T.

ROWE

PRICE

Global

Allocation

Fund

January

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.2%

Common

Stocks

0.2%

Arcos

Dorados

Holdings,

Class

A

(USD) 

6,865‌

85‌

Globant

(USD) (1)

1,743‌

411‌

MercadoLibre

(USD) (1)

617‌

1,056‌

Tenaris,

ADR

(USD) 

1,455‌

47‌

Total

Argentina

(Cost

$547

)

1,599‌

AUSTRALIA

0.6%

Common

Stocks

0.6%

ALS 

6,155‌

51‌

ANZ

Group

Holdings 

9,813‌

173‌

Bellevue

Gold (1)

48,197‌

42‌

BHP

Group 

44,623‌

1,365‌

BHP

Group

(GBP) 

12,843‌

393‌

BlueScope

Steel 

1,852‌

28‌

Capricorn

Metals (1)

22,838‌

68‌

Challenger 

16,161‌

69‌

Champion

Iron 

7,750‌

43‌

Cochlear 

388‌

77‌

Downer

EDI 

25,464‌

69‌

Emerald

Resources (1)

72,510‌

158‌

Frontier

Digital

Ventures (1)

222,607‌

68‌

Goodman

Group 

8,098‌

134‌

IGO 

21,815‌

106‌

Macquarie

Group 

1,603‌

198‌

Northern

Star

Resources 

26,946‌

231‌

oOh!media 

66,161‌

69‌

Pilbara

Minerals 

106,144‌

242‌

Red

5 (1)

128,986‌

26‌

Reliance

Worldwide 

19,880‌

54‌

Rio

Tinto 

906‌

78‌

Scentre

Group 

183,181‌

364‌

South32 

118,607‌

257‌

Worley 

25,463‌

245‌

4,608‌

Corporate

Bonds

0.0%

Transurban

Finance,

2.45%,

3/16/31

(USD) (2)

140,000‌

117‌

Transurban

Finance,

4.125%,

2/2/26

(USD) (2)

15,000‌

15‌

Woodside

Finance,

3.70%,

3/15/28

(USD) (2)

67,000‌

63‌

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

100‌

295‌

Total

Australia

(Cost

$3,799

)

4,903‌

AUSTRIA

0.2%

Common

Stocks

0.2%

BAWAG

Group 

15,667‌

807‌

Erste

Group

Bank 

4,166‌

179‌

OMV 

3,692‌

164‌

Schoeller-Bleckmann

Oilfield

Equipment 

1,885‌

90‌

voestalpine 

1,459‌

43‌

Total

Austria

(Cost

$1,037

)

1,283‌

BAHRAIN

0.0%

Common

Stocks

0.0%

Aluminium

Bahrain 

41,214‌

151‌

Total

Bahrain

(Cost

$117

)

151‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

299,148‌

103‌

Square

Pharmaceuticals 

34,859‌

69‌

Total

Bangladesh

(Cost

$201

)

172‌

BELGIUM

0.0%

Common

Stocks

0.0%

KBC

Group 

1,186‌

77‌

Shurgard

Self

Storage 

2,216‌

103‌

Umicore 

5,611‌

128‌

Warehouses

De

Pauw 

2,157‌

63‌

Total

Belgium

(Cost

$374

)

371‌

BRAZIL

0.5%

Common

Stocks

0.5%

B3 

166,420‌

439‌

CI&T,

Class

A

(USD) (1)(3)

6,558‌

29‌

Hypera 

29,739‌

191‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

16,073‌

68‌

T.

ROWE

PRICE

Global

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Klabin 

88,111‌

380‌

Localiza

Rent

a

Car 

61,542‌

676‌

Localiza

Rent

a

Car,

Rights,

2/6/24 (1)

200‌

1‌

Lojas

Renner 

35,670‌

116‌

Multiplan

Empreendimentos

Imobiliarios 

8,116‌

46‌

Raia

Drogasil 

138,885‌

709‌

Suzano 

6,819‌

71‌

Vale,

ADR

(USD) 

37,042‌

507‌

WEG 

34,038‌

222‌

XP,

Class

A

(USD) 

4,236‌

104‌

3,559‌

Preferred

Stocks

0.0%

Marcopolo 

52,539‌

84‌

84‌

Total

Brazil

(Cost

$3,253

)

3,643‌

CANADA

1.6%

Closed-End

Mutual

Funds

0.0%

Sprott

Physical

Uranium

Trust (1)

800‌

19‌

19‌

Common

Stocks

1.3%

Agnico

Eagle

Mines 

1,875‌

92‌

Agnico

Eagle

Mines

(USD) 

1,110‌

55‌

Alamos

Gold,

Class

A 

8,379‌

101‌

Alamos

Gold,

Class

A

(USD) 

3,615‌

44‌

Aritzia (1)

5,822‌

142‌

ATS (1)

2,371‌

101‌

Aya

Gold

&

Silver (1)

10,905‌

84‌

B2Gold

(USD) 

12,024‌

34‌

Barrick

Gold

(USD) 

6,286‌

98‌

Boardwalk

Real

Estate

Investment

Trust (3)

1,105‌

57‌

Brookfield 

6,030‌

239‌

BRP 

1,081‌

68‌

Cameco

(USD) 

2,942‌

141‌

Canadian

Apartment

Properties

REIT 

1,390‌

48‌

Canadian

National

Railway

(USD) 

1,566‌

194‌

Canadian

Natural

Resources 

3,119‌

200‌

Canadian

Pacific

Kansas

City

(USD) 

2,043‌

164‌

Cenovus

Energy 

8,846‌

143‌

Constellation

Software 

78‌

216‌

Constellation

Software,

Warrants,

3/31/40 (1)(4)

79‌

—‌

Definity

Financial 

11,185‌

325‌

dentalcorp

Holdings (1)

9,562‌

47‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Descartes

Systems

Group (1)

2,421‌

212‌

Descartes

Systems

Group

(USD) (1)

918‌

80‌

Element

Fleet

Management 

29,392‌

496‌

Enbridge

(USD) (3)

5,952‌

211‌

ERO

Copper (1)

31,988‌

501‌

Exchange

Income (3)

2,796‌

98‌

Filo (1)

9,429‌

145‌

First

Quantum

Minerals 

5,161‌

47‌

Foran

Mining (1)

6,614‌

19‌

Foran

Mining (1)

8,382‌

26‌

Franco-Nevada 

3,590‌

388‌

Franco-Nevada

(USD) 

2,539‌

275‌

G

Mining

Ventures (1)

27,615‌

40‌

Granite

Real

Estate

Investment

Trust (3)

744‌

40‌

Ivanhoe

Mines,

Class

A (1)

30,690‌

322‌

Jamieson

Wellness 

4,227‌

97‌

K92

Mining (1)

13,033‌

62‌

Karora

Resources (1)

27,099‌

84‌

Kinaxis (1)

511‌

62‌

Kinross

Gold

(USD) (3)

4,305‌

24‌

Lundin

Gold 

4,005‌

47‌

Magna

International

(USD) (3)

5,368‌

305‌

Maple

Leaf

Foods 

4,505‌

86‌

National

Bank

of

Canada 

7,748‌

593‌

NGEx

Minerals (1)

6,145‌

38‌

Nutrien

(USD) 

4,633‌

231‌

NuVista

Energy (1)

10,751‌

83‌

Osisko

Gold

Royalties 

4,088‌

60‌

Osisko

Mining (1)

30,633‌

55‌

Osisko

Mining,

Warrants,

8/28/24 (1)

8,392‌

1‌

Parex

Resources 

2,167‌

36‌

Richelieu

Hardware 

2,930‌

95‌

Shopify,

Class

A (1)

3,414‌

273‌

Shopify,

Class

A

(USD) (1)

4,857‌

389‌

Skeena

Resources (1)

8,269‌

38‌

SNC-Lavalin

Group (3)

4,049‌

134‌

Snowline

Gold (1)

5,308‌

23‌

Spin

Master 

3,723‌

96‌

StorageVault

Canada 

44,038‌

176‌

Sun

Life

Financial 

7,677‌

398‌

Suncor

Energy 

11,586‌

384‌

Teck

Resources,

Class

B

(USD) 

5,585‌

223‌

TMX

Group 

8,888‌

220‌

Wesdome

Gold

Mines (1)

38,182‌

225‌

West

Fraser

Timber 

1,027‌

82‌

Wheaton

Precious

Metals 

6,930‌

325‌

T.

ROWE

PRICE

Global

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wheaton

Precious

Metals

(USD) 

7,280‌

341‌

10,779‌

Corporate

Bonds

0.2%

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

97‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

120‌

Canadian

Pacific

Railway,

2.875%,

11/15/29

(USD) 

235,000‌

211‌

Canadian

Pacific

Railway,

3.50%,

5/1/50

(USD) 

155,000‌

117‌

Canadian

Pacific

Railway,

4.30%,

5/15/43

(USD) 

25,000‌

22‌

Enbridge,

6.20%,

11/15/30

(USD) 

45,000‌

48‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

250,000‌

209‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

9‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

138‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

240,000‌

240‌

1,211‌

Government

Bonds

0.1%

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

130‌

Province

of

British

Columbia,

4.20%,

7/6/33

(USD) 

320,000‌

316‌

Province

of

Manitoba,

Series

GX,

2.60%,

4/16/24

(USD) 

270,000‌

268‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

244‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD) 

50,000‌

49‌

1,007‌

Total

Canada

(Cost

$11,415

)

13,016‌

CAYMAN

ISLANDS

0.1%

Convertible

Preferred

Stocks

0.1%

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $89

(USD) (1)(4)(5)

1,810‌

432‌

Total

Cayman

Islands

(Cost

$89

)

432‌

CHILE

0.1%

Common

Stocks

0.0%

Antofagasta

(GBP) 

11,375‌

248‌

Sociedad

Quimica

y

Minera

de

Chile,

ADR

(USD) (3)

381‌

16‌

264‌

Corporate

Bonds

0.1%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

212‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (2)

220,000‌

195‌

407‌

Total

Chile

(Cost

$589

)

671‌

T.

ROWE

PRICE

Global

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CHINA

1.5%

Common

Stocks

1.0%

58.com

(USD) (1)(4)

5,864‌

—‌

Alibaba

Group

Holding

(HKD) 

29,820‌

267‌

Alibaba

Group

Holding,

ADR

(USD) 

11,165‌

806‌

Aluminum

Corp.

of

China,

Class

H

(HKD) 

28,000‌

14‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $16

(USD) (1)(4)(5)

16,329‌

16‌

Atour

Lifestyle

Holdings,

ADR

(USD) 

171‌

3‌

Baidu,

ADR

(USD) (1)

638‌

67‌

BeiGene,

ADR

(USD) (1)(3)

474‌

70‌

Beijing

Enterprises

Holdings

(HKD) 

19,000‌

69‌

BOE

Varitronix

(HKD) 

47,000‌

30‌

Bosideng

International

Holdings

(HKD) 

110,000‌

50‌

China

Hongqiao

Group

(HKD) 

18,000‌

13‌

China

Overseas

Property

Holdings

(HKD) 

80,000‌

53‌

China

Resources

Gas

Group

(HKD) 

35,800‌

102‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

60,400‌

174‌

Fosun

International

(HKD) 

49,500‌

26‌

H

World

Group

(HKD) 

48,700‌

153‌

Haier

Smart

Home,

Class

H

(HKD) 

32,600‌

92‌

Hesai

Group,

ADR

(USD) (1)

810‌

5‌

JD

Health

International

(HKD) (1)

10,650‌

35‌

Jiumaojiu

International

Holdings

(HKD) 

188,000‌

111‌

JOYY,

ADR

(USD) 

1,181‌

36‌

Kanzhun,

ADR

(USD) 

19,485‌

271‌

KE

Holdings,

ADR

(USD) 

34,790‌

493‌

Li

Auto,

ADR

(USD) (1)(3)

18,322‌

507‌

Nongfu

Spring,

Class

H

(HKD) 

40,200‌

218‌

PDD

Holdings,

ADR

(USD) (1)

4,604‌

584‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

11,500‌

48‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

98,400‌

63‌

Silergy

(TWD) 

4,000‌

49‌

Tencent

Holdings

(HKD) 

35,954‌

1,248‌

Tsingtao

Brewery,

Class

H

(HKD) 

16,000‌

91‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

211,200‌

264‌

Yum

China

Holdings

(HKD) 

3,550‌

122‌

Yum

China

Holdings

(USD) 

33,142‌

1,146‌

Zhongsheng

Group

Holdings

(HKD) 

276,500‌

467‌

Zijin

Mining

Group,

Class

H

(HKD) 

30,000‌

45‌

ZTO

Express

Cayman,

ADR

(USD) 

14,213‌

233‌

8,041‌

Common

Stocks

-

China

A

Shares

0.5%

Chacha

Food,

A

Shares

(CNH) 

41,200‌

175‌

T.

