T.
ROWE
PRICE
Global
Allocation
Fund
January
31,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA
0.2%
Common
Stocks
0.2%
Arcos
Dorados
Holdings,
Class
A
(USD)
6,865
85
Globant
(USD) (1)
1,743
411
MercadoLibre
(USD) (1)
617
1,056
Tenaris,
ADR
(USD)
1,455
47
Total
Argentina
(Cost
$547
)
1,599
AUSTRALIA
0.6%
Common
Stocks
0.6%
ALS
6,155
51
ANZ
Group
Holdings
9,813
173
Bellevue
Gold (1)
48,197
42
BHP
Group
44,623
1,365
BHP
Group
(GBP)
12,843
393
BlueScope
Steel
1,852
28
Capricorn
Metals (1)
22,838
68
Challenger
16,161
69
Champion
Iron
7,750
43
Cochlear
388
77
Downer
EDI
25,464
69
Emerald
Resources (1)
72,510
158
Frontier
Digital
Ventures (1)
222,607
68
Goodman
Group
8,098
134
IGO
21,815
106
Macquarie
Group
1,603
198
Northern
Star
Resources
26,946
231
oOh!media
66,161
69
Pilbara
Minerals
106,144
242
Red
5 (1)
128,986
26
Reliance
Worldwide
19,880
54
Rio
Tinto
906
78
Scentre
Group
183,181
364
South32
118,607
257
Worley
25,463
245
4,608
Corporate
Bonds
0.0%
Transurban
Finance,
2.45%,
3/16/31
(USD) (2)
140,000
117
Transurban
Finance,
4.125%,
2/2/26
(USD) (2)
15,000
15
Woodside
Finance,
3.70%,
3/15/28
(USD) (2)
67,000
63
T.
ROWE
PRICE
Global
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Woodside
Finance,
4.50%,
3/4/29
(USD) (2)
105,000
100
295
Total
Australia
(Cost
$3,799
)
4,903
AUSTRIA
0.2%
Common
Stocks
0.2%
BAWAG
Group
15,667
807
Erste
Group
Bank
4,166
179
OMV
3,692
164
Schoeller-Bleckmann
Oilfield
Equipment
1,885
90
voestalpine
1,459
43
Total
Austria
(Cost
$1,037
)
1,283
BAHRAIN
0.0%
Common
Stocks
0.0%
Aluminium
Bahrain
41,214
151
Total
Bahrain
(Cost
$117
)
151
BANGLADESH
0.0%
Common
Stocks
0.0%
BRAC
Bank
299,148
103
Square
Pharmaceuticals
34,859
69
Total
Bangladesh
(Cost
$201
)
172
BELGIUM
0.0%
Common
Stocks
0.0%
KBC
Group
1,186
77
Shurgard
Self
Storage
2,216
103
Umicore
5,611
128
Warehouses
De
Pauw
2,157
63
Total
Belgium
(Cost
$374
)
371
BRAZIL
0.5%
Common
Stocks
0.5%
B3
166,420
439
CI&T,
Class
A
(USD) (1)(3)
6,558
29
Hypera
29,739
191
Intelbras
Industria
de
Telecomunicacao
Eletronica
Brasileira
16,073
68
T.
ROWE
PRICE
Global
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Klabin
88,111
380
Localiza
Rent
a
Car
61,542
676
Localiza
Rent
a
Car,
Rights,
2/6/24 (1)
200
1
Lojas
Renner
35,670
116
Multiplan
Empreendimentos
Imobiliarios
8,116
46
Raia
Drogasil
138,885
709
Suzano
6,819
71
Vale,
ADR
(USD)
37,042
507
WEG
34,038
222
XP,
Class
A
(USD)
4,236
104
3,559
Preferred
Stocks
0.0%
Marcopolo
52,539
84
84
Total
Brazil
(Cost
$3,253
)
3,643
CANADA
1.6%
Closed-End
Mutual
Funds
0.0%
Sprott
Physical
Uranium
Trust (1)
800
19
19
Common
Stocks
1.3%
Agnico
Eagle
Mines
1,875
92
Agnico
Eagle
Mines
(USD)
1,110
55
Alamos
Gold,
Class
A
8,379
101
Alamos
Gold,
Class
A
(USD)
3,615
44
Aritzia (1)
5,822
142
ATS (1)
2,371
101
Aya
Gold
&
Silver (1)
10,905
84
B2Gold
(USD)
12,024
34
Barrick
Gold
(USD)
6,286
98
Boardwalk
Real
Estate
Investment
Trust (3)
1,105
57
Brookfield
6,030
239
BRP
1,081
68
Cameco
(USD)
2,942
141
Canadian
Apartment
Properties
REIT
1,390
48
Canadian
National
Railway
(USD)
1,566
194
Canadian
Natural
Resources
3,119
200
Canadian
Pacific
Kansas
City
(USD)
2,043
164
Cenovus
Energy
8,846
143
Constellation
Software
78
216
Constellation
Software,
Warrants,
3/31/40 (1)(4)
79
—
Definity
Financial
11,185
325
dentalcorp
Holdings (1)
9,562
47
T.
ROWE
PRICE
Global
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Descartes
Systems
Group (1)
2,421
212
Descartes
Systems
Group
(USD) (1)
918
80
Element
Fleet
Management
29,392
496
Enbridge
(USD) (3)
5,952
211
ERO
Copper (1)
31,988
501
Exchange
Income (3)
2,796
98
Filo (1)
9,429
145
First
Quantum
Minerals
5,161
47
Foran
Mining (1)
6,614
19
Foran
Mining (1)
8,382
26
Franco-Nevada
3,590
388
Franco-Nevada
(USD)
2,539
275
G
Mining
Ventures (1)
27,615
40
Granite
Real
Estate
Investment
Trust (3)
744
40
Ivanhoe
Mines,
Class
A (1)
30,690
322
Jamieson
Wellness
4,227
97
K92
Mining (1)
13,033
62
Karora
Resources (1)
27,099
84
Kinaxis (1)
511
62
Kinross
Gold
(USD) (3)
4,305
24
Lundin
Gold
4,005
47
Magna
International
(USD) (3)
5,368
305
Maple
Leaf
Foods
4,505
86
National
Bank
of
Canada
7,748
593
NGEx
Minerals (1)
6,145
38
Nutrien
(USD)
4,633
231
NuVista
Energy (1)
10,751
83
Osisko
Gold
Royalties
4,088
60
Osisko
Mining (1)
30,633
55
Osisko
Mining,
Warrants,
8/28/24 (1)
8,392
1
Parex
Resources
2,167
36
Richelieu
Hardware
2,930
95
Shopify,
Class
A (1)
3,414
273
Shopify,
Class
A
(USD) (1)
4,857
389
Skeena
Resources (1)
8,269
38
SNC-Lavalin
Group (3)
4,049
134
Snowline
Gold (1)
5,308
23
Spin
Master
3,723
96
StorageVault
Canada
44,038
176
Sun
Life
Financial
7,677
398
Suncor
Energy
11,586
384
Teck
Resources,
Class
B
(USD)
5,585
223
TMX
Group
8,888
220
Wesdome
Gold
Mines (1)
38,182
225
West
Fraser
Timber
1,027
82
Wheaton
Precious
Metals
6,930
325
T.
ROWE
PRICE
Global
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wheaton
Precious
Metals
(USD)
7,280
341
10,779
Corporate
Bonds
0.2%
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD)
110,000
97
Canadian
Pacific
Railway,
1.75%,
12/2/26
(USD)
130,000
120
Canadian
Pacific
Railway,
2.875%,
11/15/29
(USD)
235,000
211
Canadian
Pacific
Railway,
3.50%,
5/1/50
(USD)
155,000
117
Canadian
Pacific
Railway,
4.30%,
5/15/43
(USD)
25,000
22
Enbridge,
6.20%,
11/15/30
(USD)
45,000
48
Royal
Bank
of
Canada,
2.30%,
11/3/31
(USD)
250,000
209
Thomson
Reuters,
3.35%,
5/15/26
(USD)
10,000
9
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD)
145,000
138
TransCanada
PipeLines,
6.203%,
3/9/26
(USD)
240,000
240
1,211
Government
Bonds
0.1%
Province
of
Alberta,
3.30%,
3/15/28
(USD)
135,000
130
Province
of
British
Columbia,
4.20%,
7/6/33
(USD)
320,000
316
Province
of
Manitoba,
Series
GX,
2.60%,
4/16/24
(USD)
270,000
268
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD)
250,000
244
Province
of
Quebec,
Series
QO,
2.875%,
10/16/24
(USD)
50,000
49
1,007
Total
Canada
(Cost
$11,415
)
13,016
CAYMAN
ISLANDS
0.1%
Convertible
Preferred
Stocks
0.1%
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $89
(USD) (1)(4)(5)
1,810
432
Total
Cayman
Islands
(Cost
$89
)
432
CHILE
0.1%
Common
Stocks
0.0%
Antofagasta
(GBP)
11,375
248
Sociedad
Quimica
y
Minera
de
Chile,
ADR
(USD) (3)
381
16
264
Corporate
Bonds
0.1%
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD)
250,000
212
Corp
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (2)
220,000
195
407
Total
Chile
(Cost
$589
)
671
T.
ROWE
PRICE
Global
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CHINA
1.5%
Common
Stocks
1.0%
58.com
(USD) (1)(4)
5,864
—
Alibaba
Group
Holding
(HKD)
29,820
267
Alibaba
Group
Holding,
ADR
(USD)
11,165
806
Aluminum
Corp.
of
China,
Class
H
(HKD)
28,000
14
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $16
(USD) (1)(4)(5)
16,329
16
Atour
Lifestyle
Holdings,
ADR
(USD)
171
3
Baidu,
ADR
(USD) (1)
638
67
BeiGene,
ADR
(USD) (1)(3)
474
70
Beijing
Enterprises
Holdings
(HKD)
19,000
69
BOE
Varitronix
(HKD)
47,000
30
Bosideng
International
Holdings
(HKD)
110,000
50
China
Hongqiao
Group
(HKD)
18,000
13
China
Overseas
Property
Holdings
(HKD)
80,000
53
China
Resources
Gas
Group
(HKD)
35,800
102
China
Resources
Mixc
Lifestyle
Services
(HKD)
60,400
174
Fosun
International
(HKD)
49,500
26
H
World
Group
(HKD)
48,700
153
Haier
Smart
Home,
Class
H
(HKD)
32,600
92
Hesai
Group,
ADR
(USD) (1)
810
5
JD
Health
International
(HKD) (1)
10,650
35
Jiumaojiu
International
Holdings
(HKD)
188,000
111
JOYY,
ADR
(USD)
1,181
36
Kanzhun,
ADR
(USD)
19,485
271
KE
Holdings,
ADR
(USD)
34,790
493
Li
Auto,
ADR
(USD) (1)(3)
18,322
507
Nongfu
Spring,
Class
H
(HKD)
40,200
218
PDD
Holdings,
ADR
(USD) (1)
4,604
584
Ping
An
Insurance
Group,
Class
H
(HKD)
11,500
48
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD)
98,400
63
Silergy
(TWD)
4,000
49
Tencent
Holdings
(HKD)
35,954
1,248
Tsingtao
Brewery,
Class
H
(HKD)
16,000
91
Yangzijiang
Shipbuilding
Holdings
(SGD)
211,200
264
Yum
China
Holdings
(HKD)
3,550
122
Yum
China
Holdings
(USD)
33,142
1,146
Zhongsheng
Group
Holdings
(HKD)
276,500
467
Zijin
Mining
Group,
Class
H
(HKD)
30,000
45
ZTO
Express
Cayman,
ADR
(USD)
14,213
233
8,041
Common
Stocks
-
China
A
Shares
0.5%
Chacha
Food,
A
Shares
(CNH)
41,200
175
T.
