UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22810

T. Rowe Price Global Allocation Fund, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2024

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2024

SemiAnnual

Report

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

RPGAX

Global

Allocation

Fund

–

.

PAFGX

Global

Allocation

Fund–

.

Advisor  Class

TGAFX

Global

Allocation

Fund–

.

I Class

T.

ROWE

PRICE

Global

Allocation

Fund

Go

Paperless

Going

paperless

offers

a

host

of

benefits,

which

include:

Timely

delivery

of

important

documents

Convenient

access

to

your

documents

anytime,

anywhere

Strong

security

protocols

to

safeguard

sensitive

data

Waive

your

account

service

fee

by

going

paperless.*

To

Enroll:

˃

If

you

invest

directly

with

T.

Rowe

Price,

go

to

troweprice.com/paperless

.

If

you

invest

through

a

financial

intermediary

such

as

an

investment

advisor,

a

bank,

or

a

brokerage

firm,

please

contact

that

organization

and

ask

if

it

can

provide

electronic

documentation.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/

help/fees-and-minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Global

Allocation

Fund

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

positive

results

during

the

first

half

of

your

fund’ s

fiscal

year,

the

six-month

period

ended

April

30,

2024.

Investor

sentiment

was

bolstered

by

rising

hopes

at

the

end

of

2023

that

central

banks

would

be

able

to

cut

interest

rates

soon;

however,

stronger-than-expected

inflation

data

in

the

first

quarter

of

2024

contributed

to

a

downturn

in

April

that

offset

some

of

the

strong

gains

recorded

earlier

in

the

period.

Growth

stocks

outperformed

value

shares

over

the

six-month

period,

and

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets.

Currency

movements

were

mixed

over

the

period— a

weaker

U.S.

dollar

versus

some

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities,

while

a

downturn

in

the

Japanese

yen

had

the

reverse

effect.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

produced

some

of

the

strongest

results

in

the

equity

market.

Within

the

U.S.-focused

S&P

500

Index,

the

communication

services,

financials, information

technology,

and

industrials sectors

all

recorded

strong

gains,

while

returns

for

energy

companies

were

more

muted

as

oil

prices

dipped

at

the

end

of

2023

before

rebounding

in

the

new

year.

U.S.

Treasury

yields

finished

the

period

lower,

which

supported

broadly

positive

results

in

the

fixed

income

market.

High

yield

corporate

bonds

produced

some

of

the

strongest

returns,

aided

by

the

higher

coupons

that

have

become

available

since

the

Fed

began

hiking

rates

about

two

years

ago,

as

well

as

strength

in

the

economy

that

kept

default

expectations

at

low

levels.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

although

first-quarter

gross

domestic

product

growth— according

to

a

preliminary

estimate— slowed

from

the

level

reported

at

the

end

of

2023.

Meanwhile,

after

flirting

with

a

recession

late

last

year,

growth

in

the

eurozone

appeared

to

be

healthier

in

the

latest

reports,

and

China’ s

economy

showed

signs

of

recovery

after

a

sluggish

performance

in

2023.

T.

ROWE

PRICE

Global

Allocation

Fund

2

The

positive

economic

news

aided

investor

sentiment

following

widespread

expectations

for

a

downturn

last

year.

But

the

outlook

for

monetary

policy

as

global

central

banks

continued

their

fight

against

inflation

was

more

difficult

to

decipher.

After

significant

progress

in

reducing

the

rate

of

price

increases—

12-month

consumer

price

index

inflation

dropped

from

6.4%

to

3.3%

over

the

course

of

2023— Federal

Reserve

policymakers

helped

boost

sentiment

when

their

year-end

economic

projections

indicated

that

three

quarter-point

interest

rate

cuts

were

likely

in

2024,

up

from

the

two

they

had

forecast

previously.

However,

with

inflation

improvements

stalling

so

far

this

year,

Fed

officials

indicated

that

they

will

take

a

patient

approach

to

loosening

monetary

policy,

a

message

that

weighed

on

markets

near

the

end

of

our

reporting

period.

Outside

the

U.S.,

the

European

Central

Bank was

also

facing

sticky

inflation,

but

officials

indicated

that

they

would

like

to

begin

cutting

rates

soon

if

upcoming

reports

are

favorable.

Meanwhile,

moving

in

the

other

direction,

the

Bank

of

Japan

lifted

short-term

interest

rates

from

negative

territory

for

the

first

time

in

over

seven

years

following

a

long

campaign

against

disinflation,

although

Japan’ s

monetary

policy

remains

among

the

most

accommodative

in

the

world.

Global

economies

have

displayed

continued

resilience

in

the

year-to-date

period,

but

risks

remain

as

we

look

ahead.

Elevated

geopolitical

tensions,

uncertainty

about

the

path

of

monetary

policy,

and

fading

fiscal

stimulus

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely,

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Global

Allocation

Fund

Portfolio

Summary

3

*

Includes

the

cash

underlying

futures

positions.

SECURITY

DIVERSIFICATION

T.

ROWE

PRICE

Global

Allocation

Fund

4

*

Sources:

Credit

ratings

for

the

securities

held

in

the

fund

are

provided

by

Moody’ s,

Standard

&

Poor’ s,

and

Fitch

and

are

converted

to

the

Standard

&

Poor’ s

nomenclature.

If

the

rating

agencies

differ,

the

highest

rating

is

applied

to

the

security.

If

a

rating

is

not

available,

the

security

is

classified

as

Not

Rated.

T.

Rowe

Price

uses

the

rating

of

the

underlying

investment

vehicle

to

determine

the

creditworthiness

of

credit

default

swaps

and

sovereign

securities.

The

fund

is

not

rated

by

any

agency.

**

U.S.

government

agency

securities

are

issued

or

guaranteed

by

a

U.S.

government

agency

and

may

include

conventional

pass-through

securities

and

collateralized

mortgage

obligations;

unlike

Treasuries,

government

agency

securities

are

not

issued

directly

by

the

U.S.

government

and

are

generally

unrated

but

may

have

credit

support

from

the

U.S.

Treasury

(e.g.,

FHLMC

and

FNMA

issues)

or

a

direct

government

guarantee

(e.g.,

GNMA

issues).

Therefore,

this

category

may

include

rated

and

unrated

securities.

***

U.S.

Treasury

securities

are

issued

by

the

U.S.

Treasury

and

are

backed

by

the

full

faith

and

credit

of

the

U.S.

government.

The

ratings

of

U.S.

Treasury

securities

are

derived

from

the

ratings

on

the

U.S.

government.

BOND

PORTFOLIO

PROFILE

Periods

Ended

10/31/23

4/30/24

Weighted

Average

Effective

Duration

(years)

5.4‌

5.5‌

Weighted

Average

Maturity

(years)

8.2‌

8.2‌

Credit

Quality

Diversification*

U.S.

Government

Agencies**

0.6‌%

0.8‌%

U.S.

Treasuries***

24.5‌ 

25.8‌ 

AAA

5.4‌ 

5.3‌ 

AA

6.7‌ 

5.2‌ 

A

14.4‌ 

15.2‌ 

BBB

22.6‌ 

21.0‌ 

BB

and

Below

25.0‌ 

25.8‌ 

Not

Rated

0.8‌ 

0.9‌ 

Total

100.0‌%

100.0‌%

T.

ROWE

PRICE

Global

Allocation

Fund

5

Note:

Copyright

©

2024

Fitch

Ratings,

Inc.,

Fitch

Ratings

Ltd.

and

its

subsidiaries.

Note:

©

2024,

Moody’ s

Corporation,

Moody’ s

Investors

Service,

Inc.,

Moody’ s

Analytics,

Inc.

and/or

their

licensors

and

affiliates

(collectively,

“ Moody’ s” ).

All

rights

reserved.

Moody’ s

ratings

and

other

information

(“ Moody’ s

Information” )

are

proprietary

to

Moody’ s

and/

or

its

licensors

and

are

protected

by

copyright

and

other

intellectual

property

laws.

Moody’ s

Information

is

licensed

to

Client

by

Moody’ s.

MOODY’ S

INFORMATION

MAY

NOT

BE

COPIED

OR

OTHERWISE

REPRODUCED,

REPACKAGED,

FURTHER

TRANSMITTED,

TRANSFERRED,

DISSEMINATED,

REDISTRIBUTED

OR

RESOLD,

OR

STORED

FOR

SUBSEQUENT

USE

FOR

ANY

SUCH

PURPOSE,

IN

WHOLE

OR

IN

PART,

IN

ANY

FORM

OR

MANNER

OR

BY

ANY

MEANS

WHATSOEVER,

BY

ANY

PERSON

WITHOUT

MOODY’ S

PRIOR

WRITTEN

CONSENT.

Moody's

®

is

a

registered

trademark.

Note:

Copyright

©

2024,

S&P

Global

Market

Intelligence

(and

its

affiliates,

as

applicable).

Reproduction

of

any

information,

data

or

material,

including

ratings

(“ Content” )

in

any

form

is

prohibited

except

with

the

prior

written

permission

of

the

relevant

party. Such

party,

its

affiliates

and

suppliers

(“ Content

Providers” )

do

not

guarantee

the

accuracy,

adequacy,

completeness,

timeliness

or

availability

of

any

Content

and

are

not

responsible

for

any

errors

or

omissions

(negligent

or

otherwise),

regardless

of

the

cause,

or

for

the

results

obtained

from

the

use

of

such

Content.

In

no

event

shall

Content

Providers

be

liable

for

any

damages,

costs,

expenses,

legal

fees,

or

losses

(including

lost

income

or

lost

profit

and

opportunity

costs)

in

connection

with

any

use

of

the

Content.

A

reference

to

a

particular

investment

or

security,

a

rating

or

any

observation

concerning

an

investment

that

is

part

of

the

Content

is

not

a

recommendation

to

buy,

sell

or

hold

such

investment

or

security,

does

not

address

the

appropriateness

of

an

investment

or

security

and

should

not

be

relied

on

as

investment

advice.

Credit

ratings

are

statements

of

opinions

and

are

not

statements

of

fact.

T.

ROWE

PRICE

Global

Allocation

Fund

6

Microsoft

1.7‌%

NVIDIA

1.2‌ 

Amazon.com

1.1‌ 

Apple

1.0‌ 

Alphabet

0.9‌ 

Taiwan

Semiconductor

Manufacturing

0.8‌ 

Visa

0.6‌ 

JPMorgan

Chase

0.5‌ 

AstraZeneca

0.5‌ 

Elevance

Health

0.5‌ 

Total

8.8‌%

U.S.

Treasuries

7.1‌%

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

3.9‌ 

T.

Rowe

Price

International

Bond

Fund

–

I

Class

2.9‌ 

T.

Rowe

Price

Institutional

High

Yield

Fund

2.5‌ 

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

–

I

Class

2.1‌ 

T.

Rowe

Price

Dynamic

Global

Bond

Fund

–

I

Class

1.9‌ 

T.

Rowe

Price

Institutional

Floating

Rate

Fund

1.1‌ 

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

–

I

Class

0.8‌ 

Federal

Home

Loan

Mortgage

Corp

–

Mortgages

0.2‌ 

Bank

of

America

0.1‌ 

Total

22.6‌%

PORTFOLIO

HIGHLIGHTS

LARGEST

HOLDINGS

Stocks

Percent

of

Net

Assets

4/30/24

Bonds

Percent

of

Net

Assets

4/30/24

Note:

The

information

shown

does

not

reflect

any

exchange-traded

funds

(ETFs),

cash

reserves,

or

collateral

for

securities

lending

that

may

be

held

in

the

portfolio.

T.

ROWE

PRICE

Global

Allocation

Fund

7

FUND

EXPENSE

EXAMPLE

As

a

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

three

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

the

Advisor

Class

shares

are

offered

only

through

unaffiliated

brokers

and

other

financial

intermediaries

and

charge

a

0.25%

12b-1

fee,

and

I

Class

shares

are

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’ s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“ Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’ s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’ s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

T.

ROWE

PRICE

Global

Allocation

Fund

8

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

GLOBAL

ALLOCATION

FUND

Beginning

Account

Value

11/1/23

Ending

Account

Value

4/30/24

Expenses

Paid

During

Period*

11/1/23

to

4/30/24

Investor

Class

Actual

$1,000.00

$1,139.50

$4.10

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.03

  3.87

Advisor

Class

Actual

  1,000.00

  1,137.70

  5.37

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,019.84

  5.07

I

Class

Actual

  1,000.00

  1,141.10

  3.14

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.93

  2.97

*

Expenses

are

equal

to

the

fund’ s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(182),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.77%,

the

2

Advisor Class

was

1.01%,

and

the

3

I Class

was

0.59%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Financial

Highlights

9

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

13.26‌

$

12.83‌

$

16.75‌

$

13.80‌

$

13.22‌

$

12.18‌

Investment

activities

Net

investment

income

(1)(2)

0.14‌

0.25‌

0.20‌

0.16‌

0.15‌

0.23‌

Net

realized

and

unrealized

gain/

loss

1.70‌

0.59‌

(2.95‌)

2.95‌

0.72‌

1.10‌

Total

from

investment

activities

1.84‌

0.84‌

(2.75‌)

3.11‌

0.87‌

1.33‌

Distributions

Net

investment

income

(0.36‌)

(0.22‌)

(0.15‌)

(0.14‌)

(0.18‌)

(0.23‌)

Net

realized

gain

— ‌

(0.19‌)

(1.02‌)

(0.02‌)

(0.11‌)

(0.06‌)

Total

distributions

(0.36‌)

(0.41‌)

(1.17‌)

(0.16‌)

(0.29‌)

(0.29‌)

NET

ASSET

VALUE

End

of

period

$

14.74‌

$

13.26‌

$

12.83‌

$

16.75‌

$

13.80‌

$

13.22‌

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

13.95‌%

6.62‌%

(17.55‌)%

22.66‌%

6.65‌%

11.26‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.91‌%

(4)

0.86‌%

0.86‌%

0.83‌%

0.84‌%

0.85‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.77‌%

(4)

0.72‌%

0.73‌%

0.72‌%

0.73‌%

0.72‌%

Net

investment

income

2.02‌%

(4)

1.89‌%

1.37‌%

1.01‌%

1.12‌%

1.85‌%

Portfolio

turnover

rate

17.4‌%

50.5‌%

72.1‌%

42.2‌%

56.8‌%

43.1‌%

Net

assets,

end

of

period

(in

thousands)

$511,016

$492,231

$708,365

$1,037,535

$731,173

$664,057

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

Advisor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

13.16‌

$

12.71‌

$

16.59‌

$

13.67‌

$

13.13‌

$

12.11‌

Investment

activities

Net

investment

income

(1)(2)

0.13‌

0.21‌

0.15‌

0.11‌

0.11‌

0.19‌

Net

realized

and

unrealized

gain/

loss

1.67‌

0.59‌

(2.93‌)

2.93‌

0.71‌

1.09‌

Total

from

investment

activities

1.80‌

0.80‌

(2.78‌)

3.04‌

0.82‌

1.28‌

Distributions

Net

investment

income

(0.33‌)

(0.16‌)

(0.08‌)

(0.10‌)

(0.17‌)

(0.20‌)

Net

realized

gain

— ‌

(0.19‌)

(1.02‌)

(0.02‌)

(0.11‌)

(0.06‌)

Total

distributions

(0.33‌)

(0.35‌)

(1.10‌)

(0.12‌)

(0.28‌)

(0.26‌)

NET

ASSET

VALUE

End

of

period

$

14.63‌

$

13.16‌

$

12.71‌

$

16.59‌

$

13.67‌

$

13.13‌

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

13.77‌%

6.38‌%

(17.85‌)%

22.33‌%

6.31‌%

10.87‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.25‌%

(4)

1.19‌%

1.18‌%

1.17‌%

1.17‌%

1.19‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.01‌%

(4)

1.01‌%

1.02‌%

1.04‌%

1.05‌%

1.04‌%

Net

investment

income

1.81‌%

(4)

1.59‌%

1.08‌%

0.70‌%

0.81‌%

1.53‌%

Portfolio

turnover

rate

17.4‌%

50.5‌%

72.1‌%

42.2‌%

56.8‌%

43.1‌%

Net

assets,

end

of

period

(in

thousands)

$3,286

$3,446

$4,457

$6,662

$10,435

$13,949

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Financial

Highlights

13

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

13.29‌

$

12.88‌

$

16.82‌

$

13.84‌

$

13.25‌

$

12.21‌

Investment

activities

Net

investment

income

(1)(2)

0.16‌

0.27‌

0.22‌

0.18‌

0.16‌

0.24‌

Net

realized

and

unrealized

gain/

loss

1.70‌

0.58‌

(2.97‌)

2.97‌

0.72‌

1.10‌

Total

from

investment

activities

1.86‌

0.85‌

(2.75‌)

3.15‌

0.88‌

1.34‌

Distributions

Net

investment

income

(0.41‌)

(0.25‌)

(0.17‌)

(0.15‌)

(0.18‌)

(0.24‌)

Net

realized

gain

— ‌

(0.19‌)

(1.02‌)

(0.02‌)

(0.11‌)

(0.06‌)

Total

distributions

(0.41‌)

(0.44‌)

(1.19‌)

(0.17‌)

(0.29‌)

(0.30‌)