ROWE

PRICE

Global

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

China

Oilfield

Services,

A

Shares

(CNH) 

56,200‌

120‌

CNOOC

Energy

Technology

&

Services,

A

Shares

(CNH) 

155,600‌

63‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

157,612‌

835‌

Hangcha

Group,

A

Shares

(CNH) 

60,100‌

192‌

Hongfa

Technology,

A

Shares

(CNH) 

62,800‌

196‌

Huali

Industrial

Group,

A

Shares

(CNH) 

9,000‌

66‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

24,094‌

114‌

Kweichow

Moutai,

A

Shares

(CNH) 

1,160‌

259‌

Moon

Environment

Technology,

A

Shares

(CNH) 

27,900‌

41‌

NARI

Technology,

A

Shares

(CNH) 

32,321‌

94‌

Qingdao

Hiron

Commercial

Cold

Chain,

A

Shares

(CNH) 

17,980‌

33‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

34,600‌

113‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

25,548‌

199‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

28,700‌

78‌

Shenzhen

Mindray

Bio-Medical

Electronics,

A

Shares

(CNH) 

5,900‌

220‌

SUPCON

Technology,

A

Shares

(CNH) 

5,534‌

27‌

Warom

Technology,

A

Shares

(CNH) 

24,100‌

54‌

WUS

Printed

Circuit

Kunshan,

A

Shares

(CNH) 

13,100‌

36‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

28,600‌

105‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

119,147‌

628‌

YTO

Express

Group,

A

Shares

(CNH) 

24,100‌

37‌

Yunnan

Aluminium,

A

Shares

(CNH) 

36,700‌

55‌

Zhejiang

Dingli

Machinery,

A

Shares

(CNH) 

25,000‌

179‌

ZWSOFT

Guangzhou,

A

Shares

(CNH) 

11,874‌

119‌

4,038‌

Corporate

Bonds

0.0%

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

253‌

253‌

Total

China

(Cost

$14,639

)

12,332‌

COLOMBIA

0.0%

Common

Stocks

0.0%

Bancolombia,

ADR

(USD) 

1,170‌

37‌

Geopark

(USD) (3)

4,325‌

38‌

Total

Colombia

(Cost

$74

)

75‌

DENMARK

0.4%

Common

Stocks

0.3%

Coloplast,

Class

B 

881‌

102‌

Genmab (1)

713‌

197‌

Novo

Nordisk,

ADR

(USD) 

2,389‌

274‌

Novo

Nordisk,

Class

B 

16,413‌

1,876‌

T.

ROWE

PRICE

Global

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Royal

Unibrew 

966‌

63‌

Zealand

Pharma (1)

2,298‌

157‌

2,669‌

Corporate

Bonds

0.1%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD) (2)(6)

335,000‌

328‌

328‌

Total

Denmark

(Cost

$2,247

)

2,997‌

EGYPT

0.0%

Common

Stocks

0.0%

Integrated

Diagnostics

Holdings

(USD) (1)

105,256‌

36‌

Total

Egypt

(Cost

$97

)

36‌

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green 

4,415‌

17‌

Total

Estonia

(Cost

$17

)

17‌

FINLAND

0.2%

Common

Stocks

0.2%

Elisa 

5,820‌

265‌

Mandatum (1)

13,796‌

62‌

Sampo,

Class

A 

17,961‌

752‌

Stora

Enso,

Class

R 

14,908‌

190‌

Valmet 

14,005‌

396‌

Total

Finland

(Cost

$1,436

)

1,665‌

FRANCE

1.8%

Common

Stocks

1.7%

Air

Liquide 

2,589‌

484‌

Airbus 

4,607‌

734‌

Alstom (3)

3,385‌

43‌

ArcelorMittal 

8,188‌

225‌

AXA 

26,603‌

893‌

BNP

Paribas 

6,858‌

461‌

Capgemini 

667‌

148‌

Cie

de

Saint-Gobain 

1,506‌

106‌

Coface 

4,590‌

62‌

Dassault

Aviation 

1,081‌

205‌

T.

ROWE

PRICE

Global

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Edenred 

6,232‌

372‌

Engie 

38,975‌

623‌

Eramet 

1,036‌

71‌

Esker 

489‌

82‌

EssilorLuxottica 

3,183‌

624‌

Eurofins

Scientific 

5,738‌

346‌

Euronext 

4,670‌

411‌

Forvia (1)

2,687‌

46‌

Gaztransport

Et

Technigaz 

988‌

139‌

Gecina 

737‌

81‌

Kering 

476‌

196‌

L'Oreal 

789‌

378‌

Lectra 

288‌

10‌

Legrand 

3,097‌

300‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,088‌

905‌

Nexity (3)

5,428‌

90‌

Remy

Cointreau 

2,302‌

233‌

Safran 

2,738‌

511‌

Sanofi 

8,773‌

879‌

Sartorius

Stedim

Biotech 

1,591‌

429‌

Schneider

Electric 

226‌

44‌

SPIE 

15,025‌

497‌

Teleperformance 

920‌

144‌

Thales 

918‌

134‌

Tikehau

Capital 

4,193‌

96‌

TotalEnergies 

30,870‌

2,003‌

Ubisoft

Entertainment (1)

3,048‌

67‌

Virbac 

305‌

110‌

13,182‌

Corporate

Bonds

0.1%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (2)(6)

350,000‌

296‌

BPCE,

4.50%,

3/15/25

(USD) (2)

400,000‌

393‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

269‌

958‌

Total

France

(Cost

$10,406

)

14,140‌

GERMANY

1.5%

Common

Stocks

1.4%

Adesso 

516‌

52‌

BASF 

5,652‌

270‌

Bayer 

7,898‌

246‌

Covestro (1)

6,281‌

332‌

Daimler

Truck

Holding (7)

11,752‌

420‌

T.

ROWE

PRICE

Global

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Deutsche

Boerse 

421‌

84‌

Deutsche

Post 

2,581‌

124‌

Deutsche

Telekom 

42,052‌

1,032‌

Evotec (1)

10,783‌

165‌

flatexDEGIRO (1)

17,652‌

193‌

Fresenius 

9,079‌

255‌

Hannover

Rueck 

1,296‌

311‌

Heidelberg

Materials 

903‌

83‌

Hypoport (1)

418‌

89‌

Infineon

Technologies 

1,158‌

42‌

KION

Group 

4,678‌

213‌

Knaus

Tabbert 

1,438‌

64‌

LEG

Immobilien (1)

1,459‌

121‌

Mercedes-Benz

Group 

1,454‌

98‌

Merck 

2,086‌

342‌

Munich

Re 

1,499‌

638‌

Nagarro (1)(3)

746‌

73‌

Puma 

8,450‌

340‌

Redcare

Pharmacy (1)

1,878‌

261‌

SAP 

9,104‌

1,577‌

Schott

Pharma (1)

4,925‌

192‌

Scout24 

5,338‌

393‌

Siemens 

13,968‌

2,501‌

Siemens

Healthineers 

6,004‌

334‌

Siltronic 

1,796‌

169‌

Symrise 

2,382‌

246‌

Zalando (1)

2,417‌

48‌

11,308‌

Corporate

Bonds

0.0%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (2)

155,000‌

149‌

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD) (2)

155,000‌

155‌

304‌

Preferred

Stocks

0.1%

Dr.

Ing.

h.c.

F.

Porsche 

2,626‌

223‌

Sartorius (3)

841‌

307‌

Volkswagen 

782‌

100‌

630‌

Total

Germany

(Cost

$9,622

)

12,242‌

HONG

KONG

0.3%

Common

Stocks

0.3%

AIA

Group 

150,400‌

1,180‌

T.

ROWE

PRICE

Global

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ASMPT 

9,900‌

96‌

Budweiser

Brewing

APAC 

149,700‌

236‌

CK

Hutchison

Holdings 

11,500‌

59‌

Galaxy

Entertainment

Group 

13,000‌

68‌

Hong

Kong

Exchanges

&

Clearing 

2,700‌

82‌

Hongkong

Land

Holdings

(USD) 

14,200‌

44‌

Impro

Precision

Industries 

201,000‌

64‌

Jardine

Matheson

Holdings

(USD) 

7,500‌

301‌

Kerry

Properties 

14,500‌

23‌

Samsonite

International (1)

38,100‌

106‌

Sun

Hung

Kai

Properties 

11,083‌

103‌

Wharf

Real

Estate

Investment 

64,000‌

188‌

Total

Hong

Kong

(Cost

$2,621

)

2,550‌

HUNGARY

0.0%

Common

Stocks

0.0%

OTP

Bank 

6,437‌

298‌

Total

Hungary

(Cost

$188

)

298‌

ICELAND

0.0%

Common

Stocks

0.0%

Alvotech (1)

2,656‌

42‌

Marel 

25,013‌

92‌

Total

Iceland

(Cost

$131

)

134‌

INDIA

1.1%

Common

Stocks

1.1%

Asian

Paints 

8,217‌

292‌

Astral 

5,995‌

132‌

Axis

Bank 

44,601‌

573‌

Blue

Star 

9,021‌

125‌

Computer

Age

Management

Services 

461‌

16‌

CreditAccess

Grameen (1)

6,446‌

124‌

Dixon

Technologies

India 

1,121‌

81‌

FSN

E-Commerce

Ventures (1)

19,029‌

37‌

HDFC

Asset

Management 

6,526‌

282‌

HDFC

Bank 

43,772‌

770‌

HDFC

Life

Insurance 

71,995‌

500‌

Hindalco

Industries 

3,081‌

21‌

Hindustan

Unilever 

9,035‌

269‌

ICICI

Bank 

38,775‌

479‌

T.