ROWE
PRICE
Global
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
China
Oilfield
Services,
A
Shares
(CNH)
56,200
120
CNOOC
Energy
Technology
&
Services,
A
Shares
(CNH)
155,600
63
Fuyao
Glass
Industry
Group,
A
Shares
(CNH)
157,612
835
Hangcha
Group,
A
Shares
(CNH)
60,100
192
Hongfa
Technology,
A
Shares
(CNH)
62,800
196
Huali
Industrial
Group,
A
Shares
(CNH)
9,000
66
Jason
Furniture
Hangzhou,
A
Shares
(CNH)
24,094
114
Kweichow
Moutai,
A
Shares
(CNH)
1,160
259
Moon
Environment
Technology,
A
Shares
(CNH)
27,900
41
NARI
Technology,
A
Shares
(CNH)
32,321
94
Qingdao
Hiron
Commercial
Cold
Chain,
A
Shares
(CNH)
17,980
33
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH)
34,600
113
Shenzhen
Inovance
Technology,
A
Shares
(CNH)
25,548
199
Shenzhen
Megmeet
Electrical,
A
Shares
(CNH)
28,700
78
Shenzhen
Mindray
Bio-Medical
Electronics,
A
Shares
(CNH)
5,900
220
SUPCON
Technology,
A
Shares
(CNH)
5,534
27
Warom
Technology,
A
Shares
(CNH)
24,100
54
WUS
Printed
Circuit
Kunshan,
A
Shares
(CNH)
13,100
36
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH)
28,600
105
Yifeng
Pharmacy
Chain,
A
Shares
(CNH)
119,147
628
YTO
Express
Group,
A
Shares
(CNH)
24,100
37
Yunnan
Aluminium,
A
Shares
(CNH)
36,700
55
Zhejiang
Dingli
Machinery,
A
Shares
(CNH)
25,000
179
ZWSOFT
Guangzhou,
A
Shares
(CNH)
11,874
119
4,038
Corporate
Bonds
0.0%
Weibo,
3.50%,
7/5/24
(USD)
255,000
253
253
Total
China
(Cost
$14,639
)
12,332
COLOMBIA
0.0%
Common
Stocks
0.0%
Bancolombia,
ADR
(USD)
1,170
37
Geopark
(USD) (3)
4,325
38
Total
Colombia
(Cost
$74
)
75
DENMARK
0.4%
Common
Stocks
0.3%
Coloplast,
Class
B
881
102
Genmab (1)
713
197
Novo
Nordisk,
ADR
(USD)
2,389
274
Novo
Nordisk,
Class
B
16,413
1,876
T.
ROWE
PRICE
Global
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Royal
Unibrew
966
63
Zealand
Pharma (1)
2,298
157
2,669
Corporate
Bonds
0.1%
Danske
Bank,
VR,
3.244%,
12/20/25
(USD) (2)(6)
335,000
328
328
Total
Denmark
(Cost
$2,247
)
2,997
EGYPT
0.0%
Common
Stocks
0.0%
Integrated
Diagnostics
Holdings
(USD) (1)
105,256
36
Total
Egypt
(Cost
$97
)
36
ESTONIA
0.0%
Common
Stocks
0.0%
Enefit
Green
4,415
17
Total
Estonia
(Cost
$17
)
17
FINLAND
0.2%
Common
Stocks
0.2%
Elisa
5,820
265
Mandatum (1)
13,796
62
Sampo,
Class
A
17,961
752
Stora
Enso,
Class
R
14,908
190
Valmet
14,005
396
Total
Finland
(Cost
$1,436
)
1,665
FRANCE
1.8%
Common
Stocks
1.7%
Air
Liquide
2,589
484
Airbus
4,607
734
Alstom (3)
3,385
43
ArcelorMittal
8,188
225
AXA
26,603
893
BNP
Paribas
6,858
461
Capgemini
667
148
Cie
de
Saint-Gobain
1,506
106
Coface
4,590
62
Dassault
Aviation
1,081
205
T.
ROWE
PRICE
Global
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Edenred
6,232
372
Engie
38,975
623
Eramet
1,036
71
Esker
489
82
EssilorLuxottica
3,183
624
Eurofins
Scientific
5,738
346
Euronext
4,670
411
Forvia (1)
2,687
46
Gaztransport
Et
Technigaz
988
139
Gecina
737
81
Kering
476
196
L'Oreal
789
378
Lectra
288
10
Legrand
3,097
300
LVMH
Moet
Hennessy
Louis
Vuitton
1,088
905
Nexity (3)
5,428
90
Remy
Cointreau
2,302
233
Safran
2,738
511
Sanofi
8,773
879
Sartorius
Stedim
Biotech
1,591
429
Schneider
Electric
226
44
SPIE
15,025
497
Teleperformance
920
144
Thales
918
134
Tikehau
Capital
4,193
96
TotalEnergies
30,870
2,003
Ubisoft
Entertainment (1)
3,048
67
Virbac
305
110
13,182
Corporate
Bonds
0.1%
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (2)(6)
350,000
296
BPCE,
4.50%,
3/15/25
(USD) (2)
400,000
393
TotalEnergies
Capital
International,
2.434%,
1/10/25
(USD)
275,000
269
958
Total
France
(Cost
$10,406
)
14,140
GERMANY
1.5%
Common
Stocks
1.4%
Adesso
516
52
BASF
5,652
270
Bayer
7,898
246
Covestro (1)
6,281
332
Daimler
Truck
Holding (7)
11,752
420
T.
ROWE
PRICE
Global
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Deutsche
Boerse
421
84
Deutsche
Post
2,581
124
Deutsche
Telekom
42,052
1,032
Evotec (1)
10,783
165
flatexDEGIRO (1)
17,652
193
Fresenius
9,079
255
Hannover
Rueck
1,296
311
Heidelberg
Materials
903
83
Hypoport (1)
418
89
Infineon
Technologies
1,158
42
KION
Group
4,678
213
Knaus
Tabbert
1,438
64
LEG
Immobilien (1)
1,459
121
Mercedes-Benz
Group
1,454
98
Merck
2,086
342
Munich
Re
1,499
638
Nagarro (1)(3)
746
73
Puma
8,450
340
Redcare
Pharmacy (1)
1,878
261
SAP
9,104
1,577
Schott
Pharma (1)
4,925
192
Scout24
5,338
393
Siemens
13,968
2,501
Siemens
Healthineers
6,004
334
Siltronic
1,796
169
Symrise
2,382
246
Zalando (1)
2,417
48
11,308
Corporate
Bonds
0.0%
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27
(USD) (2)
155,000
149
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26
(USD) (2)
155,000
155
304
Preferred
Stocks
0.1%
Dr.
Ing.
h.c.
F.
Porsche
2,626
223
Sartorius (3)
841
307
Volkswagen
782
100
630
Total
Germany
(Cost
$9,622
)
12,242
HONG
KONG
0.3%
Common
Stocks
0.3%
AIA
Group
150,400
1,180
T.
ROWE
PRICE
Global
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ASMPT
9,900
96
Budweiser
Brewing
APAC
149,700
236
CK
Hutchison
Holdings
11,500
59
Galaxy
Entertainment
Group
13,000
68
Hong
Kong
Exchanges
&
Clearing
2,700
82
Hongkong
Land
Holdings
(USD)
14,200
44
Impro
Precision
Industries
201,000
64
Jardine
Matheson
Holdings
(USD)
7,500
301
Kerry
Properties
14,500
23
Samsonite
International (1)
38,100
106
Sun
Hung
Kai
Properties
11,083
103
Wharf
Real
Estate
Investment
64,000
188
Total
Hong
Kong
(Cost
$2,621
)
2,550
HUNGARY
0.0%
Common
Stocks
0.0%
OTP
Bank
6,437
298
Total
Hungary
(Cost
$188
)
298
ICELAND
0.0%
Common
Stocks
0.0%
Alvotech (1)
2,656
42
Marel
25,013
92
Total
Iceland
(Cost
$131
)
134
INDIA
1.1%
Common
Stocks
1.1%
Asian
Paints
8,217
292
Astral
5,995
132
Axis
Bank
44,601
573
Blue
Star
9,021
125
Computer
Age
Management
Services
461
16
CreditAccess
Grameen (1)
6,446
124
Dixon
Technologies
India
1,121
81
FSN
E-Commerce
Ventures (1)
19,029
37
HDFC
Asset
Management
6,526
282
HDFC
Bank
43,772
770
HDFC
Life
Insurance
71,995
500
Hindalco
Industries
3,081
21
Hindustan
Unilever
9,035
269
ICICI
Bank
38,775
479
T.
ROWE
PRICE
Global
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ICICI
Bank,
ADR
(USD)
3,691
90
Info
Edge
India
1,280
78
Infosys
43,141
858
Jio
Financial
Services (1)
21,714
65
Kotak
Mahindra
Bank
23,815
524
Larsen
&
Toubro
10,759
450
Nexus
Select
Trust
23,522
36
NTPC
64,664
248
Page
Industries
181
81
Polycab
India
1,871
98
Reliance
Industries
32,038
1,099
Tata
Consultancy
Services
6,052
277
TeamLease
Services (1)
1,975
68
Titan
3,947
176
Torrent
Pharmaceuticals
2,753
83
Varun
Beverages
4,705
72
Voltas
32,695
429
Zomato (1)
98,217
165
Total
India
(Cost
$6,733
)
8,598
INDONESIA
0.1%
Common
Stocks
0.1%
Amman
Mineral
Internasional (1)
52,900
25
Bank
Central
Asia
1,135,800
687
Bank
Mandiri
Persero
494,100
208
Sarana
Menara
Nusantara
895,200
51
Sumber
Alfaria
Trijaya
1,041,400
175
Total
Indonesia
(Cost
$688
)
1,146
IRELAND
0.1%
Common
Stocks
0.0%
Cairn
Homes
(GBP)
89,853
137
DCC
(GBP)
2,747
200
Kenmare
Resources
(GBP)
7,190
29
366
Corporate
Bonds
0.1%
AerCap
Ireland
Capital,
2.45%,
10/29/26
(USD)
150,000
139
AerCap
Ireland
Capital,
5.75%,
6/6/28
(USD)
265,000
271
Avolon
Holdings
Funding,
3.95%,
7/1/24
(USD) (2)
70,000
69
Avolon
Holdings
Funding,
5.25%,
5/15/24
(USD) (2)
215,000
215
694
Total
Ireland
(Cost
$983
)
1,060
T.
ROWE
PRICE
Global
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ITALY
0.6%
Common
Stocks
0.6%
Amplifon
13,808
451
Ariston
Holding
11,660
76
Banca
Mediolanum
9,982
102
BFF
Bank
11,563
125
Carel
Industries
6,359
154
Davide
Campari-Milano
21,060
213
De'
Longhi
5,607
182
DiaSorin
1,041
96
Enel
79,739
544
Ermenegildo
Zegna
(USD)
16,661
203
Ferrari
599
209
FinecoBank
Banca
Fineco
9,424
136
GVS (1)
11,560
74
Interpump
Group
930
46
Intesa
Sanpaolo
161,322
497
Leonardo
7,135
124
Moncler
3,641
224
PRADA
(HKD)
31,600
196
Prysmian
12,884
567
Stellantis
5,803
128
Technoprobe (1)
10,122
101
UniCredit
7,216
211
4,659
Corporate
Bonds
0.0%
Enel
Finance
International,
1.875%,
7/12/28
(USD) (2)
200,000
176
176
Total
Italy
(Cost
$3,289
)
4,835
JAPAN
3.9%
Common
Stocks
3.9%
Aida
Engineering
8,200
47
Aiful
144,000
361
ARE
Holdings
600
8
Asahi
Group
Holdings
3,200
119
Asahi
Kasei
18,700
142
Astellas
Pharma
35,900
418
Calbee
4,300
90
Central
Japan
Railway
5,200
130
Chugai
Pharmaceutical
4,800
173
T.
ROWE
PRICE
Global
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Comforia
Residential
REIT (3)
17
36
CyberAgent
19,300
125
Daiei
Kankyo
14,800
252
Daiichi
Sankyo
10,600
317
Daikin
Industries
1,900
304
Daiwabo
Holdings
5,100
111
Denso
18,900
297
Dexerials
1,400
40
Disco
1,500
405
eGuarantee
2,800
36
Eiken
Chemical
7,200
90
Electric
Power
Development
27,100
455
Fast
Retailing
300
80
Fujitsu
700
97
Fukui
Computer
Holdings
1,700
30
Fukuoka
Financial
Group
2,500
61
Fuso
Chemical
1,800
51
GMO
Payment
Gateway
1,500
91
Goldwin
700
47
Hamamatsu
Photonics
6,900
273
Hanwa
7,300
267
Hikari
Tsushin
2,800
488
Hitachi
8,300
652
Honda
Motor
9,400
105
Horiba (3)
4,600
369
Hoshino
Resorts
REIT
7
24
Hoshizaki
5,500
200
Idec
5,500
110
IHI
8,300
159
Industrial
&
Infrastructure
Fund
Investment
38
34
Inpex
24,100
328
Internet
Initiative
Japan
9,900
192
Invincible
Investment
210
86
Isetan
Mitsukoshi
Holdings
3,900
46
ITOCHU
12,700
576
JMDC
2,100
56
Kao
8,800
348
Katitas (3)
3,100
39
Keyence
1,100
492
Kirin
Holdings (3)
7,900
114
Konica
Minolta (1)
7,900
22
Kuraray
20,800
218
Kyoritsu
Maintenance
600
25
LY
68,100
212
MatsukiyoCocokara
4,800
87
MEC
900
27
T.