NET

ASSET

VALUE

End

of

period

$

14.74‌

$

13.29‌

$

12.88‌

$

16.82‌

$

13.84‌

$

13.25‌

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Financial

Highlights

14

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

4/30/24

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

14.11‌%

6.75‌%

(17.49‌)%

22.89‌%

6.71‌%

11.32‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.77‌%

(4)

0.76‌%

0.75‌%

0.73‌%

0.75‌%

0.77‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.59‌%

(4)

0.59‌%

0.60‌%

0.62‌%

0.63‌%

0.63‌%

Net

investment

income

2.23‌%

(4)

1.99‌%

1.59‌%

1.11‌%

1.22‌%

1.92‌%

Portfolio

turnover

rate

17.4‌%

50.5‌%

72.1‌%

42.2‌%

56.8‌%

43.1‌%

Net

assets,

end

of

period

(in

thousands)

$284,053

$276,877

$241,804

$191,932

$104,623

$68,428

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Global

Allocation

Fund

April

30,

2024

(Unaudited)

15

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA  0.2%

Common

Stocks 0.2% 

Arcos

Dorados

Holdings,

Class

A

(USD) 

15,778‌

170‌

Globant

(USD)  (1)

996‌

178‌

MercadoLibre

(USD)  (1)

909‌

1,326‌

Tenaris,

ADR

(USD) 

1,455‌

48‌

Total

Argentina

(Cost

$960)

1,722‌

AUSTRALIA  0.6%

Common

Stocks 0.6% 

ALS 

6,155‌

51‌

ANZ

Group

Holdings 

9,106‌

164‌

Bellevue

Gold  (1)

48,197‌

54‌

BHP

Group 

44,221‌

1,213‌

BHP

Group

(GBP)  (2)

12,365‌

342‌

BlueScope

Steel 

1,852‌

27‌

Capricorn

Metals  (1)

22,838‌

72‌

Challenger 

14,030‌

60‌

Champion

Iron 

9,942‌

45‌

Champion

Iron

(CAD) 

785‌

4‌

Cochlear 

358‌

75‌

Downer

EDI 

25,738‌

77‌

Emerald

Resources  (1)

59,985‌

135‌

Frontier

Digital

Ventures  (1)

215,761‌

79‌

Goodman

Group 

9,661‌

195‌

IGO 

19,489‌

97‌

Macquarie

Group 

1,439‌

172‌

Northern

Star

Resources 

26,404‌

250‌

oOh!media 

66,161‌

72‌

Pilbara

Minerals 

91,311‌

233‌

Red

5  (1)

155,851‌

45‌

Reliance

Worldwide 

19,880‌

65‌

Rio

Tinto 

605‌

50‌

Scentre

Group 

166,950‌

338‌

South32 

130,508‌

298‌

Worley 

24,234‌

234‌

4,447‌

Corporate

Bonds 0.0% 

Transurban

Finance,

2.45%,

3/16/31

(USD)  (3)

140,000‌

114‌

T.

ROWE

PRICE

Global

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Transurban

Finance,

4.125%,

2/2/26

(USD)  (3)

15,000‌

15‌

Woodside

Finance,

3.70%,

3/15/28

(USD)  (3)

67,000‌

62‌

Woodside

Finance,

4.50%,

3/4/29

(USD)  (3)

105,000‌

100‌

291‌

Total

Australia

(Cost

$3,680)

4,738‌

AUSTRIA  0.2%

Common

Stocks 0.2% 

BAWAG

Group 

15,266‌

912‌

Erste

Group

Bank 

2,260‌

105‌

OMV 

3,713‌

176‌

Schoeller-Bleckmann

Oilfield

Equipment 

1,885‌

92‌

Total

Austria

(Cost

$933)

1,285‌

BAHRAIN  0.0%

Common

Stocks 0.0% 

Aluminium

Bahrain 

28,601‌

96‌

Total

Bahrain

(Cost

$80)

96‌

BANGLADESH  0.0%

Common

Stocks 0.0% 

BRAC

Bank 

272,694‌

96‌

Square

Pharmaceuticals 

31,144‌

60‌

Total

Bangladesh

(Cost

$181)

156‌

BELGIUM  0.0%

Common

Stocks 0.0% 

KBC

Group 

1,198‌

89‌

Shurgard

Self

Storage 

2,216‌

91‌

Umicore 

5,162‌

114‌

Warehouses

De

Pauw 

2,157‌

57‌

Total

Belgium

(Cost

$360)

351‌

BRAZIL  0.4%

Common

Stocks 0.4% 

B3 

199,520‌

413‌

T.

ROWE

PRICE

Global

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CI&T,

Class

A

(USD)  (1)(2)

6,558‌

26‌

Hypera 

27,665‌

158‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

16,073‌

69‌

Klabin 

83,201‌

368‌

Localiza

Rent

a

Car 

75,677‌

715‌

Lojas

Renner 

23,270‌

69‌

Multiplan

Empreendimentos

Imobiliarios 

10,604‌

47‌

Raia

Drogasil 

114,661‌

566‌

Suzano 

4,719‌

53‌

TOTVS 

11,500‌

61‌

Vale,

ADR

(USD) 

31,388‌

382‌

WEG 

31,500‌

241‌

Total

Brazil

(Cost

$3,164)

3,168‌

CANADA  1.7%

Closed-End

Mutual

Funds 0.0% 

Sprott

Physical

Uranium

Trust  (1)

800‌

17‌

17‌

Common

Stocks 1.4% 

Agnico

Eagle

Mines 

2,864‌

181‌

Agnico

Eagle

Mines

(USD) 

1,110‌

70‌

Alamos

Gold,

Class

A 

8,929‌

131‌

Alamos

Gold,

Class

A

(USD) 

3,615‌

53‌

Aritzia  (1)

5,822‌

151‌

ATS  (1)

2,571‌

85‌

Aya

Gold

&

Silver  (1)(2)

16,787‌

161‌

Barrick

Gold

(USD) 

6,855‌

114‌

Boardwalk

Real

Estate

Investment

Trust 

1,105‌

57‌

Brookfield 

5,328‌

214‌

BRP 

2,280‌

153‌

Cameco

(USD) 

3,089‌

141‌

Canadian

Apartment

Properties

REIT 

1,390‌

43‌

Canadian

National

Railway

(USD) 

1,676‌

204‌

Canadian

Natural

Resources 

3,251‌

246‌

Canadian

Pacific

Kansas

City

(USD) 

2,043‌

160‌

Capstone

Copper  (1)

6,500‌

45‌

Cenovus

Energy 

8,941‌

184‌

Constellation

Software 

78‌

201‌

Constellation

Software,

Warrants,

3/31/40  (1)(4)

79‌

— ‌

Definity

Financial 

11,100‌

370‌

dentalcorp

Holdings  (1)

9,562‌

44‌

Descartes

Systems

Group  (1)

2,321‌

215‌

T.

ROWE

PRICE

Global

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Descartes

Systems

Group

(USD)  (1)

878‌

81‌

Element

Fleet

Management 

28,974‌

462‌

Enbridge

(USD)  (2)

5,952‌

212‌

ERO

Copper  (1)(2)

32,147‌

656‌

Exchange

Income  (2)

2,796‌

94‌

Filo  (1)

9,429‌

169‌

First

Quantum

Minerals 

5,161‌

66‌

Foran

Mining  (1)

14,996‌

46‌

Franco-Nevada 

3,508‌

422‌

Franco-Nevada

(USD) 

2,539‌

306‌

G

Mining

Ventures  (1)

27,615‌

42‌

Ivanhoe

Mines,

Class

A  (1)

23,458‌

318‌

Jamieson

Wellness 

4,227‌

80‌

Karora

Resources  (1)

18,843‌

73‌

Kinaxis  (1)

671‌

71‌

Kinross

Gold

(USD) 

7,308‌

47‌

Lundin

Gold 

5,021‌

68‌

Magna

International

(USD) 

5,107‌

244‌

Maple

Leaf

Foods 

4,505‌

80‌

National

Bank

of

Canada 

6,675‌

536‌

NGEx

Minerals  (1)

6,145‌

43‌

Nutrien

(USD) 

3,217‌

170‌

NuVista

Energy  (1)

10,751‌

97‌

Osisko

Gold

Royalties 

6,719‌

103‌

Osisko

Mining  (1)

30,633‌

68‌

Osisko

Mining,

Warrants,

8/28/24  (1)

8,392‌

— ‌

Parex

Resources 

1,997‌

35‌

Richelieu

Hardware  (2)

2,930‌

83‌

Shopify,

Class

A  (1)

2,014‌

141‌

Shopify,

Class

A

(USD)  (1)

4,729‌

332‌

Skeena

Resources  (1)

8,269‌

39‌

SNC-Lavalin

Group  (2)

4,049‌

156‌

Snowline

Gold  (1)

199‌

1‌

Snowline

Gold  (1)

6,223‌

26‌

Spin

Master 

3,723‌

81‌

StorageVault

Canada 

44,038‌

151‌

Sun

Life

Financial 

7,146‌

365‌

Suncor

Energy 

10,786‌

412‌

Teck

Resources,

Class

B

(USD) 

5,585‌

275‌

TMX

Group 

8,388‌

222‌

Wesdome

Gold

Mines  (1)

29,455‌

220‌

West

Fraser

Timber 

1,027‌

79‌

Wheaton

Precious

Metals 

7,438‌

388‌

T.

ROWE

PRICE

Global

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wheaton

Precious

Metals

(USD) 

7,206‌

376‌

11,159‌

Corporate

Bonds 0.2% 

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

94‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

119‌

Canadian

Pacific

Railway,

2.875%,

11/15/29

(USD) 

235,000‌

207‌

Canadian

Pacific

Railway,

3.50%,

5/1/50

(USD) 

155,000‌

108‌

Canadian

Pacific

Railway,

4.30%,

5/15/43

(USD) 

25,000‌

21‌

Enbridge,

5.625%,

4/5/34

(USD) 

65,000‌

63‌

Enbridge,

6.20%,

11/15/30

(USD) 

45,000‌

46‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

250,000‌

202‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

10‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

138‌

Toronto-Dominion

Bank,

4.994%,

4/5/29

(USD) 

90,000‌

88‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

240,000‌

239‌

1,335‌

Government

Bonds 0.1% 

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

127‌

Province

of

British

Columbia,

4.20%,

7/6/33

(USD) 

320,000‌

300‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

237‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD) 

50,000‌

49‌

713‌

Total

Canada

(Cost

$11,123)

13,224‌

CAYMAN

ISLANDS  0.1%

Convertible

Preferred

Stocks 0.1% 

ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $89

(USD)  (1)(4)(5)

1,810‌

425‌

Total

Cayman

Islands

(Cost

$89)

425‌

CHILE  0.1%

Common

Stocks 0.0% 

Antofagasta

(GBP) 

12,751‌

350‌

350‌

Corporate

Bonds 0.1% 

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

207‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD)  (3)

220,000‌

191‌

398‌

Total

Chile

(Cost

$622)

748‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CHINA 1.6%

Common

Stocks 1.1% 

58.com

(USD)  (1)(4)

5,864‌

— ‌

Alibaba

Group

Holding,

ADR

(USD) 

9,759‌

730‌

Aluminum

Corp.

of

China,

Class

H

(HKD) 

28,000‌

19‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $16

(USD)  (1)(4)(5)

16,329‌

17‌

Atour

Lifestyle

Holdings,

ADR

(USD) 

1,833‌

33‌

Baidu,

ADR

(USD)  (1)

644‌

67‌

BeiGene,

ADR

(USD)  (1)

594‌

91‌

Beijing

Enterprises

Holdings

(HKD) 

16,500‌

53‌

BOC

Aviation

(HKD) 

7,200‌

57‌

Bosideng

International

Holdings

(HKD) 

132,000‌

76‌

China

Hongqiao

Group

(HKD) 

18,000‌

25‌

China

Resources

Gas

Group

(HKD) 

41,200‌

130‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

72,600‌

256‌

CMOC

Group,

Class

H

(HKD) 

30,000‌

28‌

COSCO

SHIPPING

Energy

Transportation,

Class

H

(HKD) 

26,000‌

31‌

Fosun

International

(HKD) 

49,500‌

29‌

Greentown

Service

Group

(HKD) 

12,000‌

5‌

H

World

Group

(HKD) 

37,600‌

140‌

Haier

Smart

Home,

Class

H

(HKD) 

37,600‌

139‌

JD

Health

International

(HKD)  (1)

10,650‌

36‌

Jiumaojiu

International

Holdings

(HKD) 

241,000‌

151‌

JOYY,

ADR

(USD) 

646‌

21‌

Kanzhun,

ADR

(USD) 

21,086‌

417‌

KE

Holdings,

ADR

(USD) 

28,373‌

429‌

Li

Auto,

ADR

(USD)  (1)(2)

8,436‌

222‌

Meituan,

Class

B

(HKD)  (1)

31,300‌

427‌

NetEase,

ADR

(USD) 

2,592‌

242‌

New

Oriental

Education

&

Technology

Group,

ADR

(USD)  (1)

4,300‌

332‌

Nongfu

Spring,

Class

H

(HKD) 

35,600‌

209‌

PDD

Holdings,

ADR

(USD)  (1)

4,198‌

526‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

113,200‌

77‌

Silergy

(TWD) 

4,000‌

53‌

Tencent

Holdings

(HKD) 

39,854‌

1,749‌

Tsingtao

Brewery,

Class

H

(HKD) 

18,000‌

130‌

Wasion

Holdings

(HKD) 

36,000‌

29‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

127,100‌

163‌

Yum

China

Holdings

(USD) 

30,267‌

1,105‌

Zhongsheng

Group

Holdings

(HKD) 

141,000‌

257‌

Zijin

Mining

Group,

Class

H

(HKD) 

42,000‌

92‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ZTO

Express

Cayman,

ADR

(USD) 

13,589‌

285‌

8,878‌

Common

Stocks

-

China

A

Shares 0.5% 

Chacha

Food,

A

Shares

(CNH) 

29,900‌

154‌

China

Oilfield

Services,

A

Shares

(CNH) 

52,700‌

130‌

CNOOC

Energy

Technology

&

Services,

A

Shares

(CNH) 

155,600‌

87‌

Eastroc

Beverage

Group,

A

Shares

(CNH) 

2,700‌

79‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

105,012‌

722‌

Hangcha

Group,

A

Shares

(CNH) 

48,700‌

201‌

Hongfa

Technology,

A

Shares

(CNH) 

22,060‌

87‌

Huali

Industrial

Group,

A

Shares

(CNH) 

9,000‌

83‌

Humanwell

Healthcare

Group,

A

Shares

(CNH) 

19,600‌

55‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

26,582‌

122‌

Kweichow

Moutai,

A

Shares

(CNH) 

960‌

225‌

Moon

Environment

Technology,

A

Shares

(CNH) 

27,900‌

44‌

NARI

Technology,

A

Shares

(CNH) 

26,121‌

84‌

Qingdao

Hiron

Commercial

Cold

Chain,

A

Shares

(CNH) 

17,980‌

35‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

34,600‌

135‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

9,700‌

80‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

28,700‌

86‌

Shenzhen

Mindray

Bio-Medical

Electronics,

A

Shares

(CNH) 

5,200‌

218‌

Warom

Technology,

A

Shares

(CNH) 

24,100‌

72‌

WUS

Printed

Circuit

Kunshan,

A

Shares

(CNH) 

13,100‌

60‌

Xuji

Electric,

A

Shares

(CNH) 

26,200‌

95‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

31,500‌

138‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

106,547‌

644‌

YTO

Express

Group,

A

Shares

(CNH) 

24,100‌

53‌

Yunnan

Aluminium,

A

Shares

(CNH) 

53,100‌

105‌

Zhejiang

Dingli

Machinery,

A

Shares

(CNH) 

6,000‌

54‌

3,848‌

Corporate

Bonds 0.0% 

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

254‌

254‌

Total

China

(Cost

$12,321)

12,980‌

COLOMBIA  0.0%

Common

Stocks 0.0% 

Bancolombia,

ADR

(USD) 

1,509‌

49‌

Geopark

(USD) 

3,325‌

31‌

Total

Colombia

(Cost

$75)

80‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

DENMARK 0.4%

Common

Stocks 0.4% 

Coloplast,

Class

B 

2,166‌

261‌

Genmab  (1)

657‌

182‌

Novo

Nordisk,

ADR

(USD) 

2,529‌

325‌

Novo

Nordisk,

Class

B 

16,066‌

2,060‌

Royal

Unibrew 

966‌

73‌

Zealand

Pharma  (1)

1,459‌

131‌

3,032‌

Corporate

Bonds 0.0% 

Danske

Bank,

VR,

3.244%,

12/20/25

(USD)  (3)(6)

335,000‌

329‌

329‌

Total

Denmark

(Cost

$2,355)

3,361‌

EGYPT  0.0%

Common

Stocks 0.0% 

Integrated

Diagnostics

Holdings

(USD)  (1)

75,278‌

23‌

Total

Egypt

(Cost

$66)

23‌

FINLAND  0.2%

Common

Stocks 0.2% 

Elisa 

5,687‌

257‌

Mandatum  (1)

9,319‌

43‌

Sampo,

Class

A 

16,609‌

674‌

Stora

Enso,

Class

R 

10,991‌

146‌

Valmet  (2)

12,990‌

324‌

Total

Finland

(Cost

$1,285)

