWE
PRICE
Global
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Cellnex
Telecom
8,349
341
CIE
Automotive
3,256
102
Fluidra (3)
22,210
491
Iberdrola
51,639
644
Laboratorios
Farmaceuticos
Rovi
3,276
157
2,889
Corporate
Bonds
0.0%
Banco
Santander,
3.49%,
5/28/30
(USD)
200,000
175
175
Total
Spain
(Cost
$2,298
)
3,064
SWEDEN
0.5%
Common
Stocks
0.5%
Assa
Abloy,
Class
B
16,327
393
Autoliv,
SDR
2,325
232
Avanza
Bank
Holding
6,729
152
Beijer
Ref
6,976
95
Boliden
11,596
341
Elekta,
Class
B
19,944
162
Epiroc,
Class
B
1,554
26
Essity,
Class
B
21,115
524
Millicom
International
Cellular,
SDR (1)(3)
3,373
52
Norva24
Group (1)
27,945
71
Olink
Holding,
ADR
(USD) (1)
7,903
150
Sandvik
20,924
425
SSAB,
Class
A
6,347
40
Svenska
Cellulosa,
Class
B
19,947
265
Svenska
Handelsbanken,
Class
A
28,243
248
Swedbank,
Class
A
18,679
343
Telefonaktiebolaget
LM
Ericsson,
Class
B
64,945
327
Trelleborg,
Class
B
2,569
68
Total
Sweden
(Cost
$3,625
)
3,914
SWITZERLAND
1.4%
Common
Stocks
1.3%
ABB
11,299
453
Alcon
9,864
839
ams (1)
8,767
78
Barry
Callebaut
265
497
DKSH
Holding
2,185
176
Julius
Baer
Group
9,182
650
Lonza
Group
802
466
T.
ROWE
PRICE
Global
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Montana
Aerospace (1)
6,846
108
Nestle
12,762
1,564
Novartis
8,097
848
Partners
Group
Holding
418
469
Roche
Holding
6,306
1,955
Sensirion
Holding (1)
614
54
SKAN
Group
517
47
TE
Connectivity
(USD)
8,938
1,283
UBS
Group
6,247
139
Zurich
Insurance
Group
1,883
910
10,536
Corporate
Bonds
0.1%
Alcon
Finance,
2.60%,
5/27/30
(USD) (2)
235,000
200
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (2)(6)
300,000
265
UBS
Group,
VR,
3.179%,
2/11/43
(USD) (2)(6)
200,000
141
606
Total
Switzerland
(Cost
$7,949
)
11,142
TAIWAN
0.8%
Common
Stocks
0.8%
Chailease
Holding
54,000
358
King
Yuan
Electronics
23,000
46
Largan
Precision
1,000
69
MediaTek
13,000
286
Taiwan
Semiconductor
Manufacturing
292,000
5,273
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
4,688
465
Vanguard
International
Semiconductor
103,000
254
Total
Taiwan
(Cost
$3,102
)
6,751
THAILAND
0.1%
Common
Stocks
0.1%
Bumrungrad
Hospital
25,900
163
CP
ALL
163,100
303
Siam
Cement
17,000
161
Total
Thailand
(Cost
$563
)
627
UNITED
ARAB
EMIRATES
0.0%
Common
Stocks
0.0%
First
Abu
Dhabi
Bank
56,669
226
Total
United
Arab
Emirates
(Cost
$154
)
226
T.
ROWE
PRICE
Global
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UNITED
KINGDOM
2.9%
Common
Stocks
2.7%
Abcam,
ADR
(USD) (1)
10,343
242
Adriatic
Metals,
CDI
(AUD) (1)
85,359
201
Airtel
Africa
20,047
30
Amcor,
CDI
(AUD)
13,701
141
Anglo
American
15,407
474
Ascential (1)
115,361
310
Ashtead
Group
6,308
467
AstraZeneca
5,134
738
AstraZeneca,
ADR
(USD)
31,291
2,244
Auction
Technology
Group (1)
8,198
75
Baltic
Classifieds
Group
58,869
150
Barclays
42,102
84
Big
Yellow
Group
11,199
154
BP,
ADR
(USD)
4,595
171
Bridgepoint
Group
108,144
262
British
American
Tobacco
2,233
75
Bunzl
4,633
172
Cab
Payments
Holdings (1)
10,891
40
Central
Asia
Metals
51,432
121
Compass
Group
15,205
396
Croda
International
3,282
248
Dechra
Pharmaceuticals
3,525
168
Derwent
London
4,450
121
Diageo
8,856
387
Diploma
1,296
54
Dowlais
Group (1)
99,986
158
Dr.
Martens
63,906
125
Endava,
ADR
(USD) (1)
1,239
65
Endeavour
Mining
(CAD) (3)
7,524
182
Experian
9,980
386
FD
Technologies (1)
4,998
115
Funding
Circle
Holdings (1)
65,313
41
Genuit
Group
21,492
86
Genus
3,952
125
Georgia
Capital (1)
5,519
66
Glencore
53,815
327
Great
Portland
Estates
31,930
175
Greggs
6,665
236
GSK,
ADR
(USD)
10,457
372
Helios
Towers (1)
118,892
138
Hiscox
4,307
60
T.
ROWE
PRICE
Global
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
HSBC
Holdings
102,929
855
IHS
Holding
(USD) (1)
3,380
27
Imperial
Brands
7,285
172
Informa
27,307
266
InterContinental
Hotels
Group
2,023
150
Intermediate
Capital
Group
13,433
242
Investec
7,593
48
IQE (1)(3)
286,423
73
Johnson
Matthey
7,450
172
Keywords
Studios
8,106
183
Kingfisher
97,153
306
Lloyds
Banking
Group
533,122
308
London
Stock
Exchange
Group
6,022
654
Melrose
Industries
43,076
293
Mondi
2,008
35
National
Grid
21,223
281
Next
3,302
299
Oxford
Nanopore
Technologies (1)
21,533
73
Pearson
6,117
68
Persimmon
15,434
229
Prudential
10,833
150
Renishaw
1,511
76
Rightmove
19,990
146
Rio
Tinto
3,654
242
Rolls-Royce
Holdings (1)
86,098
204
Rotork
51,850
205
Segro
6,712
66
Shell
26,930
816
Shell,
ADR
(USD)
5,115
315
Smith
&
Nephew
24,808
377
Smiths
Group
3,856
84
Spirax-Sarco
Engineering
1,075
154
Standard
Chartered
17,402
167
Syncona (1)
35,348
69
Taylor
Wimpey
43,834
64
Trainline (1)
33,499
113
Unilever
(EUR)
3,660
197
Unilever
30,506
1,639
UNITE
Group
3,574
45
Victrex
8,144
162
Vodafone
Group
66,065
63
Vodafone
Group,
ADR
(USD)
18,426
177
Watches
of
Switzerland
Group (1)
10,439
101
Weir
Group
5,265
124
WPP
39,373
430
T.