ROWE
PRICE
Global
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Medley (1)
2,300
72
Mercari (1)(3)
1,700
28
METAWATER
6,000
87
MINEBEA
MITSUMI
2,500
52
Mitsubishi
13,300
229
Mitsubishi
Electric
41,700
619
Mitsubishi
Estate
7,900
109
Mitsubishi
HC
Capital
18,500
131
Mitsubishi
UFJ
Financial
Group
90,500
848
Mitsui
Chemicals
8,900
262
Mitsui
Fudosan
43,500
1,092
Mitsui
Fudosan
Logistics
Park
28
84
Miura
8,000
146
Modec (1)
6,800
106
Murata
Manufacturing
21,900
442
Musashi
Seimitsu
Industry
3,600
41
Nakanishi
4,200
69
Nexon
10,000
160
Nextage (3)
25,300
381
Nifco
1,600
42
Nippon
Ceramic
2,500
45
Nippon
Sanso
Holdings
4,200
106
Nippon
Seiki
10,300
95
Nippon
Soda
5,700
220
Nippon
Steel
18,500
445
Nippon
Telegraph
&
Telephone
1,038,600
1,304
Nipro
18,200
147
Niterra
7,900
213
Nitori
Holdings
1,700
222
Nomura
Research
Institute
3,800
116
NTT
Data
Group
25,600
369
Obara
Group
6,200
169
Olympus
18,200
269
Omron
2,200
99
Oriental
Land
4,700
175
ORIX
21,000
405
Otsuka
Holdings
4,700
185
Panasonic
Holdings
20,700
195
Persol
Holdings
231,100
367
Plus
Alpha
Consulting
2,600
45
Recruit
Holdings
17,000
671
Renesas
Electronics (1)
9,900
162
Resona
Holdings
7,000
39
Rohto
Pharmaceutical
4,200
86
Sakata
INX
14,800
143
Sankyu
1,700
64
T.
ROWE
PRICE
Global
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sanwa
Holdings
4,500
69
Seibu
Giken (3)
2,800
30
Seven
&
i
Holdings
17,800
703
SHIFT (1)
800
144
Shimadzu
5,600
155
Shin-Etsu
Chemical
13,100
516
SMC
300
167
SoftBank
Group
2,900
125
Sompo
Holdings
2,100
109
Sony
Group
11,000
1,079
Stanley
Electric
9,700
185
SUMCO
20,600
312
Sumitomo
16,300
375
Sumitomo
Densetsu
7,900
163
Sumitomo
Metal
Mining
2,200
61
Sumitomo
Mitsui
Trust
Holdings
5,600
115
Sumitomo
Seika
Chemicals
2,300
82
Suntory
Beverage
&
Food
3,500
114
Suzuki
Motor
8,600
386
Taiheiyo
Cement
18,600
383
Takeda
Pharmaceutical
2,700
79
Takeuchi
Manufacturing
3,800
130
Takuma
5,400
64
TechnoPro
Holdings
7,100
164
THK
5,200
100
TKP (1)
3,900
44
Tokai
Carbon
27,500
193
Tokio
Marine
Holdings
23,400
617
Tokyo
Century
7,600
84
Tokyo
Electron
4,200
779
Tokyo
Seimitsu
1,600
104
Tokyo
Tatemono
14,700
227
Tokyu
REIT (3)
26
30
Toyo
Tire
11,200
185
Toyota
Industries
4,400
372
Toyota
Motor
41,200
823
TRYT (1)
12,700
52
Visional (1)(3)
2,200
138
Welcia
Holdings
3,000
51
Yellow
Hat
8,800
109
30,936
Corporate
Bonds
0.0%
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (6)
300,000
275
275
Total
Japan
(Cost
$23,863
)
31,211
T.
ROWE
PRICE
Global
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
KAZAKHSTAN
0.1%
Common
Stocks
0.1%
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD)
9,038
129
Kaspi.KZ,
ADR
(USD)
3,755
344
NAC
Kazatomprom,
GDR
(USD)
6,070
246
Total
Kazakhstan
(Cost
$475
)
719
KENYA
0.0%
Common
Stocks
0.0%
Equity
Group
Holdings
77,300
19
Safaricom
61,600
5
Total
Kenya
(Cost
$35
)
24
LITHUANIA
0.0%
Common
Stocks
0.0%
Baltic
Classifieds
Group
(GBP)
41,704
128
Total
Lithuania
(Cost
$83
)
128
MALAYSIA
0.0%
Common
Stocks
0.0%
CIMB
Group
Holdings
154,200
203
Total
Malaysia
(Cost
$181
)
203
MAURITIUS
0.0%
Common
Stocks
0.0%
Alphamin
Resources
(CAD)
56,673
37
Total
Mauritius
(Cost
$36
)
37
MEXICO
0.3%
Common
Stocks
0.3%
Becle
36,513
68
Corp
Inmobiliaria
Vesta (3)
29,242
111
Corp.
Inmobiliaria
Vesta,
ADR
(USD) (3)
871
33
Gruma,
Class
B
13,735
257
Grupo
Aeroportuario
del
Sureste,
ADR
(USD)
282
83
Grupo
Financiero
Banorte,
Class
O
27,542
280
T.
ROWE
PRICE
Global
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Grupo
Mexico,
Series
B
66,977
345
Industrias
Penoles (1)(3)
3,361
44
Vista
Energy,
ADR
(USD) (1)
520
17
Wal-Mart
de
Mexico
184,696
763
2,001
Corporate
Bonds
0.0%
BBVA
Bancomer,
4.375%,
4/10/24
(USD) (2)
150,000
149
149
Government
Bonds
0.0%
United
Mexican
States,
3.50%,
2/12/34
(USD)
305,000
256
256
Total
Mexico
(Cost
$1,935
)
2,406
MOROCCO
0.1%
Common
Stocks
0.1%
Attijariwafa
Bank
3,103
150
Hightech
Payment
Systems
2,280
139
Label
Vie
196
83
Total
Morocco
(Cost
$338
)
372
NETHERLANDS
1.3%
Common
Stocks
1.2%
Aalberts
3,049
121
Adyen (1)
385
483
AerCap
Holdings
(USD) (1)
1,356
104
Akzo
Nobel (7)
10,070
773
Argenx,
ADR
(USD) (1)
867
330
ASML
Holding
3,344
2,901
ASML
Holding
(USD)
572
498
ASR
Nederland
1,514
71
BE
Semiconductor
Industries
1,476
222
DSM-Firmenich
541
57
Heineken
10,052
1,011
IMCD
1,309
200
ING
Groep
80,136
1,139
Koninklijke
Philips (1)
18,313
387
Prosus
28,853
853
Signify
2,492
75
Universal
Music
Group
11,194
330
Van
Lanschot
Kempen,
CVA
2,111
64
9,619
T.
ROWE
PRICE
Global
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds
0.1%
ING
Groep,
3.55%,
4/9/24
(USD)
255,000
254
JDE
Peet's,
1.375%,
1/15/27
(USD) (2)
290,000
261
NXP,
2.65%,
2/15/32
(USD)
375,000
313
Shell
International
Finance,
3.25%,
5/11/25
(USD)
75,000
74
902
Total
Netherlands
(Cost
$6,946
)
10,521
NEW
ZEALAND
0.0%
Common
Stocks
0.0%
Fisher
&
Paykel
Healthcare
5,045
73
Total
New
Zealand
(Cost
$14
)
73
NORWAY
0.3%
Common
Stocks
0.3%
DNB
Bank
35,673
694
Equinor
24,781
709
Norsk
Hydro
21,474
126
Seadrill
(USD) (1)
8,339
360
Storebrand
52,400
471
Subsea
7
8,860
120
TGS
16,956
165
Total
Norway
(Cost
$1,939
)
2,645
PAKISTAN
0.0%
Common
Stocks
0.0%
Systems
40,274
57
Total
Pakistan
(Cost
$61
)
57
PANAMA
0.0%
Common
Stocks
0.0%
Banco
Latinoamericano
de
Comercio
Exterior,
Class
E
(USD)
2,233
54
54
Government
Bonds
0.0%
Republic
of
Panama,
6.70%,
1/26/36
(USD)
25,000
24
24
Total
Panama
(Cost
$75
)
78
T.
ROWE
PRICE
Global
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PERU
0.2%
Common
Stocks
0.2%
Credicorp
(USD)
1,651
245
InRetail
Peru
(USD)
1,548
55
Southern
Copper
(USD)
11,502
944
Total
Peru
(Cost
$1,106
)
1,244
PHILIPPINES
0.1%
Common
Stocks
0.1%
BDO
Unibank
141,672
365
Converge
Information
and
Communications
Technology
Solutions (1)
461,500
76
Jollibee
Foods
64,980
293
SM
Investments
6,360
101
Universal
Robina
8,510
17
Total
Philippines
(Cost
$728
)
852
POLAND
0.0%
Government
Bonds
0.0%
Republic
of
Poland,
3.25%,
4/6/26
(USD)
55,000
54
Total
Poland
(Cost
$55
)
54
PORTUGAL
0.2%
Common
Stocks
0.2%
Banco
Comercial
Portugues,
Class
R (1)
168,756
49
Galp
Energia
32,262
508
Jeronimo
Martins
29,736
676
Total
Portugal
(Cost
$884
)
1,233
QATAR
0.1%
Common
Stocks
0.1%
Qatar
National
Bank
112,620
479
Total
Qatar
(Cost
$560
)
479
T.
ROWE
PRICE
Global
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ROMANIA
0.1%
Common
Stocks
0.1%
Banca
Transilvania
48,685
263
BRD-Groupe
Societe
Generale
13,429
51
OMV
Petrom
1,370,423
173
Total
Romania
(Cost
$402
)
487
RUSSIA
0.0%
Common
Stocks
0.0%
Alrosa (4)
80,680
—
Gazprom (1)(4)
31,212
—
MMC
Norilsk
Nickel (4)
311
—
Moscow
Exchange (4)
51,640
—
Polyus (1)(4)
294
—
Total
Russia
(Cost
$481
)
—
SAUDI
ARABIA
0.3%
Common
Stocks
0.2%
Al
Rajhi
Bank
8,251
184
Arabian
Internet
&
Communications
Services
1,038
91
Nahdi
Medical
3,484
131
Saudi
Awwal
Bank
18,778
179
Saudi
Basic
Industries
17,555
364
Saudi
National
Bank
81,882
884
1,833
Corporate
Bonds
0.1%
Saudi
Arabian
Oil,
2.875%,
4/16/24
(USD) (2)
245,000
244
244
Total
Saudi
Arabia
(Cost
$2,036
)
2,077
SINGAPORE
0.2%
Common
Stocks
0.2%
CapitaLand
Integrated
Commercial
Trust
71,300
106
DBS
Group
Holdings
7,700
182
Mapletree
Industrial
Trust
31,200
57
Sea,
ADR
(USD) (1)
8,713
332
United
Overseas
Bank
20,400
430
T.
ROWE
PRICE
Global
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wilmar
International
85,100
209
Total
Singapore
(Cost
$1,272
)
1,316
SLOVENIA
0.0%
Common
Stocks
0.0%
Nova
Ljubljanska
Banka,
GDR
10,015
198
Total
Slovenia
(Cost
$132
)
198
SOUTH
AFRICA
0.2%
Common
Stocks
0.2%
Anglo
American
Platinum
2,263
96
Bid
9,129
221
Capitec
Bank
Holdings
4,724
503
Clicks
Group
22,876
368
Gold
Fields
2,389
35
Impala
Platinum
Holdings
16,342
63
Northam
Platinum
Holdings
12,779
86
Sibanye
Stillwater
46,283
56
Woolworths
Holdings
53,632
199
1,627
Corporate
Bonds
0.0%
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (2)
200,000
171
171
Total
South
Africa
(Cost
$1,724
)
1,798
SOUTH
KOREA
0.6%
Common
Stocks
0.6%
Korea
Zinc
106
38
KT (1)
6,484
172
KT,
ADR
(USD) (1)
6,405
84
LG
Chem
2,172
704
Lotte
Chemical (1)
632
62
NAVER (1)
1,235
184
Samsung
Electronics
58,083
3,156
SK
Hynix
3,648
365
Total
South
Korea
(Cost
$3,484
)
4,765
T.
