UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22810
T. Rowe Price Global Allocation Fund, Inc.
(Exact name of registrant as specified in charter)
100 East Pratt Street, Baltimore, MD 21202
(Address of principal executive offices)
David Oestreicher
100 East Pratt Street, Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: (410) 345-2000
Date of fiscal year end: October 31
Date of reporting period: April 30, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPGAX
Global
Allocation
Fund
–
.
PAFGX
Global
Allocation
Fund–
.
Advisor Class
TGAFX
Global
Allocation
Fund–
.
I Class
T.
ROWE
PRICE
Global
Allocation
Fund
Go
Paperless
Going
paperless
offers
a
host
of
benefits,
which
include:
Timely
delivery
of
important
documents
Convenient
access
to
your
documents
anytime,
anywhere
Strong
security
protocols
to
safeguard
sensitive
data
Waive
your
account
service
fee
by
going
paperless.*
To
Enroll:
˃
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you
invest
directly
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T.
Rowe
Price,
go
to
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.
If
you
invest
through
a
financial
intermediary
such
as
an
investment
advisor,
a
bank,
or
a
brokerage
firm,
please
contact
that
organization
and
ask
if
it
can
provide
electronic
documentation.
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/
help/fees-and-minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Global
Allocation
Fund
Market
Commentary
Dear
Shareholder
Major
global
stock
and
bond
indexes
produced
positive
results
during
the
first
half
of
your
fund’ s
fiscal
year,
the
six-month
period
ended
April
30,
2024.
Investor
sentiment
was
bolstered
by
rising
hopes
at
the
end
of
2023
that
central
banks
would
be
able
to
cut
interest
rates
soon;
however,
stronger-than-expected
inflation
data
in
the
first
quarter
of
2024
contributed
to
a
downturn
in
April
that
offset
some
of
the
strong
gains
recorded
earlier
in
the
period.
Growth
stocks
outperformed
value
shares
over
the
six-month
period,
and
stocks
in
developed
markets
generally
outpaced
their
counterparts
in
emerging
markets.
Currency
movements
were
mixed
over
the
period— a
weaker
U.S.
dollar
versus
some
major
European
currencies
was
beneficial
for
U.S.
investors
in
European
securities,
while
a
downturn
in
the
Japanese
yen
had
the
reverse
effect.
Technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments
and
produced
some
of
the
strongest
results
in
the
equity
market.
Within
the
U.S.-focused
S&P
500
Index,
the
communication
services,
financials, information
technology,
and
industrials sectors
all
recorded
strong
gains,
while
returns
for
energy
companies
were
more
muted
as
oil
prices
dipped
at
the
end
of
2023
before
rebounding
in
the
new
year.
U.S.
Treasury
yields
finished
the
period
lower,
which
supported
broadly
positive
results
in
the
fixed
income
market.
High
yield
corporate
bonds
produced
some
of
the
strongest
returns,
aided
by
the
higher
coupons
that
have
become
available
since
the
Fed
began
hiking
rates
about
two
years
ago,
as
well
as
strength
in
the
economy
that
kept
default
expectations
at
low
levels.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
although
first-quarter
gross
domestic
product
growth— according
to
a
preliminary
estimate— slowed
from
the
level
reported
at
the
end
of
2023.
Meanwhile,
after
flirting
with
a
recession
late
last
year,
growth
in
the
eurozone
appeared
to
be
healthier
in
the
latest
reports,
and
China’ s
economy
showed
signs
of
recovery
after
a
sluggish
performance
in
2023.
T.
ROWE
PRICE
Global
Allocation
Fund
The
positive
economic
news
aided
investor
sentiment
following
widespread
expectations
for
a
downturn
last
year.
But
the
outlook
for
monetary
policy
as
global
central
banks
continued
their
fight
against
inflation
was
more
difficult
to
decipher.
After
significant
progress
in
reducing
the
rate
of
price
increases—
12-month
consumer
price
index
inflation
dropped
from
6.4%
to
3.3%
over
the
course
of
2023— Federal
Reserve
policymakers
helped
boost
sentiment
when
their
year-end
economic
projections
indicated
that
three
quarter-point
interest
rate
cuts
were
likely
in
2024,
up
from
the
two
they
had
forecast
previously.
However,
with
inflation
improvements
stalling
so
far
this
year,
Fed
officials
indicated
that
they
will
take
a
patient
approach
to
loosening
monetary
policy,
a
message
that
weighed
on
markets
near
the
end
of
our
reporting
period.
Outside
the
U.S.,
the
European
Central
Bank was
also
facing
sticky
inflation,
but
officials
indicated
that
they
would
like
to
begin
cutting
rates
soon
if
upcoming
reports
are
favorable.
Meanwhile,
moving
in
the
other
direction,
the
Bank
of
Japan
lifted
short-term
interest
rates
from
negative
territory
for
the
first
time
in
over
seven
years
following
a
long
campaign
against
disinflation,
although
Japan’ s
monetary
policy
remains
among
the
most
accommodative
in
the
world.
Global
economies
have
displayed
continued
resilience
in
the
year-to-date
period,
but
risks
remain
as
we
look
ahead.
Elevated
geopolitical
tensions,
uncertainty
about
the
path
of
monetary
policy,
and
fading
fiscal
stimulus
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Global
Allocation
Fund
Portfolio
Summary
*
Includes
the
cash
underlying
futures
positions.
T.
ROWE
PRICE
Global
Allocation
Fund
*
Sources:
Credit
ratings
for
the
securities
held
in
the
fund
are
provided
by
Moody’ s,
Standard
&
Poor’ s,
and
Fitch
and
are
converted
to
the
Standard
&
Poor’ s
nomenclature.
If
the
rating
agencies
differ,
the
highest
rating
is
applied
to
the
security.
If
a
rating
is
not
available,
the
security
is
classified
as
Not
Rated.
T.
Rowe
Price
uses
the
rating
of
the
underlying
investment
vehicle
to
determine
the
creditworthiness
of
credit
default
swaps
and
sovereign
securities.
The
fund
is
not
rated
by
any
agency.
**
U.S.
government
agency
securities
are
issued
or
guaranteed
by
a
U.S.
government
agency
and
may
include
conventional
pass-through
securities
and
collateralized
mortgage
obligations;
unlike
Treasuries,
government
agency
securities
are
not
issued
directly
by
the
U.S.
government
and
are
generally
unrated
but
may
have
credit
support
from
the
U.S.
Treasury
(e.g.,
FHLMC
and
FNMA
issues)
or
a
direct
government
guarantee
(e.g.,
GNMA
issues).
Therefore,
this
category
may
include
rated
and
unrated
securities.
***
U.S.
Treasury
securities
are
issued
by
the
U.S.
Treasury
and
are
backed
by
the
full
faith
and
credit
of
the
U.S.
government.
The
ratings
of
U.S.
Treasury
securities
are
derived
from
the
ratings
on
the
U.S.
government.
BOND
PORTFOLIO
PROFILE
Periods
Ended
10/31/23
4/30/24
Weighted
Average
Effective
Duration
(years)
5.4
5.5
Weighted
Average
Maturity
(years)
8.2
8.2
Credit
Quality
Diversification*
U.S.
Government
Agencies**
0.6%
0.8%
U.S.
Treasuries***
24.5
25.8
AAA
5.4
5.3
AA
6.7
5.2
A
14.4
15.2
BBB
22.6
21.0
BB
and
Below
25.0
25.8
Not
Rated
0.8
0.9
Total
100.0%
100.0%
T.
ROWE
PRICE
Global
Allocation
Fund
Note:
Copyright
©
2024
Fitch
Ratings,
Inc.,
Fitch
Ratings
Ltd.
and
its
subsidiaries.
Note:
©
2024,
Moody’ s
Corporation,
Moody’ s
Investors
Service,
Inc.,
Moody’ s
Analytics,
Inc.
and/or
their
licensors
and
affiliates
(collectively,
“ Moody’ s” ).
All
rights
reserved.
Moody’ s
ratings
and
other
information
(“ Moody’ s
Information” )
are
proprietary
to
Moody’ s
and/
or
its
licensors
and
are
protected
by
copyright
and
other
intellectual
property
laws.
Moody’ s
Information
is
licensed
to
Client
by
Moody’ s.
MOODY’ S
INFORMATION
MAY
NOT
BE
COPIED
OR
OTHERWISE
REPRODUCED,
REPACKAGED,
FURTHER
TRANSMITTED,
TRANSFERRED,
DISSEMINATED,
REDISTRIBUTED
OR
RESOLD,
OR
STORED
FOR
SUBSEQUENT
USE
FOR
ANY
SUCH
PURPOSE,
IN
WHOLE
OR
IN
PART,
IN
ANY
FORM
OR
MANNER
OR
BY
ANY
MEANS
WHATSOEVER,
BY
ANY
PERSON
WITHOUT
MOODY’ S
PRIOR
WRITTEN
CONSENT.
Moody's
®
is
a
registered
trademark.
Note:
Copyright
©
2024,
S&P
Global
Market
Intelligence
(and
its
affiliates,
as
applicable).
Reproduction
of
any
information,
data
or
material,
including
ratings
(“ Content” )
in
any
form
is
prohibited
except
with
the
prior
written
permission
of
the
relevant
party. Such
party,
its
affiliates
and
suppliers
(“ Content
Providers” )
do
not
guarantee
the
accuracy,
adequacy,
completeness,
timeliness
or
availability
of
any
Content
and
are
not
responsible
for
any
errors
or
omissions
(negligent
or
otherwise),
regardless
of
the
cause,
or
for
the
results
obtained
from
the
use
of
such
Content.
In
no
event
shall
Content
Providers
be
liable
for
any
damages,
costs,
expenses,
legal
fees,
or
losses
(including
lost
income
or
lost
profit
and
opportunity
costs)
in
connection
with
any
use
of
the
Content.
A
reference
to
a
particular
investment
or
security,
a
rating
or
any
observation
concerning
an
investment
that
is
part
of
the
Content
is
not
a
recommendation
to
buy,
sell
or
hold
such
investment
or
security,
does
not
address
the
appropriateness
of
an
investment
or
security
and
should
not
be
relied
on
as
investment
advice.
Credit
ratings
are
statements
of
opinions
and
are
not
statements
of
fact.
T.
ROWE
PRICE
Global
Allocation
Fund
Taiwan
Semiconductor
Manufacturing
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund
T.
Rowe
Price
International
Bond
Fund
–
I
Class
T.
Rowe
Price
Institutional
High
Yield
Fund
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
–
I
Class
T.
Rowe
Price
Dynamic
Global
Bond
Fund
–
I
Class
T.
Rowe
Price
Institutional
Floating
Rate
Fund
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
–
I
Class
Federal
Home
Loan
Mortgage
Corp
–
Mortgages
PORTFOLIO
HIGHLIGHTS
LARGEST
HOLDINGS
Stocks
Percent
of
Net
Assets
4/30/24
Bonds
Percent
of
Net
Assets
4/30/24
Note:
The
information
shown
does
not
reflect
any
exchange-traded
funds
(ETFs),
cash
reserves,
or
collateral
for
securities
lending
that
may
be
held
in
the
portfolio.
T.
ROWE
PRICE
Global
Allocation
Fund
FUND
EXPENSE
EXAMPLE
As
a
mutual
fund
shareholder,
you
may
incur
two
types
of
costs:
(1)
transaction
costs,
such
as
redemption
fees
or
sales
loads,
and
(2)
ongoing
costs,
including
management
fees,
distribution
and
service
(12b-1)
fees,
and
other
fund
expenses.
The
following
example
is
intended
to
help
you
understand
your
ongoing
costs
(in
dollars)
of
investing
in
the
fund
and
to
compare
these
costs
with
the
ongoing
costs
of
investing
in
other
mutual
funds.
The
example
is
based
on
an
investment
of
$1,000
invested
at
the
beginning
of
the
most
recent
six-month
period
and
held
for
the
entire
period.
Please
note
that
the
fund
has
three
share
classes:
The
original
share
class
(Investor
Class)
charges
no
distribution
and
service
(12b-1)
fee,
the
Advisor
Class
shares
are
offered
only
through
unaffiliated
brokers
and
other
financial
intermediaries
and
charge
a
0.25%
12b-1
fee,
and
I
Class
shares
are
available
to
institutionally
oriented
clients
and
impose
no
12b-1
or
administrative
fee
payment.
Each
share
class
is
presented
separately
in
the
table.
Actual
Expenses
The
first
line
of
the
following
table
(Actual)
provides
information
about
actual
account
values
and
expenses
based
on
the
fund’ s
actual
returns.
You
may
use
the
information
on
this
line,
together
with
your
account
balance,
to
estimate
the
expenses
that
you
paid
over
the
period.
Simply
divide
your
account
value
by
$1,000
(for
example,
an
$8,600
account
value
divided
by
$1,000
=
8.6),
then
multiply
the
result
by
the
number
on
the
first
line
under
the
heading
“ Expenses
Paid
During
Period”
to
estimate
the
expenses
you
paid
on
your
account
during
this
period.
Hypothetical
Example
for
Comparison
Purposes
The
information
on
the
second
line
of
the
table
(Hypothetical)
is
based
on
hypothetical
account
values
and
expenses
derived
from
the
fund’ s
actual
expense
ratio
and
an
assumed
5%
per
year
rate
of
return
before
expenses
(not
the
fund’ s
actual
return).
You
may
compare
the
ongoing
costs
of
investing
in
the
fund
with
other
funds
by
contrasting
this
5%
hypothetical
example
and
the
5%
hypothetical
examples
that
appear
in
the
shareholder
reports
of
the
other
funds.
The
hypothetical
account
values
and
expenses
may
not
be
used
to
estimate
the
actual
ending
account
balance
or
expenses
you
paid
for
the
period.
Note:
T.
Rowe
Price
charges
an
annual
account
service
fee
of
$20,
generally
for
accounts
with
less
than
$10,000.
The
fee
is
waived
for
any
investor
whose
T.
Rowe
Price
mutual
fund
accounts
total
$50,000
or
more;
accounts
electing
to
receive
electronic
delivery
of
account
statements,
transaction
confirmations,
prospectuses,
and
shareholder
reports;
or
accounts
of
an
investor
who
is
a
T.
Rowe
Price
Personal
Services
or
Enhanced
Personal
Services
client
(enrollment
in
these
programs
generally
requires
T.
Rowe
Price
assets
of
at
least
$250,000).
This
fee
is
not
included
in
the
accompanying
table.
If
you
are
subject
to
the
fee,
keep
it
in
mind
when
you
are
estimating
the
ongoing
expenses
of
investing
in
the
fund
and
when
comparing
the
expenses
of
this
fund
with
other
funds.
T.
ROWE
PRICE
Global
Allocation
Fund
You
should
also
be
aware
that
the
expenses
shown
in
the
table
highlight
only
your
ongoing
costs
and
do
not
reflect
any
transaction
costs,
such
as
redemption
fees
or
sales
loads.
Therefore,
the
second
line
of
the
table
is
useful
in
comparing
ongoing
costs
only
and
will
not
help
you
determine
the
relative
total
costs
of
owning
different
funds.
To
the
extent
a
fund
charges
transaction
costs,
however,
the
total
cost
of
owning
that
fund
is
higher.