ROWE
PRICE
Global
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
YouGov
19,587
244
21,346
Convertible
Preferred
Stocks
0.0%
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $10 (1)(4)(5)
475
11
11
Corporate
Bonds
0.2%
Barclays,
VR,
2.279%,
11/24/27
(USD) (6)
335,000
298
BAT
Capital,
4.39%,
8/15/37
(USD)
125,000
99
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27
(USD) (2)
210,000
185
HSBC
Holdings,
VR,
2.206%,
8/17/29
(USD) (6)
200,000
168
Nationwide
Building
Society,
1.50%,
10/13/26
(USD) (2)
405,000
354
RELX
Capital,
3.00%,
5/22/30
(USD)
100,000
89
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28
(USD) (6)
200,000
176
Standard
Chartered,
VR,
1.822%,
11/23/25
(USD) (2)(6)
320,000
301
1,670
Total
United
Kingdom
(Cost
$19,383
)
23,027
UNITED
STATES
70.7%
Asset-Backed
Securities
0.6%
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-1,
Class
C,
1.59%,
10/20/25
85,589
84
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-2,
Class
D,
1.29%,
6/18/27
150,000
136
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2019-2A,
Class
B,
3.55%,
9/22/25 (2)
105,000
102
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2020-2A,
Class
A,
2.02%,
2/20/27 (2)
100,000
91
Carlyle
U.S.,
Series
2019-4A,
Class
A11R,
CLO,
FRN,
3M
TSFR
+
1.32%,
6.628%,
4/15/35 (2)
250,000
247
Carmax
Auto
Owner
Trust,
Series
2021-1,
Class
D,
1.28%,
7/15/27
90,000
83
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
C,
2.33%,
2/10/28
155,000
132
CIFC
Funding,
Series
2021-3A,
Class
A,
CLO,
FRN,
3M
TSFR
+
1.402%,
6.71%,
7/15/36 (2)
250,000
248
CNH
Equipment
Trust,
Series
2019-C,
Class
B,
2.35%,
4/15/27
295,000
293
Driven
Brands
Funding,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (2)
126,750
109
Driven
Brands
Funding,
Series
2021-1A,
Class
A2,
2.791%,
10/20/51 (2)
127,725
105
Dryden,
Series
2020-77A,
Class
AR,
CLO,
FRN,
3M
USD
LIBOR
+
1.12%,
6.499%,
5/20/34 (2)
250,000
248
T.
ROWE
PRICE
Global
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Enterprise
Fleet
Financing,
Series
2023-2,
Class
A2,
5.56%,
4/22/30 (2)
230,000
229
Exeter
Automobile
Receivables
Trust,
Series
2021-1A,
Class
C,
0.74%,
1/15/26
65,944
65
Exeter
Automobile
Receivables
Trust,
Series
2021-4A,
Class
C,
1.46%,
10/15/27
215,000
207
Ford
Credit
Auto
Owner
Trust,
Series
2019-1,
Class
B,
3.82%,
7/15/30 (2)
205,000
202
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (2)
115,000
104
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
A,
4.85%,
8/15/35 (2)
185,000
182
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27
205,000
186
GM
Financial
Automobile
Leasing
Trust,
Series
2023-1,
Class
C,
5.76%,
1/20/27
180,000
178
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-3,
Class
D,
1.91%,
9/16/27
90,000
87
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (2)
104,775
98
JPMorgan
Chase
Bank,
Series
2021-2,
Class
C,
0.969%,
12/26/28 (2)
69,552
67
Kubota
Credit
Owner
Trust,
Series
2023-1A,
Class
A4,
5.07%,
2/15/29 (2)
50,000
49
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (2)
85,115
80
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (2)
44,168
40
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (2)
150,504
142
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (2)
28,703
25
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (2)
31,225
28
Nelnet
Student
Loan
Trust,
Series
2021-CA,
Class
AFX,
1.32%,
4/20/62 (2)
166,339
148
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (2)
80,191
80
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (2)
124,669
101
SMB
Private
Education
Loan
Trust,
Series
2015-B,
Class
A3,
FRN,
1M
TSFR
+
1.864%,
7.086%,
5/17/32 (2)
9,053
9
SMB
Private
Education
Loan
Trust,
Series
2016-A,
Class
A2A,
2.70%,
5/15/31 (2)
31,661
31
SMB
Private
Education
Loan
Trust,
Series
2016-B,
Class
A2B,
FRN,
1M
TSFR
+
1.564%,
6.786%,
2/17/32 (2)
44,008
44
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (2)
76,597
73
T.
ROWE
PRICE
Global
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (2)
38,003
36
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (2)
59,419
53
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (2)
132,295
113
4,535
Bond
Mutual
Funds
15.3%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.36% (7)(8)
2,080,688
16,458
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.18% (7)(8)
3,959,299
20,153
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.40% (7)(8)
4,778,796
30,823
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.90% (7)(8)
878,762
8,234
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.95% (7)(8)
2,643,319
20,063
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.68% (7)(8)
3,474,176
24,910
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.66% (7)(8)
268,038
2,185
122,826
Common
Stocks
29.3%
AbbVie
3,566
533
Acadia
Realty
Trust,
REIT
10,501
165
Accenture,
Class
A
3,313
1,048
Adobe (1)
417
228
Advanced
Micro
Devices (1)
2,778
318
Affirm
Holdings (1)
1,600
31
Agilent
Technologies
5,055
616
Alcoa
554
20
Alexandria
Real
Estate
Equities,
REIT
1,272
160
Align
Technology (1)
146
55
Allstate
9,911
1,117
Alphabet,
Class
A (1)
3,901
518
Alphabet,
Class
C (1)
57,273
7,624
Amazon.com (1)
60,473
8,084
Ameren
2,176
186
American
Express
4,647
785
American
Homes
4
Rent,
Class
A,
REIT
7,816
293
American
Tower,
REIT
1,942
370
AmerisourceBergen
15,511
2,899
AMETEK
9,668
1,533
Amgen
5,390
1,262
Amphenol,
Class
A
11,118
982
Analog
Devices
4,524
903
T.
ROWE
PRICE
Global
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Apollo
Global
Management
2,950
241
Apple
51,492
10,116
Apple
Hospitality
REIT,
REIT
8,199
127
Applied
Materials
13,052
1,979
Atlassian,
Class
A (1)
644
117
Autodesk (1)
2,539
538
AutoZone (1)
328
814
AvalonBay
Communities,
REIT
3,000
566
Baker
Hughes
2,861
102
Ball
946
55
Bank
of
America
73,362
2,348
Bath
&
Body
Works
2,636
98
Becton
Dickinson
&
Company
3,862
1,076
Berkshire
Hathaway,
Class
B (1)
6,951
2,446
Best
Buy
1,039
86
BILL
Holdings (1)
2,159
271
Block,
Class
A (1)
848
68
Boeing (1)
1,569
375
Booking
Holdings (1)
590
1,753
Booz
Allen
Hamilton
Holding
8,823
1,068
Broadcom
2,548
2,290
Broadridge
Financial
Solutions
3,724
625
Cactus,
Class
A
846
43
Cadence
Design
Systems (1)
1,918
449
Camden
Property
Trust,
REIT
1,551
169
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $179 (1)(4)(5)
105
74
Carrier
Global
24,341
1,449
Carvana (1)
1,782
82
Caterpillar
1,299
344
Cava
Group (1)
877
50
Cboe
Global
Markets
4,289
599
CBRE
Group,
Class
A (1)
389
32
CCC
Intelligent
Solutions
Holdings (1)
12,746
140
Ceridian
HCM
Holding (1)
3,461
245
CF
Industries
Holdings
1,026
84
ChampionX
1,988
71
Charles
Schwab
10,299
681
Chesapeake
Energy
1,314
111
Chevron
9,877
1,616
Chipotle
Mexican
Grill (1)
428
840
Chubb
11,504
2,352
Cintas
129
65
CME
Group
400
80
Coca-Cola
26,908
1,666
Colgate-Palmolive
9,249
705
Commercial
Metals
682
39
T.