ROWE
PRICE
Global
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SPAIN
0.3%
Common
Stocks
0.3%
Aedas
Homes
4,638
89
Amadeus
IT
Group
15,282
1,071
Cellnex
Telecom
1,176
45
CIE
Automotive
2,092
55
Fluidra
15,537
336
Iberdrola (3)
52,814
636
Laboratorios
Farmaceuticos
Rovi
2,765
191
2,423
Corporate
Bonds
0.0%
Banco
Santander,
3.49%,
5/28/30
(USD)
200,000
182
182
Total
Spain
(Cost
$1,965
)
2,605
SWEDEN
0.5%
Common
Stocks
0.5%
Assa
Abloy,
Class
B
16,310
447
Autoliv,
SDR
2,313
250
Beijer
Ref (3)
8,444
115
Boliden
15,035
399
Elekta,
Class
B
17,608
133
Essity,
Class
B
22,374
525
Hexagon,
Class
B
7,649
83
Millicom
International
Cellular,
SDR (1)
3,429
59
Nordnet
6,833
107
Norva24
Group (1)
27,727
73
Olink
Holding,
ADR
(USD) (1)
3,176
78
Sandvik
30,257
636
SSAB,
Class
A
6,523
51
Svenska
Cellulosa,
Class
B
21,467
292
Svenska
Handelsbanken,
Class
A
27,885
301
Swedbank,
Class
A
8,085
165
Telefonaktiebolaget
LM
Ericsson,
Class
B
61,566
341
Trelleborg,
Class
B
2,486
76
Total
Sweden
(Cost
$3,752
)
4,131
SWITZERLAND
1.3%
Common
Stocks
1.2%
ABB
10,403
440
T.
ROWE
PRICE
Global
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Alcon
9,740
733
ams-OSRAM (1)
31,384
73
Barry
Callebaut
93
136
Cie
Financiere
Richemont,
Class
A
4,855
721
DKSH
Holding
2,131
149
Julius
Baer
Group
12,977
707
Montana
Aerospace (1)
10,812
211
Nestle
12,031
1,371
Novartis
7,597
786
On
Holding,
Class
A
(USD) (1)(3)
6,543
174
Partners
Group
Holding
282
380
Roche
Holding
2,993
852
Sandoz
Group (1)
2,983
102
Sensirion
Holding (1)(3)
614
51
SKAN
Group
517
46
Sonova
Holding
1,029
329
TE
Connectivity
(USD)
10,544
1,499
Tecan
Group
254
97
UBS
Group
4,972
149
Zurich
Insurance
Group
1,056
537
9,543
Corporate
Bonds
0.1%
Alcon
Finance,
2.60%,
5/27/30
(USD) (2)
235,000
205
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (2)(6)
300,000
277
UBS
Group,
VR,
3.179%,
2/11/43
(USD) (2)(6)
200,000
149
631
Total
Switzerland
(Cost
$7,856
)
10,174
TAIWAN
0.9%
Common
Stocks
0.9%
ASE
Technology
Holding
55,000
238
Chailease
Holding
54,080
299
King
Yuan
Electronics
13,000
35
Largan
Precision
1,000
79
MediaTek
16,000
494
Taiwan
Semiconductor
Manufacturing
263,000
5,265
Taiwan
Semiconductor
Manufacturing,
ADR
(USD)
4,933
557
Total
Taiwan
(Cost
$2,987
)
6,967
THAILAND
0.1%
Common
Stocks
0.1%
Bangkok
Dusit
Medical
Services,
NVDR
265,900
206
T.
ROWE
PRICE
Global
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Bumrungrad
Hospital
32,900
223
CP
ALL
34,400
51
Siam
Cement
19,900
151
Total
Thailand
(Cost
$619
)
631
UNITED
ARAB
EMIRATES
0.0%
Common
Stocks
0.0%
First
Abu
Dhabi
Bank
57,343
229
Total
United
Arab
Emirates
(Cost
$157
)
229
UNITED
KINGDOM
2.8%
Closed-End
Mutual
Funds
0.0%
Syncona (1)
33,100
49
49
Common
Stocks
2.6%
Adriatic
Metals,
CDI
(AUD) (1)
74,837
173
Airtel
Africa
2,362
3
Amcor,
CDI
(AUD)
12,954
123
Anglo
American
7,960
190
Ascential (1)
135,365
521
Ashtead
Group
6,096
399
AstraZeneca
5,943
788
AstraZeneca,
ADR
(USD)
33,628
2,241
Auction
Technology
Group (1)
15,076
104
Barclays
42,102
78
Big
Yellow
Group
15,370
222
BP
123,143
719
BP,
ADR
(USD)
5,820
204
Bridgepoint
Group
117,528
400
British
American
Tobacco
2,258
67
BT
Group
53,712
76
Bunzl
4,840
197
Cab
Payments
Holdings (1)
50,301
51
Centamin
30,629
37
Central
Asia
Metals
43,602
92
Compass
Group
15,125
417
Croda
International
3,204
194
Derwent
London
3,344
90
Diageo
8,878
321
Diploma
1,296
53
Dowlais
Group
89,195
102
Endava,
ADR
(USD) (1)(3)
2,771
196
T.
ROWE
PRICE
Global
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Endeavour
Mining
(CAD) (3)
4,067
70
Experian
12,497
520
FD
Technologies (1)
4,821
77
Funding
Circle
Holdings (1)
29,763
11
Genuit
Group
20,865
112
Genus
4,485
130
Georgia
Capital (1)
7,833
111
Glencore
69,592
368
Great
Portland
Estates
23,305
123
Greggs
7,982
269
GSK,
ADR
(USD)
10,040
396
Helios
Towers (1)
112,213
112
Hiscox
11,346
149
HSBC
Holdings
100,099
782
Immunocore
Holdings,
ADR
(USD) (1)
580
42
Imperial
Brands
7,727
186
Informa
28,316
278
InterContinental
Hotels
Group
510
48
Intermediate
Capital
Group
13,136
296
Investec
7,759
51
IQE (1)
286,423
72
Johnson
Matthey
6,830
140
Keywords
Studios
9,620
201
Kingfisher
94,354
262
Lloyds
Banking
Group
208,711
112
London
Stock
Exchange
Group
4,822
545
Melrose
Industries
39,635
295
National
Grid
23,429
312
Next
3,010
321
Oxford
Nanopore
Technologies (1)
20,183
41
Pearson
6,190
76
Persimmon
17,609
324
Prudential
41,862
430
Renishaw
1,842
81
Rentokil
Initial
7,379
38
Rio
Tinto
5,359
371
Rolls-Royce
Holdings (1)
71,570
272
Rotork
50,625
200
Segro
8,898
99
Shell
8,990
279
Shell,
ADR
(USD)
5,704
359
Smith
&
Nephew
29,836
417
Smiths
Group
3,856
79
Spirax-Sarco
Engineering
1,290
162
Standard
Chartered
17,931
136
Taylor
Wimpey
41,339
77
T.
ROWE
PRICE
Global
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Unilever
(EUR)
2,234
109
Unilever
32,939
1,603
UNITE
Group
4,187
54
Victrex
7,948
137
Vodafone
Group,
ADR
(USD)
16,430
141
Watches
of
Switzerland
Group (1)
15,079
71
Weir
Group
5,129
118
WPP
41,365
400
Yellow
Cake (1)
1,994
18
YouGov
19,714
291
20,832
Convertible
Preferred
Stocks
0.0%
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $9 (1)(4)(5)
475
11
11
Corporate
Bonds
0.2%
Barclays,
VR,
2.279%,
11/24/27
(USD) (6)
335,000
308
BAT
Capital,
4.39%,
8/15/37
(USD)
125,000
105
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27
(USD) (2)
210,000
191
HSBC
Holdings,
VR,
2.206%,
8/17/29
(USD) (6)
200,000
175
HSBC
Holdings,
VR,
7.399%,
11/13/34
(USD) (6)
200,000
219
Nationwide
Building
Society,
1.50%,
10/13/26
(USD) (2)
405,000
369
RELX
Capital,
3.00%,
5/22/30
(USD)
100,000
91
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28
(USD) (6)
200,000
182
Standard
Chartered,
VR,
1.822%,
11/23/25
(USD) (2)(6)
320,000
310
1,950
Total
United
Kingdom
(Cost
$19,792
)
22,842
UNITED
STATES
73.2%
Asset-Backed
Securities
0.6%
AmeriCredit
Automobile
Receivables
Trust,
Series
2020-1,
Class
C,
1.59%,
10/20/25
29,788
30
AmeriCredit
Automobile
Receivables
Trust,
Series
2021-2,
Class
D,
1.29%,
6/18/27
150,000
139
ARI
Fleet
Lease
Trust,
Series
2023-B,
Class
A2,
6.05%,
7/15/32 (2)
100,000
101
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2019-2A,
Class
B,
3.55%,
9/22/25 (2)
105,000
104
Avis
Budget
Rental
Car
Funding
AESOP,
Series
2020-2A,
Class
A,
2.02%,
2/20/27 (2)
100,000
94
Carlyle
U.S.,
Series
2019-4A,
Class
A11R,
CLO,
FRN,
3M
TSFR
+
1.32%,
6.634%,
4/15/35 (2)
250,000
250
T.
ROWE
PRICE
Global
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CarMax
Auto
Owner
Trust,
Series
2021-1,
Class
D,
1.28%,
7/15/27
90,000
85
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
C,
2.33%,
2/10/28
155,000
139
CIFC
Funding,
Series
2021-3A,
Class
A,
CLO,
FRN,
3M
TSFR
+
1.402%,
6.716%,
7/15/36 (2)
250,000
250
Driven
Brands
Funding,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (2)
126,100
114
Driven
Brands
Funding,
Series
2021-1A,
Class
A2,
2.791%,
10/20/51 (2)
127,075
111
Dryden,
Series
2020-77A,
Class
AR,
CLO,
FRN,
3M
TSFR
+
1.382%,
6.749%,
5/20/34 (2)
250,000
250
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
A,
6.16%,
2/25/38 (2)
89,350
91
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
B,
6.53%,
2/25/38 (2)
89,350
91
Enterprise
Fleet
Financing,
Series
2023-2,
Class
A2,
5.56%,
4/22/30 (2)
230,000
231
Exeter
Automobile
Receivables
Trust,
Series
2021-4A,
Class
C,
1.46%,
10/15/27
200,145
197
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (2)
115,000
107
Ford
Credit
Auto
Owner
Trust,
Series
2023-1,
Class
A,
4.85%,
8/15/35 (2)
185,000
186
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27
205,000
191
GM
Financial
Automobile
Leasing
Trust,
Series
2023-1,
Class
C,
5.76%,
1/20/27
180,000
180
GM
Financial
Consumer
Automobile
Receivables
Trust,
Series
2020-3,
Class
D,
1.91%,
9/16/27
90,000
88
Hardee's
Funding,
Series
2018-1A,
Class
A2II,
4.959%,
6/20/48 (2)
104,225
101
JPMorgan
Chase
Bank,
Series
2021-2,
Class
C,
0.969%,
12/26/28 (2)
38,185
37
Kubota
Credit
Owner
Trust,
Series
2023-1A,
Class
A4,
5.07%,
2/15/29 (2)
50,000
50
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (2)
71,255
68
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (2)
36,129
33
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (2)
124,725
120
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (2)
25,383
23
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (2)
26,902
25
Nelnet
Student
Loan
Trust,
Series
2021-CA,
Class
AFX,
1.32%,
4/20/62 (2)
147,830
134
T.
ROWE
PRICE
Global
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (2)
60,477
61
Progress
Residential
Trust,
Series
2020-SFR1,
Class
C,
2.183%,
4/17/37 (2)
100,000
96
Progress
Residential
Trust,
Series
2024-SFR1,
Class
A,
3.35%,
2/17/41 (2)
100,000
93
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (2)
124,019
109
SMB
Private
Education
Loan
Trust,
Series
2016-A,
Class
A2A,
2.70%,
5/15/31 (2)
17,500
17
SMB
Private
Education
Loan
Trust,
Series
2016-B,
Class
A2B,
FRN,
1M
TSFR
+
1.564%,
6.898%,
2/17/32 (2)
27,506
28
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (2)
53,766
52
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (2)
30,649
30
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (2)
52,196
48
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (2)
119,639
106
U.S.