1,444‌

FRANCE  1.8%

Common

Stocks 1.7% 

Air

Liquide 

2,409‌

471‌

Airbus 

5,922‌

975‌

Alstom  (2)

3,421‌

54‌

ArcelorMittal 

6,994‌

175‌

AXA 

24,946‌

862‌

Beneteau 

4,960‌

64‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BNP

Paribas 

6,012‌

433‌

Capgemini 

667‌

140‌

Cie

de

Saint-Gobain 

1,522‌

120‌

Coface 

4,748‌

73‌

Dassault

Aviation 

1,119‌

240‌

Dassault

Systemes 

1,316‌

52‌

Edenred 

6,674‌

317‌

Engie 

35,727‌

620‌

Eramet 

1,149‌

111‌

Esker 

489‌

91‌

EssilorLuxottica 

2,764‌

589‌

Eurofins

Scientific 

2,518‌

154‌

Euronext 

4,463‌

402‌

Forvia  (1)

3,171‌

50‌

Gecina 

737‌

75‌

Kering 

449‌

157‌

L'Oreal 

712‌

334‌

Lectra 

2,602‌

89‌

Legrand 

2,942‌

302‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,076‌

884‌

Nexity  (2)

8,149‌

91‌

Planisware  (1)

5,704‌

125‌

Remy

Cointreau 

642‌

61‌

Safran 

2,575‌

558‌

Sanofi 

8,681‌

858‌

Sartorius

Stedim

Biotech 

1,604‌

345‌

Schneider

Electric 

226‌

52‌

SPIE 

15,500‌

564‌

Teleperformance 

908‌

82‌

Thales 

808‌

136‌

Tikehau

Capital 

4,193‌

98‌

TotalEnergies 

29,865‌

2,168‌

Ubisoft

Entertainment  (1)

3,436‌

81‌

Verallia 

6,160‌

237‌

Virbac 

305‌

113‌

13,403‌

Corporate

Bonds 0.1% 

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD)  (3)(6)

350,000‌

289‌

BPCE,

4.50%,

3/15/25

(USD)  (3)

400,000‌

394‌

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

269‌

952‌

Total

France

(Cost

$10,329)

14,355‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GEORGIA 0.0%

Common

Stocks 0.0% 

Georgia

Capital

(GBP)  (1)

5,136‌

87‌

Total

Georgia

(Cost

$42)

87‌

GERMANY  1.6%

Common

Stocks 1.5% 

Adesso  (2)

516‌

60‌

Allianz 

2,521‌

715‌

BASF 

5,634‌

295‌

Bayer 

7,017‌

205‌

Covestro  (1)

5,591‌

280‌

Daimler

Truck

Holding 

9,614‌

434‌

Deutsche

Boerse 

421‌

81‌

Deutsche

Post 

2,581‌

108‌

Deutsche

Telekom 

41,573‌

952‌

Douglas  (1)

2,308‌

53‌

Evotec  (1)(2)

10,628‌

110‌

flatexDEGIRO  (1)

17,019‌

222‌

Fresenius 

8,675‌

259‌

Heidelberg

Materials 

912‌

92‌

Hypoport  (1)(2)

393‌

104‌

Infineon

Technologies 

9,604‌

333‌

KION

Group 

4,227‌

195‌

Knaus

Tabbert  (2)

1,438‌

65‌

LEG

Immobilien  (1)

1,631‌

138‌

Mercedes-Benz

Group 

1,469‌

111‌

Merck 

2,104‌

334‌

Munich

Re 

1,354‌

596‌

Nagarro  (1)(2)

746‌

57‌

Puma 

7,334‌

339‌

Redcare

Pharmacy  (1)(2)

1,603‌

217‌

SAP 

8,372‌

1,512‌

Schott

Pharma 

5,864‌

247‌

Scout24 

4,970‌

365‌

Siemens 

14,132‌

2,647‌

Siemens

Healthineers 

5,480‌

304‌

Siltronic 

2,504‌

195‌

Symrise 

2,326‌

249‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Zalando (1)

2,417‌

63‌

11,937‌

Corporate

Bonds 0.0% 

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD)  (3)

155,000‌

147‌

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD)  (3)

155,000‌

153‌

300‌

Preferred

Stocks 0.1% 

Dr.

Ing.

h.c.

F.

Porsche 

2,195‌

196‌

Sartorius 

760‌

227‌

Volkswagen 

790‌

97‌

520‌

Total

Germany

(Cost

$10,141)

12,757‌

HONG

KONG  0.3%

Common

Stocks 0.3% 

AIA

Group 

95,600‌

700‌

ASMPT 

7,700‌

96‌

Budweiser

Brewing

APAC 

125,500‌

175‌

CK

Hutchison

Holdings 

12,000‌

58‌

Galaxy

Entertainment

Group 

14,000‌

63‌

Hong

Kong

Exchanges

&

Clearing 

2,100‌

67‌

Hongkong

Land

Holdings

(USD) 

14,300‌

46‌

Impro

Precision

Industries 

201,000‌

53‌

Jardine

Matheson

Holdings

(USD) 

8,500‌

325‌

Kerry

Properties 

14,500‌

28‌

Samsonite

International  (1)

33,300‌

117‌

Sun

Hung

Kai

Properties 

14,583‌

134‌

Wharf

Real

Estate

Investment 

94,000‌

292‌

Yue

Yuen

Industrial

Holdings 

21,500‌

38‌

Total

Hong

Kong

(Cost

$2,196)

2,192‌

HUNGARY  0.1%

Common

Stocks 0.1% 

OTP

Bank 

8,511‌

422‌

Total

Hungary

(Cost

$285)

422‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ICELAND 0.0%

Common

Stocks 0.0% 

Alvotech  (1)

3,721‌

55‌

Arion

Banki 

95,843‌

97‌

Marel 

18,007‌

62‌

Total

Iceland

(Cost

$226)

214‌

INDIA  1.1%

Common

Stocks 1.1% 

Asian

Paints 

7,488‌

258‌

Astral 

5,263‌

133‌

Axis

Bank 

40,088‌

558‌

Blue

Star 

7,868‌

141‌

Computer

Age

Management

Services 

461‌

18‌

CreditAccess

Grameen  (1)

5,623‌

102‌

Dixon

Technologies

India 

921‌

92‌

FSN

E-Commerce

Ventures  (1)

19,029‌

40‌

HDFC

Asset

Management 

5,661‌

263‌

HDFC

Bank 

52,274‌

946‌

HDFC

Life

Insurance 

63,314‌

442‌

Hindalco

Industries 

5,010‌

39‌

Hindustan

Unilever 

9,252‌

248‌

ICICI

Bank 

43,023‌

593‌

ICICI

Bank,

ADR

(USD) 

3,291‌

91‌

Info

Edge

India 

1,280‌

92‌

Infosys 

35,173‌

594‌

Jio

Financial

Services  (1)

26,571‌

119‌

JSW

Steel 

3,513‌

37‌

Kotak

Mahindra

Bank 

21,489‌

418‌

Larsen

&

Toubro 

8,473‌

364‌

Metro

Brands 

4,171‌

53‌

Nexus

Select

Trust 

23,522‌

37‌

NTPC 

51,262‌

223‌

Page

Industries 

181‌

75‌

Polycab

India 

1,871‌

127‌

Reliance

Industries 

33,350‌

1,170‌

Sapphire

Foods

India  (1)

3,328‌

57‌

Tata

Consultancy

Services 

4,650‌

212‌

Tata

Steel 

44,269‌

87‌

TeamLease

Services  (1)

1,975‌

78‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Titan 

3,448‌

148‌

Torrent

Pharmaceuticals 

1,768‌

56‌

Varun

Beverages 

3,501‌

62‌

Vedant

Fashions 

2,032‌

23‌

Voltas 

20,168‌

356‌

Zomato  (1)

87,717‌

203‌

Total

India

(Cost

$6,551)

8,555‌

INDONESIA  0.2%

Common

Stocks 0.2% 

Amman

Mineral

Internasional  (1)

52,900‌

31‌

Bank

Central

Asia 

1,145,300‌

689‌

Bank

Mandiri

Persero 

527,300‌

223‌

Sarana

Menara

Nusantara 

832,000‌

41‌

Sumber

Alfaria

Trijaya 

961,200‌

173‌

Telkom

Indonesia

Persero 

352,500‌

68‌

Total

Indonesia

(Cost

$770)

1,225‌

IRELAND  0.1%

Common

Stocks 0.0% 

Cairn

Homes

(GBP) 

85,330‌

144‌

DCC

(GBP) 

2,440‌

167‌

Kenmare

Resources

(GBP) 

5,064‌

20‌

331‌

Corporate

Bonds 0.1% 

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

138‌

AerCap

Ireland

Capital,

5.75%,

6/6/28

(USD) 

265,000‌

265‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD)  (3)

70,000‌

70‌

473‌

Total

Ireland

(Cost

$732)

804‌

ITALY  0.6%

Common

Stocks 0.6% 

Amplifon 

10,285‌

343‌

Ariston

Holding 

11,660‌

60‌

Banca

Mediolanum 

9,982‌

108‌

BFF

Bank 

10,976‌

141‌

Carel

Industries 

6,359‌

129‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

De'

Longhi 

5,527‌

181‌

DiaSorin 

1,041‌

105‌

Enel 

79,087‌

520‌

Ermenegildo

Zegna

(USD)  (2)

16,598‌

204‌

FinecoBank

Banca

Fineco 

9,424‌

144‌

GVS  (1)

10,547‌

61‌

Interpump

Group 

1,338‌

58‌

Intesa

Sanpaolo 

174,004‌

651‌

Leonardo 

7,211‌

166‌

Moncler 

3,324‌

226‌

PRADA

(HKD) 

30,600‌

250‌

Prysmian 

10,340‌

561‌

Stellantis 

5,865‌

130‌

Technoprobe  (1)

10,122‌

81‌

UniCredit 

7,293‌

268‌

4,387‌

Corporate

Bonds 0.0% 

Enel

Finance

International,

1.875%,

7/12/28

(USD)  (3)

200,000‌

174‌

174‌

Total

Italy

(Cost

$2,906)

4,561‌

JAPAN  3.8%

Common

Stocks 3.8% 

Advantest 

1,700‌

53‌

Aida

Engineering 

8,200‌

46‌

Aiful 

136,900‌

398‌

ARE

Holdings 

600‌

8‌

Asahi

Group

Holdings 

3,300‌

113‌

Asahi

Kasei 

17,000‌

119‌

Astellas

Pharma 

33,400‌

321‌

Calbee 

4,500‌

98‌

Central

Japan

Railway 

4,700‌

107‌

Chugai

Pharmaceutical 

4,600‌

146‌

Comforia

Residential

REIT 

31‌

67‌

CyberAgent 

16,200‌

101‌

Daiei

Kankyo 

14,200‌

237‌

Daiichi

Sankyo 

10,300‌

347‌

Daikin

Industries 

1,900‌

259‌

Daiwabo

Holdings 

5,100‌

89‌

Denso 

16,400‌

279‌

Dexerials 

1,400‌

52‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Disco 

1,300‌

370‌

eGuarantee 

2,800‌

31‌

Eiken

Chemical 

5,700‌

72‌

Electric

Power

Development 

13,900‌

236‌

Fast

Retailing 

300‌

78‌

Fujitsu 

8,000‌

124‌

Fukuoka

Financial

Group 

2,500‌

66‌

Fuso

Chemical 

1,800‌

46‌

GMO

Payment

Gateway 

1,500‌

69‌

Goldwin 

700‌

42‌

Hamamatsu

Photonics 

6,600‌

242‌

Hanwa 

7,100‌

273‌

Hikari

Tsushin 

2,900‌

471‌

Hitachi 

7,200‌

664‌

Honda

Motor 

8,500‌

97‌

Horiba 

4,300‌

417‌

Hoshizaki 

2,400‌

83‌

Idec 

5,500‌

97‌

IHI 

12,200‌

292‌

Inpex 

24,300‌

364‌

Internet

Initiative

Japan 

10,100‌

171‌

Invincible

Investment 

245‌

110‌

Isetan

Mitsukoshi

Holdings 

4,000‌

56‌

ITOCHU 

12,800‌

577‌

Japan

Metropolitan

Fund

Invest 

22‌

13‌

JFE

Holdings 

2,600‌

39‌

Kao 

8,900‌

367‌

Katitas 

1,490‌

18‌

Keyence 

1,100‌

484‌

Kirin

Holdings 

6,600‌

96‌

Konica

Minolta 

16,100‌

54‌

Kuraray 

20,900‌

232‌

Kyoritsu

Maintenance 

1,200‌

26‌

LY 

55,200‌

133‌

Maruwa 

100‌

21‌

MatsukiyoCocokara 

4,800‌

68‌

MEC 

1,300‌

34‌

Medley  (1)

2,700‌

62‌

METAWATER 

6,900‌

86‌

MINEBEA

MITSUMI 

2,500‌

47‌

Mitsubishi 

10,200‌

233‌

Mitsubishi

Electric 

38,500‌

671‌

Mitsubishi

Estate 

35,500‌

651‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Mitsubishi

HC

Capital 

16,100‌

104‌

Mitsubishi

UFJ

Financial

Group 

87,800‌

875‌

Mitsui

Chemicals 

2,500‌

71‌

Mitsui

Fudosan 

106,600‌

1,085‌

Mitsui

Fudosan

Logistics

Park 

28‌

80‌

Miura 

14,500‌

228‌

Modec 

3,900‌

77‌

Murata

Manufacturing 

22,800‌

417‌

Nakanishi 

4,200‌

64‌

Nexon 

10,100‌

157‌

Nextage  (2)

25,800‌

453‌

Nifco 

1,600‌

39‌

Nippon

Ceramic 

2,500‌

43‌

Nippon

Sanso

Holdings 

4,200‌

125‌

Nippon

Seiki 

10,300‌

94‌

Nippon

Soda 

5,700‌

209‌

Nippon

Steel 

18,500‌

415‌

Nippon

Telegraph

&

Telephone 

955,200‌

1,031‌

Nipro 

18,200‌

147‌

Niterra 

6,900‌

226‌

Nitori

Holdings 

1,000‌

134‌

NTT

Data

Group 

22,300‌

349‌

Obara

Group 

5,900‌

154‌

Olympus 

20,300‌

283‌

Omron 

2,000‌

69‌

ORIX 

16,400‌

336‌

Otsuka

Holdings 

4,300‌

184‌

Panasonic

Holdings 

20,700‌

181‌

Persol

Holdings 

231,800‌

321‌

Plus

Alpha

Consulting 

2,600‌

33‌

Recruit

Holdings 

15,600‌

672‌

Renesas

Electronics 

13,900‌

226‌

Resona

Holdings 

39,000‌

247‌

Rohto

Pharmaceutical 

4,100‌

80‌

Sakata

INX 

14,800‌

150‌

Sankyu 

1,700‌

59‌

Sanwa

Holdings 

2,800‌

46‌

Sega

Sammy

Holdings 

5,400‌

71‌

Seven

&

i

Holdings 

59,200‌

765‌

SHIFT  (1)

400‌

37‌

Shimadzu 

1,700‌

46‌

Shimizu 

19,400‌

120‌

Shin-Etsu

Chemical 

13,200‌

511‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SMC 

300‌

158‌

Sompo

Holdings 

6,300‌

125‌

Sony

Group 

7,300‌

603‌

Stanley

Electric 

7,200‌

127‌

SUMCO 

20,700‌

309‌

Sumitomo 

16,600‌

437‌

Sumitomo

Densetsu 

7,400‌

166‌

Sumitomo

Metal

Mining 

2,000‌

67‌

Sumitomo

Mitsui

Trust

Holdings 

5,100‌

107‌

Sumitomo

Seika

Chemicals 

2,200‌

70‌

Suntory

Beverage

&

Food 

3,500‌

114‌

Suzuki

Motor 

28,800‌

335‌

Taiheiyo

Cement 

21,600‌

494‌

Taiyo

Yuden 

2,000‌

47‌

Takashimaya 

7,300‌

103‌

Takeda

Pharmaceutical 

2,700‌

71‌

Takeuchi

Manufacturing 

3,000‌

114‌

TechnoPro

Holdings 

7,300‌

124‌

THK 

4,400‌

96‌

Tokai

Carbon  (2)

27,500‌

182‌

Tokio

Marine

Holdings 

26,700‌

844‌

Tokyo

Century 

6,900‌

69‌

Tokyo

Electron 

3,800‌

833‌

Tokyo

Seimitsu 

2,200‌

143‌

Tokyo

Tatemono 

10,700‌

178‌

Toyo

Tire 

11,200‌

212‌

Toyota

Industries 

4,400‌

418‌

Toyota

Motor 

49,700‌

1,134‌

TRYT  (1)

24,700‌

96‌

Visional  (1)

2,200‌

100‌

Welcia

Holdings 

3,000‌

44‌

Yellow

Hat 

8,800‌

114‌

30,271‌

Corporate

Bonds 0.0% 

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD)  (6)

300,000‌

274‌

274‌

Total

Japan

(Cost

$23,030)

30,545‌

KAZAKHSTAN  0.1%

Common

Stocks 0.1% 

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

7,770‌

145‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Kaspi.KZ,

ADR

(USD) 

3,149‌

371‌

NAC

Kazatomprom,

GDR

(USD) 

5,775‌

232‌

Total

Kazakhstan

(Cost

$402)

748‌

KENYA  0.0%

Common

Stocks 0.0% 

Equity

Group

Holdings 

199,000‌

62‌

Safaricom 

47,000‌

6‌

Total

Kenya

(Cost

$61)

68‌

LITHUANIA  0.0%

Common

Stocks 0.0% 

Baltic

Classifieds

Group

(GBP) 

39,453‌

113‌

Total

Lithuania

(Cost

$78)

113‌

LUXEMBOURG  0.0%

Common

Stocks 0.0% 

CVC

Capital

Partners  (1)

16,989‌

308‌

Total

Luxembourg

(Cost

$259)

308‌

MAURITIUS  0.0%

Common

Stocks 0.0% 

Alphamin

Resources

(CAD) 

97,041‌

88‌

Total

Mauritius

(Cost

$63)

88‌

MEXICO  0.3%

Common

Stocks 0.3% 

Becle 

70,113‌

142‌

Corp

Inmobiliaria

Vesta 

29,242‌

103‌

Corp.