ROWE
PRICE
Global
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Comstock
Resources
3,186
41
Confluent,
Class
A (1)
1,493
52
ConocoPhillips
6,730
792
Constellation
Energy
15,656
1,513
Corebridge
Financial
13,252
248
Crowdstrike
Holdings,
Class
A (1)
345
56
Crown
Castle,
REIT
1,127
122
CSX
64,307
2,143
CubeSmart,
REIT
5,070
220
Cummins
5,326
1,389
Danaher
4,245
1,083
Darling
Ingredients (1)
2,102
146
Datadog,
Class
A (1)
666
78
Deere
483
207
Devon
Energy
8,639
466
Diamondback
Energy
1,783
263
Dollar
General
1,325
224
Dominion
Energy
838
45
DoorDash,
Class
A (1)
1,061
96
Douglas
Emmett,
REIT
5,602
82
Dover
1,040
152
East
West
Bancorp
2,144
133
EastGroup
Properties,
REIT
1,064
188
Eaton
3,115
640
Elevance
Health
9,352
4,411
Eli
Lilly
5,663
2,574
Entergy
1,720
177
EOG
Resources
1,711
227
EPAM
Systems (1)
487
115
EQT
42,878
1,809
Equinix,
REIT
934
756
Equitrans
Midstream
4,523
47
Equity
LifeStyle
Properties,
REIT
18,316
1,304
Equity
Residential,
REIT
5,357
353
Essex
Property
Trust,
REIT
1,166
284
Evergy
4,016
241
Extra
Space
Storage,
REIT
2,549
356
Exxon
Mobil
13,045
1,399
Federal
Realty
Investment
Trust,
REIT
222
23
FirstEnergy
5,718
225
Fiserv (1)
16,176
2,042
FleetCor
Technologies (1)
2,202
548
Floor
&
Decor
Holdings,
Class
A (1)
787
90
FMC
622
60
Fortinet (1)
605
47
Freeport-McMoRan
19,529
872
T.
ROWE
PRICE
Global
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
FTI
Consulting (1)
1,068
187
Gaming
&
Leisure
Properties,
REIT
2,626
125
GE
HealthCare
Technologies
8,726
681
General
Dynamics
4,967
1,111
General
Electric
18,190
2,078
General
Mills
12,971
969
General
Motors
4,964
190
Goldman
Sachs
Group
4,098
1,458
Gusto,
Acquisition
Date:
10/4/21,
Cost $24 (1)(4)(5)
826
13
Halliburton
19,668
769
Hartford
Financial
Services
Group
13,322
958
HCA
Healthcare
2,814
768
Healthcare
Realty
Trust,
REIT
5,751
112
Hershey
3,184
736
Hess
4,407
669
Hilton
Worldwide
Holdings
2,106
327
Home
Depot
2,735
913
Host
Hotels
&
Resorts,
REIT
5,298
97
Hubbell
3,499
1,092
Humana
1,870
854
IDEX
222
50
Intapp (1)
529
22
Intuit
1,840
942
Intuitive
Surgical (1)
2,900
941
Ivanhoe
Electric (1)
4,524
74
Johnson
&
Johnson
10,966
1,837
Jones
Lang
LaSalle (1)
410
68
JPMorgan
Chase
27,380
4,325
Karuna
Therapeutics (1)
320
64
Kenvue (1)
28,923
685
Keurig
Dr
Pepper
7,754
264
Kilroy
Realty,
REIT
2,930
105
Kimco
Realty,
REIT
3,055
62
Kinder
Morgan
39,222
695
KLA
2,117
1,088
Kosmos
Energy (1)
35,116
249
Kraft
Heinz
6,428
233
L3Harris
Technologies
4,629
877
Lam
Research
1,844
1,325
Las
Vegas
Sands (1)
8,194
490
Liberty
Energy,
Class
A
2,345
39
Liberty
Media-Liberty
Formula
One,
Class
C (1)
5,887
427
Linde
6,710
2,621
Live
Nation
Entertainment (1)
1,176
103
LPL
Financial
Holdings
2,092
480
Lululemon
Athletica (1)
1,525
577
T.
ROWE
PRICE
Global
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Magnolia
Oil
&
Gas,
Class
A
2,213
49
Marathon
Petroleum
732
97
Marriott
International,
Class
A
1,956
395
Marsh
&
McLennan
1,284
242
Martin
Marietta
Materials
70
31
Marvell
Technology
1,711
111
Mastercard,
Class
A
3,088
1,218
McDonald's
5,026
1,474
Medtronic
3,598
316
Merck
16,928
1,805
Meta
Platforms,
Class
A (1)
9,846
3,137
MetLife
32,245
2,030
Micron
Technology
24,493
1,749
Microsoft
41,100
13,806
Molina
Healthcare (1)
3,572
1,088
Mondelez
International,
Class
A
29,482
2,185
MongoDB (1)
559
237
Monolithic
Power
Systems
685
383
Morgan
Stanley
6,240
571
MSCI
93
51
Netflix (1)
1,980
869
Newmont
11,974
514
NextEra
Energy
12,713
932
NIKE,
Class
B
1,169
129
Noble (1)
1,316
69
Norfolk
Southern
1,944
454
Northrop
Grumman
569
253
NOV
6,047
121
Nucor
2,483
427
NVIDIA
14,952
6,987
NXP
Semiconductors
5,455
1,216
Old
Dominion
Freight
Line
2,675
1,122
O'Reilly
Automotive (1)
702
650
Packaging
Corp.
of
America
456
70
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (1)(4)(5)
21,572
9
Paycom
Software
106
39
Pebblebrook
Hotel
Trust,
REIT
2,510
39
PepsiCo
4,886
916
PG&E (1)
3,100
55
Philip
Morris
International
15,807
1,576
Pinterest,
Class
A (1)
7,147
207
Pioneer
Natural
Resources
670
151
PNC
Financial
Services
Group
9,867
1,351
PotlatchDeltic,
REIT
892
48
Procter
&
Gamble
18,981
2,967
Progressive
17,261
2,175
T.
ROWE
PRICE
Global
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Prologis,
REIT
10,577
1,319
Public
Storage,
REIT
6,186
1,743
QUALCOMM
2,221
294
Quanta
Services
289
58
Quest
Diagnostics
4,557
616
Range
Resources
27,354
860
Rayonier,
REIT
3,857
128
Regency
Centers,
REIT
5,779
379
Regeneron
Pharmaceuticals (1)
1,839
1,364
Reliance
Steel
&
Aluminum
1,199
351
Rexford
Industrial
Realty,
REIT
4,925
271
Rivian
Automotive,
Class
A (1)
4,640
128
Roper
Technologies
1,521
750
Ross
Stores
1,832
210
Royal
Gold
303
36
RPM
International
594
61
S&P
Global
491
194
Saia (1)
364
154
Salesforce (1)
1,644
370
SBA
Communications,
REIT
975
213
Schlumberger
39,409
2,299
Seagen (1)
1,101
211
Service
Corp
International
4,218
281
ServiceNow (1)
1,963
1,144
Sherwin-Williams
844
233
Shoals
Technologies
Group,
Class
A (1)
1,828
47
Simon
Property
Group,
REIT
3,729
465
SiteOne
Landscape
Supply (1)
866
147
Skyward
Specialty
Insurance
Group (1)
1,679
40
Skyworks
Solutions
1,738
199
SL
Green
Realty,
REIT
786
30
Snowflake,
Class
A (1)
475
84
SolarEdge
Technologies (1)
281
68
Southern
10,812
782
Southwestern
Energy (1)
69,977
453
Steel
Dynamics
2,508
267
STERIS
2,593
585
Stryker
1,257
356
Sun
Communities,
REIT
646
84
Super
Micro
Computer (1)
443
146
Synopsys (1)
1,713
774
T-Mobile
U.S. (1)
20,432
2,815
Target
4,241
579
TechnipFMC (1)
25,371
465
Teleflex
213
53
Terreno
Realty,
REIT
3,975
236
T.
ROWE
PRICE
Global
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Tesla (1)
4,037
1,080
Texas
Instruments
12,889
2,320
Thermo
Fisher
Scientific
5,977
3,279
TJX
4,422
383
TransDigm
Group
387
348
Travelers
4,397
759
U.S.