Bank,
Series
2023-1,
Class
B,
6.789%,
8/25/32 (2)
232,539
234
4,494
Bond
Mutual
Funds
15.0%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.42% (8)(9)
2,088,062
16,224
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
5.43% (8)(9)
3,516,465
17,477
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.23% (8)(9)
4,693,275
30,929
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.85% (8)(9)
908,768
8,597
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.18% (8)(9)
2,604,077
20,312
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.13% (8)(9)
3,468,852
24,906
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.16% (8)(9)
271,808
2,291
120,736
Common
Stocks
30.7%
Acadia
Realty
Trust,
REIT
11,035
188
Accenture,
Class
A
1,701
619
Adobe (1)
1,055
652
Advanced
Micro
Devices (1)
3,559
597
Agilent
Technologies
6,288
818
Airbnb,
Class
A (1)
4,223
609
Alcoa
1,172
35
Alexandria
Real
Estate
Equities,
REIT
955
115
Align
Technology (1)
98
26
T.
ROWE
PRICE
Global
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Allstate
9,493
1,474
Alphabet,
Class
A (1)
3,926
550
Alphabet,
Class
C (1)
47,695
6,763
Amazon.com (1)
52,298
8,117
Ameren
9,361
651
American
Express
7,063
1,418
American
Homes
4
Rent,
Class
A,
REIT
9,366
328
American
Tower,
REIT
2,866
561
AMETEK
9,529
1,544
Amgen
4,093
1,286
Amphenol,
Class
A
15,896
1,607
Analog
Devices
9,444
1,817
Apollo
Global
Management
2,175
218
Apple
50,603
9,331
Apple
Hospitality
REIT,
REIT
9,180
147
Applied
Materials
11,001
1,807
Atlassian,
Class
A (1)
603
151
AutoZone (1)
325
898
AvalonBay
Communities,
REIT
2,289
410
Baker
Hughes
3,241
92
Ball
1,142
63
Bank
of
America
73,771
2,509
Berkshire
Hathaway,
Class
B (1)
7,715
2,961
BILL
Holdings (1)
3,506
274
Boeing (1)
1,339
283
Booking
Holdings (1)
524
1,838
Booz
Allen
Hamilton
Holding
7,464
1,051
Broadcom
517
610
Broadridge
Financial
Solutions
3,481
711
Cadence
Design
Systems (1)
2,561
739
Camden
Property
Trust,
REIT
1,510
142
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $179 (1)(4)(5)
105
112
Carrier
Global
16,758
917
Carvana (1)(3)
1,929
83
Caterpillar
146
44
Cava
Group (1)
2,617
122
Cboe
Global
Markets
3,146
578
CBRE
Group,
Class
A (1)
719
62
Celsius
Holdings (1)
944
47
Cencora
13,697
3,187
CenterPoint
Energy
931
26
Ceridian
HCM
Holding (1)(3)
4,603
320
CF
Industries
Holdings
1,247
94
Charles
Schwab
19,673
1,238
Chesapeake
Energy
726
56
Chevron
3,552
524
T.
ROWE
PRICE
Global
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Chipotle
Mexican
Grill (1)
257
619
Chubb
5,024
1,231
Cigna
Group
1,840
554
Cintas
129
78
Citigroup
7,000
393
Cleveland-Cliffs (1)
2,131
43
CME
Group
3,302
680
Coca-Cola
34,465
2,050
Colgate-Palmolive
20,900
1,760
Commercial
Metals
799
42
Confluent,
Class
A (1)
6,882
154
ConocoPhillips
14,562
1,629
Constellation
Energy
15,114
1,844
Corebridge
Financial
11,229
271
Crowdstrike
Holdings,
Class
A (1)
345
101
Crown
Castle,
REIT
1,348
146
CSX
78,133
2,789
CubeSmart,
REIT
5,292
229
Cummins
7,430
1,778
Danaher
3,585
860
Datadog,
Class
A (1)
666
83
Deere
554
218
Diamondback
Energy
9,861
1,516
Dollar
General
1,764
233
Dominion
Energy
723
33
DoorDash,
Class
A (1)
1,048
109
Douglas
Emmett,
REIT
4,915
67
Dover
1,055
158
East
West
Bancorp
4,935
359
EastGroup
Properties,
REIT
1,091
194
Elevance
Health
8,017
3,956
Eli
Lilly
4,884
3,153
EOG
Resources
1,843
210
EPAM
Systems (1)
75
21
EQT
50,291
1,780
Equinix,
REIT
1,077
894
Equitrans
Midstream
3,673
37
Equity
LifeStyle
Properties,
REIT
16,664
1,128
Equity
Residential,
REIT
6,138
369
Essex
Property
Trust,
REIT
1,611
376
Evercore,
Class
A
613
105
Expro
Group
Holdings (1)
2,089
37
Extra
Space
Storage,
REIT
936
135
Exxon
Mobil
19,430
1,998
Fair
Isaac (1)
265
318
T.
ROWE
PRICE
Global
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $3 (1)(4)(5)
163
1
Federal
Realty
Investment
Trust,
REIT
263
27
FirstEnergy
1,007
37
Fiserv (1)
17,002
2,412
FleetCor
Technologies (1)
1,729
501
FMC
3,098
174
Fortinet (1)
3,574
230
Freeport-McMoRan
32,654
1,296
FTI
Consulting (1)
2,051
393
Gaming
&
Leisure
Properties,
REIT
3,051
139
GE
HealthCare
Technologies
9,029
662
General
Dynamics
6,698
1,775
General
Electric
13,884
1,839
Global
Payments
9,162
1,221
GoDaddy,
Class
A (1)
371
40
Goldman
Sachs
Group
3,792
1,456
Gusto,
Acquisition
Date:
10/4/21,
Cost $24 (1)(4)(5)
826
13
Halliburton
73,097
2,606
Hartford
Financial
Services
Group
3,901
339
HB
Fuller
650
49
HCA
Healthcare
3,162
964
Healthcare
Realty
Trust,
REIT
6,199
100
Hess
1,962
276
Hilton
Worldwide
Holdings
5,604
1,070
Hologic (1)
2,278
170
Home
Depot
4,493
1,586
Honeywell
International
5,362
1,085
Host
Hotels
&
Resorts,
REIT
4,863
93
Howmet
Aerospace
2,192
123
Hubbell
724
243
Humana
494
187
Huntsman
1,911
47
IDEX
5,551
1,174
Insmed (1)
986
27
Intel
13,700
590
International
Flavors
&
Fragrances
737
59
Intuit
715
451
Intuitive
Surgical (1)
2,491
942
Ivanhoe
Electric (1)
8,568
72
Johnson
&
Johnson
6,523
1,037
JPMorgan
Chase
24,347
4,245
Karuna
Therapeutics (1)
662
207
Kenvue
71,969
1,494
Keurig
Dr
Pepper
14,952
470
Kilroy
Realty,
REIT
3,472
124
T.
ROWE
PRICE
Global
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kimco
Realty,
REIT
3,477
70
Kinder
Morgan
21,393
362
KLA
1,870
1,111
Kosmos
Energy (1)
34,046
206
Kraft
Heinz
1,018
38
L3Harris
Technologies
3,280
684
Lam
Research
1,060
875
Las
Vegas
Sands
16,119
789
Laureate
Education
2,800
35
Liberty
Media
Corp-Liberty
Formula
One,
Class
C (1)
3,193
215
Linde
6,400
2,591
Louisiana-Pacific
809
54
LPL
Financial
Holdings
3,289
787
Lululemon
Athletica (1)
393
178
Marathon
Petroleum
1,180
195
Marriott
International,
Class
A
2,494
598
Marsh
&
McLennan
7,120
1,380
Martin
Marietta
Materials
460
234
Mastercard,
Class
A
3,458
1,553
McDonald's
5,453
1,596
Medtronic
5,092
446
Merck
16,788
2,028
Meta
Platforms,
Class
A (1)
9,211
3,594
MetLife
24,823
1,721
Micron
Technology
21,207
1,818
Microsoft
39,991
15,900
Molina
Healthcare (1)
3,307
1,179
Mondelez
International,
Class
A
32,384
2,438
MongoDB (1)
528
211
Monolithic
Power
Systems
355
214
Morgan
Stanley
1,899
166
MP
Materials (1)
310
5
MSCI
82
49
Netflix (1)
4,486
2,531
Newmont
4,633
160
Newmont,
CDI
(AUD)
3,081
106
NextEra
Energy
14,359
842
NIKE,
Class
B
926
94
Noble
1,404
62
Norfolk
Southern
2,355
554
Norwegian
Cruise
Line
Holdings (1)(3)
14,970
266
NOV
4,247
83
NRG
Energy
2,611
138
Nucor
2,432
455
NVIDIA
13,168
8,102
NXP
Semiconductors
8,840
1,861
T.
ROWE
PRICE
Global
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Old
Dominion
Freight
Line
2,134
834
O'Reilly
Automotive (1)
662
677
Packaging
Corp.
of
America
459
76
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (1)(4)(5)
21,572
9
Pebblebrook
Hotel
Trust,
REIT
3,610
55
PepsiCo
3,283
553
PG&E
2,337
39
Phillips
66
1,772
256
Pinterest,
Class
A (1)
3,900
146
Pioneer
Natural
Resources
1,364
313
Planet
Fitness,
Class
A (1)
4,108
278
PNC
Financial
Services
Group
3,495
528
Procter
&
Gamble
13,963
2,194
Progressive
9,965
1,776
Prologis,
REIT
11,334
1,436
Prothena (1)
479
14
Public
Storage,
REIT
6,745
1,910
QUALCOMM
11,187
1,661
Quanta
Services
202
39
Quest
Diagnostics
1,552
199
Rad
Power
Bikes,
Class
A,
Acquisition
Date:
9/16/21,
Cost $155 (1)(4)(5)
16,193
5
Range
Resources
30,383
882
Rayonier,
REIT
2,559
78
Regency
Centers,
REIT
6,600
414
Reliance
Steel
&
Aluminum
831
237
Rexford
Industrial
Realty,
REIT
6,915
364
Roper
Technologies
1,544
829
Ross
Stores
1,731
243
Royal
Gold
707
81
RPM
International
573
61
S&P
Global
463
208
Saia (1)
270
122
Salesforce (1)
2,890
812
SBA
Communications,
REIT
984
220
Schlumberger
56,771
2,765
Service
Corp
International
4,176
280
ServiceNow (1)
1,865
1,427
Sherwin-Williams
956
291
Simon
Property
Group,
REIT
4,005
555
SiteOne
Landscape
Supply (1)
659
102
SL
Green
Realty,
REIT (3)
715
32
Snowflake,
Class
A (1)
429
84
Southern
5,215
363
Southwestern
Energy (1)
49,930
322
Steel
Dynamics
2,764
334
T.
ROWE
PRICE
Global
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
STERIS
2,475
542
Stryker
1,776
596
Sun
Communities,
REIT
1,308
164
Synopsys (1)
1,429
762
T-Mobile
U.S.
16,363
2,638
Targa
Resources
1,110
94
Target
4,145
576
TechnipFMC
8,726
169
Teleflex
213
52
Tenet
Healthcare (1)
5,718
473
Terreno
Realty,
REIT
4,678
279
Tesla (1)
4,161
779
Texas
Instruments
7,224
1,157
Thermo
Fisher
Scientific
5,922
3,192
TJX
1,796
170
Toro
721
67
Tractor
Supply
4,201
944
TransDigm
Group
101
110
Travelers
7,642
1,615
Uber
Technologies (1)
11,777
769
Ulta
Beauty (1)
2,358
1,184
Union
Pacific
3,798
926
UnitedHealth
Group
7,283
3,727
Valero
Energy
1,104
153
Veeva
Systems,
Class
A (1)
2,143
444
Ventas,
REIT
6,228
289
Veralto
3,508
269
Vertex
Pharmaceuticals (1)
1,747
757
Visa,
Class
A
20,064
5,483
Vulcan
Materials
308
70
Walmart
11,526
1,905
Warrior
Met
Coal
1,673
107
Waste
Connections
3,044
473
Wells
Fargo
19,654
986
Welltower,
REIT
5,793
501
West
Pharmaceutical
Services
507
189
Westinghouse
Air
Brake
Technologies
12,784
1,682
Weyerhaeuser,
REIT
22,472
736
Williams
30,636
1,062
WillScot
Mobile
Mini
Holdings (1)
424
20
Zoetis
3,082
579
247,572
Convertible
Preferred
Stocks
0.1%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $97 (1)(4)(5)
2,160
76
T.
