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T. Rowe Price Global Allocation Fund (RPGAX) NPORT-PT. Rowe Price Global Allocation Fund (Jul 2024 report)

Filed: 26 Sep 24, 6:29pm

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T.

ROWE

PRICE

Global

Allocation

Fund

July

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA 0.2%

Common

Stocks 0.2%

Arcos

Dorados

Holdings,

Class

A

(USD)

21,765‌

210‌

Globant

(USD) (1)

1,126‌

219‌

MercadoLibre

(USD) (1)

940‌

1,569‌

Tenaris,

ADR

(USD)

1,455‌

47‌

Total

Argentina

(Cost

$1,095)

2,045‌

AUSTRALIA 0.5%

Common

Stocks 0.5%

ALS

6,155‌

62‌

ANZ

Group

Holdings

9,106‌

173‌

BHP

Group

44,363‌

1,232‌

BHP

Group

(GBP)

12,365‌

341‌

BlueScope

Steel

1,852‌

27‌

Capricorn

Metals (1)

25,703‌

91‌

Challenger

14,030‌

65‌

Champion

Iron

11,222‌

46‌

Champion

Iron

(CAD)

2,550‌

11‌

Cochlear

358‌

81‌

Downer

EDI

25,738‌

84‌

Emerald

Resources (1)

50,037‌

122‌

Fortescue

2,699‌

34‌

Frontier

Digital

Ventures (1)

215,761‌

58‌

Goodman

Group

9,661‌

223‌

IGO

19,489‌

71‌

Macquarie

Group

1,439‌

198‌

Northern

Star

Resources

18,240‌

169‌

oOh!media

66,161‌

63‌

Pilbara

Minerals

91,311‌

177‌

Predictive

Discovery (1)

184,797‌

22‌

Red

5 (1)

155,851‌

40‌

Reliance

Worldwide

19,880‌

67‌

Scentre

Group

157,731‌

360‌

South32

65,195‌

131‌

Worley

24,234‌

240‌

4,188‌

Corporate

Bonds 0.0%

Transurban

Finance,

2.45%,

3/16/31

(USD) (2)

140,000‌

119‌

T.

ROWE

PRICE

Global

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Transurban

Finance,

4.125%,

2/2/26

(USD) (2)

15,000‌

15‌

Woodside

Finance,

3.70%,

3/15/28

(USD) (2)

67,000‌

64‌

Woodside

Finance,

4.50%,

3/4/29

(USD) (2)

105,000‌

103‌

301‌

Total

Australia

(Cost

$3,519)

4,489‌

AUSTRIA 0.2%

Common

Stocks 0.2%

BAWAG

Group

15,012‌

1,096‌

Erste

Group

Bank

6,584‌

343‌

OMV

3,713‌

155‌

Schoeller-Bleckmann

Oilfield

Equipment

1,885‌

75‌

Total

Austria

(Cost

$1,147)

1,669‌

BAHRAIN 0.0%

Common

Stocks 0.0%

Aluminium

Bahrain

29,527‌

84‌

Total

Bahrain

(Cost

$82)

84‌

BANGLADESH 0.0%

Common

Stocks 0.0%

BRAC

Bank

359,659‌

113‌

Square

Pharmaceuticals

31,144‌

56‌

Total

Bangladesh

(Cost

$199)

169‌

BELGIUM 0.0%

Common

Stocks 0.0%

KBC

Group

1,198‌

93‌

Shurgard

Self

Storage

2,216‌

86‌

Umicore

5,162‌

71‌

Warehouses

De

Pauw

3,651‌

99‌

Total

Belgium

(Cost

$402)

349‌

BRAZIL 0.5%

Common

Stocks 0.5%

B3

237,154‌

454‌

T.

ROWE

PRICE

Global

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CI&T,

Class

A

(USD) (1)(3)

10,235‌

63‌

Hypera

32,365‌

164‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira

16,073‌

60‌

Itau

Unibanco

Holding,

ADR

(USD)

64,000‌

385‌

Klabin

92,250‌

359‌

Localiza

Rent

a

Car

50,309‌

389‌

Localiza

Rent

a

Car,

Rights,

8/7/2024

(1)

746‌

1‌

Multiplan

Empreendimentos

Imobiliarios

25,304‌

107‌

Petroleo

Brasileiro,

ADR

(USD)

21,700‌

310‌

Raia

Drogasil

97,961‌

481‌

TOTVS

11,500‌

57‌

Vale,

ADR

(USD)

54,730‌

594‌

WEG

35,627‌

318‌

Total

Brazil

(Cost

$3,938)

3,742‌

CANADA 1.7%

Closed-End

Mutual

Funds 0.0%

Sprott

Physical

Uranium

Trust (1)

1,400‌

26‌

26‌

Common

Stocks 1.4%

Agnico

Eagle

Mines

3,538‌

273‌

Agnico

Eagle

Mines

(USD)

967‌

75‌

Alamos

Gold,

Class

A (3)

9,633‌

164‌

Alamos

Gold,

Class

A

620‌

10‌

Alamos

Gold,

Class

A

(USD)

4,625‌

79‌

Aritzia (1)

5,822‌

191‌

AtkinsRealis

Group (3)

4,315‌

186‌

ATS (1)

2,571‌

77‌

Aya

Gold

&

Silver (1)(3)

16,787‌

189‌

Barrick

Gold

(USD)

7,787‌

144‌

Boardwalk

Real

Estate

Investment

Trust

1,261‌

71‌

Brookfield

5,328‌

260‌

BRP

2,280‌

165‌

Cameco

(USD)

3,267‌

149‌

Canadian

Apartment

Properties

REIT

1,390‌

48‌

Canadian

National

Railway

(USD)

1,854‌

215‌

Canadian

Natural

Resources

6,770‌

240‌

Canadian

Pacific

Kansas

City

(USD)

1,377‌

115‌

Cenovus

Energy

8,941‌

180‌

Colliers

International

Group

(USD) (3)

421‌

57‌

Constellation

Software

79‌

249‌

Constellation

Software,

Warrants,

3/31/40 (1)(4)

79‌

—‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Definity

Financial

10,849‌

377‌

dentalcorp

Holdings (1)(3)

9,562‌

55‌

Descartes

Systems

Group (1)

2,170‌

221‌

Descartes

Systems

Group

(USD) (1)

887‌

90‌

Element

Fleet

Management

28,626‌

548‌

Enbridge

(USD)

6,147‌

230‌

ERO

Copper (1)(3)

32,127‌

628‌

Exchange

Income (3)

2,796‌

98‌

Filo (1)

11,459‌

265‌

First

Quantum

Minerals

5,161‌

63‌

Foran

Mining (1)

14,996‌

42‌

Franco-Nevada

3,691‌

476‌

Franco-Nevada

(USD)

2,825‌

364‌

G

Mining

Ventures (1)

8,418‌

59‌

Ivanhoe

Mines,

Class

A (1)

16,106‌

211‌

Jamieson

Wellness

4,227‌

100‌

Kinaxis (1)

671‌

83‌

Kinross

Gold

(USD)

7,308‌

66‌

Lundin

Gold

5,021‌

87‌

Magna

International

(USD) (3)

5,107‌

227‌

Maple

Leaf

Foods

4,505‌

82‌

National

Bank

of

Canada

6,535‌

547‌

New

Gold (1)

7,893‌

18‌

NGEx

Minerals (1)

6,145‌

41‌

NuVista

Energy (1)

10,751‌

104‌

Osisko

Gold

Royalties

7,312‌

128‌

Osisko

Mining (1)

37,777‌

89‌

Osisko

Mining,

Warrants,

8/28/24 (1)

8,392‌

—‌

Parex

Resources

1,637‌

25‌

Richelieu

Hardware

2,930‌

87‌

Shopify,

Class

A (1)

2,061‌

126‌

Shopify,

Class

A

(USD) (1)

5,457‌

334‌

Skeena

Resources (1)

8,269‌

54‌

Snowline

Gold (1)

199‌

1‌

Snowline

Gold (1)

6,223‌

20‌

Spin

Master

3,723‌

85‌

StorageVault

Canada

44,038‌

150‌

Sun

Life

Financial

7,746‌

385‌

Suncor

Energy

(USD)

10,498‌

419‌

Teck

Resources,

Class

B

(USD)

5,585‌

274‌

TMX

Group

5,014‌

152‌

Wesdome

Gold

Mines (1)

29,455‌

283‌

West

Fraser

Timber

1,027‌

91‌

T.

ROWE

PRICE

Global

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wheaton

Precious

Metals

7,019‌

420‌

Wheaton

Precious

Metals

(USD)

6,706‌

401‌

11,743‌

Corporate

Bonds 0.2%

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD)

110,000‌

99‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD)

130,000‌

121‌

Canadian

Pacific

Railway,

2.875%,

11/15/29

(USD)

235,000‌

215‌

Canadian

Pacific

Railway,

3.50%,

5/1/50

(USD)

155,000‌

114‌

Canadian

Pacific

Railway,

4.30%,

5/15/43

(USD)

25,000‌

22‌

Enbridge,

5.625%,

4/5/34

(USD)

65,000‌

66‌

Enbridge,

6.20%,

11/15/30

(USD)

45,000‌

48‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD)

250,000‌

212‌

Thomson

Reuters,

3.35%,

5/15/26

(USD)

10,000‌

10‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD)

145,000‌

140‌

Toronto-Dominion

Bank,

4.994%,

4/5/29

(USD)

90,000‌

91‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD)

240,000‌

240‌

1,378‌

Government

Bonds 0.1%

Province

of

Alberta,

3.30%,

3/15/28

(USD)

135,000‌

131‌

Province

of

British

Columbia,

4.20%,

7/6/33

(USD)

320,000‌

314‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD)

250,000‌

245‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD)

50,000‌

49‌

739‌

Total

Canada

(Cost

$10,994)

13,886‌

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

497‌

Total

Cayman

Islands

(Cost

$89)

497‌

CHILE 0.1%

Common

Stocks 0.0%

Antofagasta

(GBP)

12,338‌

321‌

321‌

Corporate

Bonds 0.1%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD)

250,000‌

226‌

T.

ROWE

PRICE

Global

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (2)

220,000‌

198‌

424‌

Total

Chile

(Cost

$610)

745‌

CHINA 1.4%

Common

Stocks 1.0%

58.com

(USD) (1)(4)

5,864‌

—‌

Alibaba

Group

Holding,

ADR

(USD)

10,124‌

798‌

Aluminum

Corp.

of

China,

Class

H

(HKD)

38,000‌

21‌

Atour

Lifestyle

Holdings,

ADR

(USD) (3)

1,833‌

31‌

Baidu,

ADR

(USD) (1)(3)

644‌

57‌

BeiGene,

ADR

(USD) (1)

680‌

113‌

BOC

Aviation

(HKD)

9,400‌

83‌

Bosideng

International

Holdings

(HKD)

190,000‌

95‌

China

Hongqiao

Group

(HKD)

18,000‌

22‌

China

Resources

Gas

Group

(HKD)

41,200‌

140‌

China

Resources

Mixc

Lifestyle

Services

(HKD)

76,000‌

213‌

CMOC

Group,

Class

H

(HKD)

30,000‌

24‌

COSCO

SHIPPING

Energy

Transportation,

Class

H

(HKD) (3)

40,000‌

48‌

Fosun

International

(HKD)

49,500‌

26‌

Greentown

Service

Group

(HKD)

12,000‌

5‌

H

World

Group

(HKD)

37,600‌

113‌

Haier

Smart

Home,

Class

H

(HKD)

33,600‌

110‌

Jiumaojiu

International

Holdings

(HKD)

81,000‌

30‌

Kanzhun,

ADR

(USD)

16,137‌

219‌

KE

Holdings,

ADR

(USD)

34,255‌

474‌

Kingboard

Laminates

Holdings

(HKD)

75,000‌

68‌

Meituan,

Class

B

(HKD) (1)

32,100‌

445‌

NetEase,

ADR

(USD)

3,892‌

359‌

New

Oriental

Education

&

Technology

Group,

ADR

(USD) (1)

4,300‌

270‌

Nongfu

Spring,

Class

H

(HKD)

35,600‌

138‌

PDD

Holdings,

ADR

(USD) (1)

5,338‌

688‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD)

113,200‌

57‌

Silergy

(TWD)

3,000‌

42‌

Tencent

Holdings

(HKD)

41,754‌

1,927‌

Tsingtao

Brewery,

Class

H

(HKD)

14,000‌

89‌

Wasion

Holdings

(HKD)

36,000‌

29‌

Yangzijiang

Shipbuilding

Holdings

(SGD)

127,100‌

256‌

Yum

China

Holdings

(USD)

29,994‌

907‌

Zhongsheng

Group

Holdings

(HKD)

103,000‌

161‌

Zijin

Mining

Group,

Class

H

(HKD)

42,000‌

85‌

T.