Bancorp
22,497
893
Ulta
Beauty (1)
2,414
1,074
Union
Pacific
6,186
1,435
UnitedHealth
Group
6,467
3,275
Valero
Energy
727
94
Veeva
Systems,
Class
A (1)
1,272
260
Ventas,
REIT
4,835
235
VeriSign (1)
552
116
Verisk
Analytics
2,441
559
Verra
Mobility (1)
1,461
31
Vertex
Pharmaceuticals (1)
2,406
848
Visa,
Class
A
17,922
4,261
Vulcan
Materials
237
52
Walmart
9,717
1,553
Warrior
Met
Coal
1,038
46
Waste
Connections
832
117
Wells
Fargo
29,075
1,342
Welltower,
REIT
5,148
423
West
Pharmaceutical
Services
661
243
Western
Alliance
Bancorp
4,286
223
Westinghouse
Air
Brake
Technologies
14,650
1,735
Westrock
1,014
34
Weyerhaeuser,
REIT
18,513
631
Williams
29,939
1,031
Zoetis
1,170
220
235,527
Convertible
Preferred
Stocks
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $97 (1)(4)(5)
2,160
69
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $42 (1)(4)(5)
618
20
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $7 (1)(4)(5)
4
3
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $52 (1)(4)(5)
6,404
34
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $21 (1)(4)
(5)
348
25
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $68 (1)(4)
(5)
927
68
T.
ROWE
PRICE
Global
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $3 (1)(4)(5)
163
8
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $33 (1)(4)(5)
1,103
17
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $15 (1)(4)(5)
255
34
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22
-
10/19/22,
Cost $144 (1)(4)(5)
1,084
144
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $71 (1)(4)(5)
2,594
111
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $122 (1)(4)(5)
2,843
122
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $37 (1)
(4)(5)
2,783
38
Lilac
Solutions
Safe
Investment,
Acquisition
Date:
11/21/22,
Cost $10 (1)(4)(5)
10,202
10
Rad
Power
Bikes,
Series
D,
Acquisition
Date:
9/16/21,
Cost $155 (1)(4)(5)
16,193
68
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $79 (1)(4)(5)
1,666
79
Sortera
Tech,
Series
C-1,
Acquisition
Date:
4/13/23,
Cost $11 (1)(4)(5)
764
11
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2 (1)(4)(5)
2,304
3
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $3 (1)(4)(5)
3,239
4
Treeline,
Series
A,
Acquisition
Date:
9/26/22,
Cost $12 (1)(4)(5)
1,491
12
Verai
Discoveries,
Series
A,
Acquisition
Date:
10/17/22,
Cost $16 (1)(4)(5)
802
16
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $143 (1)(4)(5)
1,669
64
960
Corporate
Bonds
2.7%
AbbVie,
2.95%,
11/21/26
145,000
136
AbbVie,
4.50%,
5/14/35
30,000
28
AbbVie,
4.70%,
5/14/45
95,000
86
AHS
Hospital,
5.024%,
7/1/45
20,000
19
Alexandria
Real
Estate
Equities,
4.75%,
4/15/35
105,000
98
Ally
Financial,
2.20%,
11/2/28
120,000
98
Altria
Group,
2.35%,
5/6/25
40,000
38
Amazon.com,
2.80%,
8/22/24
50,000
49
American
Airlines
PTT,
Series
2014-1,
Class
A,
3.70%,
10/1/26
19,309
18
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32
154,898
135
American
Honda
Finance,
0.75%,
8/9/24
260,000
247
American
Tower,
1.45%,
9/15/26
355,000
315
Amphenol,
2.20%,
9/15/31
105,000
85
Amphenol,
4.75%,
3/30/26
25,000
25
Aon,
3.875%,
12/15/25
25,000
24
T.
ROWE
PRICE
Global
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Appalachian
Power,
4.45%,
6/1/45
40,000
33
Apple,
3.20%,
5/11/27
300,000
286
AT&T,
2.75%,
6/1/31
215,000
178
Autodesk,
2.40%,
12/15/31
135,000
111
AutoZone,
3.125%,
4/21/26
170,000
161
AutoZone,
3.75%,
6/1/27
70,000
67
Bank
of
America,
3.50%,
4/19/26
400,000
383
Bank
of
America,
4.45%,
3/3/26
50,000
49
Bank
of
America,
VR,
4.244%,
4/24/38 (6)
120,000
106
Bank
of
America,
VR,
5.08%,
1/20/27 (6)
225,000
222
Banner
Health,
1.897%,
1/1/31
65,000
52
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
100
Becton
Dickinson
&
Company,
3.70%,
6/6/27
183,000
174
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
25,000
23
Boardwalk
Pipelines,
4.95%,
12/15/24
10,000
10
Booking
Holdings,
3.65%,
3/15/25
30,000
29
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (2)
100,000
89
Brixmor
Operating
Partnership,
3.90%,
3/15/27
25,000
23
Brixmor
Operating
Partnership,
4.05%,
7/1/30
80,000
73
Cameron
LNG,
2.902%,
7/15/31 (2)
40,000
34
Cameron
LNG,
3.701%,
1/15/39 (2)
30,000
24
Cardinal
Health,
3.41%,
6/15/27
125,000
117
Cardinal
Health,
3.75%,
9/15/25
80,000
77
Carvana,
10.25%,
5/1/30 (2)
86,000
70
Centra
Health,
4.70%,
1/1/48
385,000
319
Charter
Communications
Operating,
4.908%,
7/23/25
50,000
49
Charter
Communications
Operating,
Series
USD,
4.50%,
2/1/24
250,000
248
Cigna
Group,
3.25%,
4/15/25
250,000
240
Citigroup,
4.45%,
9/29/27
70,000
67
Citigroup,
VR,
3.887%,
1/10/28 (6)
315,000
298
Citigroup,
VR,
4.075%,
4/23/29 (6)
100,000
94
CMS
Energy,
4.875%,
3/1/44
25,000
23
CNO
Global
Funding,
2.65%,
1/6/29 (2)
315,000
267
CommonSpirit
Health,
2.76%,
10/1/24
95,000
92
CommonSpirit
Health,
2.782%,
10/1/30
50,000
42
Corebridge
Financial,
4.40%,
4/5/52
375,000
296
Crown
Castle,
2.10%,
4/1/31
250,000
199
Crown
Castle,
3.70%,
6/15/26
40,000
38
Crown
Castle,
4.75%,
5/15/47
30,000
25
CVS
Health,
2.70%,
8/21/40
290,000
200
Discover
Financial
Services,
3.75%,
3/4/25
15,000
14
Elevance
Health,
4.101%,
3/1/28
130,000
125
Elevance
Health,
4.65%,
1/15/43
20,000
18
Energy
Transfer,
5.25%,
4/15/29
120,000
118
Equifax,
5.10%,
12/15/27
145,000
144
ERAC
USA
Finance,
5.40%,
5/1/53 (2)
300,000
299
T.