ROWE

PRICE

Global

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ICICI

Bank,

ADR

(USD) 

3,691‌

90‌

Info

Edge

India 

1,280‌

78‌

Infosys 

43,141‌

858‌

Jio

Financial

Services (1)

21,714‌

65‌

Kotak

Mahindra

Bank 

23,815‌

524‌

Larsen

&

Toubro 

10,759‌

450‌

Nexus

Select

Trust 

23,522‌

36‌

NTPC 

64,664‌

248‌

Page

Industries 

181‌

81‌

Polycab

India 

1,871‌

98‌

Reliance

Industries 

32,038‌

1,099‌

Tata

Consultancy

Services 

6,052‌

277‌

TeamLease

Services (1)

1,975‌

68‌

Titan 

3,947‌

176‌

Torrent

Pharmaceuticals 

2,753‌

83‌

Varun

Beverages 

4,705‌

72‌

Voltas 

32,695‌

429‌

Zomato (1)

98,217‌

165‌

Total

India

(Cost

$6,733

)

8,598‌

INDONESIA

0.1%

Common

Stocks

0.1%

Amman

Mineral

Internasional (1)

52,900‌

25‌

Bank

Central

Asia 

1,135,800‌

687‌

Bank

Mandiri

Persero 

494,100‌

208‌

Sarana

Menara

Nusantara 

895,200‌

51‌

Sumber

Alfaria

Trijaya 

1,041,400‌

175‌

Total

Indonesia

(Cost

$688

)

1,146‌

IRELAND

0.1%

Common

Stocks

0.0%

Cairn

Homes

(GBP) 

89,853‌

137‌

DCC

(GBP) 

2,747‌

200‌

Kenmare

Resources

(GBP) 

7,190‌

29‌

366‌

Corporate

Bonds

0.1%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

139‌

AerCap

Ireland

Capital,

5.75%,

6/6/28

(USD) 

265,000‌

271‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD) (2)

70,000‌

69‌

Avolon

Holdings

Funding,

5.25%,

5/15/24

(USD) (2)

215,000‌

215‌

694‌

Total

Ireland

(Cost

$983

)

1,060‌

T.

ROWE

PRICE

Global

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ITALY

0.6%

Common

Stocks

0.6%

Amplifon 

13,808‌

451‌

Ariston

Holding 

11,660‌

76‌

Banca

Mediolanum 

9,982‌

102‌

BFF

Bank 

11,563‌

125‌

Carel

Industries 

6,359‌

154‌

Davide

Campari-Milano 

21,060‌

213‌

De'

Longhi 

5,607‌

182‌

DiaSorin 

1,041‌

96‌

Enel 

79,739‌

544‌

Ermenegildo

Zegna

(USD) 

16,661‌

203‌

Ferrari 

599‌

209‌

FinecoBank

Banca

Fineco 

9,424‌

136‌

GVS (1)

11,560‌

74‌

Interpump

Group 

930‌

46‌

Intesa

Sanpaolo 

161,322‌

497‌

Leonardo 

7,135‌

124‌

Moncler 

3,641‌

224‌

PRADA

(HKD) 

31,600‌

196‌

Prysmian 

12,884‌

567‌

Stellantis 

5,803‌

128‌

Technoprobe (1)

10,122‌

101‌

UniCredit 

7,216‌

211‌

4,659‌

Corporate

Bonds

0.0%

Enel

Finance

International,

1.875%,

7/12/28

(USD) (2)

200,000‌

176‌

176‌

Total

Italy

(Cost

$3,289

)

4,835‌

JAPAN

3.9%

Common

Stocks

3.9%

Aida

Engineering 

8,200‌

47‌

Aiful 

144,000‌

361‌

ARE

Holdings 

600‌

8‌

Asahi

Group

Holdings 

3,200‌

119‌

Asahi

Kasei 

18,700‌

142‌

Astellas

Pharma 

35,900‌

418‌

Calbee 

4,300‌

90‌

Central

Japan

Railway 

5,200‌

130‌

Chugai

Pharmaceutical 

4,800‌

173‌

T.

ROWE

PRICE

Global

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Comforia

Residential

REIT (3)

17‌

36‌

CyberAgent 

19,300‌

125‌

Daiei

Kankyo 

14,800‌

252‌

Daiichi

Sankyo 

10,600‌

317‌

Daikin

Industries 

1,900‌

304‌

Daiwabo

Holdings 

5,100‌

111‌

Denso 

18,900‌

297‌

Dexerials 

1,400‌

40‌

Disco 

1,500‌

405‌

eGuarantee 

2,800‌

36‌

Eiken

Chemical 

7,200‌

90‌

Electric

Power

Development 

27,100‌

455‌

Fast

Retailing 

300‌

80‌

Fujitsu 

700‌

97‌

Fukui

Computer

Holdings 

1,700‌

30‌

Fukuoka

Financial

Group 

2,500‌

61‌

Fuso

Chemical 

1,800‌

51‌

GMO

Payment

Gateway 

1,500‌

91‌

Goldwin 

700‌

47‌

Hamamatsu

Photonics 

6,900‌

273‌

Hanwa 

7,300‌

267‌

Hikari

Tsushin 

2,800‌

488‌

Hitachi 

8,300‌

652‌

Honda

Motor 

9,400‌

105‌

Horiba (3)

4,600‌

369‌

Hoshino

Resorts

REIT 

7‌

24‌

Hoshizaki 

5,500‌

200‌

Idec 

5,500‌

110‌

IHI 

8,300‌

159‌

Industrial

&

Infrastructure

Fund

Investment 

38‌

34‌

Inpex 

24,100‌

328‌

Internet

Initiative

Japan 

9,900‌

192‌

Invincible

Investment 

210‌

86‌

Isetan

Mitsukoshi

Holdings 

3,900‌

46‌

ITOCHU 

12,700‌

576‌

JMDC 

2,100‌

56‌

Kao 

8,800‌

348‌

Katitas (3)

3,100‌

39‌

Keyence 

1,100‌

492‌

Kirin

Holdings (3)

7,900‌

114‌

Konica

Minolta (1)

7,900‌

22‌

Kuraray 

20,800‌

218‌

Kyoritsu

Maintenance 

600‌

25‌

LY 

68,100‌

212‌

MatsukiyoCocokara 

4,800‌

87‌

MEC 

900‌

27‌

T.

ROWE

PRICE

Global

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Medley (1)

2,300‌

72‌

Mercari (1)(3)

1,700‌

28‌

METAWATER 

6,000‌

87‌

MINEBEA

MITSUMI 

2,500‌

52‌

Mitsubishi 

13,300‌

229‌

Mitsubishi

Electric 

41,700‌

619‌

Mitsubishi

Estate 

7,900‌

109‌

Mitsubishi

HC

Capital 

18,500‌

131‌

Mitsubishi

UFJ

Financial

Group 

90,500‌

848‌

Mitsui

Chemicals 

8,900‌

262‌

Mitsui

Fudosan 

43,500‌

1,092‌

Mitsui

Fudosan

Logistics

Park 

28‌

84‌

Miura 

8,000‌

146‌

Modec (1)

6,800‌

106‌

Murata

Manufacturing 

21,900‌

442‌

Musashi

Seimitsu

Industry 

3,600‌

41‌

Nakanishi 

4,200‌

69‌

Nexon 

10,000‌

160‌

Nextage (3)

25,300‌

381‌

Nifco 

1,600‌

42‌

Nippon

Ceramic 

2,500‌

45‌

Nippon

Sanso

Holdings 

4,200‌

106‌

Nippon

Seiki 

10,300‌

95‌

Nippon

Soda 

5,700‌

220‌

Nippon

Steel 

18,500‌

445‌

Nippon

Telegraph

&

Telephone 

1,038,600‌

1,304‌

Nipro 

18,200‌

147‌

Niterra 

7,900‌

213‌

Nitori

Holdings 

1,700‌

222‌

Nomura

Research

Institute 

3,800‌

116‌

NTT

Data

Group 

25,600‌

369‌

Obara

Group 

6,200‌

169‌

Olympus 

18,200‌

269‌

Omron 

2,200‌

99‌

Oriental

Land 

4,700‌

175‌

ORIX 

21,000‌

405‌

Otsuka

Holdings 

4,700‌

185‌

Panasonic

Holdings 

20,700‌

195‌

Persol

Holdings 

231,100‌

367‌

Plus

Alpha

Consulting 

2,600‌

45‌

Recruit

Holdings 

17,000‌

671‌

Renesas

Electronics (1)

9,900‌

162‌

Resona

Holdings 

7,000‌

39‌

Rohto

Pharmaceutical 

4,200‌

86‌

Sakata

INX 

14,800‌

143‌

Sankyu 

1,700‌

64‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sanwa

Holdings 

4,500‌

69‌

Seibu

Giken (3)

2,800‌

30‌

Seven

&

i

Holdings 

17,800‌

703‌

SHIFT (1)

800‌

144‌

Shimadzu 

5,600‌

155‌

Shin-Etsu

Chemical 

13,100‌

516‌

SMC 

300‌

167‌

SoftBank

Group 

2,900‌

125‌

Sompo

Holdings 

2,100‌

109‌

Sony

Group 

11,000‌

1,079‌

Stanley

Electric 

9,700‌

185‌

SUMCO 

20,600‌

312‌

Sumitomo 

16,300‌

375‌

Sumitomo

Densetsu 

7,900‌

163‌

Sumitomo

Metal

Mining 

2,200‌

61‌

Sumitomo

Mitsui

Trust

Holdings 

5,600‌

115‌

Sumitomo

Seika

Chemicals 

2,300‌

82‌

Suntory

Beverage

&

Food 

3,500‌

114‌

Suzuki

Motor 

8,600‌

386‌

Taiheiyo

Cement 

18,600‌

383‌

Takeda

Pharmaceutical 

2,700‌

79‌

Takeuchi

Manufacturing 

3,800‌

130‌

Takuma 

5,400‌

64‌

TechnoPro

Holdings 

7,100‌

164‌

THK 

5,200‌

100‌

TKP (1)

3,900‌

44‌

Tokai

Carbon 

27,500‌

193‌

Tokio

Marine

Holdings 

23,400‌

617‌

Tokyo

Century 

7,600‌

84‌

Tokyo

Electron 

4,200‌

779‌

Tokyo

Seimitsu 

1,600‌

104‌

Tokyo

Tatemono 

14,700‌

227‌

Tokyu

REIT (3)

26‌

30‌

Toyo

Tire 

11,200‌

185‌

Toyota

Industries 

4,400‌

372‌

Toyota

Motor 

41,200‌

823‌

TRYT (1)

12,700‌

52‌

Visional (1)(3)

2,200‌

138‌

Welcia

Holdings 

3,000‌

51‌

Yellow

Hat 

8,800‌

109‌

30,936‌

Corporate

Bonds

0.0%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000‌

275‌

275‌

Total

Japan

(Cost

$23,863

)

31,211‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

9,038‌

129‌

Kaspi.KZ,

ADR

(USD) 

3,755‌

344‌

NAC

Kazatomprom,

GDR

(USD) 

6,070‌

246‌

Total

Kazakhstan

(Cost

$475

)

719‌

KENYA

0.0%

Common

Stocks

0.0%

Equity

Group

Holdings 

77,300‌

19‌

Safaricom 

61,600‌

5‌

Total

Kenya

(Cost

$35

)

24‌

LITHUANIA

0.0%

Common

Stocks

0.0%

Baltic

Classifieds

Group

(GBP) 

41,704‌

128‌

Total

Lithuania

(Cost

$83

)

128‌

MALAYSIA

0.0%

Common

Stocks

0.0%

CIMB

Group

Holdings 

154,200‌

203‌

Total

Malaysia

(Cost

$181

)

203‌

MAURITIUS

0.0%

Common

Stocks

0.0%

Alphamin

Resources

(CAD) 

56,673‌

37‌

Total

Mauritius

(Cost

$36

)

37‌

MEXICO

0.3%

Common

Stocks

0.3%

Becle 

36,513‌

68‌

Corp

Inmobiliaria

Vesta (3)

29,242‌

111‌

Corp.

