T. Rowe Price Global Allocation Fund (RPGAX) N-CSR Certified annual shareholder report (management investment company)

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: October 31, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

October

31,

2023

Annual

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

HIGHLIGHTS

The

Global

Allocation

Fund

generated

positive

absolute

returns

but

slightly

trailed

the

Morningstar

Global

Allocation

Index

for

the

12

months

ended

October

31,

2023.

Tactical

allocation

decisions

had

a

modest

negative

impact,

while

security

selection

was

a

meaningful

contributor

to

relative

results.

While

we

continue

to

monitor

risks

to

global

growth,

we

took

advantage

of

weakness

in

equity

markets

late

in

the

period

to

close

our

underweight

to

stocks

relative

to

bonds

and

cash

and

are

now

neutral.

We

remain

constructive

on

below

investment-grade

debt

and

believe

that

higher

yields

and

a

reasonably

supportive

fundamental

backdrop

help

compensate

for

prospective

risks.

As

inflation

recedes,

albeit

slowly,

we

believe

global

central

banks

may

be

approaching

a

peak

in

the

tightening

cycle,

which

could

remove

a

headwind

to

growth.

However,

we

expect

volatility

to

remain

elevated

in

the

near

term

as

the

effects

of

diminished

liquidity,

rising

energy

prices,

and

potentially

optimistic

earnings

expectations

are

reflected

in

markets.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Global

Allocation

Fund

Market

Commentary

1

Dear

Shareholder

Most

major

global

stock

and

bond

indexes

produced

positive

results

during

your

fund’s

fiscal

year,

the

12-month

period

ended

October

31,

2023,

although

a

downturn

over

the

past

six

months

offset

some

of

the

strong

gains

recorded

in

the

first

half

of

the

period.

Global

economies

managed

to

avoid

the

recession

that

was

widely

predicted

at

the

start

of

2023,

but

signs

that

central

banks

might

need

to

keep

interest

rates

higher

for

longer

than

previously

expected

weighed

on

market

sentiment.

Growth

stocks

outperformed

value

shares

over

the

12-month

period,

and

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets.

Currency

movements

were

mixed

over

the

period,

although

a

weaker

dollar

versus

major

European

currencies

was

beneficial

for

U.S.

investors

in

European

securities.

Technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments

and

produced

some

of

the

strongest

results

in

the

equity

market.

Within

the

S&P

500

Index,

the

communication

services

and

information

technology

sectors

were

lifted

by

the

rally

in

tech-related

companies

and

recorded

significant

gains.

The

financials

sector

partly

recovered

from

the

failure

of

three

large

regional

banks

during

the

period

but

still

finished

in

negative

territory.

Corporate

fundamentals

were

broadly

supportive.

Although

year-over-year

earnings

growth

contracted

in

the

first

and

second

quarters

of

2023,

results

were

better

than

expected,

and

preliminary

estimates

pointed

to

a

resumption

of

growth

in

the

third

quarter.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

with

gross

domestic

product

growth

coming

in

at

4.9%

in

the

third

quarter’s

initial

estimate,

the

highest

since

the

end

of

2021.

Growth

in

Europe

and

Japan

was

more

sluggish,

and

China’s

economy

was

beset

by

worries

about

its

property

sector

after

an

initial

boost

from

its

decision

at

the

end

of

2022

to

lift

most

of

its

pandemic-related

restrictions.

A

protracted

debt

ceiling

standoff

in

the

U.S.,

the

ongoing

conflict

between

Ukraine

and

Russia,

and

the

outbreak

of

war

in

the

Middle

East

following

the

attack

on

Israel

by

Hamas

produced

headwinds

for

markets

at

various

times.

Investors

also

remained

focused

on

inflation

as

price

increases

moderated

but

remained

well

above

the

Federal

Reserve’s

2%

target.

In

response,

the

Fed

continued

to

raise

its

short-term

lending

benchmark

rate,

lifting

it

to

a

target

range

of

5.25%

to

5.50%

by

the

end

of

July,

the

highest

level

since

March

2001.

T.

ROWE

PRICE

Global

Allocation

Fund

2

U.S.

Treasury

yields

increased

as

the

Fed

tightened

monetary

policy

and

investors

priced

in

the

possibility

that

the

central

bank

may

have

to

keep

rates

higher

for

longer

than

previously

anticipated.

In

addition,

Treasuries

were

pressured

by

Fitch

Ratings’

decision

to

downgrade

the

credit

rating

of

U.S.

government

debt

from

the

highest

level,

AAA,

to

AA+

along

with

expectations

for

higher

levels

of

borrowing

by

the

Treasury

Department.

The

yield

on

the

benchmark

10-year

Treasury

note

briefly

reached

5.00%

in

October

for

the

first

time

since

late

2007

before

falling

back

to

4.88%

by

period-end.

Increasing

yields

over

the

past

six

months

led

to

weak

results

across

most

of

the

fixed

income

market,

although

high

yield

bonds,

which

are

less

sensitive

to

rising

rates,

held

up

relatively

well

as

default

rates

remained

low

by

historical

standards.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead

to

2024.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

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

identify

securities

that

have

the

potential

to 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

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE 

The

fund

seeks

long-term

capital

appreciation

and

income.

FUND

COMMENTARY

How

did

the

fund

perform

in

the

past 12

months?

The

Global

Allocation

Fund

returned

6.62%

in

the

12

months

ended

October

31,

2023.

The

fund

slightly

trailed

the

Morningstar

Global

Allocation

Index.

(Returns

for

the

Advisor

and

I

Class

shares

varied

slightly,

reflecting

their

different

fee

structures.

Past

performance

cannot

guarantee

future

results.

)

What

factors

influenced

the

fund’s

performance?

Tactical

decisions

to

overweight

and

underweight

various

asset

classes

had

a

modest

negative

impact

on

relative

performance.

An

underweight

allocation

to

stocks

and

bonds

and

a

tilt

toward

cash

was

a

modest

detractor

over

the

period.

This

underweight

allocation

was

beneficial

through

much

of

2022

and

during

bouts

of

volatility

in

2023.

However,

equities

delivered

positive

returns

over

the

reporting

period,

and

a

tactical

underweight

detracted.

The

fund’s

structure

relative

to

the

Morningstar

Global

Allocation

Index

had

a

muted

impact

on

results.

The

inclusion

of

high

yield

and

emerging

markets

bonds

as

diversifying

sectors

within

fixed

income

added

value,

benefiting

from

their

higher

yield

relative

to

investment-grade

debt.

High

yield

bonds,

which

are

less

sensitive

to

rising

interest

rates,

outpaced

investment-grade

issues.

Emerging

markets

debt

also

held

up

better

than

issues

in

developed

markets,

as

many

emerging

market

central

banks

are

further

along

in

the

tightening

cycle

and

rates

in

many

countries

have

already

peaked.

Conversely,

the

inclusion

of

real

assets

as

a

diversifying

sector

hindered

relative

performance,

as

real

assets

lagged

global

equities.

Rising

interest

rates

put

pressure

on

U.S.

and

global

real

estate

markets,

which

offset

strength

in

some

commodities

and

energy

names.

PERFORMANCE

COMPARISON

Total

Return

Periods

Ended

10/31/23

6

Months

12

Months

Global

Allocation

Fund

–

.

-2.00‌%

6.62‌%

Global

Allocation

Fund–

.

Advisor  Class

-2.16‌

6.38‌

Global

Allocation

Fund–

.

I  Class

-1.99‌

6.75‌

Morningstar

Global

Allocation

Index

-3.66‌

6.93‌

T.

ROWE

PRICE

Global

Allocation

Fund

4

Security

selection

among

the

underlying

strategies

was

a

meaningful

contributor

to

relative

performance.

Selection

among

U.S.

small-

and

mid-cap

equities

was

a

noteworthy

contributor.

While

small-

and

mid-cap

stocks

posted

a

steep

decline

over

the

period,

our

allocation

to

the

segment

generated

positive

returns

and

significantly

outperformed

its

benchmark.

However,

a

larger

exposure

to

U.S.

small-cap

stocks

relative

to

the

fund’s

benchmark

posed

a

headwind

as

small-cap

stocks

lagged

large-cap

counterparts.

Smaller

companies

are

perceived

to

be

more

sensitive

to

the

macroeconomic

environment,

and

recession

fears

and

rising

interest

rates

weighed

on

shares

of

these

companies.

The

U.S.

large-cap

growth

strategy

also

outpaced

its

benchmark,

driven

by

an

overweight

allocation

and

stock

selection

in

the

information

technology

sector.

Within

the

sector,

holdings

in

semiconductors

and

software

had

a

notable

positive

impact.

Within

fixed

income,

selection

in

the

dollar-denominated

and

local

currency

emerging

markets

bond

allocations

also

added

value.

From

a

regional

perspective

in

our

international

components,

stock

selection

among

Japanese

and

emerging

markets

equities

weighed

on

relative

performance.

How

is

the

fund

positioned?

While

we

continue

to

monitor

risks

to

global

growth,

we

took

advantage

of

weakness

in

equity

markets

late

in

the

period

to

close

our

underweight

to

stocks

relative

to

bonds

and

cash

and

are

now

neutral.

As

markets

pulled

back

from

recent

highs,

valuations

appeared

relatively

more

attractive.

Moreover,

monetary

policy

appears

to

have

peaked

or

nearly

peaked

across

most

regions,

inflation

has

slowed,

and

a

pivot

away

from

hawkish

policy

could

provide

a

catalyst

for

growth

and

risk

assets.

Stocks

Within

equities,

we

are

neutral

between

international

and

U.S.

stocks.

International

equity

valuations

are

relatively

attractive,

and

many

local

currencies

have

room

to

appreciate,

which

would

be

constructive

for

those

markets.

However,

the

macroeconomic

backdrop

for

stocks

outside

the

U.S.

is

less

favorable,

due

in

part

to

modest

growth

expectations

in

Europe

along

with

weaker-than-expected

economic

recovery

in

China

and

still

tight

global

monetary

policy.

We

remain

overweight

emerging

markets

stocks,

which

offer

more

compelling

valuations

relative

to

their

developed

markets

counterparts

and

could

be

supported

by

continued

stimulus

efforts

in

China.

Emerging

markets

currencies

are

attractive

as

central

bank

tightening

appears

to

have

peaked.

However,

the

macroeconomic

backdrop

in

China

remains

a

concern

amid

continued

housing

market

stress,

weak

consumer

confidence,

and

a

disappointing

impact

from

recent

stimulus.

T.

ROWE

PRICE

Global

Allocation

Fund

5

In

the

U.S.,

we

are

neutral

between

U.S.

growth

and

value

with

a

tilt

toward

core

equities.

Despite

still

favorable

relative

valuations,

cyclical

value

sectors

could

be

challenged

by

lower

economic

growth.

We

believe

a

tilt

toward

higher-

quality

businesses

is

warranted

amid

lingering

economic

concerns

and

rising

rates.

Growth

stocks

may

face

near-term

headwinds

as

higher

rates

weigh,

but

the

sector

could

see

further

support

in

a

low-growth

environment,

especially

as

momentum

surrounding

artificial

intelligence

could

provide

a

structural

tailwind.

We

are

overweight

small-

and

mid-cap

stocks,

which

offer

attractive

relative

valuations,

but

face

margin

concerns

due

to

higher

exposure

to

interest

rates

and

elevated

input

costs.

Among

international

equities,

we

maintain

a

modest

tilt

toward

non-U.S.

value-oriented

equities

and

are

overweight

core

equities.

Value

stocks

offer

attractive

valuations,

although

cyclical

and

geopolitical

risks

remain

a

concern.

Conversely,

higher

oil

prices

could

offer

a

tailwind

for

value

in

some

regions.

We

are

neutral

international

small-cap

stocks

relative

to

international

large-cap

stocks.

In

our

view,

international

small-cap

stocks

offer

reasonable

valuations

against

a

slowing

growth

backdrop,

although

a

potential

flight

to

quality

could

favor

large-cap

stocks.

We

are

overweight

inflation-

sensitive

real

assets

equities.

We

believe

real

assets

may

provide

a

potential

hedge

against

the

risk

of

a

potential

inflection

higher

in

energy

and

commodity

prices

or

if

inflationary

pressures

persist

for

a

protracted

period.

Moreover,

oil

prices

may

be

set

for

structural

increases

due

to

peaking

productivity.

The

real

estate

sector

faces

headwinds

as

higher

interest

rates

have

increased

financing

costs

and

weighed

on

valuations

for

real

estate

investment

trusts

(REITs).

On

the

other

hand,

higher

rates

may

also

disincentivize

new

construction,

and

tight

supply

should

be

supportive

for

REITs.

*

Includes

the

cash

underlying

futures

positions.

SECURITY

DIVERSIFICATION

T.

ROWE

PRICE

Global

Allocation

Fund

6

Bonds

We

remain

overweight

below

investment-grade

bonds,

including

high

yield

bonds

and

floating

rate

loans.

High

yield

credit

fundamentals

and

higher

yields

remain

generally

supportive

in

the

face

of

slowing

economic

growth.

While

default

rates

are

rising

from

historically

low

levels,

we

do

not

believe

they

are

likely

to

spike.

We

are

overweight

floating

rate

loans,

which

offer

still-

attractive

valuations

and

yields.

The

resetting

rate

features

and

lower

duration

profile

of

these

loans

are

attractive,

particularly

if

rates

continue

to

drift

higher.

We

are

neutral

inflation-

linked

securities,

preferring

to

express

inflation

sensitivity

in

the

portfolio

through

real

assets

equities.

Although

inflation

is

showing

signs

of

slowing

and

lower

inflation

is

already

priced

in,

risks

of

inflation

reaccelerating

remain.

Within

international

fixed

income,

we

are

underweight

U.S.

dollar-hedged

international

bonds

as

yields

could

remain

volatile

amid

global

central

banks

balancing

inflation

and

*

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

4/30/23

10/31/23

Weighted

Average

Effective

Duration

(years)

6.1‌

5.4‌

Weighted

Average

Maturity

(years)

8.7‌

8.2‌

Credit

Quality

Diversification*

U.S.

Government

Agencies**

0.3‌%

0.6‌%

U.S.

Treasuries***

26.4‌ 

24.5‌ 

AAA

4.7‌ 

5.4‌ 

AA

5.8‌ 

6.7‌ 

A

14.6‌ 

14.4‌ 

BBB

21.2‌ 

22.6‌ 

BB

and

Below

26.4‌ 

25.0‌ 

Not

Rated

0.6‌ 

0.8‌ 

Total

100.0‌%

100.0‌%

T.

ROWE

PRICE

Global

Allocation

Fund

7

slowing

economic

growth.

We

are

overweight

emerging

markets

local

currency

bonds.

While

the

sector

could

benefit

from

central

banks

rate

cuts,

this

impact

is

likely

to

be

limited

until

developed

market

central

banks

move

off

their

current

hawkish

stance.

What

is

portfolio

management’s

outlook?

Despite

a

pullback

over

the

latter

half

of

the

period,

major

global

equity

and

fixed

income

markets

remained

in

positive

territory

for

the

12-month

period.

Economic

growth

has

been

mixed

across

regions

as

inflationary

pressures

and

central

bank

policies

diverged.

The

U.S.

and

Japanese

economies

have

proved

more

resilient,

although

there

has

been

some

evidence

of

cooling

in

the

U.S.

Conversely,

European

and

Chinese

economies

are

showing

signs

of

weakness.

Growth

in

China

has

been

hampered

by

the

decelerating

pace

of

economic

activity

and

continued

housing

market

stress.

As

inflation

recedes,

albeit

slowly,

we

believe

global

central

banks

may

be

approaching

a

peak

in

the

tightening

cycle,

which

could

remove

a

headwind

to

growth.

However,

divergent

approaches

to

monetary

policy

across

regions

underscores

the

uncertainty

in

the

current

environment.

The

Fed

is

steadfast

with

a

higher-for-longer

message

as

it

weighs

signs

of

moderating

inflation

with

higher

oil

prices

and

uncertainty

surrounding

government

funding.

The

European

Central

Bank

and

the

Bank

of

England

are

signaling

an

end

to

rate

hikes

amid

signs

that

the

economy

is

slowing

and

inflation

is

beginning

to

fall.

The

Bank

of

Japan,

meanwhile,

continues

its

ultra-easy

monetary

policy

as

it

considers

inflation

and

wage

growth

in

determining

a

path

forward.

We

expect

volatility

to

remain

elevated

in

the

near

term

as

the

effects

of

diminished

liquidity,

rising

energy

prices,

and

potentially

optimistic

earnings

expectations

are

reflected

in

markets.

Key

risks

to

global

markets

include

a

deeper-than-expected

decline

in

growth,

central

bank

missteps,

a

reacceleration

in

inflation,

a

trajectory

of

Chinese

growth,

and

geopolitical

tensions.

We

continue

to

evaluate

long‐term

valuations

and

early

indications

of

stabilization

or

improvement

in

macroeconomic

conditions

as

we

assess

where

there

may

be

opportunities

to

add

to

risk

assets.

The

elevated

levels

of

volatility

and

uncertainty

in

global

markets

underscore

the

value

of

our

thoughtful

strategic

investing

approach.

Given

the

uncertain

impact

of

forces

driving

global

financial

markets,

we

believe

that

the

Global

Allocation

Fund’s

broad

diversification,

combined

with

our

strength

in

fundamental

research,

can

add

value

over

the

long

term

and

help

mitigate

downside

risk

in

an

uncertain

market

environment.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Global

Allocation

Fund

8

RISKS

OF

STOCK

INVESTING

Stocks

generally

fluctuate

in

value

more

than

bonds

and

may

decline

significantly

over

short

time

periods.

There

is

a

chance

that

stock

prices

overall

will

decline

because

stock

markets

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

The

value

of

stocks

held

by

the

fund

may

decline

due

to

general

weakness

or

volatility

in

the

stock

markets

in

which

the

fund

invests

or

because

of

factors

that

affect

a

particular

company

or

industry.

RISKS

OF

INTERNATIONAL

INVESTING

Non-U.S.

securities

generally

carry

more

risk

than

funds

that

invest

strictly

in

U.S.

assets.

Funds

investing

in

a

single

country

or

in

a

limited

geographic

region

tend

to

be

riskier

than

more

diversified

funds.

Risks

can

result

from

varying

stages

of

economic

and

political

development;

differing

regulatory

environments,

trading

days,

and

accounting

standards;

and

higher

transaction

costs

of

non-U.S.

markets.

Non-U.S.

investments

are

also

subject

to

currency

risk,

or

a

decline

in

the

value

of

a

foreign

currency

versus

the

U.S.

dollar,

which

reduces

the

dollar

value

of

securities

denominated

in

that

currency.

The

risks

of

international

investing

are

heightened

for

securities

of

issuers

in

emerging

market

countries.

Emerging

market

countries

tend

to

have

economic

structures

that

are

less

diverse

and

mature,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

In

addition

to

the

risks

of

investing

in

international

developed

markets,

emerging

markets

are

more

susceptible

to

governmental

interference,

local

taxes

being

imposed

on

international

investments,

restrictions

on

gaining

access

to

sales

proceeds,

and

less

liquid

and

less

efficient

trading

markets.

RISKS

OF

INVESTING

IN

BONDS

Fixed

income

markets

can

be

adversely

affected

by

economic

and

other

market

developments.

Fixed

income

securities

are

subject

to

interest

rate

risk,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates.

Longer-

maturity

bonds

typically

decline

more

than

shorter

maturities.

Funds

that

invest

in

bonds

are

also

subject

to

credit

risk,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

T.

ROWE

PRICE

Global

Allocation

Fund

9

RISKS

OF

INVESTING

IN

ALTERNATIVES

The

fund’s

exposure

to

alternative

investments

may

be

more

correlated

to

the

broad

markets

than

anticipated

and

thus

may

not

realize

the

intended

benefits

of

such

investments.

A

hedge

fund

is

considered

an

illiquid

asset

by

the

fund;

is

not

subject

to

the

same

regulatory

requirements

as

mutual

funds;

and

could

underperform

comparable

hedge

funds.

Hedge

funds

often

engage

in

leveraging,

short

selling,

commodities

investing,

and

other

speculative

investment

practices

that

are

not

fully

disclosed

and

may

increase

the

risk

of

investment

loss.

Their

underlying

holdings

are

not

as

transparent

to

investors

as

those

of

traditional

mutual

funds,

and

the

redemption

rights

of

an

investor,

such

as

the

fund,

are

typically

limited.

These

factors

make

alternative

investments

more

difficult

to

value

and

monitor,

when

compared

with

more

traditional

investments,

and

increase

the

fund’s

overall

liquidity

risks.

BENCHMARK

INFORMATION

Note:

©2023

Morningstar,

Inc.

All

rights

reserved.

The

information

contained

herein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete,

or

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

Past

performance

is

no

guarantee

of

future

results.

T.

ROWE

PRICE

Global

Allocation

Fund

10

Microsoft

1.9‌%

Apple

1.2‌ 

Alphabet

1.0‌ 

Amazon.com

0.9‌ 

NVIDIA

0.8‌ 

Visa

0.6‌ 

Taiwan

Semiconductor

Manufacturing

0.6‌ 

Elevance

Health

0.5‌ 

JPMorgan

Chase

0.5‌ 

UnitedHealth

Group

0.5‌ 

Total

8.5‌%

U.S.