GLOBAL
ALLOCATION
FUND
Beginning
Account
Value
11/1/23
Ending
Account
Value
4/30/24
Expenses
Paid
During
Period*
11/1/23
to
4/30/24
Investor
Class
Actual
$1,000.00
$1,139.50
$4.10
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.03
3.87
Advisor
Class
Actual
1,000.00
1,137.70
5.37
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,019.84
5.07
I
Class
Actual
1,000.00
1,141.10
3.14
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.93
2.97
*
Expenses
are
equal
to
the
fund’ s
annualized
expense
ratio
for
the
6-month
period,
multiplied
by
the
average
account
value
over
the
period,
multiplied
by
the
number
of
days
in
the
most
recent
fiscal
half
year
(182),
and
divided
by
the
days
in
the
year
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.77%,
the
2
Advisor Class
was
1.01%,
and
the
3
I Class
was
0.59%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
4/30/24
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
NET
ASSET
VALUE
Beginning
of
period
$
13.26
$
12.83
$
16.75
$
13.80
$
13.22
$
12.18
Investment
activities
Net
investment
income
(1)(2)
0.14
0.25
0.20
0.16
0.15
0.23
Net
realized
and
unrealized
gain/
loss
1.70
0.59
(2.95)
2.95
0.72
1.10
Total
from
investment
activities
1.84
0.84
(2.75)
3.11
0.87
1.33
Distributions
Net
investment
income
(0.36)
(0.22)
(0.15)
(0.14)
(0.18)
(0.23)
Net
realized
gain
—
(0.19)
(1.02)
(0.02)
(0.11)
(0.06)
Total
distributions
(0.36)
(0.41)
(1.17)
(0.16)
(0.29)
(0.29)
NET
ASSET
VALUE
End
of
period
$
14.74
$
13.26
$
12.83
$
16.75
$
13.80
$
13.22
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
4/30/24
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
13.95%
6.62%
(17.55)%
22.66%
6.65%
11.26%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.91%
(4)
0.86%
0.86%
0.83%
0.84%
0.85%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.77%
(4)
0.72%
0.73%
0.72%
0.73%
0.72%
Net
investment
income
2.02%
(4)
1.89%
1.37%
1.01%
1.12%
1.85%
Portfolio
turnover
rate
17.4%
50.5%
72.1%
42.2%
56.8%
43.1%
Net
assets,
end
of
period
(in
thousands)
$511,016
$492,231
$708,365
$1,037,535
$731,173
$664,057
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
4/30/24
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
NET
ASSET
VALUE
Beginning
of
period
$
13.16
$
12.71
$
16.59
$
13.67
$
13.13
$
12.11
Investment
activities
Net
investment
income
(1)(2)
0.13
0.21
0.15
0.11
0.11
0.19
Net
realized
and
unrealized
gain/
loss
1.67
0.59
(2.93)
2.93
0.71
1.09
Total
from
investment
activities
1.80
0.80
(2.78)
3.04
0.82
1.28
Distributions
Net
investment
income
(0.33)
(0.16)
(0.08)
(0.10)
(0.17)
(0.20)
Net
realized
gain
—
(0.19)
(1.02)
(0.02)
(0.11)
(0.06)
Total
distributions
(0.33)
(0.35)
(1.10)
(0.12)
(0.28)
(0.26)
NET
ASSET
VALUE
End
of
period
$
14.63
$
13.16
$
12.71
$
16.59
$
13.67
$
13.13
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
4/30/24
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
13.77%
6.38%
(17.85)%
22.33%
6.31%
10.87%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.25%
(4)
1.19%
1.18%
1.17%
1.17%
1.19%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.01%
(4)
1.01%
1.02%
1.04%
1.05%
1.04%
Net
investment
income
1.81%
(4)
1.59%
1.08%
0.70%
0.81%
1.53%
Portfolio
turnover
rate
17.4%
50.5%
72.1%
42.2%
56.8%
43.1%
Net
assets,
end
of
period
(in
thousands)
$3,286
$3,446
$4,457
$6,662
$10,435
$13,949
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
4/30/24
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
NET
ASSET
VALUE
Beginning
of
period
$
13.29
$
12.88
$
16.82
$
13.84
$
13.25
$
12.21
Investment
activities
Net
investment
income
(1)(2)
0.16
0.27
0.22
0.18
0.16
0.24
Net
realized
and
unrealized
gain/
loss
1.70
0.58
(2.97)
2.97
0.72
1.10
Total
from
investment
activities
1.86
0.85
(2.75)
3.15
0.88
1.34
Distributions
Net
investment
income
(0.41)
(0.25)
(0.17)
(0.15)
(0.18)
(0.24)
Net
realized
gain
—
(0.19)
(1.02)
(0.02)
(0.11)
(0.06)
Total
distributions
(0.41)
(0.44)
(1.19)
(0.17)
(0.29)
(0.30)
NET
ASSET
VALUE
End
of
period
$
14.74
$
13.29
$
12.88
$
16.82
$
13.84
$
13.25
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
4/30/24
..
Year
..
..
Ended
.
10/31/23
10/31/22
10/31/21
10/31/20
10/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
14.11%
6.75%
(17.49)%
22.89%
6.71%
11.32%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.77%
(4)
0.76%
0.75%
0.73%
0.75%
0.77%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.59%
(4)
0.59%
0.60%
0.62%
0.63%
0.63%
Net
investment
income
2.23%
(4)
1.99%
1.59%
1.11%
1.22%
1.92%
Portfolio
turnover
rate
17.4%
50.5%
72.1%
42.2%
56.8%
43.1%
Net
assets,
end
of
period
(in
thousands)
$284,053
$276,877
$241,804
$191,932
$104,623
$68,428
0%
0%
0%
0%
0%
0%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Global
Allocation
Fund
April
30,
2024
(Unaudited)
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA 0.2%
Common
Stocks 0.2%
Arcos
Dorados
Holdings,
Class
A
(USD)
15,778
170
Globant
(USD) (1)
996
178
MercadoLibre
(USD) (1)
909
1,326
Tenaris,
ADR
(USD)
1,455
48
Total
Argentina
(Cost
$960)
1,722
AUSTRALIA 0.6%
Common
Stocks 0.6%
ALS
6,155
51
ANZ
Group
Holdings
9,106
164
Bellevue
Gold (1)
48,197
54
BHP
Group
44,221
1,213
BHP
Group
(GBP) (2)
12,365
342
BlueScope
Steel
1,852
27
Capricorn
Metals (1)
22,838
72
Challenger
14,030
60
Champion
Iron
9,942
45
Champion
Iron
(CAD)
785
4
Cochlear
358
75
Downer
EDI
25,738
77
Emerald
Resources (1)
59,985
135
Frontier
Digital
Ventures (1)
215,761
79
Goodman
Group
9,661
195
IGO
19,489
97
Macquarie
Group
1,439
172
Northern
Star
Resources
26,404
250
oOh!media
66,161
72
Pilbara
Minerals
91,311
233
Red
5 (1)
155,851
45
Reliance
Worldwide
19,880
65
Rio
Tinto
605
50
Scentre
Group
166,950
338
South32
130,508
298
Worley
24,234
234
4,447
Corporate
Bonds 0.0%
Transurban
Finance,
2.45%,
3/16/31
(USD) (3)
140,000
114
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Transurban
Finance,
4.125%,
2/2/26
(USD) (3)
15,000
15
Woodside
Finance,
3.70%,
3/15/28
(USD) (3)
67,000
62
Woodside
Finance,
4.50%,
3/4/29
(USD) (3)
105,000
100
291
Total
Australia
(Cost
$3,680)
4,738
AUSTRIA 0.2%
Common
Stocks 0.2%
BAWAG
Group
15,266
912
Erste
Group
Bank
2,260
105
OMV
3,713
176
Schoeller-Bleckmann
Oilfield
Equipment
1,885
92
Total
Austria
(Cost
$933)
1,285
BAHRAIN 0.0%
Common
Stocks 0.0%
Aluminium
Bahrain
28,601
96
Total
Bahrain
(Cost
$80)
96
BANGLADESH 0.0%
Common
Stocks 0.0%
BRAC
Bank
272,694
96
Square
Pharmaceuticals
31,144
60
Total
Bangladesh
(Cost
$181)
156
BELGIUM 0.0%
Common
Stocks 0.0%
KBC
Group
1,198
89
Shurgard
Self
Storage
2,216
91
Umicore
5,162
114
Warehouses
De
Pauw
2,157
57
Total
Belgium
(Cost
$360)
351
BRAZIL 0.4%
Common
Stocks 0.4%
B3
199,520
413
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CI&T,
Class
A
(USD) (1)(2)
6,558
26
Hypera
27,665
158
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
16,073
69
Klabin
83,201
368
Localiza
Rent
a
Car
75,677
715
Lojas
Renner
23,270
69
Multiplan
Empreendimentos
Imobiliarios
10,604
47
Raia
Drogasil
114,661
566
Suzano
4,719
53
TOTVS
11,500
61
Vale,
ADR
(USD)
31,388
382
WEG
31,500
241
Total
Brazil
(Cost
$3,164)
3,168
CANADA 1.7%
Closed-End
Mutual
Funds 0.0%
Sprott
Physical
Uranium
Trust (1)
800
17
17
Common
Stocks 1.4%
Agnico
Eagle
Mines
2,864
181
Agnico
Eagle
Mines
(USD)
1,110
70
Alamos
Gold,
Class
A
8,929
131
Alamos
Gold,
Class
A
(USD)
3,615
53
Aritzia (1)
5,822
151
ATS (1)
2,571
85
Aya
Gold
&
Silver (1)(2)
16,787
161
Barrick
Gold
(USD)
6,855
114
Boardwalk
Real
Estate
Investment
Trust
1,105
57
Brookfield
5,328
214
BRP
2,280
153
Cameco
(USD)
3,089
141
Canadian
Apartment
Properties
REIT
1,390
43
Canadian
National
Railway
(USD)
1,676
204
Canadian
Natural
Resources
3,251
246
Canadian
Pacific
Kansas
City
(USD)
2,043
160
Capstone
Copper (1)
6,500
45
Cenovus
Energy
8,941
184
Constellation
Software
78
201
Constellation
Software,
Warrants,
3/31/40 (1)(4)
79
—
Definity
Financial
11,100
370
dentalcorp
Holdings (1)
9,562
44
Descartes
Systems
Group (1)
2,321
215
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Descartes
Systems
Group
(USD) (1)
878
81
Element
Fleet
Management
28,974
462
Enbridge
(USD) (2)
5,952
212
ERO
Copper (1)(2)
32,147
656
Exchange
Income (2)
2,796
94
Filo (1)
9,429
169
First
Quantum
Minerals
5,161
66
Foran
Mining (1)
14,996
46
Franco-Nevada
3,508
422
Franco-Nevada
(USD)
2,539
306
G
Mining
Ventures (1)
27,615
42
Ivanhoe
Mines,
Class
A (1)
23,458
318
Jamieson
Wellness
4,227
80
Karora
Resources (1)
18,843
73
Kinaxis (1)
671
71
Kinross
Gold
(USD)
7,308
47
Lundin
Gold
5,021
68
Magna
International
(USD)
5,107
244
Maple
Leaf
Foods
4,505
80
National
Bank
of
Canada
6,675
536
NGEx
Minerals (1)
6,145
43
Nutrien
(USD)
3,217
170
NuVista
Energy (1)
10,751
97
Osisko
Gold
Royalties
6,719
103
Osisko
Mining (1)
30,633
68
Osisko
Mining,
Warrants,
8/28/24 (1)
8,392
—
Parex
Resources
1,997
35
Richelieu
Hardware (2)
2,930
83
Shopify,
Class
A (1)
2,014
141
Shopify,
Class
A
(USD) (1)
4,729
332
Skeena
Resources (1)
8,269
39
SNC-Lavalin
Group (2)
4,049
156
Snowline
Gold (1)
199
1
Snowline
Gold (1)
6,223
26
Spin
Master
3,723
81
StorageVault
Canada
44,038
151
Sun
Life
Financial
7,146
365
Suncor
Energy
10,786
412
Teck
Resources,
Class
B
(USD)
5,585
275
TMX
Group
8,388
222
Wesdome
Gold
Mines (1)
29,455
220
West
Fraser
Timber
1,027
79
Wheaton
Precious
Metals
7,438
388
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wheaton
Precious
Metals
(USD)
7,206
376
11,159
Corporate
Bonds 0.2%
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD)
110,000
94
Canadian
Pacific
Railway,
1.75%,
12/2/26
(USD)
130,000
119
Canadian
Pacific
Railway,
2.875%,
11/15/29
(USD)
235,000
207
Canadian
Pacific
Railway,
3.50%,
5/1/50
(USD)
155,000
108
Canadian
Pacific
Railway,
4.30%,
5/15/43
(USD)
25,000
21
Enbridge,
5.625%,
4/5/34
(USD)
65,000
63
Enbridge,
6.20%,
11/15/30
(USD)
45,000
46
Royal
Bank
of
Canada,
2.30%,
11/3/31
(USD)
250,000
202
Thomson
Reuters,
3.35%,
5/15/26
(USD)
10,000
10
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD)
145,000
138
Toronto-Dominion
Bank,
4.994%,
4/5/29
(USD)
90,000
88
TransCanada
PipeLines,
6.203%,
3/9/26
(USD)
240,000
239
1,335
Government
Bonds 0.1%
Province
of
Alberta,
3.30%,
3/15/28
(USD)
135,000
127
Province
of
British
Columbia,
4.20%,
7/6/33
(USD)
320,000
300
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD)
250,000
237
Province
of
Quebec,
Series
QO,
2.875%,
10/16/24
(USD)
50,000
49
713
Total
Canada
(Cost
$11,123)
13,224
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
425
Total
Cayman
Islands
(Cost
$89)
425
CHILE 0.1%
Common
Stocks 0.0%
Antofagasta
(GBP)
12,751
350
350
Corporate
Bonds 0.1%
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD)
250,000
207
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (3)
220,000
191
398
Total
Chile
(Cost
$622)
748
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CHINA 1.6%
Common
Stocks 1.1%
58.com
(USD) (1)(4)
5,864
—
Alibaba
Group
Holding,
ADR
(USD)
9,759
730
Aluminum
Corp.
