0001571768falseN-CSRST. ROWE PRICE GLOBAL ALLOCATION FUND, INC.N-1A2025-04-300001571768trp:C000127047Member2024-11-012025-04-3000015717682024-11-012025-04-300001571768trp:C000127047Member2025-04-300001571768trp:C000127047Membertrp:CommonStocksCTIMember2025-04-300001571768trp:C000127047Membertrp:BondMutualFundsCTIMember2025-04-300001571768trp:C000127047Membertrp:PrivateInvestmentCompaniesCTIMember2025-04-300001571768trp:C000127047Membertrp:EquityMutualFundsCTIMember2025-04-300001571768trp:C000127047Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-04-300001571768trp:C000127047Membertrp:CorporateBondsCTIMember2025-04-300001571768trp:C000127047Membertrp:SecuritiesLendingCollateralCTIMember2025-04-300001571768trp:C000127047Membertrp:CommonStocksMinusChinaASharesCTIMember2025-04-300001571768trp:C000127047Membertrp:OtherHoldingsGroupingCTIMember2025-04-300001571768trp:C000127047Membertrp:BlackstonePartnersOffshoreFundCTIMember2025-04-300001571768trp:C000127047Membertrp:TRowePriceIntegratedUSSmallMinusMidCapCoreEquityFundMinusIClassCTIMember2025-04-300001571768trp:C000127047Membertrp:TRowePriceEmergingMarketsBondFundMinusIClassCTIMember2025-04-300001571768trp:C000127047Membertrp:TRowePriceInternationalBondFundMinusIClassCTIMember2025-04-300001571768trp:C000127047Membertrp:USTreasuryInflationMinusIndexedNotesCTIMember2025-04-300001571768trp:C000127047Membertrp:TRowePriceMultiMinusStrategyTotalReturnFundMinusIClassCTIMember2025-04-300001571768trp:C000127047Membertrp:USTreasuryNotesCTIMember2025-04-300001571768trp:C000127047Membertrp:TRowePriceInstitutionalHighYieldFundMinusInstitutionalClassCTIMember2025-04-300001571768trp:C000127047Membertrp:TRowePriceEmergingMarketsLocalCurrencyBondFundMinusIClassCTIMember2025-04-300001571768trp:C000127047Membertrp:USTreasuryBondsCTIMember2025-04-300001571768trp:C000127048Member2024-11-012025-04-300001571768trp:C000127048Member2025-04-300001571768trp:C000127048Membertrp:CommonStocksCTIMember2025-04-300001571768trp:C000127048Membertrp:BondMutualFundsCTIMember2025-04-300001571768trp:C000127048Membertrp:PrivateInvestmentCompaniesCTIMember2025-04-300001571768trp:C000127048Membertrp:EquityMutualFundsCTIMember2025-04-300001571768trp:C000127048Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-04-300001571768trp:C000127048Membertrp:CorporateBondsCTIMember2025-04-300001571768trp:C000127048Membertrp:SecuritiesLendingCollateralCTIMember2025-04-300001571768trp:C000127048Membertrp:CommonStocksMinusChinaASharesCTIMember2025-04-300001571768trp:C000127048Membertrp:OtherHoldingsGroupingCTIMember2025-04-300001571768trp:C000127048Membertrp:BlackstonePartnersOffshoreFundCTIMember2025-04-300001571768trp:C000127048Membertrp:TRowePriceIntegratedUSSmallMinusMidCapCoreEquityFundMinusIClassCTIMember2025-04-300001571768trp:C000127048Membertrp:TRowePriceEmergingMarketsBondFundMinusIClassCTIMember2025-04-300001571768trp:C000127048Membertrp:TRowePriceInternationalBondFundMinusIClassCTIMember2025-04-300001571768trp:C000127048Membertrp:USTreasuryInflationMinusIndexedNotesCTIMember2025-04-300001571768trp:C000127048Membertrp:TRowePriceMultiMinusStrategyTotalReturnFundMinusIClassCTIMember2025-04-300001571768trp:C000127048Membertrp:USTreasuryNotesCTIMember2025-04-300001571768trp:C000127048Membertrp:TRowePriceInstitutionalHighYieldFundMinusInstitutionalClassCTIMember2025-04-300001571768trp:C000127048Membertrp:TRowePriceEmergingMarketsLocalCurrencyBondFundMinusIClassCTIMember2025-04-300001571768trp:C000127048Membertrp:USTreasuryBondsCTIMember2025-04-300001571768trp:C000169948Member2024-11-012025-04-300001571768trp:C000169948Member2025-04-300001571768trp:C000169948Membertrp:CommonStocksCTIMember2025-04-300001571768trp:C000169948Membertrp:BondMutualFundsCTIMember2025-04-300001571768trp:C000169948Membertrp:PrivateInvestmentCompaniesCTIMember2025-04-300001571768trp:C000169948Membertrp:EquityMutualFundsCTIMember2025-04-300001571768trp:C000169948Membertrp:USGovernmentAgencyObligationsExcludingMortgageMinusBackedCTIMember2025-04-300001571768trp:C000169948Membertrp:CorporateBondsCTIMember2025-04-300001571768trp:C000169948Membertrp:SecuritiesLendingCollateralCTIMember2025-04-300001571768trp:C000169948Membertrp:CommonStocksMinusChinaASharesCTIMember2025-04-300001571768trp:C000169948Membertrp:OtherHoldingsGroupingCTIMember2025-04-300001571768trp:C000169948Membertrp:BlackstonePartnersOffshoreFundCTIMember2025-04-300001571768trp:C000169948Membertrp:TRowePriceIntegratedUSSmallMinusMidCapCoreEquityFundMinusIClassCTIMember2025-04-300001571768trp:C000169948Membertrp:TRowePriceEmergingMarketsBondFundMinusIClassCTIMember2025-04-300001571768trp:C000169948Membertrp:TRowePriceInternationalBondFundMinusIClassCTIMember2025-04-300001571768trp:C000169948Membertrp:USTreasuryInflationMinusIndexedNotesCTIMember2025-04-300001571768trp:C000169948Membertrp:TRowePriceMultiMinusStrategyTotalReturnFundMinusIClassCTIMember2025-04-300001571768trp:C000169948Membertrp:USTreasuryNotesCTIMember2025-04-300001571768trp:C000169948Membertrp:TRowePriceInstitutionalHighYieldFundMinusInstitutionalClassCTIMember2025-04-300001571768trp:C000169948Membertrp:TRowePriceEmergingMarketsLocalCurrencyBondFundMinusIClassCTIMember2025-04-300001571768trp:C000169948Membertrp:USTreasuryBondsCTIMember2025-04-30iso4217:USDxbrli:sharesiso4217:USDxbrli:sharesxbrli:pureutr:Dtrp:Holding

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-22810

T. Rowe Price Global Allocation Fund, Inc.

 

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

 

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

 

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Image

Semi-Annual Shareholder Report

April 30, 2025

Global Allocation Fund

Investor Class (RPGAX)

This semi-annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global Allocation Fund - Investor Class
$39
0.78%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$751,451
Number of Portfolio Holdings
1,487
Portfolio Turnover Rate
19.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
54.9%
Bond Mutual Funds
14.3
Private Investment Companies
8.6
Equity Mutual Funds
7.8
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
7.6
Corporate Bonds
3.6
Securities Lending Collateral
0.5
Common Stocks - China A Shares
0.4
Short-Term and Other
2.3

Top Ten Holdings (as a % of Net Assets)

Blackstone Partners Offshore Fund
8.6%
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund - I Class
5.3
T. Rowe Price Emerging Markets Bond Fund - I Class
3.7
T. Rowe Price International Bond Fund - I Class
3.1
U.S. Treasury Inflation-Indexed Notes
2.9
T. Rowe Price Multi-Strategy Total Return Fund - I Class
2.6
U.S. Treasury Notes
2.3
T. Rowe Price Institutional High Yield Fund - Institutional Class
2.3
T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class
2.1
U.S. Treasury Bonds
2.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F154-053 6/25

Global Allocation Fund 

Investor Class (RPGAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2025

Global Allocation Fund

Advisor Class (PAFGX)

This semi-annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global Allocation Fund - Advisor Class
$50
1.01%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$751,451
Number of Portfolio Holdings
1,487
Portfolio Turnover Rate
19.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
54.9%
Bond Mutual Funds
14.3
Private Investment Companies
8.6
Equity Mutual Funds
7.8
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
7.6
Corporate Bonds
3.6
Securities Lending Collateral
0.5
Common Stocks - China A Shares
0.4
Short-Term and Other
2.3

Top Ten Holdings (as a % of Net Assets)

Blackstone Partners Offshore Fund
8.6%
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund - I Class
5.3
T. Rowe Price Emerging Markets Bond Fund - I Class
3.7
T. Rowe Price International Bond Fund - I Class
3.1
U.S. Treasury Inflation-Indexed Notes
2.9
T. Rowe Price Multi-Strategy Total Return Fund - I Class
2.6
U.S. Treasury Notes
2.3
T. Rowe Price Institutional High Yield Fund - Institutional Class
2.3
T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class
2.1
U.S. Treasury Bonds
2.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F244-053 6/25

Global Allocation Fund 

Advisor Class (PAFGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image
Image

Semi-Annual Shareholder Report

April 30, 2025

Global Allocation Fund

I Class (TGAFX)

This semi-annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary. 

What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)

 
Costs of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Global Allocation Fund - I Class
$30
0.60%

What are some fund statistics?

Fund Statistics

Total Net Assets (000s)
$751,451
Number of Portfolio Holdings
1,487
Portfolio Turnover Rate
19.4%

What did the fund invest in?

Security Allocation (as a % of Net Assets)

Common Stocks
54.9%
Bond Mutual Funds
14.3
Private Investment Companies
8.6
Equity Mutual Funds
7.8
U.S. Government Agency Obligations (Excluding Mortgage-Backed)
7.6
Corporate Bonds
3.6
Securities Lending Collateral
0.5
Common Stocks - China A Shares
0.4
Short-Term and Other
2.3

Top Ten Holdings (as a % of Net Assets)

Blackstone Partners Offshore Fund
8.6%
T. Rowe Price Integrated U.S. Small-Mid Cap Core Equity Fund - I Class
5.3
T. Rowe Price Emerging Markets Bond Fund - I Class
3.7
T. Rowe Price International Bond Fund - I Class
3.1
U.S. Treasury Inflation-Indexed Notes
2.9
T. Rowe Price Multi-Strategy Total Return Fund - I Class
2.6
U.S. Treasury Notes
2.3
T. Rowe Price Institutional High Yield Fund - Institutional Class
2.3
T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class
2.1
U.S. Treasury Bonds
2.0

If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.

Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

202505-4461501

F218-053 6/25

Global Allocation Fund 

I Class (TGAFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

Image

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

Not applicable.

Item 2. Code of Ethics.

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a – b) Report pursuant to Regulation S-X.

 

Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
April
30,
2025
Financial
Statements
and
Other
Information
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
RPGAX
Global
Allocation
Fund
PAFGX
Global
Allocation
Fund–
.
Advisor Class
TGAFX
Global
Allocation
Fund–
.
I Class
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Financial
Highlights
2
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
NET
ASSET
VALUE
Beginning
of
period
$
15.67‌
$
13.26‌
$
12.83‌
$
16.75‌
$
13.80‌
$
13.22‌
Investment
activities
Net
investment
income
(1)(2)
0.16‌
0.28‌
0.25‌
0.20‌
0.16‌
0.15‌
Net
realized
and
unrealized
gain/
loss
0.01‌
2.49‌
0.59‌
(2.95‌)
2.95‌
0.72‌
Total
from
investment
activities
0.17‌
2.77‌
0.84‌
(2.75‌)
3.11‌
0.87‌
Distributions
Net
investment
income
(0.40‌)
(0.36‌)
(0.22‌)
(0.15‌)
(0.14‌)
(0.18‌)
Net
realized
gain
(0.38‌)
—‌
(0.19‌)
(1.02‌)
(0.02‌)
(0.11‌)
Total
distributions
(0.78‌)
(0.36‌)
(0.41‌)
(1.17‌)
(0.16‌)
(0.29‌)
NET
ASSET
VALUE
End
of
period
$
15.06‌
$
15.67‌
$
13.26‌
$
12.83‌
$
16.75‌
$
13.80‌
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Financial
Highlights
3
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
1.15‌%
21.14‌%
6.62‌%
(17.55‌)%
22.66‌%
6.65‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.92‌%
(4
)
0.92‌%
0.86‌%
0.86‌%
0.83‌%
0.84‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.78‌%
(4
)
0.78‌%
0.72‌%
0.73‌%
0.72‌%
0.73‌%
Net
investment
income
2.06‌%
(4
)
1.86‌%
1.89‌%
1.37‌%
1.01‌%
1.12‌%
Portfolio
turnover
rate
19.4‌%
38.8‌%
50.5‌%
72.1‌%
42.2‌%
56.8‌%
Net
assets,
end
of
period
(in
thousands)
$496,849
$516,949
$492,231
$708,365
$1,037,535
$731,173
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Financial
Highlights
4
For
a
share
outstanding
throughout
each
period
Advisor
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
NET
ASSET
VALUE
Beginning
of
period
$
15.54‌
$
13.16‌
$
12.71‌
$
16.59‌
$
13.67‌
$
13.13‌
Investment
activities
Net
investment
income
(1)(2)
0.14‌
0.24‌
0.21‌
0.15‌
0.11‌
0.11‌
Net
realized
and
unrealized
gain/
loss
0.01‌
2.47‌
0.59‌
(2.93‌)
2.93‌
0.71‌
Total
from
investment
activities
0.15‌
2.71‌
0.80‌
(2.78‌)
3.04‌
0.82‌
Distributions
Net
investment
income
(0.36‌)
(0.33‌)
(0.16‌)
(0.08‌)
(0.10‌)
(0.17‌)
Net
realized
gain
(0.38‌)
—‌
(0.19‌)
(1.02‌)
(0.02‌)
(0.11‌)
Total
distributions
(0.74‌)
(0.33‌)
(0.35‌)
(1.10‌)
(0.12‌)
(0.28‌)
NET
ASSET
VALUE
End
of
period
$
14.95‌
$
15.54‌
$
13.16‌
$
12.71‌
$
16.59‌
$
13.67‌
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Financial
Highlights
5
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Advisor
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
1.02‌%
20.85‌%
6.38‌%
(17.85‌)%
22.33‌%
6.31‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
1.24‌%
(4
)
1.25‌%
1.19‌%
1.18‌%
1.17‌%
1.17‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
1.01‌%
(
4
)
1.01‌%
1.01‌%
1.02‌%
1.04‌%
1.05‌%
Net
investment
income
1.82‌%
(
4
)
1.65‌%
1.59‌%
1.08‌%
0.70‌%
0.81‌%
Portfolio
turnover
rate
19.4‌%
38.8‌%
50.5‌%
72.1‌%
42.2‌%
56.8‌%
Net
assets,
end
of
period
(in
thousands)
$3,076
$3,385
$3,446
$4,457
$6,662
$10,435
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Financial
Highlights
6
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
NET
ASSET
VALUE
Beginning
of
period
$
15.68‌
$
13.29‌
$
12.88‌
$
16.82‌
$
13.84‌
$
13.25‌
Investment
activities
Net
investment
income
(1)(2)
0.17‌
0.31‌
0.27‌
0.22‌
0.18‌
0.16‌
Net
realized
and
unrealized
gain/
loss
0.01‌
2.49‌
0.58‌
(2.97‌)
2.97‌
0.72‌
Total
from
investment
activities
0.18‌
2.80‌
0.85‌
(2.75‌)
3.15‌
0.88‌
Distributions
Net
investment
income
(0.43‌)
(0.41‌)
(0.25‌)
(0.17‌)
(0.15‌)
(0.18‌)
Net
realized
gain
(0.38‌)
—‌
(0.19‌)
(1.02‌)
(0.02‌)
(0.11‌)
Total
distributions
(0.81‌)
(0.41‌)
(0.44‌)
(1.19‌)
(0.17‌)
(0.29‌)
NET
ASSET
VALUE
End
of
period
$
15.05‌
$
15.68‌
$
13.29‌
$
12.88‌
$
16.82‌
$
13.84‌
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Financial
Highlights
7
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
4/30/25
..
Year
..
..
Ended
.
10/31/24
10/31/23
10/31/22
10/31/21
10/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
1.25‌%
21.39‌%
6.75‌%
(17.49‌)%
22.89‌%
6.71‌%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0.78‌%
(4
)
0.78‌%
0.76‌%
0.75‌%
0.73‌%
0.75‌%
Net
expenses
after
waivers/
payments
by
Price
Associates
0.60‌%
(4
)
0.60‌%
0.59‌%
0.60‌%
0.62‌%
0.63‌%
Net
investment
income
2.24‌%
(4
)
2.06‌%
1.99‌%
1.59‌%
1.11‌%
1.22‌%
Portfolio
turnover
rate
19.4‌%
38.8‌%
50.5‌%
72.1‌%
42.2‌%
56.8‌%
Net
assets,
end
of
period
(in
thousands)
$251,526
$291,741
$276,877
$241,804
$191,932
$104,623
0‌%
0‌%
0‌%
0‌%
0‌%
0‌%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
of
expense-related
arrangements
with
Price
Associates.
(3)
Total
return
reflects
the
rate
that
an
investor
would
have
earned
on
an
investment
in
the
fund
during
each
period,
assuming
reinvestment
of
all
distributions,
and
payment
of
no
redemption
or
account
fees,
if
applicable.
Total
return
is
not
annualized
for
periods
less
than
one
year.
(4)
Annualized
T.
ROWE
PRICE
Global
Allocation
Fund
April
30,
2025
(Unaudited)
8
Portfolio
of
Investments
‡
Shares/Par
$
Value
(
Cost
and
value
in
$000s)
‡
ARGENTINA 0.2%
Common
Stocks 0.2% 
Arcos
Dorados
Holdings,
Class
A
(USD) 
13,848‌
106‌
Banco
BBVA
Argentina,
ADR
(USD) (1)
1,128‌
23‌
Globant
(USD) (2)
1,729‌
203‌
MercadoLibre
(USD) (2)
583‌
1,359‌
Tenaris,
ADR
(USD) 
1,455‌
48‌
Vista
Energy,
ADR
(USD) (2)
1,167‌
53‌
Total
Argentina
(Cost
$620)
1,792‌
AUSTRALIA 0.5%
Common
Stocks 0.5% 
ALS 
5,597‌
61‌
ANZ
Group
Holdings 
9,102‌
174‌
Ausgold (2)
21,014‌
7‌
BHP
Group (1)
55,850‌
1,331‌
Capricorn
Metals (2)
20,854‌
123‌
Champion
Iron 
15,326‌
45‌
Cochlear 
358‌
63‌
De
Grey
Mining (2)
11,904‌
19‌
Downer
EDI 
23,739‌
87‌
Emerald
Resources (2)
31,649‌
81‌
Fortescue 
2,748‌
28‌
Frontier
Digital
Ventures (2)
289,462‌
56‌
Genesis
Minerals (2)
10,699‌
26‌
Goodman
Group 
12,241‌
234‌
Macquarie
Group 
1,477‌
183‌
Mirvac
Group 
52,170‌
76‌
Northern
Star
Resources 
15,635‌
192‌
Ora
Banda
Mining (2)
44,533‌
29‌
Pilbara
Minerals (2)
33,433‌
32‌
Predictive
Discovery (2)
184,797‌
43‌
Reliance
Worldwide 
18,019‌
49‌
Rio
Tinto 
1,840‌
138‌
Scentre
Group 
114,482‌
265‌
Sovereign
Metals (2)
23,118‌
10‌
Worley 
16,865‌
134‌
3,486‌
T.
ROWE
PRICE
Global
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.0% 
Transurban
Finance,
2.45%,
3/16/31
(USD) (3)
140,000‌
123‌
Transurban
Finance,
4.125%,
2/2/26
(USD) (3)
15,000‌
15‌
Woodside
Finance,
3.70%,
3/15/28
(USD) (3)
67,000‌
65‌
Woodside
Finance,
4.50%,
3/4/29
(USD) (3)
105,000‌
104‌
307‌
Total
Australia
(Cost
$3,210)
3,793‌
AUSTRIA 0.2%
Common
Stocks 0.2% 
BAWAG
Group 
11,611‌
1,273‌
Erste
Group
Bank 
1,475‌
100‌
OMV 
1,993‌
103‌
Schoeller-Bleckmann
Oilfield
Equipment 
2,419‌
86‌
Total
Austria
(Cost
$707)
1,562‌
BAHRAIN 0.0%
Common
Stocks 0.0% 
Aluminium
Bahrain 
36,371‌
96‌
Total
Bahrain
(Cost
$106)
96‌
BANGLADESH 0.0%
Common
Stocks 0.0% 
BRAC
Bank 
287,075‌
116‌
Marico
Bangladesh 
1,524‌
32‌
Square
Pharmaceuticals 
30,309‌
53‌
Total
Bangladesh
(Cost
$199)
201‌
BELGIUM 0.1%
Common
Stocks 0.1% 
Shurgard
Self
Storage 
1,759‌
73‌
Syensqo 
473‌
34‌
Warehouses
De
Pauw 
17,392‌
444‌
Total
Belgium
(Cost
$469)
551‌
T.
ROWE
PRICE
Global
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
BRAZIL 0.3%
Common
Stocks 0.3% 
B3 
63,079‌
148‌
CI&T,
Class
A
(USD) (1)(2)
9,954‌
59‌
Itau
Unibanco
Holding,
ADR
(USD) (1)
54,667‌
345‌
Klabin 
93,010‌
304‌
Localiza
Rent
a
Car 
34,213‌
259‌
Multiplan
Empreendimentos
Imobiliarios 
26,098‌
118‌
NU
Holdings,
Class
A
(USD) (2)
25,380‌
316‌
Raia
Drogasil 
118,322‌
412‌
TOTVS 
11,500‌
76‌
Vale 
20,710‌
193‌
WEG 
50,949‌
404‌
Total
Brazil
(Cost
$2,489)
2,634‌
CANADA 1.6%
Closed-End
Mutual
Funds 0.0% 
Sprott
Physical
Uranium
Trust (2)
1,400‌
21‌
21‌
Common
Stocks 1.3% 
Agnico
Eagle
Mines 
4,175‌
491‌
Agnico
Eagle
Mines
(USD) 
706‌
83‌
Alamos
Gold,
Class
A 
6,729‌
192‌
Alamos
Gold,
Class
A
(USD) 
3,267‌
93‌
Aritzia (2)
2,540‌
89‌
Artemis
Gold (2)
5,777‌
83‌
AtkinsRealis
Group 
2,765‌
137‌
ATS (2)
2,571‌
65‌
Badger
Infrastructure
Solutions 
3,700‌
105‌
Barrick
Gold 
4,382‌
84‌
Brookfield 
4,082‌
219‌
BRP (1)
1,443‌
49‌
Calibre
Mining (2)
12,032‌
28‌
Cameco
(USD) 
4,091‌
185‌
Canadian
Apartment
Properties
REIT 
1,866‌
57‌
Canadian
National
Railway
(USD) 
2,132‌
206‌
Canadian
Natural
Resources 
6,518‌
187‌
Capstone
Copper (2)
22,879‌
110‌
T.
ROWE
PRICE
Global
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Cenovus
Energy 
9,466‌
111‌
Colliers
International
Group
(USD) 
593‌
71‌
Constellation
Software 
59‌
213‌
Constellation
Software,
Warrants,
3/31/40 (2)(4)
79‌
—‌
Definity
Financial 
10,938‌
546‌
Descartes
Systems
Group (2)
2,010‌
212‌
Descartes
Systems
Group
(USD) (2)
1,352‌
143‌
Element
Fleet
Management 
23,029‌
504‌
Enbridge
(USD) 
4,682‌
219‌
ERO
Copper (2)
28,595‌
357‌
Exchange
Income 
3,196‌
117‌
First
Quantum
Minerals (2)
9,210‌
124‌
Foran
Mining (2)
14,110‌
35‌
Franco-Nevada 
3,484‌
599‌
Franco-Nevada
(USD) 
2,352‌
404‌
G
Mining
Ventures (2)
10,721‌
149‌
Great-West
Lifeco 
7,751‌
301‌
Ivanhoe
Mines,
Class
A (2)
17,847‌
158‌
Jamieson
Wellness 
3,927‌
91‌
Kinaxis (2)
941‌
127‌
Kinross
Gold 
5,147‌
76‌
Lundin
Gold 
2,391‌
98‌
Magna
International
(USD) 
2,718‌
94‌
Montage
Gold (2)
9,882‌
26‌
National
Bank
of
Canada 
4,098‌
360‌
NGEx
Minerals (2)
5,952‌
52‌
NuVista
Energy (2)
10,051‌
86‌
Osisko
Gold
Royalties (1)
10,606‌
254‌
Richelieu
Hardware 
2,930‌
69‌
Shopify,
Class
A (2)
627‌
60‌
Shopify,
Class
A
(USD) (2)
4,095‌
389‌
Skeena
Resources (2)
9,059‌
108‌
Snowline
Gold (2)
8,905‌
52‌
South
Bow 
2,549‌
63‌
StorageVault
Canada 
31,761‌
87‌
Suncor
Energy 
4,341‌
153‌
Suncor
Energy
(USD) 
3,253‌
115‌
Teck
Resources,
Class
B
(USD) 
5,006‌
170‌
TMX
Group 
1,458‌
59‌
Torex
Gold
Resources (2)
352‌
11‌
Wesdome
Gold
Mines (2)
5,393‌
66‌
West
Fraser
Timber 
1,027‌
76‌
T.
ROWE
PRICE
Global
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wheaton
Precious
Metals 
6,018‌
503‌
9,971‌
Corporate
Bonds 0.2% 
Canadian
Natural
Resources,
2.95%,
7/15/30
(USD) 
110,000‌
100‌
Canadian
Pacific
Railway,
1.75%,
12/2/26
(USD) 
130,000‌
125‌
Canadian
Pacific
Railway,
2.875%,
11/15/29
(USD) 
235,000‌
220‌
Canadian
Pacific
Railway,
3.50%,
5/1/50
(USD) 
155,000‌
108‌
Canadian
Pacific
Railway,
4.30%,
5/15/43
(USD) 
25,000‌
21‌
Enbridge,
5.625%,
4/5/34
(USD) 
65,000‌
66‌
Enbridge,
6.20%,
11/15/30
(USD) 
45,000‌
48‌
Royal
Bank
of
Canada,
2.30%,
11/3/31
(USD) 
250,000‌
216‌
South
Bow
USA
Infrastructure
Holdings,
5.026%,
10/1/29
(USD) (3)
35,000‌
34‌
Toronto-Dominion
Bank,
1.15%,
6/12/25
(USD) 
145,000‌
144‌
Toronto-Dominion
Bank,
4.994%,
4/5/29
(USD) 
90,000‌
92‌
TR
Finance,
3.35%,
5/15/26
(USD) 
10,000‌
10‌
1,184‌
Government
Bonds 0.1% 
Province
of
Alberta,
3.30%,
3/15/28
(USD) 
135,000‌
133‌
Province
of
British
Columbia,
4.20%,
7/6/33
(USD) 
320,000‌
314‌
Province
of
New
Brunswick,
3.625%,
2/24/28
(USD) 
250,000‌
249‌
696‌
Total
Canada
(Cost
$8,919)
11,872‌
CAYMAN
ISLANDS 0.1%
Convertible
Preferred
Stocks 0.1% 
ByteDance,
Series
E,
Acquisition
Date:
7/8/19,
Cost $89
(USD) (2)(4)(5)
1,810‌
490‌
Total
Cayman
Islands
(Cost
$89)
490‌
CHILE 0.1%
Common
Stocks 0.0% 
Antofagasta
(GBP) 
11,871‌
261‌
261‌
Corporate
Bonds 0.1% 
Celulosa
Arauco
y
Constitucion,