ROWE

PRICE

Global

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ZTO

Express

Cayman,

ADR

(USD)

19,889‌

377‌

8,520‌

Common

Stocks

-

China

A

Shares 0.4%

China

Oilfield

Services,

A

Shares

(CNH)

52,700‌

110‌

CNOOC

Energy

Technology

&

Services,

A

Shares

(CNH)

155,600‌

83‌

CRCC,

A

Shares

(CNH)

204,500‌

216‌

Eastroc

Beverage

Group,

A

Shares

(CNH)

2,700‌

87‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH)

67,262‌

419‌

Hangcha

Group,

A

Shares

(CNH)

59,780‌

138‌

Hongfa

Technology,

A

Shares

(CNH)

22,060‌

84‌

Huali

Industrial

Group,

A

Shares

(CNH)

9,000‌

73‌

Humanwell

Healthcare

Group,

A

Shares

(CNH)

19,600‌

54‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH)

16,882‌

59‌

Jiangsu

Hengli

Hydraulic,

A

Shares

(CNH)

9,800‌

62‌

Kweichow

Moutai,

A

Shares

(CNH)

360‌

71‌

Montage

Technology,

A

Shares

(CNH)

6,965‌

57‌

NARI

Technology,

A

Shares

(CNH)

26,121‌

87‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH)

34,600‌

117‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH)

13,300‌

86‌

Shenzhen

Mindray

Bio-Medical

Electronics,

A

Shares

(CNH)

6,200‌

221‌

Warom

Technology,

A

Shares

(CNH)

22,041‌

62‌

WUS

Printed

Circuit

Kunshan,

A

Shares

(CNH)

9,900‌

46‌

Xiamen

Faratronic,

A

Shares

(CNH)

6,500‌

78‌

Xuji

Electric,

A

Shares

(CNH)

26,200‌

111‌

Yankershop

Food,

A

Shares

(CNH)

12,900‌

68‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH)

32,100‌

140‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH)

119,056‌

345‌

YTO

Express

Group,

A

Shares

(CNH)

24,100‌

48‌

Yunnan

Aluminium,

A

Shares

(CNH)

53,100‌

89‌

Zhejiang

Dingli

Machinery,

A

Shares

(CNH)

6,000‌

44‌

3,055‌

Total

China

(Cost

$11,590)

11,575‌

COLOMBIA 0.0%

Common

Stocks 0.0%

Bancolombia,

ADR

(USD)

1,509‌

50‌

Geopark

(USD)

3,025‌

30‌

Total

Colombia

(Cost

$72)

80‌

T.

ROWE

PRICE

Global

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

DENMARK 0.4%

Common

Stocks 0.4%

Coloplast,

Class

B (3)

1,761‌

229‌

Genmab (1)

591‌

167‌

Novo

Nordisk,

ADR

(USD)

2,676‌

355‌

Novo

Nordisk,

Class

B

15,720‌

2,083‌

Royal

Unibrew (1)

966‌

76‌

Zealand

Pharma (1)

1,459‌

196‌

3,106‌

Corporate

Bonds 0.0%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD) (2)(6)

335,000‌

331‌

331‌

Total

Denmark

(Cost

$2,280)

3,437‌

EGYPT 0.0%

Common

Stocks 0.0%

Integrated

Diagnostics

Holdings

(USD) (1)

33,821‌

10‌

Total

Egypt

(Cost

$24)

10‌

FINLAND 0.2%

Common

Stocks 0.2%

Elisa

5,586‌

260‌

Mandatum

12,159‌

56‌

Sampo,

Class

A

18,452‌

809‌

Stora

Enso,

Class

R

10,991‌

138‌

Valmet

12,223‌

346‌

Total

Finland

(Cost

$1,352)

1,609‌

FRANCE 1.7%

Common

Stocks 1.6%

Air

Liquide

2,649‌

483‌

Airbus

5,356‌

811‌

Alstom (1)

4,140‌

81‌

ArcelorMittal

6,698‌

153‌

AXA

25,247‌

886‌

Beneteau (3)

4,960‌

48‌

T.

ROWE

PRICE

Global

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BNP

Paribas

6,012‌

412‌

Capgemini

720‌

143‌

Cie

de

Saint-Gobain

1,623‌

139‌

Coface

4,748‌

72‌

Dassault

Aviation

1,126‌

227‌

Dassault

Systemes

1,668‌

63‌

Edenred

8,939‌

372‌

Engie

37,151‌

584‌

Eramet

1,149‌

98‌

Esker

489‌

107‌

EssilorLuxottica

2,683‌

614‌

Eurofins

Scientific

2,518‌

149‌

Euronext

3,949‌

399‌

Forvia

3,171‌

37‌

Gecina

513‌

51‌

Kering

449‌

138‌

L'Oreal

750‌

324‌

Lectra

3,093‌

87‌

Legrand

2,942‌

318‌

LVMH

Moet

Hennessy

Louis

Vuitton

1,119‌

789‌

Nexity (1)

8,149‌

92‌

Planisware (1)

5,913‌

178‌

Safran

2,604‌

572‌

Sanofi

8,712‌

898‌

Sartorius

Stedim

Biotech

1,733‌

346‌

Schneider

Electric

319‌

77‌

SPIE

16,084‌

622‌

Teleperformance

908‌

117‌

Thales

862‌

137‌

TotalEnergies

29,589‌

1,996‌

Ubisoft

Entertainment (1)

3,436‌

71‌

Verallia

8,329‌

245‌

Vinci

640‌

73‌

Virbac

352‌

134‌

13,143‌

Corporate

Bonds 0.1%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (2)(6)

350,000‌

302‌

BPCE,

4.50%,

3/15/25

(USD) (2)

400,000‌

396‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD)

275,000‌

271‌

969‌

Total

France

(Cost

$10,461)

14,112‌

T.

ROWE

PRICE

Global

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GEORGIA 0.0%

Common

Stocks 0.0%

Georgia

Capital

(GBP) (1)

5,545‌

76‌

Total

Georgia

(Cost

$46)

76‌

GERMANY 1.6%

Common

Stocks 1.5%

Adesso

516‌

51‌

Allianz

2,473‌

697‌

BASF

5,634‌

262‌

Bayer

7,017‌

209‌

Covestro (1)

5,591‌

329‌

Daimler

Truck

Holding

9,490‌

367‌

Deutsche

Boerse

137‌

28‌

Deutsche

Post

2,581‌

115‌

Deutsche

Telekom

41,749‌

1,092‌

Douglas (1)

2,502‌

52‌

Evotec (1)

10,628‌

100‌

flatexDEGIRO

15,883‌

224‌

Fresenius (1)

8,675‌

311‌

Heidelberg

Materials

912‌

95‌

Hypoport (1)

401‌

119‌

Infineon

Technologies

8,794‌

306‌

KION

Group

4,227‌

167‌

Knaus

Tabbert (3)

1,438‌

48‌

LEG

Immobilien

1,361‌

119‌

Mercedes-Benz

Group

1,469‌

97‌

Merck

2,162‌

386‌

Muenchener

Rueckversicherungs-Gesellschaft

1,374‌

677‌

Nagarro (1)

746‌

65‌

Puma

7,165‌

356‌

Redcare

Pharmacy (1)(3)

2,025‌

303‌

SAP

8,018‌

1,695‌

Schott

Pharma (3)

6,894‌

238‌

Scout24

4,683‌

370‌

Siemens

14,539‌

2,662‌

Siemens

Healthineers

12,840‌

688‌

Siltronic

3,005‌

245‌

Symrise

2,082‌

262‌

T.

ROWE

PRICE

Global

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Zalando (1)

2,982‌

77‌

12,812‌

Corporate

Bonds 0.0%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (2)

155,000‌

150‌

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD) (2)

155,000‌

155‌

305‌

Preferred

Stocks 0.1%

Dr.

Ing.

h.c.

F.

Porsche

2,195‌

165‌

Sartorius

874‌

248‌

Volkswagen

790‌

88‌

501‌

Total

Germany

(Cost

$10,622)

13,618‌

HONG

KONG 0.2%

Common

Stocks 0.2%

AIA

Group

81,800‌

547‌

ASMPT

4,900‌

51‌

Budweiser

Brewing

APAC

125,500‌

152‌

CK

Hutchison

Holdings

13,500‌

71‌

Galaxy

Entertainment

Group

17,000‌

72‌

Hong

Kong

Exchanges

&

Clearing

2,200‌

65‌

Hongkong

Land

Holdings

(USD)

14,300‌

46‌

Impro

Precision

Industries

201,000‌

52‌

Jardine

Matheson

Holdings

(USD)

8,800‌

310‌

Kerry

Properties

14,500‌

25‌

Samsonite

International

33,300‌

96‌

Sun

Hung

Kai

Properties

17,583‌

152‌

Wharf

Real

Estate

Investment

10,343‌

25‌

Yue

Yuen

Industrial

Holdings

25,000‌

41‌

Total

Hong

Kong

(Cost

$1,824)

1,705‌

HUNGARY 0.1%

Common

Stocks 0.1%

OTP

Bank

8,511‌

436‌

Total

Hungary

(Cost

$285)

436‌

T.

ROWE

PRICE

Global

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ICELAND 0.0%

Common

Stocks 0.0%

Alvotech (1)

4,317‌

52‌

Arion

Banki

132,114‌

127‌

Total

Iceland

(Cost

$205)

179‌

INDIA 1.1%

Common

Stocks 1.1%

Asian

Paints

8,695‌

321‌

Astral

5,357‌

140‌

Axis

Bank

33,113‌

463‌

Blue

Star

6,801‌

140‌

Computer

Age

Management

Services

461‌

25‌

Craftsman

Automation

272‌

18‌

CreditAccess

Grameen

5,623‌

89‌

Dixon

Technologies

India

791‌

115‌

HDFC

Asset

Management

5,661‌

279‌

HDFC

Bank

16,987‌

328‌

HDFC

Life

Insurance

54,757‌

469‌

Hindalco

Industries

4,916‌

39‌

Hindustan

Unilever

8,233‌

266‌

ICICI

Bank

43,789‌

638‌

ICICI

Bank,

ADR

(USD)

2,991‌

87‌

Indraprastha

Gas

91‌

1‌

Info

Edge

India

1,280‌

108‌

Infosys

35,173‌

780‌

InterGlobe

Aviation (1)

407‌

22‌

Jio

Financial

Services (1)

26,571‌

105‌

JSW

Steel

3,513‌

39‌

Kotak

Mahindra

Bank

44,093‌

955‌

Larsen

&

Toubro

9,499‌

434‌

Metro

Brands

4,171‌

67‌

Nexus

Select

Trust

23,522‌

43‌

NTPC

51,791‌

258‌

Page

Industries

181‌

92‌

Polycab

India

1,871‌

154‌

Reliance

Industries

32,824‌

1,183‌

Sapphire

Foods

India (1)

3,328‌

66‌

Tata

Consultancy

Services

4,780‌

251‌

Tata

Motors

12,517‌

173‌

T.

ROWE

PRICE

Global

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Tata

Steel

44,269‌

88‌

TeamLease

Services (1)

1,975‌

83‌

Titan

4,741‌

196‌

Torrent

Pharmaceuticals

1,768‌

67‌

Varun

Beverages

3,293‌

62‌

Vedant

Fashions

4,288‌

59‌

Voltas

4,290‌

79‌

Zomato (1)

79,479‌

219‌

Total

India

(Cost

$6,291)

9,001‌

INDONESIA 0.2%

Common

Stocks 0.2%

Amman

Mineral

Internasional (1)

52,900‌

39‌

Bank

Central

Asia

1,306,400‌

827‌

Bank

Mandiri

Persero

629,800‌

248‌

Sarana

Menara

Nusantara

750,900‌

37‌

Sumber

Alfaria

Trijaya

961,200‌

168‌

Telkom

Indonesia

Persero

490,500‌

87‌

Total

Indonesia

(Cost

$931)

1,406‌

IRELAND 0.2%

Common

Stocks 0.1%

Cairn

Homes

(GBP)

85,630‌

176‌

DCC

(GBP)

2,440‌

168‌

ICON

(USD) (1)

1,434‌

471‌

Kenmare

Resources

(GBP)

5,064‌

21‌

Ryanair

Holdings,

ADR

(USD)

1,540‌

156‌

992‌

Corporate

Bonds 0.1%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD)

150,000‌

142‌

AerCap

Ireland

Capital,

5.75%,

6/6/28

(USD)

265,000‌

271‌

413‌

Total

Ireland

(Cost

$1,300)

1,405‌

ITALY 0.5%

Common

Stocks 0.5%

Amplifon

9,769‌

310‌

Ariston

Holding

11,660‌

47‌

T.