Inmobiliaria

Vesta,

ADR

(USD) (3)

871‌

33‌

Gruma,

Class

B 

13,735‌

257‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

282‌

83‌

Grupo

Financiero

Banorte,

Class

O 

27,542‌

280‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Grupo

Mexico,

Series

B 

66,977‌

345‌

Industrias

Penoles (1)(3)

3,361‌

44‌

Vista

Energy,

ADR

(USD) (1)

520‌

17‌

Wal-Mart

de

Mexico 

184,696‌

763‌

2,001‌

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

256‌

256‌

Total

Mexico

(Cost

$1,935

)

2,406‌

MOROCCO

0.1%

Common

Stocks

0.1%

Attijariwafa

Bank 

3,103‌

150‌

Hightech

Payment

Systems 

2,280‌

139‌

Label

Vie 

196‌

83‌

Total

Morocco

(Cost

$338

)

372‌

NETHERLANDS

1.3%

Common

Stocks

1.2%

Aalberts 

3,049‌

121‌

Adyen (1)

385‌

483‌

AerCap

Holdings

(USD) (1)

1,356‌

104‌

Akzo

Nobel (7)

10,070‌

773‌

Argenx,

ADR

(USD) (1)

867‌

330‌

ASML

Holding 

3,344‌

2,901‌

ASML

Holding

(USD) 

572‌

498‌

ASR

Nederland 

1,514‌

71‌

BE

Semiconductor

Industries 

1,476‌

222‌

DSM-Firmenich 

541‌

57‌

Heineken 

10,052‌

1,011‌

IMCD 

1,309‌

200‌

ING

Groep 

80,136‌

1,139‌

Koninklijke

Philips (1)

18,313‌

387‌

Prosus 

28,853‌

853‌

Signify 

2,492‌

75‌

Universal

Music

Group 

11,194‌

330‌

Van

Lanschot

Kempen,

CVA 

2,111‌

64‌

9,619‌

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

254‌

JDE

Peet's,

1.375%,

1/15/27

(USD) (2)

290,000‌

261‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

313‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

74‌

902‌

Total

Netherlands

(Cost

$6,946

)

10,521‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

5,045‌

73‌

Total

New

Zealand

(Cost

$14

)

73‌

NORWAY

0.3%

Common

Stocks

0.3%

DNB

Bank 

35,673‌

694‌

Equinor 

24,781‌

709‌

Norsk

Hydro 

21,474‌

126‌

Seadrill

(USD) (1)

8,339‌

360‌

Storebrand 

52,400‌

471‌

Subsea

7 

8,860‌

120‌

TGS 

16,956‌

165‌

Total

Norway

(Cost

$1,939

)

2,645‌

PAKISTAN

0.0%

Common

Stocks

0.0%

Systems 

40,274‌

57‌

Total

Pakistan

(Cost

$61

)

57‌

PANAMA

0.0%

Common

Stocks

0.0%

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E

(USD) 

2,233‌

54‌

54‌

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

24‌

24‌

Total

Panama

(Cost

$75

)

78‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PERU

0.2%

Common

Stocks

0.2%

Credicorp

(USD) 

1,651‌

245‌

InRetail

Peru

(USD) 

1,548‌

55‌

Southern

Copper

(USD) 

11,502‌

944‌

Total

Peru

(Cost

$1,106

)

1,244‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

BDO

Unibank 

141,672‌

365‌

Converge

Information

and

Communications

Technology

Solutions (1)

461,500‌

76‌

Jollibee

Foods 

64,980‌

293‌

SM

Investments 

6,360‌

101‌

Universal

Robina 

8,510‌

17‌

Total

Philippines

(Cost

$728

)

852‌

POLAND

0.0%

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

54‌

Total

Poland

(Cost

$55

)

54‌

PORTUGAL

0.2%

Common

Stocks

0.2%

Banco

Comercial

Portugues,

Class

R (1)

168,756‌

49‌

Galp

Energia 

32,262‌

508‌

Jeronimo

Martins 

29,736‌

676‌

Total

Portugal

(Cost

$884

)

1,233‌

QATAR

0.1%

Common

Stocks

0.1%

Qatar

National

Bank 

112,620‌

479‌

Total

Qatar

(Cost

$560

)

479‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ROMANIA

0.1%

Common

Stocks

0.1%

Banca

Transilvania 

48,685‌

263‌

BRD-Groupe

Societe

Generale 

13,429‌

51‌

OMV

Petrom 

1,370,423‌

173‌

Total

Romania

(Cost

$402

)

487‌

RUSSIA

0.0%

Common

Stocks

0.0%

Alrosa (4)

80,680‌

—‌

Gazprom (1)(4)

31,212‌

—‌

MMC

Norilsk

Nickel (4)

311‌

—‌

Moscow

Exchange (4)

51,640‌

—‌

Polyus (1)(4)

294‌

—‌

Total

Russia

(Cost

$481

)

—‌

SAUDI

ARABIA

0.3%

Common

Stocks

0.2%

Al

Rajhi

Bank 

8,251‌

184‌

Arabian

Internet

&

Communications

Services 

1,038‌

91‌

Nahdi

Medical 

3,484‌

131‌

Saudi

Awwal

Bank 

18,778‌

179‌

Saudi

Basic

Industries 

17,555‌

364‌

Saudi

National

Bank 

81,882‌

884‌

1,833‌

Corporate

Bonds

0.1%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD) (2)

245,000‌

244‌

244‌

Total

Saudi

Arabia

(Cost

$2,036

)

2,077‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

71,300‌

106‌

DBS

Group

Holdings 

7,700‌

182‌

Mapletree

Industrial

Trust 

31,200‌

57‌

Sea,

ADR

(USD) (1)

8,713‌

332‌

United

Overseas

Bank 

20,400‌

430‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wilmar

International 

85,100‌

209‌

Total

Singapore

(Cost

$1,272

)

1,316‌

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

10,015‌

198‌

Total

Slovenia

(Cost

$132

)

198‌

SOUTH

AFRICA

0.2%

Common

Stocks

0.2%

Anglo

American

Platinum 

2,263‌

96‌

Bid 

9,129‌

221‌

Capitec

Bank

Holdings 

4,724‌

503‌

Clicks

Group 

22,876‌

368‌

Gold

Fields 

2,389‌

35‌

Impala

Platinum

Holdings 

16,342‌

63‌

Northam

Platinum

Holdings 

12,779‌

86‌

Sibanye

Stillwater 

46,283‌

56‌

Woolworths

Holdings 

53,632‌

199‌

1,627‌

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD) (2)

200,000‌

171‌

171‌

Total

South

Africa

(Cost

$1,724

)

1,798‌

SOUTH

KOREA

0.6%

Common

Stocks

0.6%

Korea

Zinc 

106‌

38‌

KT (1)

6,484‌

172‌

KT,

ADR

(USD) (1)

6,405‌

84‌

LG

Chem 

2,172‌

704‌

Lotte

Chemical (1)

632‌

62‌

NAVER (1)

1,235‌

184‌

Samsung

Electronics 

58,083‌

3,156‌

SK

Hynix 

3,648‌

365‌

Total

South

Korea

(Cost

$3,484

)

4,765‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SPAIN

0.3%

Common

Stocks

0.3%

Aedas

Homes 

4,638‌

89‌

Amadeus

IT

Group 

15,282‌

1,071‌

Cellnex

Telecom 

1,176‌

45‌

CIE

Automotive 

2,092‌

55‌

Fluidra 

15,537‌

336‌

Iberdrola (3)

52,814‌

636‌

Laboratorios

Farmaceuticos

Rovi 

2,765‌

191‌

2,423‌

Corporate

Bonds

0.0%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

182‌

182‌

Total

Spain

(Cost

$1,965

)

2,605‌

SWEDEN

0.5%

Common

Stocks

0.5%

Assa

Abloy,

Class

B 

16,310‌

447‌

Autoliv,

SDR 

2,313‌

250‌

Beijer

Ref (3)

8,444‌

115‌

Boliden 

15,035‌

399‌

Elekta,

Class

B 

17,608‌

133‌

Essity,

Class

B 

22,374‌

525‌

Hexagon,

Class

B 

7,649‌

83‌

Millicom

International

Cellular,

SDR (1)

3,429‌

59‌

Nordnet 

6,833‌

107‌

Norva24

Group (1)

27,727‌

73‌

Olink

Holding,

ADR

(USD) (1)

3,176‌

78‌

Sandvik 

30,257‌

636‌

SSAB,

Class

A 

6,523‌

51‌

Svenska

Cellulosa,

Class

B 

21,467‌

292‌

Svenska

Handelsbanken,

Class

A 

27,885‌

301‌

Swedbank,

Class

A 

8,085‌

165‌

Telefonaktiebolaget

LM

Ericsson,

Class

B 

61,566‌

341‌

Trelleborg,

Class

B 

2,486‌

76‌

Total

Sweden

(Cost

$3,752

)

4,131‌

SWITZERLAND

1.3%

Common

Stocks

1.2%

ABB 

10,403‌

440‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Alcon 

9,740‌

733‌

ams-OSRAM (1)

31,384‌

73‌

Barry

Callebaut 

93‌

136‌

Cie

Financiere

Richemont,

Class

A 

4,855‌

721‌

DKSH

Holding 

2,131‌

149‌

Julius

Baer

Group 

12,977‌

707‌

Montana

Aerospace (1)

10,812‌

211‌

Nestle 

12,031‌

1,371‌

Novartis 

7,597‌

786‌

On

Holding,

Class

A

(USD) (1)(3)

6,543‌

174‌

Partners

Group

Holding 

282‌

380‌

Roche

Holding 

2,993‌

852‌

Sandoz

Group (1)

2,983‌

102‌

Sensirion

Holding (1)(3)

614‌

51‌

SKAN

Group 

517‌

46‌

Sonova

Holding 

1,029‌

329‌

TE

Connectivity

(USD) 

10,544‌

1,499‌

Tecan

Group 

254‌

97‌

UBS

Group 

4,972‌

149‌

Zurich

Insurance

Group 

1,056‌

537‌

9,543‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD) (2)

235,000‌

205‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD) (2)(6)

300,000‌

277‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD) (2)(6)

200,000‌

149‌

631‌

Total

Switzerland

(Cost

$7,856

)

10,174‌

TAIWAN

0.9%

Common

Stocks

0.9%

ASE

Technology

Holding 

55,000‌

238‌

Chailease

Holding 

54,080‌

299‌

King

Yuan

Electronics 

13,000‌

35‌

Largan

Precision 

1,000‌

79‌

MediaTek 

16,000‌

494‌

Taiwan

Semiconductor

Manufacturing 

263,000‌

5,265‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

4,933‌

557‌

Total

Taiwan

(Cost

$2,987

)

6,967‌

THAILAND

0.1%

Common

Stocks

0.1%

Bangkok

Dusit

Medical

Services,

NVDR 

265,900‌

206‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Bumrungrad

Hospital 

32,900‌

223‌

CP

ALL 

34,400‌

51‌

Siam

Cement 

19,900‌

151‌

Total

Thailand

(Cost

$619

)

631‌

UNITED

ARAB

EMIRATES

0.0%

Common

Stocks

0.0%

First

Abu

Dhabi

Bank 

57,343‌

229‌

Total

United

Arab

Emirates

(Cost

$157

)