Treasuries

6.8‌%

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

3.9‌ 

T.

Rowe

Price

International

Bond

Fund

–

I

Class

3.1‌ 

T.

Rowe

Price

Institutional

High

Yield

Fund

2.5‌ 

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

–

I

Class

2.3‌ 

T.

Rowe

Price

Dynamic

Global

Bond

Fund

–

I

Class

2.1‌ 

T.

Rowe

Price

Institutional

Floating

Rate

Fund

1.1‌ 

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

–

I

Class

0.3‌ 

Federal

Home

Loan

Mortgage

Corp

-

Mortgages

0.2‌ 

Bank

of

America

0.1‌ 

Total

22.4‌%

PORTFOLIO

HIGHLIGHTS

LARGEST

HOLDINGS

Stocks

Percent

of

Net

Assets

10/31/23

Bonds

Percent

of

Net

Assets

10/31/23

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

11

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund returns

as

well

as

mutual fund

averages

and

indexes.

GLOBAL

ALLOCATION

FUND 

Note:

Performance

for

the Advisor

and

I

Class

shares

will

vary

due

to

their

differing

fee

structures.

See

the

Average

Annual

Compound

Total

Return

table

on

the

next

page. 

T.

ROWE

PRICE

Global

Allocation

Fund

12

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

EXPENSE

RATIO

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.

Periods

Ended

10/31/23

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Global

Allocation

Fund

–

.

6.62‌%

5.05‌%

4.95‌%

–‌

–

Global

Allocation

Fund–

.

Advisor  Class

6.38‌

4.73‌

4.70‌

–‌

–

Global

Allocation

Fund–

.

I  Class

6.75‌

5.16‌

–‌

5.96‌%

3/23/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

Global

Allocation

Fund

1.07‌%

Global

Allocation

Fund–Advisor

Class

1.39‌ 

Global

Allocation

Fund–I

Class

0.96‌ 

The

expense

ratio

shown

is

as

of

the

fund’s

most

recent

prospectus.

This

number

may

vary

from

the

expense

ratio

shown

elsewhere

in

this

report

because

it

is

based

on

a

different

time

period

and,

if

applicable,

includes

acquired

fund

fees

and

expenses

but

does

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Global

Allocation

Fund

13

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.

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.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

14

GLOBAL

ALLOCATION

FUND

Beginning

Account

Value

5/1/23

Ending

Account

Value

10/31/23

Expenses

Paid

During

Period*

5/1/23

to

10/31/23

Investor

Class

Actual

$1,000.00

$980.00

$3.69

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.48

  3.77

Advisor

Class

Actual

  1,000.00

  978.40

  5.04

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,020.11

  5.14

I

Class

Actual

  1,000.00

  980.10

  2.99

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.18

  3.06

*

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

(184),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.74%,

the

2

Advisor Class

was

1.01%,

and

the

3

I Class

was

0.60%.

FUND

EXPENSE

EXAMPLE

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

15

QUARTER-END

RETURNS

Periods

Ended

9/30/23

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Global

Allocation

Fund

–

.

12.49‌%

4.36‌%

5.43‌%

–‌

–

Global

Allocation

Fund–

.

Advisor  Class

12.11‌ 

4.03‌ 

5.18‌ 

–‌

–

Global

Allocation

Fund–

.

I  Class

12.69‌ 

4.48‌ 

–‌

6.30‌%

3/23/16

The

fund’s

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

Advisor

and

3

I

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

fund’s

fiscal

period.

It

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

ROWE

PRICE

Global

Allocation

Fund

Financial

Highlights

16

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

12.83‌

$

16.75‌

$

13.80‌

$

13.22‌

$

12.18‌

Investment

activities

Net

investment

income

(1)(2)

0.25‌

0.20‌

0.16‌

0.15‌

0.23‌

Net

realized

and

unrealized

gain/

loss

0.59‌

(2.95‌)

2.95‌

0.72‌

1.10‌

Total

from

investment

activities

0.84‌

(2.75‌)

3.11‌

0.87‌

1.33‌

Distributions

Net

investment

income

(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

(0.41‌)

(1.17‌)

(0.16‌)

(0.29‌)

(0.29‌)

NET

ASSET

VALUE

End

of

period

$

13.26‌

$

12.83‌

$

16.75‌

$

13.80‌

$

13.22‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.62‌%

(17.55‌)%

22.66‌%

6.65‌%

11.26‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.86‌%

0.86‌%

0.83‌%

0.84‌%

0.85‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.72‌%

0.73‌%

0.72‌%

0.73‌%

0.72‌%

Net

investment

income

1.89‌%

1.37‌%

1.01‌%

1.12‌%

1.85‌%

Portfolio

turnover

rate

50.5‌%

72.1‌%

42.2‌%

56.8‌%

43.1‌%

Net

assets,

end

of

period

(in

thousands)

$492,231

$708,365

$1,037,535

$731,173

$664,057

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

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.

T.

ROWE

PRICE

Global

Allocation

Fund

Financial

Highlights

17

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Advisor

Class

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

12.71‌

$

16.59‌

$

13.67‌

$

13.13‌

$

12.11‌

Investment

activities

Net

investment

income

(1)(2)

0.21‌

0.15‌

0.11‌

0.11‌

0.19‌

Net

realized

and

unrealized

gain/

loss

0.59‌

(2.93‌)

2.93‌

0.71‌

1.09‌

Total

from

investment

activities

0.80‌

(2.78‌)

3.04‌

0.82‌

1.28‌

Distributions

Net

investment

income

(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

(0.35‌)

(1.10‌)

(0.12‌)

(0.28‌)

(0.26‌)

NET

ASSET

VALUE

End

of

period

$

13.16‌

$

12.71‌

$

16.59‌

$

13.67‌

$

13.13‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.38‌%

(17.85‌)%

22.33‌%

6.31‌%

10.87‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

1.19‌%

1.18‌%

1.17‌%

1.17‌%

1.19‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.01‌%

1.02‌%

1.04‌%

1.05‌%

1.04‌%

Net

investment

income

1.59‌%

1.08‌%

0.70‌%

0.81‌%

1.53‌%

Portfolio

turnover

rate

50.5‌%

72.1‌%

42.2‌%

56.8‌%

43.1‌%

Net

assets,

end

of

period

(in

thousands)

$3,446

$4,457

$6,662

$10,435

$13,949

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

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.

T.

ROWE

PRICE

Global

Allocation

Fund

Financial

Highlights

18

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

..

Year

..

..

Ended

.

10/31/23

10/31/22

10/31/21

10/31/20

10/31/19

NET

ASSET

VALUE

Beginning

of

period

$

12.88‌

$

16.82‌

$

13.84‌

$

13.25‌

$

12.21‌

Investment

activities

Net

investment

income

(1)(2)

0.27‌

0.22‌

0.18‌

0.16‌

0.24‌

Net

realized

and

unrealized

gain/

loss

0.58‌

(2.97‌)

2.97‌

0.72‌

1.10‌

Total

from

investment

activities

0.85‌

(2.75‌)

3.15‌

0.88‌

1.34‌

Distributions

Net

investment

income

(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

(0.44‌)

(1.19‌)

(0.17‌)

(0.29‌)

(0.30‌)

NET

ASSET

VALUE

End

of

period

$

13.29‌

$

12.88‌

$

16.82‌

$

13.84‌

$

13.25‌

Ratios/Supplemental

Data

Total

return

(2)(3)

6.75‌%

(17.49‌)%

22.89‌%

6.71‌%

11.32‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.76‌%

0.75‌%

0.73‌%

0.75‌%

0.77‌%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.59‌%

0.60‌%

0.62‌%

0.63‌%

0.63‌%

Net

investment

income

1.99‌%

1.59‌%

1.11‌%

1.22‌%

1.92‌%

Portfolio

turnover

rate

50.5‌%

72.1‌%

42.2‌%

56.8‌%

43.1‌%

Net

assets,

end

of

period

(in

thousands)

$276,877

$241,804

$191,932

$104,623

$68,428

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

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.

T.

ROWE

PRICE

Global

Allocation

Fund

October

31,

2023

19

Portfolio

of

Investments

‡

Shares/Par

$

Value

(

Cost

and

value

in

$000s)

‡

ARGENTINA

0.2%

Common

Stocks

0.2%

Arcos

Dorados

Holdings,

Class

A

(USD) 

5,100‌

46‌

Globant

(USD)  (1)

1,964‌

335‌

MercadoLibre

(USD)  (1)

699‌

867‌

Tenaris,

ADR

(USD) 

1,961‌

61‌

Total

Argentina

(Cost

$679

)

1,309‌

AUSTRALIA

0.6%

Common

Stocks

0.6%

ALS 

6,155‌

42‌

ANZ

Group

Holdings 

10,543‌

166‌

Bellevue

Gold  (1)

48,197‌

44‌

BHP

Group 

46,466‌

1,315‌

BHP

Group

(GBP) 

13,861‌

394‌

BlueScope

Steel 

1,852‌

22‌

Capricorn

Metals  (1)

22,838‌

68‌

Challenger 

18,120‌

68‌

Cochlear 

546‌

84‌

Downer

EDI 

25,464‌

61‌

Emerald

Resources  (1)

104,113‌

171‌

Frontier

Digital

Ventures  (1)

204,396‌

51‌

Goodman

Group 

11,939‌

158‌

IDP

Education 

6,359‌

88‌

IGO 

27,871‌

169‌

Macquarie

Group 

1,791‌

184‌

Northern

Star

Resources 

38,942‌

285‌

oOh!media 

66,161‌

55‌

Pilbara

Minerals 

104,214‌

245‌

Red

5  (1)

128,986‌

26‌

Reliance

Worldwide 

19,880‌

44‌

Rio

Tinto 

2,221‌

166‌

Scentre

Group 

164,217‌

254‌

South32 

107,092‌

229‌

Worley 

27,229‌

285‌

4,674‌

Corporate

Bonds

0.0%

Transurban

Finance,

2.45%,

3/16/31

(USD)  (2)

140,000‌

108‌

Transurban

Finance,

4.125%,

2/2/26

(USD)  (2)

15,000‌

14‌

Woodside

Finance,

3.70%,

3/15/28

(USD)  (2)

67,000‌

60‌

T.

ROWE

PRICE

Global

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Woodside

Finance,

4.50%,

3/4/29

(USD)  (2)

105,000‌

96‌

278‌

Total

Australia

(Cost

$4,145

)

4,952‌

AUSTRIA

0.2%

Common

Stocks

0.2%

BAWAG

Group 

16,554‌

737‌

Erste

Group

Bank 

5,394‌

193‌

OMV 

3,886‌

171‌

Schoeller-Bleckmann

Oilfield

Equipment 

1,588‌

80‌

voestalpine 

1,570‌

39‌

Total

Austria

(Cost

$1,089

)

1,220‌

BAHRAIN

0.0%

Common

Stocks

0.0%

Aluminium

Bahrain 

41,214‌

119‌

Total

Bahrain

(Cost

$117

)

119‌

BANGLADESH

0.0%

Common

Stocks

0.0%

BRAC

Bank 

238,210‌

77‌

Square

Pharmaceuticals 

34,859‌

67‌

Total

Bangladesh

(Cost

$180

)

144‌

BELGIUM

0.0%

Common

Stocks

0.0%

KBC

Group 

1,186‌

65‌

Shurgard

Self

Storage 

2,214‌

83‌

Umicore 

6,077‌

144‌

Warehouses

De

Pauw 

2,694‌

67‌

Total

Belgium

(Cost

$411

)

359‌

BRAZIL

0.5%

Common

Stocks

0.5%

B3 

143,000‌

316‌

CI&T,

Class

A

(USD)  (1)(3)

6,558‌

30‌

Hypera 

29,839‌

179‌

Intelbras

Industria

de

Telecomunicacao

Eletronica

Brasileira 

18,000‌

69‌

T.

ROWE

PRICE

Global

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Klabin 

81,727‌

347‌

Localiza

Rent

a

Car 

83,346‌

843‌

Localiza

Rent

a

Car,

Rights,

11/17/23  (1)

597‌

1‌

Lojas

Renner 

31,473‌

77‌

Minerva 

36,909‌

55‌

Multiplan

Empreendimentos

Imobiliarios 

8,116‌

40‌

Raia

Drogasil 

141,838‌

726‌

Suzano 

13,839‌

142‌

Vale,

ADR

(USD) 

20,132‌

276‌

WEG 

35,000‌

229‌

XP,

Class

A

(USD) 

4,652‌

93‌

3,423‌

Preferred

Stocks

0.0%

Marcopolo 

180,172‌

186‌

186‌

Total

Brazil

(Cost

$3,421

)

3,609‌

CANADA

1.7%

Common

Stocks

1.4%

Agnico

Eagle

Mines 

3,192‌

150‌

Agnico

Eagle

Mines

(USD) 

1,855‌

87‌

Alamos

Gold,

Class

A 

9,120‌

113‌

Alamos

Gold,

Class

A

(USD)  (3)

5,416‌

67‌

Altus

Group 

3,395‌

115‌

Aritzia  (1)

5,778‌

90‌

ATS  (1)

2,666‌

90‌

B2Gold

(USD) 

12,024‌

39‌

Barrick

Gold

(USD) 

4,821‌

77‌

Boardwalk

Real

Estate

Investment

Trust  (3)

723‌

34‌

Brookfield 

6,638‌

193‌

BRP 

765‌

52‌

Calibre

Mining  (1)

34,832‌

36‌

Cameco

(USD)  (3)

6,746‌

276‌

Canadian

Apartment

Properties

REIT  (3)

1,485‌

44‌

Canadian

National

Railway

(USD)  (3)

1,516‌

160‌

Canadian

Natural

Resources 

2,166‌

138‌

Canadian

Pacific

Kansas

City

(USD) 

2,014‌

143‌

Cenovus

Energy 

6,249‌

119‌

Constellation

Software 

82‌

164‌

Constellation

Software,

Warrants,

3/31/40  (1)(4)

79‌

—‌

Definity

Financial 

11,998‌

332‌

dentalcorp

Holdings  (1)(3)

9,562‌

38‌

Descartes

Systems

Group  (1)

2,666‌

193‌

T.

ROWE

PRICE

Global

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Descartes

Systems

Group

(USD)  (1)(3)

901‌

65‌

Element

Fleet

Management 

29,789‌

403‌

ERO

Copper  (1)

30,478‌

414‌

Exchange

Income  (3)

2,604‌

80‌

Filo  (1)

8,793‌

115‌

First

Quantum

Minerals 

17,097‌

198‌

Franco-Nevada 

4,047‌

492‌

Franco-Nevada

(USD) 

2,039‌

248‌

G

Mining

Ventures  (1)

25,048‌

23‌

Granite

Real

Estate

Investment

Trust  (3)

1,436‌

65‌

Hudbay

Minerals

(USD)  (3)

7,905‌

34‌

Ivanhoe

Mines,

Class

A  (1)(3)

31,528‌

232‌

Jamieson

Wellness 

3,227‌

53‌

K92

Mining  (1)(3)

13,959‌

50‌

Karora

Resources  (1)

28,444‌

85‌

Kinross

Gold

(USD)  (3)

5,179‌

27‌

Lundin

Gold 

4,315‌

52‌

Magna

International

(USD)  (3)

5,765‌

277‌

Maple

Leaf

Foods 

3,600‌

72‌

National

Bank

of

Canada 

8,560‌

532‌

NGEx

Minerals  (1)

3,880‌

17‌

Nutrien

(USD) 

11,802‌

634‌

NuVista

Energy  (1)

11,894‌

115‌

Orla

Mining  (1)(3)

30,450‌

93‌

Osisko

Gold

Royalties 

1,038‌

13‌

Osisko

Mining  (1)

35,057‌

68‌

Osisko

Mining,

Warrants,

8/28/24  (1)

8,392‌

1‌

Parex

Resources 

3,467‌

66‌

Richelieu

Hardware  (3)

3,275‌

98‌

Shopify,

Class

A  (1)

4,301‌

203‌

Shopify,

Class

A

(USD)  (1)

10,203‌

481‌

Skeena

Resources  (1)

5,921‌

21‌

SNC-Lavalin

Group 

4,455‌

124‌

Snowline

Gold  (1)

2,127‌

6‌

Snowline

Gold  (1)

3,181‌

10‌

Spin

Master 

5,761‌

138‌

StorageVault

Canada 

45,078‌

140‌

Sun

Life

Financial 

8,377‌

383‌

Suncor

Energy 

11,428‌

370‌

Teck

Resources,

Class

B

(USD) 

6,119‌

216‌

TELUS

International

CDA  (1)

467‌

3‌

TMX

Group 

9,675‌

201‌

Tourmaline

Oil 

862‌

46‌

Wesdome

Gold

Mines  (1)

40,055‌

214‌

West

Fraser

Timber 

978‌

66‌

Wheaton

Precious

Metals 

6,883‌

291‌

T.

ROWE

PRICE

Global

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wheaton

Precious

Metals

(USD)  (3)

7,928‌

335‌

Whitecap

Resources  (3)

9,564‌

74‌

10,694‌

Corporate

Bonds

0.2%

Canadian

Natural

Resources,

2.95%,

7/15/30

(USD) 

110,000‌

89‌

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD) 

130,000‌

116‌

Canadian

Pacific

Railway,

2.875%,

11/15/29

(USD) 

235,000‌

198‌

Canadian

Pacific

Railway,

3.50%,

5/1/50

(USD) 

155,000‌

99‌

Canadian

Pacific

Railway,

4.30%,

5/15/43

(USD) 

25,000‌

19‌

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD) 

250,000‌

188‌

Thomson

Reuters,

3.35%,

5/15/26

(USD) 

10,000‌

9‌

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD) 

145,000‌

134‌

TransCanada

PipeLines,

6.203%,

3/9/26

(USD) 

240,000‌

239‌

1,091‌

Government

Bonds

0.1%

Province

of

Alberta,

3.30%,

3/15/28

(USD) 

135,000‌

125‌

Province

of

British

Columbia,

4.20%,

7/6/33

(USD) 

320,000‌

292‌

Province

of

Manitoba,

Series

GX,

2.60%,

4/16/24

(USD)  (3)

270,000‌

266‌

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD) 

250,000‌

234‌

Province

of

Quebec,

Series

QO,

2.875%,

10/16/24

(USD) 

50,000‌

49‌

966‌

Total

Canada

(Cost

$12,926

)

12,751‌

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

457‌

Total

Cayman

Islands

(Cost

$89

)

457‌

CHILE

0.1%

Common

Stocks

0.1%

Antofagasta

(GBP) 

14,607‌

239‌

Banco

Santander

Chile,

ADR

(USD)  (3)

9,011‌

156‌

Sociedad

Quimica

y

Minera

de

Chile,

ADR

(USD) 

885‌

43‌

438‌

Corporate

Bonds

0.0%

Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD) 

250,000‌

190‌

Corp

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD)  (2)

220,000‌

183‌

373‌

Total

Chile

(Cost

$783

)

811‌

T.

ROWE

PRICE

Global

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CHINA

1.9%

Common

Stocks

1.3%

58.com

(USD)  (1)(4)

5,864‌

—‌

Alibaba

Group

Holding

(HKD)  (1)

42,220‌

435‌

Alibaba

Group

Holding,

ADR

(USD)  (1)

13,129‌

1,084‌

Aluminum

Corp.

of

China,

Class

H

(HKD) 

10,000‌

5‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $16

(USD)  (1)(4)(5)

16,329‌

16‌

Baidu,

ADR

(USD)  (1)

638‌

67‌

BeiGene,

ADR

(USD)  (1)

477‌

89‌

Beijing

Enterprises

Holdings

(HKD) 

21,500‌

72‌

BOE

Varitronix

(HKD) 

49,000‌

42‌

Bosideng

International

Holdings

(HKD) 

126,000‌

50‌

China

Hongqiao

Group

(HKD) 

18,000‌

17‌

China

Overseas

Land

&

Investment

(HKD) 

105,500‌

199‌

China

Overseas

Property

Holdings

(HKD) 

90,000‌

78‌

China

Resources

Gas

Group

(HKD) 

39,600‌

117‌

China

Resources

Mixc

Lifestyle

Services

(HKD) 

50,800‌

198‌

Fosun

International

(HKD) 

49,500‌

30‌

H

World

Group

(HKD)  (1)

51,800‌

195‌

Haier

Smart

Home,

Class

H

(HKD) 

36,400‌

104‌

Hesai

Group,

ADR

(USD)  (1)(3)

856‌

8‌

JD

Health

International

(HKD)  (1)

11,250‌

51‌

JD.com,

Class

A

(HKD) 

7,676‌

98‌

Jiumaojiu

International

Holdings

(HKD) 

151,000‌

164‌

JOYY,

ADR

(USD)  (3)

1,185‌

46‌

Kanzhun,

ADR

(USD)  (1)

20,225‌

299‌

KE

Holdings,

ADR

(USD) 

27,349‌

402‌

Li

Auto,

ADR

(USD)  (1)

16,238‌

549‌

Li

Auto,

Class

A

(HKD)  (1)

1,400‌

24‌

Li

Ning

(HKD) 

95,000‌

291‌

Nongfu

Spring,

Class

H

(HKD) 

40,200‌

229‌

PDD

Holdings,

ADR

(USD)  (1)

4,198‌

426‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

14,000‌

71‌

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD) 

110,400‌

102‌

Silergy

(TWD) 

4,000‌

36‌

Tencent

Holdings

(HKD) 

48,254‌

1,786‌

Tsingtao

Brewery,

Class

H

(HKD) 

18,000‌

136‌

Yangzijiang

Shipbuilding

Holdings

(SGD) 

228,300‌

242‌

Yum

China

Holdings

(HKD) 

3,550‌

186‌

Yum

China

Holdings

(USD) 

30,761‌

1,617‌

Zhongsheng

Group

Holdings

(HKD) 

285,500‌

659‌

Zijin

Mining

Group,

Class

H

(HKD) 

10,000‌

15‌

10,235‌

T.