ROWE
PRICE
Global
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Essex
Portfolio,
2.65%,
3/15/32
135,000
108
Eversource
Energy,
Series
M,
3.30%,
1/15/28
15,000
14
Experian
Finance,
2.75%,
3/8/30 (2)
200,000
170
Extra
Space
Storage,
4.00%,
6/15/29
145,000
133
Fifth
Third
Bancorp,
4.30%,
1/16/24
65,000
64
FirstEnergy,
Series
C,
7.375%,
11/15/31
60,000
67
FirstEnergy
Transmission,
4.35%,
1/15/25 (2)
65,000
63
Fiserv,
3.20%,
7/1/26
100,000
95
Florida
Gas
Transmission,
4.35%,
7/15/25 (2)
215,000
209
General
Motors,
4.00%,
4/1/25
55,000
54
General
Motors
Financial,
2.40%,
4/10/28
305,000
265
George
Washington
University,
Series
2014,
4.30%,
9/15/44
15,000
13
Goldman
Sachs
Group,
3.50%,
1/23/25
300,000
291
Goldman
Sachs
Group,
3.85%,
1/26/27
115,000
110
Goldman
Sachs
Group,
5.15%,
5/22/45
15,000
14
Goldman
Sachs
Group,
6.75%,
10/1/37
10,000
11
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (6)
200,000
163
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (6)
130,000
92
Hasbro,
3.00%,
11/19/24
150,000
145
Hasbro,
3.55%,
11/19/26
420,000
394
HCA,
4.125%,
6/15/29
235,000
218
Healthcare
Realty
Holdings,
3.625%,
1/15/28
30,000
26
Healthpeak,
2.125%,
12/1/28
80,000
68
Healthpeak,
2.875%,
1/15/31
45,000
38
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (2)
100,000
93
Honeywell
International,
1.10%,
3/1/27
275,000
243
Hyundai
Capital
America,
1.30%,
1/8/26 (2)
145,000
130
Hyundai
Capital
America,
1.65%,
9/17/26 (2)
180,000
159
Hyundai
Capital
America,
1.80%,
10/15/25 (2)
55,000
50
Hyundai
Capital
America,
2.00%,
6/15/28 (2)
235,000
198
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48
145,000
120
Intercontinental
Exchange,
3.75%,
12/1/25
75,000
73
Interpublic
Group
of
Companies,
5.375%,
6/15/33
410,000
402
Jackson
Financial,
1.125%,
11/22/23
270,000
266
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (6)
235,000
212
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (6)
160,000
138
Kentucky
Utilities,
4.375%,
10/1/45
65,000
54
Keysight
Technologies,
4.55%,
10/30/24
230,000
227
Kilroy
Realty,
3.45%,
12/15/24
40,000
38
Kilroy
Realty,
4.25%,
8/15/29
25,000
21
Kilroy
Realty,
4.375%,
10/1/25
15,000
14
L3Harris
Technologies,
4.854%,
4/27/35
50,000
48
Liberty
Mutual
Group,
4.85%,
8/1/44 (2)
20,000
17
LYB
International
Finance
II,
3.50%,
3/2/27
300,000
283
Marriott
International,
Series
AA,
4.65%,
12/1/28
285,000
277
Mars,
4.75%,
4/20/33 (2)
125,000
123
T.
ROWE
PRICE
Global
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Marsh
&
McLennan,
3.50%,
6/3/24
115,000
113
McDonald's,
1.45%,
9/1/25
65,000
60
McKesson,
5.25%,
2/15/26
370,000
370
MedStar
Health,
Series
20A,
3.626%,
8/15/49
130,000
95
Met
Tower
Global
Funding,
1.25%,
9/14/26 (2)
245,000
215
Micron
Technology,
4.185%,
2/15/27
31,000
30
Microsoft,
2.921%,
3/17/52
90,000
66
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (2)
110,000
104
Mississippi
Power,
3.95%,
3/30/28
170,000
160
Moody's,
2.00%,
8/19/31
335,000
271
Morgan
Stanley,
4.30%,
1/27/45
45,000
40
Morgan
Stanley,
VR,
3.217%,
4/22/42 (6)
135,000
102
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
320,000
258
NiSource,
3.49%,
5/15/27
215,000
203
NiSource,
3.95%,
3/30/48
105,000
83
Northern
Trust,
3.95%,
10/30/25
25,000
24
Northwestern
University,
Series
2020,
2.64%,
12/1/50
140,000
94
Nucor,
2.70%,
6/1/30
70,000
61
Nucor,
3.95%,
5/1/28
130,000
124
Omnicom
Group,
3.65%,
11/1/24
50,000
49
Oracle,
2.40%,
9/15/23
300,000
299
O'Reilly
Automotive,
3.60%,
9/1/27
145,000
137
PACCAR
Financial,
0.90%,
11/8/24
415,000
392
Pacific
Gas
&
Electric,
2.10%,
8/1/27
125,000
107
Packaging
Corp.
of
America,
3.65%,
9/15/24
15,000
15
PayPal
Holdings,
2.40%,
10/1/24
345,000
333
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
200,000
189
Pioneer
Natural
Resources,
1.125%,
1/15/26
80,000
72
Pioneer
Natural
Resources,
5.10%,
3/29/26
50,000
50
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37
25,000
22
Pricoa
Global
Funding
I,
3.45%,
9/1/23 (2)
270,000
269
Principal
Financial
Group,
2.125%,
6/15/30
160,000
131
Principal
Financial
Group,
3.40%,
5/15/25
35,000
34
Public
Storage,
1.95%,
11/9/28
150,000
129
Realty
Income,
2.20%,
6/15/28
70,000
61
Regency
Centers,
4.125%,
3/15/28
35,000
33
Republic
Services,
3.375%,
11/15/27
230,000
216
Revvity,
1.90%,
9/15/28
230,000
196
Roper
Technologies,
2.95%,
9/15/29
60,000
54
Roper
Technologies,
3.80%,
12/15/26
50,000
48
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
50,000
47
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (6)
135,000
117
SBA
Tower
Trust,
2.836%,
1/15/25 (2)
250,000
238
Sempra,
3.30%,
4/1/25
185,000
178
ServiceNow,
1.40%,
9/1/30
235,000
186
Shire
Acquisitions
Investments
Ireland,
2.875%,
9/23/23
119,000
118
T.
ROWE
PRICE
Global
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Simon
Property
Group,
2.65%,
2/1/32
340,000
276
Simon
Property
Group,
3.375%,
10/1/24
45,000
44
Spectra
Energy
Partners,
4.75%,
3/15/24
170,000
169
Synchrony
Financial,
4.25%,
8/15/24
375,000
367
Texas
Instruments,
1.125%,
9/15/26
80,000
72
Texas
Instruments,
1.375%,
3/12/25
45,000
42
Time
Warner
Cable,
6.55%,
5/1/37
13,000
12
Time
Warner
Cable,
6.75%,
6/15/39
13,000
12
TJX,
1.60%,
5/15/31
55,000
45
Trinity
Health,
4.125%,
12/1/45
25,000
21
Union
Pacific,
4.75%,
9/15/41
10,000
9
United
Airlines
PTT,
Series
2014-2,
Class
A,
3.75%,
9/3/26
2,903
3
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30
270,594
234
UnitedHealth
Group,
3.75%,
7/15/25
40,000
39
Verizon
Communications,
1.68%,
10/30/30
28,000
22
Verizon
Communications,
2.625%,
8/15/26
230,000
213
Visa,
4.15%,
12/14/35
90,000
86
Vistra
Operations,
3.55%,
7/15/24 (2)
135,000
131
Waste
Connections,
2.20%,
1/15/32
155,000
125
Wells
Fargo,
VR,
5.389%,
4/24/34 (6)
410,000
408
Willis
North
America,
3.60%,
5/15/24
40,000
39
Willis
North
America,
4.50%,
9/15/28
160,000
152
WP
Carey,
3.85%,
7/15/29
115,000
104
21,936
Equity
Mutual
Funds
8.1%
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class (7)
2,160,946
43,975
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (7)
2,187,276
20,954
64,929
Municipal
Securities
0.2%
Bay
Area
Toll
Auth.,
Series
S-10,
3.176%,
4/1/41
300,000
223
California
State
Univ.,
Series
B,
2.795%,
11/1/41
250,000
176
California,
Build
America,
GO,
7.625%,
3/1/40
35,000
43
Central
Texas
Regional
Mobility
Auth.,
Series
E,
3.167%,
1/1/41
225,000
171
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50
390,000
316
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29
15,000
15
Los
Angeles
Airport,
Build
America,
Series
C,
7.053%,
5/15/40
15,000
18
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42
175,000
140
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series
B,
4.665%,
7/1/36
20,000
19
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Facs,
Series
B,
3.235%,
7/1/52
200,000
126
T.