229‌

UNITED

KINGDOM

2.8%

Closed-End

Mutual

Funds

0.0%

Syncona (1)

33,100‌

49‌

49‌

Common

Stocks

2.6%

Adriatic

Metals,

CDI

(AUD) (1)

74,837‌

173‌

Airtel

Africa 

2,362‌

3‌

Amcor,

CDI

(AUD) 

12,954‌

123‌

Anglo

American 

7,960‌

190‌

Ascential (1)

135,365‌

521‌

Ashtead

Group 

6,096‌

399‌

AstraZeneca 

5,943‌

788‌

AstraZeneca,

ADR

(USD) 

33,628‌

2,241‌

Auction

Technology

Group (1)

15,076‌

104‌

Barclays 

42,102‌

78‌

Big

Yellow

Group 

15,370‌

222‌

BP 

123,143‌

719‌

BP,

ADR

(USD) 

5,820‌

204‌

Bridgepoint

Group 

117,528‌

400‌

British

American

Tobacco 

2,258‌

67‌

BT

Group 

53,712‌

76‌

Bunzl 

4,840‌

197‌

Cab

Payments

Holdings (1)

50,301‌

51‌

Centamin 

30,629‌

37‌

Central

Asia

Metals 

43,602‌

92‌

Compass

Group 

15,125‌

417‌

Croda

International 

3,204‌

194‌

Derwent

London 

3,344‌

90‌

Diageo 

8,878‌

321‌

Diploma 

1,296‌

53‌

Dowlais

Group 

89,195‌

102‌

Endava,

ADR

(USD) (1)(3)

2,771‌

196‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Endeavour

Mining

(CAD) (3)

4,067‌

70‌

Experian 

12,497‌

520‌

FD

Technologies (1)

4,821‌

77‌

Funding

Circle

Holdings (1)

29,763‌

11‌

Genuit

Group 

20,865‌

112‌

Genus 

4,485‌

130‌

Georgia

Capital (1)

7,833‌

111‌

Glencore 

69,592‌

368‌

Great

Portland

Estates 

23,305‌

123‌

Greggs 

7,982‌

269‌

GSK,

ADR

(USD) 

10,040‌

396‌

Helios

Towers (1)

112,213‌

112‌

Hiscox 

11,346‌

149‌

HSBC

Holdings 

100,099‌

782‌

Immunocore

Holdings,

ADR

(USD) (1)

580‌

42‌

Imperial

Brands 

7,727‌

186‌

Informa 

28,316‌

278‌

InterContinental

Hotels

Group 

510‌

48‌

Intermediate

Capital

Group 

13,136‌

296‌

Investec 

7,759‌

51‌

IQE (1)

286,423‌

72‌

Johnson

Matthey 

6,830‌

140‌

Keywords

Studios 

9,620‌

201‌

Kingfisher 

94,354‌

262‌

Lloyds

Banking

Group 

208,711‌

112‌

London

Stock

Exchange

Group 

4,822‌

545‌

Melrose

Industries 

39,635‌

295‌

National

Grid 

23,429‌

312‌

Next 

3,010‌

321‌

Oxford

Nanopore

Technologies (1)

20,183‌

41‌

Pearson 

6,190‌

76‌

Persimmon 

17,609‌

324‌

Prudential 

41,862‌

430‌

Renishaw 

1,842‌

81‌

Rentokil

Initial 

7,379‌

38‌

Rio

Tinto 

5,359‌

371‌

Rolls-Royce

Holdings (1)

71,570‌

272‌

Rotork 

50,625‌

200‌

Segro 

8,898‌

99‌

Shell 

8,990‌

279‌

Shell,

ADR

(USD) 

5,704‌

359‌

Smith

&

Nephew 

29,836‌

417‌

Smiths

Group 

3,856‌

79‌

Spirax-Sarco

Engineering 

1,290‌

162‌

Standard

Chartered 

17,931‌

136‌

Taylor

Wimpey 

41,339‌

77‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Unilever

(EUR) 

2,234‌

109‌

Unilever 

32,939‌

1,603‌

UNITE

Group 

4,187‌

54‌

Victrex 

7,948‌

137‌

Vodafone

Group,

ADR

(USD) 

16,430‌

141‌

Watches

of

Switzerland

Group (1)

15,079‌

71‌

Weir

Group 

5,129‌

118‌

WPP 

41,365‌

400‌

Yellow

Cake (1)

1,994‌

18‌

YouGov 

19,714‌

291‌

20,832‌

Convertible

Preferred

Stocks

0.0%

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $9 (1)(4)(5)

475‌

11‌

11‌

Corporate

Bonds

0.2%

Barclays,

VR,

2.279%,

11/24/27

(USD) (6)

335,000‌

308‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

125,000‌

105‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (2)

210,000‌

191‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (6)

200,000‌

175‌

HSBC

Holdings,

VR,

7.399%,

11/13/34

(USD) (6)

200,000‌

219‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (2)

405,000‌

369‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

91‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (6)

200,000‌

182‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD) (2)(6)

320,000‌

310‌

1,950‌

Total

United

Kingdom

(Cost

$19,792

)

22,842‌

UNITED

STATES

73.2%

Asset-Backed

Securities

0.6%

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

29,788‌

30‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

139‌

ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.05%,

7/15/32 (2)

100,000‌

101‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25 (2)

105,000‌

104‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27 (2)

100,000‌

94‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

TSFR

+

1.32%,

6.634%,

4/15/35 (2)

250,000‌

250‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

85‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

139‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

TSFR

+

1.402%,

6.716%,

7/15/36 (2)

250,000‌

250‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (2)

126,100‌

114‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (2)

127,075‌

111‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

TSFR

+

1.382%,

6.749%,

5/20/34 (2)

250,000‌

250‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

A,

6.16%,

2/25/38 (2)

89,350‌

91‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

B,

6.53%,

2/25/38 (2)

89,350‌

91‌

Enterprise

Fleet

Financing,

Series

2023-2,

Class

A2,

5.56%,

4/22/30 (2)

230,000‌

231‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

200,145‌

197‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (2)

115,000‌

107‌

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

A,

4.85%,

8/15/35 (2)

185,000‌

186‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

191‌

GM

Financial

Automobile

Leasing

Trust,

Series

2023-1,

Class

C,

5.76%,

1/20/27 

180,000‌

180‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

88‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48 (2)

104,225‌

101‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28 (2)

38,185‌

37‌

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A4,

5.07%,

2/15/29 (2)

50,000‌

50‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (2)

71,255‌

68‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (2)

36,129‌

33‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (2)

124,725‌

120‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (2)

25,383‌

23‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (2)

26,902‌

25‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (2)

147,830‌

134‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (2)

60,477‌

61‌

Progress

Residential

Trust,

Series

2020-SFR1,

Class

C,

2.183%,

4/17/37 (2)

100,000‌

96‌

Progress

Residential

Trust,

Series

2024-SFR1,

Class

A,

3.35%,

2/17/41 (2)

100,000‌

93‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (2)

124,019‌

109‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31 (2)

17,500‌

17‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

TSFR

+

1.564%,

6.898%,

2/17/32 (2)

27,506‌

28‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (2)

53,766‌

52‌

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (2)

30,649‌

30‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (2)

52,196‌

48‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (2)

119,639‌

106‌

U.S.

Bank,

Series

2023-1,

Class

B,

6.789%,

8/25/32 (2)

232,539‌

234‌

4,494‌

Bond

Mutual

Funds

15.0%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.42% (8)(9)

2,088,062‌

16,224‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

5.43% (8)(9)

3,516,465‌

17,477‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.23% (8)(9)

4,693,275‌

30,929‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.85% (8)(9)

908,768‌

8,597‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.18% (8)(9)

2,604,077‌

20,312‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.13% (8)(9)

3,468,852‌

24,906‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.16% (8)(9)

271,808‌

2,291‌

120,736‌

Common

Stocks

30.7%

Acadia

Realty

Trust,

REIT 

11,035‌

188‌

Accenture,

Class

A 

1,701‌

619‌

Adobe (1)

1,055‌

652‌

Advanced

Micro

Devices (1)

3,559‌

597‌

Agilent

Technologies 

6,288‌

818‌

Airbnb,

Class

A (1)

4,223‌

609‌

Alcoa 

1,172‌

35‌

Alexandria

Real

Estate

Equities,

REIT 

955‌

115‌

Align

Technology (1)

98‌

26‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Allstate 

9,493‌

1,474‌

Alphabet,

Class

A (1)

3,926‌

550‌

Alphabet,

Class

C (1)

47,695‌

6,763‌

Amazon.com (1)

52,298‌

8,117‌

Ameren 

9,361‌

651‌

American

Express 

7,063‌

1,418‌

American

Homes

4

Rent,

Class

A,

REIT 

9,366‌

328‌

American

Tower,

REIT 

2,866‌

561‌

AMETEK 

9,529‌

1,544‌

Amgen 

4,093‌

1,286‌

Amphenol,

Class

A 

15,896‌

1,607‌

Analog

Devices 

9,444‌

1,817‌

Apollo

Global

Management 

2,175‌

218‌

Apple 

50,603‌

9,331‌

Apple

Hospitality

REIT,

REIT 

9,180‌

147‌

Applied

Materials 

11,001‌

1,807‌

Atlassian,

Class

A (1)

603‌

151‌

AutoZone (1)

325‌

898‌

AvalonBay

Communities,

REIT 

2,289‌

410‌

Baker

Hughes 

3,241‌

92‌

Ball 

1,142‌

63‌

Bank

of

America 

73,771‌

2,509‌

Berkshire

Hathaway,

Class

B (1)

7,715‌

2,961‌

BILL

Holdings (1)

3,506‌

274‌

Boeing (1)

1,339‌

283‌

Booking

Holdings (1)

524‌

1,838‌

Booz

Allen

Hamilton

Holding 

7,464‌

1,051‌

Broadcom 

517‌

610‌

Broadridge

Financial

Solutions 

3,481‌

711‌

Cadence

Design

Systems (1)

2,561‌

739‌

Camden

Property

Trust,

REIT 

1,510‌

142‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (1)(4)(5)

105‌

112‌

Carrier

Global 

16,758‌

917‌

Carvana (1)(3)

1,929‌

83‌

Caterpillar 

146‌

44‌

Cava

Group (1)

2,617‌

122‌

Cboe

Global

Markets 

3,146‌

578‌

CBRE

Group,

Class

A (1)

719‌

62‌

Celsius

Holdings (1)

944‌

47‌

Cencora 

13,697‌

3,187‌

CenterPoint

Energy 

931‌

26‌

Ceridian

HCM

Holding (1)(3)

4,603‌

320‌

CF

Industries

Holdings 

1,247‌

94‌

Charles

Schwab 

19,673‌

1,238‌

Chesapeake

Energy 

726‌

56‌

Chevron 

3,552‌

524‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Chipotle

Mexican

Grill (1)

257‌

619‌

Chubb 

5,024‌

1,231‌

Cigna

Group 

1,840‌

554‌

Cintas 

129‌

78‌

Citigroup 

7,000‌

393‌

Cleveland-Cliffs (1)

2,131‌

43‌

CME

Group 

3,302‌

680‌

Coca-Cola 

34,465‌

2,050‌

Colgate-Palmolive 

20,900‌

1,760‌

Commercial

Metals 

799‌

42‌

Confluent,

Class

A (1)

6,882‌

154‌

ConocoPhillips 

14,562‌

1,629‌

Constellation

Energy 

15,114‌

1,844‌

Corebridge

Financial 

11,229‌

271‌

Crowdstrike

Holdings,

Class

A (1)