ROWE

PRICE

Global

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Banca

Mediolanum

8,266‌

98‌

BFF

Bank

8,729‌

99‌

Carel

Industries

6,359‌

117‌

De'

Longhi

5,428‌

171‌

DiaSorin

1,051‌

115‌

Enel

27,596‌

197‌

Ermenegildo

Zegna

(USD) (3)

17,670‌

200‌

FinecoBank

Banca

Fineco

9,424‌

160‌

GVS (1)

10,547‌

73‌

Interpump

Group

1,338‌

58‌

Intesa

Sanpaolo

166,046‌

674‌

Leonardo

7,211‌

172‌

Moncler

3,324‌

198‌

PRADA

(HKD)

28,700‌

207‌

Prysmian

6,401‌

440‌

Stellantis

5,865‌

98‌

Technoprobe (1)

10,122‌

92‌

UniCredit

7,293‌

299‌

3,825‌

Corporate

Bonds 0.0%

Enel

Finance

International,

2.125%,

7/12/28

(USD) (2)

200,000‌

180‌

180‌

Total

Italy

(Cost

$2,460)

4,005‌

JAPAN 3.8%

Common

Stocks 3.8%

Aida

Engineering

3,200‌

18‌

Aiful

159,700‌

414‌

Aisin

2,800‌

94‌

ARE

Holdings

600‌

8‌

Asahi

Group

Holdings (3)

3,300‌

121‌

Asahi

Kasei

15,700‌

113‌

Astellas

Pharma

29,600‌

343‌

Calbee

4,600‌

106‌

Central

Japan

Railway

6,200‌

146‌

Chugai

Pharmaceutical

12,800‌

559‌

Comforia

Residential

REIT (3)

31‌

64‌

CyberAgent

16,200‌

105‌

Daiei

Kankyo

13,000‌

249‌

Daiichi

Sankyo

10,400‌

424‌

Daikin

Industries

600‌

87‌

T.

ROWE

PRICE

Global

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Daiwabo

Holdings

9,600‌

181‌

Denso

15,900‌

261‌

Dexerials

2,600‌

125‌

Disco

700‌

234‌

eGuarantee

2,800‌

27‌

Eiken

Chemical

8,700‌

141‌

Electric

Power

Development

13,900‌

230‌

Fujitsu

8,000‌

145‌

Fukuoka

Financial

Group

2,500‌

70‌

Fuso

Chemical (3)

3,300‌

85‌

Hamamatsu

Photonics

6,500‌

187‌

Hanwa

10,000‌

386‌

Hikari

Tsushin

2,200‌

412‌

Hitachi

32,900‌

711‌

Honda

Motor

8,500‌

91‌

Horiba

4,000‌

317‌

Idec

8,500‌

175‌

IHI

9,300‌

339‌

Inpex

24,000‌

371‌

Invincible

Investment

245‌

111‌

Isetan

Mitsukoshi

Holdings

3,400‌

68‌

Isuzu

Motors

8,700‌

118‌

ITOCHU

12,700‌

651‌

Japan

Metropolitan

Fund

Invest

46‌

29‌

JFE

Holdings

2,600‌

38‌

Kao

5,100‌

223‌

Keyence

600‌

262‌

Kirin

Holdings

6,600‌

93‌

Komatsu

5,900‌

168‌

Konica

Minolta

53,600‌

157‌

Kyoritsu

Maintenance

1,200‌

23‌

LY

53,700‌

134‌

MatsukiyoCocokara

5,200‌

85‌

METAWATER

11,400‌

142‌

MINEBEA

MITSUMI

2,500‌

60‌

Mitsubishi

8,800‌

182‌

Mitsubishi

Electric

37,600‌

626‌

Mitsubishi

Estate

32,900‌

561‌

Mitsubishi

HC

Capital

16,100‌

116‌

Mitsubishi

UFJ

Financial

Group

104,100‌

1,202‌

Mitsui

Chemicals

2,500‌

72‌

Mitsui

Fudosan

76,700‌

795‌

Mitsui

Fudosan

Logistics

Park (3)

20‌

56‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Miura

16,700‌

388‌

Modec

7,600‌

142‌

Murata

Manufacturing

20,400‌

454‌

Nakanishi

7,700‌

133‌

Nextage (3)

26,800‌

365‌

Nifco

3,900‌

99‌

Nintendo

4,300‌

238‌

Nippon

Ceramic

2,500‌

41‌

Nippon

Sanso

Holdings

2,500‌

82‌

Nippon

Seiki

10,300‌

94‌

Nippon

Soda

8,600‌

309‌

Nippon

Steel

18,400‌

399‌

Nippon

Telegraph

&

Telephone

556,100‌

593‌

Nipro

28,100‌

245‌

Niterra

11,400‌

338‌

Nomura

Real

Estate

Holdings

4,500‌

126‌

Nomura

Research

Institute

5,500‌

170‌

NTT

Data

Group

800‌

12‌

Obara

Group

6,200‌

165‌

Olympus

20,000‌

345‌

Omron

2,000‌

74‌

Open

House

Group

1,300‌

46‌

ORIX

19,600‌

474‌

Otsuka

Holdings

600‌

31‌

Panasonic

Holdings

20,700‌

170‌

Persol

Holdings

207,300‌

356‌

Recruit

Holdings

14,900‌

854‌

Renesas

Electronics

29,300‌

505‌

Rengo

26,800‌

187‌

Resona

Holdings

47,700‌

342‌

Resorttrust

10,500‌

177‌

Round

One

20,400‌

121‌

Sakata

INX

15,800‌

186‌

Sankyu

3,200‌

109‌

Sega

Sammy

Holdings

14,100‌

228‌

Seven

&

i

Holdings

69,200‌

829‌

Shimadzu

2,400‌

71‌

Shimizu

27,700‌

174‌

Shin-Etsu

Chemical

7,100‌

315‌

Shionogi

2,200‌

97‌

SMC

200‌

97‌

Sompo

Holdings

6,300‌

144‌

Sony

Group

12,100‌

1,075‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Stanley

Electric

7,200‌

141‌

SUMCO

4,200‌

69‌

Sumitomo

16,300‌

405‌

Sumitomo

Metal

Mining

1,400‌

43‌

Sumitomo

Mitsui

Trust

Holdings

5,100‌

129‌

Sumitomo

Seika

Chemicals

2,200‌

78‌

Suntory

Beverage

&

Food (3)

3,400‌

122‌

Suzuki

Motor

15,600‌

179‌

Taiheiyo

Cement

19,900‌

544‌

Takashimaya

9,200‌

170‌

Takeda

Pharmaceutical

3,300‌

93‌

Takeuchi

Manufacturing

3,800‌

122‌

TechnoPro

Holdings

7,800‌

150‌

THK

4,400‌

83‌

Timee (1)

7,700‌

75‌

TIS

2,500‌

54‌

Tokai

Carbon (3)

33,100‌

212‌

Tokio

Marine

Holdings

23,300‌

914‌

Tokyo

Century

6,900‌

73‌

Tokyo

Electron

3,500‌

732‌

Tokyo

Seimitsu

2,700‌

186‌

Tokyo

Tatemono (3)

7,300‌

127‌

Toyo

Tire

21,000‌

343‌

Toyota

Industries

1,900‌

160‌

Toyota

Motor

49,600‌

953‌

Toyota

Tsusho

5,800‌

116‌

TRYT (1)(3)

41,100‌

118‌

Welcia

Holdings

3,000‌

40‌

Yellow

Hat

8,800‌

154‌

31,296‌

Corporate

Bonds 0.0%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000‌

282‌

282‌

Total

Japan

(Cost

$23,061)

31,578‌

KAZAKHSTAN 0.1%

Common

Stocks 0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD)

7,236‌

128‌

Kaspi.KZ,

ADR

(USD)

2,939‌

382‌

NAC

Kazatomprom,

GDR

(USD)

5,775‌

220‌

Total

Kazakhstan

(Cost

$374)

730‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KENYA 0.0%

Common

Stocks 0.0%

Equity

Group

Holdings

156,400‌

49‌

Safaricom

47,000‌

6‌

Total

Kenya

(Cost

$50)

55‌

LITHUANIA 0.0%

Common

Stocks 0.0%

Baltic

Classifieds

Group

(GBP)

41,104‌

143‌

Total

Lithuania

(Cost

$83)

143‌

LUXEMBOURG 0.1%

Common

Stocks 0.1%

CVC

Capital

Partners (1)

20,843‌

392‌

Total

Luxembourg

(Cost

$329)

392‌

MAURITIUS 0.0%

Common

Stocks 0.0%

Alphamin

Resources

(CAD)

159,237‌

115‌

Total

Mauritius

(Cost

$113)

115‌

MEXICO 0.2%

Common

Stocks 0.2%

Becle

82,313‌

136‌

Corp.

Inmobiliaria

Vesta

29,242‌

86‌

Corp.

Inmobiliaria

Vesta,

ADR

(USD)

871‌

26‌

Fomento

Economico

Mexicano,

ADR

(USD)

1,000‌

110‌

Gruma,

Class

B

15,701‌

295‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD)

282‌

85‌

Grupo

Mexico,

Series

B

33,970‌

191‌

Industrias

Penoles (1)

3,361‌

49‌

Vista

Energy,

ADR

(USD) (1)

450‌

20‌

Wal-Mart

de

Mexico

132,964‌

442‌

1,440‌

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Government

Bonds 0.0%

United

Mexican

States,

3.50%,

2/12/34

(USD)

305,000‌

253‌

253‌

Total

Mexico

(Cost

$1,539)

1,693‌

MOROCCO 0.0%

Common

Stocks 0.0%

Attijariwafa

Bank

2,305‌

129‌

Hightech

Payment

Systems

2,523‌

132‌

Label

Vie

161‌

74‌

Total

Morocco

(Cost

$306)

335‌

NETHERLANDS 1.2%

Common

Stocks 1.1%

Aalberts

2,309‌

88‌

Adyen (1)

350‌

428‌

AerCap

Holdings

(USD)

1,140‌

107‌

Akzo

Nobel

8,029‌

496‌

Argenx,

ADR

(USD) (1)

1,130‌

583‌

ASML

Holding

3,015‌

2,808‌

ASML

Holding

(USD)

487‌

456‌

ASR

Nederland

1,530‌

77‌

Heineken

9,619‌

854‌

IMCD

1,283‌

185‌

ING

Groep (3)

80,879‌

1,468‌

Koninklijke

Philips (1)

18,481‌

519‌

Prosus

16,681‌

582‌

Signify

2,518‌

62‌

Universal

Music

Group

7,102‌

169‌

8,882‌

Corporate

Bonds 0.1%

JDE

Peet's,

1.375%,

1/15/27

(USD) (2)

290,000‌

266‌

NXP,

2.65%,

2/15/32

(USD)

375,000‌

318‌

Shell

International

Finance,

3.25%,

5/11/25

(USD)

75,000‌

74‌

658‌

Total

Netherlands

(Cost

$5,627)

9,540‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NEW

ZEALAND 0.0%

Common

Stocks 0.0%

Fisher

&

Paykel

Healthcare

5,045‌

97‌

97‌

Corporate

Bonds 0.0%

Westpac

New

Zealand,

5.195%,

2/28/29

(USD) (2)

200,000‌

204‌

204‌

Total

New

Zealand

(Cost

$214)

301‌

NORWAY 0.3%

Common

Stocks 0.3%

DNB

Bank

36,656‌

757‌

Equinor

27,453‌

727‌

Equinor,

ADR

(USD)

3,232‌

86‌

Frontline

2,552‌

63‌

Norsk

Hydro

7,335‌

41‌

Seadrill

(USD) (1)

6,744‌

371‌

Storebrand

42,576‌

427‌

Subsea

7

8,860‌

171‌

TGS

18,510‌

226‌

Total

Norway

(Cost

$1,949)

2,869‌

OMAN 0.0%

Common

Stocks 0.0%

OQ

Gas

Networks

(OMR)

107,364‌

39‌

Total

Oman

(Cost

$41)

39‌

PAKISTAN 0.0%

Common

Stocks 0.0%

National

Bank

of

Pakistan (1)

390,500‌

67‌

Systems

31,666‌

47‌

Total

Pakistan

(Cost

$102)

114‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PANAMA 0.0%

Common

Stocks 0.0%

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E

(USD)

1,233‌

40‌

40‌

Government

Bonds 0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD)

25,000‌

25‌

25‌

Total

Panama

(Cost

$53)

65‌

PERU 0.1%

Common

Stocks 0.1%

Credicorp

(USD)

1,218‌

208‌

InRetail

Peru

(USD)

1,775‌

52‌

Southern

Copper

(USD)

8,723‌

930‌

Total

Peru

(Cost

$820)

1,190‌

PHILIPPINES 0.1%

Common

Stocks 0.1%

Ayala

5,450‌

55‌

BDO

Unibank

142,952‌

336‌

Jollibee

Foods

56,310‌

222‌

SM

Investments

10,290‌

161‌

Universal

Robina

3,890‌

8‌

Total

Philippines

(Cost

$723)

782‌

POLAND 0.0%

Government

Bonds 0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD)

55,000‌

54‌

Total

Poland

(Cost

$55)