of
China,
Class
H
(HKD)
28,000
19
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $16
(USD) (1)(4)(5)
16,329
17
Atour
Lifestyle
Holdings,
ADR
(USD)
1,833
33
Baidu,
ADR
(USD) (1)
644
67
BeiGene,
ADR
(USD) (1)
594
91
Beijing
Enterprises
Holdings
(HKD)
16,500
53
BOC
Aviation
(HKD)
7,200
57
Bosideng
International
Holdings
(HKD)
132,000
76
China
Hongqiao
Group
(HKD)
18,000
25
China
Resources
Gas
Group
(HKD)
41,200
130
China
Resources
Mixc
Lifestyle
Services
(HKD)
72,600
256
CMOC
Group,
Class
H
(HKD)
30,000
28
COSCO
SHIPPING
Energy
Transportation,
Class
H
(HKD)
26,000
31
Fosun
International
(HKD)
49,500
29
Greentown
Service
Group
(HKD)
12,000
5
H
World
Group
(HKD)
37,600
140
Haier
Smart
Home,
Class
H
(HKD)
37,600
139
JD
Health
International
(HKD) (1)
10,650
36
Jiumaojiu
International
Holdings
(HKD)
241,000
151
JOYY,
ADR
(USD)
646
21
Kanzhun,
ADR
(USD)
21,086
417
KE
Holdings,
ADR
(USD)
28,373
429
Li
Auto,
ADR
(USD) (1)(2)
8,436
222
Meituan,
Class
B
(HKD) (1)
31,300
427
NetEase,
ADR
(USD)
2,592
242
New
Oriental
Education
&
Technology
Group,
ADR
(USD) (1)
4,300
332
Nongfu
Spring,
Class
H
(HKD)
35,600
209
PDD
Holdings,
ADR
(USD) (1)
4,198
526
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
113,200
77
Silergy
(TWD)
4,000
53
Tencent
Holdings
(HKD)
39,854
1,749
Tsingtao
Brewery,
Class
H
(HKD)
18,000
130
Wasion
Holdings
(HKD)
36,000
29
Yangzijiang
Shipbuilding
Holdings
(SGD)
127,100
163
Yum
China
Holdings
(USD)
30,267
1,105
Zhongsheng
Group
Holdings
(HKD)
141,000
257
Zijin
Mining
Group,
Class
H
(HKD)
42,000
92
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ZTO
Express
Cayman,
ADR
(USD)
13,589
285
8,878
Common
Stocks
-
China
A
Shares 0.5%
Chacha
Food,
A
Shares
(CNH)
29,900
154
China
Oilfield
Services,
A
Shares
(CNH)
52,700
130
CNOOC
Energy
Technology
&
Services,
A
Shares
(CNH)
155,600
87
Eastroc
Beverage
Group,
A
Shares
(CNH)
2,700
79
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
105,012
722
Hangcha
Group,
A
Shares
(CNH)
48,700
201
Hongfa
Technology,
A
Shares
(CNH)
22,060
87
Huali
Industrial
Group,
A
Shares
(CNH)
9,000
83
Humanwell
Healthcare
Group,
A
Shares
(CNH)
19,600
55
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
26,582
122
Kweichow
Moutai,
A
Shares
(CNH)
960
225
Moon
Environment
Technology,
A
Shares
(CNH)
27,900
44
NARI
Technology,
A
Shares
(CNH)
26,121
84
Qingdao
Hiron
Commercial
Cold
Chain,
A
Shares
(CNH)
17,980
35
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
34,600
135
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
9,700
80
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
28,700
86
Shenzhen
Mindray
Bio-Medical
Electronics,
A
Shares
(CNH)
5,200
218
Warom
Technology,
A
Shares
(CNH)
24,100
72
WUS
Printed
Circuit
Kunshan,
A
Shares
(CNH)
13,100
60
Xuji
Electric,
A
Shares
(CNH)
26,200
95
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
31,500
138
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
106,547
644
YTO
Express
Group,
A
Shares
(CNH)
24,100
53
Yunnan
Aluminium,
A
Shares
(CNH)
53,100
105
Zhejiang
Dingli
Machinery,
A
Shares
(CNH)
6,000
54
3,848
Corporate
Bonds 0.0%
Weibo,
3.50%,
7/5/24
(USD)
255,000
254
254
Total
China
(Cost
$12,321)
12,980
COLOMBIA 0.0%
Common
Stocks 0.0%
Bancolombia,
ADR
(USD)
1,509
49
Geopark
(USD)
3,325
31
Total
Colombia
(Cost
$75)
80
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
DENMARK 0.4%
Common
Stocks 0.4%
Coloplast,
Class
B
2,166
261
Genmab (1)
657
182
Novo
Nordisk,
ADR
(USD)
2,529
325
Novo
Nordisk,
Class
B
16,066
2,060
Royal
Unibrew
966
73
Zealand
Pharma (1)
1,459
131
3,032
Corporate
Bonds 0.0%
Danske
Bank,
VR,
3.244%,
12/20/25
(USD) (3)(6)
335,000
329
329
Total
Denmark
(Cost
$2,355)
3,361
EGYPT 0.0%
Common
Stocks 0.0%
Integrated
Diagnostics
Holdings
(USD) (1)
75,278
23
Total
Egypt
(Cost
$66)
23
FINLAND 0.2%
Common
Stocks 0.2%
Elisa
5,687
257
Mandatum (1)
9,319
43
Sampo,
Class
A
16,609
674
Stora
Enso,
Class
R
10,991
146
Valmet (2)
12,990
324
Total
Finland
(Cost
$1,285)
1,444
FRANCE 1.8%
Common
Stocks 1.7%
Air
Liquide
2,409
471
Airbus
5,922
975
Alstom (2)
3,421
54
ArcelorMittal
6,994
175
AXA
24,946
862
Beneteau
4,960
64
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BNP
Paribas
6,012
433
Capgemini
667
140
Cie
de
Saint-Gobain
1,522
120
Coface
4,748
73
Dassault
Aviation
1,119
240
Dassault
Systemes
1,316
52
Edenred
6,674
317
Engie
35,727
620
Eramet
1,149
111
Esker
489
91
EssilorLuxottica
2,764
589
Eurofins
Scientific
2,518
154
Euronext
4,463
402
Forvia (1)
3,171
50
Gecina
737
75
Kering
449
157
L'Oreal
712
334
Lectra
2,602
89
Legrand
2,942
302
LVMH
Moet
Hennessy
Louis
Vuitton
1,076
884
Nexity (2)
8,149
91
Planisware (1)
5,704
125
Remy
Cointreau
642
61
Safran
2,575
558
Sanofi
8,681
858
Sartorius
Stedim
Biotech
1,604
345
Schneider
Electric
226
52
SPIE
15,500
564
Teleperformance
908
82
Thales
808
136
Tikehau
Capital
4,193
98
TotalEnergies
29,865
2,168
Ubisoft
Entertainment (1)
3,436
81
Verallia
6,160
237
Virbac
305
113
13,403
Corporate
Bonds 0.1%
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (3)(6)
350,000
289
BPCE,
4.50%,
3/15/25
(USD) (3)
400,000
394
TotalEnergies
Capital
International,
2.434%,
1/10/25
(USD)
275,000
269
952
Total
France
(Cost
$10,329)
14,355
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
GEORGIA 0.0%
Common
Stocks 0.0%
Georgia
Capital
(GBP) (1)
5,136
87
Total
Georgia
(Cost
$42)
87
GERMANY 1.6%
Common
Stocks 1.5%
Adesso (2)
516
60
Allianz
2,521
715
BASF
5,634
295
Bayer
7,017
205
Covestro (1)
5,591
280
Daimler
Truck
Holding
9,614
434
Deutsche
Boerse
421
81
Deutsche
Post
2,581
108
Deutsche
Telekom
41,573
952
Douglas (1)
2,308
53
Evotec (1)(2)
10,628
110
flatexDEGIRO (1)
17,019
222
Fresenius
8,675
259
Heidelberg
Materials
912
92
Hypoport (1)(2)
393
104
Infineon
Technologies
9,604
333
KION
Group
4,227
195
Knaus
Tabbert (2)
1,438
65
LEG
Immobilien (1)
1,631
138
Mercedes-Benz
Group
1,469
111
Merck
2,104
334
Munich
Re
1,354
596
Nagarro (1)(2)
746
57
Puma
7,334
339
Redcare
Pharmacy (1)(2)
1,603
217
SAP
8,372
1,512
Schott
Pharma
5,864
247
Scout24
4,970
365
Siemens
14,132
2,647
Siemens
Healthineers
5,480
304
Siltronic
2,504
195
Symrise
2,326
249
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Zalando (1)
2,417
63
11,937
Corporate
Bonds 0.0%
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27
(USD) (3)
155,000
147
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26
(USD) (3)
155,000
153
300
Preferred
Stocks 0.1%
Dr.
Ing.
h.c.
F.
Porsche
2,195
196
Sartorius
760
227
Volkswagen
790
97
520
Total
Germany
(Cost
$10,141)
12,757
HONG
KONG 0.3%
Common
Stocks 0.3%
AIA
Group
95,600
700
ASMPT
7,700
96
Budweiser
Brewing
APAC
125,500
175
CK
Hutchison
Holdings
12,000
58
Galaxy
Entertainment
Group
14,000
63
Hong
Kong
Exchanges
&
Clearing
2,100
67
Hongkong
Land
Holdings
(USD)
14,300
46
Impro
Precision
Industries
201,000
53
Jardine
Matheson
Holdings
(USD)
8,500
325
Kerry
Properties
14,500
28
Samsonite
International (1)
33,300
117
Sun
Hung
Kai
Properties
14,583
134
Wharf
Real
Estate
Investment
94,000
292
Yue
Yuen
Industrial
Holdings
21,500
38
Total
Hong
Kong
(Cost
$2,196)
2,192
HUNGARY 0.1%
Common
Stocks 0.1%
OTP
Bank
8,511
422
Total
Hungary
(Cost
$285)
422
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ICELAND 0.0%
Common
Stocks 0.0%
Alvotech (1)
3,721
55
Arion
Banki
95,843
97
Marel
18,007
62
Total
Iceland
(Cost
$226)
214
INDIA 1.1%
Common
Stocks 1.1%
Asian
Paints
7,488
258
Astral
5,263
133
Axis
Bank
40,088
558
Blue
Star
7,868
141
Computer
Age
Management
Services
461
18
CreditAccess
Grameen (1)
5,623
102
Dixon
Technologies
India
921
92
FSN
E-Commerce
Ventures (1)
19,029
40
HDFC
Asset
Management
5,661
263
HDFC
Bank
52,274
946
HDFC
Life
Insurance
63,314
442
Hindalco
Industries
5,010
39
Hindustan
Unilever
9,252
248
ICICI
Bank
43,023
593
ICICI
Bank,
ADR
(USD)
3,291
91
Info
Edge
India
1,280
92
Infosys
35,173
594
Jio
Financial
Services (1)
26,571
119
JSW
Steel
3,513
37
Kotak
Mahindra
Bank
21,489
418
Larsen
&
Toubro
8,473
364
Metro
Brands
4,171
53
Nexus
Select
Trust
23,522
37
NTPC
51,262
223
Page
Industries
181
75
Polycab
India
1,871
127
Reliance
Industries
33,350
1,170
Sapphire
Foods
India (1)
3,328
57
Tata
Consultancy
Services
4,650
212
Tata
Steel
44,269
87
TeamLease
Services (1)
1,975
78
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Titan
3,448
148
Torrent
Pharmaceuticals
1,768
56
Varun
Beverages
3,501
62
Vedant
Fashions
2,032
23
Voltas
20,168
356
Zomato (1)
87,717
203
Total
India
(Cost
$6,551)
8,555
INDONESIA 0.2%
Common
Stocks 0.2%
Amman
Mineral
Internasional (1)
52,900
31
Bank
Central
Asia
1,145,300
689
Bank
Mandiri
Persero
527,300
223
Sarana
Menara
Nusantara
832,000
41
Sumber
Alfaria
Trijaya
961,200
173
Telkom
Indonesia
Persero
352,500
68
Total
Indonesia
(Cost
$770)
1,225
IRELAND 0.1%
Common
Stocks 0.0%
Cairn
Homes
(GBP)
85,330
144
DCC
(GBP)
2,440
167
Kenmare
Resources
(GBP)
5,064
20
331
Corporate
Bonds 0.1%
AerCap
Ireland
Capital,
2.45%,
10/29/26
(USD)
150,000
138
AerCap
Ireland
Capital,
5.75%,
6/6/28
(USD)
265,000
265
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (3)
70,000
70
473
Total
Ireland
(Cost
$732)
804
ITALY 0.6%
Common
Stocks 0.6%
Amplifon
10,285
343
Ariston
Holding
11,660
60
Banca
Mediolanum
9,982
108
BFF
Bank
10,976
141
Carel
Industries
6,359
129
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
De'
Longhi
5,527
181
DiaSorin
1,041
105
Enel
79,087
520
Ermenegildo
Zegna
(USD) (2)
16,598
204
FinecoBank
Banca
Fineco
9,424
144
GVS (1)
10,547
61
Interpump
Group
1,338
58
Intesa
Sanpaolo
174,004
651
Leonardo
7,211
166
Moncler
3,324
226
PRADA
(HKD)
30,600
250
Prysmian
10,340
561
Stellantis
5,865
130
Technoprobe (1)
10,122
81
UniCredit
7,293
268
4,387
Corporate
Bonds 0.0%
Enel
Finance
International,
1.875%,
7/12/28
(USD) (3)
200,000
174
174
Total
Italy
(Cost
$2,906)
4,561
JAPAN 3.8%
Common
Stocks 3.8%
Advantest
1,700
53
Aida
Engineering
8,200
46
Aiful
136,900
398
ARE
Holdings
600
8
Asahi
Group
Holdings
3,300
113
Asahi
Kasei
17,000
119
Astellas
Pharma
33,400
321
Calbee
4,500
98
Central
Japan
Railway
4,700
107
Chugai
Pharmaceutical
4,600
146
Comforia
Residential
REIT
31
67
CyberAgent
16,200
101
Daiei
Kankyo
14,200
237
Daiichi
Sankyo
10,300
347
Daikin
Industries
1,900
259
Daiwabo
Holdings
5,100
89
Denso
16,400
279
Dexerials
1,400
52
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Disco
1,300
370
eGuarantee
2,800
31
Eiken
Chemical
5,700
72
Electric
Power
Development
13,900
236
Fast
Retailing
300
78
Fujitsu
8,000
124
Fukuoka
Financial
Group
2,500
66
Fuso
Chemical
1,800
46
GMO
Payment
Gateway
1,500
69
Goldwin
700
42
Hamamatsu
Photonics
6,600
242
Hanwa
7,100
273
Hikari
Tsushin
2,900
471
Hitachi
7,200
664
Honda
Motor
8,500
97
Horiba
4,300
417
Hoshizaki
2,400
83
Idec
5,500
97
IHI
12,200
292
Inpex
24,300
364
Internet
Initiative
Japan
10,100
171
Invincible
Investment
245
110
Isetan
Mitsukoshi
Holdings
4,000
56
ITOCHU
12,800
577
Japan
Metropolitan
Fund
Invest
22
13
JFE
Holdings
2,600
39
Kao
8,900
367
Katitas
1,490
18
Keyence
1,100
484
Kirin
Holdings
6,600
96
Konica
Minolta
16,100
54
Kuraray
20,900
232
Kyoritsu
Maintenance
1,200
26
LY
55,200
133
Maruwa
100
21
MatsukiyoCocokara
4,800
68
MEC
1,300
34
Medley (1)
2,700
62
METAWATER
6,900
86
MINEBEA
MITSUMI
2,500
47
Mitsubishi
10,200
233
Mitsubishi
Electric
38,500
671
Mitsubishi
Estate
35,500
651
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Mitsubishi
HC
Capital
16,100
104
Mitsubishi
UFJ
Financial
Group
87,800
875
Mitsui
Chemicals
2,500
71
Mitsui
Fudosan
106,600
1,085
Mitsui
Fudosan
Logistics
Park
28
80
Miura
14,500
228
Modec
3,900
77
Murata
Manufacturing
22,800
417
Nakanishi
4,200
64
Nexon
10,100
157
Nextage (2)
25,800
453
Nifco
1,600
39
Nippon
Ceramic
2,500
43
Nippon
Sanso
Holdings
4,200
125
Nippon
Seiki
10,300
94
Nippon
Soda
5,700
209
Nippon
Steel
18,500
415
Nippon
Telegraph
&
Telephone
955,200
1,031
Nipro
18,200
147
Niterra
6,900
226
Nitori
Holdings
1,000
134
NTT
Data
Group
22,300
349
Obara
Group
5,900
154
Olympus
20,300
283
Omron
2,000
69
ORIX
16,400
336
Otsuka
Holdings
4,300
184
Panasonic
Holdings
20,700
181
Persol
Holdings
231,800
321
Plus
Alpha
Consulting
2,600
33
Recruit
Holdings
15,600
672
Renesas
Electronics
13,900
226
Resona
Holdings
39,000
247
Rohto
Pharmaceutical
4,100
80
Sakata
INX
14,800
150
Sankyu
1,700
59
Sanwa
Holdings
2,800
46
Sega
Sammy
Holdings
5,400
71
Seven
&
i
Holdings
59,200
765
SHIFT (1)
400
37
Shimadzu
1,700
46
Shimizu
19,400
120
Shin-Etsu
Chemical
13,200
511
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SMC
300
158
Sompo
Holdings
6,300
125
Sony
Group
7,300
603
Stanley
Electric
7,200
127
SUMCO
20,700
309
Sumitomo
16,600
437
Sumitomo
Densetsu
7,400
166
Sumitomo
Metal
Mining
2,000
67
Sumitomo
Mitsui
Trust
Holdings
5,100
107
Sumitomo
Seika
Chemicals
2,200
70
Suntory
Beverage
&
Food
3,500
114
Suzuki
Motor
28,800
335
Taiheiyo
Cement
21,600
494
Taiyo
Yuden
2,000
47
Takashimaya
7,300
103
Takeda
Pharmaceutical
2,700
71
Takeuchi
Manufacturing
3,000
114
TechnoPro
Holdings
7,300
124
THK
4,400
96
Tokai
Carbon (2)
27,500
182
Tokio
Marine
Holdings
26,700
844
Tokyo
Century
6,900
69
Tokyo
Electron
3,800
833
Tokyo
Seimitsu
2,200
143
Tokyo
Tatemono
10,700
178
Toyo
Tire
11,200
212
Toyota
Industries
4,400
418
Toyota
Motor
49,700
1,134
TRYT (1)
24,700
96
Visional (1)
2,200
100
Welcia
Holdings
3,000
44
Yellow
Hat
8,800
114
30,271
Corporate
Bonds 0.0%
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (6)
300,000
274
274
Total
Japan
(Cost
$23,030)
30,545
KAZAKHSTAN 0.1%
Common
Stocks 0.1%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
7,770
145
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kaspi.KZ,
ADR
(USD)
3,149
371
NAC
Kazatomprom,
GDR
(USD)
5,775
232
Total
Kazakhstan
(Cost
$402)
748
KENYA 0.0%
Common
Stocks 0.0%
Equity
Group
Holdings
199,000
62
Safaricom
47,000
6
Total
Kenya
(Cost
$61)
68
LITHUANIA 0.0%
Common
Stocks 0.0%
Baltic
Classifieds
Group
(GBP)
39,453
113
Total
Lithuania
(Cost
$78)
113
LUXEMBOURG 0.0%
Common
Stocks 0.0%
CVC
Capital
Partners (1)
16,989
308
Total
Luxembourg
(Cost
$259)
308
MAURITIUS 0.0%
Common
Stocks 0.0%
Alphamin
Resources
(CAD)
97,041
88
Total
Mauritius
(Cost
$63)
88
MEXICO 0.3%
Common
Stocks 0.3%
Becle
70,113
142
Corp
Inmobiliaria
Vesta
29,242
103
Corp.