5.50%,
11/2/47
(USD) 
250,000‌
220‌
T.
ROWE
PRICE
Global
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corp.
Nacional
del
Cobre
de
Chile,
3.00%,
9/30/29
(USD) (3)
220,000‌
203‌
423‌
Total
Chile
(Cost
$595)
684‌
CHINA 2.1%
Common
Stocks 1.7% 
58.com
(USD) (2)(4)
5,864‌
—‌
Alibaba
Group
Holding
(HKD) 
9,136‌
136‌
Alibaba
Group
Holding,
ADR
(USD) 
13,933‌
1,664‌
ATRenew,
ADR
(USD) (2)
6,800‌
17‌
Baidu,
ADR
(USD) (1)(2)
309‌
27‌
Baidu,
Class
A
(HKD) (2)
2,480‌
27‌
BeiGene,
ADR
(USD) (2)
482‌
125‌
BOC
Aviation
(HKD) 
9,400‌
70‌
Bosideng
International
Holdings
(HKD) 
162,000‌
84‌
BYD,
Class
H
(HKD) 
10,000‌
475‌
C&D
International
Investment
Group
(HKD) 
23,000‌
48‌
China
Mengniu
Dairy
(HKD) 
23,000‌
57‌
China
Resources
Beer
Holdings
(HKD) 
58,500‌
206‌
China
Resources
Land
(HKD) 
23,500‌
79‌
China
Resources
Mixc
Lifestyle
Services
(HKD) 
81,400‌
390‌
CMOC
Group,
Class
H
(HKD) 
39,000‌
31‌
Fosun
International
(HKD) 
43,500‌
23‌
H
World
Group
(HKD) 
25,700‌
90‌
Innovent
Biologics
(HKD) (2)
10,500‌
73‌
Kanzhun,
ADR
(USD) (2)
19,019‌
291‌
KE
Holdings,
ADR
(USD) 
21,394‌
434‌
Kingboard
Laminates
Holdings
(HKD) 
68,500‌
72‌
Meituan,
Class
B
(HKD) (2)
24,400‌
404‌
Midea
Group,
Class
H
(HKD) (2)
27,500‌
260‌
NetEase,
ADR
(USD) 
5,774‌
618‌
New
Oriental
Education
&
Technology
Group,
ADR
(USD) 
2,212‌
108‌
PDD
Holdings,
ADR
(USD) (2)
5,773‌
609‌
Shandong
Weigao
Group
Medical
Polymer,
Class
H
(HKD) 
113,200‌
83‌
Shanghai
Conant
Optical,
Class
H
(HKD) 
5,500‌
17‌
Shenzhou
International
Group
Holdings
(HKD) 
33,000‌
229‌
Sunny
Optical
Technology
Group
(HKD) 
11,400‌
96‌
Tencent
Holdings
(HKD) 
44,954‌
2,754‌
Tencent
Holdings,
ADR
(USD) (1)
5,347‌
327‌
Tencent
Music
Entertainment
Group,
ADR
(USD) 
23,413‌
314‌
Tongcheng
Travel
Holdings
(HKD) 
17,200‌
45‌
T.
ROWE
PRICE
Global
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Xiaomi,
Class
B
(HKD) (2)
76,200‌
488‌
Yadea
Group
Holdings
(HKD) 
26,000‌
47‌
Yum
China
Holdings
(USD) 
22,315‌
966‌
Zhongsheng
Group
Holdings
(HKD) 
9,500‌
14‌
Zijin
Mining
Group,
Class
H
(HKD) 
62,000‌
135‌
ZTO
Express
Cayman,
ADR
(USD) 
19,674‌
364‌
12,297‌
Common
Stocks
-
China
A
Shares 0.4% 
Beijing
Huafeng
Test
&
Control
Technology,
A
Shares
(CNH) 
3,009‌
60‌
China
Jushi,
A
Shares
(CNH) 
36,100‌
58‌
CNOOC
Energy
Technology
&
Services,
A
Shares
(CNH) 
90,800‌
50‌
CRRC,
A
Shares
(CNH) 
339,900‌
329‌
Dongguan
Yiheda
Automation,
A
Shares
(CNH) 
11,900‌
38‌
Eastroc
Beverage
Group,
A
Shares
(CNH) 
5,180‌
204‌
Electric
Connector
Technology,
A
Shares
(CNH) 
12,400‌
82‌
Fuyao
Glass
Industry
Group,
A
Shares
(CNH) 
21,600‌
173‌
Hongfa
Technology,
A
Shares
(CNH) 
34,060‌
154‌
Jiangsu
Zhongtian
Technology,
A
Shares
(CNH) 
30,500‌
59‌
Kweichow
Moutai,
A
Shares
(CNH) 
1,360‌
290‌
Loncin
Motor,
A
Shares
(CNH) 
43,600‌
75‌
NARI
Technology,
A
Shares
(CNH) 
24,421‌
75‌
Riyue
Heavy
Industry,
A
Shares
(CNH) 
38,100‌
62‌
Sany
Heavy
Industry,
A
Shares
(CNH) 
94,400‌
246‌
Shandong
Pharmaceutical
Glass,
A
Shares
(CNH) 
9,100‌
28‌
Shenzhen
Envicool
Technology,
A
Shares
(CNH) 
9,500‌
42‌
Shenzhen
Inovance
Technology,
A
Shares
(CNH) 
8,800‌
87‌
Shenzhen
Jufei
Optoelectronics,
A
Shares
(CNH) 
62,100‌
50‌
Wuxi
Xinje
Electric,
A
Shares
(CNH) 
7,900‌
56‌
Xiamen
Faratronic,
A
Shares
(CNH) 
5,368‌
77‌
Xuji
Electric,
A
Shares
(CNH) 
23,500‌
69‌
Yankershop
Food,
A
Shares
(CNH) 
10,600‌
131‌
Yantai
Jereh
Oilfield
Services
Group,
A
Shares
(CNH) 
13,100‌
57‌
Yifeng
Pharmacy
Chain,
A
Shares
(CNH) 
121,256‌
473‌
YTO
Express
Group,
A
Shares
(CNH) 
24,100‌
43‌
Yunnan
Aluminium,
A
Shares
(CNH) 
46,600‌
98‌
Zhejiang
Dingli
Machinery,
A
Shares
(CNH) 
7,600‌
45‌
3,211‌
Total
China
(Cost
$12,430)
15,508‌
T.
ROWE
PRICE
Global
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
COLOMBIA 0.0%
Common
Stocks 0.0% 
Bancolombia,
ADR
(USD) 
580‌
23‌
Total
Colombia
(Cost
$18)
23‌
DENMARK 0.2%
Common
Stocks 0.2% 
Coloplast,
Class
B (1)
2,751‌
311‌
Genmab (2)
104‌
22‌
Novo
Nordisk,
ADR
(USD) 
2,015‌
134‌
Novo
Nordisk,
Class
B 
9,615‌
643‌
NTG
Nordic
Transport
Group (2)
1,513‌
58‌
Royal
Unibrew 
966‌
77‌
Zealand
Pharma (1)(2)
1,516‌
107‌
Total
Denmark
(Cost
$1,410)
1,352‌
EGYPT 0.0%
Common
Stocks 0.0% 
Integrated
Diagnostics
Holdings
(USD) (2)
22,558‌
8‌
Total
Egypt
(Cost
$14)
8‌
FINLAND 0.3%
Common
Stocks 0.3% 
Elisa 
4,585‌
244‌
Kojamo (2)
30,847‌
359‌
Mandatum 
19,215‌
136‌
Sampo,
Class
A 
84,361‌
845‌
Stora
Enso,
Class
R 
42,171‌
392‌
UPM-Kymmene 
1,026‌
27‌
Valmet (1)
3,138‌
96‌
Total
Finland
(Cost
$1,690)
2,099‌
FRANCE 1.8%
Common
Stocks 1.8% 
Air
Liquide 
2,410‌
495‌
Airbus 
4,806‌
816‌
T.
ROWE
PRICE
Global
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Alstom (2)
3,786‌
91‌
ArcelorMittal 
6,653‌
197‌
AXA 
17,350‌
821‌
Beneteau (1)
9,238‌
85‌
BNP
Paribas 
2,866‌
243‌
Cie
de
Saint-Gobain 
1,606‌
175‌
Coface 
4,748‌
97‌
Dassault
Aviation 
764‌
275‌
Dassault
Systemes 
7,327‌
275‌
Edenred 
16,252‌
507‌
Engie 
20,105‌
416‌
Eramet (1)
1,410‌
78‌
EssilorLuxottica 
713‌
205‌
Eurofins
Scientific 
2,518‌
159‌
Euronext 
2,411‌
403‌
Exosens (2)
1,702‌
66‌
Forvia 
3,171‌
25‌
Gecina 
221‌
23‌
Hermes
International 
35‌
96‌
Kering 
659‌
134‌
L'Oreal 
628‌
277‌
Lectra 
3,093‌
80‌
Legrand 
1,654‌
182‌
LVMH
Moet
Hennessy
Louis
Vuitton 
876‌
485‌
Nexity (2)
8,149‌
85‌
Planisware (2)
6,292‌
171‌
Robertet 
132‌
122‌
Safran 
2,042‌
543‌
Sanofi 
6,752‌
739‌
Sartorius
Stedim
Biotech 
2,614‌
617‌
Schneider
Electric 
411‌
96‌
Societe
Generale 
15,320‌
799‌
SPIE 
17,383‌
852‌
Teleperformance 
743‌
81‌
Thales 
857‌
240‌
TotalEnergies 
30,970‌
1,764‌
Verallia 
3,193‌
107‌
Vinci 
814‌
114‌
Virbac 
446‌
157‌
13,193‌
T.
ROWE
PRICE
Global
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.0% 
BNP
Paribas,
VR,
2.871%,
4/19/32
(USD) (3)(6)
350,000‌
308‌
308‌
Total
France
(Cost
$9,482)
13,501‌
GERMANY 1.7%
Common
Stocks 1.6% 
Adesso 
516‌
57‌
Allianz 
1,661‌
687‌
BASF 
6,080‌
311‌
Beiersdorf 
1,831‌
258‌
Covestro (2)
4,722‌
318‌
Daimler
Truck
Holding 
10,829‌
435‌
Deutsche
Post 
2,445‌
105‌
Deutsche
Telekom 
24,453‌
878‌
Douglas (2)
764‌
9‌
Evotec (1)(2)
626‌
5‌
flatexDEGIRO 
12,390‌
326‌
Heidelberg
Materials 
1,362‌
272‌
Hypoport (1)(2)
401‌
93‌
Infineon
Technologies 
10,107‌
335‌
IONOS
Group (2)
2,849‌
95‌
KION
Group 
5,012‌
213‌
Knaus
Tabbert (1)
1,438‌
22‌
LEG
Immobilien 
370‌
31‌
Mercedes-Benz
Group 
1,432‌
86‌
Merck 
2,316‌
323‌
Muenchener
Rueckversicherungs-Gesellschaft 
898‌
615‌
Nagarro (2)
746‌
53‌
Puma 
7,003‌
181‌
QIAGEN 
1,957‌
84‌
Redcare
Pharmacy (2)
2,852‌
426‌
Rheinmetall 
94‌
160‌
SAP 
6,169‌
1,805‌
Schott
Pharma 
6,529‌
184‌
Scout24 
773‌
92‌
Siemens 
9,857‌
2,270‌
Siemens
Healthineers 
13,372‌
721‌
Siltronic 
3,174‌
129‌
Springer
Nature (2)
8,346‌
169‌
Symrise 
3,462‌
399‌
T.
ROWE
PRICE
Global
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
thyssenkrupp 
1,847‌
21‌
12,168‌
Corporate
Bonds 0.1% 
Daimler
Trucks
Finance
North
America,
3.65%,
4/7/27
(USD) (3)
155,000‌
152‌
Mercedes-Benz
Finance
North
America,
4.80%,
3/30/26
(USD) (3)
155,000‌
156‌
308‌
Preferred
Stocks 0.0% 
Volkswagen 
1,196‌
130‌
130‌
Total
Germany
(Cost
$8,541)
12,606‌
HONG
KONG 0.2%
Common
Stocks 0.2% 
AIA
Group 
45,600‌
342‌
CK
Hutchison
Holdings 
13,500‌
76‌
Galaxy
Entertainment
Group 
17,000‌
61‌
Guming
Holdings (2)
35,200‌
111‌
Hongkong
Land
Holdings
(USD) 
13,500‌
66‌
Jardine
Matheson
Holdings
(USD) 
9,600‌
427‌
Kerry
Properties 
20,500‌
48‌
Samsonite
Group 
35,700‌
64‌
Sun
Hung
Kai
Properties 
8,083‌
77‌
Swire
Properties 
25,400‌
56‌
Techtronic
Industries 
17,500‌
176‌
Wharf
Real
Estate
Investment 
10,000‌
24‌
Yue
Yuen
Industrial
Holdings 
23,500‌
34‌
Total
Hong
Kong
(Cost
$1,353)
1,562‌
HUNGARY 0.1%
Common
Stocks 0.1% 
OTP
Bank 
8,217‌
607‌
Total
Hungary
(Cost
$289)
607‌
T.
ROWE
PRICE
Global
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ICELAND 0.0%
Common
Stocks 0.0% 
Alvotech (2)
3,540‌
27‌
Alvotech
(USD) (2)
4,917‌
39‌
Arion
Banki 
34,323‌
41‌
Total
Iceland
(Cost
$140)
107‌
INDIA 1.2%
Common
Stocks 1.2% 
Asian
Paints 
5,508‌
158‌
Astral 
12,278‌
195‌
Avenue
Supermarts (2)
3,244‌
161‌
Axis
Bank 
20,242‌
284‌
Bharti
Airtel 
24,968‌
551‌
Blue
Star 
4,046‌
82‌
Computer
Age
Management
Services 
461‌
21‌
Craftsman
Automation 
272‌
15‌
CreditAccess
Grameen 
5,623‌
72‌
Divi's
Laboratories 
1,958‌
141‌
Dixon
Technologies
India 
583‌
114‌
Eternal (2)
74,559‌
204‌
HDFC
Asset
Management 
1,355‌
70‌
HDFC
Bank 
9,507‌
216‌
HDFC
Life
Insurance 
54,471‌
479‌
Hexaware
Technologies 
8,444‌
70‌
Hindustan
Unilever 
10,023‌
278‌
ICICI
Bank 
57,267‌
963‌
ICICI
Bank,
ADR
(USD) 
2,562‌
86‌
Info
Edge
India 
1,085‌
91‌
Infosys 
33,493‌
592‌
InterGlobe
Aviation (2)
492‌
31‌
JSW
Energy 
18,603‌
106‌
JSW
Steel 
4,510‌
55‌
KEI
Industries 
968‌
35‌
Kotak
Mahindra
Bank 
43,425‌
1,135‌
Larsen
&
Toubro 
13,748‌
544‌
Metro
Brands 
4,171‌
53‌
Nexus
Select
Trust 
24,697‌
38‌
NTPC 
35,955‌
151‌
NTPC
Green
Energy (2)
11,474‌
14‌
T.
ROWE
PRICE
Global
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Page
Industries 
181‌
98‌
Polycab
India 
1,904‌
124‌
Power
Grid
Corp.
of
India 
108,451‌
394‌
Reliance
Industries 
44,057‌
731‌
Sapphire
Foods
India (2)
16,640‌
62‌
Tata
Consultancy
Services 
3,253‌
133‌
Tata
Steel 
43,066‌
72‌
Titan 
6,634‌
265‌
Torrent
Pharmaceuticals 
1,768‌
69‌
Varun
Beverages 
4,769‌
29‌
Vedant
Fashions 
4,288‌
40‌
Voltas 
13,812‌
202‌
Total
India
(Cost
$7,227)
9,224‌
INDONESIA 0.2%
Common
Stocks 0.2% 
Bank
Central
Asia 
1,476,200‌
785‌
Bank
Mandiri
Persero 
745,900‌
220‌
Bank
Rakyat
Indonesia
Persero 
763,900‌
177‌
Sumber
Alfaria
Trijaya 
1,013,500‌
131‌
Telkom
Indonesia
Persero 
465,500‌
74‌
Total
Indonesia
(Cost
$1,194)
1,387‌
IRELAND 0.4%
Common
Stocks 0.4% 
Cairn
Homes
(GBP) 
46,975‌
103‌
DCC
(GBP) 
2,138‌
140‌
ICON
(USD) (2)
1,885‌
286‌
Kenmare
Resources
(GBP) 
5,940‌
32‌
Kingspan
Group 
4,705‌
397‌
Ryanair
Holdings,
ADR
(USD) 
1,596‌
76‌
TE
Connectivity
(USD) 
10,225‌
1,497‌
2,531‌
Corporate
Bonds 0.0% 
AerCap
Ireland
Capital,
2.45%,
10/29/26
(USD) 
150,000‌
145‌
145‌
Total
Ireland
(Cost
$2,488)
2,676‌
T.
ROWE
PRICE
Global
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ISRAEL 0.0%
Common
Stocks 0.0% 
CyberArk
Software
(USD) (2)
464‌
163‌
Total
Israel
(Cost
$171)
163‌
ITALY 0.5%
Common
Stocks 0.5% 
Amplifon 
24,427‌
467‌
Ariston
Holding 
11,660‌
53‌
Banca
Mediolanum 
4,799‌
72‌
BFF
Bank 
7,529‌
71‌
Carel
Industries 
5,929‌
119‌
DiaSorin 
903‌
103‌
DiaSorin,
Rights,
5/2/25 (2)
1,083‌
—‌
Enel 
34,307‌
297‌
Ermenegildo
Zegna
(USD) (1)
12,851‌
102‌
Ferrari 
193‌
88‌
Ferrari
(USD) 
533‌
246‌
FinecoBank
Banca
Fineco 
8,796‌
176‌
GVS (2)
10,547‌
51‌
Interpump
Group 
2,560‌
88‌
Intesa
Sanpaolo 
39,083‌
209‌
Leonardo 
4,685‌
244‌
Moncler 
2,909‌
180‌
PRADA
(HKD) 
7,500‌
47‌
Prysmian (1)
5,155‌
283‌
Stellantis 
5,366‌
50‌
Technoprobe (2)
10,122‌
65‌
UniCredit 
12,209‌
710‌
3,721‌
Corporate
Bonds 0.0% 
Enel
Finance
International,
2.125%,
7/12/28
(USD) (3)
200,000‌
186‌
186‌
Total
Italy
(Cost
$2,698)
3,907‌
T.
ROWE
PRICE
Global
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JAPAN 3.8%
Common
Stocks 3.7% 
Aiful 
147,800‌
369‌
Ajinomoto 
3,600‌
74‌
Asahi
Group
Holdings 
10,400‌
144‌
Astellas
Pharma 
8,600‌
86‌
BIPROGY 
1,900‌
62‌
Calbee 
3,900‌
78‌
Chugai
Pharmaceutical 
11,500‌
663‌
CKD 
10,000‌
146‌
Daicel 
20,400‌
174‌
Daiei
Kankyo 
7,600‌
156‌