ROWE

PRICE

Global

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Common

Stocks

-

China

A

Shares

0.6%

Beijing

Career

International,

A

Shares

(CNH) 

9,600‌

40‌

Bethel

Automotive

Safety

Systems,

A

Shares

(CNH) 

4,600‌

48‌

Chacha

Food,

A

Shares

(CNH) 

39,800‌

201‌

China

Oilfield

Services,

A

Shares

(CNH) 

56,200‌

120‌

Focus

Media

Information

Technology,

A

Shares

(CNH) 

335,900‌

317‌

Fuyao

Glass

Industry

Group,

A

Shares

(CNH) 

154,112‌

784‌

Hangcha

Group,

A

Shares

(CNH) 

62,000‌

186‌

Hongfa

Technology,

A

Shares

(CNH) 

61,500‌

244‌

Hundsun

Technologies,

A

Shares

(CNH) 

2,910‌

12‌

Jason

Furniture

Hangzhou,

A

Shares

(CNH) 

24,094‌

122‌

Kweichow

Moutai,

A

Shares

(CNH) 

1,260‌

290‌

Moon

Environment

Technology,

A

Shares

(CNH) 

27,900‌

49‌

NARI

Technology,

A

Shares

(CNH) 

33,221‌

103‌

Pony

Testing

International

Group,

A

Shares

(CNH) 

81,146‌

148‌

Qingdao

Hiron

Commercial

Cold

Chain,

A

Shares

(CNH) 

17,980‌

40‌

Sangfor

Technologies,

A

Shares

(CNH)  (1)

500‌

6‌

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH) 

34,600‌

131‌

Shenzhen

Inovance

Technology,

A

Shares

(CNH) 

32,348‌

267‌

Shenzhen

Megmeet

Electrical,

A

Shares

(CNH) 

28,700‌

102‌

SUPCON

Technology,

A

Shares

(CNH) 

5,534‌

33‌

Warom

Technology,

A

Shares

(CNH) 

30,220‌

70‌

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH) 

28,600‌

112‌

Yifeng

Pharmacy

Chain,

A

Shares

(CNH) 

119,947‌

537‌

YTO

Express

Group,

A

Shares

(CNH) 

24,100‌

45‌

Yunnan

Aluminium,

A

Shares

(CNH) 

36,700‌

70‌

Zhejiang

Dingli

Machinery,

A

Shares

(CNH) 

10,200‌

76‌

ZWSOFT

Guangzhou,

A

Shares

(CNH) 

9,903‌

146‌

4,299‌

Corporate

Bonds

0.0%

Weibo,

3.50%,

7/5/24

(USD) 

255,000‌

250‌

250‌

Total

China

(Cost

$16,356

)

14,784‌

COLOMBIA

0.0%

Common

Stocks

0.0%

Geopark

(USD) 

3,425‌

34‌

Total

Colombia

(Cost

$35

)

34‌

T.

ROWE

PRICE

Global

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CYPRUS

0.0%

Common

Stocks

0.0%

TCS

Group

Holding,

GDR

(USD)  (1)(4)

584‌

—‌

Total

Cyprus

(Cost

$32

)

—‌

DENMARK

0.3%

Common

Stocks

0.3%

Genmab  (1)

737‌

208‌

Novo

Nordisk,

ADR

(USD) 

2,263‌

219‌

Novo

Nordisk,

Class

B 

17,279‌

1,667‌

Royal

Unibrew 

1,024‌

74‌

Zealand

Pharma  (1)

3,256‌

135‌

2,303‌

Corporate

Bonds

0.0%

Danske

Bank,

VR,

3.244%,

12/20/25

(USD)  (2)(6)

335,000‌

321‌

321‌

Total

Denmark

(Cost

$2,259

)

2,624‌

EGYPT

0.0%

Common

Stocks

0.0%

Integrated

Diagnostics

Holdings

(USD)  (1)

105,256‌

40‌

Total

Egypt

(Cost

$97

)

40‌

ESTONIA

0.0%

Common

Stocks

0.0%

Enefit

Green 

5,360‌

22‌

Total

Estonia

(Cost

$21

)

22‌

FINLAND

0.2%

Common

Stocks

0.2%

Elisa 

6,054‌

257‌

Mandatum  (1)

14,373‌

55‌

Sampo,

Class

A 

19,453‌

765‌

Stora

Enso,

Class

R 

16,191‌

195‌

Valmet 

14,641‌

329‌

Total

Finland

(Cost

$1,547

)

1,601‌

T.

ROWE

PRICE

Global

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

FRANCE

1.7%

Common

Stocks

1.6%

Air

Liquide 

2,128‌

365‌

Airbus 

6,402‌

858‌

Alstom 

3,288‌

44‌

ArcelorMittal 

8,444‌

187‌

AXA 

28,641‌

849‌

BNP

Paribas 

7,334‌

422‌

Capgemini 

808‌

143‌

Cie

de

Saint-Gobain 

1,407‌

77‌

Dassault

Aviation 

1,118‌

222‌

Edenred 

5,577‌

297‌

Engie 

41,374‌

658‌

Eramet 

913‌

63‌

Esker 

554‌

70‌

EssilorLuxottica 

3,426‌

620‌

Eurofins

Scientific 

7,445‌

378‌

Euronext 

4,839‌

337‌

Forvia  (1)

2,511‌

42‌

Gaztransport

Et

Technigaz 

1,208‌

154‌

Gecina 

892‌

87‌

Kering 

627‌

255‌

L'Oreal 

882‌

371‌

Legrand 

3,479‌

301‌

LVMH

Moet

Hennessy

Louis

Vuitton 

1,120‌

802‌

Nexity 

4,296‌

60‌

Remy

Cointreau 

2,341‌

266‌

Safran 

2,989‌

467‌

Sanofi 

9,668‌

878‌

Sartorius

Stedim

Biotech 

1,559‌

292‌

Schneider

Electric 

252‌

39‌

SPIE 

11,406‌

300‌

Teleperformance 

920‌

106‌

Thales 

928‌

137‌

Tikehau

Capital 

4,628‌

95‌

TotalEnergies 

32,188‌

2,152‌

Ubisoft

Entertainment  (1)

2,727‌

78‌

Virbac 

323‌

93‌

12,565‌

Corporate

Bonds

0.1%

BNP

Paribas,

VR,

2.871%,

4/19/32

(USD)  (2)(6)

350,000‌

267‌

BPCE,

4.50%,

3/15/25

(USD)  (2)

400,000‌

386‌

T.

ROWE

PRICE

Global

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

TotalEnergies

Capital

International,

2.434%,

1/10/25

(USD) 

275,000‌

265‌

918‌

Total

France

(Cost

$10,982

)

13,483‌

GERMANY

1.5%

Common

Stocks

1.4%

Adesso 

551‌

52‌

Auto1

Group  (1)

2,789‌

16‌

BASF 

5,400‌

249‌

Bayer 

8,355‌

361‌

Brenntag 

846‌

63‌

CANCOM 

3,295‌

82‌

Covestro  (1)

7,566‌

383‌

Daimler

Truck

Holding 

13,598‌

427‌

Deutsche

Boerse 

539‌

89‌

Deutsche

Post 

2,521‌

98‌

Deutsche

Telekom  (7)

45,079‌

978‌

Evotec  (1)

20,049‌

347‌

flatexDEGIRO  (1)(3)

19,425‌

197‌

Fresenius 

9,659‌

248‌

Hannover

Rueck 

1,350‌

298‌

Heidelberg

Materials 

903‌

66‌

Hypoport  (1)

418‌

51‌

Infineon

Technologies 

8,217‌

240‌

KION

Group 

4,583‌

141‌

Knaus

Tabbert 

1,521‌

70‌

LEG

Immobilien  (1)

1,465‌

92‌

Mercedes-Benz

Group 

1,439‌

85‌

Merck 

2,003‌

303‌

Munich

Re 

1,774‌

712‌

Nagarro  (1)(3)

856‌

60‌

Puma 

7,431‌

421‌

Redcare

Pharmacy  (1)

2,360‌

264‌

SAP 

9,696‌

1,301‌

Schott

Pharma  (1)

5,036‌

146‌

Scout24 

5,569‌

343‌

Siemens 

14,972‌

1,987‌

Siemens

Healthineers 

6,734‌

331‌

Siltronic 

1,757‌

151‌

Symrise 

2,481‌

254‌

Zalando  (1)

6,550‌

153‌

11,059‌

T.

ROWE

PRICE

Global

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD)  (2)

155,000‌

144‌

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD)  (2)

155,000‌

152‌

296‌

Preferred

Stocks

0.1%

Dr.

Ing.

h.c.

F.

Porsche 

2,972‌

260‌

Sartorius  (3)

936‌

235‌

Volkswagen 

765‌

81‌

576‌

Total

Germany

(Cost

$11,072

)

11,931‌

HONG

KONG

0.3%

Common

Stocks

0.3%

AIA

Group 

136,200‌

1,183‌

ASMPT 

10,700‌

91‌

Budweiser

Brewing

APAC 

227,900‌

433‌

CK

Hutchison

Holdings 

10,000‌

51‌

Galaxy

Entertainment

Group 

13,000‌

73‌

Hong

Kong

Exchanges

&

Clearing 

2,500‌

87‌

Hongkong

Land

Holdings

(USD) 

13,200‌

42‌

Impro

Precision

Industries 

235,000‌

63‌

Kerry

Properties 

17,000‌

29‌

Samsonite

International  (1)

41,400‌

128‌

Sun

Hung

Kai

Properties 

9,583‌

98‌

Wharf

Real

Estate

Investment 

32,000‌

112‌

Total

Hong

Kong

(Cost

$2,321

)

2,390‌

HUNGARY

0.1%

Common

Stocks

0.1%

OTP

Bank 

12,193‌

454‌

Total

Hungary

(Cost

$382

)

454‌

ICELAND

0.0%

Common

Stocks

0.0%

Marel 

37,966‌

105‌

Total

Iceland

(Cost

$179

)

105‌

T.

ROWE

PRICE

Global

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

INDIA

1.1%

Common

Stocks

1.1%

Asian

Paints 

8,507‌

307‌

Astral 

6,582‌

146‌

Axis

Bank 

45,426‌

535‌

Blue

Star 

10,091‌

108‌

CreditAccess

Grameen  (1)

7,160‌

136‌

Dixon

Technologies

India 

1,183‌

73‌

FSN

E-Commerce

Ventures  (1)

19,029‌

32‌

HDFC

Asset

Management 

6,526‌

215‌

HDFC

Bank 

45,661‌

809‌

HDFC

Life

Insurance 

73,411‌

548‌

Hindalco

Industries 

3,841‌

21‌

Hindustan

Unilever 

7,978‌

238‌

ICICI

Bank 

31,492‌

347‌

ICICI

Bank,

ADR

(USD) 

3,855‌

86‌

Info

Edge

India 

1,452‌

72‌

Infosys 

44,485‌

733‌

Jio

Financial

Services  (1)

21,714‌

57‌

Kotak

Mahindra

Bank 

17,589‌

367‌

Larsen

&

Toubro 

11,609‌

408‌

Maruti

Suzuki

India 

1,833‌

229‌

Nexus

Select

Trust  (1)

27,177‌

41‌

NTPC 

72,154‌

205‌

Page

Industries 

202‌

91‌

Polycab

India 

2,328‌

137‌

Reliance

Industries 

32,686‌

899‌

Shriram

Finance 

3,499‌

79‌

Tata

Consultancy

Services 

6,272‌

254‌

TeamLease

Services  (1)

2,245‌

63‌

Titan 

3,947‌

151‌

Torrent

Pharmaceuticals 

3,254‌

75‌

Varun

Beverages 

5,060‌

56‌

Voltas 

44,567‌

448‌

Zomato  (1)

107,318‌

135‌

Total

India

(Cost

$7,079

)

8,101‌

INDONESIA

0.1%

Common

Stocks

0.1%

Bank

Central

Asia 

1,164,300‌

641‌

Sarana

Menara

Nusantara 

895,200‌

50‌

T.

ROWE

PRICE

Global

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Sumber

Alfaria

Trijaya 

933,000‌

170‌

Total

Indonesia

(Cost

$478

)

861‌

IRELAND

0.1%

Common

Stocks

0.0%

Cairn

Homes

(GBP)  (3)

119,516‌

140‌

DCC

(GBP) 

3,039‌

169‌

Kenmare

Resources

(GBP) 

9,358‌

45‌

Kerry

Group,

Class

A 

475‌

37‌

391‌

Corporate

Bonds

0.1%

AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD) 

150,000‌

133‌

AerCap

Ireland

Capital,

5.75%,

6/6/28

(USD) 

265,000‌

254‌

Avolon

Holdings

Funding,

3.95%,

7/1/24

(USD)  (2)

70,000‌

68‌

Avolon

Holdings

Funding,

5.25%,

5/15/24

(USD)  (2)

215,000‌

212‌

667‌

Total

Ireland

(Cost

$1,092

)

1,058‌

ITALY

0.6%

Common

Stocks

0.6%

Amplifon 

15,755‌

445‌

Ariston

Holding 

12,305‌

69‌

Banca

Mediolanum 

11,022‌

90‌

BFF

Bank 

12,675‌

122‌

Carel

Industries 

6,205‌

129‌

Davide

Campari-Milano 

21,893‌

242‌

De'

Longhi 

7,506‌

168‌

DiaSorin 

1,056‌

95‌

Enel 

91,174‌

579‌

Ermenegildo

Zegna

(USD)  (3)

18,036‌

201‌

Ferrari 

1,374‌

416‌

FinecoBank

Banca

Fineco 

10,360‌

122‌

GVS  (1)

11,560‌

52‌

Intesa

Sanpaolo 

172,826‌

450‌

Leonardo 

7,135‌

108‌

Moncler 

3,974‌

206‌

PRADA

(HKD) 

32,700‌

197‌

Prysmian 

13,545‌

507‌

Stellantis 

5,752‌

107‌

Technoprobe  (1)

10,649‌

78‌

UniCredit 

7,155‌

179‌

4,562‌

T.

ROWE

PRICE

Global

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

Enel

Finance

International,

1.875%,

7/12/28

(USD)  (2)

200,000‌

164‌

164‌

Total

Italy

(Cost

$3,669

)

4,726‌

JAPAN

3.9%

Common

Stocks

3.8%

Aida

Engineering 

8,600‌

51‌

Aiful 

157,000‌

395‌

ARE

Holdings 

600‌

8‌

Asahi

Group

Holdings 

3,200‌

116‌

Asahi

Kasei 

21,300‌

131‌

Astellas

Pharma 

56,000‌

708‌

Calbee 

3,500‌

67‌

Central

Japan

Railway 

6,000‌

135‌

Chugai

Pharmaceutical 

5,500‌

163‌

CyberAgent 

20,600‌

108‌

Daiei

Kankyo 

18,100‌

250‌

Daiichi

Sankyo 

3,200‌

83‌

Daikin

Industries 

1,900‌

274‌

Daiwabo

Holdings 

5,600‌

106‌

Denso 

16,800‌

248‌

Dexerials 

1,600‌

37‌

DIC 

5,200‌

82‌

Disco 

1,700‌

300‌

eGuarantee 

3,000‌

35‌

Eiken

Chemical 

7,600‌

75‌

Electric

Power

Development 

26,800‌

411‌

Fast

Retailing 

300‌

66‌

Fujitsu 

1,000‌

130‌

Fukui

Computer

Holdings 

1,800‌

31‌

Fukuoka

Financial

Group 

2,700‌

71‌

Fuso

Chemical 

1,800‌

49‌

GMO

Payment

Gateway 

1,600‌

64‌

Hamamatsu

Photonics 

7,100‌

264‌

Hanwa 

8,000‌

241‌

Hikari

Tsushin 

3,000‌

433‌

Hitachi 

8,700‌

551‌

Honda

Motor 

53,200‌

545‌

Horiba 

4,800‌

243‌

Hoshino

Resorts

REIT  (3)

10‌

39‌

Hoshizaki 

5,900‌

191‌

Idec 

5,900‌

106‌

IHI 

2,100‌

40‌

T.

ROWE

PRICE

Global

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Industrial

&

Infrastructure

Fund

Investment 

46‌

41‌

Inpex 

25,800‌

374‌

Internet

Initiative

Japan 

7,000‌

113‌

Invincible

Investment 

210‌

81‌

Isetan

Mitsukoshi

Holdings 

3,900‌

44‌

ITOCHU 

13,600‌

490‌

JMDC  (3)

2,300‌

64‌

Kao 

9,300‌

339‌

Katitas 

4,200‌

56‌

Keyence 

900‌

348‌

Kirin

Holdings 

8,500‌

119‌

Konica

Minolta  (1)

7,900‌

22‌

Kuraray 

22,300‌

255‌

Kyoritsu

Maintenance 

600‌

23‌

LY 

76,600‌

195‌

MatsukiyoCocokara 

4,800‌

84‌

Medley  (1)

1,600‌

46‌

Mercari  (1)(3)

1,900‌

38‌

METAWATER 

6,400‌

81‌

MINEBEA

MITSUMI 

2,500‌

39‌

Mitsubishi 

5,100‌

238‌

Mitsubishi

Electric 

45,400‌

521‌

Mitsubishi

Estate 

7,100‌

91‌

Mitsubishi

HC

Capital 

20,100‌

133‌

Mitsubishi

UFJ

Financial

Group 

115,300‌

967‌

Mitsui

Chemicals 

9,600‌

242‌

Mitsui

Fudosan 

40,300‌

874‌

Mitsui

Fudosan

Logistics

Park 

28‌

85‌

Miura 

5,900‌

114‌

Modec  (1)

7,300‌

80‌

Murata

Manufacturing 

19,000‌

325‌

Musashi

Seimitsu

Industry 

4,400‌

42‌

Nakanishi 

4,500‌

99‌

Nexon 

7,200‌

132‌

Nextage 

24,000‌

332‌

NIDEC 

2,600‌

95‌

Nifco 

1,800‌

42‌

Nippon

Ceramic 

2,800‌

49‌

Nippon

Sanso

Holdings 

4,400‌

111‌

Nippon

Seiki 

11,000‌

78‌

Nippon

Shokubai 

900‌

33‌

Nippon

Soda 

6,300‌

226‌

Nippon

Steel 

28,200‌

608‌

Nippon

Telegraph

&

Telephone 

1,142,900‌

1,345‌

Nipro 

20,000‌

152‌

Niterra 

8,600‌

193‌

T.

ROWE

PRICE

Global

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Nitori

Holdings 

1,800‌

195‌

Nomura

Research

Institute 

4,100‌

108‌

NTT

Data

Group 

28,700‌

354‌

Obara

Group 

5,500‌

132‌

Olympus 

19,400‌

259‌

Omron 

2,500‌

90‌

Oriental

Land 

3,700‌

120‌

ORIX 

22,000‌

400‌

Otsuka

Holdings 

7,100‌

239‌

Outsourcing 

6,200‌

46‌

Panasonic

Holdings 

21,100‌

185‌

Persol

Holdings 

231,300‌

347‌

Plus

Alpha

Consulting 

2,900‌

47‌

Recruit

Holdings 

14,900‌

427‌

Renesas

Electronics  (1)

10,400‌

137‌

Resona

Holdings 

89,800‌

480‌

Rohto

Pharmaceutical 

4,500‌

105‌

Sakata

INX 

16,200‌

135‌

Sankyu 

1,700‌

51‌

Sanwa

Holdings 

5,100‌

69‌

Seibu

Giken  (1)

3,100‌

51‌

Seven

&

i

Holdings 

18,700‌

685‌

SHIFT  (1)(3)

600‌

109‌

Shimadzu 

6,800‌

161‌

Shin-Etsu

Chemical 

9,300‌

278‌

Shiseido 

3,300‌

105‌

SMC 

300‌

139‌

Socionext 

300‌

29‌

Sompo

Holdings 

2,100‌

91‌

Sony

Group 

11,700‌

973‌

Stanley

Electric 

15,300‌

245‌

SUMCO 

3,900‌

50‌

Sumitomo 

17,700‌

348‌

Sumitomo

Densetsu 

7,900‌

139‌

Sumitomo

Metal

Mining 

2,100‌

59‌

Sumitomo

Mitsui

Trust

Holdings 

3,100‌

116‌

Sumitomo

Seika

Chemicals 

2,600‌

80‌

Suntory

Beverage

&

Food 

3,800‌

114‌

Suzuki

Motor 

13,200‌

512‌

Taiheiyo

Cement 

20,000‌

343‌

Takeda

Pharmaceutical 

2,700‌

73‌

Takeuchi

Manufacturing 

4,100‌

117‌

Takuma 

5,800‌

56‌

TechnoPro

Holdings 

7,900‌

157‌

THK 

5,600‌

100‌

TKP  (1)(3)

6,000‌

82‌

T.