ROWE
PRICE
Global
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Metropolitan
Transportation
Auth.,
Build
America,
Series
A-1,
5.871%,
11/15/39
15,000
15
Miami-Dade
County
Transit
System,
Build
America,
Series
B,
5.624%,
7/1/40
160,000
167
Miami-Dade
County
Water
&
Sewer
System,
Series
C,
3.49%,
10/1/42
90,000
71
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
125,000
140
New
York
State
Dormitory
Auth.,
Build
America,
Series
F,
Unrefunded
Portion,
5.628%,
3/15/39
15,000
15
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
5,000
5
Port
Auth.
of
New
York
&
New
Jersey,
Series
182,
5.31%,
8/1/46
20,000
20
South
Carolina
Public
Service
Auth.,
Series
D,
Unrefunded
Portion,
2.388%,
12/1/23 (9)
25,000
25
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
15,000
16
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44
25,000
23
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36
110,000
100
1,844
Non-U.S.
Government
Mortgage-Backed
Securities
0.8%
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (2)
73,847
61
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (2)
24,197
20
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (2)
64,112
52
Angel
Oak
Mortgage
Trust,
Series
2023-3,
Class
A1,
CMO,
STEP,
4.80%,
9/26/67 (2)
228,270
215
Barclays
Mortgage
Loan
Trust,
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (2)
84,591
71
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.496%,
11/15/34 (2)
50,000
20
Benchmark
Mortgage
Trust,
Series
2023-V3,
Class
A3,
6.363%,
7/15/56
145,000
149
BWAY
Mortgage
Trust,
Series
2022-26BW,
Class
A,
3.402%,
2/10/44 (2)
150,000
112
BX
Trust,
Series
2021-LGCY,
Class
C,
ARM,
1M
TSFR
+
1.118%,
6.34%,
10/15/36 (2)
225,000
217
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (2)
100,000
90
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
ARM,
3.526%,
11/10/49
55,000
51
CD
Mortgage
Trust,
Series
2017-CD3,
Class
B,
ARM,
3.984%,
2/10/50
110,000
72
Chase
Home
Lending
Mortgage
Trust,
Series
2023-RPL1,
Class
A1,
CMO,
ARM,
3.50%,
6/25/62 (2)
228,957
204
T.
ROWE
PRICE
Global
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58
25,000
24
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (2)
60,940
51
Cold
Storage
Trust,
Series
2020-ICE5,
Class
B,
ARM,
1M
TSFR
+
1.414%,
6.636%,
11/15/37 (2)
137,619
136
Commercial
Mortgage
Trust,
Series
2015-CR24,
Class
A5,
3.696%,
8/10/48
40,000
38
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
A4,
3.708%,
7/10/48
60,000
57
Commercial
Mortgage
Trust,
Series
2015-LC23,
Class
A4,
3.774%,
10/10/48
100,000
95
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
0.90%,
5.969%,
11/25/41 (2)
31,356
31
Connecticut
Avenue
Securities
Trust,
Series
2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
6.069%,
12/25/41 (2)
29,777
30
Connecticut
Avenue
Securities
Trust,
Series
2023-R02,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
7.369%,
1/25/43 (2)
74,667
76
Connecticut
Avenue
Securities
Trust,
Series
2023-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
7.369%,
5/25/43 (2)
189,421
192
Connecticut
Avenue
Securities
Trust,
Series
2023-R05,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.90%,
6.969%,
6/25/43 (2)
132,324
133
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (2)
18,745
17
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
TSFR
+
1.494%,
6.716%,
7/15/38 (2)
96,082
94
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K068,
Class
A1,
2.952%,
2/25/27
19,981
19
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K137,
Class
A2,
ARM,
2.347%,
11/25/31
860,000
724
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K-150,
Class
A2,
ARM,
3.71%,
9/25/32
370,000
344
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K-156,
Class
A2,
ARM,
4.43%,
2/25/33
285,000
280
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
C,
3.75%,
12/10/36 (2)
165,000
157
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (2)
6,023
5
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.68%,
12/10/40 (2)
100,000
75
Great
Wolf
Trust,
Series
2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.747%,
6.969%,
12/15/36 (2)
70,000
69
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48
25,000
24
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
65,000
60
T.
ROWE
PRICE
Global
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48
65,000
62
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48
43,406
41
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-OPO,
Class
B,
3.377%,
1/5/39 (2)
100,000
74
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (2)
35,535
31
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (2)
42,080
37
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.944%,
5.98%,
8/25/50 (2)
9,378
9
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (2)
16,673
15
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
TSFR
+
1.215%,
6.437%,
4/15/38 (2)
255,000
251
Mill
City
Mortgage
Loan
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.25%,
5/25/62 (2)
25,004
24
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C17,
Class
B,
ARM,
4.464%,
8/15/47
20,000
19
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48
35,000
33
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
A4,
3.753%,
12/15/47
85,000
81
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
AS,
4.068%,
12/15/47
155,000
144
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2016-C30,
Class
A5,
2.86%,
9/15/49
25,000
23
New
Residential
Mortgage
Loan
Trust,
Series
2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (2)
135,885
109
NYO
Commercial
Mortgage
Trust,
Series
2021-1290,
Class
C,
ARM,
1M
TSFR
+
2.109%,
7.331%,
11/15/38 (2)
295,000
247
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
6.512%,
10/25/59 (2)
10,551
10
Provident
Funding
Mortgage
Trust,
Series
2019-1,
Class
B1,
CMO,
ARM,
3.197%,
12/25/49 (2)
188,162
153
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (2)
6,952
7
SFO
Commercial
Mortgage
Trust,
Series
2021-555,
Class
B,
ARM,
1M
TSFR
+
1.614%,
6.836%,
5/15/38 (2)
110,000
91
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (2)
2,205
2
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (2)
25,226
22
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
7.169%,
10/25/33 (2)
60,000
60
T.
ROWE
PRICE
Global
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA6,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.50%,
6.569%,
10/25/41 (2)
100,000
98
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
5.919%,
11/25/41 (2)
126,965
126
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-DNA3,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.00%,
7.069%,
4/25/42 (2)
131,282
132
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2022-HQA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
7.169%,
3/25/42 (2)
107,316
108
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2023-DNA1,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
7.169%,
3/25/43 (2)
36,994
37
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2023-DNA2,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.10%,
7.169%,
4/25/43 (2)
127,067
129
Towd
Point
Mortgage
Trust,
Series
2017-6,
Class
A1,
CMO,
ARM,
2.75%,
10/25/57 (2)
25,710
24
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (2)
17,565
17
Verus
Securitization
Trust,
Series
2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (2)
16,999
16
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (2)
33,724
32
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (2)
35,864
30
Verus
Securitization
Trust,
Series
2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (2)
230,950
197
Verus
Securitization
Trust,
Series
2023-INV1,
Class
A1,
CMO,
STEP,
5.999%,
2/25/68 (2)
126,470
125
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
A4,
3.664%,
9/15/58
41,000
39
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
A4,
3.695%,
11/15/48
100,000
95
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
A5,
ARM,
3.767%,
7/15/58
75,000
71
6,886
Private
Investment
Companies
7.3%
Blackstone
Partners
Offshore
Fund,
Series
E1 (4)
25,981
58,840
58,840
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
6.3%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,830,000
1,160
U.S.
Treasury
Bonds,
1.375%,
8/15/50
990,000
558
U.S.
Treasury
Bonds,
1.75%,
8/15/41
1,510,000
1,041
U.S.
Treasury
Bonds,
1.875%,
2/15/41
580,000
412
U.S.
Treasury
Bonds,
1.875%,
2/15/51 (10)
1,515,000
973
U.S.
Treasury
Bonds,
2.00%,
2/15/50
2,490,000
1,658
U.S.