Daiichi
Sankyo 
1,900‌
49‌
Daiwabo
Holdings 
8,900‌
151‌
Denso (1)
12,000‌
155‌
Disco 
400‌
77‌
Electric
Power
Development 
6,400‌
112‌
Fujitsu 
6,500‌
144‌
Fukuoka
Financial
Group 
2,500‌
66‌
Fuso
Chemical 
3,600‌
87‌
Hamamatsu
Photonics 
7,500‌
69‌
Hanwa 
9,700‌
322‌
Hikari
Tsushin 
800‌
222‌
Hitachi 
9,900‌
245‌
Honda
Motor 
12,300‌
125‌
Horiba 
3,800‌
260‌
Idec 
7,600‌
122‌
IHI 
2,500‌
196‌
Inpex 
21,500‌
269‌
Invincible
Investment 
212‌
88‌
Isetan
Mitsukoshi
Holdings 
14,600‌
188‌
Isuzu
Motors 
7,900‌
106‌
ITOCHU 
8,900‌
455‌
Japan
Prime
Realty
Investment 
11‌
27‌
Kajima 
1,100‌
26‌
Kawasaki
Heavy
Industries 
2,000‌
119‌
KDDI 
22,600‌
401‌
Keyence 
600‌
251‌
Komatsu 
5,400‌
156‌
Konica
Minolta (2)
63,300‌
194‌
Kubota 
12,800‌
149‌
T.
ROWE
PRICE
Global
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kyoritsu
Maintenance 
4,700‌
100‌
Kyushu
Railway 
5,800‌
150‌
LY 
26,600‌
101‌
MatsukiyoCocokara 
5,000‌
92‌
METAWATER 
10,300‌
147‌
MINEBEA
MITSUMI 
2,300‌
34‌
Mitsubishi (1)
7,600‌
144‌
Mitsubishi
Electric 
36,100‌
698‌
Mitsubishi
Estate 
28,200‌
495‌
Mitsubishi
UFJ
Financial
Group 
98,100‌
1,236‌
Mitsui
Fudosan 
55,000‌
545‌
Miura 
12,300‌
262‌
Modec 
7,200‌
218‌
Murata
Manufacturing 
5,700‌
81‌
Nakanishi 
8,200‌
107‌
NEC 
1,200‌
29‌
Nextage 
23,800‌
297‌
Nifco 
9,400‌
233‌
Nintendo 
3,500‌
291‌
Nippon
Prologis
REIT 
26‌
43‌
Nippon
Sanso
Holdings 
6,100‌
195‌
Nippon
Seiki 
10,300‌
79‌
Nippon
Soda 
13,600‌
255‌
Nippon
Steel 
15,700‌
330‌
Nissan
Chemical 
2,500‌
73‌
Niterra (1)
9,200‌
286‌
Nomura
Real
Estate
Holdings 
18,700‌
111‌
Nomura
Research
Institute 
5,400‌
204‌
Obara
Group 
5,900‌
137‌
Oji
Holdings 
47,100‌
222‌
Olympus 
17,000‌
223‌
Open
House
Group 
5,400‌
239‌
ORIX 
18,200‌
365‌
Panasonic
Holdings 
18,100‌
208‌
Penta-Ocean
Construction 
25,100‌
144‌
Persol
Holdings 
54,400‌
99‌
Rakuten
Bank (2)
1,900‌
80‌
Recruit
Holdings 
8,000‌
443‌
Renesas
Electronics (1)
53,700‌
630‌
Rengo 
31,800‌
178‌
Resona
Holdings 
42,500‌
341‌
Resorttrust 
14,800‌
152‌
Rigaku
Holdings 
10,700‌
66‌
T.
ROWE
PRICE
Global
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Round
One 
19,500‌
121‌
Sakata
INX 
15,000‌
195‌
Sankyu 
3,300‌
144‌
Sega
Sammy
Holdings 
10,000‌
210‌
Seven
&
i
Holdings 
61,000‌
898‌
Shimizu 
27,900‌
298‌
Shin-Etsu
Chemical 
29,100‌
886‌
SMC 
300‌
97‌
Sompo
Holdings 
5,400‌
177‌
Sony
Group 
50,800‌
1,340‌
Stanley
Electric 
2,900‌
54‌
Subaru 
6,200‌
112‌
SUMCO 
4,400‌
30‌
Sumitomo 
14,200‌
347‌
Sumitomo
Mitsui
Trust
Group 
5,800‌
143‌
Sumitomo
Seika
Chemicals 
1,800‌
60‌
Suntory
Beverage
&
Food 
2,300‌
80‌
Suzuki
Motor 
13,500‌
162‌
Sysmex 
5,200‌
97‌
Taiheiyo
Cement 
17,100‌
460‌
Takashimaya 
23,300‌
180‌
Takeda
Pharmaceutical 
14,400‌
436‌
Takeuchi
Manufacturing 
3,900‌
122‌
TechnoPro
Holdings 
6,500‌
145‌
Tokai
Carbon 
31,500‌
203‌
Tokio
Marine
Holdings 
21,300‌
854‌
Tokyo
Century 
6,100‌
64‌
Tokyo
Electron 
1,200‌
179‌
Tokyo
Kiraboshi
Financial
Group 
5,000‌
198‌
Tokyo
Seimitsu 
2,600‌
145‌
Tokyo
Tatemono 
6,900‌
124‌
Toyo
Tire 
22,300‌
417‌
Toyota
Industries 
2,600‌
305‌
Toyota
Motor 
45,900‌
877‌
Toyota
Tsusho 
6,500‌
129‌
TRYT (1)
39,400‌
133‌
Unicharm 
17,200‌
160‌
Yamaha 
25,300‌
185‌
Yokogawa
Electric 
8,100‌
175‌
28,088‌
T.
ROWE
PRICE
Global
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Corporate
Bonds 0.1% 
Mitsubishi
UFJ
Financial
Group,
VR,
1.538%,
7/20/27
(USD) (6)
300,000‌
290‌
290‌
Total
Japan
(Cost
$20,998)
28,378‌
KAZAKHSTAN 0.1%
Common
Stocks 0.1% 
Halyk
Savings
Bank
of
Kazakhstan,
GDR
(USD) 
6,136‌
149‌
Kaspi.KZ,
ADR
(USD) 
3,414‌
300‌
NAC
Kazatomprom,
GDR
(USD) 
5,993‌
200‌
Total
Kazakhstan
(Cost
$412)
649‌
KENYA 0.0%
Common
Stocks 0.0% 
Equity
Group
Holdings 
42,300‌
15‌
Total
Kenya
(Cost
$10)
15‌
MAURITIUS 0.0%
Common
Stocks 0.0% 
Alphamin
Resources
(CAD) 
114,193‌
75‌
Total
Mauritius
(Cost
$76)
75‌
MEXICO 0.2%
Common
Stocks 0.2% 
Arca
Continental 
20,139‌
212‌
Fomento
Economico
Mexicano,
ADR
(USD) 
650‌
69‌
Gruma,
Class
B 
8,851‌
169‌
Grupo
Aeroportuario
del
Pacifico,
ADR
(USD) (1)
1,323‌
272‌
Grupo
Aeroportuario
del
Sureste,
ADR
(USD) 
282‌
89‌
Grupo
Mexico,
Series
B 
88,816‌
461‌
Industrias
Penoles (2)
3,804‌
76‌
Wal-Mart
de
Mexico 
68,870‌
218‌
1,566‌
T.
ROWE
PRICE
Global
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Government
Bonds 0.0% 
United
Mexican
States,
3.50%,
2/12/34
(USD) 
305,000‌
250‌
250‌
Total
Mexico
(Cost
$1,618)
1,816‌
MOROCCO 0.0%
Common
Stocks 0.0% 
Attijariwafa
Bank 
2,248‌
160‌
Hightech
Payment
Systems 
2,085‌
128‌
Label
Vie 
197‌
92‌
Total
Morocco
(Cost
$291)
380‌
NETHERLANDS 1.2%
Common
Stocks 1.1% 
Aalberts 
1,958‌
65‌
Adyen (2)
561‌
908‌
AerCap
Holdings
(USD) 
2,138‌
227‌
Akzo
Nobel 
8,024‌
507‌
Argenx,
ADR
(USD) (2)
702‌
453‌
ASM
International 
128‌
62‌
ASML
Holding 
2,365‌
1,583‌
ASML
Holding
(USD) 
457‌
305‌
ASR
Nederland 
1,493‌
94‌
BE
Semiconductor
Industries 
813‌
88‌
CVC
Capital
Partners (2)
24,267‌
433‌
Heineken 
9,120‌
816‌
IMCD 
1,459‌
194‌
ING
Groep 
62,934‌
1,222‌
Koninklijke
Philips (2)
19,258‌
489‌
Prosus 
8,827‌
414‌
Signify 
3,328‌
69‌
Universal
Music
Group 
12,403‌
365‌
8,294‌
Corporate
Bonds 0.1% 
JDE
Peet's,
1.375%,
1/15/27
(USD) (3)
290,000‌
274‌
NXP,
2.65%,
2/15/32
(USD) 
375,000‌
317‌
T.
ROWE
PRICE
Global
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Shell
International
Finance,
3.25%,
5/11/25
(USD) 
75,000‌
75‌
666‌
Total
Netherlands
(Cost
$5,965)
8,960‌
NEW
ZEALAND 0.0%
Common
Stocks 0.0% 
Fisher
&
Paykel
Healthcare 
4,514‌
91‌
91‌
Corporate
Bonds 0.0% 
Westpac
New
Zealand,
5.195%,
2/28/29
(USD) (3)
200,000‌
204‌
204‌
Total
New
Zealand
(Cost
$212)
295‌
NIGERIA 0.0%
Common
Stocks 0.0% 
Guaranty
Trust
Holding 
1,156,621‌
47‌
Total
Nigeria
(Cost
$33)
47‌
NORWAY 0.2%
Common
Stocks 0.2% 
DNB
Bank 
29,761‌
744‌
Equinor 
14,236‌
322‌
Seadrill
(USD) (2)
1,300‌
27‌
Storebrand 
16,813‌
203‌
Subsea
7 
10,621‌
161‌
TGS 
13,876‌
103‌
Total
Norway
(Cost
$1,020)
1,560‌
OMAN 0.0%
Common
Stocks 0.0% 
OQ
Gas
Networks
309,317‌
105‌
Total
Oman
(Cost
$114)
105‌
T.
ROWE
PRICE
Global
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PAKISTAN 0.0%
Common
Stocks 0.0% 
Systems 
27,908‌
53‌
Total
Pakistan
(Cost
$42)
53‌
PANAMA 0.0%
Government
Bonds 0.0% 
Republic
of
Panama,
6.70%,
1/26/36
(USD) 
25,000‌
24‌
Total
Panama
(Cost
$27)
24‌
PERU 0.1%
Common
Stocks 0.1% 
Credicorp
(USD) 
131‌
26‌
InRetail
Peru
(USD) 
2,606‌
73‌
Southern
Copper
(USD) 
2,770‌
248‌
347‌
Government
Bonds 0.0% 
Republic
of
Peru,
5.375%,
2/8/35
(USD) 
40,000‌
40‌
40‌
Total
Peru
(Cost
$296)
387‌
PHILIPPINES 0.1%
Common
Stocks 0.1% 
BDO
Unibank 
142,362‌
408‌
International
Container
Terminal
Services 
1,930‌
12‌
Jollibee
Foods 
49,230‌
202‌
Puregold
Price
Club 
77,100‌
44‌
SM
Investments 
6,340‌
99‌
Total
Philippines
(Cost
$615)
765‌
POLAND 0.0%
Government
Bonds 0.0% 
Republic
of
Poland,
3.25%,
4/6/26
(USD) 
55,000‌
54‌
Total
Poland
(Cost
$55)
54‌
T.
ROWE
PRICE
Global
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PORTUGAL 0.3%
Common
Stocks 0.3% 
Banco
Comercial
Portugues,
Class
R 
203,733‌
131‌
Galp
Energia 
36,401‌
564‌
Jeronimo
Martins 
50,953‌
1,233‌
Total
Portugal
(Cost
$1,360)
1,928‌
QATAR 0.0%
Common
Stocks 0.0% 
Qatar
National
Bank 
73,732‌
338‌
Total
Qatar
(Cost
$350)
338‌
ROMANIA 0.1%
Common
Stocks 0.1% 
Banca
Transilvania 
44,725‌
288‌
OMV
Petrom 
893,927‌
145‌
Total
Romania
(Cost
$269)
433‌
RUSSIA 0.0%
Common
Stocks 0.0% 
Alrosa (4)
80,680‌
—‌
Polyus (2)(4)
2,940‌
—‌
Total
Russia
(Cost
$180)
—‌
SAUDI
ARABIA 0.2%
Common
Stocks 0.2% 
Al
Rajhi
Bank 
23,102‌
600‌
Saudi
Arabian
Mining (2)
4,888‌
67‌
Saudi
National
Bank 
68,345‌
651‌
Total
Saudi
Arabia
(Cost
$1,218)
1,318‌
SINGAPORE 0.3%
Common
Stocks 0.3% 
CapitaLand
Integrated
Commercial
Trust 
39,740‌
65‌
T.
ROWE
PRICE
Global
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
DBS
Group
Holdings 
7,280‌
237‌
Digital
Core
REIT
Management
(USD) 
42,800‌
21‌
Keppel
DC
REIT 
45,100‌
75‌
Sea,
ADR
(USD) (2)
5,924‌
794‌
Trip.com
Group,
ADR
(USD) 
2,700‌
159‌
United
Overseas
Bank 
16,000‌
425‌
Wilmar
International 
47,400‌
111‌
Total
Singapore
(Cost
$1,180)
1,887‌
SLOVENIA 0.1%
Common
Stocks 0.1% 
Nova
Ljubljanska
Banka
dd
,
GDR 
15,581‌
461‌
Nova
Ljubljanska
Banka
dd 
501‌
75‌
Total
Slovenia
(Cost
$389)
536‌
SOUTH
AFRICA 0.2%
Common
Stocks 0.2% 
Anglo
American
Platinum 
2,495‌
85‌
Anglogold
Ashanti 
5,973‌
249‌
Bid 
8,244‌
207‌
Capitec
Bank
Holdings 
1,401‌
260‌
Clicks
Group 
9,409‌
200‌
Gold
Fields 
8,042‌
180‌
Harmony
Gold
Mining 
5,759‌
91‌
Impala
Platinum
Holdings (2)
21,643‌
129‌
Northam
Platinum
Holdings 
5,959‌
40‌
Sibanye
Stillwater (2)
25,289‌
29‌
1,470‌
Corporate
Bonds 0.0% 
Anglo
American
Capital,
2.625%,
9/10/30
(USD) (3)
200,000‌
178‌
178‌
Total
South
Africa
(Cost
$1,245)
1,648‌
SOUTH
KOREA 0.5%
Common
Stocks 0.5% 
Hyundai
Mobis 
1,585‌
298‌
JYP
Entertainment 
2,052‌
100‌
KB
Financial
Group 
7,025‌
444‌
T.
ROWE
PRICE
Global
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
KT 
5,416‌
204‌
KT,
ADR
(USD) 
6,312‌
123‌
LG
Chem 
213‌
32‌
POSCO
Holdings 
538‌
98‌
Samsung
Electronics 
48,793‌
1,904‌
SK
Hynix 
5,180‌
646‌
Total
South
Korea
(Cost
$3,281)
3,849‌
SPAIN 0.3%
Common
Stocks 0.3% 
Aedas
Homes 
2,718‌
88‌
Amadeus
IT
Group 
11,318‌
891‌
Banco
Santander 
35,877‌
253‌
Cellnex
Telecom 
2,025‌
82‌
Fluidra 
4,355‌
101‌
Laboratorios
Farmaceuticos
Rovi 
2,716‌
159‌
Puig
Brands,
Class
B (2)
5,087‌
95‌
Redeia 
6,789‌
142‌
1,811‌
Corporate
Bonds 0.0% 
Banco
Santander,
3.49%,
5/28/30
(USD) 
200,000‌
188‌
188‌
Total
Spain
(Cost
$1,406)
1,999‌
SWEDEN 0.4%
Common
Stocks 0.4% 
Asker
Healthcare
Group (2)
6,912‌
61‌
Assa
Abloy,
Class
B (1)
14,725‌
447‌
Autoliv,
SDR 
1,942‌
182‌
Beijer
Ref (1)
5,744‌
88‌
Camurus (2)
1,650‌
106‌
Essity,
Class
B 
15,033‌
435‌
HMS
Networks (1)(2)
1,581‌
71‌
Mildef
Group 
1,349‌
36‌
Millicom
International
Cellular
(USD) 
6,933‌
239‌
MIPS (1)
1,363‌
48‌
Nordnet (1)
4,011‌
106‌
Norva24
Group (2)
17,955‌
67‌
Rusta 
9,083‌
75‌
T.
ROWE
PRICE
Global
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sandvik (1)
25,693‌
530‌
Skandinaviska
Enskilda
Banken,
Class
A 
12,458‌
198‌
Spotify
Technology
(USD) (2)
60‌
37‌
Sweco,
Class
B (1)
4,584‌
81‌
Swedbank,
Class
A 
4,716‌
118‌
Telefonaktiebolaget
LM
Ericsson,
Class
B 
38,969‌
329‌
Trelleborg,
Class
B 
2,007‌
69‌
Troax
Group 
3,166‌
44‌
Total
Sweden
(Cost
$2,647)
3,367‌
SWITZERLAND 1.0%
Common
Stocks 1.0% 
ABB 
6,606‌
350‌
Alcon 
7,070‌
687‌
Alcon
(USD) 
5,800‌
566‌
ams-OSRAM (2)
2,716‌
24‌
Barry
Callebaut (1)
30‌
27‌
Bossard
Holding 
273‌
60‌
Cie
Financiere
Richemont,
Class
A 
4,579‌
809‌
DKSH
Holding 
2,218‌
163‌
Georg
Fischer 
729‌
53‌
Holcim 
2,088‌
233‌
Julius
Baer
Group 
6,046‌
392‌
Montana
Aerospace (2)
10,332‌
206‌
Nestle 
8,363‌
890‌
Novartis 
5,187‌
592‌
Partners
Group
Holding 
270‌
354‌
Roche
Holding 
4,294‌
1,404‌
Sandoz
Group 
2,343‌
102‌
SKAN
Group 
517‌
42‌
Sonova
Holding 
1,379‌
424‌
Tecan
Group 
391‌
76‌
TX
Group 
104‌
23‌
7,477‌
Corporate
Bonds 0.0% 
UBS
Group,
VR,
1.364%,
1/30/27
(USD) (3)(6)
300,000‌
293‌
293‌
Total
Switzerland
(Cost
$5,796)
7,770‌
T.
ROWE
PRICE
Global
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
TAIWAN 1.0%
Common
Stocks 1.0% 
Accton
Technology 
2,000‌
37‌
Airtac
International
Group 
10,000‌
275‌
Chailease
Holding 
48,540‌
175‌
China
Steel 
62,000‌
40‌
Delta