Inmobiliaria

Vesta,

ADR

(USD) 

871‌

31‌

Fomento

Economico

Mexicano,

ADR

(USD) 

1,000‌

118‌

Gruma,

Class

B 

13,746‌

270‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

282‌

97‌

Grupo

Financiero

Banorte,

Class

O 

25,501‌

253‌

Grupo

Mexico,

Series

B 

44,114‌

273‌

Industrias

Penoles  (1)

3,361‌

48‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Vista

Energy,

ADR

(USD)  (1)

380‌

16‌

Wal-Mart

de

Mexico 

167,464‌

624‌

1,975‌

Government

Bonds 0.0% 

United

Mexican

States,

3.50%,

2/12/34

(USD) 

305,000‌

245‌

245‌

Total

Mexico

(Cost

$1,803)

2,220‌

MOROCCO  0.0%

Common

Stocks 0.0% 

Attijariwafa

Bank 

2,860‌

142‌

Hightech

Payment

Systems 

2,344‌

127‌

Label

Vie 

205‌

88‌

Total

Morocco

(Cost

$336)

357‌

NETHERLANDS  1.2%

Common

Stocks 1.1% 

Aalberts 

2,309‌

110‌

Adyen  (1)

510‌

611‌

AerCap

Holdings

(USD)  (1)

1,140‌

96‌

Akzo

Nobel 

8,841‌

583‌

Argenx,

ADR

(USD)  (1)

1,101‌

413‌

ASML

Holding 

3,123‌

2,720‌

ASML

Holding

(USD) 

539‌

470‌

ASR

Nederland 

1,530‌

77‌

Heineken 

9,422‌

917‌

IMCD 

1,262‌

190‌

ING

Groep  (2)

85,731‌

1,356‌

Koninklijke

Philips  (1)

17,296‌

459‌

Prosus 

26,552‌

888‌

Signify 

2,518‌

69‌

Universal

Music

Group 

10,962‌

323‌

9,282‌

Corporate

Bonds 0.1% 

JDE

Peet's,

1.375%,

1/15/27

(USD)  (3)

290,000‌

259‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

303‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

73‌

635‌

Total

Netherlands

(Cost

$6,384)

9,917‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NEW

ZEALAND  0.0%

Common

Stocks 0.0% 

Fisher

&

Paykel

Healthcare 

5,045‌

84‌

84‌

Corporate

Bonds 0.0% 

Westpac

New

Zealand,

5.195%,

2/28/29

(USD)  (3)

200,000‌

197‌

197‌

Total

New

Zealand

(Cost

$214)

281‌

NORWAY  0.3%

Common

Stocks 0.3% 

DNB

Bank 

36,241‌

632‌

Equinor 

27,919‌

743‌

Equinor,

ADR

(USD) 

3,900‌

104‌

Frontline 

2,552‌

60‌

Norsk

Hydro 

9,974‌

61‌

Seadrill

(USD)  (1)

8,005‌

389‌

Storebrand 

50,247‌

482‌

Subsea

7 

8,860‌

143‌

TGS 

16,956‌

191‌

Total

Norway

(Cost

$2,088)

2,805‌

OMAN  0.0%

Common

Stocks 0.0% 

OQ

Gas

Networks

(OMR) 

107,364‌

40‌

Total

Oman

(Cost

$42)

40‌

PAKISTAN  0.0%

Common

Stocks 0.0% 

Systems 

31,666‌

44‌

Total

Pakistan

(Cost

$47)

44‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PANAMA 0.0%

Common

Stocks 0.0% 

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E

(USD) 

1,633‌

46‌

46‌

Government

Bonds 0.0% 

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

24‌

24‌

Total

Panama

(Cost

$61)

70‌

PERU  0.2%

Common

Stocks 0.2% 

Credicorp

(USD) 

1,328‌

220‌

InRetail

Peru

(USD) 

1,565‌

50‌

Southern

Copper

(USD) 

11,114‌

1,297‌

Total

Peru

(Cost

$1,024)

1,567‌

PHILIPPINES  0.1%

Common

Stocks 0.1% 

BDO

Unibank 

127,662‌

327‌

Converge

Information

and

Communications

Technology

Solutions  (1)

114,700‌

19‌

Jollibee

Foods 

56,310‌

229‌

SM

Investments 

6,590‌

108‌

Universal

Robina 

3,890‌

7‌

Total

Philippines

(Cost

$590)

690‌

POLAND  0.0%

Government

Bonds 0.0% 

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

53‌

Total

Poland

(Cost

$55)

53‌

PORTUGAL  0.2%

Common

Stocks 0.2% 

Banco

Comercial

Portugues,

Class

R  (1)

219,305‌

77‌

Galp

Energia 

32,995‌

709‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Jeronimo

Martins 

36,274‌

746‌

Total

Portugal

(Cost

$1,049)

1,532‌

QATAR  0.0%

Common

Stocks 0.0% 

Qatar

National

Bank 

100,478‌

383‌

Total

Qatar

(Cost

$504)

383‌

ROMANIA  0.1%

Common

Stocks 0.1% 

Banca

Transilvania 

39,661‌

241‌

BRD-Groupe

Societe

Generale 

13,429‌

60‌

OMV

Petrom 

1,043,125‌

154‌

Total

Romania

(Cost

$326)

455‌

RUSSIA  0.0%

Common

Stocks 0.0% 

Alrosa  (4)

80,680‌

— ‌

Gazprom  (1)(4)

31,212‌

— ‌

GMK

Norilskiy

Nickel  (4)

31,100‌

— ‌

Moscow

Exchange  (4)

51,640‌

— ‌

Polyus  (1)(4)

294‌

— ‌

Total

Russia

(Cost

$481)

— ‌

SAUDI

ARABIA  0.2%

Common

Stocks 0.2% 

Al

Rajhi

Bank 

11,214‌

238‌

Arabian

Internet

&

Communications

Services 

1,597‌

148‌

Saudi

Awwal

Bank 

18,778‌

204‌

Saudi

Basic

Industries 

12,337‌

278‌

Saudi

National

Bank 

67,658‌

677‌

Total

Saudi

Arabia

(Cost

$1,510)

1,545‌

SINGAPORE  0.2%

Common

Stocks 0.2% 

CapitaLand

Integrated

Commercial

Trust 

63,100‌

90‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

DBS

Group

Holdings 

7,480‌

190‌

Digital

Core

REIT

Management

(USD) 

30,300‌

19‌

Mapletree

Industrial

Trust 

35,800‌

59‌

Sea,

ADR

(USD)  (1)

7,851‌

496‌

United

Overseas

Bank 

19,000‌

422‌

Wilmar

International 

76,100‌

179‌

Total

Singapore

(Cost

$1,182)

1,455‌

SLOVENIA  0.0%

Common

Stocks 0.0% 

Nova

Ljubljanska

Banka,

GDR 

7,489‌

161‌

Total

Slovenia

(Cost

$93)

161‌

SOUTH

AFRICA  0.2%

Common

Stocks 0.2% 

Anglo

American

Platinum 

2,428‌

84‌

Anglogold

Ashanti

(USD) 

560‌

13‌

Anglogold

Ashanti 

1,509‌

35‌

Bid 

8,201‌

187‌

Capitec

Bank

Holdings 

1,614‌

200‌

Clicks

Group 

18,359‌

285‌

Gold

Fields 

7,599‌

123‌

Harmony

Gold

Mining 

5,257‌

45‌

Impala

Platinum

Holdings 

16,342‌

73‌

Northam

Platinum

Holdings 

12,779‌

85‌

Sanlam 

20,966‌

76‌

Sibanye

Stillwater 

46,283‌

53‌

1,259‌

Corporate

Bonds 0.0% 

Anglo

American

Capital,

2.625%,

9/10/30

(USD)  (3)

200,000‌

168‌

168‌

Total

South

Africa

(Cost

$1,367)

1,427‌

SOUTH

KOREA  0.6%

Common

Stocks 0.6% 

Hyundai

Mobis 

1,828‌

299‌

KB

Financial

Group 

976‌

53‌

KT 

5,676‌

142‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KT,

ADR

(USD)  (1)(2)

6,473‌

82‌

LG

Chem 

1,661‌

477‌

Lotte

Chemical 

325‌

25‌

NAVER 

1,426‌

188‌

POSCO

Holdings 

117‌

34‌

Samsung

Electronics 

59,702‌

3,319‌

SK

Hynix 

3,297‌

407‌

Total

South

Korea

(Cost

$3,713)

5,026‌

SPAIN  0.3%

Common

Stocks 0.3% 

Aedas

Homes 

4,638‌

93‌

Amadeus

IT

Group 

15,347‌

974‌

Cellnex

Telecom 

1,176‌

39‌

Fluidra 

5,005‌

106‌

Iberdrola 

49,194‌

603‌

Laboratorios

Farmaceuticos

Rovi 

3,410‌

306‌

Puig

Brands,

Class

B  (1)

2,508‌

66‌

2,187‌

Corporate

Bonds 0.0% 

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

175‌

175‌

Total

Spain

(Cost

$1,718)

2,362‌

SWEDEN  0.5%

Common

Stocks 0.5% 

Assa

Abloy,

Class

B  (2)

14,693‌

388‌

Autoliv,

SDR 

2,186‌

255‌

Beijer

Ref  (2)

8,444‌

119‌

Boliden  (2)

14,084‌

463‌

Elekta,

Class

B 

16,241‌

116‌

Essity,

Class

B 

21,936‌

547‌

Hexagon,

Class

B  (2)

8,082‌

85‌

Millicom

International

Cellular,

SDR  (1)

3,465‌

71‌

Nordnet  (2)

6,833‌

122‌

Norva24

Group  (1)

27,727‌

65‌

Olink

Holding,

ADR

(USD)  (1)

3,176‌

73‌

Sandvik  (2)

24,997‌

498‌

Svenska

Cellulosa,

Class

B 

21,028‌

308‌

Svenska

Handelsbanken,

Class

A  (2)

25,448‌

218‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sweco,

Class

B 

4,584‌

49‌

Swedbank,

Class

A 

6,013‌

115‌

Telefonaktiebolaget

LM

Ericsson,

Class

B  (2)

53,885‌

273‌

Trelleborg,

Class

B 

2,486‌

88‌

Troax

Group 

268‌

5‌

Total

Sweden

(Cost

$3,468)

3,858‌

SWITZERLAND  1.2%

Common

Stocks 1.1% 

ABB 

9,416‌

458‌

Alcon  (7)

8,573‌

657‌

ams-OSRAM  (1)

31,384‌

38‌

Barry

Callebaut 

84‌

136‌

Cie

Financiere

Richemont 

6,981‌

965‌

DKSH

Holding 

2,022‌

132‌

Julius

Baer

Group 

13,187‌

708‌

Montana

Aerospace  (1)

10,812‌

209‌

Nestle 

11,307‌

1,135‌

Novartis 

6,906‌

670‌

On

Holding,

Class

A

(USD)  (1)(2)

6,086‌

193‌

Partners

Group

Holding 

271‌

349‌

Roche

Holding 

2,808‌

673‌

Sandoz

Group  (1)

3,015‌

102‌

Sensirion

Holding  (1)(2)

614‌

40‌

SKAN

Group 

517‌

46‌

Sonova

Holding 

1,022‌

283‌

TE

Connectivity

(USD) 

11,376‌

1,609‌

Tecan

Group 

254‌

90‌

Zurich

Insurance

Group 

691‌

334‌

8,827‌

Corporate

Bonds 0.1% 

Alcon

Finance,

2.60%,

5/27/30

(USD)  (3)

235,000‌

199‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD)  (3)(6)

300,000‌

276‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD)  (3)(6)

200,000‌

138‌

613‌

Total

Switzerland

(Cost

$7,872)

9,440‌

TAIWAN  0.9%

Common

Stocks 0.9% 

Advantech 

10,000‌

116‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

ASE

Technology

Holding 

28,000‌

126‌

Chailease

Holding 

58,080‌

306‌

China

Steel 

38,000‌

29‌

Delta

Electronics 

26,000‌

255‌

Largan

Precision 

1,000‌

67‌

MediaTek 

20,000‌

603‌

Taiwan

Semiconductor

Manufacturing 

227,000‌

5,435‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

3,962‌

544‌

Total

Taiwan

(Cost

$3,008)

7,481‌

THAILAND  0.0%

Common

Stocks 0.0% 

Bangkok

Dusit

Medical

Services,

NVDR 

230,100‌

180‌

Bumrungrad

Hospital 

27,600‌

182‌

WHA 

161,700‌

22‌

Total

Thailand

(Cost

$367)

384‌

UNITED

ARAB

EMIRATES  0.0%

Common

Stocks 0.0% 

First

Abu

Dhabi

Bank 

49,612‌

169‌

Total

United

Arab

Emirates

(Cost

$135)

169‌

UNITED

KINGDOM  2.9%

Common

Stocks 2.6% 

Adriatic

Metals,

CDI

(AUD)  (1)

70,666‌

207‌

Airtel

Africa 

2,362‌

3‌

Amcor,

CDI

(AUD) 

12,688‌

113‌

Anglo

American 

10,346‌

338‌

Ascential  (1)(2)

129,753‌

504‌

Ashtead

Group 

2,060‌

150‌

AstraZeneca 

6,153‌

931‌

AstraZeneca,

ADR

(USD) 

39,479‌

2,996‌

Auction

Technology

Group  (1)

13,324‌

82‌

Barclays 

53,637‌

135‌

Big

Yellow

Group 

14,788‌

199‌

BP 

126,251‌

814‌

BP,

ADR

(USD) 

5,820‌

226‌

Bridgepoint

Group 

112,643‌

319‌

British

American

Tobacco 

2,282‌

67‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BT

Group 

185,594‌

237‌

Bunzl 

5,461‌

209‌

Cab

Payments

Holdings  (1)

16,553‌

27‌

Centamin 

30,629‌

46‌

Central

Asia

Metals 

13,679‌

36‌

Compass

Group 

13,680‌

380‌

Croda

International 

3,741‌

214‌

Derwent

London 

1,490‌

38‌

Diageo 

7,886‌

273‌

Diploma 

1,296‌

59‌

Dowlais

Group 

50,303‌

51‌

Endava,

ADR

(USD)  (1)

4,203‌

122‌

Experian 

11,211‌

452‌

Genuit

Group 

20,865‌

113‌

Genus 

5,172‌

116‌

Glencore 

75,724‌

441‌

Great

Portland

Estates 

21,401‌

104‌

Greggs 

6,935‌

235‌

GSK,

ADR

(USD) 

7,924‌

328‌

Helios

Towers  (1)

102,277‌

125‌

Hiscox 

13,219‌

203‌

HSBC

Holdings 

93,214‌

808‌

Immunocore

Holdings,

ADR

(USD)  (1)

1,028‌

61‌

Imperial

Brands 

7,810‌

178‌

Informa 

31,147‌

308‌

InterContinental

Hotels

Group 

510‌

50‌

Intermediate

Capital

Group 

7,848‌

205‌

Investec 

7,843‌

50‌

IQE  (1)

286,423‌

102‌

Johnson

Matthey 

6,406‌

140‌

Keywords

Studios 

9,734‌

139‌

Kingfisher 

79,242‌

244‌

Lloyds

Banking

Group 

188,268‌

121‌

London

Stock

Exchange

Group 

4,759‌

525‌

Melrose

Industries 

36,199‌

284‌

National

Grid 

21,356‌

280‌

Next 

2,289‌

257‌

Oxford

Nanopore

Technologies  (1)

20,183‌

25‌

Pearson 

6,256‌

76‌

Persimmon 

16,648‌

270‌

Prudential 

14,572‌

127‌

Renishaw 

1,842‌

95‌

Rentokil

Initial 

9,485‌

48‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Rio

Tinto 

5,847‌

396‌

Rolls-Royce

Holdings  (1)

71,570‌

367‌

Rotork 

48,518‌

195‌

Segro 

32,487‌

342‌

Shell 

9,239‌

328‌

Shell,

ADR

(USD) 

5,399‌

387‌

Smith

&

Nephew 

27,223‌

330‌

Smiths

Group 

3,897‌

79‌

Spirax-Sarco

Engineering 

1,290‌

142‌

SSE 

4,322‌

90‌

Standard

Chartered 

16,797‌

144‌

Syncona  (1)