ROWE
PRICE
Global
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ABL
Space
Systems,
Series
B-2,
Acquisition
Date:
10/22/21,
Cost $42 (1)(4)(5)
618
21
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $7 (1)(4)(5)
4
4
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $52 (1)(4)(5)
6,404
23
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $21 (1)(4)
(5)
348
26
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $68 (1)(4)
(5)
927
68
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $7 (1)(4)(5)
96
7
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $33 (1)(4)(5)
1,103
17
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $15 (1)(4)(5)
255
34
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22
-
10/19/22,
Cost $144 (1)(4)(5)
1,084
144
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $71 (1)(4)(5)
2,594
111
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $122 (1)(4)(5)
2,843
122
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $37 (1)
(4)(5)
2,783
37
Lilac
Solutions,
Series
C-1,
Acquisition
Date:
11/21/22,
Cost $10 (1)(4)(5)
971
13
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $79 (1)(4)(5)
1,666
79
Sortera
Tech,
Series
C-1,
Acquisition
Date:
4/13/23,
Cost $11 (1)(4)(5)
764
11
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2 (1)(4)(5)
2,304
3
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $3 (1)(4)(5)
3,239
4
Treeline
Biosciences,
Series
A,
Acquisition
Date:
9/26/22,
Cost $12 (1)(4)(5)
1,491
12
Verai
Discoveries,
Series
A,
Acquisition
Date:
10/17/22,
Cost $16 (1)(4)(5)
802
16
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $143 (1)(4)(5)
1,669
103
931
Corporate
Bonds
2.8%
AbbVie,
2.95%,
11/21/26
145,000
139
AbbVie,
4.50%,
5/14/35
30,000
29
AHS
Hospital,
5.024%,
7/1/45
20,000
20
Alexandria
Real
Estate
Equities,
4.75%,
4/15/35
105,000
101
Ally
Financial,
2.20%,
11/2/28
120,000
103
Altria
Group,
2.35%,
5/6/25
40,000
39
Amazon.com,
2.80%,
8/22/24
50,000
49
Ameren,
5.70%,
12/1/26
185,000
189
T.
ROWE
PRICE
Global
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32
149,876
132
American
Express,
VR,
6.489%,
10/30/31 (6)
285,000
308
American
Honda
Finance,
0.75%,
8/9/24
260,000
254
American
Tower,
1.45%,
9/15/26
355,000
324
Amphenol,
2.20%,
9/15/31
105,000
87
Amphenol,
4.75%,
3/30/26
25,000
25
Aon,
3.875%,
12/15/25
25,000
25
Appalachian
Power,
4.45%,
6/1/45
240,000
205
Apple,
3.20%,
5/11/27
300,000
290
AT&T,
2.75%,
6/1/31
215,000
188
Autodesk,
2.40%,
12/15/31
135,000
114
AutoZone,
3.125%,
4/21/26
170,000
164
AutoZone,
3.75%,
6/1/27
70,000
68
Bank
of
America,
3.50%,
4/19/26
400,000
390
Bank
of
America,
4.45%,
3/3/26
50,000
50
Bank
of
America,
VR,
4.244%,
4/24/38 (6)
120,000
108
Bank
of
America,
VR,
5.08%,
1/20/27 (6)
225,000
224
Banner
Health,
1.897%,
1/1/31
65,000
54
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
103
Becton
Dickinson
&
Company,
3.70%,
6/6/27
183,000
176
Berkshire
Hathaway
Energy,
5.15%,
11/15/43
25,000
25
Boardwalk
Pipelines,
4.95%,
12/15/24
10,000
10
Booking
Holdings,
3.65%,
3/15/25
30,000
29
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (2)
100,000
92
Brixmor
Operating
Partnership,
3.90%,
3/15/27
195,000
187
Brixmor
Operating
Partnership,
4.05%,
7/1/30
80,000
75
Cameron
LNG,
2.902%,
7/15/31 (2)
40,000
35
Cameron
LNG,
3.701%,
1/15/39 (2)
30,000
26
Cardinal
Health,
3.41%,
6/15/27
125,000
119
Cardinal
Health,
3.75%,
9/15/25
80,000
78
Carvana,
12.00%,
12/1/28,
(12.00%
PIK) (2)(10)
17,000
15
Carvana,
13.00%,
6/1/30,
(13.00%
PIK) (2)(10)
26,000
23
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (2)(10)
31,000
28
Centra
Health,
4.70%,
1/1/48
385,000
337
Charter
Communications
Operating,
4.908%,
7/23/25
50,000
50
Charter
Communications
Operating,
6.15%,
11/10/26
155,000
158
Charter
Communications
Operating,
Series
USD,
4.50%,
2/1/24
250,000
250
Cigna
Group,
3.25%,
4/15/25
250,000
244
Citigroup,
4.45%,
9/29/27
70,000
68
Citigroup,
VR,
3.887%,
1/10/28 (6)
315,000
306
Citigroup,
VR,
4.075%,
4/23/29 (6)
100,000
96
CMS
Energy,
4.875%,
3/1/44
25,000
23
CNO
Global
Funding,
2.65%,
1/6/29 (2)
315,000
272
CommonSpirit
Health,
2.76%,
10/1/24
95,000
93
CommonSpirit
Health,
2.782%,
10/1/30
50,000
44
Corebridge
Financial,
4.40%,
4/5/52
375,000
314
T.
ROWE
PRICE
Global
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CRH
America
Finance,
3.95%,
4/4/28 (2)
400,000
388
Crown
Castle,
2.10%,
4/1/31
250,000
204
Crown
Castle,
3.70%,
6/15/26
40,000
39
Crown
Castle,
4.75%,
5/15/47
30,000
27
CVS
Health,
2.70%,
8/21/40
540,000
381
Discover
Financial
Services,
3.75%,
3/4/25
15,000
15
Elevance
Health,
4.101%,
3/1/28
130,000
128
Elevance
Health,
4.65%,
1/15/43
20,000
18
Energy
Transfer,
5.25%,
4/15/29
120,000
121
ERAC
USA
Finance,
5.40%,
5/1/53 (2)
300,000
312
Essex
Portfolio,
2.65%,
3/15/32
135,000
113
Eversource
Energy,
Series
M,
3.30%,
1/15/28
15,000
14
Experian
Finance,
2.75%,
3/8/30 (2)
200,000
176
Extra
Space
Storage,
4.00%,
6/15/29
145,000
138
FirstEnergy,
Series
C,
7.375%,
11/15/31
60,000
71
FirstEnergy
Transmission,
4.35%,
1/15/25 (2)
65,000
64
Fiserv,
3.20%,
7/1/26
100,000
96
Florida
Gas
Transmission,
4.35%,
7/15/25 (2)
215,000
212
Ford
Motor
Credit,
7.122%,
11/7/33
200,000
214
GATX,
6.90%,
5/1/34
270,000
298
General
Motors,
4.00%,
4/1/25
55,000
54
General
Motors
Financial,
2.40%,
4/10/28
305,000
274
George
Washington
University,
Series
2014,
4.30%,
9/15/44
15,000
13
Goldman
Sachs
Group,
3.50%,
1/23/25
300,000
295
Goldman
Sachs
Group,
3.85%,
1/26/27
115,000
112
Goldman
Sachs
Group,
5.15%,
5/22/45
15,000
15
Goldman
Sachs
Group,
6.75%,
10/1/37
10,000
11
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (6)
200,000
168
Goldman
Sachs
Group,
VR,
2.908%,
7/21/42 (6)
130,000
96
Hasbro,
3.00%,
11/19/24
150,000
147
HCA,
4.125%,
6/15/29
235,000
222
Healthcare
Realty
Holdings,
3.625%,
1/15/28
30,000
28
Healthpeak,
2.125%,
12/1/28
80,000
70
Healthpeak,
2.875%,
1/15/31
45,000
39
High
Street
Funding
Trust
I,
4.111%,
2/15/28 (2)
100,000
95
Honeywell
International,
1.10%,
3/1/27
275,000
249
Humana,
5.95%,
3/15/34
110,000
116
Hyundai
Capital
America,
1.30%,
1/8/26 (2)
145,000
134
Hyundai
Capital
America,
1.65%,
9/17/26 (2)
180,000
165
Hyundai
Capital
America,
1.80%,
10/15/25 (2)
55,000
52
Hyundai
Capital
America,
2.00%,
6/15/28 (2)
235,000
207
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48
145,000
123
Intercontinental
Exchange,
3.75%,
12/1/25
75,000
73
Interpublic
Group
of
Companies,
5.375%,
6/15/33
410,000
416
IQVIA,
6.25%,
2/1/29 (2)
50,000
52
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (6)
235,000
218
T.
ROWE
PRICE
Global
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (6)
160,000
140
Kentucky
Utilities,
4.375%,
10/1/45
65,000
56
Keysight
Technologies,
4.55%,
10/30/24
230,000
228
Kilroy
Realty,
3.45%,
12/15/24
40,000
39
Kilroy
Realty,
4.25%,
8/15/29
25,000
23
Kilroy
Realty,
4.375%,
10/1/25
15,000
15
L3Harris
Technologies,
4.854%,
4/27/35
50,000
49
Liberty
Mutual
Group,
4.85%,
8/1/44 (2)
20,000
18
LYB
International
Finance
II,
3.50%,
3/2/27
300,000
289
Marriott
International,
Series
AA,
4.65%,
12/1/28
285,000
283
Mars,
4.75%,
4/20/33 (2)
125,000
125
Marsh
&
McLennan,
3.50%,
6/3/24
115,000
114
McDonald's,
1.45%,
9/1/25
65,000
62
McKesson,
5.25%,
2/15/26
370,000
370
MedStar
Health,
Series
20A,
3.626%,
8/15/49
130,000
100
Met
Tower
Global
Funding,
1.25%,
9/14/26 (2)
245,000
224
Micron
Technology,
4.185%,
2/15/27
181,000
177
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (2)
110,000
107
Mississippi
Power,
3.95%,
3/30/28
170,000
165
Moody's,
2.00%,
8/19/31
335,000
275
Morgan
Stanley,
4.30%,
1/27/45
45,000
40
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
320,000
266
NiSource,
3.49%,
5/15/27
215,000
207
NiSource,
3.95%,
3/30/48
105,000
84
Northern
Trust,
3.95%,
10/30/25
25,000
25
Nucor,
2.70%,
6/1/30
70,000
63
Nucor,
3.95%,
5/1/28
130,000
127
Omnicom
Group,
3.65%,
11/1/24
50,000
49
O'Reilly
Automotive,
3.60%,
9/1/27
145,000
139
O'Reilly
Automotive,
5.75%,
11/20/26
35,000
36
PACCAR
Financial,
0.90%,
11/8/24
415,000
402
Pacific
Gas
&
Electric,
2.10%,
8/1/27
275,000
249
Packaging
Corp.
of
America,
3.65%,
9/15/24
15,000
15
PayPal
Holdings,
2.40%,
10/1/24
345,000
338
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
200,000
196
Pioneer
Natural
Resources,
1.125%,
1/15/26
80,000
75
Pioneer
Natural
Resources,
5.10%,
3/29/26
50,000
50
President
&
Fellows
of
Harvard
College,
3.619%,
10/1/37
25,000
22
Principal
Financial
Group,
2.125%,
6/15/30
160,000
136
Principal
Financial
Group,
3.40%,
5/15/25
35,000
34
Public
Storage
Operating,
1.95%,
11/9/28
150,000
134
Realty
Income,
2.20%,
6/15/28
70,000
63
Regency
Centers,
4.125%,
3/15/28
35,000
34
Republic
Services,
3.375%,
11/15/27
230,000
221
Revvity,
1.90%,
9/15/28
230,000
200
Roper
Technologies,
2.95%,
9/15/29
60,000
55
T.