Inmobiliaria
Vesta,
ADR
(USD)
871
31
Fomento
Economico
Mexicano,
ADR
(USD)
1,000
118
Gruma,
Class
B
13,746
270
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
282
97
Grupo
Financiero
Banorte,
Class
O
25,501
253
Grupo
Mexico,
Series
B
44,114
273
Industrias
Penoles (1)
3,361
48
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Vista
Energy,
ADR
(USD) (1)
380
16
Wal-Mart
de
Mexico
167,464
624
1,975
Government
Bonds 0.0%
United
Mexican
States,
3.50%,
2/12/34
(USD)
305,000
245
245
Total
Mexico
(Cost
$1,803)
2,220
MOROCCO 0.0%
Common
Stocks 0.0%
Attijariwafa
Bank
2,860
142
Hightech
Payment
Systems
2,344
127
Label
Vie
205
88
Total
Morocco
(Cost
$336)
357
NETHERLANDS 1.2%
Common
Stocks 1.1%
Aalberts
2,309
110
Adyen (1)
510
611
AerCap
Holdings
(USD) (1)
1,140
96
Akzo
Nobel
8,841
583
Argenx,
ADR
(USD) (1)
1,101
413
ASML
Holding
3,123
2,720
ASML
Holding
(USD)
539
470
ASR
Nederland
1,530
77
Heineken
9,422
917
IMCD
1,262
190
ING
Groep (2)
85,731
1,356
Koninklijke
Philips (1)
17,296
459
Prosus
26,552
888
Signify
2,518
69
Universal
Music
Group
10,962
323
9,282
Corporate
Bonds 0.1%
JDE
Peet's,
1.375%,
1/15/27
(USD) (3)
290,000
259
NXP,
2.65%,
2/15/32
(USD)
375,000
303
Shell
International
Finance,
3.25%,
5/11/25
(USD)
75,000
73
635
Total
Netherlands
(Cost
$6,384)
9,917
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NEW
ZEALAND 0.0%
Common
Stocks 0.0%
Fisher
&
Paykel
Healthcare
5,045
84
84
Corporate
Bonds 0.0%
Westpac
New
Zealand,
5.195%,
2/28/29
(USD) (3)
200,000
197
197
Total
New
Zealand
(Cost
$214)
281
NORWAY 0.3%
Common
Stocks 0.3%
DNB
Bank
36,241
632
Equinor
27,919
743
Equinor,
ADR
(USD)
3,900
104
Frontline
2,552
60
Norsk
Hydro
9,974
61
Seadrill
(USD) (1)
8,005
389
Storebrand
50,247
482
Subsea
7
8,860
143
TGS
16,956
191
Total
Norway
(Cost
$2,088)
2,805
OMAN 0.0%
Common
Stocks 0.0%
OQ
Gas
Networks
(OMR)
107,364
40
Total
Oman
(Cost
$42)
40
PAKISTAN 0.0%
Common
Stocks 0.0%
Systems
31,666
44
Total
Pakistan
(Cost
$47)
44
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PANAMA 0.0%
Common
Stocks 0.0%
Banco
Latinoamericano
de
Comercio
Exterior,
Class
E
(USD)
1,633
46
46
Government
Bonds 0.0%
Republic
of
Panama,
6.70%,
1/26/36
(USD)
25,000
24
24
Total
Panama
(Cost
$61)
70
PERU 0.2%
Common
Stocks 0.2%
Credicorp
(USD)
1,328
220
InRetail
Peru
(USD)
1,565
50
Southern
Copper
(USD)
11,114
1,297
Total
Peru
(Cost
$1,024)
1,567
PHILIPPINES 0.1%
Common
Stocks 0.1%
BDO
Unibank
127,662
327
Converge
Information
and
Communications
Technology
Solutions (1)
114,700
19
Jollibee
Foods
56,310
229
SM
Investments
6,590
108
Universal
Robina
3,890
7
Total
Philippines
(Cost
$590)
690
POLAND 0.0%
Government
Bonds 0.0%
Republic
of
Poland,
3.25%,
4/6/26
(USD)
55,000
53
Total
Poland
(Cost
$55)
53
PORTUGAL 0.2%
Common
Stocks 0.2%
Banco
Comercial
Portugues,
Class
R (1)
219,305
77
Galp
Energia
32,995
709
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Jeronimo
Martins
36,274
746
Total
Portugal
(Cost
$1,049)
1,532
QATAR 0.0%
Common
Stocks 0.0%
Qatar
National
Bank
100,478
383
Total
Qatar
(Cost
$504)
383
ROMANIA 0.1%
Common
Stocks 0.1%
Banca
Transilvania
39,661
241
BRD-Groupe
Societe
Generale
13,429
60
OMV
Petrom
1,043,125
154
Total
Romania
(Cost
$326)
455
RUSSIA 0.0%
Common
Stocks 0.0%
Alrosa (4)
80,680
—
Gazprom (1)(4)
31,212
—
GMK
Norilskiy
Nickel (4)
31,100
—
Moscow
Exchange (4)
51,640
—
Polyus (1)(4)
294
—
Total
Russia
(Cost
$481)
—
SAUDI
ARABIA 0.2%
Common
Stocks 0.2%
Al
Rajhi
Bank
11,214
238
Arabian
Internet
&
Communications
Services
1,597
148
Saudi
Awwal
Bank
18,778
204
Saudi
Basic
Industries
12,337
278
Saudi
National
Bank
67,658
677
Total
Saudi
Arabia
(Cost
$1,510)
1,545
SINGAPORE 0.2%
Common
Stocks 0.2%
CapitaLand
Integrated
Commercial
Trust
63,100
90
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
DBS
Group
Holdings
7,480
190
Digital
Core
REIT
Management
(USD)
30,300
19
Mapletree
Industrial
Trust
35,800
59
Sea,
ADR
(USD) (1)
7,851
496
United
Overseas
Bank
19,000
422
Wilmar
International
76,100
179
Total
Singapore
(Cost
$1,182)
1,455
SLOVENIA 0.0%
Common
Stocks 0.0%
Nova
Ljubljanska
Banka,
GDR
7,489
161
Total
Slovenia
(Cost
$93)
161
SOUTH
AFRICA 0.2%
Common
Stocks 0.2%
Anglo
American
Platinum
2,428
84
Anglogold
Ashanti
(USD)
560
13
Anglogold
Ashanti
1,509
35
Bid
8,201
187
Capitec
Bank
Holdings
1,614
200
Clicks
Group
18,359
285
Gold
Fields
7,599
123
Harmony
Gold
Mining
5,257
45
Impala
Platinum
Holdings
16,342
73
Northam
Platinum
Holdings
12,779
85
Sanlam
20,966
76
Sibanye
Stillwater
46,283
53
1,259
Corporate
Bonds 0.0%
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (3)
200,000
168
168
Total
South
Africa
(Cost
$1,367)
1,427
SOUTH
KOREA 0.6%
Common
Stocks 0.6%
Hyundai
Mobis
1,828
299
KB
Financial
Group
976
53
KT
5,676
142
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
KT,
ADR
(USD) (1)(2)
6,473
82
LG
Chem
1,661
477
Lotte
Chemical
325
25
NAVER
1,426
188
POSCO
Holdings
117
34
Samsung
Electronics
59,702
3,319
SK
Hynix
3,297
407
Total
South
Korea
(Cost
$3,713)
5,026
SPAIN 0.3%
Common
Stocks 0.3%
Aedas
Homes
4,638
93
Amadeus
IT
Group
15,347
974
Cellnex
Telecom
1,176
39
Fluidra
5,005
106
Iberdrola
49,194
603
Laboratorios
Farmaceuticos
Rovi
3,410
306
Puig
Brands,
Class
B (1)
2,508
66
2,187
Corporate
Bonds 0.0%
Banco
Santander,
3.49%,
5/28/30
(USD)
200,000
175
175
Total
Spain
(Cost
$1,718)
2,362
SWEDEN 0.5%
Common
Stocks 0.5%
Assa
Abloy,
Class
B (2)
14,693
388
Autoliv,
SDR
2,186
255
Beijer
Ref (2)
8,444
119
Boliden (2)
14,084
463
Elekta,
Class
B
16,241
116
Essity,
Class
B
21,936
547
Hexagon,
Class
B (2)
8,082
85
Millicom
International
Cellular,
SDR (1)
3,465
71
Nordnet (2)
6,833
122
Norva24
Group (1)
27,727
65
Olink
Holding,
ADR
(USD) (1)
3,176
73
Sandvik (2)
24,997
498
Svenska
Cellulosa,
Class
B
21,028
308
Svenska
Handelsbanken,
Class
A (2)
25,448
218
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sweco,
Class
B
4,584
49
Swedbank,
Class
A
6,013
115
Telefonaktiebolaget
LM
Ericsson,
Class
B (2)
53,885
273
Trelleborg,
Class
B
2,486
88
Troax
Group
268
5
Total
Sweden
(Cost
$3,468)
3,858
SWITZERLAND 1.2%
Common
Stocks 1.1%
ABB
9,416
458
Alcon (7)
8,573
657
ams-OSRAM (1)
31,384
38
Barry
Callebaut
84
136
Cie
Financiere
Richemont
6,981
965
DKSH
Holding
2,022
132
Julius
Baer
Group
13,187
708
Montana
Aerospace (1)
10,812
209
Nestle
11,307
1,135
Novartis
6,906
670
On
Holding,
Class
A
(USD) (1)(2)
6,086
193
Partners
Group
Holding
271
349
Roche
Holding
2,808
673
Sandoz
Group (1)
3,015
102
Sensirion
Holding (1)(2)
614
40
SKAN
Group
517
46
Sonova
Holding
1,022
283
TE
Connectivity
(USD)
11,376
1,609
Tecan
Group
254
90
Zurich
Insurance
Group
691
334
8,827
Corporate
Bonds 0.1%
Alcon
Finance,
2.60%,
5/27/30
(USD) (3)
235,000
199
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (3)(6)
300,000
276
UBS
Group,
VR,
3.179%,
2/11/43
(USD) (3)(6)
200,000
138
613
Total
Switzerland
(Cost
$7,872)
9,440
TAIWAN 0.9%
Common
Stocks 0.9%
Advantech
10,000
116
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ASE
Technology
Holding
28,000
126
Chailease
Holding
58,080
306
China
Steel
38,000
29
Delta
Electronics
26,000
255
Largan
Precision
1,000
67
MediaTek
20,000
603
Taiwan
Semiconductor
Manufacturing
227,000
5,435
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
3,962
544
Total
Taiwan
(Cost
$3,008)
7,481
THAILAND 0.0%
Common
Stocks 0.0%
Bangkok
Dusit
Medical
Services,
NVDR
230,100
180
Bumrungrad
Hospital
27,600
182
WHA
161,700
22
Total
Thailand
(Cost
$367)
384
UNITED
ARAB
EMIRATES 0.0%
Common
Stocks 0.0%
First
Abu
Dhabi
Bank
49,612
169
Total
United
Arab
Emirates
(Cost
$135)
169
UNITED
KINGDOM 2.9%
Common
Stocks 2.6%
Adriatic
Metals,
CDI
(AUD) (1)
70,666
207
Airtel
Africa
2,362
3
Amcor,
CDI
(AUD)
12,688
113
Anglo
American
10,346
338
Ascential (1)(2)
129,753
504
Ashtead
Group
2,060
150
AstraZeneca
6,153
931
AstraZeneca,
ADR
(USD)
39,479
2,996
Auction
Technology
Group (1)
13,324
82
Barclays
53,637
135
Big
Yellow
Group
14,788
199
BP
126,251
814
BP,
ADR
(USD)
5,820
226
Bridgepoint
Group
112,643
319
British
American
Tobacco
2,282
67
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BT
Group
185,594
237
Bunzl
5,461
209
Cab
Payments
Holdings (1)
16,553
27
Centamin
30,629
46
Central
Asia
Metals
13,679
36
Compass
Group
13,680
380
Croda
International
3,741
214
Derwent
London
1,490
38
Diageo
7,886
273
Diploma
1,296
59
Dowlais
Group
50,303
51
Endava,
ADR
(USD) (1)
4,203
122
Experian
11,211
452
Genuit
Group
20,865
113
Genus
5,172
116
Glencore
75,724
441
Great
Portland
Estates
21,401
104
Greggs
6,935
235
GSK,
ADR
(USD)
7,924
328
Helios
Towers (1)
102,277
125
Hiscox
13,219
203
HSBC
Holdings
93,214
808
Immunocore
Holdings,
ADR
(USD) (1)
1,028
61
Imperial
Brands
7,810
178
Informa
31,147
308
InterContinental
Hotels
Group
510
50
Intermediate
Capital
Group
7,848
205
Investec
7,843
50
IQE (1)
286,423
102
Johnson
Matthey
6,406
140
Keywords
Studios
9,734
139
Kingfisher
79,242
244
Lloyds
Banking
Group
188,268
121
London
Stock
Exchange
Group
4,759
525
Melrose
Industries
36,199
284
National
Grid
21,356
280
Next
2,289
257
Oxford
Nanopore
Technologies (1)
20,183
25
Pearson
6,256
76
Persimmon
16,648
270
Prudential
14,572
127
Renishaw
1,842
95
Rentokil
Initial
9,485
48
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Rio
Tinto
5,847
396
Rolls-Royce
Holdings (1)
71,570
367
Rotork
48,518
195
Segro
32,487
342
Shell
9,239
328
Shell,
ADR
(USD)
5,399
387
Smith
&
Nephew
27,223
330
Smiths
Group
3,897
79
Spirax-Sarco
Engineering
1,290
142
SSE
4,322
90
Standard
Chartered
16,797
144
Syncona (1)
33,100
52
Taylor
Wimpey
41,784
68
TBC
Bank
Group
631
27
Unilever
(EUR)
2,100
109
Unilever
30,448
1,575
UNITE
Group
4,187
48
Victrex
7,948
125
Watches
of
Switzerland
Group (1)
15,079
63
Weir
Group
5,129
131
WPP
40,314
404
Yellow
Cake (1)
1,994
16
YouGov
18,891
205
20,909
Convertible
Preferred
Stocks 0.0%
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $10 (1)(4)(5)
475
10
10
Corporate
Bonds 0.3%
Barclays,
VR,
2.279%,
11/24/27
(USD) (6)
335,000
304
BAT
Capital,
4.39%,
8/15/37
(USD)
125,000
103
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27
(USD) (3)
210,000
190
HSBC
Holdings,
VR,
2.206%,
8/17/29
(USD) (6)
200,000
172
HSBC
Holdings,
VR,
7.399%,
11/13/34
(USD) (6)
200,000
213
Nationwide
Building
Society,
1.50%,
10/13/26
(USD) (3)
405,000
367
RELX
Capital,
3.00%,
5/22/30
(USD)
100,000
88
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) (3)(6)
320,000
311
1,930
Total
United
Kingdom
(Cost
$18,982)
22,849
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES 73.8%
Asset-Backed
Securities 0.5%
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-1,
Class
C,
1.59%,
10/20/25
3,023
3
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 (3)
100,000
100
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2019-2A,
Class
B,
3.55%,
9/22/25 (3)
87,500
87
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2020-2A,
Class
A,
2.02%,
2/20/27 (3)
100,000
94
CarMax
Auto
Owner
Trust,
Series
2021-1,
Class
D,
1.28%,
7/15/27
90,000
86
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%,
6.73%,
7/15/36 (3)
250,000
250
Driven
Brands
Funding,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (3)
125,775
113
Driven
Brands
Funding,
Series
2021-1A,
Class
A2,
2.791%,
10/20/51 (3)
126,750
108
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
A,
6.16%,
2/25/38 (3)
81,841
82
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
B,
6.53%,
2/25/38 (3)
81,841
82
Enterprise
Fleet
Financing,
Series
2023-2,
Class
A2,
5.56%,
4/22/30 (3)
211,505
211
Exeter
Automobile
Receivables
Trust,
Series
2021-4A,
Class
C,
1.46%,
10/15/27
135,657
134
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (3)
115,000
108
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
A,
4.85%,
8/15/35 (3)
185,000
181
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27
205,000
192
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
89
Hardee's
Funding,
Series
2024-1A,
Class
A2,
7.253%,
3/20/54 (3)
110,000
108
Invesco
U.S.,
Series
2023-1A,
Class
AR,
CLO,
FRN,
3M
TSFR
+
1.57%,
6.856%,
4/22/37 (3)
250,000
251
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JPMorgan
Chase
Bank,
Series
2021-2,
Class
C,
0.969%,
12/26/28 (3)
25,251
25
Kubota
Credit
Owner
Trust,
Series
2023-1A,
Class
A4,
5.07%,
2/15/29 (3)
50,000
49
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (3)
65,312
62
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (3)
32,636
30
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (3)
113,546
109
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (3)
23,779
21
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (3)
24,771
23
Nelnet
Student
Loan
Trust,
Series
2021-CA,
Class
AFX,
1.32%,
4/20/62 (3)
138,721
125
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (3)
50,916
51
Progress
Residential
Trust,
Series
2020-SFR1,
Class
C,
2.183%,
4/17/37 (3)
100,000
96
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (3)
123,694
108
Signal
Peak,
Series
2018-5A,
Class
A1R,
CLO,
FRN,
3M
TSFR
+
1.55%,
6.876%,
4/25/37 (3)
250,000
249
SMB
Private
Education
Loan
Trust,
Series
2016-A,
Class
A2A,
2.70%,
5/15/31 (3)
10,896
11
SMB
Private
Education
Loan
Trust,
Series
2016-B,
Class
A2B,
FRN,
1M
TSFR
+
1.564%,
6.885%,
2/17/32 (3)
20,618
21
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (3)
44,050
43
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (3)
27,521
27
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (3)
49,114
45
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (3)
113,828
99
U.S.