33,100‌

52‌

Taylor

Wimpey 

41,784‌

68‌

TBC

Bank

Group 

631‌

27‌

Unilever

(EUR) 

2,100‌

109‌

Unilever 

30,448‌

1,575‌

UNITE

Group 

4,187‌

48‌

Victrex 

7,948‌

125‌

Watches

of

Switzerland

Group  (1)

15,079‌

63‌

Weir

Group 

5,129‌

131‌

WPP 

40,314‌

404‌

Yellow

Cake  (1)

1,994‌

16‌

YouGov 

18,891‌

205‌

20,909‌

Convertible

Preferred

Stocks 0.0% 

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $10  (1)(4)(5)

475‌

10‌

10‌

Corporate

Bonds 0.3% 

Barclays,

VR,

2.279%,

11/24/27

(USD)  (6)

335,000‌

304‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

125,000‌

103‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD)  (3)

210,000‌

190‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD)  (6)

200,000‌

172‌

HSBC

Holdings,

VR,

7.399%,

11/13/34

(USD)  (6)

200,000‌

213‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD)  (3)

405,000‌

367‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

88‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD)  (6)

200,000‌

182‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD)  (3)(6)

320,000‌

311‌

1,930‌

Total

United

Kingdom

(Cost

$18,982)

22,849‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UNITED

STATES  73.8%

Asset-Backed

Securities 0.5% 

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

3,023‌

3‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

139‌

ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.05%,

7/15/32  (3)

100,000‌

100‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25  (3)

87,500‌

87‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27  (3)

100,000‌

94‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

86‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

139‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

TSFR

+

1.402%,

6.73%,

7/15/36  (3)

250,000‌

250‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51  (3)

125,775‌

113‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51  (3)

126,750‌

108‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

A,

6.16%,

2/25/38  (3)

81,841‌

82‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

B,

6.53%,

2/25/38  (3)

81,841‌

82‌

Enterprise

Fleet

Financing,

Series

2023-2,

Class

A2,

5.56%,

4/22/30  (3)

211,505‌

211‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

135,657‌

134‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33  (3)

115,000‌

108‌

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

A,

4.85%,

8/15/35  (3)

185,000‌

181‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

192‌

GM

Financial

Automobile

Leasing

Trust,

Series

2023-1,

Class

C,

5.76%,

1/20/27 

180,000‌

180‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

89‌

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54  (3)

110,000‌

108‌

Invesco

U.S.,

Series

2023-1A,

Class

AR,

CLO,

FRN,

3M

TSFR

+

1.57%,

6.856%,

4/22/37  (3)

250,000‌

251‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28  (3)

25,251‌

25‌

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A4,

5.07%,

2/15/29  (3)

50,000‌

49‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38  (3)

65,312‌

62‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41  (3)

32,636‌

30‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68  (3)

113,546‌

109‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69  (3)

23,779‌

21‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69  (3)

24,771‌

23‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62  (3)

138,721‌

125‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29  (3)

50,916‌

51‌

Progress

Residential

Trust,

Series

2020-SFR1,

Class

C,

2.183%,

4/17/37  (3)

100,000‌

96‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51  (3)

123,694‌

108‌

Signal

Peak,

Series

2018-5A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.55%,

6.876%,

4/25/37  (3)

250,000‌

249‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31  (3)

10,896‌

11‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

TSFR

+

1.564%,

6.885%,

2/17/32  (3)

20,618‌

21‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34  (3)

44,050‌

43‌

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37  (3)

27,521‌

27‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53  (3)

49,114‌

45‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53  (3)

113,828‌

99‌

U.S.

Bank,

Series

2023-1,

Class

B,

6.789%,

8/25/32  (3)

203,682‌

204‌

4,135‌

Bond

Mutual

Funds 15.4% 

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.07%  (8)

(9)

1,988,571‌

15,551‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.49%  (8)(9)

3,570,298‌

16,887‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.28%  (8)(9)

4,759,833‌

31,320‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.58%  (8)(9)

928,482‌

8,783‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.39%  (8)(9)

2,647,252‌

20,278‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.56%  (8)(9)

3,348,257‌

23,003‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.48%  (8)(9)

802,632‌

6,678‌

122,500‌

Common

Stocks 30.7% 

AbbVie 

4,856‌

790‌

Acadia

Realty

Trust,

REIT 

11,035‌

191‌

Accenture,

Class

A 

1,930‌

581‌

Adobe  (1)

2,284‌

1,057‌

Advanced

Micro

Devices  (1)

1,674‌

265‌

Agilent

Technologies 

8,264‌

1,132‌

Airbnb,

Class

A  (1)

3,246‌

515‌

Alcoa 

1,172‌

41‌

Alexandria

Real

Estate

Equities,

REIT 

796‌

92‌

Align

Technology  (1)

98‌

28‌

Allstate 

8,747‌

1,488‌

Alphabet,

Class

A  (1)

3,623‌

590‌

Alphabet,

Class

C  (1)

38,218‌

6,292‌

Amazon.com  (1)

49,477‌

8,658‌

Ameren 

9,293‌

686‌

American

Express 

6,072‌

1,421‌

American

Homes

4

Rent,

Class

A,

REIT 

9,366‌

335‌

American

Tower,

REIT 

2,576‌

442‌

AMETEK 

8,677‌

1,516‌

Amphenol,

Class

A 

14,526‌

1,754‌

Analog

Devices 

7,716‌

1,548‌

API

Group  (1)

2,623‌

101‌

Apollo

Global

Management 

2,055‌

223‌

Apple 

48,857‌

8,322‌

Apple

Hospitality

REIT,

REIT 

9,180‌

135‌

Applied

Materials 

7,436‌

1,477‌

Atlas

Energy

Solutions 

1,416‌

31‌

Atlassian,

Class

A  (1)

555‌

96‌

AutoZone  (1)

156‌

461‌

AvalonBay

Communities,

REIT 

2,312‌

438‌

Baker

Hughes 

3,241‌

106‌

Ball 

1,142‌

79‌

Bank

of

America 

62,810‌

2,325‌

Berkshire

Hathaway,

Class

B  (1)

6,995‌

2,775‌

BILL

Holdings  (1)

3,161‌

197‌

Boeing  (1)

1,000‌

168‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Booking

Holdings 

534‌

1,843‌

Booz

Allen

Hamilton

Holding 

6,701‌

990‌

Bristol-Myers

Squibb 

1,900‌

83‌

Broadcom 

447‌

581‌

Broadridge

Financial

Solutions 

3,084‌

596‌

Cadence

Design

Systems  (1)

553‌

152‌

Camden

Property

Trust,

REIT 

1,423‌

142‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179  (1)(4)

(5)

105‌

112‌

Carvana (1)

3,825‌

317‌

Cava

Group  (1)

1,403‌

101‌

CBRE

Group,

Class

A  (1)

456‌

40‌

Celsius

Holdings  (1)

2,908‌

207‌

Cencora 

11,337‌

2,710‌

CenterPoint

Energy 

931‌

27‌

CF

Industries

Holdings 

1,247‌

98‌

Charles

Schwab 

21,453‌

1,586‌

Chesapeake

Energy 

8,110‌

729‌

Chevron 

3,877‌

625‌

Chipotle

Mexican

Grill  (1)

232‌

733‌

Chubb 

4,950‌

1,231‌

Cigna

Group 

1,844‌

658‌

Cintas 

115‌

76‌

Citigroup 

18,118‌

1,111‌

Cleveland-Cliffs  (1)

2,131‌

36‌

CME

Group 

2,272‌

476‌

Coca-Cola 

45,488‌

2,810‌

Colgate-Palmolive 

26,136‌

2,402‌

Comcast,

Class

A 

10,100‌

385‌

Commercial

Metals 

799‌

43‌

Confluent,

Class

A  (1)

7,115‌

200‌

ConocoPhillips 

19,400‌

2,437‌

Constellation

Energy 

10,317‌

1,918‌

Corebridge

Financial 

10,229‌

272‌

Corpay  (1)

1,744‌

527‌

Coupang  (1)

1,800‌

40‌

Crowdstrike

Holdings,

Class

A  (1)

307‌

90‌

Crown

Castle,

REIT 

1,348‌

126‌

CSX 

72,280‌

2,401‌

CubeSmart,

REIT 

5,558‌

225‌

Cummins 

6,896‌

1,948‌

Danaher 

3,533‌

871‌

Datadog,

Class

A  (1)

592‌

74‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Dayforce (1)

4,500‌

276‌

Deere 

2,062‌

807‌

Devon

Energy 

683‌

35‌

Diamondback

Energy 

9,251‌

1,861‌

Dollar

General 

1,664‌

232‌

Dollar

Tree  (1)

2,500‌

296‌

Dominion

Energy 

723‌

37‌

DoorDash,

Class

A  (1)

944‌

122‌

Douglas

Emmett,

REIT 

4,915‌

67‌

Dover 

3,549‌

636‌

East

West

Bancorp 

3,657‌

272‌

EastGroup

Properties,

REIT 

1,091‌

169‌

Edwards

Lifesciences  (1)

2,878‌

244‌

Electronic

Arts 

4,428‌

562‌

Elevance

Health 

7,354‌

3,887‌

Eli

Lilly 

4,133‌

3,228‌

EOG

Resources 

1,843‌

244‌

EPAM

Systems  (1)

55‌

13‌

EQT 

52,659‌

2,111‌

Equinix,

REIT 

1,151‌

818‌

Equity

LifeStyle

Properties,

REIT 

10,971‌

661‌

Equity

Residential,

REIT 

6,138‌

395‌

Essex

Property

Trust,

REIT 

1,677‌

413‌

Evercore,

Class

A 

584‌

106‌

Expro

Group

Holdings  (1)

545‌

10‌

Extra

Space

Storage,

REIT 

771‌

104‌

Exxon

Mobil 

19,046‌

2,253‌

Fair

Isaac  (1)

345‌

391‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $3  (1)(4)(5)

163‌

1‌

Federal

Realty

Investment

Trust,

REIT 

263‌

27‌

Ferguson 

1,886‌

396‌

FirstEnergy 

1,007‌

39‌

Fiserv  (1)

15,920‌

2,431‌

FMC 

3,187‌

188‌

Fortinet  (1)

13,028‌

823‌

Freeport-McMoRan 

31,103‌

1,553‌

FTI

Consulting  (1)

1,967‌

421‌

Gaming

&

Leisure

Properties,

REIT 

3,721‌

159‌

GE

HealthCare

Technologies 

5,058‌

386‌

GE

Vernova  (1)

4,868‌

748‌

General

Dynamics 

6,262‌

1,798‌

General

Electric 

11,076‌

1,792‌

T.

ROWE

PRICE

Global

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Global

Payments 

5,468‌

671‌

Goldman

Sachs

Group 

3,576‌

1,526‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24  (1)(4)(5)

826‌

13‌

Halliburton 

77,579‌

2,907‌

Hartford

Financial

Services

Group 

1,301‌

126‌

HB

Fuller 

650‌

49‌

HCA

Healthcare 

2,186‌

677‌

Healthcare

Realty

Trust,

REIT 

6,199‌

88‌

Hess 

2,172‌

342‌

Hilton

Worldwide

Holdings 

5,153‌

1,017‌

Hologic  (1)

3,750‌

284‌

Home

Depot 

4,007‌

1,339‌

Honeywell

International 

6,338‌

1,222‌

Host

Hotels

&

Resorts,

REIT 

4,863‌

92‌

Howmet

Aerospace 

2,844‌

190‌

Hubbell 

585‌

217‌

Humana 

466‌

141‌

Huntsman 

1,911‌

46‌

IDEX 

5,526‌

1,218‌

Insmed  (1)

986‌

24‌

Intel 

18,889‌

576‌

International

Flavors

&

Fragrances 

737‌

62‌

International

Paper 

29,364‌

1,026‌

Intuit 

674‌

422‌

Intuitive

Surgical  (1)

2,296‌

851‌

Ivanhoe

Electric  (1)

8,568‌

87‌

Johnson

&

Johnson 

11,483‌

1,660‌

JPMorgan

Chase 

22,103‌

4,238‌

Kenvue 

98,742‌

1,858‌

Keurig

Dr

Pepper 

26,692‌

900‌

Keysight

Technologies  (1)

8,115‌

1,201‌

Kilroy

Realty,

REIT 

3,732‌

126‌

Kimco

Realty,

REIT 

3,477‌

65‌

Kinder

Morgan 

16,793‌

307‌

KLA 

1,543‌

1,064‌

Kosmos

Energy  (1)

34,046‌

193‌

L3Harris

Technologies 

3,325‌

712‌

Lam

Research 

1,035‌

926‌

Las

Vegas

Sands 

14,502‌

643‌

Laureate

Education 

3,359‌

49‌

Linde 

5,748‌

2,535‌

Loar

Holdings  (1)

423‌

22‌

Louisiana-Pacific 

809‌

59‌

T.

ROWE

PRICE

Global

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

LPL

Financial

Holdings 

2,884‌

776‌

Lululemon

Athletica  (1)

317‌

114‌

Marathon

Petroleum 

1,217‌

221‌

Marriott

International,

Class

A 

1,842‌

435‌

Marsh

&

McLennan 

7,424‌

1,481‌

Martin

Marietta

Materials 

1,689‌

992‌

Mastercard,

Class

A 

2,808‌

1,267‌

McDonald's 

3,781‌

1,032‌

Merck 

15,596‌

2,015‌

Meta

Platforms,

Class

A 

8,151‌

3,506‌

MetLife 

23,661‌

1,682‌

Micron

Technology 

11,218‌

1,267‌

Microsoft 

35,765‌

13,924‌

Molina

Healthcare  (1)

2,666‌

912‌

Mondelez

International,

Class

A 

7,295‌

525‌

MongoDB  (1)

498‌

182‌

Monolithic

Power

Systems 

659‌

441‌

Morgan

Stanley 

1,793‌

163‌

Mosaic 

10,630‌

334‌

MP

Materials  (1)

1,482‌

24‌

MSCI 

69‌

32‌

Netflix  (1)

4,154‌

2,287‌

Newmont 

4,646‌

189‌

Newmont,

CDI

(AUD) 

3,081‌

125‌

NextEra

Energy 

11,448‌

767‌

NIKE,

Class

B 

867‌

80‌

Noble 

1,660‌

74‌

Norfolk

Southern 

2,350‌

541‌

Norwegian

Cruise

Line

Holdings  (1)

12,470‌

236‌

Nucor 

2,465‌

415‌

NVIDIA 

11,465‌

9,906‌

NXP

Semiconductors 

6,536‌

1,674‌

Old

Dominion

Freight

Line 

3,938‌

716‌

O'Reilly

Automotive  (1)

582‌

590‌

Packaging

Corp.

of

America 

459‌

79‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81  (1)(4)(5)

21,572‌

9‌

Pebblebrook

Hotel

Trust,

REIT 

3,610‌

52‌

Permian

Resources 

14,055‌

235‌

PG&E 

2,337‌

40‌

Phillips

66 

2,099‌

301‌

Pinterest,

Class

A  (1)

4,048‌

135‌

Pioneer

Natural

Resources 

1,464‌

394‌

Planet

Fitness,

Class

A  (1)

4,194‌

251‌

T.

ROWE

PRICE

Global

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PNC

Financial

Services

Group 

1,542‌

236‌

Procter

&

Gamble 

18,236‌

2,976‌

Progressive 

7,085‌

1,475‌

Prologis,

REIT 

10,482‌

1,070‌

Prothena  (1)

479‌

10‌

Public

Storage,

REIT 

6,440‌

1,671‌

QUALCOMM 

8,909‌

1,478‌

Quanta

Services 

202‌

52‌

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

9/16/21,

Cost $155  (1)(4)(5)

16,193‌

5‌

Range

Resources 

32,736‌

1,176‌

Rayonier,

REIT 

2,559‌

76‌

Regency

Centers,

REIT 

6,600‌

391‌

Reliance 

845‌

241‌

Republic

Services 

3,494‌

670‌

Revvity 

2,900‌

297‌

Rexford

Industrial

Realty,

REIT 

11,322‌

485‌

Rockwell

Automation 

3,230‌

875‌

Roper

Technologies 

1,478‌

756‌

Ross

Stores 

2,767‌

358‌

Royal

Gold 

779‌

94‌

RPM

International 

573‌

61‌

S&P

Global 

437‌

182‌

SBA

Communications,

REIT 

984‌

183‌

Schlumberger 

53,919‌

2,560‌

Service

Corp

International 

1,794‌

129‌

ServiceNow  (1)

1,844‌

1,279‌

Sherwin-Williams 

925‌

277‌

Simon

Property

Group,

REIT 

3,711‌

522‌

SL

Green

Realty,

REIT 

715‌

36‌

Snowflake,

Class

A  (1)

396‌

61‌

Southern 

699‌

51‌

Southwestern

Energy  (1)

53,028‌

397‌

Steel

Dynamics 

2,553‌

332‌

Stryker 

1,246‌

419‌

Sun

Communities,

REIT 

1,764‌

196‌

Synopsys  (1)

1,331‌

706‌

T-Mobile

U.S. 

15,215‌

2,498‌

Targa

Resources 

1,178‌

134‌

Target 

3,688‌

594‌

TechnipFMC 

5,914‌

152‌

Teleflex 

188‌

39‌

Tenet

Healthcare  (1)

5,718‌

642‌

T.