ROWE
PRICE
Global
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Roper
Technologies,
3.80%,
12/15/26
50,000
49
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
50,000
49
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (6)
135,000
122
SBA
Tower
Trust,
2.836%,
1/15/25 (2)
250,000
242
Sempra,
3.30%,
4/1/25
185,000
181
ServiceNow,
1.40%,
9/1/30
235,000
193
Simon
Property
Group,
2.65%,
2/1/32
340,000
290
Simon
Property
Group,
3.375%,
10/1/24
45,000
44
Spectra
Energy
Partners,
4.75%,
3/15/24
170,000
170
Synchrony
Financial,
4.25%,
8/15/24
375,000
372
Texas
Instruments,
1.125%,
9/15/26
80,000
74
Texas
Instruments,
1.375%,
3/12/25
45,000
43
Time
Warner
Cable,
6.55%,
5/1/37
13,000
13
Time
Warner
Cable,
6.75%,
6/15/39
13,000
13
TJX,
1.60%,
5/15/31
55,000
45
Trinity
Health,
4.125%,
12/1/45
25,000
22
Union
Pacific,
4.75%,
9/15/41
10,000
9
United
Airlines
PTT,
Series
2014-2,
Class
A,
3.75%,
9/3/26
2,767
3
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30
262,044
234
UnitedHealth
Group,
3.75%,
7/15/25
40,000
39
Verizon
Communications,
1.68%,
10/30/30
28,000
23
Verizon
Communications,
2.625%,
8/15/26
230,000
219
Waste
Connections,
2.20%,
1/15/32
155,000
128
Wells
Fargo,
VR,
5.389%,
4/24/34 (6)
410,000
414
Willis
North
America,
3.60%,
5/15/24
40,000
40
Willis
North
America,
4.50%,
9/15/28
160,000
156
WP
Carey,
3.85%,
7/15/29
115,000
109
22,843
Equity
Mutual
Funds
8.3%
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class (9)
2,163,950
44,880
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (9)
2,334,528
21,711
66,591
Municipal
Securities
0.3%
Bay
Area
Toll
Auth.,
Series
S-10,
3.176%,
4/1/41
300,000
238
California,
Build
America,
GO,
7.625%,
3/1/40
35,000
44
California
State
Univ.,
Series
B,
2.795%,
11/1/41
250,000
185
Central
Texas
Regional
Mobility
Auth.,
Series
E,
3.167%,
1/1/41
225,000
173
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50
390,000
313
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39
180,000
184
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29
15,000
15
Los
Angeles
Airport,
Series
C,
Build
America,
7.053%,
5/15/40
15,000
18
T.
ROWE
PRICE
Global
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42
175,000
148
Maryland
HHEFA,
Univ.
of
Maryland
Medical
System,
Series
B,
4.665%,
7/1/36
20,000
19
Metropolitan
Government
Nashville
&
Davidson
County
Health
&
Ed.
Facs,
Series
B,
3.235%,
7/1/52
200,000
132
Metropolitan
Transportation
Auth.,
Series
A-1,
Build
America,
5.871%,
11/15/39
15,000
16
Miami-Dade
County
Transit
System,
Series
B,
Build
America,
5.624%,
7/1/40
160,000
167
Miami-Dade
County
Water
&
Sewer
System,
Series
C,
3.49%,
10/1/42
90,000
75
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57
125,000
141
New
York
State
Dormitory
Auth.,
Series
F,
Build
America,
Unrefunded
Portion,
5.628%,
3/15/39
15,000
16
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26
5,000
5
Port
Auth.
of
New
York
&
New
Jersey,
Series
182,
5.31%,
8/1/46
20,000
20
Univ.
of
California
Regents,
Build
America,
5.77%,
5/15/43
15,000
16
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44
25,000
24
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36
110,000
103
2,052
Non-U.S.
Government
Mortgage-Backed
Securities
0.8%
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (2)
66,611
57
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (2)
21,826
19
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (2)
60,304
50
Angel
Oak
Mortgage
Trust,
Series
2023-3,
Class
A1,
CMO,
STEP,
4.80%,
9/26/67 (2)
219,443
215
Barclays
Mortgage
Loan
Trust,
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (2)
78,209
68
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.607%,
11/15/34 (2)
50,000
8
Benchmark
Mortgage
Trust,
Series
2023-V3,
Class
A3,
ARM,
6.363%,
7/15/56
145,000
153
BWAY
Mortgage
Trust,
Series
2022-26BW,
Class
A,
3.402%,
2/10/44 (2)
150,000
118
BX
Trust,
Series
2021-LGCY,
Class
C,
ARM,
1M
TSFR
+
1.118%,
6.451%,
10/15/36 (2)
225,000
218
Cantor
Commercial
Real
Estate
Lending,
Series
2019-CF1,
Class
65A,
ARM,
4.411%,
5/15/52 (2)
100,000
63
CD
Mortgage
Trust,
Series
2016-CD2,
Class
A4,
ARM,
3.526%,
11/10/49
55,000
52
T.
ROWE
PRICE
Global
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CD
Mortgage
Trust,
Series
2017-CD3,
Class
B,
ARM,
3.984%,
2/10/50
110,000
71
Chase
Home
Lending
Mortgage
Trust,
Series
2023-RPL1,
Class
A1,
CMO,
ARM,
3.50%,
6/25/62 (2)
219,484
200
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58
25,000
24
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (2)
56,752
48
Cold
Storage
Trust,
Series
2020-ICE5,
Class
B,
ARM,
1M
TSFR
+
1.414%,
6.754%,
11/15/37 (2)
137,619
137
Commercial
Mortgage
Trust,
Series
2015-CR24,
Class
A5,
3.696%,
8/10/48
40,000
39
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
A4,
3.708%,
7/10/48
60,000
58
Commercial
Mortgage
Trust,
Series
2015-LC23,
Class
A4,
3.774%,
10/10/48
100,000
97
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
0.90%,
6.245%,
11/25/41 (2)
23,700
24
Connecticut
Avenue
Securities
Trust,
Series
2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
6.345%,
12/25/41 (2)
25,323
25
Connecticut
Avenue
Securities
Trust,
Series
2023-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
7.644%,
5/25/43 (2)
173,018
177
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (2)
16,179
15
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
TSFR
+
1.494%,
6.827%,
7/15/38 (2)
91,607
91
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K068,
Class
A1,
2.952%,
2/25/27
17,241
17
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K137,
Class
A2,
ARM,
2.347%,
11/25/31
860,000
741
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K-150,
Class
A2,
ARM,
3.71%,
9/25/32
370,000
350
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K-156,
Class
A2,
ARM,
4.43%,
2/25/33
285,000
284
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
Series
K753,
Class
A2,
4.40%,
10/25/30
405,000
403
Fontainebleau
Miami
Beach
Trust,
Series
2019-FBLU,
Class
C,
3.75%,
12/10/36 (2)
165,000
160
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (2)
5,594
5
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.769%,
12/10/40 (2)
100,000
81
Great
Wolf
Trust,
Series
2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.947%,
7.28%,
12/15/36 (2)
70,000
70
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48
25,000
24
T.
ROWE
PRICE
Global
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
GS
Mortgage
Securities
Trust,
Series
2018-GS9,
Class
A4,
ARM,
3.992%,
3/10/51
65,000
61
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48
65,000
62
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48
41,719
40
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-OPO,
Class
B,
3.377%,
1/5/39 (2)
100,000
86
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (2)
32,583
29
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (2)
38,585
35
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.944%,
6.00%,
8/25/50 (2)
8,766
8
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (2)
15,583
14
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
TSFR
+
1.215%,
6.548%,
4/15/38 (2)
213,914
212
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2014-C17,
Class
B,
ARM,
4.464%,
8/15/47
20,000
19
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C24,
Class
AS,
ARM,
4.036%,
5/15/48
35,000
34
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
A4,
3.753%,
12/15/47
85,000
82
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
AS,
4.068%,
12/15/47
155,000
147
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series
2023-
NQM1,
Class
A2,
CMO,
STEP,
7.53%,
9/25/68 (2)
97,748
100
New
Residential
Mortgage
Loan
Trust,
Series
2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (2)
131,863
110
NYO
Commercial
Mortgage
Trust,
Series
2021-1290,
Class
C,
ARM,
1M
TSFR
+
2.109%,
7.443%,
11/15/38 (2)
295,000
232
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
6.55%,
10/25/59 (2)
8,951
9
OBX
Trust,
Series
2023-NQM9,
Class
A2,
CMO,
STEP,
7.513%,
10/25/63 (2)
96,336
99
Provident
Funding
Mortgage
Trust,
Series
2019-1,
Class
B1,
CMO,
ARM,
3.189%,
12/25/49 (2)
185,604
153
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (2)
6,244
6
SFO
Commercial
Mortgage
Trust,
Series
2021-555,
Class
B,
ARM,
1M
TSFR
+
1.614%,
6.947%,
5/15/38 (2)
110,000
102
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (2)
1,577
2
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (2)
22,485
21
T.
ROWE
PRICE
Global
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA3,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.10%,
7.445%,
10/25/33 (2)
60,000
61
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
6.195%,
11/25/41 (2)
105,481
105
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (2)
14,360
14
Verus
Securitization
Trust,
Series
2019-4,
Class
A1,
CMO,
STEP,
3.642%,
11/25/59 (2)
14,943
14
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
3.692%,
11/25/59 (2)
30,181
29
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (2)
32,874
29
Verus
Securitization
Trust,
Series
2021-7,
Class
A1,
CMO,
ARM,
1.829%,
10/25/66 (2)
221,649
192
Verus
Securitization
Trust,
Series
2023-7,
Class
A2,
CMO,
STEP,
7.272%,
10/25/68 (2)
106,639
109
Verus
Securitization
Trust,
Series
2023-INV1,
Class
A1,
CMO,
STEP,
5.999%,
2/25/68 (2)
115,253
115
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
A4,
3.664%,
9/15/58
41,000
40
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C31,
Class
A4,
3.695%,
11/15/48
100,000
97
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-NXS2,
Class
A5,
ARM,
3.767%,
7/15/58
75,000
73
6,703
Private
Investment
Companies
7.6%
Blackstone
Partners
Offshore
Fund,
Series
E1 (4)
25,981
61,579
61,579
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
7.0%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
1,830,000
1,160
U.S.
Treasury
Bonds,
1.375%,
8/15/50
990,000
532
U.S.
Treasury
Bonds,
1.75%,
8/15/41
1,310,000
898
U.S.
Treasury
Bonds,
1.875%,
2/15/41
580,000
410
U.S.
Treasury
Bonds,
1.875%,
2/15/51
1,215,000
745
U.S.
Treasury
Bonds,
2.00%,
2/15/50
2,490,000
1,588
U.S.
Treasury
Bonds,
2.00%,
8/15/51
365,000
230
U.S.
Treasury
Bonds,
2.25%,
2/15/52
2,245,000
1,505
U.S.
Treasury
Bonds,
2.50%,
2/15/45
145,000
108
U.S.
Treasury
Bonds,
2.75%,
11/15/42
65,000
52
U.S.
Treasury
Bonds,
2.75%,
8/15/47 (11)
4,915,000
3,748
U.S.
Treasury
Bonds,
2.875%,
8/15/45
570,000
452
U.S.
Treasury
Bonds,
3.00%,
11/15/44
395,000
322
U.S.
Treasury
Bonds,
3.00%,
11/15/45
435,000
352
U.S.
Treasury
Bonds,
3.00%,
2/15/47
220,000
176
U.S.
Treasury
Bonds,
3.00%,
2/15/48
740,000
590
T.
ROWE
PRICE
Global
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Bonds,
3.00%,
8/15/48
150,000
119
U.S.
Treasury
Bonds,
3.00%,
8/15/52
800,000
634
U.S.
Treasury
Bonds,
3.125%,
11/15/41
290,000
248
U.S.
Treasury
Bonds,
3.125%,
8/15/44
610,000
509
U.S.
Treasury
Bonds,
3.375%,
8/15/42
220,000
193
U.S.
Treasury
Bonds,
3.625%,
8/15/43
55,000
50
U.S.
Treasury
Bonds,
3.625%,
2/15/53
80,000
72
U.S.
Treasury
Bonds,
3.625%,
5/15/53
1,265,000
1,136
U.S.
Treasury
Bonds,
3.875%,
8/15/40
580,000
557
U.S.
Treasury
Bonds,
3.875%,
2/15/43
605,000
569
U.S.
Treasury
Bonds,
3.875%,
5/15/43
105,000
99
U.S.
Treasury
Bonds,
4.00%,
11/15/52
150,000
144
U.S.