Electronics 
9,000‌
94‌
Elite
Material 
3,000‌
52‌
Hon
Hai
Precision
Industry 
24,000‌
107‌
Largan
Precision 
1,000‌
71‌
MediaTek 
15,000‌
637‌
Taiwan
Semiconductor
Manufacturing 
172,000‌
4,874‌
Taiwan
Semiconductor
Manufacturing,
ADR
(USD) 
5,218‌
870‌
Total
Taiwan
(Cost
$2,974)
7,232‌
THAILAND 0.0%
Common
Stocks 0.0% 
SCB
X 
49,500‌
177‌
Total
Thailand
(Cost
$142)
177‌
TURKEY 0.0%
Common
Stocks 0.0% 
TAV
Havalimanlari
Holding (2)
3,924‌
23‌
Total
Turkey
(Cost
$26)
23‌
UNITED
KINGDOM 3.1%
Common
Stocks 2.9% 
Admiral
Group 
13,618‌
592‌
Adriatic
Metals,
CDI
(AUD) (2)
81,581‌
222‌
Amcor,
CDI
(AUD) 
6,299‌
59‌
Anglo
American 
10,412‌
284‌
Ashtead
Group 
990‌
53‌
AstraZeneca 
5,796‌
830‌
AstraZeneca,
ADR
(USD) 
32,292‌
2,318‌
Auction
Technology
Group (2)
24,481‌
191‌
Aviva 
82,840‌
621‌
Baltic
Classifieds
Group 
27,971‌
127‌
T.
ROWE
PRICE
Global
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Barclays 
100,078‌
399‌
Big
Yellow
Group 
14,844‌
200‌
BP 
62,945‌
291‌
Bridgepoint
Group 
69,945‌
250‌
British
American
Tobacco 
2,562‌
112‌
BT
Group 
163,142‌
379‌
Bunzl 
4,856‌
153‌
Compass
Group 
11,997‌
404‌
ConvaTec
Group 
33,075‌
115‌
Croda
International 
4,928‌
194‌
Diageo 
6,347‌
178‌
Diploma 
1,186‌
63‌
Dowlais
Group 
43,803‌
34‌
Endava,
ADR
(USD) (2)
6,478‌
118‌
Experian 
1,463‌
73‌
Genuit
Group 
19,165‌
98‌
Genus 
5,172‌
127‌
Georgia
Capital (2)
2,688‌
58‌
Glencore 
91,916‌
301‌
GSK,
ADR
(USD) (1)
4,712‌
188‌
Helios
Towers (2)
80,485‌
116‌
Hiscox 
13,517‌
199‌
HSBC
Holdings 
25,185‌
281‌
Immunocore
Holdings,
ADR
(USD) (1)(2)
527‌
16‌
Imperial
Brands 
7,652‌
314‌
Informa 
37,079‌
362‌
Intermediate
Capital
Group 
5,967‌
150‌
Investec 
10,066‌
63‌
IQE (1)(2)
259,351‌
31‌
Johnson
Matthey 
4,872‌
84‌
Kingfisher 
62,599‌
241‌
Lloyds
Banking
Group 
933,238‌
917‌
London
Stock
Exchange
Group 
2,506‌
390‌
Melrose
Industries 
38,874‌
226‌
National
Grid 
78,206‌
1,129‌
Next 
1,803‌
297‌
Oxford
Nanopore
Technologies (1)(2)
30,136‌
48‌
Persimmon 
14,974‌
259‌
Prudential 
32,844‌
349‌
QinetiQ
Group 
13,564‌
71‌
RELX 
2,258‌
123‌
Renishaw 
2,092‌
63‌
Rightmove 
8,349‌
82‌
T.
ROWE
PRICE
Global
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Rio
Tinto 
5,913‌
352‌
Rolls-Royce
Holdings 
49,393‌
500‌
Rotork 
47,220‌
192‌
Segro 
73,333‌
667‌
Shell
(EUR) 
21,599‌
703‌
Shell 
12,663‌
409‌
Shell,
ADR
(USD) 
5,361‌
346‌
Smith
&
Nephew 
4,327‌
61‌
Smiths
Group 
3,835‌
96‌
Spirax
Group 
2,608‌
206‌
SSE 
5,244‌
118‌
Standard
Chartered 
53,975‌
777‌
Syncona (2)
33,100‌
40‌
Taylor
Wimpey 
45,964‌
72‌
TBC
Bank
Group 
379‌
24‌
Unilever
(EUR) 
1,602‌
102‌
Unilever 
26,439‌
1,683‌
UNITE
Group 
4,864‌
56‌
Watches
of
Switzerland
Group (2)
15,079‌
72‌
Weir
Group 
4,790‌
144‌
WPP 
36,787‌
285‌
Yellow
Cake (2)
3,654‌
21‌
YouGov 
18,891‌
73‌
21,842‌
Convertible
Preferred
Stocks 0.0% 
Yulife
Holdings,
Series
C,
Acquisition
Date:
10/11/22,
Cost $10 (2)(4)(5)
475‌
8‌
8‌
Corporate
Bonds 0.2% 
Barclays,
VR,
2.279%,
11/24/27
(USD) (6)
335,000‌
322‌
BAT
Capital,
4.39%,
8/15/37
(USD) 
125,000‌
110‌
Coca-Cola
Europacific
Partners,
1.50%,
1/15/27
(USD) (3)
210,000‌
200‌
HSBC
Holdings,
VR,
2.206%,
8/17/29
(USD) (6)
200,000‌
184‌
HSBC
Holdings,
VR,
7.399%,
11/13/34
(USD) (6)
200,000‌
220‌
Nationwide
Building
Society,
1.50%,
10/13/26
(USD) (3)
405,000‌
389‌
RELX
Capital,
3.00%,
5/22/30
(USD) 
100,000‌
93‌
Santander
U.K.
Group
Holdings,
VR,
2.469%,
1/11/28
(USD) (6)
200,000‌
193‌
1,711‌
Total
United
Kingdom
(Cost
$18,901)
23,561‌
T.
ROWE
PRICE
Global
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UNITED
STATES 73.5%
Asset-Backed
Securities 0.4% 
ARI
Fleet
Lease
Trust,
Series
2023-B,
Class
A2,
6.05%,
7/15/32 (3)
60,775‌
61‌
Carvana
Auto
Receivables
Trust,
Series
2021-P4,
Class
C,
2.33%,
2/10/28 
155,000‌
148‌
CyrusOne
Data
Centers
Issuer
I,
Series
2024-2A,
Class
A2,
4.50%,
5/20/49 (3)
140,000‌
135‌
Driven
Brands
Funding,
Series
2020-2A,
Class
A2,
3.237%,
1/20/51 (3)
121,455‌
115‌
Driven
Brands
Funding,
Series
2021-1A,
Class
A2,
2.791%,
10/20/51 (3)
122,407‌
114‌
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
A,
6.16%,
2/25/38 (3)
59,664‌
62‌
Elara
HGV
Timeshare
Issuer,
Series
2023-A,
Class
B,
6.53%,
2/25/38 (3)
59,664‌
61‌
Ford
Credit
Auto
Owner
Trust,
Series
2020-2,
Class
C,
1.74%,
4/15/33 (3)
115,000‌
113‌
Ford
Credit
Floorplan
Master
Owner
Trust,
Series
2020-2,
Class
B,
1.32%,
9/15/27 
205,000‌
202‌
Hardee's
Funding,
Series
2024-1A,
Class
A2,
7.253%,
3/20/54 (3)
84,140‌
87‌
Highbridge
Loan
Management,
Series
5A-2015,
Class
A1R3,
CLO,
FRN,
3M
TSFR
+
1.06%,
5.316%,
10/15/30 (3)
150,564‌
150‌
Jamestown
XV,
Series
2020-15A,
Class
A1R,
CLO,
FRN,
3M
TSFR
+
1.37%,
5.626%,
7/15/35 (3)
250,000‌
249‌
MVW,
Series
2019-2A,
Class
A,
2.22%,
10/20/38 (3)
44,008‌
43‌
MVW,
Series
2021-1WA,
Class
B,
1.44%,
1/22/41 (3)
21,602‌
20‌
Navient
Private
Education
Refi
Loan
Trust,
Series
2019-CA,
Class
A2,
3.13%,
2/15/68 (3)
73,623‌
72‌
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-GA,
Class
A,
1.17%,
9/16/69 (3)
17,851‌
17‌
Navient
Private
Education
Refi
Loan
Trust,
Series
2020-HA,
Class
A,
1.31%,
1/15/69 (3)
17,830‌
17‌
Nelnet
Student
Loan
Trust,
Series
2021-CA,
Class
AFX,
1.32%,
4/20/62 (3)
106,935‌
100‌
Octane
Receivables
Trust,
Series
2023-1A,
Class
A,
5.87%,
5/21/29 (3)
18,081‌
18‌
Octane
Receivables
Trust,
Series
2024-RVM1,
Class
A,
5.01%,
1/22/46 (3)
89,475‌
90‌
PEAC
Solutions
Receivables,
Series
2025-1A,
Class
A2,
4.94%,
10/20/28 (3)
115,000‌
115‌
T.
ROWE
PRICE
Global
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Post
Road
Equipment
Finance,
Series
2025-1A,
Class
A2,
4.90%,
5/15/31 (3)
100,000‌
100‌
Progress
Residential
Trust,
Series
2024-SFR5,
Class
A,
3.00%,
8/9/29 (3)
100,000‌
94‌
ServiceMaster
Funding,
Series
2021-1,
Class
A2I,
2.865%,
7/30/51 (3)
123,369‌
113‌
Signal
Peak,
Series
2018-5A,
Class
A1R,
CLO,
FRN,
3M
TSFR
+
1.55%,
5.832%,
4/25/37 (3)
250,000‌
250‌
SMB
Private
Education
Loan
Trust,
Series
2017-A,
Class
A2A,
2.88%,
9/15/34 (3)
10,713‌
11‌
SMB
Private
Education
Loan
Trust,
Series
2018-B,
Class
A2A,
3.60%,
1/15/37 (3)
16,492‌
16‌
SMB
Private
Education
Loan
Trust,
Series
2020-B,
Class
A1A,
1.29%,
7/15/53 (3)
37,827‌
36‌
SMB
Private
Education
Loan
Trust,
Series
2021-A,
Class
APT1,
1.07%,
1/15/53 (3)
94,005‌
85‌
Toyota
Lease
Owner
Trust,
Series
2025-A,
Class
A4,
4.81%,
6/20/29 (3)
85,000‌
86‌
TPIC
SPV
I,
Series
2024-1A,
Class
A,
Acquisition
Date:
12/10/24,
Cost $98,
7.131%,
11/30/44 (4)(5)
98,256‌
98‌
2,878‌
Bond
Mutual
Funds 14.3% 
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
5.972% (7)(8)
1,127,103‌
8,712‌
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
6.674% (7)(8)
3,057,091‌
27,667‌
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.541% (7)(8)
3,266,892‌
15,714‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.174% (7)(8)
755,111‌
7,038‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.394% (7)(8)
2,206,985‌
17,060‌
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.753% (7)
(8)
3,208,060‌
23,355‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.754% (7)(8)
958,989‌
8,218‌
107,764‌
Common
Stocks 31.0% 
Acadia
Realty
Trust,
REIT 
9,898‌
189‌
Accenture,
Class
A 
4,744‌
1,419‌
Agree
Realty,
REIT (1)
224‌
17‌
Alcoa 
1,253‌
31‌
Alexandria
Real
Estate
Equities,
REIT 
535‌
39‌
T.
ROWE
PRICE
Global
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Allstate 
11,112‌
2,205‌
Alnylam
Pharmaceuticals (2)
487‌
128‌
Alphabet,
Class
A 
2,633‌
418‌
Alphabet,
Class
C 
37,190‌
5,984‌
Amazon.com (2)
39,416‌
7,269‌
Amcor 
4,800‌
44‌
Ameren 
15,218‌
1,510‌
American
Express 
5,429‌
1,446‌
American
Homes
4
Rent,
Class
A,
REIT 
7,992‌
299‌
American
Tower,
REIT 
4,834‌
1,090‌
American
Water
Works 
3,766‌
554‌
Americold
Realty
Trust,
REIT 
2,293‌
44‌
AMETEK 
12,588‌
2,135‌
Amphenol,
Class
A 
1,496‌
115‌
Analog
Devices 
7,797‌
1,520‌
Annaly
Capital
Management,
REIT 
21,934‌
430‌
ANSYS (2)
402‌
129‌
Apple 
42,220‌
8,972‌
Apple
Hospitality
REIT,
REIT 
4,560‌
54‌
Atlas
Energy
Solutions (1)
2,217‌
30‌
Atmos
Energy 
7,440‌
1,195‌
AutoZone (2)
291‌
1,095‌
AvalonBay
Communities,
REIT 
4,905‌
1,030‌
Avidity
Biosciences (2)
1,192‌
39‌
Axis
Capital
Holdings 
1,450‌
140‌
Baker
Hughes 
2,520‌
89‌
Bank
of
America 
41,836‌
1,668‌
Becton
Dickinson
&
Company 
3,835‌
794‌
Berkshire
Hathaway,
Class
B (2)
6,582‌
3,510‌
BILL
Holdings (2)
1,752‌
80‌
Booking
Holdings 
220‌
1,122‌
Booz
Allen
Hamilton
Holding 
4,099‌
492‌
Broadcom 
19,139‌
3,684‌
Broadridge
Financial
Solutions 
2,706‌
656‌
Broadstone
Net
Lease,
REIT 
379‌
6‌
Camden
Property
Trust,
REIT 
784‌
89‌
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $179 (2)
(4)(5)
105‌
151‌
Carvana (2)
5,773‌
1,411‌
Cava
Group (2)
481‌
44‌
CBRE
Group,
Class
A (2)
2,173‌
266‌
Cencora 
10,518‌
3,078‌
Centene (2)
186‌
11‌
T.
ROWE
PRICE
Global
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Charles
Schwab 
29,286‌
2,384‌
Chevron 
7,727‌
1,051‌
Chipotle
Mexican
Grill (2)
6,155‌
311‌
Chubb 
5,637‌
1,613‌
Cigna
Group 
2,453‌
834‌
Cintas 
488‌
103‌
Citigroup 
11,403‌
780‌
CME
Group 
1,954‌
541‌
CMS
Energy 
9,377‌
691‌
Coca-Cola 
16,627‌
1,206‌
Coeur
Mining (2)
3,409‌
19‌
Colgate-Palmolive 
24,334‌
2,243‌
Comcast,
Class
A 
15,004‌
513‌
Confluent,
Class
A (2)
1,037‌
25‌
ConocoPhillips 
24,247‌
2,161‌
Constellation
Energy 
1,426‌
319‌
Corebridge
Financial 
19,305‌
572‌
Corpay (2)
1,461‌
475‌
Corteva 
1,033‌
64‌
Coupang (2)
2,035‌
48‌
Crowdstrike
Holdings,
Class
A (2)
310‌
133‌
Crown
Castle,
REIT 
4,727‌
500‌
CubeSmart,
REIT 
6,237‌
254‌
Danaher 
3,328‌
663‌
Datadog,
Class
A (2)
411‌
42‌
Dayforce (2)
4,574‌
265‌
Deere 
5,311‌
2,462‌
Diamondback
Energy 
4,366‌
576‌
Digital
Realty
Trust,
REIT 
306‌
49‌
Dollar
Tree (2)
6,001‌
491‌
DoorDash,
Class
A (2)
914‌
176‌
Douglas
Emmett,
REIT 
4,418‌
61‌
Dover 
715‌
122‌
DuPont
de
Nemours 
561‌
37‌
EastGroup
Properties,
REIT 
1,535‌
251‌
Elevance
Health 
4,185‌
1,760‌
Eli
Lilly 
3,367‌
3,027‌
EOG
Resources 
1,946‌
215‌
EPR
Properties,
REIT 
146‌
7‌
EQT 
14,253‌
705‌
Equifax 
3,726‌
969‌
Equinix,
REIT 
1,171‌
1,008‌
Equity
LifeStyle
Properties,
REIT 
3,555‌
230‌
T.
ROWE
PRICE
Global
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Equity
Residential,
REIT 
5,273‌
370‌
Essential
Properties
Realty
Trust,
REIT 
471‌
15‌
Essex
Property
Trust,
REIT 
2,608‌
728‌
Evercore,
Class
A 
1,118‌
230‌
Exelon 
5,484‌
257‌
Expand
Energy 
9,054‌
941‌
Expro
Group
Holdings (2)
3,501‌
29‌
Exxon
Mobil 
11,895‌
1,256‌
Fair
Isaac (2)
587‌
1,168‌
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $3 (2)(4)(5)
163‌
1‌
Federal
Realty
Investment
Trust,
REIT 
362‌
34‌
Ferguson
Enterprises 
3,435‌
583‌
Fiserv (2)
9,584‌
1,769‌
Flowco
Holdings,
Class
A (2)
411‌
8‌
Fortinet (2)
3,139‌
326‌
Freeport-McMoRan 
25,437‌
917‌
Gaming
&
Leisure
Properties,
REIT 
4,688‌
224‌
GE
Vernova 
318‌
118‌
General
Electric 
12,853‌
2,590‌
Gilead
Sciences 
17,265‌
1,839‌
Goldman
Sachs
Group 
2,482‌
1,359‌
Gusto,
Acquisition
Date:
10/4/21,
Cost $24 (2)(4)(5)
826‌
20‌
HCA
Healthcare 
1,796‌
620‌
Hess 
725‌
94‌
HF
Sinclair 
1,241‌
37‌
Hilton
Worldwide
Holdings 
927‌
209‌
Home
Depot 
5,229‌
1,885‌
HubSpot (2)
438‌
268‌
Huntington
Bancshares 
34,203‌
497‌
IDEXX
Laboratories (2)
386‌
167‌
Ingersoll
Rand 
7,316‌
552‌
Insmed (2)
3,654‌
263‌
Intel 
16,314‌
328‌
Intercontinental
Exchange 
7,430‌