ROWE

PRICE

Global

Allocation

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Terreno

Realty,

REIT 

4,678‌

254‌

Tesla  (1)

3,129‌

573‌

Texas

Instruments 

7,300‌

1,288‌

Thermo

Fisher

Scientific 

5,895‌

3,353‌

TJX 

9,005‌

847‌

Toro 

2,135‌

187‌

Tractor

Supply 

3,880‌

1,060‌

TransDigm

Group 

91‌

114‌

TransUnion 

2,782‌

203‌

Travelers 

6,329‌

1,343‌

Uber

Technologies  (1)

8,553‌

567‌

Ulta

Beauty  (1)

259‌

105‌

Union

Pacific 

3,824‌

907‌

UnitedHealth

Group 

7,729‌

3,739‌

Valero

Energy 

1,104‌

176‌

Ventas,

REIT 

6,228‌

276‌

Veralto 

311‌

29‌

Vertex

Pharmaceuticals  (1)

1,428‌

561‌

Visa,

Class

A 

18,125‌

4,869‌

Vulcan

Materials 

308‌

79‌

Walmart 

30,822‌

1,829‌

Warrior

Met

Coal 

1,410‌

96‌

Waste

Connections 

2,672‌

433‌

Wells

Fargo 

11,392‌

676‌

Welltower,

REIT 

5,793‌

552‌

Westinghouse

Air

Brake

Technologies 

12,172‌

1,961‌

Weyerhaeuser,

REIT 

22,969‌

693‌

Williams 

12,460‌

478‌

WillScot

Mobile

Mini

Holdings  (1)

45‌

2‌

Xcel

Energy 

9,000‌

484‌

Zoetis 

1,042‌

166‌

245,331‌

Convertible

Preferred

Stocks 0.1% 

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97  (1)(4)(5)

2,160‌

76‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42  (1)(4)(5)

618‌

21‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7  (1)(4)(5)

4‌

4‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52  (1)(4)(5)

6,404‌

23‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21  (1)(4)

(5)

348‌

26‌

T.

ROWE

PRICE

Global

Allocation

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68  (1)

(4)(5)

927‌

68‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7  (1)(4)(5)

96‌

7‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33  (1)(4)(5)

1,103‌

17‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15  (1)(4)(5)

255‌

34‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144  (1)(4)(5)

1,084‌

144‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71  (1)(4)(5)

2,594‌

190‌

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $122  (1)(4)(5)

2,843‌

209‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37  (1)

(4)(5)

2,783‌

38‌

Lilac

Solutions,

Series

C-1,

Acquisition

Date:

11/21/22,

Cost $10  (1)(4)(5)

971‌

13‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79  (1)(4)(5)

1,666‌

79‌

Sortera

Tech,

Series

C-1,

Acquisition

Date:

4/13/23,

Cost $11  (1)(4)(5)

764‌

11‌

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2  (1)(4)(5)

2,304‌

3‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3  (1)(4)(5)

3,239‌

4‌

Treeline

Biosciences,

Series

A,

Acquisition

Date:

9/26/22,

Cost $12  (1)(4)(5)

1,491‌

12‌

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $16  (1)(4)(5)

802‌

16‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143  (1)(4)

(5)

1,669‌

103‌

1,098‌

Corporate

Bonds 2.9% 

AbbVie,

2.95%,

11/21/26 

145,000‌

137‌

AbbVie,

4.50%,

5/14/35 

30,000‌

28‌

AbbVie,

4.80%,

3/15/29 

150,000‌

146‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

19‌

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35 

105,000‌

96‌

Ally

Financial,

2.20%,

11/2/28 

120,000‌

101‌

Altria

Group,

2.35%,

5/6/25 

40,000‌

39‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

50‌

Ameren,

5.70%,

12/1/26 

185,000‌

185‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

144,855‌

126‌

American

Express,

VR,

6.489%,

10/30/31  (6)

285,000‌

298‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

257‌

T.

ROWE

PRICE

Global

Allocation

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

American

Tower,

1.45%,

9/15/26 

355,000‌

323‌

Amphenol,

2.20%,

9/15/31 

105,000‌

85‌

Amphenol,

4.75%,

3/30/26 

25,000‌

25‌

Amphenol,

5.05%,

4/5/29 

55,000‌

54‌

Aon,

3.875%,

12/15/25 

25,000‌

24‌

Appalachian

Power,

4.45%,

6/1/45 

240,000‌

187‌

AT&T,

2.75%,

6/1/31 

215,000‌

179‌

Autodesk,

2.40%,

12/15/31 

135,000‌

109‌

AutoZone,

3.125%,

4/21/26 

170,000‌

163‌

AutoZone,

3.75%,

6/1/27 

70,000‌

67‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

385‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

49‌

Bank

of

America,

VR,

4.244%,

4/24/38  (6)

120,000‌

103‌

Bank

of

America,

VR,

5.08%,

1/20/27  (6)

225,000‌

223‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

53‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

99‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

174‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

23‌

BlackRock

Funding,

4.70%,

3/14/29 

50,000‌

49‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

29‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26  (3)

100,000‌

91‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

195,000‌

185‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

72‌

Cameron

LNG,

2.902%,

7/15/31  (3)

40,000‌

34‌

Cameron

LNG,

3.701%,

1/15/39  (3)

30,000‌

24‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

117‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

78‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK)  (3)(10)

17,929‌

17‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK)  (3)(10)

27,540‌

27‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK)  (3)(10)

32,977‌

33‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

319‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

49‌

Charter

Communications

Operating,

6.15%,

11/10/26 

155,000‌

155‌

Cigna

Group,

3.25%,

4/15/25 

250,000‌

244‌

Citigroup,

4.45%,

9/29/27 

70,000‌

67‌

Citigroup,

VR,

3.887%,

1/10/28  (6)

315,000‌

301‌

Citigroup,

VR,

4.075%,

4/23/29  (6)

100,000‌

94‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

22‌

CNO

Global

Funding,

2.65%,

1/6/29  (3)

315,000‌

268‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

94‌

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

42‌

Corebridge

Financial,

4.40%,

4/5/52 

375,000‌

288‌

T.

ROWE

PRICE

Global

Allocation

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CRH

America

Finance,

3.95%,

4/4/28  (3)

400,000‌

379‌

Crown

Castle,

2.10%,

4/1/31 

250,000‌

198‌

Crown

Castle,

3.70%,

6/15/26 

40,000‌

38‌

Crown

Castle,

4.75%,

5/15/47 

30,000‌

25‌

CVS

Health,

2.70%,

8/21/40 

540,000‌

353‌

Diamondback

Energy,

5.15%,

1/30/30 

35,000‌

34‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

15‌

Elevance

Health,

4.101%,

3/1/28 

130,000‌

124‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

17‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

118‌

ERAC

USA

Finance,

5.40%,

5/1/53  (3)

300,000‌

282‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

108‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

14‌

Experian

Finance,

2.75%,

3/8/30  (3)

200,000‌

172‌

Extra

Space

Storage,

4.00%,

6/15/29 

145,000‌

134‌

FirstEnergy

Transmission,

4.35%,

1/15/25  (3)

65,000‌

64‌

Fiserv,

3.20%,

7/1/26 

100,000‌

95‌

Fiserv,

5.45%,

3/15/34 

175,000‌

171‌

Florida

Gas

Transmission,

4.35%,

7/15/25  (3)

215,000‌

211‌

Ford

Motor

Credit,

7.122%,

11/7/33 

200,000‌

209‌

GATX,

6.90%,

5/1/34 

270,000‌

286‌

General

Motors,

4.00%,

4/1/25 

55,000‌

54‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

269‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

13‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

295‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

110‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

14‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

10‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32  (6)

200,000‌

164‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42  (6)

130,000‌

88‌

Hasbro,

3.00%,

11/19/24 

150,000‌

148‌

HCA,

4.125%,

6/15/29 

235,000‌

218‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

27‌

Healthpeak,

2.125%,

12/1/28 

80,000‌

69‌

Healthpeak,

2.875%,

1/15/31 

45,000‌

38‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28  (3)

100,000‌

93‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

246‌

Humana,

5.95%,

3/15/34 

110,000‌

110‌

Hyundai

Capital

America,

1.30%,

1/8/26  (3)

145,000‌

134‌

Hyundai

Capital

America,

1.65%,

9/17/26  (3)

180,000‌

163‌

Hyundai

Capital

America,

1.80%,

10/15/25  (3)

55,000‌

52‌

Hyundai

Capital

America,

2.00%,

6/15/28  (3)

235,000‌

203‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

115‌

T.

ROWE

PRICE

Global

Allocation

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

73‌

Interpublic

Group

of

Companies,

5.375%,

6/15/33 

410,000‌

397‌

IQVIA,

6.25%,

2/1/29 

50,000‌

51‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27  (6)

235,000‌

217‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38  (6)

160,000‌

133‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

53‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

229‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

39‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

22‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

15‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

46‌

Liberty

Mutual

Group,

4.85%,

8/1/44  (3)

20,000‌

17‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

284‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

275‌

Mars,

4.75%,

4/20/33  (3)

125,000‌

120‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

115‌

MassMutual

Global

Funding

II,

5.10%,

4/9/27  (3)

220,000‌

219‌

McDonald's,

1.45%,

9/1/25 

65,000‌

62‌

McKesson,

5.25%,

2/15/26 

370,000‌

369‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

94‌

Met

Tower

Global

Funding,

1.25%,

9/14/26  (3)

245,000‌

221‌

Microchip

Technology,

5.05%,

3/15/29 

55,000‌

54‌

Micron

Technology,

4.185%,

2/15/27 

181,000‌

175‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28  (3)

110,000‌

104‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

161‌

Moody's,

2.00%,

8/19/31 

335,000‌

266‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

37‌

Morgan

Stanley,

VR,

5.656%,

4/18/30  (6)

360,000‌

361‌

Motorola

Solutions,

5.00%,

4/15/29 

50,000‌

49‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

257‌

NiSource,

3.49%,

5/15/27 

215,000‌

203‌

NiSource,

3.95%,

3/30/48 

105,000‌

77‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

24‌

Nucor,

2.70%,

6/1/30 

70,000‌

60‌

Nucor,

3.95%,

5/1/28 

121,000‌

115‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

49‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

137‌

O'Reilly

Automotive,

5.75%,

11/20/26 

35,000‌

35‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

405‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

275,000‌

245‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

340‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

193‌

T.

ROWE

PRICE

Global

Allocation

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

74‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

50,000‌

50‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

21‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

131‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

34‌

Public

Storage

Operating,

1.95%,

11/9/28 

150,000‌

130‌

Realty

Income,

2.20%,

6/15/28 

70,000‌

61‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

33‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

216‌

Revvity,

1.90%,

9/15/28 

230,000‌

197‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

53‌

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

48‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

48‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (6)

135,000‌

122‌

SBA

Tower

Trust,

2.836%,

1/15/25  (3)

250,000‌

245‌

Sempra,

3.30%,

4/1/25 

185,000‌

181‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

186‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

278‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

45‌

Solventum,

5.40%,

3/1/29  (3)

110,000‌

108‌

Southern,

5.70%,

3/15/34 

90,000‌

90‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

373‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

73‌

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

43‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

12‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

12‌

TJX,

1.60%,

5/15/31 

55,000‌

44‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

21‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

9‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

2,631‌

2‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

253,494‌

223‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

39‌

UnitedHealth

Group,

4.70%,

4/15/29 

200,000‌

195‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

22‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

216‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

123‌

Wells

Fargo,

VR,

5.389%,

4/24/34  (6)

410,000‌

396‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

40‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

152‌

WP

Carey,

3.85%,

7/15/29 

115,000‌

106‌

23,061‌

T.

ROWE

PRICE

Global

Allocation

Fund

57

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Equity

Mutual

Funds 8.1% 

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class  (8)

1,921,862‌

41,897‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class  (8)

2,334,528‌

22,411‌

64,308‌

Municipal

Securities 0.2% 

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

230‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

41‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

177‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

167‌

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

299‌

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39 

180,000‌

173‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

14‌

Los

Angeles

Airport,

Series

C,

Build

America,

7.053%,

5/15/40 

15,000‌

17‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

146‌

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36 

20,000‌

18‌

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Series

B,

3.235%,

7/1/52 

200,000‌

123‌

Metropolitan

Transportation

Auth.,

Series

A-1,

Build

America,

5.871%,

11/15/39 

15,000‌

15‌

Miami-Dade

County

Transit

System,

Series

B,

Build

America,

5.624%,

7/1/40 

160,000‌

159‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

71‌

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

123,000‌

133‌

New

York

State

Dormitory

Auth.,

Series

F,

Build

America,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

15‌

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

5,000‌

5‌

Port

Auth.

of

New

York

&

New

Jersey,

Series

182,

5.31%,

8/1/46 

20,000‌

19‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

22‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

99‌

1,943‌

Non-U.S.

Government

Mortgage-Backed

Securities 0.8% 

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66  (3)

64,780‌

54‌

T.

ROWE

PRICE

Global

Allocation

Fund

58

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66  (3)

21,226‌

18‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66  (3)

59,658‌

49‌

Angel

Oak

Mortgage

Trust,

Series

2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67  (3)

213,604‌

205‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51  (3)

76,046‌

65‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.595%,

11/15/34  (3)

50,000‌

6‌

Benchmark

Mortgage

Trust,

Series

2023-V3,

Class

A3,

ARM,

6.363%,

7/15/56 

145,000‌

148‌

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44  (3)

150,000‌

113‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

6.439%,

10/15/36  (3)

225,000‌

219‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52  (3)

100,000‌

64‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

51‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

74‌

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62  (3)

212,156‌

187‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

24‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50  (3)

55,682‌

46‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.733%,

11/15/37  (3)

137,619‌

137‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

39‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

58‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

97‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

6.23%,

11/25/41  (3)

20,055‌

20‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.63%,

5/25/43  (3)

166,327‌

170‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59  (3)

15,301‌

14‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.815%,

7/15/38  (3)

91,426‌

91‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K068,

Class

A1,

2.952%,

2/25/27 

15,816‌

15‌

T.

ROWE

PRICE

Global

Allocation

Fund

59

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K137,

Class

A2,

ARM,

2.347%,

11/25/31 

860,000‌

710‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

370,000‌

334‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

285,000‌

271‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K753,

Class

A2,

4.40%,

10/25/30 

405,000‌

388‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (3)

5,551‌

5‌

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.769%,

12/10/40  (3)

100,000‌

78‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.947%,

7.268%,

12/15/36  (3)

53,735‌

54‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

24‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

59‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

63‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

41,719‌

41‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39  (3)

100,000‌

82‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (3)

31,859‌

28‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (3)

37,728‌

33‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

6.00%,

8/25/50  (3)

8,464‌

8‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 

15,047‌

13‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.536%,

4/15/38  (3)

213,914‌

213‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C17,

Class

B,

ARM,

4.464%,

8/15/47 

20,000‌

20‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

35,000‌

33‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

82‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

146‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68  (3)

94,542‌

96‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52  (3)

129,974‌

103‌

T.

ROWE

PRICE

Global

Allocation

Fund

60

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

TSFR

+

2.109%,

7.43%,

11/15/38  (3)

295,000‌

270‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.531%,

10/25/59  (3)

8,644‌

9‌

OBX

Trust,

Series

2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63  (3)

91,598‌

92‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.188%,

12/25/49  (3)

184,303‌

148‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48  (3)

6,200‌

6‌

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.935%,

5/15/38  (3)

110,000‌

104‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (3)

1,081‌

1‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55  (3)

19,288‌

18‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.43%,

10/25/33  (3)

60,000‌

61‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.18%,

11/25/41  (3)

96,058‌

96‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2024-HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.58%,

3/25/44  (3)

148,492‌

148‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58  (3)

12,866‌

12‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59  (3)

13,377‌

13‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59  (3)

27,169‌

26‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66  (3)

30,538‌

26‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66  (3)

103,976‌

89‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68  (3)

110,694‌

110‌

Verus

Securitization

Trust,

Series

2024-INV1,

Class

A2,

CMO,

STEP,

6.318%,

3/25/69  (3)

99,217‌

99‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

40‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

97‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

72‌

6,385‌

T.

ROWE

PRICE

Global

Allocation

Fund

61

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Private

Investment

Companies 8.0% 

Blackstone

Partners

Offshore

Fund,

Series

E1  (4)

25,981‌

63,602‌

63,602‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed) 7.1% 

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,830,000‌

1,076‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

990,000‌

483‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

1,310,000‌

831‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

580,000‌

381‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

1,215,000‌

678‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

2,490,000‌

1,449‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

210‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 

2,245,000‌

1,369‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

99‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

48‌

U.S.

Treasury

Bonds,

2.75%,

8/15/47  (11)

4,915,000‌

3,444‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

417‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

297‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

324‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

162‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48  (11)

740,000‌

542‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

110‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

800,000‌

578‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

230‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

110,000‌

85‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

220,000‌

179‌

U.S.

Treasury

Bonds,

3.625%,

8/15/43 

305,000‌

256‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

80,000‌

65‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

1,090,000‌

891‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

518‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

605,000‌

529‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

105,000‌

92‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

150,000‌

131‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54 

360,000‌

330‌

U.S.