345‌

101‌

Crown

Castle,

REIT 

1,348‌

146‌

CSX 

78,133‌

2,789‌

CubeSmart,

REIT 

5,292‌

229‌

Cummins 

7,430‌

1,778‌

Danaher 

3,585‌

860‌

Datadog,

Class

A (1)

666‌

83‌

Deere 

554‌

218‌

Diamondback

Energy 

9,861‌

1,516‌

Dollar

General 

1,764‌

233‌

Dominion

Energy 

723‌

33‌

DoorDash,

Class

A (1)

1,048‌

109‌

Douglas

Emmett,

REIT 

4,915‌

67‌

Dover 

1,055‌

158‌

East

West

Bancorp 

4,935‌

359‌

EastGroup

Properties,

REIT 

1,091‌

194‌

Elevance

Health 

8,017‌

3,956‌

Eli

Lilly 

4,884‌

3,153‌

EOG

Resources 

1,843‌

210‌

EPAM

Systems (1)

75‌

21‌

EQT 

50,291‌

1,780‌

Equinix,

REIT 

1,077‌

894‌

Equitrans

Midstream 

3,673‌

37‌

Equity

LifeStyle

Properties,

REIT 

16,664‌

1,128‌

Equity

Residential,

REIT 

6,138‌

369‌

Essex

Property

Trust,

REIT 

1,611‌

376‌

Evercore,

Class

A 

613‌

105‌

Expro

Group

Holdings (1)

2,089‌

37‌

Extra

Space

Storage,

REIT 

936‌

135‌

Exxon

Mobil 

19,430‌

1,998‌

Fair

Isaac (1)

265‌

318‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $3 (1)(4)(5)

163‌

1‌

Federal

Realty

Investment

Trust,

REIT 

263‌

27‌

FirstEnergy 

1,007‌

37‌

Fiserv (1)

17,002‌

2,412‌

FleetCor

Technologies (1)

1,729‌

501‌

FMC 

3,098‌

174‌

Fortinet (1)

3,574‌

230‌

Freeport-McMoRan 

32,654‌

1,296‌

FTI

Consulting (1)

2,051‌

393‌

Gaming

&

Leisure

Properties,

REIT 

3,051‌

139‌

GE

HealthCare

Technologies 

9,029‌

662‌

General

Dynamics 

6,698‌

1,775‌

General

Electric 

13,884‌

1,839‌

Global

Payments 

9,162‌

1,221‌

GoDaddy,

Class

A (1)

371‌

40‌

Goldman

Sachs

Group 

3,792‌

1,456‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(4)(5)

826‌

13‌

Halliburton 

73,097‌

2,606‌

Hartford

Financial

Services

Group 

3,901‌

339‌

HB

Fuller 

650‌

49‌

HCA

Healthcare 

3,162‌

964‌

Healthcare

Realty

Trust,

REIT 

6,199‌

100‌

Hess 

1,962‌

276‌

Hilton

Worldwide

Holdings 

5,604‌

1,070‌

Hologic (1)

2,278‌

170‌

Home

Depot 

4,493‌

1,586‌

Honeywell

International 

5,362‌

1,085‌

Host

Hotels

&

Resorts,

REIT 

4,863‌

93‌

Howmet

Aerospace 

2,192‌

123‌

Hubbell 

724‌

243‌

Humana 

494‌

187‌

Huntsman 

1,911‌

47‌

IDEX 

5,551‌

1,174‌

Insmed (1)

986‌

27‌

Intel 

13,700‌

590‌

International

Flavors

&

Fragrances 

737‌

59‌

Intuit 

715‌

451‌

Intuitive

Surgical (1)

2,491‌

942‌

Ivanhoe

Electric (1)

8,568‌

72‌

Johnson

&

Johnson 

6,523‌

1,037‌

JPMorgan

Chase 

24,347‌

4,245‌

Karuna

Therapeutics (1)

662‌

207‌

Kenvue 

71,969‌

1,494‌

Keurig

Dr

Pepper 

14,952‌

470‌

Kilroy

Realty,

REIT 

3,472‌

124‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kimco

Realty,

REIT 

3,477‌

70‌

Kinder

Morgan 

21,393‌

362‌

KLA 

1,870‌

1,111‌

Kosmos

Energy (1)

34,046‌

206‌

Kraft

Heinz 

1,018‌

38‌

L3Harris

Technologies 

3,280‌

684‌

Lam

Research 

1,060‌

875‌

Las

Vegas

Sands 

16,119‌

789‌

Laureate

Education 

2,800‌

35‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C (1)

3,193‌

215‌

Linde 

6,400‌

2,591‌

Louisiana-Pacific 

809‌

54‌

LPL

Financial

Holdings 

3,289‌

787‌

Lululemon

Athletica (1)

393‌

178‌

Marathon

Petroleum 

1,180‌

195‌

Marriott

International,

Class

A 

2,494‌

598‌

Marsh

&

McLennan 

7,120‌

1,380‌

Martin

Marietta

Materials 

460‌

234‌

Mastercard,

Class

A 

3,458‌

1,553‌

McDonald's 

5,453‌

1,596‌

Medtronic 

5,092‌

446‌

Merck 

16,788‌

2,028‌

Meta

Platforms,

Class

A (1)

9,211‌

3,594‌

MetLife 

24,823‌

1,721‌

Micron

Technology 

21,207‌

1,818‌

Microsoft 

39,991‌

15,900‌

Molina

Healthcare (1)

3,307‌

1,179‌

Mondelez

International,

Class

A 

32,384‌

2,438‌

MongoDB (1)

528‌

211‌

Monolithic

Power

Systems 

355‌

214‌

Morgan

Stanley 

1,899‌

166‌

MP

Materials (1)

310‌

5‌

MSCI 

82‌

49‌

Netflix (1)

4,486‌

2,531‌

Newmont 

4,633‌

160‌

Newmont,

CDI

(AUD) 

3,081‌

106‌

NextEra

Energy 

14,359‌

842‌

NIKE,

Class

B 

926‌

94‌

Noble 

1,404‌

62‌

Norfolk

Southern 

2,355‌

554‌

Norwegian

Cruise

Line

Holdings (1)(3)

14,970‌

266‌

NOV 

4,247‌

83‌

NRG

Energy 

2,611‌

138‌

Nucor 

2,432‌

455‌

NVIDIA 

13,168‌

8,102‌

NXP

Semiconductors 

8,840‌

1,861‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Old

Dominion

Freight

Line 

2,134‌

834‌

O'Reilly

Automotive (1)

662‌

677‌

Packaging

Corp.

of

America 

459‌

76‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(4)(5)

21,572‌

9‌

Pebblebrook

Hotel

Trust,

REIT 

3,610‌

55‌

PepsiCo 

3,283‌

553‌

PG&E 

2,337‌

39‌

Phillips

66 

1,772‌

256‌

Pinterest,

Class

A (1)

3,900‌

146‌

Pioneer

Natural

Resources 

1,364‌

313‌

Planet

Fitness,

Class

A (1)

4,108‌

278‌

PNC

Financial

Services

Group 

3,495‌

528‌

Procter

&

Gamble 

13,963‌

2,194‌

Progressive 

9,965‌

1,776‌

Prologis,

REIT 

11,334‌

1,436‌

Prothena (1)

479‌

14‌

Public

Storage,

REIT 

6,745‌

1,910‌

QUALCOMM 

11,187‌

1,661‌

Quanta

Services 

202‌

39‌

Quest

Diagnostics 

1,552‌

199‌

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

9/16/21,

Cost $155 (1)(4)(5)

16,193‌

5‌

Range

Resources 

30,383‌

882‌

Rayonier,

REIT 

2,559‌

78‌

Regency

Centers,

REIT 

6,600‌

414‌

Reliance

Steel

&

Aluminum 

831‌

237‌

Rexford

Industrial

Realty,

REIT 

6,915‌

364‌

Roper

Technologies 

1,544‌

829‌

Ross

Stores 

1,731‌

243‌

Royal

Gold 

707‌

81‌

RPM

International 

573‌

61‌

S&P

Global 

463‌

208‌

Saia (1)

270‌

122‌

Salesforce (1)

2,890‌

812‌

SBA

Communications,

REIT 

984‌

220‌

Schlumberger 

56,771‌

2,765‌

Service

Corp

International 

4,176‌

280‌

ServiceNow (1)

1,865‌

1,427‌

Sherwin-Williams 

956‌

291‌

Simon

Property

Group,

REIT 

4,005‌

555‌

SiteOne

Landscape

Supply (1)

659‌

102‌

SL

Green

Realty,

REIT (3)

715‌

32‌

Snowflake,

Class

A (1)

429‌

84‌

Southern 

5,215‌

363‌

Southwestern

Energy (1)

49,930‌

322‌

Steel

Dynamics 

2,764‌

334‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

STERIS 

2,475‌

542‌

Stryker 

1,776‌

596‌

Sun

Communities,

REIT 

1,308‌

164‌

Synopsys (1)

1,429‌

762‌

T-Mobile

U.S. 

16,363‌

2,638‌

Targa

Resources 

1,110‌

94‌

Target 

4,145‌

576‌

TechnipFMC 

8,726‌

169‌

Teleflex 

213‌

52‌

Tenet

Healthcare (1)

5,718‌

473‌

Terreno

Realty,

REIT 

4,678‌

279‌

Tesla (1)

4,161‌

779‌

Texas

Instruments 

7,224‌

1,157‌

Thermo

Fisher

Scientific 

5,922‌

3,192‌

TJX 

1,796‌

170‌

Toro 

721‌

67‌

Tractor

Supply 

4,201‌

944‌

TransDigm

Group 

101‌

110‌

Travelers 

7,642‌

1,615‌

Uber

Technologies (1)

11,777‌

769‌

Ulta

Beauty (1)

2,358‌

1,184‌

Union

Pacific 

3,798‌

926‌

UnitedHealth

Group 

7,283‌

3,727‌

Valero

Energy 

1,104‌

153‌

Veeva

Systems,

Class

A (1)

2,143‌

444‌

Ventas,

REIT 

6,228‌

289‌

Veralto 

3,508‌

269‌

Vertex

Pharmaceuticals (1)

1,747‌

757‌

Visa,

Class

A 

20,064‌

5,483‌

Vulcan

Materials 

308‌

70‌

Walmart 

11,526‌

1,905‌

Warrior

Met

Coal 

1,673‌

107‌

Waste

Connections 

3,044‌

473‌

Wells

Fargo 

19,654‌

986‌

Welltower,

REIT 

5,793‌

501‌

West

Pharmaceutical

Services 

507‌

189‌

Westinghouse

Air

Brake

Technologies 

12,784‌

1,682‌

Weyerhaeuser,

REIT 

22,472‌

736‌

Williams 

30,636‌

1,062‌

WillScot

Mobile

Mini

Holdings (1)

424‌

20‌

Zoetis 

3,082‌

579‌

247,572‌

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97 (1)(4)(5)

2,160‌

76‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42 (1)(4)(5)

618‌

21‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7 (1)(4)(5)

4‌

4‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52 (1)(4)(5)

6,404‌

23‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (1)(4)

(5)

348‌

26‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)(4)

(5)

927‌

68‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7 (1)(4)(5)

96‌

7‌

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

37‌

Lilac

Solutions,

Series

C-1,

Acquisition

Date:

11/21/22,

Cost $10 (1)(4)(5)