Treasury
Bonds,
2.00%,
8/15/51
365,000
241
U.S.
Treasury
Bonds,
2.25%,
2/15/52 (10)(11)
1,545,000
1,083
T.
ROWE
PRICE
Global
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Bonds,
2.50%,
2/15/45
145,000
110
U.S.
Treasury
Bonds,
2.75%,
11/15/42
65,000
52
U.S.
Treasury
Bonds,
2.75%,
8/15/47 (10)
4,915,000
3,847
U.S.
Treasury
Bonds,
2.875%,
8/15/45
570,000
459
U.S.
Treasury
Bonds,
3.00%,
11/15/44
395,000
327
U.S.
Treasury
Bonds,
3.00%,
11/15/45
435,000
358
U.S.
Treasury
Bonds,
3.00%,
2/15/47
220,000
180
U.S.
Treasury
Bonds,
3.00%,
2/15/48
740,000
607
U.S.
Treasury
Bonds,
3.00%,
8/15/48
150,000
123
U.S.
Treasury
Bonds,
3.00%,
8/15/52
800,000
661
U.S.
Treasury
Bonds,
3.125%,
11/15/41
290,000
251
U.S.
Treasury
Bonds,
3.125%,
8/15/44
610,000
516
U.S.
Treasury
Bonds,
3.375%,
8/15/42
220,000
196
U.S.
Treasury
Bonds,
3.625%,
2/15/53
80,000
75
U.S.
Treasury
Bonds,
3.625%,
5/15/53
585,000
547
U.S.
Treasury
Bonds,
3.875%,
8/15/40
580,000
564
U.S.
Treasury
Bonds,
3.875%,
2/15/43
205,000
196
U.S.
Treasury
Bonds,
3.875%,
5/15/43
235,000
225
U.S.
Treasury
Bonds,
4.00%,
11/15/52
150,000
150
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51
121,487
78
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/52
179,936
116
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
270,893
183
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43
252,523
203
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42
447,522
373
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47
240,513
197
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46
79,451
67
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48
139,363
117
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49
163,161
137
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44
159,464
147
U.S.
Treasury
Inflation-Indexed
Bonds,
1.50%,
2/15/53
381,112
361
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/25
3,393,531
3,232
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/25
564,488
536
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/26
928,208
872
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/26
1,080,738
1,017
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/26
544,131
510
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/30
523,343
470
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
408,905
363
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/31
63,203
56
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/32
413,069
363
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
1/15/25
453,776
435
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
7/15/29
1,162,793
1,066
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
1/15/27
2,029,288
1,907
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
1/15/28
384,187
361
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/26
202,613
193
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
7/15/32
949,907
871
U.S.
Treasury
Inflation-Indexed
Notes,
1.125%,
1/15/33
1,343,112
1,283
T.
ROWE
PRICE
Global
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Inflation-Indexed
Notes,
1.25%,
4/15/28
3,134,058
3,043
U.S.
Treasury
Inflation-Indexed
Notes,
1.375%,
7/15/33
240,331
236
U.S.
Treasury
Inflation-Indexed
Notes,
1.625%,
10/15/27
2,285,140
2,258
U.S.
Treasury
Notes,
0.125%,
8/31/23
295,000
294
U.S.
Treasury
Notes,
0.625%,
8/15/30
420,000
333
U.S.
Treasury
Notes,
0.75%,
1/31/28
120,000
103
U.S.
Treasury
Notes,
0.875%,
6/30/26
1,710,000
1,543
U.S.
Treasury
Notes,
1.25%,
8/15/31
1,285,000
1,047
U.S.
Treasury
Notes,
1.625%,
8/15/29
950,000
826
U.S.
Treasury
Notes,
1.875%,
2/28/27
2,720,000
2,496
U.S.
Treasury
Notes,
1.875%,
2/15/32
365,000
310
U.S.
Treasury
Notes,
2.75%,
5/15/25
520,000
500
U.S.
Treasury
Notes,
3.50%,
2/15/33
50,000
48
U.S.
Treasury
Notes,
3.625%,
5/31/28
645,000
630
U.S.
Treasury
Notes,
4.00%,
2/29/28
725,000
718
U.S.
Treasury
Notes,
4.125%,
9/30/27
2,620,000
2,603
U.S.
Treasury
Notes,
4.125%,
10/31/27
1,440,000
1,431
50,503
Total
United
States
(Cost
$499,334
)
568,786
VIETNAM
0.3%
Common
Stocks
0.3%
Airports
Corp.
of
Vietnam (1)
2,900
10
Asia
Commercial
Bank
284,971
286
Bank
for
Foreign
Trade
of
Vietnam (1)
42,081
163
Binh
Minh
Plastics
9,100
38
FPT
140,116
534
FPT
Digital
Retail
13,195
43
Hoa
Phat
Group (1)
492,100
587
Khang
Dien
House
Trading
&
Investment (1)
8,540
13
Military
Commercial
Joint
Stock
Bank
181,042
153
Mobile
World
Investment
37,600
88
Nam
Long
Investment
43,766
74
Phu
Nhuan
Jewelry
38,600
135���
Saigon
Beer
Alcohol
Beverage
8,300
55
Vietnam
Dairy
Products
45,400
150
Vietnam
Engine
&
Agricultural
Machinery
69,200
110
Vietnam
Technological
&
Commercial
Joint
Stock
Bank (1)
20,000
31
Vincom
Retail (1)
97,100
122
Total
Vietnam
(Cost
$2,053
)
2,592
T.
ROWE
PRICE
Global
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SHORT-TERM
INVESTMENTS
3.0%
Money
Market
Funds
3.0%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.26% (7)(12)
24,188,077
24,188
Total
Short-Term
Investments
(Cost
$24,188)
24,188
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.32% (7)(12)
3,053,529
3,054
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
3,054
Total
Securities
Lending
Collateral
(Cost
$3,054)
3,054
Total
Investments
in
Securities
100.0%
(Cost
$689,978)
$
804,644
Other
Assets
Less
Liabilities
0.0%
296
Net
Assets
100.0%
$
804,940
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares/Par
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$15,794
and
represents
2.0%
of
net
assets.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
July
31,
2023.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,449
and
represents
0.2%
of
net
assets.
(6)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(7)
Affiliated
Companies
T.
ROWE
PRICE
Global
Allocation
Fund
48
.
.
.
.
.
.
.
.
.
.
(8)
SEC
30-day
yield
(9)
Escrowed
to
maturity
(10)
At
July
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(11)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
July
31,
2023.
(12)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GDR
Global
Depositary
Receipts
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
ILS
Israeli
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
T.
ROWE
PRICE
Global
Allocation
Fund
49
.
.
.
.
.
.
.
.
.
.
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TWD
Taiwan
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Global
Allocation
Fund
50
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written
(0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
Daimler
Truck
Holding,
Call,
9/15/23
@
35.00
(EUR)
2
7
—
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
9/15/23
@
$75.00
860
6,493
(75)
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
9/15/23
@
$75.00
1,004
7,580
(66)
Goldman
Sachs
Julius
Baer
Group,
Call,
9/15/23
@
65.00
(CHF)
1
6
—
Morgan
Stanley
S&P
500
Index,
Call,
9/15/23
@
$4,625.00
79
36,253
(545)
Total
Options
Written
(Premiums
$(674))
$
(686)
T.