54‌

PORTUGAL 0.2%

Common

Stocks 0.2%

Banco

Comercial

Portugues,

Class

R

219,305‌

92‌

Galp

Energia

33,895‌

713‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Jeronimo

Martins

42,959‌

751‌

Total

Portugal

(Cost

$1,201)

1,556‌

QATAR 0.0%

Common

Stocks 0.0%

Qatar

National

Bank

76,860‌

322‌

Total

Qatar

(Cost

$374)

322‌

ROMANIA 0.1%

Common

Stocks 0.1%

Banca

Transilvania

44,758‌

282‌

BRD-Groupe

Societe

Generale

13,429‌

64‌

OMV

Petrom

1,027,718‌

177‌

Total

Romania

(Cost

$321)

523‌

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

23,171‌

528‌

Arabian

Internet

&

Communications

Services

1,871‌

147‌

Saudi

Arabian

Mining (1)

5,608‌

65‌

Saudi

Awwal

Bank

8,233‌

86‌

Saudi

Basic

Industries

12,612‌

265‌

Saudi

National

Bank

57,818‌

584‌

Total

Saudi

Arabia

(Cost

$1,659)

1,675‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SINGAPORE 0.2%

Common

Stocks 0.2%

CapitaLand

Integrated

Commercial

Trust

63,100‌

99‌

DBS

Group

Holdings

7,780‌

213‌

Digital

Core

REIT

Management

(USD)

42,800‌

24‌

Mapletree

Industrial

Trust

35,800‌

62‌

Sea,

ADR

(USD) (1)

6,448‌

424‌

United

Overseas

Bank

19,000‌

461‌

Wilmar

International

76,100‌

181‌

Total

Singapore

(Cost

$1,093)

1,464‌

SLOVENIA 0.0%

Common

Stocks 0.0%

Nova

Ljubljanska

Banka,

GDR

8,860‌

252‌

Total

Slovenia

(Cost

$126)

252‌

SOUTH

AFRICA 0.2%

Common

Stocks 0.2%

Anglo

American

Platinum

1,642‌

64‌

Anglogold

Ashanti

(USD)

1,881‌

53‌

Anglogold

Ashanti

4,335‌

125‌

Bid

8,201‌

204‌

Capitec

Bank

Holdings

868‌

135‌

Clicks

Group

15,231‌

296‌

Gold

Fields

6,401‌

111‌

Harmony

Gold

Mining

5,257‌

52‌

Impala

Platinum

Holdings

21,587‌

111‌

Northam

Platinum

Holdings

12,779‌

100‌

Sanlam

20,679‌

93‌

Sibanye

Stillwater

46,283‌

53‌

1,397‌

Corporate

Bonds 0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD) (2)

200,000‌

175‌

175‌

Total

South

Africa

(Cost

$1,355)

1,572‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SOUTH

KOREA 0.6%

Common

Stocks 0.6%

Hyundai

Mobis

1,828‌

296‌

KB

Financial

Group

976‌

63‌

KT

5,676‌

165‌

KT,

ADR

(USD)

6,473‌

94‌

LG

Chem

938‌

211‌

Lotte

Chemical

300‌

22‌

NAVER

1,553‌

198‌

POSCO

Holdings

117‌

30‌

Samsung

Electronics

58,633‌

3,616‌

SK

Hynix

3,534‌

507‌

Total

South

Korea

(Cost

$3,421)

5,202‌

SPAIN 0.3%

Common

Stocks 0.3%

Aedas

Homes

4,209‌

106‌

Amadeus

IT

Group

14,661‌

966‌

Cellnex

Telecom

1,063‌

37‌

Fluidra

5,005‌

111‌

Iberdrola

37,876‌

500‌

Laboratorios

Farmaceuticos

Rovi

3,450‌

332‌

Puig

Brands,

Class

B (1)

3,552‌

99‌

2,151‌

Corporate

Bonds 0.0%

Banco

Santander,

3.49%,

5/28/30

(USD)

200,000‌

184‌

184‌

Total

Spain

(Cost

$1,569)

2,335‌

SWEDEN 0.5%

Common

Stocks 0.5%

Assa

Abloy,

Class

B

14,431‌

439‌

Autoliv,

SDR

2,119‌

212‌

Beijer

Ref (3)

8,444‌

134‌

Boliden

4,032‌

123‌

Camurus (1)

1,463‌

93‌

Elekta,

Class

B

16,241‌

102‌

Essity,

Class

B

20,547‌

578‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hexagon,

Class

B

8,166‌

83‌

Millicom

International

Cellular,

SDR (1)

3,465‌

86‌

Nordnet (3)

6,833‌

140‌

Norva24

Group (1)

27,727‌

80‌

Sandvik

25,989‌

532‌

Spotify

Technology

(USD) (1)

926‌

318‌

Svenska

Cellulosa,

Class

B

20,653‌

281‌

Svenska

Handelsbanken,

Class

A

22,077‌

223‌

Sweco,

Class

B

4,584‌

74‌

Swedbank,

Class

A

6,013‌

128‌

Telefonaktiebolaget

LM

Ericsson,

Class

B

53,885‌

370‌

Trelleborg,

Class

B

2,486‌

92‌

Troax

Group

1,491‌

34‌

Total

Sweden

(Cost

$3,457)

4,122‌

SWITZERLAND 1.3%

Common

Stocks 1.2%

ABB

9,111‌

506‌

Alcon

7,934‌

751‌

ams-OSRAM (1)

31,384‌

42‌

Barry

Callebaut

58‌

93‌

Cie

Financiere

Richemont,

Class

A

7,221‌

1,101‌

DKSH

Holding

2,095‌

164‌

Julius

Baer

Group

12,761‌

698‌

Montana

Aerospace (1)

10,812‌

230‌

Nestle

11,490‌

1,164‌

Novartis

7,004‌

782‌

On

Holding,

Class

A

(USD) (1)(3)

2,097‌

87‌

Partners

Group

Holding

288‌

388‌

Roche

Holding

2,848‌

922‌

Sandoz

Group

3,015‌

131‌

Sensirion

Holding (1)(3)

614‌

58‌

SKAN

Group

517‌

47‌

Sonova

Holding

1,136‌

348‌

TE

Connectivity

(USD)

12,687‌

1,958‌

Tecan

Group

254‌

95‌

Zurich

Insurance

Group

691‌

380‌

9,945‌

Corporate

Bonds 0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD) (2)

235,000‌

208‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD) (2)(6)

300,000‌

282‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UBS

Group,

VR,

3.179%,

2/11/43

(USD) (2)(6)

200,000‌

146‌

636‌

Total

Switzerland

(Cost

$7,983)

10,581‌

TAIWAN 1.2%

Common

Stocks 1.2%

Accton

Technology

12,000‌

188‌

Advantech

15,000‌

159‌

ASE

Technology

Holding

16,000‌

75‌

Chailease

Holding

77,601‌

362‌

China

Steel

38,000‌

27‌

Delta

Electronics

49,000‌

629‌

Hon

Hai

Precision

Industry

86,000‌

528‌

Largan

Precision

1,000‌

87‌

MediaTek

16,000‌

609‌

Taiwan

Semiconductor

Manufacturing

238,000‌

6,943‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD)

2,621‌

435‌

Total

Taiwan

(Cost

$4,070)

10,042‌

THAILAND 0.1%

Common

Stocks 0.1%

Bangkok

Dusit

Medical

Services,

NVDR

230,100‌

170‌

Bumrungrad

Hospital

27,600‌

191‌

SCB

X

61,300‌

177‌

WHA

228,100‌

33‌

Total

Thailand

(Cost

$554)

571‌

UNITED

KINGDOM 3.0%

Common

Stocks 2.7%

Adriatic

Metals,

CDI

(AUD) (1)

74,291‌

156‌

Airtel

Africa

2,362‌

3‌

Amcor,

CDI

(AUD)

6,458‌

69‌

Anglo

American

13,047‌

396‌

Ascential

60,917‌

449‌

Ashtead

Group

2,060‌

149‌

AstraZeneca

5,980‌

950‌

AstraZeneca,

ADR

(USD)

39,921‌

3,160‌

Auction

Technology

Group (1)

15,197‌

99‌

Barclays

53,637‌

160‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Big

Yellow

Group

15,157‌

236‌

BP

133,437‌

789‌

BP,

ADR

(USD)

6,152‌

218‌

Bridgepoint

Group

78,618‌

296‌

British

American

Tobacco

2,282‌

81‌

BT

Group

185,594‌

337‌

Bunzl

5,250‌

220‌

Cab

Payments

Holdings (1)

10,013‌

12‌

Centamin

30,629‌

50‌

Compass

Group

13,680‌

421‌

Croda

International

4,423‌

230‌

Derwent

London

1,490‌

44‌

Diageo

7,886‌

245‌

Diploma

1,296‌

74‌

Dowlais

Group

50,303‌

41‌

Endava,

ADR

(USD) (1)

5,054‌

161‌

Experian

9,597‌

453‌

Ferguson

(USD)

1,847‌

411‌

Genuit

Group

20,865‌

137‌

Genus

5,172‌

121‌

Glencore

66,983‌

372‌

Great

Portland

Estates

29,092‌

131‌

Greggs

5,870‌

236‌

GSK,

ADR

(USD) (3)

7,062‌

274‌

Helios

Towers (1)

97,609‌

158‌

Hiscox

14,003‌

229‌

HSBC

Holdings

71,442‌

650‌

Immunocore

Holdings,

ADR

(USD) (1)

1,028‌

41‌

Imperial

Brands

7,810‌

215‌

Informa

31,635‌

353‌

InterContinental

Hotels

Group

283‌

28‌

Intermediate

Capital

Group

6,606‌

186‌

Investec

7,843‌

62‌

IQE (1)

286,423‌

115‌

Johnson

Matthey

6,406‌

135‌

Keywords

Studios

13,305‌

409‌

Kingfisher

79,242‌

282‌

Lloyds

Banking

Group

188,268‌

144‌

London

Stock

Exchange

Group

4,577‌

557‌

Melrose

Industries

36,199‌

274‌

National

Grid

74,129‌

941‌

Next

2,289‌

268‌

Oxford

Nanopore

Technologies (1)

20,183‌

31‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Pearson

6,256‌

85‌

Persimmon

16,648‌

339‌

Prudential

14,572‌

131‌

Renishaw

1,842‌

90‌

Rentokil

Initial

8,760‌

53‌

Rio

Tinto

2,270‌

148‌

Rolls-Royce

Holdings (1)

66,341‌

384‌

Rotork

49,533‌

231‌

Segro

32,517‌

383‌

Shell

9,623‌

351‌

Shell,

ADR

(USD)

5,399‌

395‌

Smith

&

Nephew

9,799‌

141‌

Smiths

Group

3,897‌

89‌

Spirax

Group

1,290‌

151‌

SSE

4,322‌

105‌

Standard

Chartered

24,269‌

240‌

Syncona (1)

33,100‌

53‌

Taylor

Wimpey

41,784‌

86‌

TBC

Bank

Group

669‌

27‌

Unilever

(EUR)

2,121‌

130‌

Unilever

29,870‌

1,836‌

UNITE

Group

4,864‌

60‌

Victrex

7,948‌

112‌

Watches

of

Switzerland

Group (1)

15,079‌

79‌

Weir

Group

5,129‌

134‌

WPP

40,314‌

389‌

Yellow

Cake (1)

3,654‌

26‌

YouGov

18,891‌

112‌

22,619‌

Convertible

Preferred

Stocks 0.0%

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $10 (1)(4)(5)

475‌

7‌

7‌

Corporate

Bonds 0.3%

Barclays,

VR,

2.279%,

11/24/27

(USD) (6)

335,000‌

315‌

BAT

Capital,

4.39%,

8/15/37

(USD)

125,000‌

110‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (2)

210,000‌

194‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (6)

200,000‌

180‌

HSBC

Holdings,

VR,

7.399%,

11/13/34

(USD) (6)

200,000‌

221‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (2)

405,000‌

376‌

RELX

Capital,

3.00%,

5/22/30

(USD)

100,000‌

92‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (6)

200,000‌

187‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD) (2)(6)

320,000‌

316‌

1,991‌

Total

United

Kingdom

(Cost

$19,154)

24,617‌

UNITED

STATES 73.7%

Asset-Backed

Securities 0.5%

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27

150,000‌

142‌

ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.05%,

7/15/32 (2)

100,000‌

101‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25 (2)

35,000‌

35‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27 (2)

100,000‌

96‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27

90,000‌

87‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28

155,000‌

143‌

CyrusOne

Data

Centers

Issuer

I,

Series

2024-2A,

Class

A2,

4.50%,

5/20/49 (2)

190,000‌

178‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (2)

125,450‌

116‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (2)

126,425‌

112‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

A,

6.16%,

2/25/38 (2)

75,627‌

77‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

B,

6.53%,

2/25/38 (2)

75,627‌

77‌

Enterprise

Fleet

Financing,

Series

2023-2,

Class

A2,

5.56%,

4/22/30 (2)

190,629‌

191‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27

81,251‌

81‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (2)

115,000‌

110‌

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

A,

4.85%,

8/15/35 (2)

185,000‌

186‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27

205,000‌

196‌

GM

Financial

Automobile

Leasing

Trust,

Series

2023-1,

Class

C,

5.76%,

1/20/27

180,000‌

180‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (2)

109,725‌

113‌

Invesco

U.S.,

Series

2023-1A,

Class

AR,

CLO,

FRN,

3M

TSFR

+

1.57%,

6.852%,

4/22/37 (2)

250,000‌

251‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Jamestown

XV,

Series

2020-15A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.37%,

6.698%,

7/15/35 (2)

250,000‌

250‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28 (2)

13,530‌

13‌

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A4,

5.07%,

2/15/29 (2)

50,000‌

50‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (2)

59,369‌

57‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (2)

29,486‌

28‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (2)

102,981‌

100‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (2)

22,308‌

20‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (2)

22,894‌

21‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (2)

130,707‌

120‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (2)

41,960‌

42‌

Progress

Residential

Trust,

Series

2024-SFR5,

Class

A,

3.00%,

8/9/29 (2)

100,000‌

90‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (2)

123,694‌

110‌

Signal

Peak,

Series

2018-5A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.55%,

6.835%,

4/25/37 (2)

250,000‌

251‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31 (2)

5,764‌

6‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

TSFR

+

1.564%,

6.893%,

2/17/32 (2)

14,560‌

15‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (2)

35,363‌

35‌

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (2)

24,687‌

24‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (2)

46,293‌

43‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (2)

108,813‌

97‌

U.S.