971‌

13‌

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

Biosciences,

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

103‌

931‌

Corporate

Bonds

2.8%

AbbVie,

2.95%,

11/21/26 

145,000‌

139‌

AbbVie,

4.50%,

5/14/35 

30,000‌

29‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

20‌

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35 

105,000‌

101‌

Ally

Financial,

2.20%,

11/2/28 

120,000‌

103‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

39‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

49‌

Ameren,

5.70%,

12/1/26 

185,000‌

189‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

149,876‌

132‌

American

Express,

VR,

6.489%,

10/30/31 (6)

285,000‌

308‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

254‌

American

Tower,

1.45%,

9/15/26 

355,000‌

324‌

Amphenol,

2.20%,

9/15/31 

105,000‌

87‌

Amphenol,

4.75%,

3/30/26 

25,000‌

25‌

Aon,

3.875%,

12/15/25 

25,000‌

25‌

Appalachian

Power,

4.45%,

6/1/45 

240,000‌

205‌

Apple,

3.20%,

5/11/27 

300,000‌

290‌

AT&T,

2.75%,

6/1/31 

215,000‌

188‌

Autodesk,

2.40%,

12/15/31 

135,000‌

114‌

AutoZone,

3.125%,

4/21/26 

170,000‌

164‌

AutoZone,

3.75%,

6/1/27 

70,000‌

68‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

390‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

50‌

Bank

of

America,

VR,

4.244%,

4/24/38 (6)

120,000‌

108‌

Bank

of

America,

VR,

5.08%,

1/20/27 (6)

225,000‌

224‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

54‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

103‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

176‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

25‌

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

92‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

195,000‌

187‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

75‌

Cameron

LNG,

2.902%,

7/15/31 (2)

40,000‌

35‌

Cameron

LNG,

3.701%,

1/15/39 (2)

30,000‌

26‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

119‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

78‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (2)(10)

17,000‌

15‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (2)(10)

26,000‌

23‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (2)(10)

31,000‌

28‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

337‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

50‌

Charter

Communications

Operating,

6.15%,

11/10/26 

155,000‌

158‌

Charter

Communications

Operating,

Series

USD,

4.50%,

2/1/24 

250,000‌

250‌

Cigna

Group,

3.25%,

4/15/25 

250,000‌

244‌

Citigroup,

4.45%,

9/29/27 

70,000‌

68‌

Citigroup,

VR,

3.887%,

1/10/28 (6)

315,000‌

306‌

Citigroup,

VR,

4.075%,

4/23/29 (6)

100,000‌

96‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

23‌

CNO

Global

Funding,

2.65%,

1/6/29 (2)

315,000‌

272‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

93‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

44‌

Corebridge

Financial,

4.40%,

4/5/52 

375,000‌

314‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CRH

America

Finance,

3.95%,

4/4/28 (2)

400,000‌

388‌

Crown

Castle,

2.10%,

4/1/31 

250,000‌

204‌

Crown

Castle,

3.70%,

6/15/26 

40,000‌

39‌

Crown

Castle,

4.75%,

5/15/47 

30,000‌

27‌

CVS

Health,

2.70%,

8/21/40 

540,000‌

381‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

15‌

Elevance

Health,

4.101%,

3/1/28 

130,000‌

128‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

18‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

121‌

ERAC

USA

Finance,

5.40%,

5/1/53 (2)

300,000‌

312‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

113‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

14‌

Experian

Finance,

2.75%,

3/8/30 (2)

200,000‌

176‌

Extra

Space

Storage,

4.00%,

6/15/29 

145,000‌

138‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

71‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (2)

65,000‌

64‌

Fiserv,

3.20%,

7/1/26 

100,000‌

96‌

Florida

Gas

Transmission,

4.35%,

7/15/25 (2)

215,000‌

212‌

Ford

Motor

Credit,

7.122%,

11/7/33 

200,000‌

214‌

GATX,

6.90%,

5/1/34 

270,000‌

298‌

General

Motors,

4.00%,

4/1/25 

55,000‌

54‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

274‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

13‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

295‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

112‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

15‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

11‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (6)

200,000‌

168‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (6)

130,000‌

96‌

Hasbro,

3.00%,

11/19/24 

150,000‌

147‌

HCA,

4.125%,

6/15/29 

235,000‌

222‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

28‌

Healthpeak,

2.125%,

12/1/28 

80,000‌

70‌

Healthpeak,

2.875%,

1/15/31 

45,000‌

39‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (2)

100,000‌

95‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

249‌

Humana,

5.95%,

3/15/34 

110,000‌

116‌

Hyundai

Capital

America,

1.30%,

1/8/26 (2)

145,000‌

134‌

Hyundai

Capital

America,

1.65%,

9/17/26 (2)

180,000‌

165‌

Hyundai

Capital

America,

1.80%,

10/15/25 (2)

55,000‌

52‌

Hyundai

Capital

America,

2.00%,

6/15/28 (2)

235,000‌

207‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

123‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

73‌

Interpublic

Group

of

Companies,

5.375%,

6/15/33 

410,000‌

416‌

IQVIA,

6.25%,

2/1/29 (2)

50,000‌

52‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (6)

235,000‌

218‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (6)

160,000‌

140‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

56‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

228‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

39‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

23‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

15‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

49‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (2)

20,000‌

18‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

289‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

283‌

Mars,

4.75%,

4/20/33 (2)

125,000‌

125‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

114‌

McDonald's,

1.45%,

9/1/25 

65,000‌

62‌

McKesson,

5.25%,

2/15/26 

370,000‌

370‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

100‌

Met

Tower

Global

Funding,

1.25%,

9/14/26 (2)

245,000‌

224‌

Micron

Technology,

4.185%,

2/15/27 

181,000‌

177‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (2)

110,000‌

107‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

165‌

Moody's,

2.00%,

8/19/31 

335,000‌

275‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

40‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

266‌

NiSource,

3.49%,

5/15/27 

215,000‌

207‌

NiSource,

3.95%,

3/30/48 

105,000‌

84‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

25‌

Nucor,

2.70%,

6/1/30 

70,000‌

63‌

Nucor,

3.95%,

5/1/28 

130,000‌

127‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

49‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

139‌

O'Reilly

Automotive,

5.75%,

11/20/26 

35,000‌

36‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

402‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

275,000‌

249‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

338‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

196‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

75‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

50,000‌

50‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

22‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

136‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

34‌

Public

Storage

Operating,

1.95%,

11/9/28 

150,000‌

134‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

63‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

34‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

221‌

Revvity,

1.90%,

9/15/28 

230,000‌

200‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

55‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

49‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

49‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (6)

135,000‌

122‌

SBA

Tower

Trust,

2.836%,

1/15/25 (2)

250,000‌

242‌

Sempra,

3.30%,

4/1/25 

185,000‌

181‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

193‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

290‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

44‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

170‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

372‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

74‌

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

43‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

13‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

13‌

TJX,

1.60%,

5/15/31 

55,000‌

45‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

22‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

9‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

2,767‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

262,044‌

234‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

39‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

23‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

219‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

128‌

Wells

Fargo,

VR,

5.389%,

4/24/34 (6)

410,000‌

414‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

40‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

156‌

WP

Carey,

3.85%,

7/15/29 

115,000‌

109‌

22,843‌

Equity

Mutual

Funds

8.3%

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class (9)

2,163,950‌

44,880‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (9)

2,334,528‌

21,711‌

66,591‌

Municipal

Securities

0.3%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

238‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

44‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

185‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

173‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

313‌

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39 

180,000‌

184‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

15‌

Los

Angeles

Airport,

Series

C,

Build

America,

7.053%,

5/15/40 

15,000‌

18‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

148‌

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

132‌

Metropolitan

Transportation

Auth.,

Series

A-1,

Build

America,

5.871%,

11/15/39 

15,000‌

16‌

Miami-Dade

County

Transit

System,

Series

B,

Build

America,

5.624%,

7/1/40 

160,000‌

167‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

75‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

125,000‌

141‌

New

York

State

Dormitory

Auth.,

Series

F,

Build

America,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

16‌

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

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

24‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

103‌

2,052‌

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)

66,611‌

57‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (2)

21,826‌

19‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (2)

60,304‌

50‌

Angel

Oak

Mortgage

Trust,

Series

2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (2)

219,443‌

215‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (2)

78,209‌

68‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.607%,

11/15/34 (2)

50,000‌

8‌

Benchmark

Mortgage

Trust,

Series

2023-V3,

Class

A3,

ARM,

6.363%,

7/15/56 

145,000‌

153‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44 (2)

150,000‌

118‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

6.451%,

10/15/36 (2)

225,000‌

218‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (2)

100,000‌

63‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

52‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

71‌

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62 (2)

219,484‌

200‌

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)

56,752‌

48‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.754%,

11/15/37 (2)

137,619‌

137‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

39‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

58‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

97‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

6.245%,

11/25/41 (2)

23,700‌

24‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.345%,

12/25/41 (2)

25,323‌

25‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.644%,

5/25/43 (2)

173,018‌

177‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (2)

16,179‌

15‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.827%,

7/15/38 (2)

91,607‌

91‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K068,

Class

A1,

2.952%,

2/25/27 

17,241‌

17‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K137,

Class

A2,

ARM,

2.347%,

11/25/31 

860,000‌

741‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

370,000‌

350‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

285,000‌

284‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K753,

Class

A2,

4.40%,

10/25/30 

405,000‌

403‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36 (2)

165,000‌

160‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (2)

5,594‌

5‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.769%,

12/10/40 (2)

100,000‌

81‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.947%,

7.28%,

12/15/36 (2)

70,000‌

70‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

24‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

61‌

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 

41,719‌

40‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (2)

100,000‌

86‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (2)

32,583‌

29‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (2)

38,585‌

35‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

6.00%,

8/25/50 (2)

8,766‌

8‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (2)

15,583‌

14‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.548%,

4/15/38 (2)

213,914‌

212‌

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

34‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

82‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

147‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (2)

97,748‌

100‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (2)

131,863‌

110‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

TSFR

+

2.109%,

7.443%,

11/15/38 (2)

295,000‌

232‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.55%,

10/25/59 (2)

8,951‌

9‌

OBX

Trust,

Series

2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (2)

96,336‌

99‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.189%,

12/25/49 (2)

185,604‌

153‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (2)

6,244‌

6‌

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.947%,

5/15/38 (2)

110,000‌

102‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (2)

1,577‌

2‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (2)

22,485‌

21‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.445%,

10/25/33 (2)

60,000‌

61‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.195%,

11/25/41 (2)

105,481‌

105‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (2)

14,360‌

14‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59 (2)

14,943‌

14‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (2)

30,181‌

29‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (2)

32,874‌

29‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66 (2)

221,649‌

192‌

Verus

Securitization

Trust,

Series

2023-7,

Class

A2,

CMO,

STEP,

7.272%,

10/25/68 (2)

106,639‌

109‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (2)

115,253‌

115‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

40‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

97‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

73‌

6,703‌

Private

Investment

Companies

7.6%

Blackstone

Partners

Offshore

Fund,

Series

E1 (4)

25,981‌

61,579‌

61,579‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

7.0%

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

532‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

1,310,000‌

898‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

580,000‌

410‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

1,215,000‌

745‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

2,490,000‌

1,588‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

230‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

2,245,000‌

1,505‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

108‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

52‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 (11)

4,915,000‌

3,748‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

452‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

322‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

352‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

176‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

590‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

119‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

800,000‌

634‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

248‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

509‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

220,000‌

193‌

U.S.