ROWE
PRICE
Global
Allocation
Fund
51
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Citibank
8/31/23
USD
9,978
JPY
1,390,420
$
153
Deutsche
Bank
8/31/23
USD
172
ILS
637
(2)
JPMorgan
Chase
8/31/23
CHF
68
USD
79
—
JPMorgan
Chase
8/31/23
GBP
46
USD
59
—
JPMorgan
Chase
8/31/23
HKD
5
USD
1
—
JPMorgan
Chase
8/31/23
JPY
19,893
USD
141
—
JPMorgan
Chase
8/31/23
NOK
134
USD
13
—
JPMorgan
Chase
8/31/23
SEK
292
USD
28
—
JPMorgan
Chase
8/31/23
SGD
25
USD
19
—
JPMorgan
Chase
8/31/23
USD
33
AUD
49
—
JPMorgan
Chase
8/31/23
USD
4,479
CHF
3,820
82
JPMorgan
Chase
8/31/23
USD
1,318
DKK
8,798
18
JPMorgan
Chase
8/31/23
USD
43
EUR
39
—
JPMorgan
Chase
8/31/23
USD
6,455
GBP
4,976
68
JPMorgan
Chase
8/31/23
USD
1,052
HKD
8,207
—
JPMorgan
Chase
8/31/23
USD
4
ILS
13
—
JPMorgan
Chase
8/31/23
USD
291
NOK
2,915
3
JPMorgan
Chase
8/31/23
USD
89
NZD
142
—
JPMorgan
Chase
8/31/23
USD
1,452
SEK
14,951
30
JPMorgan
Chase
8/31/23
USD
556
SGD
735
3
State
Street
8/31/23
USD
3,220
AUD
4,731
38
State
Street
8/31/23
USD
14,647
EUR
13,115
204
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
597
T.
ROWE
PRICE
Global
Allocation
Fund
52
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
66
MSCI
EAFE
Index
contracts
9/23
(7,279)
$
(197)
Long,
61
S&P
500
E-Mini
Index
contracts
9/23
14,074
109
Long,
27
U.S.
Treasury
Long
Bond
contracts
9/23
3,360
(65)
Long,
37
U.S.
Treasury
Notes
five
year
contracts
9/23
3,952
(66)
Long,
11
U.S.
Treasury
Notes
ten
year
contracts
9/23
1,226
(31)
Long,
3
U.S.
Treasury
Notes
two
year
contracts
9/23
609
(10)
Long,
3
Ultra
U.S.
Treasury
Bonds
contracts
9/23
397
(11)
Short,
8
Ultra
U.S.
Treasury
Notes
ten
year
contracts
9/23
(936)
23
Net
payments
(receipts)
of
variation
margin
to
date
308
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
60
T.
ROWE
PRICE
Global
Allocation
Fund
53
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
July
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.36%
$
960
$
(2,624)
$
709
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.18%
(1,601)
5,578
1,150
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.40%
(3,972)
8,066
1,591
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.90%
(473)
817
847
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.95%
(806)
1,615
1,198
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
2,832
4,357
410
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.68%
(2,143)
4,444
494
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.66%
(324)
483
82
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
(848)
1,146
711
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.26%
—
—
927
Affiliates
not
held
at
period
end
(353)
479
77
Totals
$
(6,728)#
$
24,361
$
8,196+
T.
ROWE
PRICE
Global
Allocation
Fund
54
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/22
Purchase
Cost
Sales
Cost
Value
07/31/23
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.36%
$
20,913
$
6,087
$
7,918
$
16,458
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.18%
22,528
1,148
9,101
20,153
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.40%
35,764
1,591
14,598
30,823
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.90%
16,193
847
9,623
8,234
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.95%
21,807
2,233
5,592
20,063
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
55,376
3,296
19,054
43,975
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.68%
26,115
2,494
8,143
24,910
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.66%
5,944
556
4,798
2,185
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
27,945
932
9,069
20,954
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
13,271
589
14,339
—
T.
Rowe
Price
Government
Reserve
Fund,
5.32%
3,151
¤
¤
3,054
T.
Rowe
Price
Treasury
Reserve
Fund,
5.26%
26,870
¤
¤
24,188
Total
$
214,997^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$6,516
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$8,196
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$235,354.
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
55
T.
Rowe
Price
Global
Allocation
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Global
Allocation
Fund
56
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Global
Allocation
Fund
57
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Global
Allocation
Fund
58
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
July
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
96,675
$
—
$
96,675
Bond
Mutual
Funds
122,826
—
—
122,826
Common
Stocks
254,006
177,642
119
431,767
Convertible
Preferred
Stocks
—
—
1,330
1,330
Equity
Mutual
Funds
64,929
—
—
64,929
Preferred
Stocks
—
1,035
—
1,035
Private
Investment
Companies
—
—
58,840
58,840
Short-Term
Investments
24,188
—
—
24,188
Securities
Lending
Collateral
3,054
—
—
3,054
Total
Securities
469,003
275,352
60,289
804,644
Forward
Currency
Exchange
Contracts
—
599
—
599
Futures
Contracts*
132
—
—
132
Total
$
469,135
$
275,951
$
60,289
$
805,375
Liabilities
Options
Written
$
—
$
686
$
—
$
686
Forward
Currency
Exchange
Contracts
—
2
—
2
Futures
Contracts*
380
—
—
380
Total
$
380
$
688
$
—
$
1,068
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Government
Bonds,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Global
Allocation
Fund
59
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
July
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
July
31,
2023,
totaled $(1,369,000) for
the
period ended
July
31,
2023.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
10/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
7/31/23
Investment
in
Securities
Common
Stocks
$
170
$
284
$
—
$
(335)
$
119
Convertible
Preferred
Stocks
1,351
(145)
144
(20)
1,330
Private
Investment
Companies
77,741
3,099
—
(22,000)
58,840
Total
$
79,262
$
3,238
$
144
$
(22,355)
$
60,289
T.
ROWE
PRICE
Global
Allocation
Fund
60
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
119
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
100%
100%
Decrease
Market
comparable
Enterprise
value
to
gross
profit
multiple
4.7x
–
18.6x
14.7x
Increase
Gross
profit
growth
rate
24%
–
27%
27%
Increase
Enterprise
value
to
sales
multiple
1.7x
–
14.8x
11.6x
Increase
Sales
growth
rate
23%
–
27%
26%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
1,330
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Premium
for
liquidation
preference
—#
—#
Increase
Probability
for
potential
outcome
20%
-
40%
33%
Increase
Enterprise
value
to
gross
profit
multiple
9.5x
–
18.6x
11.3x
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
61
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Gross
profit
growth
rate
24%
-
51%
46%
Increase
Enterprise
value
to
sales
multiple
1.6x
–
14.8x
2.7x
Increase
Sales
growth
rate
18%
-
90%
34%
Increase
Enterprise
value
to
EBITDA
multiple
7.5x
7.5x
Increase
EBITDA
growth
rate
65%
65%
Increase
Projected
enterprise
value
to
gross
profit
multiple
23.5x
–
30.5x
27.0x
Increase
Projected
enterprise
value
to
sales
multiple
2.3x
–
22.6x
6.2x
Increase
Premium
to
public
company
multiples
2%
-
36%
11%
Increase
Projected
enterprise
value
to
EBITDA
multiple
10.5x
–
15.1x
13.7x
Increase
Projected
enterprise
value
to
EBIT
multiple
14.7x
–
26.9x
20.8x
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
62
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
EBIT
growth
rate
22%
22%
Increase
Discount
to
public
company
multiples
58%
-
70%
64%
Decrease
Discount
rate
for
cost
of
capital
15%
-
40%
29%
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Private
Investment
Companies
$
58,840
Rollforward
of
Investee
NAV
Estimated
return
0.76%
0.76%
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
63
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
collapse
of
some
US
regional
and
global
banks
as
well
as
overall
concerns
around
the
soundness
and
stability
of
the
global
banking
sector
has
sparked
concerns
of
a
broader
financial
crisis
impacting
the
overall
global
banking
sector.
In
certain
cases,
government
agencies
have
assumed
control
or
otherwise
intervened
in
the
operations
of
certain
banks
due
to
liquidity
and
solvency
concerns.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund’s
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F154-054Q3
07/23