ROWE

PRICE

Global

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Tokai

Carbon 

26,900‌

206‌

Tokio

Marine

Holdings 

25,800‌

577‌

Tokyo

Century 

2,900‌

112‌

Tokyo

Electron 

4,600‌

608‌

Tokyo

Seimitsu 

1,600‌

75‌

Tokyo

Tatemono 

17,000‌

226‌

Tokyu

REIT 

23‌

27‌

Tosoh 

1,500‌

18‌

Toyo

Tire 

11,300‌

168‌

Toyota

Industries 

4,700‌

348‌

Toyota

Motor 

44,400‌

777‌

TRYT  (1)(3)

12,700‌

59‌

Visional  (1)

2,400‌

118‌

Welcia

Holdings 

3,800‌

63‌

Yellow

Hat 

9,800‌

119‌

29,545‌

Corporate

Bonds

0.1%

Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD)  (6)

300,000‌

265‌

265‌

Total

Japan

(Cost

$26,266

)

29,810‌

KAZAKHSTAN

0.1%

Common

Stocks

0.1%

Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD) 

8,773‌

110‌

Kaspi.KZ,

GDR

(USD) 

3,227‌

291‌

NAC

Kazatomprom,

GDR

(USD) 

5,973‌

242‌

Total

Kazakhstan

(Cost

$417

)

643‌

KENYA

0.0%

Common

Stocks

0.0%

Safaricom 

46,300‌

4‌

Total

Kenya

(Cost

$16

)

4‌

MALAYSIA

0.0%

Common

Stocks

0.0%

CIMB

Group

Holdings 

154,200‌

185‌

Total

Malaysia

(Cost

$181

)

185‌

T.

ROWE

PRICE

Global

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

MAURITIUS

0.0%

Common

Stocks

0.0%

Alphamin

Resources

(CAD) 

26,673‌

18‌

Total

Mauritius

(Cost

$17

)

18‌

MEXICO

0.3%

Common

Stocks

0.3%

Becle 

50,200‌

89‌

Corp

Inmobiliaria

Vesta  (3)

30,900‌

97‌

Corp.

Inmobiliaria

Vesta,

ADR

(USD) 

871‌

27‌

Fomento

Economico

Mexicano,

ADR

(USD) 

280‌

32‌

Gruma,

Class

B 

14,010‌

244‌

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) 

299‌

65‌

Grupo

Financiero

Banorte,

Class

O 

27,800‌

225‌

Grupo

Mexico,

Series

B 

84,676‌

351‌

Industrias

Penoles  (1)(3)

3,618‌

40‌

Wal-Mart

de

Mexico 

190,393‌

682‌

1,852‌

Corporate

Bonds

0.0%

BBVA

Bancomer,

4.375%,

4/10/24

(USD)  (2)

150,000‌

149‌

149‌

Government

Bonds

0.0%

United

Mexican

States,

3.50%,

2/12/34

(USD) 

305,000‌

234‌

234‌

Total

Mexico

(Cost

$2,096

)

2,235‌

MOROCCO

0.1%

Common

Stocks

0.1%

Attijariwafa

Bank 

3,814‌

172‌

Hightech

Payment

Systems 

2,280‌

139‌

Label

Vie 

196‌

84‌

Total

Morocco

(Cost

$371

)

395‌

NETHERLANDS

1.1%

Common

Stocks

1.0%

Aalberts 

2,316‌

72‌

Adyen  (1)

409‌

276‌

AerCap

Holdings

(USD)  (1)

1,496‌

93‌

T.

ROWE

PRICE

Global

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Akzo

Nobel 

13,148‌

882‌

Argenx,

ADR

(USD)  (1)

418‌

196‌

ASML

Holding 

3,521‌

2,117‌

ASML

Holding

(USD) 

605‌

362‌

ASR

Nederland 

5,983‌

223‌

DSM-Firmenich 

541‌

49‌

Heineken 

10,525‌

946‌

IMCD 

1,433‌

172‌

ING

Groep 

85,110‌

1,091‌

Koninklijke

Philips  (1)

19,426‌

370‌

Prosus  (1)

20,676‌

580‌

Signify 

2,448‌

63‌

Universal

Music

Group 

11,514‌

282‌

Van

Lanschot

Kempen,

CVA 

3,763‌

101‌

7,875‌

Corporate

Bonds

0.1%

ING

Groep,

3.55%,

4/9/24

(USD) 

255,000‌

252‌

JDE

Peet's,

1.375%,

1/15/27

(USD)  (2)

290,000‌

249‌

NXP,

2.65%,

2/15/32

(USD) 

375,000‌

282‌

Shell

International

Finance,

3.25%,

5/11/25

(USD) 

75,000‌

73‌

856‌

Total

Netherlands

(Cost

$7,118

)

8,731‌

NEW

ZEALAND

0.0%

Common

Stocks

0.0%

Fisher

&

Paykel

Healthcare 

5,363‌

65‌

Total

New

Zealand

(Cost

$18

)

65‌

NORWAY

0.4%

Common

Stocks

0.4%

DNB

Bank 

38,147‌

688‌

Equinor 

28,108‌

942‌

Norsk

Hydro 

22,074‌

126‌

Seadrill

(USD)  (1)

8,485‌

335‌

Storebrand 

52,422‌

438‌

Subsea

7 

9,599‌

126‌

TGS 

15,260‌

209‌

Total

Norway

(Cost

$2,077

)

2,864‌

T.

ROWE

PRICE

Global

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PAKISTAN

0.0%

Common

Stocks

0.0%

Systems 

27,364‌

40‌

Total

Pakistan

(Cost

$41

)

40‌

PANAMA

0.0%

Common

Stocks

0.0%

Banco

Latinoamericano

de

Comercio

Exterior,

Class

E

(USD) 

2,663‌

60‌

60‌

Government

Bonds

0.0%

Republic

of

Panama,

6.70%,

1/26/36

(USD) 

25,000‌

24‌

24‌

Total

Panama

(Cost

$84

)

84‌

PERU

0.1%

Common

Stocks

0.1%

Credicorp

(USD) 

1,288‌

161‌

InRetail

Peru

(USD) 

1,548‌

48‌

Southern

Copper

(USD) 

12,779‌

906‌

Total

Peru

(Cost

$1,157

)

1,115‌

PHILIPPINES

0.1%

Common

Stocks

0.1%

BDO

Unibank 

155,762‌

351‌

Converge

Information

and

Communications

Technology

Solutions  (1)

461,500‌

68‌

Jollibee

Foods 

67,340‌

244‌

SM

Investments 

6,040‌

85‌

Universal

Robina 

59,270‌

114‌

Total

Philippines

(Cost

$889

)

862‌

POLAND

0.0%

Government

Bonds

0.0%

Republic

of

Poland,

3.25%,

4/6/26

(USD) 

55,000‌

52‌

Total

Poland

(Cost

$55

)

52‌

T.

ROWE

PRICE

Global

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PORTUGAL

0.2%

Common

Stocks

0.2%

Banco

Comercial

Portugues,

Class

R  (1)(3)

168,756‌

52‌

Galp

Energia 

34,838‌

525‌

Jeronimo

Martins 

32,026‌

738‌

Total

Portugal

(Cost

$969

)

1,315‌

QATAR

0.1%

Common

Stocks

0.1%

Qatar

National

Bank 

114,602‌

469‌

Total

Qatar

(Cost

$570

)

469‌

ROMANIA

0.1%

Common

Stocks

0.1%

Banca

Transilvania 

52,140‌

247‌

BRD-Groupe

Societe

Generale  (1)

8,259‌

29‌

OMV

Petrom 

1,370,423‌

157‌

Total

Romania

(Cost

$399

)

433‌

RUSSIA

0.0%

Common

Stocks

0.0%

Alrosa  (4)

80,680‌

—‌

Gazprom  (1)(4)

31,212‌

—‌

MMC

Norilsk

Nickel  (1)(4)

311‌

—‌

Moscow

Exchange  (4)

51,640‌

—‌

Polyus  (1)(4)

294‌

—‌

Total

Russia

(Cost

$481

)

—‌

SAUDI

ARABIA

0.3%

Common

Stocks

0.3%

Al

Rajhi

Bank 

6,243‌

112‌

Arabian

Internet

&

Communications

Services 

2,024‌

169‌

Nahdi

Medical 

10,972‌

415‌

Saudi

Awwal

Bank 

16,400‌

146‌

Saudi

Basic

Industries 

17,738‌

365‌

Saudi

National

Bank 

75,707‌

677‌

1,884‌

T.

ROWE

PRICE

Global

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Corporate

Bonds

0.0%

Saudi

Arabian

Oil,

2.875%,

4/16/24

(USD)  (2)

245,000‌

241‌

241‌

Total

Saudi

Arabia

(Cost

$2,277

)

2,125‌

SINGAPORE

0.2%

Common

Stocks

0.2%

CapitaLand

Integrated

Commercial

Trust 

73,300‌

94‌

DBS

Group

Holdings 

8,600‌

207‌

Mapletree

Industrial

Trust 

22,800‌

36‌

Sea,

ADR

(USD)  (1)

11,662‌

486‌

United

Overseas

Bank 

21,900‌

432‌

Wilmar

International 

94,500‌

246‌

Total

Singapore

(Cost

$1,484

)

1,501‌

SLOVENIA

0.0%

Common

Stocks

0.0%

Nova

Ljubljanska

Banka,

GDR 

8,115‌

124‌

Total

Slovenia

(Cost

$99

)

124‌

SOUTH

AFRICA

0.2%

Common

Stocks

0.2%

Anglo

American

Platinum 

2,396‌

80‌

Bid 

5,040‌

107‌

Capitec

Bank

Holdings 

3,906‌

347‌

Clicks

Group 

28,292‌

417‌

Impala

Platinum

Holdings 

19,524‌

81‌

Northam

Platinum

Holdings 

12,742‌

77‌

Sibanye

Stillwater 

62,580‌

80‌

Woolworths

Holdings 

39,411‌

147‌

1,336‌

Corporate

Bonds

0.0%

Anglo

American

Capital,

2.625%,

9/10/30

(USD)  (2)

200,000‌

157‌

157‌

Total

South

Africa

(Cost

$1,634

)

1,493‌

SOUTH

KOREA

0.6%

Common

Stocks

0.6%

Korea

Zinc 

115‌

40‌

T.

ROWE

PRICE

Global

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KT 

6,484‌

157‌

KT,

ADR

(USD) 

6,159‌

75‌

LG

Chem 

1,526‌

500‌

Lotte

Chemical 

381‌

41‌

NAVER 

2,683‌

375‌

Samsung

Electronics 

59,032‌

2,938‌

SK

Hynix 

3,408‌

296‌

Total

South

Korea

(Cost

$3,392

)

4,422‌

SPAIN

0.3%

Common

Stocks

0.3%

Aedas

Homes 

4,884‌

78‌

Amadeus

IT

Group 

16,348‌

933‌

Cellnex

Telecom 

964‌

28‌

CIE

Automotive 

3,520‌

90‌

Fluidra 

23,953‌

422‌

Iberdrola 

53,477‌

595‌

Laboratorios

Farmaceuticos

Rovi 

3,522‌

188‌

2,334‌

Corporate

Bonds

0.0%

Banco

Santander,

3.49%,

5/28/30

(USD) 

200,000‌

164‌

164‌

Total

Spain

(Cost

$2,299

)

2,498‌

SWEDEN

0.5%

Common

Stocks

0.5%

Assa

Abloy,

Class

B 

17,829‌

380‌

Autoliv,

SDR 

2,612‌

241‌

Beijer

Ref  (3)

7,643‌

73‌

Boliden 

15,552‌

399‌

Elekta,

Class

B 

19,901‌

135‌

Essity,

Class

B 

25,396‌

579‌

Hexagon,

Class

B 

7,152‌

58‌

Millicom

International

Cellular,

SDR  (1)

3,429‌

54‌

Nordnet 

7,632‌

108‌

Norva24

Group  (1)

29,449‌

50‌

Olink

Holding,

ADR

(USD)  (1)(3)

5,749‌

143‌

Sandvik 

33,897‌

577‌

SSAB,

Class

A 

7,023‌

42‌

Svenska

Cellulosa,

Class

B 

22,352‌

307‌

Svenska

Handelsbanken,

Class

A 

31,322‌

267‌

Swedbank,

Class

A 

9,072‌

149‌

T.

ROWE

PRICE

Global

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Telefonaktiebolaget

LM

Ericsson,

Class

B 

64,945‌

291‌

Trelleborg,

Class

B 

2,756‌

70‌

Total

Sweden

(Cost

$4,133

)

3,923‌

SWITZERLAND

1.0%

Common

Stocks

0.9%

ABB 

11,639‌

391‌

Alcon 

10,210‌

731‌

Barry

Callebaut 

278‌

422‌

DKSH

Holding 

2,343‌

143‌

Julius

Baer

Group  (7)

9,640‌

571‌

Lonza

Group 

112‌

39‌

Montana

Aerospace  (1)

8,593‌

103‌

Nestle 

13,190‌

1,422‌

Novartis 

8,267‌

774‌

On

Holding,

Class

A

(USD)  (1)

7,962‌

204‌

Partners

Group

Holding  (7)

366‌

388‌

Roche

Holding 

3,297‌

850‌

Sandoz

Group  (1)

3,963‌

103‌

Sensirion

Holding  (1)

614‌

46‌

SKAN

Group 

517‌

39‌

TE

Connectivity

(USD) 

4,283‌

505‌

Tecan

Group 

76‌

22‌

UBS

Group 

6,247‌

147‌

Zurich

Insurance

Group 

1,146‌

544‌

7,444‌

Corporate

Bonds

0.1%

Alcon

Finance,

2.60%,

5/27/30

(USD)  (2)

235,000‌

189‌

UBS

Group,

VR,

1.364%,

1/30/27

(USD)  (2)(6)

300,000‌

266‌

UBS

Group,

VR,

3.179%,

2/11/43

(USD)  (2)(6)

200,000‌

123‌

578‌

Total

Switzerland

(Cost

$6,607

)

8,022‌

TAIWAN

0.8%

Common

Stocks

0.8%

ASE

Technology

Holding 

57,000‌

200‌

Chailease

Holding 

55,080‌

299‌

King

Yuan

Electronics 

26,000‌

62‌

Largan

Precision 

1,000‌

64‌

MediaTek 

14,000‌

365‌

Taiwan

Semiconductor

Manufacturing 

262,000‌

4,279‌

Taiwan

Semiconductor

Manufacturing,

ADR

(USD) 

4,556‌

393‌

T.

ROWE

PRICE

Global

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Vanguard

International

Semiconductor 

86,000‌

187‌

Total

Taiwan

(Cost

$3,118

)

5,849‌

THAILAND

0.1%

Common

Stocks

0.1%

Bangkok

Dusit

Medical

Services,

NVDR 

265,900‌

196‌

Bumrungrad

Hospital 

26,500‌

192‌

CP

ALL 

35,300‌

54‌

Siam

Cement 

23,000‌

184‌

Total

Thailand

(Cost

$608

)

626‌

UNITED

ARAB

EMIRATES

0.0%

Common

Stocks

0.0%

First

Abu

Dhabi

Bank 

57,343‌

198‌

Total

United

Arab

Emirates

(Cost

$157

)

198‌

UNITED

KINGDOM

2.8%

Common

Stocks

2.6%

Adriatic

Metals,

CDI

(AUD)  (1)

97,142‌

209‌

Airtel

Africa 

12,163‌

17‌

Amcor,

CDI

(AUD) 

13,803‌

122‌

Anglo

American 

11,821‌

301‌

Ascential  (1)

141,074‌

449‌

Ashtead

Group 

6,508‌

373‌

AstraZeneca 

5,999‌

751‌

AstraZeneca,

ADR

(USD) 

35,103‌

2,220‌

Auction

Technology

Group  (1)

8,898‌

61‌

Baltic

Classifieds

Group 

57,632‌

138‌

Barclays 

42,102‌

68‌

Big

Yellow

Group 

16,369‌

190‌

BP 

118,748‌

725‌

BP,

ADR

(USD) 

7,352‌

269‌

Bridgepoint

Group 

124,502‌

275‌

British

American

Tobacco 

2,258‌

67‌

BT

Group 

53,712‌

74‌

Bunzl 

5,136‌

183‌

Cab

Payments

Holdings  (1)

50,301‌

37‌

Centamin 

3,067‌

3‌

Central

Asia

Metals 

58,506‌

116‌

Compass

Group 

16,925‌

427‌

Croda

International 

3,529‌

188‌

T.

ROWE

PRICE

Global

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Derwent

London 

1,782‌

40‌

Diageo 

9,332‌

353‌

Diploma 

1,296‌

45‌

Dowlais

Group 

89,938‌

110‌

Dr.

Martens 

67,206‌

95‌

Endava,

ADR

(USD)  (1)(3)

3,203‌

161‌

Endeavour

Mining

(CAD) 

7,720‌

158‌

Experian 

13,275‌

403‌

FD

Technologies  (1)

5,097‌

53‌

Funding

Circle

Holdings  (1)

53,219‌

22‌

Genuit

Group 

21,931‌

71‌

Genus 

4,286‌

112‌

Georgia

Capital  (1)

6,298‌

71‌

Glencore 

78,212‌

414‌

Great

Portland

Estates 

25,077‌

119‌

Greggs 

8,321‌

240‌

GSK,

ADR

(USD) 

10,457‌

373‌

Helios

Towers  (1)

112,213‌

83‌

Hiscox 

7,714‌

88‌

HSBC

Holdings 

112,538‌

813‌

Imperial

Brands 

7,659‌

163‌

Informa 

29,111‌

252‌

InterContinental

Hotels

Group 

1,446‌

102‌

Intermediate

Capital

Group 

14,411‌

229‌

Investec 

7,759‌

43‌

IQE  (1)(3)

286,423‌

48‌

Johnson

Matthey 

7,450‌

135‌

Keywords

Studios 

9,569‌

152‌

Kingfisher 

106,104‌

271‌

Lloyds

Banking

Group 

578,814‌

282‌

London

Stock

Exchange

Group 

5,116‌

516‌

Melrose

Industries 

43,076‌

245‌

National

Grid 

26,291‌

313‌

Next 

3,542‌

297‌

Oxford

Nanopore

Technologies  (1)

23,767‌

59‌

Pearson 

6,190‌

72‌

Persimmon 

17,959‌

222‌

Prudential 

39,528‌

413‌

Renishaw 

1,965‌

74‌

Rightmove 

24,068‌

139‌

Rio

Tinto 

4,236‌

270‌

Rolls-Royce

Holdings  (1)

86,098‌

227‌

Rotork 

55,714‌

199‌

Segro 

9,566‌

83‌

Shell 

9,260‌

298‌

Shell,

ADR

(USD) 

5,740‌

374‌

T.

ROWE

PRICE

Global

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Smith

&

Nephew 

30,926‌

346‌

Smiths

Group 

3,856‌

76‌

Spirax-Sarco

Engineering 

1,416‌

141‌

Standard

Chartered 

17,371‌

133‌

Syncona  (1)

39,024‌

61‌

Taylor

Wimpey 

44,363‌

60‌

Trainline  (1)

22,307‌

71‌

Unilever

(EUR) 

2,340‌

111‌

Unilever 

33,606‌

1,592‌

UNITE

Group 

5,999‌

64‌

Victrex 

8,718‌

146‌

Vodafone

Group,

ADR

(USD) 

18,356‌

170‌

Watches

of

Switzerland

Group  (1)

15,918‌

97‌

Weir

Group 

5,648‌

117‌

WPP 

42,339‌

365‌

YouGov 

21,619‌

224‌

20,339‌

Convertible

Preferred

Stocks

0.0%

Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $9  (1)(4)(5)

475‌

10‌

10‌

Corporate

Bonds

0.2%

Barclays,

VR,

2.279%,

11/24/27

(USD)  (6)

335,000‌

293‌

BAT

Capital,

4.39%,

8/15/37

(USD) 

125,000‌

91‌

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD)  (2)

210,000‌

182‌

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD)  (6)

200,000‌

163‌

Nationwide

Building

Society,

1.50%,

10/13/26

(USD)  (2)

405,000‌

353‌

RELX

Capital,

3.00%,

5/22/30

(USD) 

100,000‌

84‌

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD)  (6)

200,000‌

172‌

Standard

Chartered,

VR,

1.822%,

11/23/25

(USD)  (2)(6)

320,000‌

303‌

1,641‌

Total

United

Kingdom

(Cost

$21,410

)

21,990‌

UNITED

STATES

73.2%

Asset-Backed

Securities

0.6%

AmeriCredit

Automobile

Receivables

Trust,

Series

2020-1,

Class

C,

1.59%,

10/20/25 

57,274‌

57‌

AmeriCredit

Automobile

Receivables

Trust,

Series

2021-2,

Class

D,

1.29%,

6/18/27 

150,000‌

136‌

ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.05%,

7/15/32  (2)

100,000‌

100‌

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2019-2A,

Class

B,

3.55%,

9/22/25  (2)

105,000‌

103‌

T.