Bank,
Series
2023-1,
Class
B,
6.789%,
8/25/32 (3)
203,682
204
4,135
Bond
Mutual
Funds 15.4%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.07% (8)
(9)
1,988,571
15,551
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.49% (8)(9)
3,570,298
16,887
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.28% (8)(9)
4,759,833
31,320
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.58% (8)(9)
928,482
8,783
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.39% (8)(9)
2,647,252
20,278
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.56% (8)(9)
3,348,257
23,003
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.48% (8)(9)
802,632
6,678
122,500
Common
Stocks 30.7%
AbbVie
4,856
790
Acadia
Realty
Trust,
REIT
11,035
191
Accenture,
Class
A
1,930
581
Adobe (1)
2,284
1,057
Advanced
Micro
Devices (1)
1,674
265
Agilent
Technologies
8,264
1,132
Airbnb,
Class
A (1)
3,246
515
Alcoa
1,172
41
Alexandria
Real
Estate
Equities,
REIT
796
92
Align
Technology (1)
98
28
Allstate
8,747
1,488
Alphabet,
Class
A (1)
3,623
590
Alphabet,
Class
C (1)
38,218
6,292
Amazon.com (1)
49,477
8,658
Ameren
9,293
686
American
Express
6,072
1,421
American
Homes
4
Rent,
Class
A,
REIT
9,366
335
American
Tower,
REIT
2,576
442
AMETEK
8,677
1,516
Amphenol,
Class
A
14,526
1,754
Analog
Devices
7,716
1,548
API
Group (1)
2,623
101
Apollo
Global
Management
2,055
223
Apple
48,857
8,322
Apple
Hospitality
REIT,
REIT
9,180
135
Applied
Materials
7,436
1,477
Atlas
Energy
Solutions
1,416
31
Atlassian,
Class
A (1)
555
96
AutoZone (1)
156
461
AvalonBay
Communities,
REIT
2,312
438
Baker
Hughes
3,241
106
Ball
1,142
79
Bank
of
America
62,810
2,325
Berkshire
Hathaway,
Class
B (1)
6,995
2,775
BILL
Holdings (1)
3,161
197
Boeing (1)
1,000
168
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Booking
Holdings
534
1,843
Booz
Allen
Hamilton
Holding
6,701
990
Bristol-Myers
Squibb
1,900
83
Broadcom
447
581
Broadridge
Financial
Solutions
3,084
596
Cadence
Design
Systems (1)
553
152
Camden
Property
Trust,
REIT
1,423
142
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $179 (1)(4)
(5)
105
112
Carvana (1)
3,825
317
Cava
Group (1)
1,403
101
CBRE
Group,
Class
A (1)
456
40
Celsius
Holdings (1)
2,908
207
Cencora
11,337
2,710
CenterPoint
Energy
931
27
CF
Industries
Holdings
1,247
98
Charles
Schwab
21,453
1,586
Chesapeake
Energy
8,110
729
Chevron
3,877
625
Chipotle
Mexican
Grill (1)
232
733
Chubb
4,950
1,231
Cigna
Group
1,844
658
Cintas
115
76
Citigroup
18,118
1,111
Cleveland-Cliffs (1)
2,131
36
CME
Group
2,272
476
Coca-Cola
45,488
2,810
Colgate-Palmolive
26,136
2,402
Comcast,
Class
A
10,100
385
Commercial
Metals
799
43
Confluent,
Class
A (1)
7,115
200
ConocoPhillips
19,400
2,437
Constellation
Energy
10,317
1,918
Corebridge
Financial
10,229
272
Corpay (1)
1,744
527
Coupang (1)
1,800
40
Crowdstrike
Holdings,
Class
A (1)
307
90
Crown
Castle,
REIT
1,348
126
CSX
72,280
2,401
CubeSmart,
REIT
5,558
225
Cummins
6,896
1,948
Danaher
3,533
871
Datadog,
Class
A (1)
592
74
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Dayforce (1)
4,500
276
Deere
2,062
807
Devon
Energy
683
35
Diamondback
Energy
9,251
1,861
Dollar
General
1,664
232
Dollar
Tree (1)
2,500
296
Dominion
Energy
723
37
DoorDash,
Class
A (1)
944
122
Douglas
Emmett,
REIT
4,915
67
Dover
3,549
636
East
West
Bancorp
3,657
272
EastGroup
Properties,
REIT
1,091
169
Edwards
Lifesciences (1)
2,878
244
Electronic
Arts
4,428
562
Elevance
Health
7,354
3,887
Eli
Lilly
4,133
3,228
EOG
Resources
1,843
244
EPAM
Systems (1)
55
13
EQT
52,659
2,111
Equinix,
REIT
1,151
818
Equity
LifeStyle
Properties,
REIT
10,971
661
Equity
Residential,
REIT
6,138
395
Essex
Property
Trust,
REIT
1,677
413
Evercore,
Class
A
584
106
Expro
Group
Holdings (1)
545
10
Extra
Space
Storage,
REIT
771
104
Exxon
Mobil
19,046
2,253
Fair
Isaac (1)
345
391
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $3 (1)(4)(5)
163
1
Federal
Realty
Investment
Trust,
REIT
263
27
Ferguson
1,886
396
FirstEnergy
1,007
39
Fiserv (1)
15,920
2,431
FMC
3,187
188
Fortinet (1)
13,028
823
Freeport-McMoRan
31,103
1,553
FTI
Consulting (1)
1,967
421
Gaming
&
Leisure
Properties,
REIT
3,721
159
GE
HealthCare
Technologies
5,058
386
GE
Vernova (1)
4,868
748
General
Dynamics
6,262
1,798
General
Electric
11,076
1,792
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Global
Payments
5,468
671
Goldman
Sachs
Group
3,576
1,526
Gusto,
Acquisition
Date:
10/4/21,
Cost $24 (1)(4)(5)
826
13
Halliburton
77,579
2,907
Hartford
Financial
Services
Group
1,301
126
HB
Fuller
650
49
HCA
Healthcare
2,186
677
Healthcare
Realty
Trust,
REIT
6,199
88
Hess
2,172
342
Hilton
Worldwide
Holdings
5,153
1,017
Hologic (1)
3,750
284
Home
Depot
4,007
1,339
Honeywell
International
6,338
1,222
Host
Hotels
&
Resorts,
REIT
4,863
92
Howmet
Aerospace
2,844
190
Hubbell
585
217
Humana
466
141
Huntsman
1,911
46
IDEX
5,526
1,218
Insmed (1)
986
24
Intel
18,889
576
International
Flavors
&
Fragrances
737
62
International
Paper
29,364
1,026
Intuit
674
422
Intuitive
Surgical (1)
2,296
851
Ivanhoe
Electric (1)
8,568
87
Johnson
&
Johnson
11,483
1,660
JPMorgan
Chase
22,103
4,238
Kenvue
98,742
1,858
Keurig
Dr
Pepper
26,692
900
Keysight
Technologies (1)
8,115
1,201
Kilroy
Realty,
REIT
3,732
126
Kimco
Realty,
REIT
3,477
65
Kinder
Morgan
16,793
307
KLA
1,543
1,064
Kosmos
Energy (1)
34,046
193
L3Harris
Technologies
3,325
712
Lam
Research
1,035
926
Las
Vegas
Sands
14,502
643
Laureate
Education
3,359
49
Linde
5,748
2,535
Loar
Holdings (1)
423
22
Louisiana-Pacific
809
59
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
LPL
Financial
Holdings
2,884
776
Lululemon
Athletica (1)
317
114
Marathon
Petroleum
1,217
221
Marriott
International,
Class
A
1,842
435
Marsh
&
McLennan
7,424
1,481
Martin
Marietta
Materials
1,689
992
Mastercard,
Class
A
2,808
1,267
McDonald's
3,781
1,032
Merck
15,596
2,015
Meta
Platforms,
Class
A
8,151
3,506
MetLife
23,661
1,682
Micron
Technology
11,218
1,267
Microsoft
35,765
13,924
Molina
Healthcare (1)
2,666
912
Mondelez
International,
Class
A
7,295
525
MongoDB (1)
498
182
Monolithic
Power
Systems
659
441
Morgan
Stanley
1,793
163
Mosaic
10,630
334
MP
Materials (1)
1,482
24
MSCI
69
32
Netflix (1)
4,154
2,287
Newmont
4,646
189
Newmont,
CDI
(AUD)
3,081
125
NextEra
Energy
11,448
767
NIKE,
Class
B
867
80
Noble
1,660
74
Norfolk
Southern
2,350
541
Norwegian
Cruise
Line
Holdings (1)
12,470
236
Nucor
2,465
415
NVIDIA
11,465
9,906
NXP
Semiconductors
6,536
1,674
Old
Dominion
Freight
Line
3,938
716
O'Reilly
Automotive (1)
582
590
Packaging
Corp.
of
America
459
79
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (1)(4)(5)
21,572
9
Pebblebrook
Hotel
Trust,
REIT
3,610
52
Permian
Resources
14,055
235
PG&E
2,337
40
Phillips
66
2,099
301
Pinterest,
Class
A (1)
4,048
135
Pioneer
Natural
Resources
1,464
394
Planet
Fitness,
Class
A (1)
4,194
251
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PNC
Financial
Services
Group
1,542
236
Procter
&
Gamble
18,236
2,976
Progressive
7,085
1,475
Prologis,
REIT
10,482
1,070
Prothena (1)
479
10
Public
Storage,
REIT
6,440
1,671
QUALCOMM
8,909
1,478
Quanta
Services
202
52
Rad
Power
Bikes,
Class
A,
Acquisition
Date:
9/16/21,
Cost $155 (1)(4)(5)
16,193
5
Range
Resources
32,736
1,176
Rayonier,
REIT
2,559
76
Regency
Centers,
REIT
6,600
391
Reliance
845
241
Republic
Services
3,494
670
Revvity
2,900
297
Rexford
Industrial
Realty,
REIT
11,322
485
Rockwell
Automation
3,230
875
Roper
Technologies
1,478
756
Ross
Stores
2,767
358
Royal
Gold
779
94
RPM
International
573
61
S&P
Global
437
182
SBA
Communications,
REIT
984
183
Schlumberger
53,919
2,560
Service
Corp
International
1,794
129
ServiceNow (1)
1,844
1,279
Sherwin-Williams
925
277
Simon
Property
Group,
REIT
3,711
522
SL
Green
Realty,
REIT
715
36
Snowflake,
Class
A (1)
396
61
Southern
699
51
Southwestern
Energy (1)
53,028
397
Steel
Dynamics
2,553
332
Stryker
1,246
419
Sun
Communities,
REIT
1,764
196
Synopsys (1)
1,331
706
T-Mobile
U.S.
15,215
2,498
Targa
Resources
1,178
134
Target
3,688
594
TechnipFMC
5,914
152
Teleflex
188
39
Tenet
Healthcare (1)
5,718
642
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Terreno
Realty,
REIT
4,678
254
Tesla (1)
3,129
573
Texas
Instruments
7,300
1,288
Thermo
Fisher
Scientific
5,895
3,353
TJX
9,005
847
Toro
2,135
187
Tractor
Supply
3,880
1,060
TransDigm
Group
91
114
TransUnion
2,782
203
Travelers
6,329
1,343
Uber
Technologies (1)
8,553
567
Ulta
Beauty (1)
259
105
Union
Pacific
3,824
907
UnitedHealth
Group
7,729
3,739
Valero
Energy
1,104
176
Ventas,
REIT
6,228
276
Veralto
311
29
Vertex
Pharmaceuticals (1)
1,428
561
Visa,
Class
A
18,125
4,869
Vulcan
Materials
308
79
Walmart
30,822
1,829
Warrior
Met
Coal
1,410
96
Waste
Connections
2,672
433
Wells
Fargo
11,392
676
Welltower,
REIT
5,793
552
Westinghouse
Air
Brake
Technologies
12,172
1,961
Weyerhaeuser,
REIT
22,969
693
Williams
12,460
478
WillScot
Mobile
Mini
Holdings (1)
45
2
Xcel
Energy
9,000
484
Zoetis
1,042
166
245,331
Convertible
Preferred
Stocks 0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $97 (1)(4)(5)
2,160
76
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
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
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
190
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $122 (1)(4)(5)
2,843
209
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $37 (1)
(4)(5)
2,783
38
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
1,098
Corporate
Bonds 2.9%
AbbVie,
2.95%,
11/21/26
145,000
137
AbbVie,
4.50%,
5/14/35
30,000
28
AbbVie,
4.80%,
3/15/29
150,000
146
AHS
Hospital,
5.024%,
7/1/45
20,000
19
Alexandria
Real
Estate
Equities,
4.75%,
4/15/35
105,000
96
Ally
Financial,
2.20%,
11/2/28
120,000
101
Altria
Group,
2.35%,
5/6/25
40,000
39
Amazon.com,
2.80%,
8/22/24
50,000
50
Ameren,
5.70%,
12/1/26
185,000
185
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32
144,855
126
American
Express,
VR,
6.489%,
10/30/31 (6)
285,000
298
American
Honda
Finance,
0.75%,
8/9/24
260,000
257
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
American
Tower,
1.45%,
9/15/26
355,000
323
Amphenol,
2.20%,
9/15/31
105,000
85
Amphenol,
4.75%,
3/30/26
25,000
25
Amphenol,
5.05%,
4/5/29
55,000
54
Aon,
3.875%,
12/15/25
25,000
24
Appalachian
Power,
4.45%,
6/1/45
240,000
187
AT&T,
2.75%,
6/1/31
215,000
179
Autodesk,
2.40%,
12/15/31
135,000
109
AutoZone,
3.125%,
4/21/26
170,000
163
AutoZone,
3.75%,
6/1/27
70,000
67
Bank
of
America,
3.50%,
4/19/26
400,000
385
Bank
of
America,
4.45%,
3/3/26
50,000
49
Bank
of
America,
VR,
4.244%,
4/24/38 (6)
120,000
103
Bank
of
America,
VR,
5.08%,
1/20/27 (6)
225,000
223
Banner
Health,
1.897%,
1/1/31
65,000
53
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
99
Becton
Dickinson
&
Company,
3.70%,
6/6/27
183,000
174
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
25,000
23
BlackRock
Funding,
4.70%,
3/14/29
50,000
49
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 (3)
100,000
91
Brixmor
Operating
Partnership,
3.90%,
3/15/27
195,000
185
Brixmor
Operating
Partnership,
4.05%,
7/1/30
80,000
72
Cameron
LNG,
2.902%,
7/15/31 (3)
40,000
34
Cameron
LNG,
3.701%,
1/15/39 (3)
30,000
24
Cardinal
Health,
3.41%,
6/15/27
125,000
117
Cardinal
Health,
3.75%,
9/15/25
80,000
78
Carvana,
12.00%,
12/1/28,
(12.00%
PIK) (3)(10)
17,929
17
Carvana,
13.00%,
6/1/30,
(13.00%
PIK) (3)(10)
27,540
27
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (3)(10)
32,977
33
Centra
Health,
4.70%,
1/1/48
385,000
319
Charter
Communications
Operating,
4.908%,
7/23/25
50,000
49
Charter
Communications
Operating,
6.15%,
11/10/26
155,000
155
Cigna
Group,
3.25%,
4/15/25
250,000
244
Citigroup,
4.45%,
9/29/27
70,000
67
Citigroup,
VR,
3.887%,
1/10/28 (6)
315,000
301
Citigroup,
VR,
4.075%,
4/23/29 (6)
100,000
94
CMS
Energy,
4.875%,
3/1/44
25,000
22
CNO
Global
Funding,
2.65%,
1/6/29 (3)
315,000
268
CommonSpirit
Health,
2.76%,
10/1/24
95,000
94
CommonSpirit
Health,
2.782%,
10/1/30
50,000
42
Corebridge
Financial,
4.40%,
4/5/52
375,000
288
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CRH
America
Finance,
3.95%,
4/4/28 (3)
400,000
379
Crown
Castle,
2.10%,
4/1/31
250,000
198
Crown
Castle,
3.70%,
6/15/26
40,000
38
Crown
Castle,
4.75%,
5/15/47
30,000
25
CVS
Health,
2.70%,
8/21/40
540,000
353
Diamondback
Energy,
5.15%,
1/30/30
35,000
34
Discover
Financial
Services,
3.75%,
3/4/25
15,000
15
Elevance
Health,
4.101%,
3/1/28
130,000
124
Elevance
Health,
4.65%,
1/15/43
20,000
17
Energy
Transfer,
5.25%,
4/15/29
120,000
118
ERAC
USA
Finance,
5.40%,
5/1/53 (3)
300,000
282
Essex
Portfolio,
2.65%,
3/15/32
135,000
108
Eversource
Energy,
Series
M,
3.30%,
1/15/28
15,000
14
Experian
Finance,
2.75%,
3/8/30 (3)
200,000
172
Extra
Space
Storage,
4.00%,
6/15/29
145,000
134
FirstEnergy
Transmission,
4.35%,
1/15/25 (3)
65,000
64
Fiserv,
3.20%,
7/1/26
100,000
95
Fiserv,
5.45%,
3/15/34
175,000
171
Florida
Gas
Transmission,
4.35%,
7/15/25 (3)
215,000
211
Ford
Motor
Credit,
7.122%,
11/7/33
200,000
209
GATX,
6.90%,
5/1/34
270,000
286
General
Motors,
4.00%,
4/1/25
55,000
54
General
Motors
Financial,
2.40%,
4/10/28
305,000
269
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
110
Goldman
Sachs
Group,
5.15%,
5/22/45
15,000
14
Goldman
Sachs
Group,
6.75%,
10/1/37
10,000
10
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (6)
200,000
164
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (6)
130,000
88
Hasbro,
3.00%,
11/19/24
150,000
148
HCA,
4.125%,
6/15/29
235,000
218
Healthcare
Realty
Holdings,
3.625%,
1/15/28
30,000
27
Healthpeak,
2.125%,
12/1/28
80,000
69
Healthpeak,
2.875%,
1/15/31
45,000
38
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (3)
100,000
93
Honeywell
International,
1.10%,
3/1/27
275,000
246
Humana,
5.95%,
3/15/34
110,000
110
Hyundai
Capital
America,
1.30%,
1/8/26 (3)
145,000
134
Hyundai
Capital
America,
1.65%,
9/17/26 (3)
180,000
163
Hyundai
Capital
America,
1.80%,
10/15/25 (3)
55,000
52
Hyundai
Capital
America,
2.00%,
6/15/28 (3)
235,000
203
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48
145,000
115
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Intercontinental
Exchange,
3.75%,
12/1/25
75,000
73
Interpublic
Group
of
Companies,
5.375%,
6/15/33
410,000
397
IQVIA,
6.25%,
2/1/29
50,000
51
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (6)
235,000
217
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (6)
160,000
133
Kentucky
Utilities,
4.375%,
10/1/45
65,000
53
Keysight
Technologies,
4.55%,
10/30/24
230,000
229
Kilroy
Realty,
3.45%,
12/15/24
40,000
39
Kilroy
Realty,
4.25%,
8/15/29
25,000
22
Kilroy
Realty,
4.375%,
10/1/25
15,000
15
L3Harris
Technologies,
4.854%,
4/27/35
50,000
46
Liberty
Mutual
Group,
4.85%,
8/1/44 (3)
20,000
17
LYB
International
Finance
II,
3.50%,
3/2/27
300,000
284
Marriott
International,
Series
AA,
4.65%,
12/1/28
285,000
275
Mars,
4.75%,
4/20/33 (3)
125,000
120
Marsh
&
McLennan,
3.50%,
6/3/24
115,000
115
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (3)
220,000
219
McDonald's,
1.45%,
9/1/25
65,000
62
McKesson,
5.25%,
2/15/26
370,000
369
MedStar
Health,
Series
20A,
3.626%,
8/15/49
130,000
94
Met
Tower
Global
Funding,
1.25%,
9/14/26 (3)
245,000
221
Microchip
Technology,
5.05%,
3/15/29
55,000
54
Micron
Technology,
4.185%,
2/15/27
181,000
175
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (3)
110,000
104
Mississippi
Power,
3.95%,
3/30/28
170,000
161
Moody's,
2.00%,
8/19/31
335,000
266
Morgan
Stanley,
4.30%,
1/27/45
45,000
37
Morgan
Stanley,
VR,
5.656%,
4/18/30 (6)
360,000
361
Motorola
Solutions,
5.00%,
4/15/29
50,000
49
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
320,000
257
NiSource,
3.49%,
5/15/27
215,000
203
NiSource,
3.95%,
3/30/48
105,000
77
Northern
Trust,
3.95%,
10/30/25
25,000
24
Nucor,
2.70%,
6/1/30
70,000
60
Nucor,
3.95%,
5/1/28
121,000
115
Omnicom
Group,
3.65%,
11/1/24
50,000
49
O'Reilly
Automotive,
3.60%,
9/1/27
145,000
137
O'Reilly
Automotive,
5.75%,
11/20/26
35,000
35
PACCAR
Financial,
0.90%,
11/8/24
415,000
405
Pacific
Gas
&
Electric,
2.10%,
8/1/27
275,000
245
Packaging
Corp.