Bank,

Series

2023-1,

Class

B,

6.789%,

8/25/32 (2)

176,245‌

178‌

4,022‌

Bond

Mutual

Funds 15.2%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.493% (7)

(8)

2,018,555‌

15,523‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.51% (7)(8)

3,627,808‌

17,341‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.013% (7)(8)

4,829,277‌

32,549‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.40% (7)(8)

948,750‌

8,985‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.85% (7)(8)

2,692,881‌

21,085‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.655% (7)(8)

3,378,333‌

23,952‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.439% (7)(8)

809,465‌

6,856‌

126,291‌

Common

Stocks 31.2%

AbbVie

5,295‌

981‌

Acadia

Realty

Trust,

REIT

11,035‌

239‌

Adobe (1)

943‌

520‌

Advanced

Micro

Devices (1)

10,797‌

1,560‌

Alcoa

442‌

15‌

Alexandria

Real

Estate

Equities,

REIT

552‌

65‌

Allstate

8,825‌

1,510‌

Alphabet,

Class

A

3,141‌

539‌

Alphabet,

Class

C

40,657‌

7,040‌

Amazon.com (1)

45,600‌

8,526‌

Ameren

9,620‌

763‌

American

Express

9,374‌

2,372‌

American

Homes

4

Rent,

Class

A,

REIT

9,366‌

338‌

American

Tower,

REIT

2,619‌

577‌

AMETEK

11,337‌

1,967‌

Amgen

2,086‌

694‌

Amphenol,

Class

A

19,655‌

1,263‌

Analog

Devices

7,052‌

1,632‌

API

Group (1)

7,320‌

277‌

Apollo

Global

Management

2,918‌

366‌

Apple

55,195‌

12,258‌

Apple

Hospitality

REIT,

REIT

8,163‌

121‌

Applied

Materials

1,739‌

369‌

Atlas

Energy

Solutions (3)

2,217‌

47‌

Atlassian,

Class

A (1)

504‌

89‌

Atmos

Energy

2,682‌

343‌

AutoZone (1)

236‌

740‌

AvalonBay

Communities,

REIT

2,204‌

452‌

Baker

Hughes

3,241‌

125‌

Ball

1,244‌

79‌

Bank

of

America

61,638‌

2,485‌

Becton

Dickinson

&

Company

1,800‌

434‌

Berkshire

Hathaway,

Class

B (1)

7,162‌

3,141‌

BILL

Holdings (1)

3,150‌

157‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Boeing (1)

1,400‌

267‌

Booking

Holdings

376‌

1,397‌

Booz

Allen

Hamilton

Holding

6,614‌

948‌

Bristol-Myers

Squibb

4,400‌

209‌

Broadcom

7,325‌

1,177‌

Broadridge

Financial

Solutions

3,107‌

665‌

Camden

Property

Trust,

REIT

1,284‌

142‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (1)(4)

(5)

105‌

112‌

Carvana (1)

5,147‌

686‌

Cava

Group (1)

858‌

72‌

CBRE

Group,

Class

A (1)

426‌

48‌

Celsius

Holdings (1)

5,827‌

273‌

Cencora

11,455‌

2,725‌

CenterPoint

Energy

931‌

26‌

CF

Industries

Holdings

1,247‌

95‌

Charles

Schwab

23,217‌

1,514‌

Chesapeake

Energy

10,218‌

780‌

Chevron

8,431‌

1,353‌

Chipotle

Mexican

Grill (1)

10,974‌

596‌

Chubb

4,703‌

1,296‌

Cigna

Group

1,881‌

656‌

Cintas

122‌

93‌

Citigroup

20,330‌

1,319‌

Cleveland-Cliffs (1)

2,535‌

39‌

CME

Group

2,122‌

411‌

Coca-Cola

47,970‌

3,202‌

Colgate-Palmolive

23,337‌

2,315‌

Comcast,

Class

A

13,600‌

561‌

Commercial

Metals

799‌

48‌

Confluent,

Class

A (1)

6,855‌

172‌

ConocoPhillips

23,285‌

2,589‌

Constellation

Energy

3,182‌

604‌

Corebridge

Financial

11,412‌

337‌

Corpay (1)

1,182‌

345‌

Coupang (1)

1,800‌

37‌

Crowdstrike

Holdings,

Class

A (1)

339‌

79‌

Crown

Castle,

REIT

1,348‌

148‌

CSX

71,671‌

2,516‌

CubeSmart,

REIT

5,721‌

272‌

Cummins

4,988‌

1,455‌

Danaher

3,946‌

1,093‌

Datadog,

Class

A (1)

537‌

63‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Dayforce (1)(3)

2,997‌

178‌

Deere

2,581‌

960‌

Diamondback

Energy

8,197‌

1,658‌

Dollar

General

3,687‌

444‌

Dollar

Tree (1)

5,000‌

522‌

Dominion

Energy

723‌

39‌

DoorDash,

Class

A (1)

1,059‌

117‌

Douglas

Emmett,

REIT

4,915‌

79‌

Dover

7,250‌

1,336‌

East

West

Bancorp

2,489‌

219‌

EastGroup

Properties,

REIT

1,091‌

204‌

Edwards

Lifesciences (1)

4,028‌

254‌

Electronic

Arts

4,358‌

658‌

Elevance

Health

7,328‌

3,899‌

Eli

Lilly

4,311‌

3,467‌

EOG

Resources

1,843‌

234‌

EPAM

Systems (1)

55‌

12‌

EQT

50,536‌

1,744‌

Equinix,

REIT

1,216‌

961‌

Equity

LifeStyle

Properties,

REIT

11,110‌

763‌

Equity

Residential,

REIT

5,678‌

395‌

Essex

Property

Trust,

REIT

1,641‌

457‌

Evercore,

Class

A

642‌

161‌

Expro

Group

Holdings (1)

2,104‌

49‌

Extra

Space

Storage,

REIT

649‌

104‌

Exxon

Mobil

21,581‌

2,559‌

Fair

Isaac (1)

329‌

526‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $3 (1)(4)(5)

163‌

1‌

Federal

Realty

Investment

Trust,

REIT

263‌

29‌

FedEx

2,030‌

614‌

FirstEnergy

1,007‌

42‌

Fiserv (1)

12,450‌

2,036‌

Floor

&

Decor

Holdings,

Class

A (1)

1,294‌

127‌

FMC

861‌

50‌

Fortinet (1)

10,598‌

615‌

Freeport-McMoRan

24,263‌

1,102‌

FTI

Consulting (1)

2,483‌

541‌

Gaming

&

Leisure

Properties,

REIT

4,375‌

220‌

GE

HealthCare

Technologies

4,158‌

352‌

GE

Vernova (1)

2,317‌

413‌

General

Dynamics

5,514‌

1,647‌

General

Electric

10,199‌

1,736‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Global

Payments

4,176‌

424‌

Goldman

Sachs

Group

4,011‌

2,042‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(4)(5)

826‌

15‌

Halliburton

26,289‌

912‌

HB

Fuller

650‌

56‌

HCA

Healthcare

1,258‌

457‌

Healthcare

Realty

Trust,

REIT

3,431‌

61‌

Hess

999‌

153‌

Hilton

Worldwide

Holdings

4,938‌

1,060‌

Hologic (1)

3,750‌

306‌

Home

Depot

2,449‌

902‌

Honeywell

International

6,676‌

1,367‌

Host

Hotels

&

Resorts,

REIT

1,076‌

19‌

Howmet

Aerospace

2,281‌

218‌

Hubbell

150‌

59‌

Humana

424‌

153‌

Huntington

Bancshares

70,361‌

1,052‌

Huntsman

2,198‌

53‌

IDEX

890‌

186‌

Ingersoll

Rand

6,394‌

642‌

Insmed (1)

1,626‌

118‌

Intel

13,373‌

411‌

International

Flavors

&

Fragrances

769‌

76‌

International

Paper

36,875‌

1,714‌

Intuit

562‌

364‌

Intuitive

Surgical (1)

2,096‌

932‌

Ivanhoe

Electric (1)(3)

7,167‌

71‌

Johnson

&

Johnson

13,244‌

2,091‌

JPMorgan

Chase

20,609‌

4,386‌

Kenvue

113,208‌

2,093‌

Keurig

Dr

Pepper

34,669‌

1,188‌

KeyCorp

21,242‌

343‌

Keysight

Technologies (1)

10,592‌

1,478‌

Kilroy

Realty,

REIT

4,225‌

156‌

Kimco

Realty,

REIT

3,981‌

86‌

Kinder

Morgan

2,485‌

53‌

KLA

1,480‌

1,218‌

Kosmos

Energy (1)

34,046‌

188‌

L3Harris

Technologies

3,184‌

722‌

Lam

Research

775‌

714‌

Laureate

Education

3,359‌

52‌

Linde

5,407‌

2,452‌

Lineage,

REIT (1)

714‌

63‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Loar

Holdings (1)

778‌

49‌

Louisiana-Pacific

809‌

79‌

Lowe's

2,759‌

677‌

LPL

Financial

Holdings

2,565‌

568‌

Lululemon

Athletica (1)

255‌

66‌

Marathon

Petroleum

1,308‌

232‌

Marriott

International,

Class

A

2,162‌

491‌

Marsh

&

McLennan

7,593‌

1,690‌

Martin

Marietta

Materials

840‌

498‌

Mastercard,

Class

A

2,148‌

996‌

McDonald's

5,784‌

1,535‌

Merck

15,177‌

1,717‌

Meta

Platforms,

Class

A

7,431‌

3,528‌

MetLife

10,699‌

822‌

Mettler-Toledo

International (1)

466‌

709‌

Micron

Technology

3,732‌

410‌

Microsoft

32,918‌

13,771‌

Middleby (1)

120‌

16‌

Molina

Healthcare (1)

2,468‌

842‌

Mondelez

International,

Class

A

7,598‌

519‌

MongoDB (1)

452‌

114‌

Monolithic

Power

Systems

296‌

255‌

Morgan

Stanley

1,694‌

175‌

Mosaic

15,030‌

447‌

MP

Materials (1)(3)

3,353‌

45‌

MSCI

69‌

37‌

Netflix (1)

4,261‌

2,677‌

Newmont

4,667‌

229‌

Newmont,

CDI

(AUD)

3,081‌

149‌

NextEra

Energy

5,270‌

403‌

NIKE,

Class

B

254‌

19‌

Noble

1,485‌

70‌

Norfolk

Southern

3,677‌

918‌

Northrop

Grumman

200‌

97‌

Norwegian

Cruise

Line

Holdings (1)

9,670‌

178‌

Nucor

2,809‌

458‌

NVIDIA

107,156‌

12,539‌

NXP

Semiconductors

5,004‌

1,317‌

Old

Dominion

Freight

Line

6,480‌

1,362‌

O'Reilly

Automotive (1)

575‌

648‌

Owens

Corning

123‌

23‌

Packaging

Corp.

of

America

459‌

92‌

Parker-Hannifin

1,163‌

653‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(4)(5)

21,572‌

9‌

Pebblebrook

Hotel

Trust,

REIT

3,610‌

49‌

Permian

Resources

22,564‌

346‌

PG&E

2,337‌

43‌

Phillips

66

532‌

77‌

Planet

Fitness,

Class

A (1)