Treasury

Bonds,

4.75%,

11/15/43 

370,000‌

363‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

640,000‌

637‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

103,461‌

57‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

276,414‌

162‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

289,796‌

211‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

702,748‌

532‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

245,415‌

178‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

81,070‌

61‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

142,204‌

105‌

T.

ROWE

PRICE

Global

Allocation

Fund

62

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

166,487‌

122‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

162,713‌

135‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53 

637,454‌

516‌

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/54 

276,246‌

260‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

4,580,680‌

4,434‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

1,184,256‌

1,121‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

4,308,472‌

4,022‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

417,239‌

362‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

1,262,327‌

1,194‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

7/15/27 

218,582‌

206‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

282,623‌

273‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

773,710‌

682‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

1,310,929‌

1,255‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.75%,

1/15/34 

2,796,756‌

2,669‌

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

4/15/29 

3,776,283‌

3,748‌

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28 

3,723,363‌

3,744‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

327‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

103‌

U.S.

Treasury

Notes,

0.875%,

6/30/26 

1,215,000‌

1,113‌

U.S.

Treasury

Notes,

1.25%,

8/15/31 

1,035,000‌

817‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

1,650,000‌

1,415‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

2,720,000‌

2,505‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

298‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

220,000‌

214‌

U.S.

Treasury

Notes,

3.375%,

5/15/33 

345,000‌

312‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

645,000‌

617‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

725,000‌

705‌

U.S.

Treasury

Notes,

4.00%,

2/15/34 

110,000‌

104‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

2,220,000‌

2,171‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

1,195,000‌

1,168‌

U.S.

Treasury

Notes,

4.25%,

2/28/29 

735,000‌

720‌

U.S.

Treasury

Notes,

4.375%,

11/30/28 

1,105,000‌

1,088‌

56,530‌

Total

United

States

(Cost

$501,667)

588,893‌

VIETNAM  0.4%

Common

Stocks 0.4% 

Asia

Commercial

Bank 

284,971‌

322‌

Bank

for

Foreign

Trade

of

Vietnam  (1)

108,081‌

388‌

Binh

Minh

Plastics 

12,300‌

53‌

FPT 

120,116‌

624‌

FPT

Digital

Retail 

11,095‌

70‌

T.

ROWE

PRICE

Global

Allocation

Fund

63

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hoa

Phat

Group  (1)

475,700‌

533‌

Khang

Dien

House

Trading

&

Investment  (1)

32,934‌

45‌

Military

Commercial

Joint

Stock

Bank 

221,042‌

195‌

Mobile

World

Investment 

44,000‌

95‌

Nam

Long

Investment 

31,866‌

47‌

Phu

Nhuan

Jewelry 

38,600‌

149‌

Saigon

Beer

Alcohol

Beverage 

25,000‌

53‌

Vietnam

Dairy

Products 

44,400‌

114‌

Vietnam

Engine

&

Agricultural

Machinery 

119,400‌

168‌

Vincom

Retail  (1)

142,400‌

126‌

Total

Vietnam

(Cost

$2,402)

2,982‌

SHORT-TERM

INVESTMENTS  0.6%

Money

Market

Funds  0.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.35%  (8)(12)

4,794,442‌

4,794‌

Total

Short-Term

Investments

(Cost

$4,794)

4,794‌

SECURITIES

LENDING

COLLATERAL  0.8%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK  0.7%

Money

Market

Funds  0.7%

T.

Rowe

Price

Government

Reserve

Fund,

5.37%  (8)(12)

5,472,081‌

5,472‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

5,472‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY  0.1%

Money

Market

Funds  0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.37%  (8)(12)

569,982‌

570‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

570‌

Total

Securities

Lending

Collateral

(Cost

$6,042)

6,042‌

T.

ROWE

PRICE

Global

Allocation

Fund

64

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED  0.0%

Exchange-Traded

Options

Purchased

0.0%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Call,

5/24/24

@

$109.50  (1)

9‌

967‌

2‌

Total

Options

Purchased

(Cost

$3)

2‌

Total

Investments

in

Securities

100.2%

of

Net

Assets

(Cost

$668,692)

$

800,127‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

April

30,

2024.

(3)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$14,083

and

represents

1.8%

of

net

assets.

(4)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(5)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$1,690

and

represents

0.2%

of

net

assets.

(6)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

April

30,

2024.

(8)

Affiliated

Companies

(9)

SEC

30-day

yield

(10)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(11)

At

April

30,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(12)

Seven-day

yield

T.

ROWE

PRICE

Global

Allocation

Fund

65

.

.

.

.

.

.

.

.

.

.

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

ILS

Israeli

Shekel

JPY

Japanese

Yen

NOK

Norwegian

Krone

NVDR

Non-Voting

Depositary

Receipts

NZD

New

Zealand

Dollar

OMR

Rial

Omani

OTC

Over-the-counter

PIK

Payment-in-kind

PTC

Pass-Through

Certificate

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

T.

ROWE

PRICE

Global

Allocation

Fund

66

.

.

.

.

.

.

.

.

.

.

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

67

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

 (0.1)%

OTC

Options

Written  (0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

5/17/24

@

$77.00

1,547

11,802

(21‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

5/17/24

@

$77.00

461

3,517

(42‌)

Morgan

Stanley

Alcon,

Call,

5/17/24

@

80.00

(CHF)

1

7

— ‌

Morgan

Stanley

S&P

500

Index,

Call,

6/21/24

@

$5,150.00

72

36,257

(437‌)

Total

Options

Written

(Premiums

$(725))

$

(500‌)

T.

ROWE

PRICE

Global

Allocation

Fund

68

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

United

States

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

2,000

45

42

3‌

Total

United

States

3‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

3‌

Total

Centrally

Cleared

Swaps

3‌

Net

payments

(receipts)

of

variation

margin

to

date

(4‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(1‌)

T.

ROWE

PRICE

Global

Allocation

Fund

69

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

5/31/24

USD

2,806‌

AUD

4,282‌

$

28‌

BNP

Paribas

5/31/24

USD

12,957‌

EUR

12,048‌

84‌

BNP

Paribas

5/31/24

USD

444‌

SGD

603‌

2‌

HSBC

Bank

5/31/24

USD

660‌

HKD

5,157‌

(1‌)

JPMorgan

Chase

5/31/24

USD

9,061‌

JPY

1,403,269‌

121‌

State

Street

5/31/24

ILS

15‌

USD

4‌

— ‌

State

Street

5/31/24

JPY

36,291‌

USD

234‌

(3‌)

State

Street

5/31/24

USD

3,568‌

CHF

3,243‌

28‌

State

Street

5/31/24

USD

1,393‌

DKK

9,654‌

9‌

State

Street

5/31/24

USD

5,559‌

GBP

4,438‌

13‌

State

Street

5/31/24

USD

149‌

ILS

565‌

(2‌)

State

Street

5/31/24

USD

225‌

NOK

2,467‌

3‌

State

Street

5/31/24

USD

73‌

NZD

123‌

1‌

State

Street

5/31/24

USD

1,164‌

SEK

12,641‌

16‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

299‌

T.

ROWE

PRICE

Global

Allocation

Fund

70

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

21

MSCI

EAFE

Index

contracts

6/24

(2,381)

$

76‌

Long,

55

S&P

500

E-Mini

Index

contracts

6/24

13,934

(116‌)

Long,

25

U.S.

Treasury

Long

Bond

contracts

6/24

2,845

(132‌)

Long,

26

U.S.

Treasury

Notes

five

year

contracts

6/24

2,723

(45‌)

Long,

10

U.S.

Treasury

Notes

ten

year

contracts

6/24

1,075

(26‌)

Long,

1

U.S.

Treasury

Notes

two

year

contracts

6/24

203

(1‌)

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

6/24

359

(22‌)

Short,

8

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/24

(882)

30‌

Net

payments

(receipts)

of

variation

margin

to

date

126‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(110‌)

T.

ROWE

PRICE

Global

Allocation

Fund

71

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

April

30,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.07% 

$

(275‌)

$

111‌

$

381‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.49% 

(264‌)

578‌

533‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.28% 

(617‌)

3,003‌

894‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.58% 

(3‌)

138‌

379‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.39% 

(139‌)

1,111‌

672‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

2,173‌

8,203‌

340‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.56% 

(828‌)

1,644‌

358‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.48% 

— ‌

85‌

33‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

— ‌

(87‌)

1,347‌

T.

Rowe

Price

Government

Reserve

Fund,

5.37%

— ‌

— ‌

— ‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.35%

— ‌

— ‌

261‌

Affiliates

not

held

at

period

end

— ‌

— ‌

10‌

Totals

$

47‌#

$

14,786‌

$

5,208‌+

T.

ROWE

PRICE

Global

Allocation

Fund

72

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

10/31/23

Purchase

Cost

Sales

Cost

Value

04/30/24

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.07% 

$

16,583‌

$

382‌

$

1,525‌

$

15,551‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.49% 

17,787‌

535‌

2,013‌

16,887‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.28% 

30,341‌

894‌

2,918‌

31,320‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.58% 

8,369‌

379‌

103‌

8,783‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.39% 

19,635‌

671‌

1,139‌

20,278‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

42,331‌

1,697‌

10,334‌

41,897‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

3.56% 

24,329‌

358‌

3,328‌

23,003‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.48% 

2,159‌

4,434‌

— ‌

6,678‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

21,151‌

1,347‌

— ‌

22,411‌

T.

Rowe

Price

Government

Reserve

Fund,

5.37%

3,057‌

 ¤

 ¤

6,042‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.35%

18,210‌

 ¤

 ¤

4,794‌

Total

$

197,644‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$1,357

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$5,208

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$214,163.

T.

ROWE

PRICE

Global

Allocation

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

73

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$668,692)

$

800,127‌

Receivable

for

investment

securities

sold

7,815‌

Dividends

and

interest

receivable

1,321‌

Foreign

currency

(cost

$1,298)

1,275‌

Receivable

for

shares

sold

1,054‌

Unrealized

gain

on

forward

currency

exchange

contracts

305‌

Cash

16‌

Other

assets

1,354‌

Total

assets

813,267‌

Liabilities

Payable

for

investment

securities

purchased

7,256‌

Obligation

to

return

securities

lending

collateral

6,042‌

Options

written

(premiums

$725)

500‌

Payable

for

shares

redeemed

463‌

Investment

management

fees

payable

361‌

Variation

margin

payable

on

futures

contracts

110‌

Due

to

affiliates

15‌

Unrealized

loss

on

forward

currency

exchange

contracts

6‌

Variation

margin

payable

on

centrally

cleared

swaps

1‌

Other

liabilities

158‌

Total

liabilities

14,912‌

Commitments

and

Contingent

Liabilities

(note

7

)

NET

ASSETS

$

798,355‌

T.

ROWE

PRICE

Global

Allocation

Fund

April

30,

2024

(Unaudited)

Statement

of

Assets

and

Liabilities

74

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

115,683‌

Paid-in

capital

applicable

to

54,162,100

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

682,672‌

NET

ASSETS

$

798,355‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$511,016;

Shares

outstanding:

34,665,649)

$

14.74‌

Advisor

Class

(Net

assets:

$3,286;

Shares

outstanding:

224,586)

$

14.63‌

I

Class

(Net

assets:

$284,053;

Shares

outstanding:

19,271,865)

$

14.74‌

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Statement

of

Operations

75

($000s)

6

Months

Ended

4/30/24

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$203)

$

9,294‌

    Interest

1,963‌

Securities

lending

24‌

Total

income

11,281‌

Expenses

Investment

management

2,757‌

Shareholder

servicing

Investor

Class

$

383‌

Advisor

Class

4‌

I

Class

20‌

407‌

Rule

12b-1

fees

Advisor

Class

4‌

Prospectus

and

shareholder

reports

Investor

Class

36‌

I

Class

8‌

44‌

Custody

and

accounting

125‌

Legal

and

audit

67‌

Registration

42‌

Proxy

and

annual

meeting

3‌

Directors

1‌

Miscellaneous

21‌

Waived

/

paid

by

Price

Associates

(618‌)

Total

expenses

2,853‌

Net

investment

income

8,428‌

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Statement

of

Operations

76

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$51)

18,524‌

Futures

3,098‌

Options

written

(4,362‌)

Forward

currency

exchange

contracts

227‌

Foreign

currency

transactions

11‌

Capital

gain

distributions

from

mutual

funds

1,357‌

Net

realized

gain

18,855‌

Change

in

net

unrealized

gain

/

loss

Securities

78,353‌

Futures

(471‌)

Swaps

3‌

Options

written

329‌

Forward

currency

exchange

contracts

208‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

(25‌)

Change

in

net

unrealized

gain

/

loss

78,397‌

Net

realized

and

unrealized

gain

/

loss

97,252‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

105,680‌

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

77

($000s)

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

8,428‌

$

17,843‌

Net

realized

gain

18,855‌

14,667‌

Change

in

net

unrealized

gain

/

loss

78,397‌

41,953‌

Increase

in

net

assets

from

operations

105,680‌

74,463‌

Distributions

to

shareholders

Net

earnings

Investor

Class

(12,874‌)

(22,307‌)

Advisor

Class

(84‌)

(123‌)

I

Class

(8,544‌)

(8,145‌)

Decrease

in

net

assets

from

distributions

(21,502‌)

(30,575‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

36,755‌

83,180‌

Advisor

Class

427‌

957‌

I

Class

24,571‌

96,320‌

Distributions

reinvested

Investor

Class

12,046‌

14,937‌

Advisor

Class

73‌

116‌

I

Class

8,400‌

7,911‌

Shares

redeemed

Investor

Class

(84,527‌)

(350,350‌)

Advisor

Class

(1,023‌)

(2,281‌)

I

Class

(55,099‌)

(76,750‌)

Decrease

in

net

assets

from

capital

share

transactions

(58,377‌)

(225,960‌)

T.

ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

78

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

4/30/24

Year

Ended

10/31/23

Net

Assets

Increase

(decrease)

during

period

25,801‌

(182,072‌)

Beginning

of

period

772,554‌

954,626‌

End

of

period

$

798,355‌

$

772,554‌

*

Share

information

(000s)

Shares

sold

Investor

Class

2,556‌

6,218‌

Advisor

Class

30‌

72‌

I

Class

1,708‌

7,166‌

Distributions

reinvested

Investor

Class

851‌

1,166‌

Advisor

Class

5‌

9‌

I

Class

594‌

617‌

Shares

redeemed

Investor

Class

(5,869‌)

(25,479‌)

Advisor

Class

(72‌)

(170‌)

I

Class

(3,860‌)

(5,727‌)

Decrease

in

shares

outstanding

(4,057‌)

(16,128‌)

T.

ROWE

PRICE

Global

Allocation

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

79

T.

Rowe

Price

Global

Allocation

Fund,

Inc.

(the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as a

diversified,  open-

end

management

investment

company. The

fund

seeks

long-term

capital

appreciation

and

income.

The

fund

has three classes

of

shares:

the

Global

Allocation

Fund

(Investor

Class),

the

Global

Allocation

Fund– Advisor

Class

(Advisor

Class)

and

the

Global

Allocation

Fund– I

Class

(I

Class).

Advisor

Class

shares

are

sold

only

through

various

brokers

and

other

financial

intermediaries.

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

The

Advisor

Class

operates

under

a

Board-approved

Rule

12b-1

plan

pursuant

to

which

the

class

compensates

financial

intermediaries

for

distribution,

shareholder

servicing,

and/or

certain

administrative

services;

the

Investor

and

I

Classes

do

not

pay

Rule

12b-1

fees. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

all

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

classes.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

reflected

as

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

T.

ROWE

PRICE

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Allocation

Fund

80

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class annually. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

The

Advisor

Class

pays

Rule

12b-1

fees,

in

an

amount

not

exceeding

0.25%

of

the

class’ s

average

daily

net

assets.

Capital

Transactions

 Each

investor’ s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’ s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

T.

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Global

Allocation

Fund

81

New

Accounting

Guidance

 The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020– 04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-

06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’ s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’ s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’ s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’ s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

T.

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PRICE

Global

Allocation

Fund

82

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’ s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the

fund’ s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

T.

ROWE

PRICE

Global

Allocation

Fund

83

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’ s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’ s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’ s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’ s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’ s

length

T.

ROWE

PRICE

Global

Allocation

Fund

84

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Global

Allocation

Fund

85

Valuation

Inputs

  The

following

table

summarizes

the

fund’ s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

April

30,

2024

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

— ‌

$

101,587‌

$

— ‌

$

101,587‌

Bond

Mutual

Funds

122,500‌

— ‌

— ‌

122,500‌

Closed-End

Mutual

Funds

— ‌

17‌

— ‌

17‌

Common

Stocks

265,979‌

169,086‌

157‌

435,222‌

Convertible

Preferred

Stocks

— ‌

— ‌

1,533‌

1,533‌

Equity

Mutual

Funds

64,308‌

— ‌

— ‌

64,308‌

Preferred

Stocks

— ‌

520‌

— ‌

520‌

Private

Investment

Companies

— ‌

— ‌

63,602‌

63,602‌

Short-Term

Investments

4,794‌

— ‌

— ‌

4,794‌

Securities

Lending

Collateral

6,042‌

— ‌

— ‌

6,042‌

Options

Purchased

2‌

— ‌

— ‌

2‌

Total

Securities

463,625‌

271,210‌

65,292‌

800,127‌

Swaps*

— ‌

3‌

— ‌

3‌

Forward

Currency

Exchange

Contracts

— ‌

305‌

— ‌

305‌

Futures

Contracts*

106‌

— ‌

— ‌

106‌

Total

$

463,731‌

$

271,518‌

$

65,292‌

$

800,541‌

Liabilities

Options

Written

$

— ‌

$

500‌

$

— ‌

$

500‌

Forward

Currency

Exchange

Contracts

— ‌

6‌

— ‌

6‌

Futures

Contracts*

342‌

— ‌

— ‌

342‌

Total

$

342‌

$

506‌

$

— ‌

$

848‌

T.