of
America,
3.65%,
9/15/24
15,000
15
PayPal
Holdings,
2.40%,
10/1/24
345,000
340
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
200,000
193
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Pioneer
Natural
Resources,
1.125%,
1/15/26
80,000
74
Pioneer
Natural
Resources,
5.10%,
3/29/26
50,000
50
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37
25,000
21
Principal
Financial
Group,
2.125%,
6/15/30
160,000
131
Principal
Financial
Group,
3.40%,
5/15/25
35,000
34
Public
Storage
Operating,
1.95%,
11/9/28
150,000
130
Realty
Income,
2.20%,
6/15/28
70,000
61
Regency
Centers,
4.125%,
3/15/28
35,000
33
Republic
Services,
3.375%,
11/15/27
230,000
216
Revvity,
1.90%,
9/15/28
230,000
197
Roper
Technologies,
2.95%,
9/15/29
60,000
53
Roper
Technologies,
3.80%,
12/15/26
50,000
48
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
50,000
48
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (6)
135,000
122
SBA
Tower
Trust,
2.836%,
1/15/25 (3)
250,000
245
Sempra,
3.30%,
4/1/25
185,000
181
ServiceNow,
1.40%,
9/1/30
235,000
186
Simon
Property
Group,
2.65%,
2/1/32
340,000
278
Simon
Property
Group,
3.375%,
10/1/24
45,000
45
Solventum,
5.40%,
3/1/29 (3)
110,000
108
Southern,
5.70%,
3/15/34
90,000
90
Synchrony
Financial,
4.25%,
8/15/24
375,000
373
Texas
Instruments,
1.125%,
9/15/26
80,000
73
Texas
Instruments,
1.375%,
3/12/25
45,000
43
Time
Warner
Cable,
6.55%,
5/1/37
13,000
12
Time
Warner
Cable,
6.75%,
6/15/39
13,000
12
TJX,
1.60%,
5/15/31
55,000
44
Trinity
Health,
4.125%,
12/1/45
25,000
21
Union
Pacific,
4.75%,
9/15/41
10,000
9
United
Airlines
PTT,
Series
2014-2,
Class
A,
3.75%,
9/3/26
2,631
2
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30
253,494
223
UnitedHealth
Group,
3.75%,
7/15/25
40,000
39
UnitedHealth
Group,
4.70%,
4/15/29
200,000
195
Verizon
Communications,
1.68%,
10/30/30
28,000
22
Verizon
Communications,
2.625%,
8/15/26
230,000
216
Waste
Connections,
2.20%,
1/15/32
155,000
123
Wells
Fargo,
VR,
5.389%,
4/24/34 (6)
410,000
396
Willis
North
America,
3.60%,
5/15/24
40,000
40
Willis
North
America,
4.50%,
9/15/28
160,000
152
WP
Carey,
3.85%,
7/15/29
115,000
106
23,061
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Equity
Mutual
Funds 8.1%
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class (8)
1,921,862
41,897
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (8)
2,334,528
22,411
64,308
Municipal
Securities 0.2%
Bay
Area
Toll
Auth.,
Series
S-10,
3.176%,
4/1/41
300,000
230
California,
Build
America,
GO,
7.625%,
3/1/40
35,000
41
California
State
Univ.,
Series
B,
2.795%,
11/1/41
250,000
177
Central
Texas
Regional
Mobility
Auth.,
Series
E,
3.167%,
1/1/41
225,000
167
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50
390,000
299
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39
180,000
173
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29
15,000
14
Los
Angeles
Airport,
Series
C,
Build
America,
7.053%,
5/15/40
15,000
17
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42
175,000
146
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series
B,
4.665%,
7/1/36
20,000
18
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Facs,
Series
B,
3.235%,
7/1/52
200,000
123
Metropolitan
Transportation
Auth.,
Series
A-1,
Build
America,
5.871%,
11/15/39
15,000
15
Miami-Dade
County
Transit
System,
Series
B,
Build
America,
5.624%,
7/1/40
160,000
159
Miami-Dade
County
Water
&
Sewer
System,
Series
C,
3.49%,
10/1/42
90,000
71
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
123,000
133
New
York
State
Dormitory
Auth.,
Series
F,
Build
America,
Unrefunded
Portion,
5.628%,
3/15/39
15,000
15
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
5,000
5
Port
Auth.
of
New
York
&
New
Jersey,
Series
182,
5.31%,
8/1/46
20,000
19
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44
25,000
22
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36
110,000
99
1,943
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 (3)
64,780
54
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (3)
21,226
18
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (3)
59,658
49
Angel
Oak
Mortgage
Trust,
Series
2023-3,
Class
A1,
CMO,
STEP,
4.80%,
9/26/67 (3)
213,604
205
Barclays
Mortgage
Loan
Trust,
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (3)
76,046
65
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.595%,
11/15/34 (3)
50,000
6
Benchmark
Mortgage
Trust,
Series
2023-V3,
Class
A3,
ARM,
6.363%,
7/15/56
145,000
148
BWAY
Mortgage
Trust,
Series
2022-26BW,
Class
A,
3.402%,
2/10/44 (3)
150,000
113
BX
Trust,
Series
2021-LGCY,
Class
C,
ARM,
1M
TSFR
+
1.118%,
6.439%,
10/15/36 (3)
225,000
219
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (3)
100,000
64
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
ARM,
3.526%,
11/10/49
55,000
51
CD
Mortgage
Trust,
Series
2017-CD3,
Class
B,
ARM,
3.984%,
2/10/50
110,000
74
Chase
Home
Lending
Mortgage
Trust,
Series
2023-RPL1,
Class
A1,
CMO,
ARM,
3.50%,
6/25/62 (3)
212,156
187
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58
25,000
24
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (3)
55,682
46
Cold
Storage
Trust,
Series
2020-ICE5,
Class
B,
ARM,
1M
TSFR
+
1.414%,
6.733%,
11/15/37 (3)
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%,
6.23%,
11/25/41 (3)
20,055
20
Connecticut
Avenue
Securities
Trust,
Series
2023-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
7.63%,
5/25/43 (3)
166,327
170
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (3)
15,301
14
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
TSFR
+
1.494%,
6.815%,
7/15/38 (3)
91,426
91
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K068,
Class
A1,
2.952%,
2/25/27
15,816
15
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K137,
Class
A2,
ARM,
2.347%,
11/25/31
860,000
710
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K-150,
Class
A2,
ARM,
3.71%,
9/25/32
370,000
334
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K-156,
Class
A2,
ARM,
4.43%,
2/25/33
285,000
271
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K753,
Class
A2,
4.40%,
10/25/30
405,000
388
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (3)
5,551
5
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.769%,
12/10/40 (3)
100,000
78
Great
Wolf
Trust,
Series
2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.947%,
7.268%,
12/15/36 (3)
53,735
54
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48
25,000
24
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
65,000
59
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48
65,000
63
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48
41,719
41
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-OPO,
Class
B,
3.377%,
1/5/39 (3)
100,000
82
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (3)
31,859
28
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (3)
37,728
33
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.944%,
6.00%,
8/25/50 (3)
8,464
8
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50
15,047
13
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
TSFR
+
1.215%,
6.536%,
4/15/38 (3)
213,914
213
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C17,
Class
B,
ARM,
4.464%,
8/15/47
20,000
20
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48
35,000
33
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
146
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2023-
NQM1,
Class
A2,
CMO,
STEP,
7.53%,
9/25/68 (3)
94,542
96
New
Residential
Mortgage
Loan
Trust,
Series
2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (3)
129,974
103
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NYO
Commercial
Mortgage
Trust,
Series
2021-1290,
Class
C,
ARM,
1M
TSFR
+
2.109%,
7.43%,
11/15/38 (3)
295,000
270
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
6.531%,
10/25/59 (3)
8,644
9
OBX
Trust,
Series
2023-NQM9,
Class
A2,
CMO,
STEP,
7.513%,
10/25/63 (3)
91,598
92
Provident
Funding
Mortgage
Trust,
Series
2019-1,
Class
B1,
CMO,
ARM,
3.188%,
12/25/49 (3)
184,303
148
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (3)
6,200
6
SFO
Commercial
Mortgage
Trust,
Series
2021-555,
Class
B,
ARM,
1M
TSFR
+
1.614%,
6.935%,
5/15/38 (3)
110,000
104
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (3)
1,081
1
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (3)
19,288
18
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
7.43%,
10/25/33 (3)
60,000
61
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
6.18%,
11/25/41 (3)
96,058
96
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2024-HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
6.58%,
3/25/44 (3)
148,492
148
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (3)
12,866
12
Verus
Securitization
Trust,
Series
2019-4,
Class
A1,
CMO,
STEP,
3.642%,
11/25/59 (3)
13,377
13
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
3.692%,
11/25/59 (3)
27,169
26
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (3)
30,538
26
Verus
Securitization
Trust,
Series
2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (3)
103,976
89
Verus
Securitization
Trust,
Series
2023-INV1,
Class
A1,
CMO,
STEP,
5.999%,
2/25/68 (3)
110,694
110
Verus
Securitization
Trust,
Series
2024-INV1,
Class
A2,
CMO,
STEP,
6.318%,
3/25/69 (3)
99,217
99
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
72
6,385
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Private
Investment
Companies 8.0%
Blackstone
Partners
Offshore
Fund,
Series
E1 (4)
25,981
63,602
63,602
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed) 7.1%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,830,000
1,076
U.S.
Treasury
Bonds,
1.375%,
8/15/50
990,000
483
U.S.
Treasury
Bonds,
1.75%,
8/15/41
1,310,000
831
U.S.
Treasury
Bonds,
1.875%,
2/15/41
580,000
381
U.S.
Treasury
Bonds,
1.875%,
2/15/51
1,215,000
678
U.S.
Treasury
Bonds,
2.00%,
2/15/50
2,490,000
1,449
U.S.
Treasury
Bonds,
2.00%,
8/15/51
365,000
210
U.S.
Treasury
Bonds,
2.25%,
2/15/52
2,245,000
1,369
U.S.
Treasury
Bonds,
2.50%,
2/15/45
145,000
99
U.S.
Treasury
Bonds,
2.75%,
11/15/42
65,000
48
U.S.
Treasury
Bonds,
2.75%,
8/15/47 (11)
4,915,000
3,444
U.S.
Treasury
Bonds,
2.875%,
8/15/45
570,000
417
U.S.
Treasury
Bonds,
3.00%,
11/15/44
395,000
297
U.S.
Treasury
Bonds,
3.00%,
11/15/45
435,000
324
U.S.
Treasury
Bonds,
3.00%,
2/15/47
220,000
162
U.S.
Treasury
Bonds,
3.00%,
2/15/48 (11)
740,000
542
U.S.
Treasury
Bonds,
3.00%,
8/15/48
150,000
110
U.S.
Treasury
Bonds,
3.00%,
8/15/52
800,000
578
U.S.
Treasury
Bonds,
3.125%,
11/15/41
290,000
230
U.S.
Treasury
Bonds,
3.125%,
8/15/44
110,000
85
U.S.
Treasury
Bonds,
3.375%,
8/15/42
220,000
179
U.S.
Treasury
Bonds,
3.625%,
8/15/43
305,000
256
U.S.
Treasury
Bonds,
3.625%,
2/15/53
80,000
65
U.S.
Treasury
Bonds,
3.625%,
5/15/53
1,090,000
891
U.S.
Treasury
Bonds,
3.875%,
8/15/40
580,000
518
U.S.
Treasury
Bonds,
3.875%,
2/15/43
605,000
529
U.S.
Treasury
Bonds,
3.875%,
5/15/43
105,000
92
U.S.
Treasury
Bonds,
4.00%,
11/15/52
150,000
131
U.S.
Treasury
Bonds,
4.25%,
2/15/54
360,000
330
U.S.
Treasury
Bonds,
4.75%,
11/15/43
370,000
363
U.S.