1,248‌
International
Flavors
&
Fragrances 
617‌
48‌
International
Paper 
34,754‌
1,588‌
Intuit 
412‌
259‌
Intuitive
Surgical (2)
1,209‌
624‌
Ivanhoe
Electric (1)(2)
6,918‌
44‌
Ivanhoe
Electric,
Warrants,
2/11/26 (2)
2,595‌
—‌
JPMorgan
Chase 
17,746‌
4,341‌
Kenvue 
85,484‌
2,017‌
T.
ROWE
PRICE
Global
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Keurig
Dr
Pepper 
16,939‌
586‌
KeyCorp 
36,293‌
539‌
Keysight
Technologies (2)
14,780‌
2,149‌
Kilroy
Realty,
REIT 
1,651‌
52‌
Kimco
Realty,
REIT 
2,768‌
55‌
Kinder
Morgan 
2,148‌
57‌
KLA 
754‌
530‌
Knife
River (2)
286‌
27‌
Kodiak
Gas
Services 
1,326‌
45‌
L3Harris
Technologies 
3,055‌
672‌
Linde 
5,511‌
2,498‌
Lineage,
REIT 
861‌
42‌
Louisiana-Pacific 
588‌
51‌
Lowe's 
3,806‌
851‌
Lululemon
Athletica (2)
197‌
53‌
Marathon
Petroleum 
1,306‌
179‌
Marriott
International,
Class
A 
1,379‌
329‌
Marsh
&
McLennan 
5,579‌
1,258‌
Mastercard,
Class
A 
2,893‌
1,586‌
McDonald's 
7,299‌
2,333‌
Meta
Platforms,
Class
A 
5,829‌
3,200‌
MetLife 
7,992‌
602‌
Mettler-Toledo
International (2)
155‌
166‌
Microsoft 
30,741‌
12,151‌
MicroStrategy,
Class
A (2)
642‌
244‌
Middleby (2)
1,556‌
208‌
Molina
Healthcare (2)
2,235‌
731‌
Mondelez
International,
Class
A 
25,399‌
1,730‌
Monolithic
Power
Systems 
266‌
158‌
Morgan
Stanley 
2,703‌
312‌
Mosaic 
14,251‌
433‌
MP
Materials (1)(2)
1,857‌
45‌
Natera (2)
1,416‌
214‌
Netflix (2)
3,509‌
3,971‌
Newmont 
6,913‌
364‌
Newmont,
CDI
(AUD) 
1,214‌
64‌
NextEra
Energy 
9,463‌
633‌
NNN
REIT,
REIT 
490‌
20‌
Norfolk
Southern 
7,912‌
1,773‌
Northrop
Grumman 
1,939‌
943‌
NRG
Energy 
336‌
37‌
Nucor 
2,362‌
282‌
NVIDIA 
79,592‌
8,669‌
T.
ROWE
PRICE
Global
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NXP
Semiconductors 
1,140‌
210‌
Old
Dominion
Freight
Line 
7,886‌
1,209‌
ONEOK 
1,744‌
143‌
O'Reilly
Automotive (2)
515‌
729‌
Ovintiv 
1,586‌
53‌
Owens
Corning 
2,443‌
355‌
Packaging
Corp.
of
America 
3,674‌
682‌
Palantir
Technologies,
Class
A (2)
202‌
24‌
Palo
Alto
Networks (2)
1,724‌
322‌
Parker-Hannifin 
3,008‌
1,820‌
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $81 (2)
(4)(5)
21,572‌
7‌
Pebblebrook
Hotel
Trust,
REIT 
3,568‌
32‌
Permian
Resources 
26,238‌
310‌
Phillips
66 
4,999‌
520‌
Pinterest,
Class
A (2)
12,106‌
307‌
Planet
Fitness,
Class
A (2)
4,061‌
384‌
PPG
Industries 
4,769‌
519‌
Procter
&
Gamble 
15,060‌
2,448‌
Progressive 
3,543‌
998‌
Prologis,
REIT 
6,709‌
686‌
Public
Storage,
REIT 
4,421‌
1,328‌
Quest
Diagnostics 
6,044‌
1,077‌
Rad
Power
Bikes,
Class
A,
Acquisition
Date:
9/16/21,
Cost $155 (2)(4)(5)
16,193‌
3‌
Range
Resources 
28,223‌
958‌
Rayonier,
REIT 
3,129‌
77‌
Realty
Income,
REIT 
1,915‌
111‌
Regency
Centers,
REIT 
6,052‌
437‌
Regeneron
Pharmaceuticals 
1,584‌
948‌
Reliance 
572‌
165‌
Repligen (2)
1,452‌
200‌
Republic
Services 
6,047‌
1,516‌
Revvity 
9,757‌
912‌
Rexford
Industrial
Realty,
REIT 
8,653‌
286‌
Rockwell
Automation 
1,231‌
305‌
Roper
Technologies 
913‌
511‌
Ross
Stores 
13,648‌
1,897‌
Royal
Gold 
484‌
88‌
RPM
International 
556‌
59‌
S&P
Global 
1,618‌
809‌
Salesforce 
3,413‌
917‌
SBA
Communications,
REIT 
646‌
157‌
Schlumberger 
53,590‌
1,782‌
T.
ROWE
PRICE
Global
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
ServiceNow (2)
1,243‌
1,187‌
ServiceTitan,
Class
A (2)
82‌
9‌
Sherwin-Williams 
6,840‌
2,414‌
Simon
Property
Group,
REIT 
2,595‌
408‌
Smartstop
Self
Storage
REIT 
3,375‌
119‌
Soleno
Therapeutics (2)
2,717‌
203‌
Southern 
811‌
75‌
Starbucks 
1,455‌
116‌
Steel
Dynamics 
7,737‌
1,004‌
Stryker 
2,808‌
1,050‌
Sun
Communities,
REIT 
2,804‌
349‌
Synopsys (2)
687‌
315‌
T-Mobile
U.S. 
7,833‌
1,934‌
Targa
Resources 
986‌
169‌
TechnipFMC 
35,853‌
1,010‌
Tenet
Healthcare (2)
5,538‌
792‌
Terreno
Realty,
REIT 
4,452‌
251‌
Tesla (2)
3,991‌
1,126‌
Texas
Instruments 
7,171‌
1,148‌
Thermo
Fisher
Scientific 
3,977‌
1,706‌
TJX 
7,142‌
919‌
Tractor
Supply 
8,208‌
415‌
TransDigm
Group 
85‌
120‌
TransUnion 
2,953‌
245‌
Travelers 
6,165‌
1,628‌
Ulta
Beauty (2)
1,452‌
574‌
Union
Pacific 
4,354‌
939‌
United
States
Steel 
1,422‌
62‌
UnitedHealth
Group 
7,375‌
3,034‌
Upwork (2)
21,010‌
276‌
Uranium
Energy (2)
11,487‌
60‌
Valero
Energy 
12,465‌
1,447‌
Ventas,
REIT 
6,564‌
460‌
Veralto 
258‌
25‌
VeriSign (2)
841‌
237‌
Verisk
Analytics 
662‌
196‌
Verizon
Communications 
1,324‌
58‌
Vertex
Pharmaceuticals (2)
1,240‌
632‌
VICI
Properties,
REIT 
16,704‌
535‌
Viper
Energy 
1,700‌
69‌
Visa,
Class
A 
14,318‌
4,947‌
Vornado
Realty
Trust,
REIT 
3,029‌
107‌
Vulcan
Materials 
84‌
22‌
T.
ROWE
PRICE
Global
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Walmart 
14,789‌
1,438‌
Warrior
Met
Coal (1)
2,008‌
96‌
Waste
Connections 
1,777‌
351‌
Weatherford
International 
690‌
29‌
Welltower,
REIT 
7,035‌
1,073‌
Western
Alliance
Bancorp 
2,995‌
209‌
Westinghouse
Air
Brake
Technologies 
6,750‌
1,247‌
Weyerhaeuser,
REIT 
3,138‌
81‌
Williams 
4,865‌
285‌
WP
Carey,
REIT 
569‌
36‌
Xcel
Energy 
16,718‌
1,182‌
Xylem 
5,543‌
668‌
Zoetis 
42‌
7‌
232,785‌
Convertible
Preferred
Stocks 0.2% 
ABL
Space
Systems,
Series
A-8,
Acquisition
Date:
3/24/21,
Cost $97 (2)(4)(5)
2,450‌
2‌
ABL
Space
Systems,
Series
A-9,
Acquisition
Date:
10/22/21,
Cost $42 (2)(4)(5)
691‌
—‌
Canva,
Series
A,
Acquisition
Date:
11/4/21,
Cost $7 (2)(4)(5)
4‌
6‌
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $52 (2)(4)(5)
6,404‌
58‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $21 (2)
(4)(5)
348‌
32‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $68 (2)
(4)(5)
927‌
86‌
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $7 (2)
(4)(5)
96‌
9‌
Databricks,
Series
J,
Acquisition
Date:
12/17/24,
Cost $42 (2)(4)(5)
459‌
42‌
Form
Energy,
Series
F,
Acquisition
Date:
10/4/24,
Cost $25 (2)(4)(5)
1,051‌
25‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $33 (2)(4)
(5)
1,103‌
27‌
Jetti
Holdings,
Series
C,
Acquisition
Date:
5/24/21
-
6/30/21,
Cost $15 (2)(4)(5)
255‌
27‌
Jetti
Holdings,
Series
D,
Acquisition
Date:
9/20/22
-
10/19/22,
Cost $144 (2)(4)(5)
1,084‌
144‌
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $71 (2)(4)(5)
2,594‌
220‌
Kobold
Metals,
Series
B-Prime,
Acquisition
Date:
3/21/23,
Cost $122 (2)(4)(5)
2,843‌
241‌
Lilac
Solutions,
Series
B,
Acquisition
Date:
9/8/21,
Cost $37 (2)(4)(5)
2,783‌
26‌
T.
ROWE
PRICE
Global
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Lilac
Solutions,
Series
C-1,
Acquisition
Date:
11/21/22,
Cost $10 (2)(4)(5)
971‌
9‌
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $79 (2)(4)(5)
1,666‌
99‌
Sortera
Tech,
Series
C-1,
Acquisition
Date:
4/13/23,
Cost $11 (2)(4)(5)
764‌
11‌
Tonian
Holdings,
Series
A,
Non-Voting
Units,
Acquisition
Date:
1/15/21,
Cost $2 (2)(4)(5)
2,304‌
3‌
Tonian
Holdings,
Series
A,
Voting
Units,
Acquisition
Date:
1/15/21,
Cost $3 (2)(4)(5)
3,239‌
4‌
Treeline
Biosciences,
Series
A,
Acquisition
Date:
9/26/22,
Cost $12 (2)(4)(5)
1,491‌
13‌
Treeline
Biosciences,
Series
A-1,
Acquisition
Date:
10/2/24,
Cost $47 (2)(4)(5)
5,423‌
47‌
Verai
Discoveries,
Series
A,
Acquisition
Date:
10/17/22,
Cost $16 (2)(4)(5)
802‌
36‌
Waymo,
Series
A-2,
Acquisition
Date:
5/8/20,
Cost $143 (2)
(4)(5)
1,669‌
177‌
1,344‌
Corporate
Bonds 2.8% 
AbbVie,
2.95%,
11/21/26 
145,000‌
143‌
AbbVie,
4.50%,
5/14/35 
30,000‌
29‌
AbbVie,
4.80%,
3/15/29 
150,000‌
153‌
AHS
Hospital,
5.024%,
7/1/45 
20,000‌
19‌
Alcon
Finance,
2.60%,
5/27/30 (3)
235,000‌
211‌
Alexandria
Real
Estate
Equities,
4.75%,
4/15/35 
105,000‌
98‌
Ally
Financial,
2.20%,
11/2/28 
120,000‌
109‌
Altria
Group,
2.35%,
5/6/25 
40,000‌
40‌
Ameren,
5.70%,
12/1/26 
185,000‌
188‌
American
Airlines
PTT,
Series
2019-1,
Class
AA,
3.15%,
2/15/32 
134,812‌
122‌
American
Express,
VR,
6.489%,
10/30/31 (6)
285,000‌
308‌
American
Tower,
1.45%,
9/15/26 
355,000‌
340‌
Amphenol,
4.75%,
3/30/26 
25,000‌
25‌
Amphenol,
5.05%,
4/5/29 
55,000‌
56‌
Aon,
3.875%,
12/15/25 
25,000‌
25‌
Appalachian
Power,
4.45%,
6/1/45 
240,000‌
192‌
Arthur
J
Gallagher,
4.85%,
12/15/29 
20,000‌
20‌
AT&T,
2.75%,
6/1/31 
215,000‌
193‌
Athene
Global
Funding,
4.86%,
8/27/26 (3)
175,000‌
176‌
Atlassian,
5.25%,
5/15/29 
35,000‌
36‌
AutoZone,
3.125%,
4/21/26 
170,000‌
168‌
AutoZone,
3.75%,
6/1/27 
70,000‌
69‌
T.
ROWE
PRICE
Global
Allocation
Fund
46
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Bank
of
America,
3.50%,
4/19/26 
400,000‌
396‌
Bank
of
America,
4.45%,
3/3/26 
50,000‌
50‌
Bank
of
America,
VR,
4.244%,
4/24/38 (6)
120,000‌
107‌
Bank
of
America,
VR,
5.08%,
1/20/27 (6)
225,000‌
226‌
Banner
Health,
1.897%,
1/1/31 
65,000‌
56‌
Becton
Dickinson
&
Company,
5.081%,
6/7/29 
170,000‌
174‌
Berkshire
Hathaway
Energy,
5.15%,
11/15/43 
25,000‌
23‌
Brighthouse
Financial
Global
Funding,
1.55%,
5/24/26 (3)
100,000‌
97‌
Brixmor
Operating
Partnership,
3.90%,
3/15/27 
195,000‌
192‌
Brixmor
Operating
Partnership,
4.05%,
7/1/30 
80,000‌
77‌
Cadence
Design
Systems,
4.30%,
9/10/29 
60,000‌
60‌
Cameron
LNG,
2.902%,
7/15/31 (3)
40,000‌
36‌
Cameron
LNG,
3.701%,
1/15/39 (3)
30,000‌
25‌
Cardinal
Health,
3.41%,
6/15/27 
125,000‌
123‌
Cardinal
Health,
3.75%,
9/15/25 
80,000‌
80‌
Carvana,
9.00%,
12/1/28,
(9.00%
Cash
or
12.00%
PIK) (3)
(9)
16,332‌
17‌
Carvana,
11.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK) (3)
(9)
29,330‌
31‌
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (3)(9)
37,754‌
42‌
Caterpillar
Financial
Services,
5.00%,
5/14/27 
240,000‌
244‌
Centra
Health,
4.70%,
1/1/48 
385,000‌
312‌
Charter
Communications
Operating,
4.908%,
7/23/25 
12,000‌
12‌
Charter
Communications
Operating,
6.10%,
6/1/29 
80,000‌
83‌
Charter
Communications
Operating,
6.15%,
11/10/26 
155,000‌
158‌
Citigroup,
4.45%,
9/29/27 
70,000‌
70‌
Citigroup,
VR,
3.887%,
1/10/28 (6)
315,000‌
312‌
Citigroup,
VR,
4.075%,
4/23/29 (6)
100,000‌
99‌
CMS
Energy,
4.875%,
3/1/44 
25,000‌
22‌
CNO
Global
Funding,
2.65%,
1/6/29 (3)
315,000‌
292‌
CommonSpirit
Health,
2.782%,
10/1/30 
50,000‌
45‌
Corebridge
Financial,
4.40%,
4/5/52 
375,000‌
291‌
Corebridge
Global
Funding,
4.65%,
8/20/27 (3)
60,000‌
60‌
Cox
Communications,
5.45%,
9/1/34 (3)
105,000‌
103‌
CRH
America
Finance,
3.95%,
4/4/28 (3)
400,000‌
395‌
Crown
Castle,
2.10%,
4/1/31 
250,000‌
213‌
Crown
Castle,
3.70%,
6/15/26 
40,000‌
39‌
Crown
Castle,
4.75%,
5/15/47 
30,000‌
25‌
CVS
Health,
6.00%,
6/1/63 
80,000‌
74‌
Diamondback
Energy,
5.15%,
1/30/30 
35,000‌
35‌
DTE
Energy,
4.95%,
7/1/27 
45,000‌
46‌
Elevance
Health,
4.101%,
3/1/28 
130,000‌
129‌
Elevance
Health,
4.65%,
1/15/43 
20,000‌
17‌
Energy
Transfer,
5.25%,
4/15/29 
120,000‌
121‌
T.
ROWE
PRICE
Global
Allocation
Fund
47
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Energy
Transfer,
5.60%,
9/1/34 
175,000‌
172‌
ERAC
USA
Finance,
5.40%,
5/1/53 (3)
300,000‌
282‌
Essex
Portfolio,
2.65%,
3/15/32 
135,000‌
116‌
Experian
Finance,
2.75%,
3/8/30 (3)
200,000‌
187‌
Extra
Space
Storage,
4.00%,
6/15/29 
145,000‌
141‌
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (6)
55,000‌
55‌
FirstEnergy
Transmission,
5.00%,
1/15/35 
60,000‌
59‌
Fiserv,
3.20%,
7/1/26 
100,000‌
99‌
Fiserv,
5.45%,
3/15/34 
175,000‌
176‌
Florida
Gas
Transmission,
4.35%,
7/15/25 (3)
215,000‌
214‌
Ford
Motor
Credit,
7.122%,
11/7/33 
200,000‌
201‌
Foundry
JV
Holdco,
6.15%,
1/25/32 (3)
200,000‌
207‌
GATX,
6.90%,
5/1/34 
270,000‌
296‌
General
Motors
Financial,
2.40%,
4/10/28 
305,000‌
283‌
George
Washington
University,
Series
2014,
4.30%,
9/15/44 
15,000‌
13‌
Goldman
Sachs
Group,
3.85%,
1/26/27 