4,252‌

313‌

PNC

Financial

Services

Group

1,042‌

189‌

Pool

55‌

21‌

Procter

&

Gamble

18,617‌

2,993‌

Progressive

6,683‌

1,431‌

Prologis,

REIT

11,032‌

1,391‌

Prothena (1)

314‌

7‌

PTC (1)

3,170‌

564‌

Public

Storage,

REIT

7,218‌

2,136‌

QUALCOMM

5,452‌

987‌

Quanta

Services

202‌

54‌

Quest

Diagnostics

567‌

81‌

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

9/16/21,

Cost $155 (1)(4)(5)

16,193‌

5‌

Range

Resources

33,585‌

1,049‌

Rayonier,

REIT

2,559‌

78‌

Regency

Centers,

REIT

6,911‌

465‌

Reliance

1,354‌

412‌

Repligen (1)

644‌

108‌

Republic

Services

5,924‌

1,151‌

Revvity

5,717‌

718‌

Rexford

Industrial

Realty,

REIT

12,506‌

627‌

Rockwell

Automation

3,330‌

928‌

Roper

Technologies

1,421‌

774‌

Ross

Stores

3,258‌

467‌

Royal

Gold

689‌

95‌

RPM

International

573‌

70‌

S&P

Global

360‌

174‌

SBA

Communications,

REIT

984‌

216‌

Schlumberger

51,966‌

2,509‌

ServiceNow (1)

1,268‌

1,033‌

Sherwin-Williams

2,658‌

932‌

Simon

Property

Group,

REIT

3,553‌

545‌

SL

Green

Realty,

REIT

715‌

48‌

Snowflake,

Class

A (1)

396‌

52‌

Soleno

Therapeutics (1)

281‌

14‌

Southern

699‌

58‌

Southwestern

Energy (1)

38,924‌

251‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Stanley

Black

&

Decker

542‌

57‌

Steel

Dynamics

2,908‌

387‌

Stryker

1,061‌

347‌

Sun

Communities,

REIT

2,142‌

271‌

Synopsys (1)

1,222‌

682‌

T-Mobile

U.S.

13,699‌

2,497‌

Targa

Resources

1,234‌

167‌

Target

3,403‌

512‌

TechnipFMC

26,056‌

769‌

Tenet

Healthcare (1)

5,832‌

873‌

Terreno

Realty,

REIT

4,748‌

325‌

Tesla (1)

4,287‌

995‌

Texas

Instruments

6,768‌

1,379‌

Thermo

Fisher

Scientific

5,999‌

3,679‌

TJX

9,863‌

1,115‌

TPG

521‌

27‌

Tractor

Supply

2,995‌

789‌

TransDigm

Group

93‌

120‌

TransUnion

2,692‌

243‌

Travelers

3,134‌

678‌

Uber

Technologies (1)

3,221‌

208‌

Union

Pacific

3,882‌

958‌

UnitedHealth

Group

9,102‌

5,244‌

Upwork (1)

14,740‌

179‌

Valero

Energy

1,158‌

187‌

Ventas,

REIT

6,362‌

346‌

Veralto

311‌

33‌

Viper

Energy

616‌

26‌

Visa,

Class

A

18,591‌

4,939‌

Vulcan

Materials

341‌

94‌

Walmart

30,422‌

2,088‌

Warrior

Met

Coal

1,689‌

117‌

Waste

Connections

2,290‌

407‌

Weatherford

International (1)

423‌

50‌

Wells

Fargo

6,792‌

403‌

Welltower,

REIT

5,721‌

636‌

Western

Alliance

Bancorp

1,716‌

138‌

Westinghouse

Air

Brake

Technologies

10,989‌

1,771‌

Weyerhaeuser,

REIT

21,755‌

691‌

Williams

15,381‌

660‌

Xcel

Energy

14,765‌

860‌

Zoetis

852‌

153‌

259,139‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

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

31‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)

(4)(5)

927‌

81‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7 (1)(4)(5)

96‌

8‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33 (1)(4)(5)

1,103‌

21‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15 (1)(4)(5)

255‌

34‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144 (1)(4)(5)

1,084‌

144‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71 (1)(4)(5)

2,594‌

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

27‌

Lilac

Solutions,

Series

C-1,

Acquisition

Date:

11/21/22,

Cost $10 (1)(4)(5)

971‌

9‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (1)(4)(5)

1,666‌

86‌

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

1,113‌

Corporate

Bonds 3.1%

AbbVie,

2.95%,

11/21/26

145,000‌

140‌

AbbVie,

4.50%,

5/14/35

30,000‌

29‌

AbbVie,

4.80%,

3/15/29

150,000‌

152‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

AHS

Hospital,

5.024%,

7/1/45

20,000‌

20‌

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35

105,000‌

99‌

Ally

Financial,

2.20%,

11/2/28

120,000‌

106‌

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

188‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32

144,855‌

132‌

American

Express,

VR,

6.489%,

10/30/31 (6)

285,000‌

309‌

American

Honda

Finance,

0.75%,

8/9/24

260,000‌

260‌

American

Tower,

1.45%,

9/15/26

355,000‌

331‌

Amphenol,

2.20%,

9/15/31

105,000‌

88‌

Amphenol,

4.75%,

3/30/26

25,000‌

25‌

Amphenol,

5.05%,

4/5/29

55,000‌

56‌

Aon,

3.875%,

12/15/25

25,000‌

25‌

Appalachian

Power,

4.45%,

6/1/45

240,000‌

198‌

AT&T,

2.75%,

6/1/31

215,000‌

188‌

Atlassian,

5.25%,

5/15/29

35,000‌

36‌

Autodesk,

2.40%,

12/15/31

135,000‌

115‌

AutoZone,

3.125%,

4/21/26

170,000‌

165‌

AutoZone,

3.75%,

6/1/27

70,000‌

68‌

Bank

of

America,

3.50%,

4/19/26

400,000‌

392‌

Bank

of

America,

4.45%,

3/3/26

50,000‌

50‌

Bank

of

America,

VR,

4.244%,

4/24/38 (6)

120,000‌

108‌

Bank

of

America,

VR,

5.08%,

1/20/27 (6)

225,000‌

226‌

Banner

Health,

1.897%,

1/1/31

65,000‌

55‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30

115,000‌

104‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27

183,000‌

178‌

Becton

Dickinson

&

Company,

5.081%,

6/7/29

170,000‌

173‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43

25,000‌

24‌

BlackRock

Funding,

4.70%,

3/14/29

50,000‌

50‌

Boardwalk

Pipelines,

4.95%,

12/15/24

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25

30,000‌

30‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (2)

100,000‌

93‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27

195,000‌

189‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30

80,000‌

76‌

Cameron

LNG,

2.902%,

7/15/31 (2)

40,000‌

35‌

Cameron

LNG,

3.701%,

1/15/39 (2)

30,000‌

25‌

Cardinal

Health,

3.41%,

6/15/27

125,000‌

120‌

Cardinal

Health,

3.75%,

9/15/25

80,000‌

79‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (2)(9)

17,929‌

19‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (2)(9)

27,540‌

30‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (2)(9)

32,977‌

38‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Caterpillar

Financial

Services,

5.00%,

5/14/27

240,000‌

243‌

Centra

Health,

4.70%,

1/1/48

385,000‌

338‌

Charter

Communications

Operating,

4.908%,

7/23/25

12,000‌

12‌

Charter

Communications

Operating,

6.10%,

6/1/29

80,000‌

82‌

Charter

Communications

Operating,

6.15%,

11/10/26

155,000‌

158‌

Cigna

Group,

3.25%,

4/15/25

250,000‌

246‌

Citigroup,

4.45%,

9/29/27

70,000‌

69‌

Citigroup,

VR,

3.887%,

1/10/28 (6)

315,000‌

308‌

Citigroup,

VR,

4.075%,

4/23/29 (6)

100,000‌

97‌

CMS

Energy,

4.875%,

3/1/44

25,000‌

23‌

CNO

Global

Funding,

2.65%,

1/6/29 (2)

315,000‌

280‌

CommonSpirit

Health,

2.76%,

10/1/24

95,000‌

95‌

CommonSpirit

Health,

2.782%,

10/1/30

50,000‌

44‌

Corebridge

Financial,

4.40%,

4/5/52

375,000‌

304‌

CRH

America

Finance,

3.95%,

4/4/28 (2)

400,000‌

389‌

Crown

Castle,

2.10%,

4/1/31

250,000‌

208‌

Crown

Castle,

3.70%,

6/15/26

40,000‌

39‌

Crown

Castle,

4.75%,

5/15/47

30,000‌

26‌

CVS

Health,

2.70%,

8/21/40

540,000‌

369‌

Diamondback

Energy,

5.15%,

1/30/30

35,000‌

35‌

Discover

Financial

Services,

3.75%,

3/4/25

15,000‌

15‌

DTE

Energy,

4.95%,

7/1/27

45,000‌

45‌

Elevance

Health,

4.101%,

3/1/28

130,000‌

127‌

Elevance

Health,

4.65%,

1/15/43

20,000‌

18‌

Energy

Transfer,

5.25%,

4/15/29

120,000‌

122‌

Energy

Transfer,

5.60%,

9/1/34

175,000‌

178‌

ERAC

USA

Finance,

5.40%,

5/1/53 (2)

300,000‌

297‌

Essex

Portfolio,

2.65%,

3/15/32

135,000‌

114‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28

15,000‌

14‌

Experian

Finance,

2.75%,

3/8/30 (2)

200,000‌

180‌

Extra

Space

Storage,

4.00%,

6/15/29

145,000‌

140‌

FirstEnergy

Transmission,

4.35%,

1/15/25 (2)

65,000‌

65‌

Fiserv,

3.20%,

7/1/26

100,000‌

97‌

Fiserv,

5.45%,

3/15/34

175,000‌

179‌

Florida

Gas

Transmission,

4.35%,

7/15/25 (2)

215,000‌

213‌

Ford

Motor

Credit,

7.122%,

11/7/33

200,000‌

214‌

Foundry

JV

Holdco,

6.15%,

1/25/32 (2)

200,000‌

208‌

GATX,

6.90%,

5/1/34

270,000‌

301‌

General

Motors,

4.00%,

4/1/25

55,000‌

54‌

General

Motors

Financial,

2.40%,

4/10/28

305,000‌

278‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44

15,000‌

13‌

Goldman

Sachs

Group,

3.50%,

1/23/25

300,000‌

297‌

Goldman

Sachs

Group,

3.85%,

1/26/27

115,000‌

112‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Goldman

Sachs

Group,

5.15%,

5/22/45

15,000‌

14‌

Goldman

Sachs

Group,

6.75%,

10/1/37

10,000‌

11‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (6)

200,000‌

171‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42 (6)

130,000‌

94‌

Hasbro,

3.00%,

11/19/24

150,000‌

148‌

HCA,

4.125%,

6/15/29

235,000‌

226‌

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve,

5.45%,

6/15/34 (2)

95,000‌

96‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28

30,000‌

28‌

Healthpeak,

2.125%,

12/1/28

80,000‌

72‌

Healthpeak,

2.875%,

1/15/31

45,000‌

40‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28 (2)

100,000‌

96‌

Honeywell

International,

1.10%,

3/1/27

275,000‌

253‌

Humana,

5.95%,

3/15/34

110,000‌

115‌

Hyundai

Capital

America,

1.30%,

1/8/26 (2)

145,000‌

137‌

Hyundai

Capital

America,

1.65%,

9/17/26 (2)

180,000‌

168‌

Hyundai

Capital

America,

1.80%,

10/15/25 (2)

55,000‌

53‌

Hyundai

Capital

America,

2.00%,

6/15/28 (2)

235,000‌

211‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48

145,000‌

122‌

Ingersoll

Rand,

5.176%,

6/15/29

170,000‌

173‌

Intercontinental

Exchange,

3.75%,

12/1/25

75,000‌

74‌

Intercontinental

Exchange,

5.25%,

6/15/31

75,000‌

77‌

Interpublic

Group

of

Companies,

5.375%,

6/15/33

410,000‌

410‌

IQVIA,

6.25%,

2/1/29

50,000‌

52‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (6)

235,000‌

222‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (6)

160,000‌

141‌

Kentucky

Utilities,

4.375%,

10/1/45

65,000‌

55‌

Keysight

Technologies,

4.55%,

10/30/24

230,000‌

229‌

Kilroy

Realty,

3.45%,

12/15/24

40,000‌

40‌

Kilroy

Realty,

4.25%,

8/15/29

25,000‌

23‌

Kilroy

Realty,

4.375%,

10/1/25

15,000‌

15‌

L3Harris

Technologies,

4.854%,

4/27/35

50,000‌

48‌

Liberty

Mutual

Group,

4.85%,

8/1/44 (2)

20,000‌

18‌

LYB

International

Finance

II,

3.50%,

3/2/27

300,000‌

290‌

Marriott

International,

Series

AA,

4.65%,

12/1/28

285,000‌

283‌

Mars,

4.75%,

4/20/33 (2)