Treasury
Bonds,
4.75%,
11/15/53
640,000
637
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51
103,461
57
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
276,414
162
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43
289,796
211
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42
702,748
532
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47
245,415
178
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46
81,070
61
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48
142,204
105
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49
166,487
122
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44
162,713
135
U.S.
Treasury
Inflation-Indexed
Bonds,
1.50%,
2/15/53
637,454
516
U.S.
Treasury
Inflation-Indexed
Bonds,
2.125%,
2/15/54
276,246
260
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/25
4,580,680
4,434
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/26
1,184,256
1,121
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/27
4,308,472
4,022
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
417,239
362
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
1/15/27
1,262,327
1,194
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/27
218,582
206
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/26
282,623
273
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
7/15/32
773,710
682
U.S.
Treasury
Inflation-Indexed
Notes,
1.25%,
4/15/28
1,310,929
1,255
U.S.
Treasury
Inflation-Indexed
Notes,
1.75%,
1/15/34
2,796,756
2,669
U.S.
Treasury
Inflation-Indexed
Notes,
2.125%,
4/15/29
3,776,283
3,748
U.S.
Treasury
Inflation-Indexed
Notes,
2.375%,
10/15/28
3,723,363
3,744
U.S.
Treasury
Notes,
0.625%,
8/15/30
420,000
327
U.S.
Treasury
Notes,
0.75%,
1/31/28
120,000
103
U.S.
Treasury
Notes,
0.875%,
6/30/26
1,215,000
1,113
U.S.
Treasury
Notes,
1.25%,
8/15/31
1,035,000
817
U.S.
Treasury
Notes,
1.625%,
8/15/29
1,650,000
1,415
U.S.
Treasury
Notes,
1.875%,
2/28/27
2,720,000
2,505
U.S.
Treasury
Notes,
1.875%,
2/15/32
365,000
298
U.S.
Treasury
Notes,
2.75%,
5/15/25
220,000
214
U.S.
Treasury
Notes,
3.375%,
5/15/33
345,000
312
U.S.
Treasury
Notes,
3.625%,
5/31/28
645,000
617
U.S.
Treasury
Notes,
4.00%,
2/29/28
725,000
705
U.S.
Treasury
Notes,
4.00%,
2/15/34
110,000
104
U.S.
Treasury
Notes,
4.125%,
9/30/27
2,220,000
2,171
U.S.
Treasury
Notes,
4.125%,
10/31/27
1,195,000
1,168
U.S.
Treasury
Notes,
4.25%,
2/28/29
735,000
720
U.S.
Treasury
Notes,
4.375%,
11/30/28
1,105,000
1,088
56,530
Total
United
States
(Cost
$501,667)
588,893
VIETNAM 0.4%
Common
Stocks 0.4%
Asia
Commercial
Bank
284,971
322
Bank
for
Foreign
Trade
of
Vietnam (1)
108,081
388
Binh
Minh
Plastics
12,300
53
FPT
120,116
624
FPT
Digital
Retail
11,095
70
T.
ROWE
PRICE
Global
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hoa
Phat
Group (1)
475,700
533
Khang
Dien
House
Trading
&
Investment (1)
32,934
45
Military
Commercial
Joint
Stock
Bank
221,042
195
Mobile
World
Investment
44,000
95
Nam
Long
Investment
31,866
47
Phu
Nhuan
Jewelry
38,600
149
Saigon
Beer
Alcohol
Beverage
25,000
53
Vietnam
Dairy
Products
44,400
114
Vietnam
Engine
&
Agricultural
Machinery
119,400
168
Vincom
Retail (1)
142,400
126
Total
Vietnam
(Cost
$2,402)
2,982
SHORT-TERM
INVESTMENTS 0.6%
Money
Market
Funds 0.6%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.35% (8)(12)
4,794,442
4,794
Total
Short-Term
Investments
(Cost
$4,794)
4,794
SECURITIES
LENDING
COLLATERAL 0.8%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.7%
Money
Market
Funds 0.7%
T.
Rowe
Price
Government
Reserve
Fund,
5.37% (8)(12)
5,472,081
5,472
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,472
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.1%
Money
Market
Funds 0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.37% (8)(12)
569,982
570
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
570
Total
Securities
Lending
Collateral
(Cost
$6,042)
6,042
T.
ROWE
PRICE
Global
Allocation
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.0%
Exchange-Traded
Options
Purchased
0.0%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Call,
5/24/24
@
$109.50 (1)
9
967
2
Total
Options
Purchased
(Cost
$3)
2
Total
Investments
in
Securities
100.2%
of
Net
Assets
(Cost
$668,692)
$
800,127
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares/Par
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
April
30,
2024.
(3)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$14,083
and
represents
1.8%
of
net
assets.
(4)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,690
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
April
30,
2024.
(8)
Affiliated
Companies
(9)
SEC
30-day
yield
(10)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(11)
At
April
30,
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
.
.
.
.
.
.
.
.
.
.
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
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
OMR
Rial
Omani
OTC
Over-the-counter
PIK
Payment-in-kind
PTC
Pass-Through
Certificate
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
T.
ROWE
PRICE
Global
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
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
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written (0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
5/17/24
@
$77.00
1,547
11,802
(21)
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
5/17/24
@
$77.00
461
3,517
(42)
Morgan
Stanley
Alcon,
Call,
5/17/24
@
80.00
(CHF)
1
7
—
Morgan
Stanley
S&P
500
Index,
Call,
6/21/24
@
$5,150.00
72
36,257
(437)
Total
Options
Written
(Premiums
$(725))
$
(500)
T.
ROWE
PRICE
Global
Allocation
Fund
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
United
States
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
2,000
45
42
3
Total
United
States
3
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
3
Total
Centrally
Cleared
Swaps
3
Net
payments
(receipts)
of
variation
margin
to
date
(4)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(1)
T.
ROWE
PRICE
Global
Allocation
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
5/31/24
USD
2,806
AUD
4,282
$
28
BNP
Paribas
5/31/24
USD
12,957
EUR
12,048
84
BNP
Paribas
5/31/24
USD
444
SGD
603
2
HSBC
Bank
5/31/24
USD
660
HKD
5,157
(1)
JPMorgan
Chase
5/31/24
USD
9,061
JPY
1,403,269
121
State
Street
5/31/24
ILS
15
USD
4
—
State
Street
5/31/24
JPY
36,291
USD
234
(3)
State
Street
5/31/24
USD
3,568
CHF
3,243
28
State
Street
5/31/24
USD
1,393
DKK
9,654
9
State
Street
5/31/24
USD
5,559
GBP
4,438
13
State
Street
5/31/24
USD
149
ILS
565
(2)
State
Street
5/31/24
USD
225
NOK
2,467
3
State
Street
5/31/24
USD
73
NZD
123
1
State
Street
5/31/24
USD
1,164
SEK
12,641
16
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
299
T.
ROWE
PRICE
Global
Allocation
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
21
MSCI
EAFE
Index
contracts
6/24
(2,381)
$
76
Long,
55
S&P
500
E-Mini
Index
contracts
6/24
13,934
(116)
Long,
25
U.S.
Treasury
Long
Bond
contracts
6/24
2,845
(132)
Long,
26
U.S.
Treasury
Notes
five
year
contracts
6/24
2,723
(45)
Long,
10
U.S.
Treasury
Notes
ten
year
contracts
6/24
1,075
(26)
Long,
1
U.S.
Treasury
Notes
two
year
contracts
6/24
203
(1)
Long,
3
Ultra
U.S.
Treasury
Bonds
contracts
6/24
359
(22)
Short,
8
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(882)
30
Net
payments
(receipts)
of
variation
margin
to
date
126
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(110)
T.
ROWE
PRICE
Global
Allocation
Fund
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
six
months
ended
April
30,
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,
6.07%
$
(275)
$
111
$
381
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.49%
(264)
578
533
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.28%
(617)
3,003
894
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.58%
(3)
138
379
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.39%
(139)
1,111
672
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
2,173
8,203
340
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.56%
(828)
1,644
358
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.48%
—
85
33
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
(87)
1,347
T.
Rowe
Price
Government
Reserve
Fund,
5.37%
—
—
— ++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.35%
—
—
261
Affiliates
not
held
at
period
end
—
—
10
Totals
$
47#
$
14,786
$
5,208+
T.
ROWE
PRICE
Global
Allocation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
04/30/24
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.07%
$
16,583
$
382
$
1,525
$
15,551
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.49%
17,787
535
2,013
16,887
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.28%
30,341
894
2,918
31,320
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.58%
8,369
379
103
8,783
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.39%
19,635
671
1,139
20,278
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
42,331
1,697
10,334
41,897
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.56%
24,329
358
3,328
23,003
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.48%
2,159
4,434
—
6,678
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
21,151
1,347
—
22,411
T.
Rowe
Price
Government
Reserve
Fund,
5.37%
3,057
¤
¤
6,042
T.
Rowe
Price
Treasury
Reserve
Fund,
5.35%
18,210
¤
¤
4,794
Total
$
197,644^
#
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
as
described
in
Note
4
.
+
Investment
income
comprised
$5,208
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
$214,163.
T.
ROWE
PRICE
Global
Allocation
Fund
April
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$668,692)
$
800,127
Receivable
for
investment
securities
sold
7,815
Dividends
and
interest
receivable
1,321
Foreign
currency
(cost
$1,298)
1,275
Receivable
for
shares
sold
1,054
Unrealized
gain
on
forward
currency
exchange
contracts
305
Cash
16
Other
assets
1,354
Total
assets
813,267
Liabilities
Payable
for
investment
securities
purchased
7,256
Obligation
to
return
securities
lending
collateral
6,042
Options
written
(premiums
$725)
500
Payable
for
shares
redeemed
463
Investment
management
fees
payable
361
Variation
margin
payable
on
futures
contracts
110
Due
to
affiliates
15
Unrealized
loss
on
forward
currency
exchange
contracts
6
Variation
margin
payable
on
centrally
cleared
swaps
1
Other
liabilities
158
Total
liabilities
14,912
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
798,355
T.
ROWE
PRICE
Global
Allocation
Fund
April
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
115,683
Paid-in
capital
applicable
to
54,162,100
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
682,672
NET
ASSETS
$
798,355
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$511,016;
Shares
outstanding:
34,665,649)
$
14.74
Advisor
Class
(Net
assets:
$3,286;
Shares
outstanding:
224,586)
$
14.63
I
Class
(Net
assets:
$284,053;
Shares
outstanding:
19,271,865)
$
14.74
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
6
Months
Ended
4/30/24
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$203)
$
9,294
Interest
1,963
Securities
lending
24
Total
income
11,281
Expenses
Investment
management
2,757
Shareholder
servicing
Investor
Class
$
383
Advisor
Class
4
I
Class
20
407
Rule
12b-1
fees
Advisor
Class
4
Prospectus
and
shareholder
reports
Investor
Class
36
I
Class
8
44
Custody
and
accounting
125
Legal
and
audit
67
Registration
42
Proxy
and
annual
meeting
3
Directors
1
Miscellaneous
21
Waived
/
paid
by
Price
Associates
(618)
Total
expenses
2,853
Net
investment
income
8,428
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$51)
18,524
Futures
3,098
Options
written
(4,362)
Forward
currency
exchange
contracts
227
Foreign
currency
transactions
11
Capital
gain
distributions
from
mutual
funds
1,357
Net
realized
gain
18,855
Change
in
net
unrealized
gain
/
loss
Securities
78,353
Futures
(471)
Swaps
3
Options
written
329
Forward
currency
exchange
contracts
208
Other
assets
and
liabilities
denominated
in
foreign
currencies
(25)
Change
in
net
unrealized
gain
/
loss
78,397
Net
realized
and
unrealized
gain
/
loss
97,252
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
105,680
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
4/30/24
Year
Ended
10/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
8,428
$
17,843
Net
realized
gain
18,855
14,667
Change
in
net
unrealized
gain
/
loss
78,397
41,953
Increase
in
net
assets
from
operations
105,680
74,463
Distributions
to
shareholders
Net
earnings
Investor
Class
(12,874)
(22,307)
Advisor
Class
(84)
(123)
I
Class
(8,544)
(8,145)
Decrease
in
net
assets
from
distributions
(21,502)
(30,575)
Capital
share
transactions
*
Shares
sold
Investor
Class
36,755
83,180
Advisor
Class
427
957
I
Class
24,571
96,320
Distributions
reinvested
Investor
Class
12,046
14,937
Advisor
Class
73
116
I
Class
8,400
7,911
Shares
redeemed
Investor
Class
(84,527)
(350,350)
Advisor
Class
(1,023)
(2,281)
I
Class
(55,099)
(76,750)
Decrease
in
net
assets
from
capital
share
transactions
(58,377)
(225,960)
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/24
Year
Ended
10/31/23
Net
Assets
Increase
(decrease)
during
period
25,801
(182,072)
Beginning
of
period
772,554
954,626
End
of
period
$
798,355
$
772,554
*
Share
information
(000s)
Shares
sold
Investor
Class
2,556
6,218
Advisor
Class
30
72
I
Class
1,708
7,166
Distributions
reinvested
Investor
Class
851
1,166
Advisor
Class
5
9
I
Class
594
617
Shares
redeemed
Investor
Class
(5,869)
(25,479)
Advisor
Class
(72)
(170)
I
Class
(3,860)
(5,727)
Decrease
in
shares
outstanding
(4,057)
(16,128)
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Global
Allocation
Fund,
Inc.
(the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as a
diversified, open-
end
management
investment
company. The
fund
seeks
long-term
capital
appreciation
and
income.
The
fund
has three classes
of
shares:
the
Global
Allocation
Fund
(Investor
Class),
the
Global
Allocation
Fund– Advisor
Class
(Advisor
Class)
and
the
Global
Allocation
Fund– I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes.
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES
Basis
of
Preparation
The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
T.
ROWE
PRICE
Global
Allocation
Fund
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’ s
average
daily
net
assets.
Capital
Transactions
Each
investor’ s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’ s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
T.
ROWE
PRICE
Global
Allocation
Fund
New
Accounting
Guidance
The
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2020– 04,
Reference
Rate
Reform
(Topic
848) –
Facilitation
of
the
Effects
of
Reference
Rate
Reform
on
Financial
Reporting
in
March
2020
and
ASU
2021-01
in
January
2021
which
provided
further
amendments
and
clarifications
to
Topic
848.
These
ASUs provide
optional,
temporary
relief
with
respect
to
the
financial
reporting
of
contracts
subject
to
certain
types
of
modifications
due
to
the
planned
discontinuation
of
the
London
Interbank
Offered
Rate
(LIBOR),
and
other
interbank-offered
based
reference
rates,
through December
31,
2022.
In
December
2022,
FASB
issued
ASU
2022-
06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
Management
intends
to
rely
upon
the
relief
provided
under
Topic
848,
which
is
not
expected to
have
a
material
impact
on
the fund's
financial statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’ s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’ s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’ s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’ s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
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:
T.
ROWE
PRICE
Global
Allocation
Fund
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’ s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund’ s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
T.
ROWE
PRICE
Global
Allocation
Fund
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
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
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.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’ s
length
T.
ROWE
PRICE
Global
Allocation
Fund
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
Valuation
Inputs
The
following
table
summarizes
the
fund’ s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
April
30,
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
$
—
$
101,587
$
—
$
101,587
Bond
Mutual
Funds
122,500
—
—
122,500
Closed-End
Mutual
Funds
—
17
—
17
Common
Stocks
265,979
169,086
157
435,222
Convertible
Preferred
Stocks
—
—
1,533
1,533
Equity
Mutual
Funds
64,308
—
—
64,308
Preferred
Stocks
—
520
—
520
Private
Investment
Companies
—
—
63,602
63,602
Short-Term
Investments
4,794
—
—
4,794
Securities
Lending
Collateral
6,042
—
—
6,042
Options
Purchased
2
—
—
2
Total
Securities
463,625
271,210
65,292
800,127
Swaps*
—
3
—
3
Forward
Currency
Exchange
Contracts
—
305
—
305
Futures
Contracts*
106
—
—
106
Total
$
463,731
$
271,518
$
65,292
$
800,541
Liabilities
Options
Written
$
—
$
500
$
—
$
500
Forward
Currency
Exchange
Contracts
—
6
—
6
Futures
Contracts*
342
—
—
342
Total
$
342
$
506
$
—
$
848
T.
ROWE
PRICE
Global
Allocation
Fund
Following
is
a
reconciliation
of
the
fund’ s
Level
3
holdings
for
the
six
months ended
April
30,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
April
30,
2024,
totaled $3,834,000 for
the
six
months ended
April
30,
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.