115,000‌
114‌
Goldman
Sachs
Group,
5.15%,
5/22/45 
15,000‌
13‌
Goldman
Sachs
Group,
6.75%,
10/1/37 
10,000‌
11‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (6)
200,000‌
176‌
HCA,
4.125%,
6/15/29 
235,000‌
229‌
HCA,
5.45%,
9/15/34 
85,000‌
84‌
Health
Care
Service
Corp.
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (3)
95,000‌
96‌
Healthcare
Realty
Holdings,
3.625%,
1/15/28 
30,000‌
29‌
Healthpeak,
2.125%,
12/1/28 
80,000‌
73‌
Healthpeak,
2.875%,
1/15/31 
45,000‌
40‌
HF
Sinclair,
6.25%,
1/15/35 
135,000‌
130‌
Honeywell
International,
1.10%,
3/1/27 
275,000‌
260‌
Humana,
5.95%,
3/15/34 
110,000‌
112‌
Hyundai
Capital
America,
1.30%,
1/8/26 (3)
145,000‌
142‌
Hyundai
Capital
America,
1.65%,
9/17/26 (3)
180,000‌
173‌
Hyundai
Capital
America,
1.80%,
10/15/25 (3)
55,000‌
54‌
Hyundai
Capital
America,
2.00%,
6/15/28 (3)
235,000‌
214‌
Indiana
University
Health
Obligated
Group,
3.97%,
11/1/48 
145,000‌
114‌
Intel,
5.90%,
2/10/63 
85,000‌
76‌
Intercontinental
Exchange,
3.75%,
12/1/25 
75,000‌
75‌
Intercontinental
Exchange,
5.25%,
6/15/31 
75,000‌
78‌
IQVIA,
6.25%,
2/1/29 
50,000‌
51‌
Jackson
National
Life
Global
Funding,
4.90%,
1/13/27 (3)
170,000‌
171‌
John
Deere
Capital,
4.40%,
9/8/31 
260,000‌
259‌
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (6)
235,000‌
229‌
JPMorgan
Chase,
VR,
3.882%,
7/24/38 (6)
160,000‌
138‌
Kentucky
Utilities,
4.375%,
10/1/45 
65,000‌
54‌
T.
ROWE
PRICE
Global
Allocation
Fund
48
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Kilroy
Realty,
4.25%,
8/15/29 
25,000‌
24‌
Kilroy
Realty,
4.375%,
10/1/25 
15,000‌
15‌
L3Harris
Technologies,
4.854%,
4/27/35 
50,000‌
48‌
Liberty
Mutual
Group,
4.85%,
8/1/44 (3)
20,000‌
17‌
Marriott
International,
Series
AA,
4.65%,
12/1/28 
285,000‌
286‌
Mars,
4.75%,
4/20/33 (3)
125,000‌
123‌
MassMutual
Global
Funding
II,
5.10%,
4/9/27 (3)
220,000‌
224‌
McDonald's,
1.45%,
9/1/25 
65,000‌
64‌
MedStar
Health,
Series
20A,
3.626%,
8/15/49 
130,000‌
91‌
Met
Tower
Global
Funding,
1.25%,
9/14/26 (3)
245,000‌
235‌
Micron
Technology,
4.185%,
2/15/27 
181,000‌
181‌
Mid-Atlantic
Interstate
Transmission,
4.10%,
5/15/28 (3)
110,000‌
109‌
Morgan
Stanley,
4.30%,
1/27/45 
45,000‌
37‌
Morgan
Stanley,
VR,
5.656%,
4/18/30 (6)
360,000‌
372‌
Motorola
Solutions,
5.00%,
4/15/29 
50,000‌
51‌
New
York
State
Electric
&
Gas,
5.30%,
8/15/34 (3)
65,000‌
65‌
NiSource,
3.49%,
5/15/27 
215,000‌
211‌
NiSource,
3.95%,
3/30/48 
105,000‌
80‌
Northern
Trust,
3.95%,
10/30/25 
25,000‌
25‌
Nucor,
2.70%,
6/1/30 
70,000‌
64‌
Nucor,
3.95%,
5/1/28 
121,000‌
120‌
Occidental
Petroleum,
5.375%,
1/1/32 
105,000‌
100‌
Oracle,
5.375%,
7/15/40 
125,000‌
118‌
O'Reilly
Automotive,
3.60%,
9/1/27 
145,000‌
143‌
O'Reilly
Automotive,
5.75%,
11/20/26 
35,000‌
36‌
Owens
Corning,
5.70%,
6/15/34 
50,000‌
51‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27 
275,000‌
259‌
Pioneer
Natural
Resources,
1.125%,
1/15/26 
80,000‌
78‌
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
141‌
Principal
Financial
Group,
3.40%,
5/15/25 
35,000‌
35‌
Principal
Financial
Group,
4.111%,
2/15/28 (3)
100,000‌
98‌
Public
Storage
Operating,
1.95%,
11/9/28 
150,000‌
139‌
Realty
Income,
2.20%,
6/15/28 
70,000‌
65‌
Regency
Centers,
4.125%,
3/15/28 
35,000‌
35‌
Revvity,
1.90%,
9/15/28 
230,000‌
211‌
RGA
Global
Funding,
5.448%,
5/24/29 (3)
100,000‌
103‌
Roper
Technologies,
3.80%,
12/15/26 
50,000‌
49‌
Sabine
Pass
Liquefaction,
4.20%,
3/15/28 
50,000‌
50‌
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (6)
135,000‌
129‌
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (6)
110,000‌
112‌
ServiceNow,
1.40%,
9/1/30 
235,000‌
202‌
T.
ROWE
PRICE
Global
Allocation
Fund
49
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Sherwin-Williams,
4.80%,
9/1/31 
175,000‌
175‌
Simon
Property
Group,
2.65%,
2/1/32 
340,000‌
296‌
Solventum,
5.40%,
3/1/29 
110,000‌
112‌
Southern,
5.70%,
3/15/34 
90,000‌
93‌
Southern
Gas
Capital,
4.95%,
9/15/34 
100,000‌
98‌
Targa
Resources,
5.50%,
2/15/35 
45,000‌
44‌
Targa
Resources
Partners,
5.00%,
1/15/28 
75,000‌
75‌
Texas
Instruments,
1.125%,
9/15/26 
80,000‌
77‌
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
47‌
Trinity
Health,
4.125%,
12/1/45 
25,000‌
20‌
Uber
Technologies,
4.30%,
1/15/30 
145,000‌
144‌
Union
Pacific,
4.75%,
9/15/41 
10,000‌
9‌
United
Airlines
PTT,
Series
2014-2,
Class
A,
3.75%,
9/3/26 
2,361‌
2‌
United
Airlines
PTT,
Series
2018-1,
Class
A,
3.70%,
3/1/30 
234,700‌
216‌
UnitedHealth
Group,
3.75%,
7/15/25 
40,000‌
40‌
UnitedHealth
Group,
4.70%,
4/15/29 
200,000‌
202‌
UnitedHealth
Group,
5.75%,
7/15/64 
80,000‌
77‌
Verizon
Communications,
1.68%,
10/30/30 
28,000‌
24‌
Vistra
Operations,
5.70%,
12/30/34 (3)
185,000‌
184‌
Waste
Connections,
2.20%,
1/15/32 
155,000‌
132‌
Wells
Fargo,
VR,
5.389%,
4/24/34 (6)
410,000‌
411‌
Williams,
5.15%,
3/15/34 
35,000‌
34‌
Willis
North
America,
4.50%,
9/15/28 
160,000‌
160‌
WP
Carey,
3.85%,
7/15/29 
115,000‌
111‌
20,902‌
Equity
Mutual
Funds 7.8% 
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class (7)
1,876,096‌
39,680‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (7)
2,133,550‌
19,287‌
58,967‌
Municipal
Securities 0.3% 
Bay
Area
Toll
Auth.,
Series
S-10,
3.176%,
4/1/41 
300,000‌
233‌
California,
Build
America,
GO,
7.625%,
3/1/40 
35,000‌
42‌
California
State
Univ.,
Series
B,
2.795%,
11/1/41 
250,000‌
180‌
Central
Texas
Regional
Mobility
Auth.,
Series
E,
3.167%,
1/1/41 
225,000‌
177‌
Florida
Dev.
Finance,
Nova
Southeastern
Univ.,
Series
B,
4.109%,
4/1/50 
390,000‌
312‌
Fulton
County,
Build
America,
GO,
5.148%,
7/1/39 
180,000‌
180‌
T.
ROWE
PRICE
Global
Allocation
Fund
50
Shares/Par
$
Value
(Cost
and
value
in
$000s)
JobsOhio
Beverage
System,
Liquid
Profits,
Series
B,
3.985%,
1/1/29 
10,000‌
10‌
Los
Angeles
Airport,
Series
C,
Build
America,
7.053%,
5/15/40 
15,000‌
17‌
Maryland
Economic
Development,
Seagirt
Marine
Terminal,
Series
B,
4.75%,
6/1/42 
175,000‌
152‌
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,
Vanderbilt
Univ.
Medical
Center,
Series
B,
3.235%,
7/1/52 
200,000‌
128‌
Miami-Dade
County
Transit
System,
Series
B,
Build
America,
5.624%,
7/1/40 
160,000‌
160‌
Municipal
Electric
Auth.
of
Georgia,
Build
America,
Vogtle
Units,
6.655%,
4/1/57 
121,000‌
132‌
New
York
State
Dormitory
Auth.,
Series
F,
Build
America,
5.628%,
3/15/39 
15,000‌
15‌
Philadelphia
Auth.
for
IDA,
3.964%,
4/15/26 
5,000‌
5‌
Port
Auth.
of
New
York
&
New
Jersey,
Series
182,
5.31%,
8/1/46 
20,000‌
19‌
Virginia
Commonwealth
Univ.
Health
System
Auth.,
Series
A,
4.956%,
1/1/44 
25,000‌
23‌
Wisconsin
General
Fund
Annual
Appropriation,
Series
A,
3.954%,
5/1/36 
110,000‌
102‌
1,906‌
Non-U.S.
Government
Mortgage-Backed
Securities 0.3% 
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.909%,
1/25/66 (3)
53,882‌
46‌
Angel
Oak
Mortgage
Trust,
Series
2021-1,
Class
A2,
CMO,
ARM,
1.115%,
1/25/66 (3)
17,680‌
15‌
Angel
Oak
Mortgage
Trust,
Series
2021-2,
Class
A1,
CMO,
ARM,
0.985%,
4/25/66 (3)
50,100‌
43‌
BANK5,
Series
2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57 
45,000‌
47‌
Barclays
Mortgage
Loan
Trust,
Series
2021-NQM1,
Class
A3,
CMO,
ARM,
2.189%,
9/25/51 (3)
65,393‌
59‌
Bayview
Financing
Trust,
Series
2024-2F,
Class
A,
CMO,
ARM,
Acquisition
Date:
8/29/24,
Cost $98,
7.084%,
9/25/29 (4)(5)
98,494‌
98‌
BBCMS
Mortgage
Trust,
Series
2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.596%,
11/15/34 (3)
50,000‌
1‌
BX
Trust,
Series
2021-LGCY,
Class
C,
ARM,
1M
TSFR
+
1.118%,
5.44%,
10/15/36 (3)
225,000‌
223‌
Citigroup
Commercial
Mortgage
Trust,
Series
2015-GC33,
Class
A4,
3.778%,
9/10/58 
25,000‌
25‌
T.
ROWE
PRICE
Global
Allocation
Fund
51
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Citigroup
Mortgage
Loan
Trust,
Series
2020-EXP2,
Class
A3,
CMO,
ARM,
2.50%,
8/25/50 (3)
47,588‌
41‌
Commercial
Mortgage
Trust,
Series
2015-CR24,
Class
A5,
3.696%,
8/10/48 
37,583‌
37‌
Commercial
Mortgage
Trust,
Series
2015-LC21,
Class
A4,
3.708%,
7/10/48 
37,790‌
38‌
Commercial
Mortgage
Trust,
Series
2015-LC23,
Class
A4,
3.774%,
10/10/48 
100,000‌
99‌
Connecticut
Avenue
Securities,
Series
2021-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
0.90%,
5.254%,
11/25/41 (3)
2,439‌
2‌
Ellington
Financial
Mortgage
Trust,
Series
2019-2,
Class
A3,
CMO,
ARM,
3.046%,
11/25/59 (3)
10,742‌
10‌
Ellington
Financial
Mortgage
Trust,
Series
2020-2,
Class
A1,
CMO,
ARM,
1.178%,
10/25/65 (3)
31,334‌
29‌
Extended
Stay
America
Trust,
Series
2021-ESH,
Class
B,
ARM,
1M
TSFR
+
1.494%,
5.816%,
7/15/38 (3)
85,948‌
86‌
Galton
Funding
Mortgage
Trust,
Series
2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (3)
4,046‌
4‌
Grace
Trust,
Series
2020-GRCE,
Class
C,
ARM,
2.769%,
12/10/40 (3)
100,000‌
86‌
GS
Mortgage
Securities
Trust,
Series
2015-GC32,
Class
A4,
3.764%,
7/10/48 
15,223‌
15‌
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C30,
Class
A5,
3.822%,
7/15/48 
65,000‌
65‌
JPMorgan
Barclays
Bank
Commercial
Mortgage
Securities
Trust,
Series
2015-C31,
Class
A3,
3.801%,
8/15/48 
29,420‌
29‌
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series
2022-OPO,
Class
B,
3.377%,
1/5/39 (3)
100,000‌
89‌
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (3)
28,355‌
26‌
JPMorgan
Mortgage
Trust,
Series
2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (3)
33,578‌
30‌
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.944%,
5.271%,
8/25/50 (3)
7,653‌
7‌
JPMorgan
Mortgage
Trust,
Series
2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (3)
13,605‌
12‌
MHC
Commercial
Mortgage
Trust,
Series
2021-MHC,
Class
B,
ARM,
1M
TSFR
+
1.215%,
5.537%,
4/15/38 (3)
204,000‌
203‌
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
84‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series
2015-C27,
Class
AS,
4.068%,
12/15/47 
155,000‌
153‌
New
Residential
Mortgage
Loan
Trust,
Series
2022-INV1,
Class
A4,
CMO,
ARM,
3.00%,
3/25/52 (3)
121,899‌
103‌
T.
ROWE
PRICE
Global
Allocation
Fund
52
Shares/Par
$
Value
(Cost
and
value
in
$000s)
OBX
Trust,
Series
2019-EXP3,
Class
2A2,
CMO,
ARM,
1M
TSFR
+
1.214%,
5.541%,
10/25/59 (3)
4,733‌
5‌
Provident
Funding
Mortgage
Trust,
Series
2019-1,
Class
B1,
CMO,
ARM,
3.178%,
12/25/49 (3)
178,268‌
152‌
Sequoia
Mortgage
Trust,
Series
2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (3)
4,799‌
5‌
SG
Residential
Mortgage
Trust,
Series
2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (3)
215‌
—‌
Starwood
Mortgage
Residential
Trust,
Series
2020-INV1,
Class
A1,
CMO,
ARM,
1.027%,
11/25/55 (3)
13,623‌
13‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2021-
DNA7,
Class
M1,
CMO,
ARM,
SOFR30A
+
0.85%,
5.204%,
11/25/41 (3)
51,942‌
52‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series
2025-
HQA1,
Class
A1,
CMO,
ARM,
SOFR30A
+
0.95%,
5.304%,
2/25/45 (3)
26,625‌
26‌
Towd
Point
Mortgage
Trust,
Series
2018-1,
Class
A1,
CMO,
ARM,
3.00%,
1/25/58 (3)
7,360‌
7‌
Verus
Securitization
Trust,
Series
2019-INV3,
Class
A1,
CMO,
ARM,
3.692%,
11/25/59 (3)
14,190‌
14‌
Verus
Securitization
Trust,
Series
2021-1,
Class
A1,
CMO,
ARM,
0.815%,
1/25/66 (3)
24,625‌
22‌
Verus
Securitization
Trust,
Series
2023-INV1,
Class
A1,
CMO,
STEP,
5.999%,
2/25/68 (3)
91,601‌
92‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-C30,
Class
A4,
3.664%,
9/15/58 
26,831‌
27‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series
2015-
NXS2,
Class
A5,
ARM,
3.767%,