ROWE

PRICE

Global

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2020-2A,

Class

A,

2.02%,

2/20/27  (2)

100,000‌

91‌

Carlyle

U.S.,

Series

2019-4A,

Class

A11R,

CLO,

FRN,

3M

TSFR

+

1.32%,

6.714%,

4/15/35  (2)

250,000‌

246‌

CarMax

Auto

Owner

Trust,

Series

2021-1,

Class

D,

1.28%,

7/15/27 

90,000‌

83‌

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28 

155,000‌

133‌

CIFC

Funding,

Series

2021-3A,

Class

A,

CLO,

FRN,

3M

TSFR

+

1.402%,

6.795%,

7/15/36  (2)

250,000‌

248‌

CNH

Equipment

Trust,

Series

2019-C,

Class

B,

2.35%,

4/15/27 

295,000‌

295‌

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51  (2)

126,425‌

107‌

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51  (2)

127,400‌

104‌

Dryden,

Series

2020-77A,

Class

AR,

CLO,

FRN,

3M

TSFR

+

1.382%,

6.761%,

5/20/34  (2)

250,000‌

246‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

A,

6.16%,

2/25/38  (2)

100,000‌

100‌

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

B,

6.53%,

2/25/38  (2)

100,000‌

100‌

Enterprise

Fleet

Financing,

Series

2023-2,

Class

A2,

5.56%,

4/22/30  (2)

230,000‌

228‌

Exeter

Automobile

Receivables

Trust,

Series

2021-1A,

Class

C,

0.74%,

1/15/26 

27,364‌

27‌

Exeter

Automobile

Receivables

Trust,

Series

2021-4A,

Class

C,

1.46%,

10/15/27 

215,000‌

209‌

Ford

Credit

Auto

Owner

Trust,

Series

2019-1,

Class

B,

3.82%,

7/15/30  (2)

205,000‌

204‌

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33  (2)

115,000‌

104‌

Ford

Credit

Auto

Owner

Trust,

Series

2023-1,

Class

A,

4.85%,

8/15/35  (2)

185,000‌

178‌

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27 

205,000‌

187‌

GM

Financial

Automobile

Leasing

Trust,

Series

2023-1,

Class

C,

5.76%,

1/20/27 

180,000‌

177‌

GM

Financial

Consumer

Automobile

Receivables

Trust,

Series

2020-3,

Class

D,

1.91%,

9/16/27 

90,000‌

87‌

Hardee's

Funding,

Series

2018-1A,

Class

A2II,

4.959%,

6/20/48  (2)

104,500‌

98‌

JPMorgan

Chase

Bank,

Series

2021-2,

Class

C,

0.969%,

12/26/28  (2)

52,489‌

51‌

Kubota

Credit

Owner

Trust,

Series

2023-1A,

Class

A4,

5.07%,

2/15/29  (2)

50,000‌

49‌

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38  (2)

77,707‌

73‌

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41  (2)

39,928‌

36‌

T.

ROWE

PRICE

Global

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68  (2)

137,201‌

130‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69  (2)

26,981‌

24‌

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69  (2)

28,917‌

26‌

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62  (2)

156,559‌

138‌

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29  (2)

69,914‌

70‌

Progress

Residential

Trust,

Series

2020-SFR1,

Class

C,

2.183%,

4/17/37  (2)

100,000‌

94‌

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51  (2)

124,344‌

100‌

SMB

Private

Education

Loan

Trust,

Series

2016-A,

Class

A2A,

2.70%,

5/15/31  (2)

24,055‌

23‌

SMB

Private

Education

Loan

Trust,

Series

2016-B,

Class

A2B,

FRN,

1M

TSFR

+

1.564%,

6.899%,

2/17/32  (2)

35,412‌

35‌

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34  (2)

64,858‌

62‌

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37  (2)

34,181‌

33‌

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53  (2)

55,625‌

49‌

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53  (2)

126,047‌

107‌

4,748‌

Bond

Mutual

Funds

15.4%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.17%  (8)(9)

2,099,082‌

16,583‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.99%  (8)(9)

3,808,847‌

17,787‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.28%  (8)(9)

4,973,903‌

30,341‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

9.09%  (8)(9)

898,925‌

8,369‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.79%  (8)(9)

2,689,760‌

19,635‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

4.06%  (8)(9)

3,647,616‌

24,329‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.92%  (8)(9)

269,828‌

2,159‌

119,203‌

Common

Stocks

30.4%

AbbVie 

3,241‌

458‌

Acadia

Realty

Trust,

REIT 

11,637‌

167‌

Accenture,

Class

A 

1,825‌

542‌

Adobe  (1)

451‌

240‌

T.

ROWE

PRICE

Global

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Advanced

Micro

Devices  (1)

1,880‌

185‌

Agilent

Technologies 

6,653‌

688‌

Alexandria

Real

Estate

Equities,

REIT 

1,139‌

106‌

Align

Technology  (1)

98‌

18‌

Allstate 

11,007‌

1,410‌

Alphabet,

Class

A  (1)

4,419‌

548‌

Alphabet,

Class

C  (1)

56,648‌

7,098‌

Amazon.com  (1)

55,020‌

7,323‌

Ameren 

1,927‌

146‌

American

Express 

5,349‌

781‌

American

Homes

4

Rent,

Class

A,

REIT 

9,388‌

307‌

American

Tower,

REIT 

2,777‌

495‌

AMETEK 

10,454‌

1,472‌

Amgen 

5,378‌

1,375‌

Amphenol,

Class

A 

11,440‌

922‌

Analog

Devices 

6,833‌

1,075‌

Apollo

Global

Management 

2,639‌

204‌

Apple 

56,547‌

9,657‌

Apple

Hospitality

REIT,

REIT 

10,439‌

164‌

Applied

Materials 

12,909‌

1,709‌

Atlassian,

Class

A  (1)

663‌

120‌

AutoZone  (1)

323‌

800‌

AvalonBay

Communities,

REIT 

4,488‌

744‌

Baker

Hughes 

3,030‌

104‌

Ball 

946‌

46‌

Bank

of

America 

79,045‌

2,082‌

Bath

&

Body

Works 

3,176‌

94‌

Becton

Dickinson

&

Company 

3,300‌

834‌

Berkshire

Hathaway,

Class

B  (1)

7,643‌

2,609‌

BILL

Holdings  (1)

2,845‌

260‌

Boeing  (1)

1,895‌

354‌

Booking

Holdings  (1)

612‌

1,707‌

Booz

Allen

Hamilton

Holding 

8,578‌

1,029‌

Broadcom 

608‌

512‌

Broadridge

Financial

Solutions 

3,536‌

603‌

Cactus,

Class

A 

846‌

40‌

Cadence

Design

Systems  (1)

2,999‌

719‌

Camden

Property

Trust,

REIT 

1,516‌

129‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179  (1)(4)(5)

105‌

112‌

Carrier

Global 

21,917‌

1,045‌

Carvana  (1)

1,963‌

53‌

Caterpillar 

1,056‌

239‌

Cava

Group  (1)(3)

2,443‌

77‌

Cboe

Global

Markets 

3,702‌

607‌

CBRE

Group,

Class

A  (1)

719‌

50‌

CCC

Intelligent

Solutions

Holdings  (1)

8,648‌

93‌

T.

ROWE

PRICE

Global

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Cencora 

16,213‌

3,002‌

Ceridian

HCM

Holding  (1)

4,582‌

293‌

CF

Industries

Holdings 

1,323‌

106‌

ChampionX 

2,203‌

68‌

Charles

Schwab 

16,827‌

876‌

Chesapeake

Energy  (3)

1,534‌

132‌

Chevron 

10,925‌

1,592‌

Chipotle

Mexican

Grill  (1)

268‌

521‌

Chubb 

11,846‌

2,542‌

Cintas 

129‌

65‌

CME

Group 

1,932‌

412‌

Coca-Cola 

35,409‌

2,000‌

Colgate-Palmolive 

17,713‌

1,331‌

Commercial

Metals 

799‌

34‌

Confluent,

Class

A  (1)

1,493‌

43‌

ConocoPhillips 

11,263‌

1,338‌

Constellation

Energy 

15,973‌

1,804‌

Corebridge

Financial 

13,036‌

261‌

Crowdstrike

Holdings,

Class

A  (1)

345‌

61‌

Crown

Castle,

REIT 

1,423‌

132‌

CSX 

71,264‌

2,127‌

CubeSmart,

REIT 

5,957‌

203‌

Cummins 

7,192‌

1,556‌

Danaher 

3,629‌

697‌

Darling

Ingredients  (1)

866‌

38‌

Datadog,

Class

A  (1)

666‌

54‌

Deere 

819‌

299‌

Diamondback

Energy 

8,720‌

1,398‌

Dollar

General 

1,921‌

229‌

Dominion

Energy 

4,523‌

182‌

DoorDash,

Class

A  (1)

1,162‌

87‌

Douglas

Emmett,

REIT  (3)

5,602‌

63‌

Dover 

1,164‌

151‌

East

West

Bancorp 

2,467‌

132‌

EastGroup

Properties,

REIT 

1,307‌

213‌

Elevance

Health 

9,272‌

4,173‌

Eli

Lilly 

5,386‌

2,983‌

EOG

Resources 

1,692‌

214‌

EPAM

Systems  (1)

75‌

16‌

EQT 

50,336‌

2,133‌

Equinix,

REIT 

1,214‌

886‌

Equitrans

Midstream 

5,659‌

50‌

Equity

LifeStyle

Properties,

REIT 

22,302‌

1,467‌

Equity

Residential,

REIT 

6,506‌

360‌

Essex

Property

Trust,

REIT 

1,604‌

343‌

Evergy 

4,911‌

241‌

T.

ROWE

PRICE

Global

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Expro

Group

Holdings  (1)

2,089‌

33‌

Extra

Space

Storage,

REIT 

2,798‌

290‌

Exxon

Mobil 

17,678‌

1,871‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $3  (1)(4)(5)

163‌

1‌

Federal

Realty

Investment

Trust,

REIT 

263‌

24‌

FirstEnergy 

6,153‌

219‌

Fiserv  (1)

16,764‌

1,907‌

FleetCor

Technologies  (1)

2,447‌

551‌

Fortinet  (1)

516‌

30‌

Freeport-McMoRan 

29,941‌

1,011‌

FTI

Consulting  (1)

2,405‌

511‌

Gaming

&

Leisure

Properties,

REIT 

3,290‌

149‌

GE

HealthCare

Technologies 

9,592‌

639‌

General

Dynamics 

7,342‌

1,772‌

General

Electric 

16,402‌

1,782‌

General

Mills 

3,510‌

229‌

General

Motors 

2,906‌

82‌

Global

Payments 

2,221‌

236‌

Goldman

Sachs

Group 

4,380‌

1,330‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $24  (1)(4)(5)

826‌

13‌

Halliburton 

49,481‌

1,947‌

Hartford

Financial

Services

Group 

4,607‌

338‌

HCA

Healthcare 

3,357‌

759‌

Healthcare

Realty

Trust,

REIT 

7,307‌

105‌

Hershey 

4,501‌

843‌

Hess 

4,268‌

616‌

Hilton

Worldwide

Holdings 

6,234‌

945‌

Home

Depot 

3,371‌

960‌

Honeywell

International 

5,471‌

1,003‌

Host

Hotels

&

Resorts,

REIT 

4,211‌

65‌

Hubbell 

593‌

160‌

Humana 

2,280‌

1,194‌

IDEX 

5,613‌

1,074‌

Insmed  (1)

1,479‌

37‌

Intuit 

1,334‌

660‌

Intuitive

Surgical  (1)

2,239‌

587‌

Ivanhoe

Electric  (1)

8,725‌

89‌

Johnson

&

Johnson 

5,692‌

844‌

Jones

Lang

LaSalle  (1)

932‌

119‌

JPMorgan

Chase 

25,577‌

3,557‌

Karuna

Therapeutics  (1)

621‌

103‌

Kenvue 

91,909‌

1,710‌

Kilroy

Realty,

REIT 

3,631‌

104‌

Kimco

Realty,

REIT 

3,684‌

66‌

Kinder

Morgan 

33,655‌

545‌

T.

ROWE

PRICE

Global

Allocation

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

KLA 

2,204‌

1,035‌

Kosmos

Energy  (1)

38,497‌

279‌

Kraft

Heinz 

23,021‌

724‌

L3Harris

Technologies 

3,486‌

625‌

Lam

Research 

1,236‌

727‌

Las

Vegas

Sands 

11,474‌

545‌

Liberty

Media

Corp-Liberty

Formula

One,

Class

C  (1)

7,135‌

462‌

Linde 

7,667‌

2,930‌

Louisiana-Pacific 

639‌

33‌

LPL

Financial

Holdings 

3,978‌

893‌

Lululemon

Athletica  (1)

1,883‌

741‌

Magnolia

Oil

&

Gas,

Class

A 

1,754‌

39‌

Marathon

Petroleum 

756‌

114‌

Marriott

International,

Class

A 

2,734‌

516‌

Marsh

&

McLennan 

2,801‌

531‌

Martin

Marietta

Materials 

490‌

200‌

Mastercard,

Class

A 

3,312‌

1,246‌

McDonald's 

5,395‌

1,414‌

Medtronic 

5,488‌

387‌

Merck 

18,439‌

1,894‌

Meta

Platforms,

Class

A  (1)

9,697‌

2,921‌

MetLife 

32,874‌

1,973‌

Micron

Technology 

25,983‌

1,737‌

Microsoft 

44,032‌

14,888‌

Molina

Healthcare  (1)

3,902‌

1,299‌

Mondelez

International,

Class

A 

35,753‌

2,367‌

MongoDB  (1)

600‌

207‌

Monolithic

Power

Systems 

399‌

176‌

Morgan

Stanley 

4,308‌

305‌

MSCI 

82‌

39‌

Netflix  (1)

3,856‌

1,587‌

Newmont 

6,750‌

253‌

Newmont,

CDI

(AUD)  (1)

4,292‌

164‌

NextEra

Energy 

16,528‌

964‌

NIKE,

Class

B 

1,053‌

108‌

Noble 

1,769‌

83‌

Norfolk

Southern 

2,411‌

460‌

Northrop

Grumman 

654‌

308‌

Norwegian

Cruise

Line

Holdings  (1)(3)

9,200‌

125‌

NOV 

4,947‌

99‌

NRG

Energy 

5,135‌

218‌

Nucor 

2,868‌

424‌

NVIDIA 

14,340‌

5,848‌

NXP

Semiconductors 

12,744‌

2,197‌

Old

Dominion

Freight

Line 

2,101‌

791‌

O'Reilly

Automotive  (1)

732‌

681‌

T.

ROWE

PRICE

Global

Allocation

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Packaging

Corp.

of

America 

437‌

67‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81  (1)(4)(5)

21,572‌

9‌

Pebblebrook

Hotel

Trust,

REIT 

3,473‌

41‌

PepsiCo 

5,457‌

891‌

Pfizer 

27,236‌

832‌

PG&E  (1)

2,337‌

38‌

Philip

Morris

International 

15,687‌

1,399‌

Pinterest,

Class

A  (1)

5,081‌

152‌

Pioneer

Natural

Resources 

2,391‌

571‌

PNC

Financial

Services

Group 

4,313‌

494‌

PotlatchDeltic,

REIT 

259‌

11‌

Procter

&

Gamble 

21,034‌

3,156‌

Progressive 

12,808‌

2,025‌

Prologis,

REIT 

13,157‌

1,326‌

Prothena  (1)

832‌

30‌

Public

Storage,

REIT 

7,023‌

1,676‌

QUALCOMM 

3,835‌

418‌

Quanta

Services 

229‌

38‌

Quest

Diagnostics 

5,540‌

721‌

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

9/16/21,

Cost $155  (1)(4)(5)

16,193‌

5‌

Range

Resources 

30,123‌

1,080‌

Rayonier,

REIT 

2,759‌

70‌

Regency

Centers,

REIT 

7,057‌

425‌

Regeneron

Pharmaceuticals  (1)

1,965‌

1,532‌

Reliance

Steel

&

Aluminum 

1,108‌

282‌

Rexford

Industrial

Realty,

REIT 

6,728‌

291‌

Roper

Technologies 

1,934‌

945‌

Ross

Stores 

1,968‌

228‌

Royal

Gold 

344‌

36‌

RPM

International 

377‌

34‌

S&P

Global 

527‌

184‌

Saia  (1)

327‌

117‌

Salesforce  (1)

2,926‌

588‌

SBA

Communications,

REIT 

1,018‌

212‌

Schlumberger 

48,893‌

2,721‌

Seagen  (1)

1,433‌

305‌

Service

Corp

International 

4,841‌

263‌

ServiceNow  (1)

1,444‌

840‌

Sherwin-Williams 

774‌

184‌

Shoals

Technologies

Group,

Class

A  (1)

1,863‌

29‌

Simon

Property

Group,

REIT 

4,694‌

516‌

SiteOne

Landscape

Supply  (1)

712‌

98‌

SL

Green

Realty,

REIT  (3)

882‌

26‌

Snowflake,

Class

A  (1)

475‌

69‌

Southern 

7,825‌

527‌

T.

ROWE

PRICE

Global

Allocation

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Southwestern

Energy  (1)

57,338‌

409‌

Steel

Dynamics 

3,303‌

352‌

STERIS 

2,475‌

520‌

Structure

Therapeutics,

ADR  (1)

1,038‌

77���

Stryker 

1,908‌

516‌

Sun

Communities,

REIT 

682‌

76‌

Synopsys  (1)

1,583‌

743‌

T-Mobile

U.S.  (1)

18,423‌

2,650‌

Target 

4,808‌

533‌

TechnipFMC 

22,711‌

489‌

Teleflex 

213‌

39‌

Tenet

Healthcare  (1)

5,917‌

318‌

Terreno

Realty,

REIT 

4,928‌

263‌

Tesla  (1)

4,729‌

950‌

Texas

Instruments 

7,912‌

1,124‌

Thermo

Fisher

Scientific 

6,442‌

2,865‌

TJX 

2,052‌

181‌

Tractor

Supply 

200‌

39‌

TransDigm

Group  (1)

111‌

92‌

Travelers 

5,138‌

860‌

Uber

Technologies  (1)

11,847‌

513‌

Ulta

Beauty  (1)

2,585‌

986‌

Union

Pacific 

5,876‌

1,220‌

UnitedHealth

Group 

6,528‌

3,496‌

Valero

Energy 

751‌

95‌

Veeva

Systems,

Class

A  (1)

2,516‌

485‌

Ventas,

REIT 

6,149‌

261‌

Veralto  (1)

3,728‌

257‌

Verisk

Analytics 

2,838‌

645‌

Vertex

Pharmaceuticals  (1)

2,487‌

901‌

Visa,

Class

A 

20,365‌

4,788‌

Vulcan

Materials 

237‌

47‌

Walmart 

10,190‌

1,665‌

Warrior

Met

Coal 

2,078‌

101‌

Waste

Connections 

1,012‌

131‌

Wells

Fargo 

26,962‌

1,072‌

Welltower,

REIT 

6,533‌

546‌

West

Pharmaceutical

Services 

739‌

235‌

Western

Alliance

Bancorp 

879‌

36‌

Westinghouse

Air

Brake

Technologies 

13,943‌

1,478‌

Weyerhaeuser,

REIT 

20,286‌

582‌

Williams 

32,677‌

1,124‌

Zoetis 

1,256‌

197‌

235,186‌

T.

ROWE

PRICE

Global

Allocation

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Convertible

Preferred

Stocks

0.1%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $97  (1)(4)(5)

2,160‌

69‌

ABL

Space

Systems,

Series

B-2,

Acquisition

Date:

10/22/21,

Cost $42  (1)(4)(5)

618‌

20‌

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7  (1)(4)(5)

4‌

4‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52  (1)(4)(5)

6,404‌

34‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $20  (1)(4)

(5)

348‌

26‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68  (1)(4)

(5)

927‌

68‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7  (1)(4)(5)

96‌

7‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33  (1)(4)(5)

1,103‌

17‌

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15  (1)(4)(5)

255‌

34‌

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144  (1)(4)(5)

1,084‌

144‌

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71  (1)(4)(5)

2,594‌

111‌

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $122  (1)(4)(5)

2,843‌

122‌

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37  (1)

(4)(5)

2,783‌

37‌

Lilac

Solutions

Safe

Investment,

Acquisition

Date:

11/21/22,

Cost $10  (1)(4)(5)

10,202‌

12‌

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79  (1)(4)(5)

1,666‌

79‌

Sortera

Tech,

Series

C-1,

Acquisition

Date:

4/13/23,

Cost $11  (1)(4)(5)

764‌

11‌

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2  (1)(4)(5)

2,304‌

3‌

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3  (1)(4)(5)

3,239‌

4‌

Treeline,

Series

A,

Acquisition

Date:

9/26/22,

Cost $12  (1)(4)(5)

1,491‌

12‌

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $16  (1)(4)(5)

802‌

16‌

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143  (1)(4)(5)

1,669‌

75‌

905‌

Corporate

Bonds

2.9%

AbbVie,

2.95%,

11/21/26 

145,000‌

134‌

AbbVie,

4.50%,

5/14/35 

30,000‌

26‌

AbbVie,

4.70%,

5/14/45 

95,000‌

77‌

AHS

Hospital,

5.024%,

7/1/45 

20,000‌

17‌

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35 

105,000‌

89‌

Ally

Financial,

2.20%,

11/2/28 

120,000‌

92‌

T.