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
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
10/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
4/30/24
Investment
in
Securities
Common
Stocks
$
156
$
13
$
—
$
(12)
$
157
Convertible
Preferred
Stocks
1,372
161
10
(10)
1,533
Private
Investment
Companies
59,932
3,670
—
—
63,602
Total
$
61,460
$
3,844
$
10
$
(22)
$
65,292
T.
ROWE
PRICE
Global
Allocation
Fund
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
$157
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
$
1,533
Recent
comparable
transaction
price(s)
— #
— #
— #
— #
T.
ROWE
PRICE
Global
Allocation
Fund
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**
Conversion
ratio
— #
— #
— #
Market
comparable
Enterprise
value
to
gross
profit
multiple
6.8x
–
11.3x
10.3x
Increase
Projected
enterprise
value
to
gross
profit
multiple
6.8x
–
8.4x
7.6x
Increase
Gross
profit
growth
rate
17%
-
24%
23%
Increase
Enterprise
value
to
sales
multiple
2.1x
–
9.2x
2.5x
Increase
Projected
enterprise
value
to
sales
multiple
3.0x
–
5.1x
3.8x
Increase
Sales
growth
rate
1%
-
24%
22%
Increase
Enterprise
value
to
EBIT
multiple
10.3x
–
14.4x
12.4x
Increase
EBIT
growth
rate
24%
24%
Increase
Price
to
net
asset
value
multiple
0.9x
0.9x
Increase
Discount
rate
for
cost
of
capital
15%
-
30%
27%
Decrease
Discount
for
uncertainty
10%
10%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Allocation
Fund
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’ s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
April
30,
2024,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’ s
portfolio.
Potential
uses
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
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**
Private
Investment
Companies
$
63,602
Rollforward
of
Investee
NAV
Estimated
return
0.51%
0.51%
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’ s
derivative
instruments
held
as
of
April
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures,
Securities^
$
32
Foreign
exchange
derivatives
Forwards
305
Credit
derivatives
Centrally
Cleared
Swaps
3
Equity
derivatives
Futures
76
^
,*
Total
$
416
^
,*
Liabilities
Interest
rate
derivatives
Futures
$
226
Foreign
exchange
derivatives
Forwards
6
Credit
derivatives
Options
Written
63
Equity
derivatives
Futures,
Options
Written
553
Total
$
848
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
T.
ROWE
PRICE
Global
Allocation
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
April
30,
2024,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
—
$
41
$
8
$
—
$
—
$
49
Foreign
exchange
derivatives
—
—
—
227
—
227
Equity
derivatives
—
(4,403)
3,090
—
—
(1,313)
Total
$
—
$
(4,362)
$
3,098
$
227
$
—
$
(1,037)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
(1)
$
(1)
$
97
$
—
$
—
$
95
Foreign
exchange
derivatives
—
—
—
208
—
208
Credit
derivatives
—
112
—
—
3
115
Equity
derivatives
—
218
(568)
—
—
(350)
Total
$
(1)
$
329
$
(471)
$
208
$
3
$
68
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Global
Allocation
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’ s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
T.
ROWE
PRICE
Global
Allocation
Fund
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’ s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’ s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’ s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
April
30,
2024,
securities
valued
at $490,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
April
30,
2024,
collateral
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives
consisted
of $560,000 cash
and
securities
valued
at
$278,000. As
of
April
30,
2024,
securities
valued
at $338,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’ s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’ s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’ s
total
return;
and
the
T.
ROWE
PRICE
Global
Allocation
Fund
potential
for
losses
in
excess
of
the
fund’ s
initial
investment.
During
the
six
months ended
April
30,
2024,
the
volume
of
the
fund’ s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
between
4%
and
6%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risks.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/
or
interest
rates,
and
potential
losses
in
excess
of
the
fund’ s
initial
investment.
During
the
six
months ended
April
30,
2024,
the
volume
of
the
fund’ s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
5%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
T.
ROWE
PRICE
Global
Allocation
Fund
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
security
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
interest
rates
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
April
30,
2024,
the
volume
of
the
fund’ s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
6%
and
7%
of
net
assets.
Swaps
The
fund
is
subject
to
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risk.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
T.
ROWE
PRICE
Global
Allocation
Fund
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
April
30,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $2,000,000
(0.3%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’ s
swap
investments,
and
potential
losses
in
excess
of
the
fund’ s
initial
investment.
During
the
six
months ended
April
30,
2024,
the
volume
of
the
fund’ s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
T.
ROWE
PRICE
Global
Allocation
Fund
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective,
the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of
the
fund
are
described
more
fully
in
the
fund's
prospectus
and
Statement
of
Additional
Information.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“ tranches”
or
“ classes” ,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“ equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
Investment
in
Blackstone
Partners
Offshore
Fund
The
fund
invested
in
Blackstone
Partners
Offshore
Fund
Ltd.
(Blackstone
Partners),
a
multi-strategy
hedge
fund-of-funds
offered
by
Blackstone
Alternative
Asset
Management
(BAAM),
a
unit
of
Blackstone
Group
L.P.
(Blackstone).
Blackstone
Partners
provides
the
fund
exposure
to
alternative
investments
primarily
through
Blackstone
Partners’
investments
in
underlying
private
investment
funds,
and
the
underlying
funds
are
mostly
managed
by
investment
managers
T.
ROWE
PRICE
Global
Allocation
Fund
unaffiliated
with
BAAM
or
Blackstone.
Blackstone
Partners
and
the
underlying
funds
may
use
leverage,
engage
in
short-selling,
and
invest
in
commodities
or
other
speculative
investments,
which
may
increase
the
risk
of
investment
loss.
Blackstone
Partners
and
the
underlying
funds
are
not
subject
to
the
same
regulatory
requirements
as
open-end
mutual
funds,
and,
therefore,
their
investments
and
related
valuations
may
not
be
as
transparent.
Ownership
interests
in
Blackstone
Partners
are
not
transferable
and
are
subject
to
various
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
In
addition,
Blackstone
Partners’
ownership
in
the
underlying
funds
may
also
be
subject
to
transfer
and
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
All
of
these
restrictions
are
subject
to
change
at
the
sole
discretion
of
Blackstone
Partners
or
an
underlying
fund’ s
management.
As
of
April
30,
2024,
the
fund’ s
investment
in
Blackstone
Partners
is
subject
to
semi-annual
redemption
with
95
days
prior
written
notice
and
is
considered
an
illiquid
asset.
Securities
Lending
The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
April
30,
2024,
the
value
of
loaned
securities
was
$5,519,000;
the
value
of
cash
collateral
and
related
investments
was
$6,042,000.
T.
ROWE
PRICE
Global
Allocation
Fund
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term securities
aggregated $111,005,000 and
$180,160,000,
respectively,
for
the
six
months ended
April
30,
2024.
Purchases
and
sales
of
U.S.
government
securities
aggregated
$27,303,000 and
$24,321,000,
respectively,
for
the
six
months ended
April
30,
2024.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
October
31,
2023,
the
fund
had
$3,103,000
of
available
capital
loss
carryforwards.
At
April
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$677,933,000.
Net
unrealized
gain
aggregated
$121,764,000
at
period-end,
of
which
$175,477,000
related
to
appreciated
investments
and
$53,713,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
T.
ROWE
PRICE
Global
Allocation
Fund
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.40%
of
the
fund’ s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’ s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’ s
average
daily
net
assets. At
April
30,
2024,
the
effective
annual
group
fee
rate
was
0.29%.
The Advisor
Class and Investor
Class are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
Effective
November
1,
2023,
the Investor
Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the
class’ s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’ s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’ s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’ s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
T.
ROWE
PRICE
Global
Allocation
Fund
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’ s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’ s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’ s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
six
months ended April
30,
2024
as
indicated
in
the
table
below.
Including these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $150,000 remain
subject
to
repayment
by
the
fund
at
April
30,
2024.
Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’ s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
April
30,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$56,000
for
Price
Associates;
$103,000
for
T.
Rowe
Price
Services,
Inc.;
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
1.04%
1.15%
0.05%
Expense
limitation
date
02/28/26
02/28/26
02/28/26
(Waived)/repaid
during
the
period
($000s)
$—
$(2)
$(45)
T.
ROWE
PRICE
Global
Allocation
Fund
and
$1,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund’ s
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
fund’ s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
April
30,
2024,
are
as
follows:
T.
ROWE
PRICE
Global
Allocation
Fund
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$368,000,
$2,000
and
$201,000 for
the
Investor
Class,
Advisor
Class
and
I
Class,
respectively,
for
the
six
months ended
April
30,
2024.
The
fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’ s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
April
30,
2024,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
BORROWING
To
provide
temporary
liquidity,
the
fund
may
borrow
from
other
T.
Rowe
Price-
sponsored
mutual
funds
under
an
interfund
borrowing
program
developed
and
managed
by
Price
Associates.
The
program
permits
the
borrowing
and
lending
of
cash
at
rates
beneficial
to
both
the
borrowing
and
lending
funds.
Pursuant
to
program
guidelines,
loans
totaling
10%
or
more
of
a
borrowing
fund’ s
total
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class
0.48%
$
39
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class
0.65%
49
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund
0.70%
109
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
24
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
50
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
0.63%
134
T.
Rowe
Price
International
Bond
Fund
-
I
Class
0.49%
60
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.48%
5
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
1.00%
101
Total
Management
Fee
Waived
$
571
T.
ROWE
PRICE
Global
Allocation
Fund
assets
require
collateralization
at
102%
of
the
value
of
the
loan;
loans
of
less
than
10%
are
unsecured.
During
the
six
months ended
April
30,
2024,
the
fund
incurred
$3,000
in
interest
expense
related
to
outstanding
borrowings
on
two
days
in
the
average
amount
of
$7,800,000
and
at
an
average
annual
rate
of
6.94%.
At
April
30,
2024,
there
were
no
borrowings
outstanding.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’ s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
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
fund’ s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Global
Allocation
Fund
INFORMATION
ON
PROXY
VOTING
POLICIES,
PROCEDURES,
AND
RECORDS
A
description
of
the
policies
and
procedures
used
by
T.
Rowe
Price
funds
to
determine
how
to
vote
proxies
relating
to
portfolio
securities
is
available
in
each
fund’ s
Statement
of
Additional
Information.
You
may
request
this
document
by
calling
1-800-225-5132
or
by
accessing
the
SEC’ s
website,
sec.gov.
The
description
of
our
proxy
voting
policies
and
procedures
is
also
available
on
our
corporate
website.
To
access
it,
please
visit
the
following
Web
page:
https://www.troweprice.com/corporate/us/en/utility/policies.html
Scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“ Proxy
Voting
Guidelines.”
Click
on
the
links
in
the
shaded
box.
Each
fund’ s
most
recent
annual
proxy
voting
record
is
available
on
our
website
and
through
the
SEC’ s
website.
To
access
it
through
T.
Rowe
Price,
visit
the
website
location
shown
above,
and
scroll
down
to
the
section
near
the
bottom
of
the
page
that
says,
“ Proxy
Voting
Records.”
Click
on
the
Proxy
Voting
Records
link
in
the
shaded
box.
HOW
TO
OBTAIN
QUARTERLY
PORTFOLIO
HOLDINGS
The
fund
files
a
complete
schedule
of
portfolio
holdings
with
the
Securities
and
Exchange
Commission
(SEC)
for
the
first
and
third
quarters
of
each
fiscal
year
as
an
exhibit
to
its
reports
on
Form
N-PORT.
The
fund’ s
reports
on
Form
N-PORT
are
available
electronically
on
the
SEC’ s
website
(sec.gov).
In
addition,
most
T.
Rowe
Price
funds
disclose
their
first
and
third
fiscal
quarter-end
holdings
on
troweprice.
com
.
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Global
Allocation
Fund
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
Each
year,
the
fund’ s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
International
Ltd,
T.
Rowe
Price
Hong
Kong
Limited,
T.
Rowe
Price
Japan,
Inc.,
and
T.
Rowe
Price
Singapore
Private
Ltd.
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
11– 12,
2024
(Meeting),
the
Board,
including
all
of
the
fund’ s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’ s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’ s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’ s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’ s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’ s
and
Subadvisers’
senior
management
teams
and
investment
personnel
T.
ROWE
PRICE
Global
Allocation
Fund
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’ s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’ s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’ s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2023.
Additionally,
the
Board
reviewed
the
fund’ s
relative
performance
information
as
of
September
30,
2023,
which
ranked
the
returns
of
the
fund’ s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’ s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’ s
performance,
the
length
of
the
fund’ s
performance
track
record,
and
how
closely
the
fund’ s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’ s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’ s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadvisers)
may
have
realized
from
its
relationship
with
the
fund.
In
considering
soft-dollar
arrangements
pursuant
to
which
research
may
be
received
from
broker-dealers
that
execute
the
fund’ s
portfolio
transactions,
the
Board
noted
that
during
2023
the
Adviser
paid
the
costs
of
research
services
for
all
client
accounts
that
it
advises,
including
the
T.
Rowe
Price
funds.
However,
effective
January
1,
2024,
the
Adviser
will
begin
using
brokerage
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible.
T.
ROWE
PRICE
Global
Allocation
Fund
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’ s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components— a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’ s
average
daily
net
assets— and
the
fund
pays
its
own
expenses
of
operations.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
each
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
rate
decreases
as
total
T.
Rowe
Price
fund
assets
grow,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds,
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’ s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
contractual
expense
limitations
that
require
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’ s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’ s
and
Subadvisers’
ongoing
investments
in
their
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’ s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
T.
ROWE
PRICE
Global
Allocation
Fund
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’ s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’ s
contractual
management
fee
ranked
in
the
second
quintile
(Investor
Class
Expense
Group),
the
fund’ s
actual
management
fee
rate
ranked
in
the
second
quintile
(Investor
Class
Expense
Group,
Advisor
Class
Expense
Group,
and
Expense
Universe),
and
the
fund’ s
total
expenses
ranked
in
the
second
quintile
(Investor
Class
Expense
Group
and
Expense
Universe)
and
first
quintile
(Advisor
Class
Expense
Group).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
to
investors
outside
the
United
States.
Management
provided
the
Board
with
information
about
the
Adviser’ s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
business
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
business.
The
Board
considered
information
showing
that
the
Adviser’ s
mutual
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
institutional
account
business
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’ s
proprietary
mutual
fund
business.
In
assessing
the
reasonableness
of
the
fund’ s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
mutual
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’ s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
T.
ROWE
PRICE
Global
Allocation
Fund
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contract
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
T.
ROWE
PRICE
Global
Allocation
Fund
APPROVAL
OF
NEW
SUBADVISORY
AGREEMENT
Prior
to
the
March
Meeting,
at
a
meeting
held
on
October
23,
2023
(October
Meeting),
the
fund’ s
Board
considered
the
initial
approval
of
an
investment
subadvisory
agreement
(New
Subadvisory
Contract)
that
the
Adviser
entered
into
with
T.
Rowe
Price
Australia
Limited
(New
Subadviser)
on
behalf
of
the
fund.
The
New
Subadvisory
Contract
authorizes
the
New
Subadviser
to
have
investment
discretion
with
respect
to
all
or
a
portion
of
the
fund’ s
portfolio.
The
Board
noted
that
the
New
Subadvisory
Contract
will
be
substantially
similar
to
the
fund’ s
other
Subadvisory
Contracts
and
that
the
Adviser
will
retain
oversight
responsibilities
with
respect
to
the
fund.
The
Board
also
noted
that
the
new
subadvisory
arrangement
will
not
change
the
total
advisory
fees
paid
by
the
fund.
However,
under
the
New
Subadvisory
Contract,
the
Adviser
may
pay
the
New
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
At
the
October
Meeting,
the
Board
reviewed
materials
relevant
to
its
consideration
of
the
proposed
New
Subadvisory
Contract.
The
factors
considered
by
the
Board
at
the
October
Meeting
in
connection
with
approval
of
the
proposed
New
Subadvisory
Contract
were
substantially
similar
to
the
factors
considered
at
the
March
Meeting
in
connection
with
the
approval
to
continue
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
New
Subadvisory
Contract
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
Following
discussion
at
the
October
Meeting,
the
Board,
including
all
of
the
fund’ s
independent
directors
present
in
person
at
the
October
Meeting,
approved
the
New
Subadvisory
Contract
between
the
Adviser
and
New
Subadviser
on
behalf
of
the
fund.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
New
Subadvisory
Contract,
effective
November
1,
2023.
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F154-051
6/24
Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.
Item 2. Code of Ethics.
A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.
Item 3. Audit Committee Financial Expert.
Disclosure required in registrant’s annual Form N-CSR.
Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant’s annual Form N-CSR.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.
(b) The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 13. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Global Allocation Fund, Inc. |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | June 17, 2024 | | |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| | | | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | June 17, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | June 17, 2024 | | |