Treasury
Bonds,
4.75%,
11/15/53
500,000
546
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51
102,369
63
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
273,497
177
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43
286,736
224
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42
420,434
342
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47
242,825
191
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46
80,215
65
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48
140,703
113
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49
164,730
132
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44
160,996
144
U.S.
Treasury
Inflation-Indexed
Bonds,
1.50%,
2/15/53
653,244
585
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/25
224,670
218
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/25
3,767,645
3,648
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/26
1,233,790
1,179
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/27
3,747,199
3,543
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
412,836
372
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
1/15/27
484,297
463
U.S.
Treasury
Inflation-Indexed
Notes,
0.375%,
7/15/27
216,274
207
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
1/15/26
324,611
315
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
7/15/32
765,546
705
U.S.
Treasury
Inflation-Indexed
Notes,
1.25%,
4/15/28
5,018,694
4,914
U.S.
Treasury
Inflation-Indexed
Notes,
1.75%,
1/15/34
2,084,084
2,095
U.S.
Treasury
Inflation-Indexed
Notes,
2.375%,
10/15/28
3,745,529
3,873
U.S.
Treasury
Notes,
0.625%,
8/15/30
420,000
341
U.S.
Treasury
Notes,
0.75%,
1/31/28
120,000
106
U.S.
Treasury
Notes,
0.875%,
6/30/26
1,710,000
1,585
U.S.
Treasury
Notes,
1.25%,
8/15/31
1,035,000
856
U.S.
Treasury
Notes,
1.625%,
8/15/29
2,150,000
1,914
U.S.
Treasury
Notes,
1.875%,
2/28/27 (11)
2,720,000
2,554
U.S.
Treasury
Notes,
1.875%,
2/15/32
365,000
314
U.S.
Treasury
Notes,
2.75%,
5/15/25
220,000
215
U.S.
Treasury
Notes,
3.375%,
5/15/33
345,000
330
U.S.
Treasury
Notes,
3.50%,
2/15/33
50,000
48
U.S.
Treasury
Notes,
3.625%,
5/31/28
645,000
638
T.
ROWE
PRICE
Global
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Notes,
3.875%,
4/30/25
375,000
372
U.S.
Treasury
Notes,
4.00%,
2/29/28
725,000
727
U.S.
Treasury
Notes,
4.125%,
9/30/27
2,220,000
2,233
U.S.
Treasury
Notes,
4.125%,
10/31/27
1,440,000
1,449
U.S.
Treasury
Notes,
4.375%,
11/30/28
1,305,000
1,334
56,328
Total
United
States
(Cost
$505,282
)
589,829
VIETNAM
0.3%
Common
Stocks
0.3%
Airports
Corp.
of
Vietnam (1)
2,900
9
Asia
Commercial
Bank
284,971
323
Bank
for
Foreign
Trade
of
Vietnam (1)
86,481
313
Binh
Minh
Plastics
12,300
52
FPT
120,116
501
FPT
Digital
Retail
13,195
62
Hoa
Phat
Group (1)
454,600
515
Khang
Dien
House
Trading
&
Investment (1)
24,134
30
Military
Commercial
Joint
Stock
Bank
161,042
155
Mobile
World
Investment
44,000
81
Nam
Long
Investment
31,866
50
Phu
Nhuan
Jewelry
38,600
154
Saigon
Beer
Alcohol
Beverage
22,500
52
Vietnam
Dairy
Products
46,800
128
Vietnam
Engine
&
Agricultural
Machinery
117,300
176
Vincom
Retail (1)
142,400
131
Total
Vietnam
(Cost
$2,233
)
2,732
SHORT-TERM
INVESTMENTS
1.4%
Money
Market
Funds
1.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38% (9)(12)
11,597,436
11,597
Total
Short-Term
Investments
(Cost
$11,597)
11,597
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (9)(12)
1,563,092
1,563
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
1,563
T.
ROWE
PRICE
Global
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (9)(12)
1,503,033
1,503
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
1,503
Total
Securities
Lending
Collateral
(Cost
$3,066)
3,066
Total
Investments
in
Securities
100.1%
(Cost
$682,743)
$
806,146
Other
Assets
Less
Liabilities
(0.1)%
(594)
Net
Assets
100.0%
$
805,552
‡
Country
classifications
are
generally
based
on
MSCI
categories
or
another
unaffiliated
third
party
data
provider;
Shares/Par
and
Notional
Amount
are
denominated
in
the
currency
of
the
country
presented
unless
otherwise
noted.
(1)
Non-income
producing
(2)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$14,841
and
represents
1.8%
of
net
assets.
(3)
All
or
a
portion
of
this
security
is
on
loan
at
January
31,
2024.
(4)
Level
3
in
fair
value
hierarchy.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$1,530
and
represents
0.2%
of
net
assets.
(6)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(7)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
January
31,
2024.
(8)
SEC
30-day
yield
(9)
Affiliated
Companies
(10)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(11)
At
January
31,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(12)
Seven-day
yield
T.
ROWE
PRICE
Global
Allocation
Fund
48
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
CVA
Dutch
Certificate
(Certificaten
Van
Aandelen)
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GDR
Global
Depositary
Receipts
GO
General
Obligation
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
ILS
Israeli
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NVDR
Non-Voting
Depositary
Receipts
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PIK
Payment-in-kind
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TWD
Taiwan
Dollar
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Global
Allocation
Fund
49
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written
(0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
Akzo
Nobel,
Call,
2/16/24
@
76.00
(EUR)
1
7
—
Morgan
Stanley
Daimler
Truck
Holding,
Call,
2/16/24
@
35.00
(EUR)
2
7
—
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
2/16/24
@
$78.00
1,057
8,190
(15)
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
2/16/24
@
$77.00
906
7,020
(13)
Morgan
Stanley
S&P
500
Index,
Call,
3/15/24
@
$4,900.00
82
39,734
(520)
Total
Options
Written
(Premiums
$(804))
$
(548)
T.
ROWE
PRICE
Global
Allocation
Fund
50
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
2/29/24
USD
158
ILS
583
$
(2)
BNP
Paribas
2/29/24
USD
1,330
DKK
9,144
2
Deutsche
Bank
2/29/24
USD
868
HKD
6,781
—
JPMorgan
Chase
2/29/24
USD
79
NZD
129
—
NatWest
Bank
2/29/24
USD
262
NOK
2,726
2
State
Street
2/29/24
USD
3,061
AUD
4,636
16
State
Street
2/29/24
USD
4,053
CHF
3,481
6
State
Street
2/29/24
USD
13,326
EUR
12,308
8
State
Street
2/29/24
USD
5,976
GBP
4,706
11
State
Street
2/29/24
USD
8,894
JPY
1,308,819
(42)
State
Street
2/29/24
USD
1,273
SEK
13,321
(9)
State
Street
2/29/24
USD
511
SGD
685
—
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(8)
T.
ROWE
PRICE
Global
Allocation
Fund
51
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
54
MSCI
EAFE
Index
contracts
3/24
(6,029)
$
(174)
Long,
68
S&P
500
E-Mini
Index
contracts
3/24
16,560
(1)
Long,
27
U.S.
Treasury
Long
Bond
contracts
3/24
3,303
160
Long,
29
U.S.
Treasury
Notes
five
year
contracts
3/24
3,143
67
Long,
11
U.S.
Treasury
Notes
ten
year
contracts
3/24
1,236
18
Long,
8
U.S.
Treasury
Notes
two
year
contracts
3/24
1,645
4
Long,
3
Ultra
U.S.
Treasury
Bonds
contracts
3/24
388
26
Short,
11
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/24
(1,286)
(37)
Net
payments
(receipts)
of
variation
margin
to
date
(359)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(296)
T.
ROWE
PRICE
Global
Allocation
Fund
52
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
January
31,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.42%
$
(48)
$
(226)
$
166
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
5.43%
(264)
1,429
275
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.23%
(617)
3,054
453
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.85%
(3)
139
193
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.18%
(139)
1,478
338
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
1,535
6,424
340
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.13%
(461)
2,355
183
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.16%
—
115
17
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
(787)
1,347
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
—
—
142
Affiliates
not
held
at
period
end
—
—
10
Totals
$
3#
$
13,981
$
3,464+
T.
ROWE
PRICE
Global
Allocation
Fund
53
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/23
Purchase
Cost
Sales
Cost
Value
01/31/24
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.42%
$
16,583
$
165
$
298
$
16,224
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
5.43%
17,787
275
2,014
17,477
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.23%
30,341
452
2,918
30,929
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.85%
8,369
192
103
8,597
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.18%
19,635
338
1,139
20,312
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
42,331
1,697
5,572
44,880
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.13%
24,329
183
1,961
24,906
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.16%
2,159
17
—
2,291
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
21,151
1,347
—
21,711
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
3,057
¤
¤
3,066
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
18,210
¤
¤
11,597
Total
$
201,990^
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$1,357
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$3,464
of
dividend
income
and
$0
of
interest
income.
¤
Purchase
and
sale
information
not
shown
for
cash
management
funds.
^
The
cost
basis
of
investments
in
affiliated
companies
was
$219,314.
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
Notes
to
the
Portfolio
of
Investments
54
T.
Rowe
Price
Global
Allocation
Fund,
Inc. (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Global
Allocation
Fund
55
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
T.
ROWE
PRICE
Global
Allocation
Fund
56
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Global
Allocation
Fund
57
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
January
31,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
102,891
$
—
$
102,891
Bond
Mutual
Funds
120,736
—
—
120,736
Closed-End
Mutual
Funds
—
68
—
68
Common
Stocks
266,224
171,150
156
437,530
Convertible
Preferred
Stocks
—
—
1,374
1,374
Equity
Mutual
Funds
66,591
—
—
66,591
Preferred
Stocks
—
714
—
714
Private
Investment
Companies
—
—
61,579
61,579
Short-Term
Investments
11,597
—
—
11,597
Securities
Lending
Collateral
3,066
—
—
3,066
Total
Securities
468,214
274,823
63,109
806,146
Forward
Currency
Exchange
Contracts
—
45
—
45
Futures
Contracts*
275
—
—
275
Total
$
468,489
$
274,868
$
63,109
$
806,466
Liabilities
Options
Written
$
—
$
548
$
—
$
548
Forward
Currency
Exchange
Contracts
—
53
—
53
Futures
Contracts*
212
—
—
212
Total
$
212
$
601
$
—
$
813
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Government
Bonds,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Global
Allocation
Fund
58
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
January
31,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
January
31,
2024,
totaled $1,651,000 for
the
period ended
January
31,
2024.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee
considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
10/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
1/31/24
Investment
in
Securities
Common
Stocks
$
156
$
13
$
—
$
(13)
$
156
Convertible
Preferred
Stocks
1,372
2
10
(10)
1,374
Private
Investment
Companies
59,932
1,647
—
—
61,579
Total
$
61,460
$
1,662
$
10
$
(23)
$
63,109
T.
ROWE
PRICE
Global
Allocation
Fund
59
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$
156
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
100%
100%
Decrease
Market
comparable
Relative
value
—#
—#
—#
Probability
for
potential
outcome
20%
20%
Increase
Enterprise
value
to
gross
profit
multiple
4.7x
–
11.3x
8.1x
Increase
Gross
profit
growth
rate
24%
24%
Increase
Enterprise
value
to
sales
multiple
1.7x
–
9.2x
5.0x
Increase
Sales
growth
rate
23%
23%
Increase
Discount
for
liquidation
preference
—#
—#
Increase
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Preferred
Stocks
$
1,374
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Global
Allocation
Fund
60
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Premium
for
conversion
ratio
rights
—#
—#
—#
Market
comparable
Enterprise
value
to
gross
profit
multiple
9.5x
–
11.3x
10.4x
Increase
Gross
profit
growth
rate
23%
-
24%
23%
Increase
Enterprise
value
to
sales
multiple
3.0x
–
9.2x
8.2x
Increase
Sales
growth
rate
7%
-
24%
22%
Increase
Projected
enterprise
value
to
sales
multiple
1.9x
–
5.1x
2.5x
Increase
Projected
enterprise
value
to
gross
profit
multiple
6.8x
–
8.4x
7.6x
Increase
Projected
enterprise
value
to
EBIT
multiple
9.1x
–
12.9x
11.0x
Increase
EBIT
growth
rate
25%
25%
Increase
Discount
rate
for
cost
of
capital
15%
-
30%
27%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Private
Investment
Companies
$
61,579
Rollforward
of
Investee
NAV
Estimated
return
1.47%
1.47%
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
61
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F154-054Q1
01/24