ROWE

PRICE

Global

Allocation

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Altria

Group,

2.35%,

5/6/25 

40,000‌

38‌

Amazon.com,

2.80%,

8/22/24 

50,000‌

49‌

American

Airlines

PTT,

Series

2014-1,

Class

A,

3.70%,

10/1/26 

18,485‌

17‌

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32 

149,876‌

124‌

American

Express,

VR,

6.489%,

10/30/31  (6)

285,000‌

286‌

American

Honda

Finance,

0.75%,

8/9/24 

260,000‌

250‌

American

Tower,

1.45%,

9/15/26 

355,000‌

311‌

Amphenol,

2.20%,

9/15/31 

105,000‌

80‌

Amphenol,

4.75%,

3/30/26 

25,000‌

24‌

Aon,

3.875%,

12/15/25 

25,000‌

24‌

Appalachian

Power,

4.45%,

6/1/45 

240,000‌

177‌

Apple,

3.20%,

5/11/27 

300,000‌

281‌

AT&T,

2.75%,

6/1/31 

215,000‌

169‌

Autodesk,

2.40%,

12/15/31 

135,000‌

104‌

AutoZone,

3.125%,

4/21/26 

170,000‌

159‌

AutoZone,

3.75%,

6/1/27 

70,000‌

65‌

Bank

of

America,

3.50%,

4/19/26 

400,000‌

377‌

Bank

of

America,

4.45%,

3/3/26 

50,000‌

48‌

Bank

of

America,

VR,

4.244%,

4/24/38  (6)

120,000‌

94‌

Bank

of

America,

VR,

5.08%,

1/20/27  (6)

225,000‌

219‌

Banner

Health,

1.897%,

1/1/31 

65,000‌

49‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

115,000‌

95‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

183,000‌

170‌

Berkshire

Hathaway

Energy,

5.15%,

11/15/43 

25,000‌

21‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

10,000‌

10‌

Booking

Holdings,

3.65%,

3/15/25 

30,000‌

29‌

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26  (2)

100,000‌

89‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

195,000‌

178‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

80,000‌

68‌

Cameron

LNG,

2.902%,

7/15/31  (2)

40,000‌

32‌

Cameron

LNG,

3.701%,

1/15/39  (2)

30,000‌

22‌

Cardinal

Health,

3.41%,

6/15/27 

125,000‌

115‌

Cardinal

Health,

3.75%,

9/15/25 

80,000‌

77‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK)  (2)(10)

17,000‌

13‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK)  (2)(10)

26,000‌

19‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK)  (2)(10)

31,000‌

23‌

Centra

Health,

4.70%,

1/1/48 

385,000‌

287‌

Charter

Communications

Operating,

4.908%,

7/23/25 

50,000‌

49‌

Charter

Communications

Operating,

Series

USD,

4.50%,

2/1/24 

250,000‌

249‌

Cigna

Group,

3.25%,

4/15/25 

250,000‌

241‌

Citigroup,

4.45%,

9/29/27 

70,000‌

65‌

Citigroup,

VR,

3.887%,

1/10/28  (6)

315,000‌

292‌

Citigroup,

VR,

4.075%,

4/23/29  (6)

100,000‌

91‌

CMS

Energy,

4.875%,

3/1/44 

25,000‌

20‌

CNO

Global

Funding,

2.65%,

1/6/29  (2)

315,000‌

260‌

CommonSpirit

Health,

2.76%,

10/1/24 

95,000‌

92‌

T.

ROWE

PRICE

Global

Allocation

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CommonSpirit

Health,

2.782%,

10/1/30 

50,000‌

40‌

Corebridge

Financial,

4.40%,

4/5/52 

375,000‌

258‌

CRH

America

Finance,

3.95%,

4/4/28  (2)

400,000‌

369‌

Crown

Castle,

2.10%,

4/1/31 

250,000‌

185‌

Crown

Castle,

3.70%,

6/15/26 

40,000‌

38‌

Crown

Castle,

4.75%,

5/15/47 

30,000‌

22‌

CVS

Health,

2.70%,

8/21/40 

540,000‌

327‌

Discover

Financial

Services,

3.75%,

3/4/25 

15,000‌

14‌

Elevance

Health,

4.101%,

3/1/28 

130,000‌

121‌

Elevance

Health,

4.65%,

1/15/43 

20,000‌

16‌

Energy

Transfer,

5.25%,

4/15/29 

120,000‌

114‌

Equifax,

5.10%,

12/15/27 

143,000‌

138‌

ERAC

USA

Finance,

5.40%,

5/1/53  (2)

300,000‌

259‌

Essex

Portfolio,

2.65%,

3/15/32 

135,000‌

102‌

Eversource

Energy,

Series

M,

3.30%,

1/15/28 

15,000‌

14‌

Experian

Finance,

2.75%,

3/8/30  (2)

200,000‌

162‌

Extra

Space

Storage,

4.00%,

6/15/29 

145,000‌

129‌

Fifth

Third

Bancorp,

4.30%,

1/16/24 

65,000‌

65‌

FirstEnergy,

Series

C,

7.375%,

11/15/31 

60,000‌

65‌

FirstEnergy

Transmission,

4.35%,

1/15/25  (2)

65,000‌

63‌

Fiserv,

3.20%,

7/1/26 

100,000‌

93‌

Florida

Gas

Transmission,

4.35%,

7/15/25  (2)

215,000‌

207‌

GATX,

6.90%,

5/1/34 

270,000‌

270‌

General

Motors,

4.00%,

4/1/25 

55,000‌

53‌

General

Motors

Financial,

2.40%,

4/10/28 

305,000‌

257‌

George

Washington

University,

Series

2014,

4.30%,

9/15/44 

15,000‌

12‌

Goldman

Sachs

Group,

3.50%,

1/23/25 

300,000‌

290‌

Goldman

Sachs

Group,

3.85%,

1/26/27 

115,000‌

107‌

Goldman

Sachs

Group,

5.15%,

5/22/45 

15,000‌

12‌

Goldman

Sachs

Group,

6.75%,

10/1/37 

10,000‌

10‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32  (6)

200,000‌

152‌

Goldman

Sachs

Group,

VR,

2.908%,

7/21/42  (6)

130,000‌

80‌

Hasbro,

3.00%,

11/19/24 

150,000‌

145‌

Hasbro,

3.55%,

11/19/26 

420,000‌

388‌

HCA,

4.125%,

6/15/29 

235,000‌

208‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

30,000‌

27‌

Healthpeak,

2.125%,

12/1/28 

80,000‌

66‌

Healthpeak,

2.875%,

1/15/31 

45,000‌

35‌

High

Street

Funding

Trust

I,

4.111%,

2/15/28  (2)

100,000‌

91‌

Honeywell

International,

1.10%,

3/1/27 

275,000‌

240‌

Hyundai

Capital

America,

1.30%,

1/8/26  (2)

145,000‌

131‌

Hyundai

Capital

America,

1.65%,

9/17/26  (2)

180,000‌

159‌

Hyundai

Capital

America,

1.80%,

10/15/25  (2)

55,000‌

51‌

Hyundai

Capital

America,

2.00%,

6/15/28  (2)

235,000‌

194‌

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48 

145,000‌

107‌

Intercontinental

Exchange,

3.75%,

12/1/25 

75,000‌

72‌

T.

ROWE

PRICE

Global

Allocation

Fund

57

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Interpublic

Group

of

Companies,

5.375%,

6/15/33 

410,000‌

374‌

Jackson

Financial,

1.125%,

11/22/23 

270,000‌

269‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27  (6)

235,000‌

208‌

JPMorgan

Chase,

VR,

3.882%,

7/24/38  (6)

160,000‌

123‌

Kentucky

Utilities,

4.375%,

10/1/45 

65,000‌

48‌

Keysight

Technologies,

4.55%,

10/30/24 

230,000‌

226‌

Kilroy

Realty,

3.45%,

12/15/24 

40,000‌

38‌

Kilroy

Realty,

4.25%,

8/15/29 

25,000‌

21‌

Kilroy

Realty,

4.375%,

10/1/25 

15,000‌

14‌

L3Harris

Technologies,

4.854%,

4/27/35 

50,000‌

44‌

Liberty

Mutual

Group,

4.85%,

8/1/44  (2)

20,000‌

15‌

LYB

International

Finance

II,

3.50%,

3/2/27 

300,000‌

277‌

Marriott

International,

Series

AA,

4.65%,

12/1/28 

285,000‌

267‌

Mars,

4.75%,

4/20/33  (2)

125,000‌

114‌

Marsh

&

McLennan,

3.50%,

6/3/24 

115,000‌

113‌

McDonald's,

1.45%,

9/1/25 

65,000‌

60‌

McKesson,

5.25%,

2/15/26 

370,000‌

365‌

MedStar

Health,

Series

20A,

3.626%,

8/15/49 

130,000‌

83‌

Met

Tower

Global

Funding,

1.25%,

9/14/26  (2)

245,000‌

216‌

Micron

Technology,

4.185%,

2/15/27 

181,000‌

169‌

Microsoft,

2.921%,

3/17/52 

90,000‌

55‌

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28  (2)

110,000‌

101‌

Mississippi

Power,

3.95%,

3/30/28 

170,000‌

157‌

Moody's,

2.00%,

8/19/31 

335,000‌

254‌

Morgan

Stanley,

4.30%,

1/27/45 

45,000‌

34‌

Morgan

Stanley,

VR,

3.217%,

4/22/42  (6)

135,000‌

89‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

320,000‌

240‌

NiSource,

3.49%,

5/15/27 

215,000‌

198‌

NiSource,

3.95%,

3/30/48 

105,000‌

71‌

Northern

Trust,

3.95%,

10/30/25 

25,000‌

24‌

Northwestern

University,

Series

2020,

2.64%,

12/1/50 

140,000‌

80‌

Nucor,

2.70%,

6/1/30 

70,000‌

57‌

Nucor,

3.95%,

5/1/28 

130,000‌

121‌

Omnicom

Group,

3.65%,

11/1/24 

50,000‌

49‌

O'Reilly

Automotive,

3.60%,

9/1/27 

145,000‌

134‌

PACCAR

Financial,

0.90%,

11/8/24 

415,000‌

395‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

275,000‌

233‌

Packaging

Corp.

of

America,

3.65%,

9/15/24 

15,000‌

15‌

PayPal

Holdings,

2.40%,

10/1/24 

345,000‌

335‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

200,000‌

187‌

Pioneer

Natural

Resources,

1.125%,

1/15/26 

80,000‌

73‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

50,000‌

49‌

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37 

25,000‌

20‌

Principal

Financial

Group,

2.125%,

6/15/30 

160,000‌

124‌

Principal

Financial

Group,

3.40%,

5/15/25 

35,000‌

34‌

Public

Storage

Operating,

1.95%,

11/9/28 

150,000‌

126‌

T.

ROWE

PRICE

Global

Allocation

Fund

58

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Realty

Income,

2.20%,

6/15/28 

70,000‌

59‌

Regency

Centers,

4.125%,

3/15/28 

35,000‌

32‌

Republic

Services,

3.375%,

11/15/27 

230,000‌

211‌

Revvity,

1.90%,

9/15/28 

230,000‌

189‌

Roper

Technologies,

2.95%,

9/15/29 

60,000‌

51‌

Roper

Technologies,

3.80%,

12/15/26 

50,000‌

47‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

50,000‌

46‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (6)

135,000‌

116‌

SBA

Tower

Trust,

2.836%,

1/15/25  (2)

250,000‌

239‌

Sempra,

3.30%,

4/1/25 

185,000‌

178‌

ServiceNow,

1.40%,

9/1/30 

235,000‌

177‌

Simon

Property

Group,

2.65%,

2/1/32 

340,000‌

259‌

Simon

Property

Group,

3.375%,

10/1/24 

45,000‌

44‌

Spectra

Energy

Partners,

4.75%,

3/15/24 

170,000‌

169‌

Synchrony

Financial,

4.25%,

8/15/24 

375,000‌

367‌

Texas

Instruments,

1.125%,

9/15/26 

80,000‌

72‌

Texas

Instruments,

1.375%,

3/12/25 

45,000‌

43‌

Time

Warner

Cable,

6.55%,

5/1/37 

13,000‌

11‌

Time

Warner

Cable,

6.75%,

6/15/39 

13,000‌

11‌

TJX,

1.60%,

5/15/31 

55,000‌

41‌

Trinity

Health,

4.125%,

12/1/45 

25,000‌

18‌

Union

Pacific,

4.75%,

9/15/41 

10,000‌

8‌

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26 

2,767‌

3‌

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30 

262,044‌

222‌

UnitedHealth

Group,

3.75%,

7/15/25 

40,000‌

39‌

Verizon

Communications,

1.68%,

10/30/30 

28,000‌

21‌

Verizon

Communications,

2.625%,

8/15/26 

230,000‌

211‌

Visa,

4.15%,

12/14/35 

90,000‌

78‌

Vistra

Operations,

3.55%,

7/15/24  (2)

135,000‌

132‌

Waste

Connections,

2.20%,

1/15/32 

155,000‌

117‌

Wells

Fargo,

VR,

5.389%,

4/24/34  (6)

410,000‌

370‌

Willis

North

America,

3.60%,

5/15/24 

40,000‌

39‌

Willis

North

America,

4.50%,

9/15/28 

160,000‌

148‌

WP

Carey,

3.85%,

7/15/29 

115,000‌

100‌

22,112‌

Equity

Mutual

Funds

8.2%

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class  (8)

2,360,940‌

42,331‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class  (8)

2,187,276‌

21,151‌

63,482‌

Municipal

Securities

0.2%

Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41 

300,000‌

203‌

California

State

Univ.,

Series

B,

2.795%,

11/1/41 

250,000‌

160‌

California,

Build

America,

GO,

7.625%,

3/1/40 

35,000‌

40‌

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41 

225,000‌

155‌

T.

ROWE

PRICE

Global

Allocation

Fund

59

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50 

390,000‌

280‌

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29 

15,000‌

14‌

Los

Angeles

Airport,

Build

America,

Series

C,

7.053%,

5/15/40 

15,000‌

16‌

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42 

175,000‌

129‌

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

113‌

Metropolitan

Transportation

Auth.,

Build

America,

Series

A-1,

5.871%,

11/15/39 

15,000‌

14‌

Miami-Dade

County

Transit

System,

Build

America,

Series

B,

5.624%,

7/1/40 

160,000‌

152‌

Miami-Dade

County

Water

&

Sewer

System,

Series

C,

3.49%,

10/1/42 

90,000‌

66��

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57 

125,000‌

128‌

New

York

State

Dormitory

Auth.,

Build

America,

Series

F,

Unrefunded

Portion,

5.628%,

3/15/39 

15,000‌

15‌

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26 

5,000‌

5‌

Port

Auth.

of

New

York

&

New

Jersey,

Series

182,

5.31%,

8/1/46 

20,000‌

17‌

South

Carolina

Public

Service

Auth.,

Series

D,

Unrefunded

Portion,

2.388%,

12/1/23  (11)

25,000‌

25‌

Univ.

of

California

Regents,

Build

America,

5.77%,

5/15/43 

15,000‌

14‌

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44 

25,000‌

21‌

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36 

110,000‌

94‌

1,679‌

Non-U.S.

Government

Mortgage-Backed

Securities

0.8%

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66  (2)

69,136‌

57‌

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66  (2)

22,653‌

18‌

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66  (2)

62,166‌

50‌

Angel

Oak

Mortgage

Trust,

Series

2023-3,

Class

A1,

CMO,

STEP,

4.80%,

9/26/67  (2)

223,852‌

209‌

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51  (2)

80,267‌

66‌

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.608%,

11/15/34  (2)

50,000‌

19‌

Benchmark

Mortgage

Trust,

Series

2023-V3,

Class

A3,

ARM,

6.363%,

7/15/56 

145,000‌

145‌

T.

ROWE

PRICE

Global

Allocation

Fund

60

Shares/Par

$

Value

(Cost

and

value

in

$000s)

BWAY

Mortgage

Trust,

Series

2022-26BW,

Class

A,

3.402%,

2/10/44  (2)

150,000‌

105‌

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

6.452%,

10/15/36  (2)

225,000‌

216‌

Cantor

Commercial

Real

Estate

Lending,

Series

2019-CF1,

Class

65A,

ARM,

4.411%,

5/15/52  (2)

100,000‌

90‌

CD

Mortgage

Trust,

Series

2016-CD2,

Class

A4,

ARM,

3.526%,

11/10/49 

55,000‌

50‌

CD

Mortgage

Trust,

Series

2017-CD3,

Class

B,

ARM,

3.984%,

2/10/50 

110,000‌

67‌

Chase

Home

Lending

Mortgage

Trust,

Series

2023-RPL1,

Class

A1,

CMO,

ARM,

3.50%,

6/25/62  (2)

224,732‌

195‌

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58 

25,000‌

23‌

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50  (2)

58,842‌

47‌

Cold

Storage

Trust,

Series

2020-ICE5,

Class

B,

ARM,

1M

TSFR

+

1.414%,

6.75%,

11/15/37  (2)

137,619‌

135‌

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48 

40,000‌

38‌

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48 

60,000‌

57‌

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48 

100,000‌

95‌

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

6.221%,

11/25/41  (2)

27,947‌

28‌

Connecticut

Avenue

Securities

Trust,

Series

2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

6.321%,

12/25/41  (2)

27,804‌

28‌

Connecticut

Avenue

Securities

Trust,

Series

2023-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.30%,

7.621%,

5/25/43  (2)

180,238‌

183‌

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59  (2)

16,761‌

15‌

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

6.828%,

7/15/38  (2)

94,735‌

93‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K068,

Class

A1,

2.952%,

2/25/27 

18,618‌

18‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K137,

Class

A2,

ARM,

2.347%,

11/25/31 

860,000‌

678‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-150,

Class

A2,

ARM,

3.71%,

9/25/32 

370,000‌

320‌

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

Series

K-156,

Class

A2,

ARM,

4.43%,

2/25/33 

285,000‌

259‌

Fontainebleau

Miami

Beach

Trust,

Series

2019-FBLU,

Class

C,

3.75%,

12/10/36  (2)

165,000‌

157‌

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (2)

5,638‌

5‌

T.

ROWE

PRICE

Global

Allocation

Fund

61

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40  (2)

100,000‌

72‌

Great

Wolf

Trust,

Series

2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

7.081%,

12/15/36  (2)

70,000‌

69‌

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48 

25,000‌

24‌

GS

Mortgage

Securities

Trust,

Series

2018-GS9,

Class

A4,

ARM,

3.992%,

3/10/51 

65,000‌

58‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48 

65,000‌

61‌

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48 

43,166‌

41‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39  (2)

100,000‌

75‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (2)

34,011‌

28‌

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (2)

40,276‌

33‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

6.00%,

8/25/50  (2)

8,922‌

8‌

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50  (2)

15,861‌

13‌

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

6.549%,

4/15/38  (2)

235,235‌

231‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2014-C17,

Class

B,

ARM,

4.464%,

8/15/47 

20,000‌

19‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48 

35,000‌

33‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47 

85,000‌

81‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47 

155,000‌

142‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68  (2)

100,000‌

100‌

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52  (2)

133,510‌

99‌

NYO

Commercial

Mortgage

Trust,

Series

2021-1290,

Class

C,

ARM,

1M

TSFR

+

2.109%,

7.444%,

11/15/38  (2)

295,000‌

222‌

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

6.539%,

10/25/59  (2)

9,579‌

9‌

OBX

Trust,

Series

2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63  (2)

100,000‌

100‌

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.193%,

12/25/49  (2)

186,890‌

143‌

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48  (2)

6,869‌

6‌

T.

ROWE

PRICE

Global

Allocation

Fund

62

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SFO

Commercial

Mortgage

Trust,

Series

2021-555,

Class

B,

ARM,

1M

TSFR

+

1.614%,

6.948%,

5/15/38  (2)

110,000‌

96‌

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (2)

1,848‌

2‌

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55  (2)

24,281‌

21‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA3,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.10%,

7.421%,

10/25/33  (2)

60,000‌

60‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

6.171%,

11/25/41  (2)

115,163‌

114‌

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58  (2)

15,793‌

15‌

Verus

Securitization

Trust,

Series

2019-4,

Class

A1,

CMO,

STEP,

3.642%,

11/25/59  (2)

15,967‌

15‌

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

2.692%,

11/25/59  (2)

31,506‌

30‌

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66  (2)

34,683‌

29‌

Verus

Securitization

Trust,

Series

2021-7,

Class

A1,

CMO,

ARM,

1.829%,

10/25/66  (2)

226,142‌

186‌

Verus

Securitization

Trust,

Series

2023-7,

Class

A2,

CMO,

STEP,

7.272%,

10/25/68  (2)

110,000‌

110‌

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68  (2)

119,905‌

118‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58 

41,000‌

39‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C31,

Class

A4,

3.695%,

11/15/48 

100,000‌

95‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-NXS2,

Class

A5,

ARM,

3.767%,

7/15/58 

75,000‌

71‌

6,134‌

Private

Investment

Companies

7.8%

Blackstone

Partners

Offshore

Fund,

Series

E1  (4)

25,981‌

59,932‌

59,932‌

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

6.8%

U.S.

Treasury

Bonds,

1.125%,

5/15/40 

1,830,000‌

996‌

U.S.

Treasury

Bonds,

1.375%,

8/15/50 

990,000‌

450‌

U.S.

Treasury

Bonds,

1.75%,

8/15/41 

1,310,000‌

777‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

580,000‌

357‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

1,215,000‌

638‌

U.S.