125,000‌

124‌

MassMutual

Global

Funding

II,

5.10%,

4/9/27 (2)

220,000‌

223‌

McDonald's,

1.45%,

9/1/25

65,000‌

63‌

McKesson,

5.25%,

2/15/26

370,000‌

370‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49

130,000‌

100‌

Met

Tower

Global

Funding,

1.25%,

9/14/26 (2)

245,000‌

228‌

Microchip

Technology,

5.05%,

3/15/29

55,000‌

56‌

Micron

Technology,

4.185%,

2/15/27

181,000‌

177‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (2)

110,000‌

108‌

Mississippi

Power,

3.95%,

3/30/28

170,000‌

166‌

Moody's,

2.00%,

8/19/31

335,000‌

279‌

Morgan

Stanley,

4.30%,

1/27/45

45,000‌

39‌

Morgan

Stanley,

VR,

5.656%,

4/18/30 (6)

360,000‌

370‌

Motorola

Solutions,

5.00%,

4/15/29

50,000‌

50‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32

320,000‌

270‌

NiSource,

3.49%,

5/15/27

215,000‌

208‌

NiSource,

3.95%,

3/30/48

105,000‌

82‌

Northern

Trust,

3.95%,

10/30/25

25,000‌

25‌

Nucor,

2.70%,

6/1/30

70,000‌

63‌

Nucor,

3.95%,

5/1/28

121,000‌

118‌

Occidental

Petroleum,

5.375%,

1/1/32

105,000‌

106‌

Omnicom

Group,

3.65%,

11/1/24

50,000‌

50‌

O'Reilly

Automotive,

3.60%,

9/1/27

145,000‌

140‌

O'Reilly

Automotive,

5.75%,

11/20/26

35,000‌

36‌

Owens

Corning,

5.70%,

6/15/34

50,000‌

52‌

PACCAR

Financial,

0.90%,

11/8/24

415,000‌

410‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27

275,000‌

252‌

Packaging

Corp.

of

America,

3.65%,

9/15/24

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24

345,000‌

343‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26

200,000‌

195‌

Pioneer

Natural

Resources,

1.125%,

1/15/26

80,000‌

76‌

Pioneer

Natural

Resources,

5.10%,

3/29/26

50,000‌

50‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37

25,000‌

22‌

Principal

Financial

Group,

2.125%,

6/15/30

160,000‌

137‌

Principal

Financial

Group,

3.40%,

5/15/25

35,000‌

34‌

Public

Storage

Operating,

1.95%,

11/9/28

150,000‌

134‌

Realty

Income,

2.20%,

6/15/28

70,000‌

64‌

Regency

Centers,

4.125%,

3/15/28

35,000‌

34‌

Republic

Services,

3.375%,

11/15/27

230,000‌

221‌

Revvity,

1.90%,

9/15/28

230,000‌

204‌

RGA

Global

Funding,

5.448%,

5/24/29 (2)

100,000‌

102‌

Roper

Technologies,

2.95%,

9/15/29

60,000‌

55‌

Roper

Technologies,

3.80%,

12/15/26

50,000‌

49‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28

50,000‌

49‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (6)

135,000‌

126‌

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (6)

110,000‌

113‌

SBA

Tower

Trust,

2.836%,

1/15/25 (2)

250,000‌

246‌

Sempra,

3.30%,

4/1/25

185,000‌

182‌

ServiceNow,

1.40%,

9/1/30

235,000‌

196‌

Simon

Property

Group,

2.65%,

2/1/32

340,000‌

292‌

Simon

Property

Group,

3.375%,

10/1/24

45,000‌

45‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Solventum,

5.40%,

3/1/29 (2)

110,000‌

111‌

Southern,

5.70%,

3/15/34

90,000‌

93‌

Synchrony

Financial,

4.25%,

8/15/24

375,000‌

374‌

Texas

Instruments,

1.125%,

9/15/26

80,000‌

75‌

Texas

Instruments,

1.375%,

3/12/25

45,000‌

44‌

Time

Warner

Cable,

6.55%,

5/1/37

13,000‌

13‌

Time

Warner

Cable,

6.75%,

6/15/39

13,000‌

13‌

TJX,

1.60%,

5/15/31

55,000‌

46‌

Trinity

Health,

4.125%,

12/1/45

25,000‌

22‌

Union

Pacific,

4.75%,

9/15/41

10,000‌

9‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26

2,631‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30

253,494‌

232‌

UnitedHealth

Group,

3.75%,

7/15/25

40,000‌

40‌

UnitedHealth

Group,

4.70%,

4/15/29

200,000‌

202‌

Verizon

Communications,

1.68%,

10/30/30

28,000‌

23‌

Verizon

Communications,

2.625%,

8/15/26

230,000‌

221‌

Waste

Connections,

2.20%,

1/15/32

155,000‌

130‌

Wells

Fargo,

VR,

5.389%,

4/24/34 (6)

410,000‌

415‌

Willis

North

America,

4.50%,

9/15/28

160,000‌

157‌

WP

Carey,

3.85%,

7/15/29

115,000‌

109‌

25,255‌

Equity

Mutual

Funds 7.9%

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class (7)

1,879,827‌

44,890‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

2,179,409‌

20,923‌

65,813‌

Municipal

Securities 0.2%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41

300,000‌

243‌

California,

Build

America,

GO,

7.625%,

3/1/40

35,000‌

43‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41

250,000‌

186‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41

225,000‌

180‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50

390,000‌

322‌

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39

180,000‌

180‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29

15,000‌

15‌

Los

Angeles

Airport,

Series

C,

Build

America,

7.053%,

5/15/40

15,000‌

18‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42

175,000‌

156‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36

20,000‌

20‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Vanderbilt

Univ.

Medical

Center,

Series

B,

3.235%,

7/1/52

200,000‌

135‌

Metropolitan

Transportation

Auth.,

Series

A-1,

Build

America,

5.871%,

11/15/39

(Prerefunded

8/9/24) (10)

15,000‌

16‌

Miami-Dade

County

Transit

System,

Series

B,

Build

America,

5.624%,

7/1/40

160,000‌

166‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57

123,000‌

138‌

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

20‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44

25,000‌

24‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36

110,000‌

104‌

1,986‌

Non-U.S.

Government

Mortgage-Backed

Securities 0.8%

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (2)

60,705‌

52‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (2)

19,919‌

17‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (2)

56,590‌

48‌

Angel

Oak

Mortgage

Trust,

Series

2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67 (2)

208,439‌

207‌

BANK5,

Series

2024-5YR8,

Class

A3,

5.884%,

8/15/57

115,000‌

119‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (2)

72,616‌

64‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.603%,

11/15/34 (2)

50,000‌

1‌

Benchmark

Mortgage

Trust,

Series

2023-V3,

Class

A3,

ARM,

6.363%,

7/15/56

145,000‌

151‌

BMO

Mortgage

Trust,

Series

2024-5C5,

Class

A3,

5.857%,

2/15/57

190,000‌

196‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44 (2)

150,000‌

122‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

6.447%,

10/15/36 (2)

225,000‌

218‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52 (2)

100,000‌

68‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49

55,000‌

52‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50

110,000‌

65‌

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62 (2)

208,373‌

191‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58

25,000‌

24‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (2)

52,840‌

45‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.742%,

11/15/37 (2)

137,619‌

137‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48

40,000‌

39‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48

60,000‌

59‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48

100,000‌

98‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

6.247%,

11/25/41 (2)

15,464‌

15‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.648%,

5/25/43 (2)

156,840‌

161‌

Connecticut

Avenue

Securities

Trust,

Series

2024-R04,

Class

1A1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.347%,

5/25/44 (2)

34,648‌

35‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (2)

13,398‌

13‌

Ellington

Financial

Mortgage

Trust,

Series

2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (2)

38,035‌

35‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.823%,

7/15/38 (2)

90,642‌

90‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K068,

Class

A1,

2.952%,

2/25/27

14,376‌

14‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K137,

Class

A2,

ARM,

2.347%,

11/25/31

860,000‌

750‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-150,

Class

A2,

ARM,

3.71%,

9/25/32

370,000‌

351‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-156,

Class

A2,

ARM,

4.43%,

2/25/33

285,000‌

284‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K753,

Class

A2,

4.40%,

10/25/30

405,000‌

405‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (2)

5,212‌

5‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40 (2)

100,000‌

81‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48

25,000‌

25‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51

65,000‌

61‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48

65,000‌

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 (2)

100,000‌

82‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (2)

31,265‌

28‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (2)

37,024‌

34‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

6.00%,

8/25/50 (2)

8,176‌

8‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (2)

14,535‌

13‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.544%,

4/15/38 (2)

213,914‌

212‌

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

83‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47

155,000‌

149‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (2)

91,248‌

93‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (2)

128,595‌

108‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.564%,

10/25/59 (2)

7,596‌

8‌

OBX

Trust,

Series

2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (2)

85,915‌

88‌

OBX

Trust,

Series

2024-NQM7,

Class

A1,

CMO,

STEP,

6.243%,

3/25/64 (2)

97,807‌

99‌

OBX

Trust,

Series

2024-NQM9,

Class

A1,

CMO,

STEP,

6.03%,

1/25/64 (2)

113,696‌

115‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.187%,

12/25/49 (2)

182,988‌

155‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (2)

5,818‌

5‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (2)

826‌

1‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (2)

18,151‌

17‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-

DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.197%,

11/25/41 (2)

83,987‌

84‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2024-DNA2,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.597%,

5/25/44 (2)

29,397‌

29‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2024-HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.597%,

3/25/44 (2)

146,090‌

146‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (2)

11,320‌

11‌

Towd

Point

Mortgage

Trust,

Series

2024-3,

Class

A1B,

CMO,

ARM,

5.10%,

7/25/65 (2)

100,000‌

99‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59 (2)

11,510‌

11‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (2)

24,213‌

24‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (2)

28,885‌

26‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (2)

105,375‌

105‌

Verus

Securitization

Trust,

Series

2024-INV1,

Class

A2,

CMO,

STEP,

6.318%,

3/25/69 (2)

96,569‌

97‌

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-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58

75,000‌

73‌

6,478‌

Private

Investment

Companies 7.4%

Blackstone

Partners

Offshore

Fund,

Series

E1 (4)

24,764‌

61,365‌

61,365‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed) 7.3%

U.S.

Treasury

Bonds,

1.125%,

5/15/40

1,830,000‌

1,168‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50

1,150,000‌

608‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41

1,310,000‌

897‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41

580,000‌

411‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51

1,215,000‌

734‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50

2,490,000‌

1,563‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51

365,000‌

226‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52

2,245,000‌

1,479‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45

145,000‌

107‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42

65,000‌

51‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47 (11)

4,915,000‌

3,697‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45

570,000‌

447‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44

395,000‌

318‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45

435,000‌

348‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47

220,000‌

174‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48

740,000‌

581‌

T.

ROWE

PRICE

Global

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Bonds,

3.00%,

8/15/48

150,000‌

117‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52

800,000‌

622‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41

290,000‌

247‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44

110,000‌

91‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42

220,000‌

192‌

U.S.

Treasury

Bonds,

3.625%,

8/15/43

305,000‌

273‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53

80,000‌

70‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53

1,090,000‌

958‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40

580,000‌

555‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43

605,000‌

564‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43

105,000‌

98‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52

150,000‌

141‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54

360,000‌

354‌

U.S.

Treasury

Bonds,

4.625%,

5/15/54

150,000‌

157‌

U.S.

Treasury

Bonds,

4.75%,

11/15/43

370,000‌

386‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53

640,000‌

683‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51

104,709‌

63‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50

279,749‌

177‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43

293,291‌

227‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42

697,745‌

560‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/45

266,746‌

206‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47

248,374‌

192‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46

82,048‌

66‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48

143,918‌

114‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49

168,495‌

132‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44

164,675‌

145‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53

617,565‌

537‌

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/41

286,832‌

292‌

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/54 (11)

74,909‌

75‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25

746,109‌

723‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26

2,131,950‌

2,044‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26

1,002,341‌

963‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26

2,154,801‌

2,063‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 (11)

4,259,299‌

4,038‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30

549,320‌

503‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30

612,480‌

558‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31

422,272‌

380‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29

699,857‌

653‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/25

198,657‌

194‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28

114,593‌

109‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26

352,519‌

342‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32

783,040‌

716‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.75%,

7/15/28

144,638‌

139‌

T.

ROWE

PRICE

Global

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Notes,

0.875%,

1/15/29

195,530‌

188‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28

1,123,611‌

1,097‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33

382,621‌

369‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.75%,

1/15/34

2,188,218‌

2,168‌

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

4/15/29

3,627,684‌

3,680‌

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28

3,630,973‌

3,723‌

U.S.

Treasury

Inflation-Indexed

Notes,

3.875%,

4/15/29

286,571‌

313‌

U.S.

Treasury

Notes,

0.625%,

8/15/30

420,000‌

345‌

U.S.