Treasury

Bonds,

3.625%,

8/15/43 

55,000‌

50‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

80,000‌

72‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

1,265,000‌

1,136‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

557‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

605,000‌

569‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

105,000‌

99‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

150,000‌

144‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

500,000‌

546‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

102,369‌

63‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

273,497‌

177‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

286,736‌

224‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

420,434‌

342‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

242,825‌

191‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

80,215‌

65‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

140,703‌

113‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

164,730‌

132‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

160,996‌

144‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53 

653,244‌

585‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/25 

224,670‌

218‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

3,767,645‌

3,648‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

1,233,790‌

1,179‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

3,747,199‌

3,543‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

412,836‌

372‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

484,297‌

463‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

216,274‌

207‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

324,611‌

315‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

765,546‌

705‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

5,018,694‌

4,914‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.75%,

1/15/34 

2,084,084‌

2,095‌

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28 

3,745,529‌

3,873‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

341‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

106‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

1,710,000‌

1,585‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 

1,035,000‌

856‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

2,150,000‌

1,914‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 (11)

2,720,000‌

2,554‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

314‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

220,000‌

215‌

U.S.

Treasury

Notes,

3.375%,

5/15/33 

345,000‌

330‌

U.S.

Treasury

Notes,

3.50%,

2/15/33 

50,000‌

48‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

645,000‌

638‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Notes,

3.875%,

4/30/25 

375,000‌

372‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

725,000‌

727‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

2,220,000‌

2,233‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

1,440,000‌

1,449‌

U.S.

Treasury

Notes,

4.375%,

11/30/28 

1,305,000‌

1,334‌

56,328‌

Total

United

States

(Cost

$505,282

)

589,829‌

VIETNAM

0.3%

Common

Stocks

0.3%

Airports

Corp.

of

Vietnam (1)

2,900‌

9‌

Asia

Commercial

Bank 

284,971‌

323‌

Bank

for

Foreign

Trade

of

Vietnam (1)

86,481‌

313‌

Binh

Minh

Plastics 

12,300‌

52‌

FPT 

120,116‌

501‌

FPT

Digital

Retail 

13,195‌

62‌

Hoa

Phat

Group (1)

454,600‌

515‌

Khang

Dien

House

Trading

&

Investment (1)

24,134‌

30‌

Military

Commercial

Joint

Stock

Bank 

161,042‌

155‌

Mobile

World

Investment 

44,000‌

81‌

Nam

Long

Investment 

31,866‌

50‌

Phu

Nhuan

Jewelry 

38,600‌

154‌

Saigon

Beer

Alcohol

Beverage 

22,500‌

52‌

Vietnam

Dairy

Products 

46,800‌

128‌

Vietnam

Engine

&

Agricultural

Machinery 

117,300‌

176‌

Vincom

Retail (1)

142,400‌

131‌

Total

Vietnam

(Cost

$2,233

)

2,732‌

SHORT-TERM

INVESTMENTS

1.4%

Money

Market

Funds

1.4%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38% (9)(12)

11,597,436‌

11,597‌

Total

Short-Term

Investments

(Cost

$11,597)

11,597‌

SECURITIES

LENDING

COLLATERAL

0.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (9)(12)

1,563,092‌

1,563‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,563‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (9)(12)

1,503,033‌

1,503‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,503‌

Total

Securities

Lending

Collateral

(Cost

$3,066)

3,066‌

Total

Investments

in

Securities

100.1%

(Cost

$682,743)

$

806,146‌

Other

Assets

Less

Liabilities

(0.1)%

(594)

Net

Assets

100.0%

$

805,552‌

‡

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

$14,841

and

represents

1.8%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

January

31,

2024.

(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

$1,530

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)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

January

31,

2024.

(8)

SEC

30-day

yield

(9)

Affiliated

Companies

(10)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(11)

At

January

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(12)

Seven-day

yield

T.

ROWE

PRICE

Global

Allocation

Fund

48

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

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

NVDR

Non-Voting

Depositary

Receipts

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

49

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

Akzo

Nobel,

Call,

2/16/24

@

76.00

(EUR)

1

7

—‌

Morgan

Stanley

Daimler

Truck

Holding,

Call,

2/16/24

@

35.00

(EUR)

2

7

—‌

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

2/16/24

@

$78.00

1,057

8,190

(15‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

2/16/24

@

$77.00

906

7,020

(13‌)

Morgan

Stanley

S&P

500

Index,

Call,

3/15/24

@

$4,900.00

82

39,734

(520‌)

Total

Options

Written

(Premiums

$(804))

$

(548‌)

T.

ROWE

PRICE

Global

Allocation

Fund

50

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Barclays

Bank

2/29/24

USD

158‌

ILS

583‌

$

(2‌)

BNP

Paribas

2/29/24

USD

1,330‌

DKK

9,144‌

2‌

Deutsche

Bank

2/29/24

USD

868‌

HKD

6,781‌

—‌

JPMorgan

Chase

2/29/24

USD

79‌

NZD

129‌

—‌

NatWest

Bank

2/29/24

USD

262‌

NOK

2,726‌

2‌

State

Street

2/29/24

USD

3,061‌

AUD

4,636‌

16‌

State

Street

2/29/24

USD

4,053‌

CHF

3,481‌

6‌

State

Street

2/29/24

USD

13,326‌

EUR

12,308‌

8‌

State

Street

2/29/24

USD

5,976‌

GBP

4,706‌

11‌

State

Street

2/29/24

USD

8,894‌

JPY

1,308,819‌

(42‌)

State

Street

2/29/24

USD

1,273‌

SEK

13,321‌

(9‌)

State

Street

2/29/24

USD

511‌

SGD

685‌

—‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(8‌)

T.

ROWE

PRICE

Global

Allocation

Fund

51

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

54

MSCI

EAFE

Index

contracts

3/24

(6,029)

$

(174‌)

Long,

68

S&P

500

E-Mini

Index

contracts

3/24

16,560

(1‌)

Long,

27

U.S.

Treasury

Long

Bond

contracts

3/24

3,303

160‌

Long,

29

U.S.

Treasury

Notes

five

year

contracts

3/24

3,143

67‌

Long,

11

U.S.

Treasury

Notes

ten

year

contracts

3/24

1,236

18‌

Long,

8

U.S.

Treasury

Notes

two

year

contracts

3/24

1,645

4‌

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

3/24

388

26‌

Short,

11

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/24

(1,286)

(37‌)

Net

payments

(receipts)

of

variation

margin

to

date

(359‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(296‌)

T.

ROWE

PRICE

Global

Allocation

Fund

52

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

January

31,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.42% 

$

(48‌)

$

(226‌)

$

166‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

5.43% 

(264‌)

1,429‌

275‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.23% 

(617‌)

3,054‌

453‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.85% 

(3‌)

139‌

193‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.18% 

(139‌)

1,478‌

338‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

1,535‌

6,424‌

340‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.13% 

(461‌)

2,355‌

183‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.16% 

—‌

115‌

17‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

—‌

(787‌)

1,347‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38%

—‌

—‌

142‌

Affiliates

not

held

at

period

end

—‌

—‌

10‌

Totals

$

3‌#

$

13,981‌

$

3,464‌+

T.

ROWE

PRICE

Global

Allocation

Fund

53

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

01/31/24

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.42% 

$

16,583‌

$

165‌

$

298‌

$

16,224‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

5.43% 

17,787‌

275‌

2,014‌

17,477‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.23% 

30,341‌

452‌

2,918‌

30,929‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.85% 

8,369‌

192‌

103‌

8,597‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.18% 

19,635‌

338‌

1,139‌

20,312‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

42,331‌

1,697‌

5,572‌

44,880‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.13% 

24,329‌

183‌

1,961‌

24,906‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.16% 

2,159‌

17‌

—‌

2,291‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

21,151‌

1,347‌

—‌

21,711‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

3,057‌

 ¤

 ¤

3,066‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38%

18,210‌

 ¤

 ¤

11,597‌

Total

$

201,990‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$1,357

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$3,464

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

$219,314.

T.

ROWE

PRICE

Global

Allocation

Fund

Unaudited

Notes

to

the

Portfolio

of

Investments

54

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

55

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

56

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

57

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

January

31,

2024

(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

$

—‌

$

102,891‌

$

—‌

$

102,891‌

Bond

Mutual

Funds

120,736‌

—‌

—‌

120,736‌

Closed-End

Mutual

Funds

—‌

68‌

—‌

68‌

Common

Stocks

266,224‌

171,150‌

156‌

437,530‌

Convertible

Preferred

Stocks

—‌

—‌

1,374‌

1,374‌

Equity

Mutual

Funds

66,591‌

—‌

—‌

66,591‌

Preferred

Stocks

—‌

714‌

—‌

714‌

Private

Investment

Companies

—‌

—‌

61,579‌

61,579‌

Short-Term

Investments

11,597‌

—‌

—‌

11,597‌

Securities

Lending

Collateral

3,066‌

—‌

—‌

3,066‌

Total

Securities

468,214‌

274,823‌

63,109‌

806,146‌

Forward

Currency

Exchange

Contracts

—‌

45‌

—‌

45‌

Futures

Contracts*

275‌

—‌

—‌

275‌

Total

$

468,489‌

$

274,868‌

$

63,109‌

$

806,466‌

Liabilities

Options

Written

$

—‌

$

548‌

$

—‌

$

548‌

Forward

Currency

Exchange

Contracts

—‌

53‌

—‌

53‌

Futures

Contracts*

212‌

—‌

—‌

212‌

Total

$

212‌

$

601‌

$

—‌

$

813‌

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

58

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

January

31,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

January

31,

2024,

totaled $1,651,000 for

the

period ended

January

31,

2024.

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

10/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

1/31/24

Investment

in

Securities

Common

Stocks

$

156‌

$

13‌

$

—‌

$

(13‌)

$

156‌

Convertible

Preferred

Stocks

1,372‌

2‌

10‌

(10‌)

1,374‌

Private

Investment

Companies

59,932‌

1,647‌

—‌

—‌

61,579‌

Total

$

61,460‌

$

1,662‌

$

10‌

$

(23‌)

$

63,109‌

T.

ROWE

PRICE

Global

Allocation

Fund

59

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

156

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Relative

value

—#

—#

—#

Probability

for

potential

outcome

20%

20%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–

11.3x

8.1x

Increase

Gross

profit

growth

rate

24%

24%

Increase

Enterprise

value

to

sales

multiple

1.7x

–

9.2x

5.0x

Increase

Sales

growth

rate

23%

23%

Increase

Discount

for

liquidation

preference

—#

—#

Increase

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,374

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

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**

Premium

for

conversion

ratio

rights

—#

—#

—#

Market

comparable

Enterprise

value

to

gross

profit

multiple

9.5x

–

11.3x

10.4x

Increase

Gross

profit

growth

rate

23%

-

24%

23%

Increase

Enterprise

value

to

sales

multiple

3.0x

–

9.2x

8.2x

Increase

Sales

growth

rate

7%

-

24%

22%

Increase

Projected

enterprise

value

to

sales

multiple

1.9x

–

5.1x

2.5x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

–

8.4x

7.6x

Increase

Projected

enterprise

value

to

EBIT

multiple

9.1x

–

12.9x

11.0x

Increase

EBIT

growth

rate

25%

25%

Increase

Discount

rate

for

cost

of

capital

15%

-

30%

27%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

61,579

Rollforward

of

Investee

NAV

Estimated

return

1.47%

1.47%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

61

+

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

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics 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

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.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

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.

F154-054Q1

01/24