Treasury

Bonds,

2.00%,

2/15/50 

2,490,000‌

1,362‌

U.S.

Treasury

Bonds,

2.00%,

8/15/51 

365,000‌

197‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52  (7)

2,245,000‌

1,292‌

U.S.

Treasury

Bonds,

2.50%,

2/15/45 

145,000‌

93‌

U.S.

Treasury

Bonds,

2.75%,

11/15/42 

65,000‌

45‌

T.

ROWE

PRICE

Global

Allocation

Fund

63

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Bonds,

2.75%,

8/15/47  (12)

4,915,000‌

3,236‌

U.S.

Treasury

Bonds,

2.875%,

8/15/45 

570,000‌

392‌

U.S.

Treasury

Bonds,

3.00%,

11/15/44 

395,000‌

280‌

U.S.

Treasury

Bonds,

3.00%,

11/15/45 

435,000‌

306‌

U.S.

Treasury

Bonds,

3.00%,

2/15/47 

220,000‌

153‌

U.S.

Treasury

Bonds,

3.00%,

2/15/48 

740,000‌

510‌

U.S.

Treasury

Bonds,

3.00%,

8/15/48 

150,000‌

103‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

800,000‌

549‌

U.S.

Treasury

Bonds,

3.125%,

11/15/41 

290,000‌

218‌

U.S.

Treasury

Bonds,

3.125%,

8/15/44 

610,000‌

444‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

220,000‌

170‌

U.S.

Treasury

Bonds,

3.625%,

8/15/43 

355,000‌

283‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

80,000‌

62‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

1,990,000‌

1,551‌

U.S.

Treasury

Bonds,

3.875%,

8/15/40 

580,000‌

492‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

605,000‌

503‌

U.S.

Treasury

Bonds,

3.875%,

5/15/43 

355,000‌

295‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

150,000‌

125‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51 

102,361‌

53‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

273,474‌

151‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43 

254,930‌

176‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42 

453,011‌

327‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47 

242,806‌

168‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46 

80,208‌

58‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48 

140,691‌

99‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49 

164,716‌

115‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44 

160,983‌

128‌

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53 

645,337‌

504‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/25 

3,302,416‌

3,133‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26 

1,884,189‌

1,762‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26 

794,652‌

743‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26 

549,318‌

511‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27 

356,670‌

327‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

412,801‌

348‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/31 

63,806‌

53‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/32 

417,008‌

344‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.375%,

1/15/27 

2,048,630‌

1,903‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

1/15/26 

204,546‌

195‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32 

765,481‌

655‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.125%,

1/15/33 

1,151,108‌

1,019‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28 

5,249,584‌

4,961‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33 

641,328‌

580‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27 

2,420,940‌

2,339‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

420,000‌

317‌

U.S.

Treasury

Notes,

0.75%,

1/31/28 

120,000‌

101‌

U.S.

Treasury

Notes,

0.875%,

6/30/26  (12)

1,710,000‌

1,540‌

T.

ROWE

PRICE

Global

Allocation

Fund

64

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

Treasury

Notes,

1.25%,

8/15/31 

1,035,000‌

793‌

U.S.

Treasury

Notes,

1.625%,

8/15/29 

2,150,000‌

1,803‌

U.S.

Treasury

Notes,

1.875%,

2/28/27 

2,720,000‌

2,471‌

U.S.

Treasury

Notes,

1.875%,

2/15/32 

365,000‌

290‌

U.S.

Treasury

Notes,

2.75%,

5/15/25 

520,000‌

501‌

U.S.

Treasury

Notes,

3.375%,

5/15/33 

1,505,000‌

1,331‌

U.S.

Treasury

Notes,

3.50%,

2/15/33 

50,000‌

45‌

U.S.

Treasury

Notes,

3.625%,

5/31/28 

645,000‌

613‌

U.S.

Treasury

Notes,

3.875%,

4/30/25 

1,300,000‌

1,275‌

U.S.

Treasury

Notes,

4.00%,

2/29/28 

725,000‌

701‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

2,620,000‌

2,550‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

1,440,000‌

1,401‌

52,263‌

Total

United

States

(Cost

$530,837

)

565,644‌

VIETNAM

0.3%

Common

Stocks

0.3%

Airports

Corp.

of

Vietnam  (1)

2,900‌

8‌

Asia

Commercial

Bank 

284,971‌

264‌

Bank

for

Foreign

Trade

of

Vietnam  (1)

82,681‌

292‌

Binh

Minh

Plastics 

13,300‌

43‌

FPT 

140,116‌

490‌

FPT

Digital

Retail 

13,195‌

47‌

Hoa

Phat

Group  (1)

506,300‌

475‌

Khang

Dien

House

Trading

&

Investment  (1)

24,134‌

28‌

Military

Commercial

Joint

Stock

Bank 

181,042‌

134‌

Mobile

World

Investment 

52,500‌

81‌

Nam

Long

Investment 

36,866‌

46‌

Phu

Nhuan

Jewelry 

38,600‌

116‌

Saigon

Beer

Alcohol

Beverage 

21,000‌

48‌

Vietnam

Dairy

Products 

47,800‌

132‌

Vietnam

Engine

&

Agricultural

Machinery 

104,900‌

153‌

Vietnam

Technological

&

Commercial

Joint

Stock

Bank  (1)

20,000‌

23‌

Vincom

Retail  (1)

178,400‌

162‌

Total

Vietnam

(Cost

$2,422

)

2,542‌

SHORT-TERM

INVESTMENTS

2.4%

Money

Market

Funds

2.4%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%  (8)(13)

18,209,565‌

18,210‌

Total

Short-Term

Investments

(Cost

$18,210)

18,210‌

T.

ROWE

PRICE

Global

Allocation

Fund

65

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

0.4%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (8)(13)

1,139,680‌

1,140‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,140‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.3%

Money

Market

Funds

0.3%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (8)(13)

1,917,343‌

1,917‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

1,917‌

Total

Securities

Lending

Collateral

(Cost

$3,057)

3,057‌

Total

Investments

in

Securities

100.9%

of

Net

Assets

(Cost

$726,407)

$

779,489‌

‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1)

Non-income

producing

(2)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$14,425

and

represents

1.9%

of

net

assets.

(3)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

October

31,

2023.

(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

$1,528

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.

T.

ROWE

PRICE

Global

Allocation

Fund

66

.

.

.

.

.

.

.

.

.

.

(7)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

October

31,

2023.

(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)

Escrowed

to

maturity

(12)

At

October

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(13)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

ILS

Israeli

Shekel

JPY

Japanese

Yen

NOK

Norwegian

Krone

NVDR

Non-Voting

Depositary

Receipts

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

T.

ROWE

PRICE

Global

Allocation

Fund

67

.

.

.

.

.

.

.

.

.

.

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TWD

Taiwan

Dollar

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Global

Allocation

Fund

68

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

Exchange-Traded

Options

Written

(0.0)%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

11/24/23

@

$105.50

20

2,123

(12‌)

Total

Exchange-Traded

Options

Written

(Premiums

$(13))

$

(12‌)

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Goldman

Sachs

Deutsche

Telekom,

Call,

11/17/23

@

21.50

(EUR)

6

12

—‌

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

12/15/23

@

$72.00

1,917

13,912

(192‌)

Goldman

Sachs

Julius

Baer

Group,

Call,

11/17/23

@

65.00

(CHF)

1

5

—‌

Goldman

Sachs

Partners

Group

Holding,

Call,

11/17/23

@

1,100.00

(CHF)

1

10

—‌

Morgan

Stanley

S&P

500

Index,

Call,

12/15/23

@

$4,200.00

84

35,228

(849‌)

Total

OTC

Options

Written

(Premiums

$(936))

$

(1,041‌)

Total

Options

Written

(Premiums

$(949))

$

(1,053‌)

T.

ROWE

PRICE

Global

Allocation

Fund

69

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

11/30/23

USD

9,166‌

JPY

1,368,663‌

$

91‌

Citibank

11/30/23

USD

2,914‌

AUD

4,584‌

3‌

JPMorgan

Chase

11/30/23

USD

111‌

AUD

174‌

1‌

JPMorgan

Chase

11/30/23

USD

4,211‌

CHF

3,781‌

40‌

JPMorgan

Chase

11/30/23

USD

49‌

DKK

345‌

—‌

JPMorgan

Chase

11/30/23

USD

1,311‌

DKK

9,253‌

(3‌)

JPMorgan

Chase

11/30/23

USD

489‌

EUR

461‌

1‌

JPMorgan

Chase

11/30/23

USD

6,355‌

GBP

5,240‌

(15‌)

JPMorgan

Chase

11/30/23

USD

920‌

HKD

7,187‌

—‌

JPMorgan

Chase

11/30/23

USD

6‌

ILS

24‌

—‌

JPMorgan

Chase

11/30/23

USD

344‌

JPY

51,158‌

4‌

JPMorgan

Chase

11/30/23

USD

11‌

NOK

120‌

—‌

JPMorgan

Chase

11/30/23

USD

275‌

NOK

3,081‌

—‌

JPMorgan

Chase

11/30/23

USD

3‌

NZD

5‌

—‌

JPMorgan

Chase

11/30/23

USD

74‌

NZD

128‌

—‌

JPMorgan

Chase

11/30/23

USD

47‌

SEK

523‌

—‌

JPMorgan

Chase

11/30/23

USD

1,228‌

SEK

13,711‌

(1‌)

JPMorgan

Chase

11/30/23

USD

20‌

SGD

27‌

—‌

JPMorgan

Chase

11/30/23

USD

525‌

SGD

719‌

—‌

State

Street

11/30/23

USD

13,050‌

EUR

12,345‌

(29‌)

State

Street

11/30/23

USD

151‌

ILS

612‌

(1‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

91‌

T.

ROWE

PRICE

Global

Allocation

Fund

70

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

66

MSCI

EAFE

Index

contracts

12/23

(6,515)

$

434‌

Long,

69

S&P

500

E-Mini

Index

contracts

12/23

14,532

94‌

Long,

27

U.S.

Treasury

Long

Bond

contracts

12/23

2,955

(284‌)

Long,

31

U.S.

Treasury

Notes

five

year

contracts

12/23

3,239

(35‌)

Long,

4

U.S.

Treasury

Notes

ten

year

contracts

12/23

425

(15‌)

Long,

20

U.S.

Treasury

Notes

two

year

contracts

12/23

4,048

(1‌)

Long,

3

Ultra

U.S.

Treasury

Bonds

contracts

12/23

338

(2‌)

Short,

16

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

(1,741)

44‌

Net

payments

(receipts)

of

variation

margin

to

date

(161‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

74‌

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

year

ended

October

31,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.17% 

$

960‌

$

(2,643‌)

$

854‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.99% 

(1,829‌)

4,146‌

1,437‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.28% 

(3,972‌)

6,385‌

2,039‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

9.09% 

(473‌)

763‌

1,036‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.79% 

(806‌)

841‌

1,544‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

2,832‌

(1,037‌)

410‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

4.06% 

(2,143‌)

2,693‌

664‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.92% 

(324‌)

443‌

96‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

(848‌)

1,343‌

711‌

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%

—‌

—‌

1,248‌

Affiliates

not

held

at

period

end

(353‌)

479‌

77‌

Totals

$

(6,956‌)#

$

13,413‌

$

10,116‌+

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

10/31/22

Purchase

Cost

Sales

Cost

Value

10/31/23

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.17% 

$

20,913‌

$

6,231‌

$

7,918‌

$

16,583‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.99% 

22,528‌

1,442‌

10,329‌

17,787‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

7.28% 

35,764‌

2,789‌

14,597‌

30,341‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

9.09% 

16,193‌

1,036‌

9,623‌

8,369‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.79% 

21,807‌

2,579‌

5,592‌

19,635‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class 

55,376‌

7,046‌

19,054‌

42,331‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class,

4.06% 

26,115‌

3,664‌

8,143‌

24,329‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.92% 

5,944‌

570‌

4,798‌

2,159‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

27,945‌

932‌

9,069‌

21,151‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

13,271‌

589‌

14,339‌

—‌

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

3,151‌

  ¤

  ¤

3,057‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.40%

26,870‌

  ¤

  ¤

18,210‌

Total

$

203,952‌^

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$6,516

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$10,116

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$235,257.

T.

ROWE

PRICE

Global

Allocation

Fund

October

31,

2023

Statement

of

Assets

and

Liabilities

73

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$726,407)

$

779,489‌

Receivable

for

investment

securities

sold

1,857‌

Foreign

currency

(cost

$1,195)

1,181‌

Interest

and

dividends

receivable

1,019‌

Receivable

for

shares

sold

782‌

Unrealized

gain

on

forward

currency

exchange

contracts

140‌

Variation

margin

receivable

on

futures

contracts

74‌

Cash

5‌

Other

assets

1,636‌

Total

assets

786,183‌

Liabilities

Payable

for

investment

securities

purchased

8,022‌

Obligation

to

return

securities

lending

collateral

3,057‌

Options

written

(premiums

$949)

1,053‌

Payable

for

shares

redeemed

649‌

Investment

management

fees

payable

363‌

Unrealized

loss

on

forward

currency

exchange

contracts

49‌

Due

to

affiliates

18‌

Other

liabilities

418‌

Total

liabilities

13,629‌

NET

ASSETS

$

772,554‌

T.

ROWE

PRICE

Global

Allocation

Fund

October

31,

2023

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)

$

31,505‌

Paid-in

capital

applicable

to

58,219,965

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

741,049‌

NET

ASSETS

$

772,554‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$492,231;

Shares

outstanding:

37,127,820)

$

13.26‌

Advisor

Class

(Net

assets:

$3,446;

Shares

outstanding:

261,884)

$

13.16‌

I

Class

(Net

assets:

$276,877;

Shares

outstanding:

20,830,261)

$

13.29‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Operations

75

($000s)

Year

Ended

10/31/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$726)

$

20,114‌

    Interest

4,055‌

Securities

lending

49‌

Total

income

24,218‌

Expenses

Investment

management

6,385‌

Shareholder

servicing

Investor

Class

$

742‌

Advisor

Class

7‌

I

Class

29‌

778‌

Rule

12b-1

fees

Advisor

Class

10‌

Prospectus

and

shareholder

reports

Investor

Class

69‌

Advisor

Class

1‌

I

Class

9‌

79‌

Custody

and

accounting

294‌

Legal

and

audit

94‌

Registration

84‌

Proxy

and

annual

meeting

27‌

Directors

3‌

Miscellaneous

30‌

Waived

/

paid

by

Price

Associates

(1,409‌)

Total

expenses

6,375‌

Net

investment

income

17,843‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Operations

76

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$108)

9,309‌

Futures

(2,057‌)

Options

written

1,702‌

Forward

currency

exchange

contracts

(743‌)

Foreign

currency

transactions

(60‌)

Capital

gain

distributions

from

mutual

funds

6,516‌

Net

realized

gain

14,667‌

Change

in

net

unrealized

gain

/

loss

Securities

42,098‌

Futures

427‌

Options

written

(168‌)

Forward

currency

exchange

contracts

(459‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

55‌

Change

in

net

unrealized

gain

/

loss

41,953‌

Net

realized

and

unrealized

gain

/

loss

56,620‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

74,463‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Changes

in

Net

Assets

77

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/23

10/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

17,843‌

$

15,538‌

Net

realized

gain

(loss)

14,667‌

(257‌)

Change

in

net

unrealized

gain

/

loss

41,953‌

(229,827‌)

Increase

(decrease)

in

net

assets

from

operations

74,463‌

(214,546‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(22,307‌)

(72,421‌)

Advisor

Class

(123‌)

(451‌)

I

Class

(8,145‌)

(13,897‌)

Decrease

in

net

assets

from

distributions

(30,575‌)

(86,769‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

83,180‌

130,313‌

Advisor

Class

957‌

1,109‌

I

Class

96,320‌

140,314‌

Distributions

reinvested

Investor

Class

14,937‌

50,861‌

Advisor

Class

116‌

446‌

I

Class

7,911‌

13,847‌

Shares

redeemed

Investor

Class

(350,350‌)

(269,231‌)

Advisor

Class

(2,281‌)

(2,191‌)

I

Class

(76,750‌)

(45,656‌)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(225,960‌)

19,812‌

T.

ROWE

PRICE

Global

Allocation

Fund

Statement

of

Changes

in

Net

Assets

78

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/23

10/31/22

Net

Assets

Decrease

during

period

(182,072‌)

(281,503‌)

Beginning

of

period

954,626‌

1,236,129‌

End

of

period

$

772,554‌

$

954,626‌

*Share

information

(000s)

Shares

sold

Investor

Class

6,218‌

8,898‌

Advisor

Class

72‌

77‌

I

Class

7,166‌

9,740‌

Distributions

reinvested

Investor

Class

1,166‌

3,322‌

Advisor

Class

9‌

29‌

I

Class

617‌

902‌

Shares

redeemed

Investor

Class

(25,479‌)

(18,927‌)

Advisor

Class

(170‌)

(157‌)

I

Class

(5,727‌)

(3,280‌)

Increase

(decrease)

in

shares

outstanding

(16,128‌)

604‌

T.

ROWE

PRICE

Global

Allocation

Fund

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.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively.

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

T.

ROWE

PRICE

Global

Allocation

Fund

80

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

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.

In-Kind

Subscriptions

 Under

certain

circumstances,

and

when

considered

to

be

in

the

best

interest

of

all

shareholders,

the

fund

may

accept

portfolio

securities

rather

than

cash

as

payment

for

the

purchase

of

fund

shares

(in-kind

subscription).

For

financial

reporting

and

tax

purposes,

the

cost

basis

of

contributed

securities

is

equal

to

the

market

value

of

the

securities

on

the

date

of

contribution.

In-kind

subscriptions

result

in

no

T.

ROWE

PRICE

Global

Allocation

Fund

81

gain

or

loss

and

no

tax

consequences

for

the

fund.

During

the

year ended

October

31,

2023,

the

fund

accepted

$13,112,000

of

in-kind

subscriptions,

all

of

which

were

from

other

T.

Rowe

Price

funds.

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.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial  statements.

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.

T.

ROWE

PRICE

Global

Allocation

Fund

82

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:

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.

T.

ROWE

PRICE

Global

Allocation

Fund

83

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

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

T.

ROWE

PRICE

Global

Allocation

Fund

84

exchange

rate.

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

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

October

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

96,621‌

$

—‌

$

96,621‌

Bond

Mutual

Funds

119,203‌

—‌

—‌

119,203‌

Common

Stocks

252,692‌

164,002‌

156‌

416,850‌

Convertible

Preferred

Stocks

—‌

—‌

1,372‌

1,372‌

Equity

Mutual

Funds

63,482‌

—‌

—‌

63,482‌

Preferred

Stocks

—‌

762‌

—‌

762‌

Private

Investment

Companies

—‌

—‌

59,932‌

59,932‌

Short-Term

Investments

18,210‌

—‌

—‌

18,210‌

Securities

Lending

Collateral

3,057‌

—‌

—‌

3,057‌

Total

Securities

456,644‌

261,385‌

61,460‌

779,489‌

Forward

Currency

Exchange

Contracts

—‌

140‌

—‌

140‌

Futures

Contracts*

572‌

—‌

—‌

572‌

Total

$

457,216‌

$

261,525‌

$

61,460‌

$

780,201‌

Liabilities

Options

Written

$

12‌

$

1,041‌

$

—‌

$

1,053‌

Forward

Currency

Exchange

Contracts

—‌

49‌

—‌

49‌

Futures

Contracts*

337‌

—‌

—‌

337‌

Total

$

349‌

$

1,090‌

$

—‌

$

1,439‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

Non-U.S.

Government

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Global

Allocation

Fund

86

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

year ended

October

31,

2023.

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

October

31,

2023,

totaled $(278,000) for

the

year ended

October

31,

2023.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

($000s)

Beginning

Balance

10/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

10/31/23

Investment

in

Securities

Common

Stocks

$

170‌

$

220‌

$

175‌

$

(409‌)

$

156‌

Convertible

Preferred

Stocks

1,351‌

49‌

151‌

(179‌)

1,372‌

Private

Investment

Companies

77,741‌

4,191‌

—‌

(22,000‌)

59,932‌

Total

$

79,262‌

$

4,460‌

$

326‌

$

(22,588‌)

$

61,460‌

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

$156

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Relative

value

—#

—#

—#

Probability

for

potential

outcome

20%

20%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–

11.3x

8.1x

Increase

Gross

profit

growth

rate

24%

24%

Increase

Enterprise

value

to

sales

multiple

1.7x

–

9.2x

5.0x

Increase

Sales

growth

rate

23%

23%

Increase

Discount

for

liquidation

preference

—#

—#

Increase

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Convertible

Preferred

Stocks

$

1,372

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**

Premium

for

conversion

ratio

—#

—#

—#

Discount

for

uncertainty

5%

5%

Decrease

Market

comparable

Enterprise

value

to

gross

profit

multiple

9.5x

–

11.3x

10.4x

Increase

Gross

profit

growth

rate

24%

24%

Increase

Enterprise

value

to

sales

multiple

1.6x

–

9.2x

2.8x

Increase

Sales

growth

rate

7%

-

66%

28%

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

7.5x

Increase

EBITDA

growth

rate

65%

65%

Increase

Projected

enterprise

value

to

sales

multiple

2.2x

–

7.9x

3.0x

Increase

Premium

to

public

company

multiples

2%

-

13%

7%

Increase

Projected

enterprise

value

to

EBITDA

multiple

15.1x

15.1x

Increase

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.