Treasury

Notes,

0.75%,

1/31/28

120,000‌

107‌

U.S.

Treasury

Notes,

0.875%,

6/30/26

1,215,000‌

1,139‌

U.S.

Treasury

Notes,

1.25%,

8/15/31

1,035,000‌

863‌

U.S.

Treasury

Notes,

1.625%,

8/15/29

1,650,000‌

1,478‌

U.S.

Treasury

Notes,

1.875%,

2/28/27

2,720,000‌

2,571‌

U.S.

Treasury

Notes,

1.875%,

2/15/32

365,000‌

315‌

U.S.

Treasury

Notes,

3.625%,

5/31/28

245,000‌

242‌

U.S.

Treasury

Notes,

4.00%,

2/29/28

725,000‌

725‌

U.S.

Treasury

Notes,

4.00%,

2/15/34

430,000‌

428‌

U.S.

Treasury

Notes,

4.125%,

9/30/27

2,220,000‌

2,226‌

U.S.

Treasury

Notes,

4.125%,

10/31/27

1,195,000‌

1,198‌

U.S.

Treasury

Notes,

4.25%,

2/28/29

735,000‌

745‌

U.S.

Treasury

Notes,

4.375%,

11/30/28

1,105,000‌

1,123‌

U.S.

Treasury

Notes,

4.375%,

5/15/34

150,000‌

154‌

U.S.

Treasury

Notes,

4.50%,

5/31/29

355,000‌

364‌

60,089‌

Total

United

States

(Cost

$504,470)

611,551‌

VIETNAM 0.3%

Common

Stocks 0.3%

Asia

Commercial

Bank

316,436‌

324‌

Bank

for

Foreign

Trade

of

Vietnam (1)

111,981‌

396‌

Binh

Minh

Plastics

10,500‌

40‌

FPT

92,533‌

472‌

FPT

Digital

Retail

7,895‌

54‌

Hoa

Phat

Group (1)

529,980‌

572‌

Khang

Dien

House

Trading

&

Investment (1)

32,934‌

47‌

Military

Commercial

Joint

Stock

Bank

221,042‌

229‌

Mobile

World

Investment

44,100‌

112‌

Nam

Long

Investment

24,866‌

41‌

Phu

Nhuan

Jewelry

18,600‌

75‌

Saigon

Beer

Alcohol

Beverage

19,600‌

43‌

Vietnam

Dairy

Products

37,100‌

105‌

Vietnam

Engine

&

Agricultural

Machinery

48,500‌

82‌

T.

ROWE

PRICE

Global

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Vietnam

Prosperity

Bank

52,800‌

40‌

Vincom

Retail (1)

46,200‌

34‌

Total

Vietnam

(Cost

$1,996)

2,666‌

SHORT-TERM

INVESTMENTS 1.2%

Money

Market

Funds 1.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.36% (7)(12)

9,863,297‌

9,863‌

Total

Short-Term

Investments

(Cost

$9,863)

9,863‌

SECURITIES

LENDING

COLLATERAL 0.6%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.5%

Money

Market

Funds 0.5%

T.

Rowe

Price

Government

Reserve

Fund,

5.36% (7)(12)

3,968,129‌

3,968‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

3,968‌

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,

5.36% (7)(12)

916,676‌

917‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

917‌

Total

Securities

Lending

Collateral

(Cost

$4,885)

4,885‌

Total

Investments

in

Securities

100.5%

(Cost

$675,289)

$

834,123‌

Other

Assets

Less

Liabilities

(0.5)%

(4,273)

Net

Assets

100.0%

$

829,850‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$14,469

and

represents

1.7%

of

net

assets.

(3)

All

or

a

portion

of

this

security

is

on

loan

at

July

31,

2024.

T.

ROWE

PRICE

Global

Allocation

Fund

51

.

.

.

.

.

.

.

.

.

.

(4)

Level

3

in

fair

value

hierarchy.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,759

and

represents

0.2%

of

net

assets.

(6)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7)

Affiliated

Companies

(8)

SEC

30-day

yield

(9)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(10)

Prerefunded

date

is

used

in

determining

portfolio

maturity.

(11)

At

July

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(12)

Seven-day

yield

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

T.

ROWE

PRICE

Global

Allocation

Fund

52

.

.

.

.

.

.

.

.

.

.

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

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

53

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written (0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

8/16/24

@

$77.00

467

3,668

(3‌)

Morgan

Stanley

S&P

500

Index,

Call,

9/20/24

@

$5,500.00

70

38,656

(1,096‌)

Total

Options

Written

(Premiums

$(711))

$

(1,099‌)

T.

ROWE

PRICE

Global

Allocation

Fund

54

(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

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

800

18

17

1‌

Total

United

States

4‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

4‌

Total

Centrally

Cleared

Swaps

4‌

Net

payments

(receipts)

of

variation

margin

to

date

(3‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

1‌

T.

ROWE

PRICE

Global

Allocation

Fund

55

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

8/30/24

USD

3,804‌

CHF

3,352‌

$

(29‌)

BNP

Paribas

8/30/24

USD

9,207‌

JPY

1,405,044‌

(217‌)

JPMorgan

Chase

8/30/24

USD

2,847‌

AUD

4,335‌

10‌

JPMorgan

Chase

8/30/24

USD

5,850‌

GBP

4,552‌

(3‌)

JPMorgan

Chase

8/30/24

USD

1,223‌

SEK

13,225‌

(14‌)

State

Street

8/30/24

USD

1,554‌

DKK

10,683‌

2‌

State

Street

8/30/24

USD

12,952‌

EUR

11,922‌

31‌

State

Street

8/30/24

USD

657‌

HKD

5,124‌

—‌

State

Street

8/30/24

USD

134‌

ILS

495‌

2‌

State

Street

8/30/24

USD

224‌

NOK

2,467‌

(2‌)

State

Street

8/30/24

USD

67‌

NZD

114‌

(1‌)

State

Street

8/30/24

USD

453‌

SGD

607‌

(2‌)

State

Street

10/7/24

JPY

50,546‌

USD

317‌

24‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(199‌)

T.

ROWE

PRICE

Global

Allocation

Fund

56

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

18

MSCI

EAFE

Index

contracts

9/24

(2,151)

$

(47‌)

Long,

67

S&P

500

E-Mini

Index

contracts

9/24

18,619

(110‌)

Long,

26

U.S.

Treasury

Long

Bond

contracts

9/24

3,140

100‌

Long,

29

U.S.

Treasury

Notes

five

year

contracts

9/24

3,129

29‌

Long,

16

U.S.

Treasury

Notes

ten

year

contracts

9/24

1,789

44‌

Long,

1

U.S.

Treasury

Notes

two

year

contracts

9/24

205

2‌

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

9/24

384

12‌

Short,

4

Ultra

U.S.

Treasury

Notes

ten

year

contracts

9/24

(462)

(17‌)

Net

payments

(receipts)

of

variation

margin

to

date

221‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

234‌

T.

ROWE

PRICE

Global

Allocation

Fund

57

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

July

31,

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,

5.49%

$

(275‌)

$

(149‌)

$

612‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.51%

(264‌)

759‌

806‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.01%

(617‌)

3,768‌

1,358‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.40%

(3‌)

148‌

571‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.85%

(139‌)

1,563‌

1,026‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

2,346‌

12,023‌

340‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.66%

(828‌)

2,383‌

568‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.44%

—‌

206‌

91‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

(175‌)

100‌

1,347‌

T.

Rowe

Price

Government

Reserve

Fund,

5.36%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.36%

—‌

—‌

347‌

Affiliates

not

held

at

period

end

—‌

—‌

10‌

Totals

$

45‌#

$

20,801‌

$

7,076‌+

T.

ROWE

PRICE

Global

Allocation

Fund

58

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

07/31/24

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.49%

$

16,583‌

$

614‌

$

1,525‌

$

15,523‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.51%

17,787‌

809‌

2,014‌

17,341‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.01%

30,341‌

1,357‌

2,917‌

32,549‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.40%

8,369‌

571‌

103‌

8,985‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.85%

19,635‌

1,026‌

1,139‌

21,085‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

42,331‌

1,697‌

11,161‌

44,890‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.66%

24,329‌

568‌

3,328‌

23,952‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.44%

2,159‌

4,491‌

—‌

6,856‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

21,151‌

1,347‌

1,675‌

20,923‌

T.

Rowe

Price

Government

Reserve

Fund,

5.36%

3,057‌

¤

¤

4,885‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.36%

18,210‌

¤

¤

9,863‌

Total

$

206,852‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$1,357

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$7,076

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

$217,356.

T.

ROWE

PRICE

Global

Allocation

Fund

Unaudited

Notes

to

the

Portfolio

of

Investments

59

T.

Rowe

Price

Global

Allocation

Fund,

Inc. (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

Global

Allocation

Fund

60

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

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

T.

ROWE

PRICE

Global

Allocation

Fund

61

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

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

T.

ROWE

PRICE

Global

Allocation

Fund

62

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

63

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

July

31,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

107,332‌

$

—‌

$

107,332‌

Bond

Mutual

Funds

126,291‌

—‌

—‌

126,291‌

Common

Stocks

282,559‌

173,729‌

142‌

456,430‌

Closed-End

Mutual

Funds

—‌

26‌

—‌

26‌

Convertible

Preferred

Stocks

—‌

—‌

1,617‌

1,617‌

Equity

Mutual

Funds

65,813‌

—‌

—‌

65,813‌

Preferred

Stocks

—‌

501‌

—‌

501‌

Private

Investment

Companies

—‌

—‌

61,365‌

61,365‌

Short-Term

Investments

9,863‌

—‌

—‌

9,863‌

Securities

Lending

Collateral

4,885‌

—‌

—‌

4,885‌

Total

Securities

489,411‌

281,588‌

63,124‌

834,123‌

Swaps*

—‌

4‌

—‌

4‌

Forward

Currency

Exchange

Contracts

—‌

69‌

—‌

69‌

Futures

Contracts*

187‌

—‌

—‌

187‌

Total

$

489,598‌

$

281,661‌

$

63,124‌

$

834,383‌

Liabilities

Options

Written

$

—‌

$

1,099‌

$

—‌

$

1,099‌

Forward

Currency

Exchange

Contracts

—‌

268‌

—‌

268‌

Futures

Contracts*

174‌

—‌

—‌

174‌

Total

$

174‌

$

1,367‌

$

—‌

$

1,541‌

T.

ROWE

PRICE

Global

Allocation

Fund

64

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

July

31,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/

loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

July

31,

2024,

totaled $3,802,000 for

the

period ended

July

31,

2024.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

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

7/31/24

Investment

in

Securities

Common

Stocks

$

156‌

$

16‌

$

—‌

$

(30‌)

$

142‌

Convertible

Preferred

Stocks

1,372‌

245‌

10‌

(10‌)

1,617‌

Private

Investment

Companies

59,932‌

4,433‌

—‌

(3,000‌)

61,365‌

Total

$

61,460‌

$

4,694‌

$

10‌

$

(3,040‌)

$

63,124‌

T.

ROWE

PRICE

Global

Allocation

Fund

65

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

142

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Probability

for

potential

outcome

20%

20%

Increase

Enterprise

value

to

gross

profit

multiple

5.0x

-

10.2x

7.9x

Increase

Gross

profit

growth

rate

25%

25%

Increase

Enterprise

value

to

sales

multiple

1.7x

-

7.8x

4.8x

Increase

Sales

growth

rate

24%

24%

Increase

Discount

for

liquidation

preference

—#

—#

Increase

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,617

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Conversion

ratio

—#

—#

—#

T.

ROWE

PRICE

Global

Allocation

Fund

66

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**

Market

comparable

Premium

to

public

company

multiples

15%

-

30%

24%

Increase

Enterprise

value

to

gross

profit

multiple

6.8x

-

20.1x

16.9x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

-

8.4x

7.6x

Increase

Gross

profit

growth

rate

17%

-

55%

47%

Increase

Enterprise

value

to

sales

multiple

1.9x

-

15.4x

5.3x

Increase

Projected

enterprise

value

to

sales

multiple

2.6x

-

5.1x

3.3x

Increase

Sales

growth

rate

1%

-

55%

30%

Increase

Enterprise

value

to

EBIT

multiple

8.4x

-11.0x

10.1x

Increase

EBIT

growth

rate

26%

26%

Increase

Projected

enterprise

value

to

EBITDA

multiple

9.6x

-25.0x

19.9x

Increase

Price

to

net

asset

value

multiple

0.9x

0.9x

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

67

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

OTHER

MATTERS

Unpredictable 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

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

to

public

company

multiples

25%

25%

Decrease

Discount

rate

for

cost

of

capital

15%

-

30%

27%

Decrease

Discount

for

uncertainty

10%

-

60%

35%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

61,365

Rollforward

of

Investee

NAV

Estimated

return

0.10%

0.10%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

68

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.

F154-054Q3

07/24

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