ROWE

PRICE

Global

Allocation

Fund

86

Following

is

a

reconciliation

of

the

fund’ s

Level

3

holdings

for

the

six

months ended

April

30,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

April

30,

2024,

totaled $3,834,000 for

the

six

months ended

April

30,

2024.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’ s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

10/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

4/30/24

Investment

in

Securities

Common

Stocks

$

156‌

$

13‌

$

— ‌

$

(12‌)

$

157‌

Convertible

Preferred

Stocks

1,372‌

161‌

10‌

(10‌)

1,533‌

Private

Investment

Companies

59,932‌

3,670‌

— ‌

— ‌

63,602‌

Total

$

61,460‌

$

3,844‌

$

10‌

$

(22‌)

$

65,292‌

T.

ROWE

PRICE

Global

Allocation

Fund

87

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$157

Recent

comparable

transaction

price(s)

— #

— #

— #

— #

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Relative

value

— #

— #

— #

Probability

for

potential

outcome

20%

20%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–

11.3x

8.1x

Increase

Gross

profit

growth

rate

24%

24%

Increase

Enterprise

value

to

sales

multiple

1.7x

–

9.2x

5.0x

Increase

Sales

growth

rate

23%

23%

Increase

Discount

for

liquidation

preference

— #

— #

Increase

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,533

Recent

comparable

transaction

price(s)

— #

— #

— #

— #

T.

ROWE

PRICE

Global

Allocation

Fund

88

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Conversion

ratio

— #

— #

— #

Market

comparable

Enterprise

value

to

gross

profit

multiple

6.8x

–

11.3x

10.3x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

–

8.4x

7.6x

Increase

Gross

profit

growth

rate

17%

-

24%

23%

Increase

Enterprise

value

to

sales

multiple

2.1x

–

9.2x

2.5x

Increase

Projected

enterprise

value

to

sales

multiple

3.0x

–

5.1x

3.8x

Increase

Sales

growth

rate

1%

-

24%

22%

Increase

Enterprise

value

to

EBIT

multiple

10.3x

–

14.4x

12.4x

Increase

EBIT

growth

rate

24%

24%

Increase

Price

to

net

asset

value

multiple

0.9x

0.9x

Increase

Discount

rate

for

cost

of

capital

15%

-

30%

27%

Decrease

Discount

for

uncertainty

10%

10%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T.

ROWE

PRICE

Global

Allocation

Fund

89

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’ s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

April

30,

2024,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’ s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Private

Investment

Companies

$

63,602

Rollforward

of

Investee

NAV

Estimated

return

0.51%

0.51%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

90

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’ s

derivative

instruments

held

as

of

April

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure: 

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures,

Securities^

$

32‌

Foreign

exchange

derivatives

Forwards

305‌

Credit

derivatives

Centrally

Cleared

Swaps

3‌

Equity

derivatives

Futures

76‌

^

,*

Total

$

416‌

^

,*

Liabilities

Interest

rate

derivatives

Futures

$

226‌

Foreign

exchange

derivatives

Forwards

6‌

Credit

derivatives

Options

Written

63‌

Equity

derivatives

Futures,

Options

Written

553‌

Total

$

848‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T.

ROWE

PRICE

Global

Allocation

Fund

91

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

April

30,

2024,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

— ‌

$

41‌

$

8‌

$

— ‌

$

— ‌

$

49‌

Foreign

exchange

derivatives

— ‌

— ‌

— ‌

227‌

— ‌

227‌

Equity

derivatives

— ‌

(4,403‌)

3,090‌

— ‌

— ‌

(1,313‌)

Total

$

— ‌

$

(4,362‌)

$

3,098‌

$

227‌

$

— ‌

$

(1,037‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

(1‌)

$

(1‌)

$

97‌

$

— ‌

$

— ‌

$

95‌

Foreign

exchange

derivatives

— ‌

— ‌

— ‌

208‌

— ‌

208‌

Credit

derivatives

— ‌

112‌

— ‌

— ‌

3‌

115‌

Equity

derivatives

— ‌

218‌

(568‌)

— ‌

— ‌

(350‌)

Total

$

(1‌)

$

329‌

$

(471‌)

$

208‌

$

3‌

$

68‌

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Global

Allocation

Fund

92

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’ s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

T.

ROWE

PRICE

Global

Allocation

Fund

93

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’ s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’ s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’ s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

April

30,

2024,

securities

valued

at $490,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

April

30,

2024,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives

consisted

of $560,000 cash

and

securities

valued

at

$278,000. As

of

April

30,

2024,

securities

valued

at $338,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’ s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’ s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’ s

total

return;

and

the

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potential

for

losses

in

excess

of

the

fund’ s

initial

investment.

During

the

six

months ended

April

30,

2024,

the

volume

of

the

fund’ s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

6%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/

or

interest

rates,

and

potential

losses

in

excess

of

the

fund’ s

initial

investment.

During

the

six

months ended

April

30,

2024,

the

volume

of

the

fund’ s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

5%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

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are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

April

30,

2024,

the

volume

of

the

fund’ s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

6%

and

7%

of

net

assets. 

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

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terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

April

30,

2024,

the

notional

amount

of

protection

sold

by

the

fund

totaled $2,000,000

(0.3%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’ s

swap

investments,

and

potential

losses

in

excess

of

the

fund’ s

initial

investment.

During

the

six

months ended

April

30,

2024,

the

volume

of

the

fund’ s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

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NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“ tranches”

or

“ classes” ,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“ equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

MBS are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

Investment

in

Blackstone

Partners

Offshore

Fund

 The

fund

invested

in

Blackstone

Partners

Offshore

Fund

Ltd.

(Blackstone

Partners),

a

multi-strategy

hedge

fund-of-funds

offered

by

Blackstone

Alternative

Asset

Management

(BAAM),

a

unit

of

Blackstone

Group

L.P.

(Blackstone).

Blackstone

Partners

provides

the

fund

exposure

to

alternative

investments

primarily

through

Blackstone

Partners’

investments

in

underlying

private

investment

funds,

and

the

underlying

funds

are

mostly

managed

by

investment

managers

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unaffiliated

with

BAAM

or

Blackstone.

Blackstone

Partners

and

the

underlying

funds

may

use

leverage,

engage

in

short-selling,

and

invest

in

commodities

or

other

speculative

investments,

which

may

increase

the

risk

of

investment

loss.

Blackstone

Partners

and

the

underlying

funds

are

not

subject

to

the

same

regulatory

requirements

as

open-end

mutual

funds,

and,

therefore,

their

investments

and

related

valuations

may

not

be

as

transparent.

Ownership

interests

in

Blackstone

Partners

are

not

transferable

and

are

subject

to

various

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

In

addition,

Blackstone

Partners’

ownership

in

the

underlying

funds

may

also

be

subject

to

transfer

and

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

All

of

these

restrictions

are

subject

to

change

at

the

sole

discretion

of

Blackstone

Partners

or

an

underlying

fund’ s

management.

As

of

April

30,

2024,

the

fund’ s

investment

in

Blackstone

Partners

is

subject

to

semi-annual

redemption

with

95

days

prior

written

notice

and

is

considered

an

illiquid

asset. 

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

April

30,

2024,

the

value

of

loaned

securities

was

$5,519,000;

the

value

of

cash

collateral

and

related

investments

was

$6,042,000.

T.

ROWE

PRICE

Global

Allocation

Fund

99

Other 

Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term securities

aggregated $111,005,000 and

$180,160,000,

respectively,

for

the

six

months ended

April

30,

2024.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$27,303,000 and

$24,321,000,

respectively,

for

the

six

months ended

April

30,

2024.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

October

31,

2023,

the

fund

had

$3,103,000

of

available

capital

loss

carryforwards.

At

April

30,

2024,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$677,933,000.

Net

unrealized

gain

aggregated

$121,764,000

at

period-end,

of

which

$175,477,000

related

to

appreciated

investments

and

$53,713,000

related

to

depreciated

investments.

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

T.

ROWE

PRICE

Global

Allocation

Fund

100

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.40%

of

the

fund’ s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’ s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’ s

average

daily

net

assets. At

April

30,

2024,

the

effective

annual

group

fee

rate

was

0.29%.

The Advisor

Class and Investor

Class are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

Effective

November

1,

2023,

the Investor

Class is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

class’ s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class’ s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’ s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

class’ s

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

T.

ROWE

PRICE

Global

Allocation

Fund

101

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’ s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’ s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’ s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended April

30,

2024

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $150,000 remain

subject

to

repayment

by

the

fund

at

April

30,

2024.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’ s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

April

30,

2024,

expenses

incurred

pursuant

to

these

service

agreements

were

$56,000

for

Price

Associates;

$103,000

for

T.

Rowe

Price

Services,

Inc.;

Investor

Class

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

1.04%

1.15%

0.05%

Expense

limitation

date

02/28/26

02/28/26

02/28/26

(Waived)/repaid

during

the

period

($000s)

$—

$(2)

$(45)

T.

ROWE

PRICE

Global

Allocation

Fund

102

and

$1,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’ s

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund’ s

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

six

months

ended

April

30,

2024,

are

as

follows:

T.

ROWE

PRICE

Global

Allocation

Fund

103

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$368,000,

$2,000

and

$201,000 for

the

Investor

Class,

Advisor

Class

and

I

Class,

respectively,

for

the

six

months ended

April

30,

2024. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’ s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

April

30,

2024,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

NOTE

8

-

BORROWING

To

provide

temporary

liquidity,

the

fund

may

borrow

from

other

T.

Rowe

Price-

sponsored

mutual

funds

under

an

interfund

borrowing

program

developed

and

managed

by

Price

Associates.

The

program

permits

the

borrowing

and

lending

of

cash

at

rates

beneficial

to

both

the

borrowing

and

lending

funds.

Pursuant

to

program

guidelines,

loans

totaling

10%

or

more

of

a

borrowing

fund’ s

total

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.48%

$

39‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class

0.65%

49‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

0.70%

109‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

24‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

50‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

0.63%

134‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class

0.49%

60‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.48%

5‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

1.00%

101‌

Total

Management

Fee

Waived

$

571‌

T.

ROWE

PRICE

Global

Allocation

Fund

104

assets

require

collateralization

at

102%

of

the

value

of

the

loan;

loans

of

less

than

10%

are

unsecured.

During

the

six

months ended

April

30,

2024,

the

fund

incurred

$3,000

in

interest

expense

related

to

outstanding

borrowings

on

two

days

in

the

average

amount

of

$7,800,000

and

at

an

average

annual

rate

of

6.94%.

At

April

30,

2024,

there

were

no

borrowings

outstanding.

NOTE

9

-

OTHER

MATTERS

Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’ s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund’ s

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T.

ROWE

PRICE

Global

Allocation

Fund

105

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’ s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’ s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

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

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“ Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’ s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’ s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“ Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’ s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’ s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.

com

.

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Global

Allocation

Fund

106

APPROVAL

OF

INVESTMENT

MANAGEMENT

AGREEMENT

AND

SUBADVISORY

AGREEMENTS

Each

year,

the

fund’ s

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreements

(Subadvisory

Contracts)

that

the

Adviser

has

entered

into

with

T.

Rowe

Price

International

Ltd,

T.

Rowe

Price

Hong

Kong

Limited,

T.

Rowe

Price

Japan,

Inc.,

and

T.

Rowe

Price

Singapore

Private

Ltd.

(Subadvisers)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

11– 12,

2024

(Meeting),

the

Board,

including

all

of

the

fund’ s

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund’ s

Advisory

Contract

and

Subadvisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadvisers

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadvisers

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T.

Rowe

Price

funds’

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

Services

Provided

by

the

Adviser

and

Subadvisers

The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadvisers.

These

services

included,

but

were

not

limited

to,

directing

the

fund’ s

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund’ s

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund’ s

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser’ s

and

Subadvisers’

senior

management

teams

and

investment

personnel

T.

ROWE

PRICE

Global

Allocation

Fund

107

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser’ s

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadvisers,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’ s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Investment

Performance

of

the

Fund

The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T.

Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund’ s

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2023.

Additionally,

the

Board

reviewed

the

fund’ s

relative

performance

information

as

of

September

30,

2023,

which

ranked

the

returns

of

the

fund’ s

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund’ s

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund’ s

performance,

the

length

of

the

fund’ s

performance

track

record,

and

how

closely

the

fund’ s

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund’ s

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board’ s

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

Costs,

Benefits,

Profits,

and

Economies

of

Scale

The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadvisers)

may

have

realized

from

its

relationship

with

the

fund.

In

considering

soft-dollar

arrangements

pursuant

to

which

research

may

be

received

from

broker-dealers

that

execute

the

fund’ s

portfolio

transactions,

the

Board

noted

that

during

2023

the

Adviser

paid

the

costs

of

research

services

for

all

client

accounts

that

it

advises,

including

the

T.

Rowe

Price

funds.

However,

effective

January

1,

2024,

the

Adviser

will

begin

using

brokerage

commissions

in

connection

with

certain

T.

Rowe

Price

funds’

securities

transactions

to

pay

for

research

when

permissible.

T.

ROWE

PRICE

Global

Allocation

Fund

108

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T.

Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser’ s

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components— a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T.

Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund’ s

average

daily

net

assets— and

the

fund

pays

its

own

expenses

of

operations.

Under

each

Subadvisory

Contract,

the

Adviser

may

pay

each

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

rate

decreases

as

total

T.

Rowe

Price

fund

assets

grow,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T.

Rowe

Price

funds,

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund’ s

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

contractual

expense

limitations

that

require

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class’ s

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser’ s

and

Subadvisers’

ongoing

investments

in

their

business

in

support

of

the

T.

Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund’ s

investors.

Fees

and

Expenses

The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i)

contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii)

actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii)

actual

management

fees,

T.

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Global

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Fund

109

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund’ s

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund’ s

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund’ s

actual

management

fee

rate

ranked

in

the

second

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe),

and

the

fund’ s

total

expenses

ranked

in

the

second

quintile

(Investor

Class

Expense

Group

and

Expense

Universe)

and

first

quintile

(Advisor

Class

Expense

Group).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

to

investors

outside

the

United

States.

Management

provided

the

Board

with

information

about

the

Adviser’ s

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

business

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

business.

The

Board

considered

information

showing

that

the

Adviser’ s

mutual

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

institutional

account

business

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser’ s

proprietary

mutual

fund

business.

In

assessing

the

reasonableness

of

the

fund’ s

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

mutual

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution’ s

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T.

Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

T.

ROWE

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Fund

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On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

Approval

of

the

Advisory

Contract

and

Subadvisory

Contract

As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

T.

ROWE

PRICE

Global

Allocation

Fund

111

APPROVAL

OF

NEW

SUBADVISORY

AGREEMENT

Prior

to

the

March

Meeting,

at

a

meeting

held

on

October

23,

2023

(October

Meeting),

the

fund’ s

Board

considered

the

initial

approval

of

an

investment

subadvisory

agreement

(New

Subadvisory

Contract)

that

the

Adviser

entered

into

with

T.

Rowe

Price

Australia

Limited

(New

Subadviser)

on

behalf

of

the

fund.

The

New

Subadvisory

Contract

authorizes

the

New

Subadviser

to

have

investment

discretion

with

respect

to

all

or

a

portion

of

the

fund’ s

portfolio.

The

Board

noted

that

the

New

Subadvisory

Contract

will

be

substantially

similar

to

the

fund’ s

other

Subadvisory

Contracts

and

that

the

Adviser

will

retain

oversight

responsibilities

with

respect

to

the

fund.

The

Board

also

noted

that

the

new

subadvisory

arrangement

will

not

change

the

total

advisory

fees

paid

by

the

fund.

However,

under

the

New

Subadvisory

Contract,

the

Adviser

may

pay

the

New

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

At

the

October

Meeting,

the

Board

reviewed

materials

relevant

to

its

consideration

of

the

proposed

New

Subadvisory

Contract.

The

factors

considered

by

the

Board

at

the

October

Meeting

in

connection

with

approval

of

the

proposed

New

Subadvisory

Contract

were

substantially

similar

to

the

factors

considered

at

the

March

Meeting

in

connection

with

the

approval

to

continue

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

New

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

Following

discussion

at

the

October

Meeting,

the

Board,

including

all

of

the

fund’ s

independent

directors

present

in

person

at

the

October

Meeting,

approved

the

New

Subadvisory

Contract

between

the

Adviser

and

New

Subadviser

on

behalf

of

the

fund.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

New

Subadvisory

Contract,

effective

November

1,

2023.

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F154-051

6/24

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

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

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

(b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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

Item 11. Controls and Procedures.

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

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

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

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

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

T. Rowe Price Global Allocation Fund, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	June 17, 2024

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

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	June 17, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	June 17, 2024