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**

Projected

enterprise

value

to

EBIT

multiple

12.7x

–

18.2x

15.5x

Increase

EBIT

growth

rate

22%

22%

Increase

Discount

to

public

company

multiples

29%

-

35%

32%

Decrease

Discount

rate

for

cost

of

capital

15%

-

40%

30%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

59,932

Rollforward

of

Investee

NAV

Estimated

return

0.51%

0.51%

Increase

T.

ROWE

PRICE

Global

Allocation

Fund

90

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

year ended

October

31,

2023,

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.

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

October

31,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

O

T.

ROWE

PRICE

Global

Allocation

Fund

91

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

44‌

Foreign

exchange

derivatives

Forwards

140‌

Equity

derivatives

Futures

528‌

*

Total

$

712‌

*

Liabilities

Interest

rate

derivatives

Futures,

Options

Written

$

349‌

Foreign

exchange

derivatives

Forwards

49‌

Credit

derivatives

Options

Written

192‌

Equity

derivatives

Options

Written

849‌

Total

$

1,439‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Global

Allocation

Fund

92

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

October

31,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

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.

($000s)                                              

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

(896‌)

$

—‌

$

(896‌)

Foreign

exchange

derivatives

—‌

—‌

(743‌)

(743‌)

Credit

derivatives

907‌

—‌

—‌

907‌

Equity

derivatives

795‌

(1,161‌)

—‌

(366‌)

Total

$

1,702‌

$

(2,057‌)

$

(743‌)

$

(1,098‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

1‌

$

332‌

$

—‌

$

333‌

Foreign

exchange

derivatives

—‌

—‌

(459‌)

(459‌)

Credit

derivatives

(72‌)

—‌

—‌

(72‌)

Equity

derivatives

(97‌)

95‌

—‌

(2‌)

Total

$

(168‌)

$

427‌

$

(459‌)

$

(200‌)

T.

ROWE

PRICE

Global

Allocation

Fund

93

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

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

October

31,

2023,

securities

valued

at $406,000 had

been

pledged

or

posted

by

the

T.

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PRICE

Global

Allocation

Fund

94

fund

to

counterparties

for

bilateral

derivatives. As

of

October

31,

2023,

no

collateral

was

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives. As

of

October

31,

2023,

securities

valued

at $426,000

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

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

5%

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

T.

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PRICE

Global

Allocation

Fund

95

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

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

3%

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

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

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

year ended

October

31,

2023,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

6%

and

7%

of

net

assets.

T.

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PRICE

Global

Allocation

Fund

96

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

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

T.

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PRICE

Global

Allocation

Fund

97

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

October

31,

2023,

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

October

31,

2023,

the

value

of

loaned

securities

was

$2,960,000;

the

value

of

cash

collateral

and

related

investments

was

$3,057,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term securities

aggregated $401,239,000 and

$619,705,000,

respectively,

for

the

year ended

October

31,

2023.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$51,448,000 and

$55,501,000,

respectively,

for

the

year ended

October

31,

2023.

T.

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PRICE

Global

Allocation

Fund

98

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.

The fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required. The

fund’s

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return,

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/tax

adjustments

relate

primarily

to

the

character

of

net

currency

gains

or

losses,

the

character

of

income

on

passive

foreign

investment

companies,

the

character

of

distributions

from

the

underlying

funds

and

the

recharacterization

of

distributions.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

October

31,

2023

October

31,

2022

Ordinary

income

(including

short-term

capital

gains,

if

any)

$

30,575‌

$

44,227‌

Long-term

capital

gain

—‌

42,542‌

Total

distributions

$

30,575‌

$

86,769‌

T.

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PRICE

Global

Allocation

Fund

99

At

October

31,

2023,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were

as

follows:

At

October

31,

2023,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

The

loss

carryforwards

and

deferrals

primarily

relate

to

capital

loss

carryforwards.

Capital

loss

carryforwards

are

available

indefinitely

to

offset

future

realized

capital

gains.

During

the

year

ended

October

31,

2023,

the

fund

utilized

$4,992,000

of

capital

loss

carryforwards.

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/loss

on

securities

in

the

accompanying

financial

statements.

To

the

($000s)

Cost

of

investments

$

761,071‌

Unrealized

appreciation

$

125,708‌

Unrealized

depreciation

(108,358‌)

Net

unrealized

appreciation

(depreciation)

$

17,350‌

($000s)

Undistributed

ordinary

income

$

17,258‌

Net

unrealized

appreciation

(depreciation)

17,350‌

Loss

carryforwards

and

deferrals

(3,103‌)

Total

distributable

earnings

(loss)

$

31,505‌

T.

ROWE

PRICE

Global

Allocation

Fund

100

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

October

31,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

The Advisor 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

its

management

fee

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.

The

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.

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

T.

ROWE

PRICE

Global

Allocation

Fund

101

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

year ended October

31,

2023

as

indicated

in

the

table

below.

Including these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $110,000 remain

subject

to

repayment

by

the

fund

at

October

31,

2023.

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

year

ended

October

31,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

$114,000

for

Price

Associates;

$180,000

for

T.

Rowe

Price

Services,

Inc.;

and

$2,000

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.

Advisor

Class

I

Class

Expense

limitation/I

Class

Limit

1.15%

0.05%

Expense

limitation

date

02/28/26

02/28/26

(Waived)/repaid

during

the

period

($000s)

$(1)

$(58)

T.

ROWE

PRICE

Global

Allocation

Fund

102

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

year

ended

October

31,

2023,

are

as

follows:

T.

ROWE

PRICE

Global

Allocation

Fund

103

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$976,000,

$6,000

and

$368,000 for

the

Investor

Class,

Advisor

Class

and

I

Class,

respectively,

for

the

year ended

October

31,

2023. 

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

year

ended

October

31,

2023,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund’s

net

assets

as

of

October

31,

2023.

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades.

This

agreement

may

be

rescinded

at

any

time.

For

the

year ended

October

31,

2023,

this

reimbursement

amounted

to

$12,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.49%

$

94‌

T.

Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class

0.65%

133‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

0.70%

252‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

67‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

112‌

T.

Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

0.64%

295‌

T.

Rowe

Price

International

Bond

Fund

-

I

Class

0.49%

122‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.49%

21‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

1.00%

230‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class

0.54%

24‌

Total

Management

Fee

Waived

$

1,350‌

T.

ROWE

PRICE

Global

Allocation

Fund

104

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

NOTE

9

-

SUBSEQUENT

EVENT 

Effective

November

1,

2023,

the

fund’s

Investor

Class

(class)

is

subject

to

a

contractual

expense

limitation

through

February

28,

2026.

During

the

limitation

period,

Price

Associates

is

required

to

waive

or

pay

any

class

operating

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

daily

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation

of

1.04%.

Any

class

expenses

waived

or

paid

by

Price

Associates

pursuant

to

a

contractual

expense

limitation

are

subject

to

reimbursement

to

Price

Associates

by

the

class

whenever

the

class

expenses

are

below

the

contractual

expense

limitation.

However,

no

reimbursement

by

the

class

to

Price

Associates

will

be

made

more

than

three

years

after

the

waiver

or

payment

of

class

expenses

by

Price

T.

ROWE

PRICE

Global

Allocation

Fund

105

Associates

or

if

such

reimbursement

would

result

in

the

class

expenses

exceeding

the

contractual

expense

limitation

in

place

at

the

time

such

amounts

were

waived

or

paid

by

Price

Associates.

T.

ROWE

PRICE

Global

Allocation

Fund

106

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

To

the

Board

of

Directors

and

Shareholders

of

T.

Rowe

Price

Global

Allocation

Fund,

Inc.

Opinion

on

the

Financial

Statements

We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T.

Rowe

Price

Global

Allocation

Fund,

Inc.

(the

"Fund")

as

of

October

31,

2023,

the

related

statement

of

operations

for

the

year

ended

October

31,

2023,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

(collectively

referred

to

as

the

“financial

statements”).

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2023,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2023

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2023

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

of

the

Fund’s

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund’s

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T.

ROWE

PRICE

Global

Allocation

Fund

107

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2023

by

correspondence

with

the

custodians,

transfer

agent,

investment

manager

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

December

19,

2023

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T.

Rowe

Price

group

of

investment

companies

since

1973.

REPORT

OF

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

(continued)

T.

ROWE

PRICE

Global

Allocation

Fund

108

TAX

INFORMATION

(UNAUDITED)

FOR

THE

TAX

YEAR

ENDED 10/31/23

We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund’s

distributions

to

shareholders

included

$14,275,000

from

short-term

capital

gains. 

For

taxable

non-corporate

shareholders,

$8,597,000 of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$3,450,000

of

the

fund's

income

qualifies

for

the

dividends-

received

deduction.  

For

individuals

and

certain

trusts

and

estates

which

are

entitled

to

claim

a

deduction

of

up

to

20%

of

their

combined

qualified

real

estate

investment

trust

(REIT)

dividends,

$188,000 of

the

fund's

income

qualifies

as

qualified

real

estate

investment

trust

(REIT)

dividends.

T.

ROWE

PRICE

Global

Allocation

Fund

109

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.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

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

.

Votes

For

Votes

Withheld

Melody

Bianchetto

56,765,924

653,299

Mark

J.

Parrell

56,735,594

716,140

Kellye

L.

Walker

56,827,470

632,036

Eric

L.

Veiel

55,814,448

1,633,969

T.

ROWE

PRICE

Global

Allocation

Fund

110

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

111

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

that

was

prepared

by

the

LRC

on

behalf

of

the

Adviser

and

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Global

Allocation

Fund

112

For the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

ROWE

PRICE

Global

Allocation

Fund

113

ABOUT

THE

FUND'S

DIRECTORS

AND

OFFICERS

Your

fund

is

overseen

by

a

Board

of

Directors

(Board)

that

meets

regularly

to

review

a

wide

variety

of

matters

affecting

or

potentially

affecting

the

fund,

including

performance,

investment

programs,

compliance

matters,

advisory

fees

and

expenses,

service

providers,

and

business

and

regulatory

affairs.

The

Board

elects

the

fund’s

officers,

who

are

listed

in

the

final

table.

The

directors

who

are

also

employees

or

officers

of

T.

Rowe

Price

are

considered

to

be

“interested”

directors

as

defined

in

Section

2(a)(19)

of

the

1940

Act

because

of

their

relationships

with

T.

Rowe

Price

Associates,

Inc. (T.

Rowe

Price),

and

its

affiliates.

The

business

address

of

each

director

and

officer

is

100

East

Pratt

Street,

Baltimore,

Maryland

21202.

The

Statement

of

Additional

Information

includes

additional

information

about

the

fund

directors

and

is

available

without

charge

by

calling

a

T.

Rowe

Price

representative

at

1-800-638-5660.

INDEPENDENT

DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Teresa

Bryce

Bazemore

(1959)

2018

[209]

President

and

Chief

Executive

Officer,

Federal

Home

Loan

Bank

of

San

Francisco

(2021

to

present);

Chief

Executive

Officer,

Bazemore

Consulting

LLC

(2018

to

2021);

Director,

Chimera

Investment

Corporation

(2017

to

2021);

Director,

First

Industrial

Realty

Trust

(2020

to

present);

Director,

Federal

Home

Loan

Bank

of

Pittsburgh

(2017

to

2019)

Melody

Bianchetto

(1966)

2023

[209]

Vice

President

for

Finance,

University

of

Virginia

(2015

to

2023)

Bruce

W.

Duncan

(1951)

2013

[209]

President,

Chief

Executive

Officer,

and

Director,

CyrusOne,

Inc.

(2020

to

2021);

Chair

of

the

Board

(2016

to

2020)

and

President

(2009

to

2016),

First

Industrial

Realty

Trust,

owner

and

operator

of

industrial

properties;

Member,

Investment

Company

Institute

Board

of

Governors

(2017

to

2019);

Member,

Independent

Directors

Council

Governing

Board

(2017

to

2019);

Senior

Advisor,

KKR

(2018

to

2022);

Director,

Boston

Properties

(2016

to

present);

Director,

Marriott

International,

Inc.

(2016

to

2020)

Robert

J.

Gerrard,

Jr.

(1952)

2013

[209]

Chair

of

the

Board,

all

funds

(July

2018

to

present)

Paul

F.

McBride

(1956)

2013

[209]

Advisory

Board

Member,

Vizzia

Technologies

(2015

to

present);

Board

Member,

Dunbar

Armored

(2012

to

2018)

T.

ROWE

PRICE

Global

Allocation

Fund

114

INTERESTED  DIRECTORS

(a)

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Mark

J.

Parrell

(1966)

2023

[209]

Board

of

Trustees

Member

and

Chief

Executive

Officer

(2019

to

present),

President

(2018

to

present),

Executive

Vice

President

and

Chief

Financial

Officer

(2007

to

2018),

and

Senior

Vice

President

and

Treasurer

(2005

to

2007),

EQR;

Member,

Nareit

Dividends

Through

Diversity,

Equity

&

Inclusion

CEO

Council

and

Chair,

Nareit

2021

Audit

and

Investment

Committee

(2021);

Advisory

Board,

Ross

Business

School

at

University

of

Michigan

(2015

to

2016);

Member,

National

Multifamily

Housing

Council

and

served

as

Chair

of

the

Finance

Committee

(2015

to

2016);

Member,

Economic

Club

of

Chicago;

Director,

Brookdale

Senior

Living,

Inc.

(2015

to

2017);

Director,

Aviv

REIT,

Inc.

(2013

to

2015);

Director,

Real

Estate

Roundtable

and

the

2022

Executive

Board

Nareit;

Board

of

Directors

and

Chair

of

the

Finance

Committee,

Greater

Chicago

Food

Depository

Kellye

L.

Walker

(1966)

2021

[209]

Executive

Vice

President

and

Chief

Legal

Officer,

Eastman

Chemical

Company

(April

2020

to

present);

Executive

Vice

President

and

Chief

Legal

Officer,

Huntington

Ingalls

Industries,

Inc.

(January

2015

to

March

2020);

Director,

Lincoln

Electric

Company

(October

2020

to

present)

(a)

All

information

about

the

independent

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

David

Oestreicher

(1967)

2018

[209]

Director,

Vice

President,

and

Secretary,

T.

Rowe

Price,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Services,

Inc.;

Director

and

Secretary,

T.

Rowe

Price

Investment

Management,

Inc.

(Price

Investment

Management);

Vice

President

and

Secretary,

T.

Rowe

Price

International

(Price

International);

Vice

President,

T.

Rowe

Price

Hong

Kong

(Price

Hong

Kong),

T. Rowe

Price

Japan

(Price

Japan),

and

T.

Rowe

Price

Singapore

(Price

Singapore);

General

Counsel,

Vice

President,

and

Secretary,

T.

Rowe

Price

Group,

Inc.;

Chair

of

the

Board,

Chief

Executive

Officer,

President,

and

Secretary,

T.

Rowe

Price

Trust

Company;

Principal

Executive

Officer

and

Executive

Vice

President,

all

funds

INDEPENDENT

DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

115

OFFICERS

Name

(Year

of

Birth)

Year

Elected

[Number

of

T.

Rowe

Price

Portfolios

Overseen]

Principal

Occupation(s)

and

Directorships

of

Public

Companies

and

Other

Investment

Companies

During

the

Past

Five

Years

Eric

L.

Veiel,

CFA

(1972)

2022

[209]

Director

and

Vice

President,

T.

Rowe

Price;

Vice

President,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

Vice

President,

Global

Funds

(a)

All

information

about

the

interested

directors

was

current

as

of

December

31,

2022,

unless

otherwise

indicated,

except

for

the

number

of

portfolios

overseen,

which

is

current

as

of

the

date

of

this

report.

Name

(Year

of

Birth)

Position

Held

With Global

Allocation

Fund 

Principal

Occupation(s) 

Armando

(Dino)

Capasso

(1974)

Chief

Compliance

Officer

and

Vice

President

Chief

Compliance

Officer

and

Vice

President,

T.

Rowe

Price

and

Price

Investment

Management;

Vice

President,

T.

Rowe

Price

Group,

Inc.;

formerly,

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

AST

Investment

Services,

Inc.

(ASTIS)

(to

2022);

Chief

Compliance

Officer,

PGIM

Retail

Funds

complex

and

Prudential

Insurance

Funds

(to

2022);

Vice

President

and

Deputy

Chief

Compliance

Officer,

PGIM

Investments

LLC

and

ASTIS

(to

2019)

David

L.

Clewell

(1984)

Vice

President

Vice

President,

Price

Japan,

T.

Rowe

Price,

and

T.

Rowe

Price

Group,

Inc.

Alan

S.

Dupski,

CPA

(1982)

Principal

Financial

Officer,

Vice

President,

and

Treasurer

Vice

President,

Price

Investment

Management,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

Emory

(1963)

Assistant

Secretary 

Assistant

Vice

President

and

Assistant

Secretary,

T.

Rowe

Price;

Assistant

Secretary,

T.

Rowe

Price

Group,

Inc.,

Price

Investment

Management,

Price

International,

Price

Hong

Kong,

Price

Singapore,

T.

Rowe

Price

Investment

Services,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Cheryl

Hampton,

CPA

(1969)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company;

formerly,

Tax

Director,

Invesco

Ltd.

(to

2021);

Vice

President,

Oppenheimer

Funds,

Inc.

(to

2019)

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

INTERESTED  DIRECTORS

(a)

(CONTINUED)

T.

ROWE

PRICE

Global

Allocation

Fund

116

Name

(Year

of

Birth)

Position

Held

With Global

Allocation

Fund 

Principal

Occupation(s) 

Robert

L. Harlow,

CAIA,

CFA

(1986)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Stefan

Hubrich,

Ph.D.,

CFA

(1974)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Benjamin

Kersse,

CPA

(1989)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Trust

Company

Paul

J.

Krug,

CPA

(1964)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Robert

M.

Larkins,

CFA

(1973)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Sean

P.

McWilliams

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Christina

Dove

Noonan

(1988)

Vice

President

Vice

President,

T.

Rowe

Price

Robert

A.

Panariello

(1983)

Vice

President

Vice

President,

T.

Rowe

Price

and

T.

Rowe

Price

Group,

Inc.

Fran

M.

Pollack-Matz

(1961)

Vice

President

and

Secretary 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Investment

Services,

Inc., T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Richard

Sennett,

CPA

(1970)

Assistant

Treasurer

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Michael

K.

Sewell

(1982)

Vice

President

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

and

T.

Rowe

Price

Trust

Company

Charles

M.

Shriver,

CFA

(1967)

Co-president 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Toby

M.

Thompson,

CAIA,

CFA

(1971)

Co-president 

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

Price

International,

and

T.

Rowe

Price

Trust

Company

Megan

Warren

(1968)

Vice

President

OFAC

Sanctions

Compliance

Officer

and

Vice

President,

Price

Investment

Management;

Vice

President,

T.

Rowe

Price,

T.

Rowe

Price

Group,

Inc.,

T.

Rowe

Price

Retirement

Plan

Services,

Inc.,

T.

Rowe

Price

Services,

Inc.,

and

T.

Rowe

Price

Trust

Company

Ellen

York

(1988)

Vice

President

Vice

President,

Price

Investment

Management

and

T.

Rowe

Price

Unless

otherwise

noted,

officers

have

been

employees

of

T.

Rowe

Price

or

Price

International

for

at

least

5

years.

OFFICERS

(CONTINUED)

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.

202312-3146024

F154-050

12/23

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

Not applicable.

Item 2. Code of Ethics.

The registrant has adopted 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. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

Item 3. Audit Committee Financial Expert.

The registrant’s Board of Directors has determined that Ms. Teresa Bryce Bazemore qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Bazemore is considered independent for purposes of Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) – (d)  Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant’s principal accountant were as follows:

	2023		2022
Audit Fees		$45,083		$41,766
Audit-Related Fees		-		-
Tax Fees		-		1,431
All Other Fees		-		-

Audit fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the accountant in connection with statutory and regulatory filings. Audit-related fees include amounts reasonably related to the performance of the audit of the registrant’s financial statements and specifically include the issuance of a report on internal controls and, if applicable, agreed-upon procedures related to fund acquisitions. Tax fees include amounts related to services for tax compliance, tax planning, and tax advice. The nature of these services specifically includes the review of distribution calculations and the preparation of Federal, state, and excise tax returns. All other fees include the registrant’s pro-rata share of amounts for agreed-upon procedures in conjunction with service contract approvals by the registrant’s Board of Directors/Trustees.

(e)(1) The registrant’s audit committee has adopted a policy whereby audit and non-audit services performed by the registrant’s principal accountant for the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant require pre-approval in advance at regularly scheduled audit committee meetings. If such a service is required between regularly scheduled audit committee meetings, pre-approval may be authorized by one audit committee member with ratification at the next scheduled audit committee meeting. Waiver of pre-approval for audit or non-audit services requiring fees of a de minimis amount is not permitted.

     (2) No services included in (b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Less than 50 percent of the hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees.

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,584,000 and $2,760,000, respectively.

(h) All non-audit services rendered in (g) above were pre-approved by the registrant’s audit committee. Accordingly, these services were considered by the registrant’s audit committee in maintaining the principal accountant’s independence.

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 attached.
(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	December 19, 2023

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	December 19, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	December 19, 2023