7/15/58 
50,042‌
50‌
2,304‌
Private
Investment
Companies 8.6% 
Blackstone
Partners
Offshore
Fund,
Series
E1 (4)
24,376‌
64,341‌
64,341‌
U.S.
Government
&
Agency
Mortgage-Backed
Securities 0.2% 
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC 
2.952%,
2/25/27 
10,000‌
10‌
4.40%,
10/25/30 
405,000‌
408‌
Federal
Home
Loan
Mortgage
Multifamily
Structured
PTC,
ARM 
2.347%,
11/25/31 
860,000‌
763‌
3.71%,
9/25/32 
370,000‌
353‌
T.
ROWE
PRICE
Global
Allocation
Fund
53
Shares/Par
$
Value
(Cost
and
value
in
$000s)
4.43%,
2/25/33 
285,000‌
285‌
1,819‌
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed) 7.6% 
U.S.
Treasury
Bonds,
1.125%,
5/15/40 
1,580,000‌
988‌
U.S.
Treasury
Bonds,
1.375%,
8/15/50 
1,150,000‌
573‌
U.S.
Treasury
Bonds,
1.875%,
2/15/51 
1,215,000‌
690‌
U.S.
Treasury
Bonds,
2.00%,
2/15/50 
2,490,000‌
1,478‌
U.S.
Treasury
Bonds,
2.00%,
8/15/51 
365,000‌
213‌
U.S.
Treasury
Bonds,
2.25%,
2/15/52 
2,245,000‌
1,388‌
U.S.
Treasury
Bonds,
2.50%,
2/15/45 
145,000‌
103‌
U.S.
Treasury
Bonds,
2.75%,
11/15/42 
65,000‌
50‌
U.S.
Treasury
Bonds,
2.75%,
8/15/47 
4,915,000‌
3,541‌
U.S.
Treasury
Bonds,
3.00%,
11/15/44 
70,000‌
54‌
U.S.
Treasury
Bonds,
3.00%,
2/15/47 
220,000‌
167‌
U.S.
Treasury
Bonds,
3.00%,
2/15/48 
740,000‌
555‌
U.S.
Treasury
Bonds,
3.00%,
8/15/48 
150,000‌
112‌
U.S.
Treasury
Bonds,
3.00%,
8/15/52 
800,000‌
585‌
U.S.
Treasury
Bonds,
3.125%,
11/15/41 
290,000‌
240‌
U.S.
Treasury
Bonds,
3.125%,
8/15/44 
110,000‌
88‌
U.S.
Treasury
Bonds,
3.375%,
8/15/42 
220,000‌
186‌
U.S.
Treasury
Bonds,
3.625%,
8/15/43 
305,000‌
265‌
U.S.
Treasury
Bonds,
3.625%,
2/15/53 
80,000‌
66‌
U.S.
Treasury
Bonds,
3.625%,
5/15/53 
825,000‌
683‌
U.S.
Treasury
Bonds,
3.875%,
8/15/40 
580,000‌
537‌
U.S.
Treasury
Bonds,
3.875%,
2/15/43 
605,000‌
547‌
U.S.
Treasury
Bonds,
3.875%,
5/15/43 
105,000‌
95‌
U.S.
Treasury
Bonds,
4.00%,
11/15/52 
150,000‌
133‌
U.S.
Treasury
Bonds,
4.25%,
2/15/54 
360,000‌
333‌
U.S.
Treasury
Bonds,
4.25%,
8/15/54 
245,000‌
227‌
U.S.
Treasury
Bonds,
4.50%,
11/15/54 
185,000‌
179‌
U.S.
Treasury
Bonds,
4.625%,
11/15/44 
60,000‌
59‌
U.S.
Treasury
Bonds,
4.625%,
5/15/54 
150,000‌
148‌
U.S.
Treasury
Bonds,
4.75%,
11/15/43 
370,000‌
374‌
U.S.
Treasury
Bonds,
4.75%,
11/15/53 
640,000‌
644‌
U.S.
Treasury
Inflation-Indexed
Bonds,
0.125%,
2/15/51 
106,380‌
58‌
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50 
284,214‌
166‌
U.S.
Treasury
Inflation-Indexed
Bonds,
0.625%,
2/15/43 
297,971‌
223‌
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/42 
602,971‌
470‌
U.S.
Treasury
Inflation-Indexed
Bonds,
0.75%,
2/15/45 
243,904‌
179‌
U.S.
Treasury
Inflation-Indexed
Bonds,
0.875%,
2/15/47 
252,339‌
184‌
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/46 
83,358‌
63‌
T.
ROWE
PRICE
Global
Allocation
Fund
54
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/48 
146,215‌
108‌
U.S.
Treasury
Inflation-Indexed
Bonds,
1.00%,
2/15/49 
171,184‌
125‌
U.S.
Treasury
Inflation-Indexed
Bonds,
1.375%,
2/15/44 
105,695‌
89‌
U.S.
Treasury
Inflation-Indexed
Bonds,
1.50%,
2/15/53 
530,811‌
424‌
U.S.
Treasury
Inflation-Indexed
Bonds,
2.125%,
2/15/41 
291,412‌
287‌
U.S.
Treasury
Inflation-Indexed
Bonds,
2.125%,
2/15/54 
310,033‌
286‌
U.S.
Treasury
Inflation-Indexed
Bonds,
2.375%,
2/15/55 
5,056‌
5‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/26 
299,676‌
298‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/26 
592,366‌
590‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
10/15/26 
1,546,969‌
1,537‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
4/15/27 
1,795,858‌
1,770‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/30 
706,914‌
667‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
7/15/30 
404,466‌
380‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31 
429,013‌
396‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.25%,
7/15/29 
711,029‌
684‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.50%,
1/15/28 
336,331‌
332‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.625%,
7/15/32 
795,543‌
739‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.75%,
7/15/28 
146,946‌
146‌
U.S.
Treasury
Inflation-Indexed
Notes,
0.875%,
1/15/29 
198,650‌
196‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.25%,
4/15/28 
779,864‌
783‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.375%,
7/15/33 
745,940‌
723‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.625%,
10/15/27 
387,774‌
396‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.625%,
10/15/29 
1,445,050‌
1,469‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.625%,
4/15/30 
606,428‌
613‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.75%,
1/15/34 (10)
1,958,451‌
1,940‌
U.S.
Treasury
Inflation-Indexed
Notes,
1.875%,
7/15/34 
371,165‌
372‌
U.S.
Treasury
Inflation-Indexed
Notes,
2.125%,
4/15/29 
2,958,319‌
3,055‌
U.S.
Treasury
Inflation-Indexed
Notes,
2.125%,
1/15/35 
227,493‌
232‌
U.S.
Treasury
Inflation-Indexed
Notes,
2.375%,
10/15/28 
3,688,941‌
3,854‌
U.S.
Treasury
Inflation-Indexed
Notes,
3.875%,
4/15/29 
291,146‌
320‌
U.S.
Treasury
Notes,
0.625%,
8/15/30 
420,000‌
357‌
U.S.
Treasury
Notes,
0.75%,
1/31/28 
120,000‌
111‌
U.S.
Treasury
Notes,
1.25%,
8/15/31 
535,000‌
457‌
U.S.
Treasury
Notes,
1.625%,
8/15/29 
1,450,000‌
1,335‌
U.S.
Treasury
Notes,
1.875%,
2/28/27 (10)
2,570,000‌
2,490‌
U.S.
Treasury
Notes,
1.875%,
2/15/32 
365,000‌
320‌
U.S.
Treasury
Notes,
3.625%,
5/31/28 
100,000‌
100‌
U.S.
Treasury
Notes,
3.875%,
8/15/34 
1,000,000‌
980‌
U.S.
Treasury
Notes,
4.00%,
2/29/28 
725,000‌
733‌
U.S.
Treasury
Notes,
4.00%,
2/28/30 
1,650,000‌
1,672‌
U.S.
Treasury
Notes,
4.00%,
3/31/30 
495,000‌
501‌
U.S.
Treasury
Notes,
4.00%,
2/15/34 
280,000‌
278‌
U.S.
Treasury
Notes,
4.125%,
9/30/27 
2,220,000‌
2,248‌
T.
ROWE
PRICE
Global
Allocation
Fund
55
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
Treasury
Notes,
4.125%,
10/31/27 
1,195,000‌
1,210‌
U.S.
Treasury
Notes,
4.125%,
11/30/29 
355,000‌
361‌
U.S.
Treasury
Notes,
4.25%,
2/28/29 
490,000‌
500‌
U.S.
Treasury
Notes,
4.25%,
11/15/34 
1,355,000‌
1,365‌
U.S.
Treasury
Notes,
4.375%,
11/30/28 
1,105,000‌
1,132‌
U.S.
Treasury
Notes,
4.375%,
12/31/29 
350,000‌
360‌
U.S.
Treasury
Notes,
4.375%,
5/15/34 
150,000‌
153‌
U.S.
Treasury
Notes,
4.50%,
5/31/29 
355,000‌
366‌
U.S.
Treasury
Notes,
4.625%,
2/15/35 
540,000‌
560‌
57,049‌
Total
United
States
(Cost
$456,524)
552,059‌
VIETNAM 0.3%
Common
Stocks 0.3% 
Asia
Commercial
Bank 
316,436‌
293‌
Bank
for
Foreign
Trade
of
Vietnam (2)
177,647‌
393‌
Binh
Minh
Plastics 
12,200‌
68‌
FPT 
97,033‌
410‌
FPT
Digital
Retail (2)
9,395‌
61‌
Hoa
Phat
Group (2)
605,380‌
594‌
Khang
Dien
House
Trading
&
Investment (2)
97,967‌
100‌
Military
Commercial
Joint
Stock
Bank 
167,608‌
153‌
Mobile
World
Investment 
64,600‌
152‌
Nam
Long
Investment 
55,266‌
59‌
Phu
Nhuan
Jewelry 
69,220‌
190‌
Saigon
Beer
Alcohol
Beverage 
13,500‌
25‌
Total
Vietnam
(Cost
$2,064)
2,498‌
SHORT-TERM
INVESTMENTS 0.7%
Money
Market
Funds 0.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.38% (7)(11)
5,173,207‌
5,173‌
Total
Short-Term
Investments
(Cost
$5,173)
5,173‌
T.
ROWE
PRICE
Global
Allocation
Fund
56
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL 0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.4%
Money
Market
Funds 0.4%
T.
Rowe
Price
Government
Reserve
Fund,
4.38% (7)(11)
2,983,396‌
2,983‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,983‌
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY 0.1%
Money
Market
Funds 0.1%
T.
Rowe
Price
Government
Reserve
Fund,
4.38% (7)(11)
572,502‌
573‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
573‌
Total
Securities
Lending
Collateral
(Cost
$3,556)
3,556‌
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.0%
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
S&P
500
Index,
Call,
6/20/25
@
$5,850.00 (2)
30‌
16,707‌
167‌
Total
Options
Purchased
(Cost
$115)
167‌
Total
Investments
in
Securities
100.0%
of
Net
Assets
(Cost
$607,128)
$
751,487‌
‡
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)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
April
30,
2025.
(2)
Non-income
producing
T.
ROWE
PRICE
Global
Allocation
Fund
57
.
.
.
.
.
.
.
.
.
.
(3)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$11,200
and
represents
1.5%
of
net
assets.
(4)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$2,220
and
represents
0.3%
of
net
assets.
(6)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(7)
Affiliated
Companies
(8)
SEC
30-day
yield
(9)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(10)
At
April
30,
2025,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(11)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans. 
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
CNH
Offshore
China
Renminbi
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GDR
Global
Depositary
Receipts
GO
General
Obligation
T.
ROWE
PRICE
Global
Allocation
Fund
58
.
.
.
.
.
.
.
.
.
.
HHEFA
Health
&
Higher
Educational
Facility
Authority
HKD
Hong
Kong
Dollar
IDA
Industrial
Development
Authority/Agency
ILS
Israeli
Shekel
JPY
Japanese
Yen
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PIK
Payment-in-kind
PTC
Pass-Through
Certificate
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
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
59
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
 (0.0)%
OTC
Options
Written (0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
5/16/25
@
$76.00
633
4,975
(8‌)
Morgan
Stanley
KE
Holdings,
Call,
6/20/25
@
$27.00
3
6
—‌
Morgan
Stanley
KE
Holdings,
Call,
6/20/25
@
$28.00
3
6
—‌
Morgan
Stanley
S&P
500
Index,
Put,
6/20/25
@
$5,000.00
30
16,707
(131‌)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
5/16/25
@
$78.00
530
4,166
(43‌)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
5/16/25
@
$78.00
530
4,166
(26‌)
Total
Options
Written
(Premiums
$(315))
$
(208‌)
T.
ROWE
PRICE
Global
Allocation
Fund
60
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
United
States
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S43,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
2,000
34
46
(12‌)
Total
United
States
(12‌)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(12‌)
Total
Centrally
Cleared
Swaps
(12‌)
Net
payments
(receipts)
of
variation
margin
to
date
11‌
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(1‌)
T.
ROWE
PRICE
Global
Allocation
Fund
61
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
5/28/25
USD
821‌
DKK
5,390‌
$
1‌
BNP
Paribas
5/30/25
USD
2,214‌
AUD
3,470‌
(9‌)
BNP
Paribas
5/30/25
USD
3,481‌
CHF
2,881‌
(23‌)
JPMorgan
Chase
5/30/25
USD
5,136‌
GBP
3,848‌
7‌
JPMorgan
Chase
5/30/25
USD
152‌
ILS
551‌
1‌
JPMorgan
Chase
5/30/25
USD
210‌
NOK
2,189‌
—‌
JPMorgan
Chase
5/30/25
USD
64‌
NZD
107‌
—‌
JPMorgan
Chase
5/30/25
USD
1,089‌
SEK
10,532‌
(3‌)
JPMorgan
Chase
5/30/25
USD
459‌
SGD
603‌
(3‌)
Standard
Chartered
5/30/25
USD
612‌
HKD
4,745‌
—‌
State
Street
5/15/25
JPY
48,531‌
USD
332‌
8‌
State
Street
5/30/25
USD
11,935‌
EUR
10,497‌
22‌
State
Street
5/30/25
USD
7,413‌
JPY
1,059,822‌
(26‌)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(25‌)
T.
ROWE
PRICE
Global
Allocation
Fund
62
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
17
MSCI
EAFE
Index
contracts
6/25
(2,120)
$
8‌
Short,
31
S&P
500
E-Mini
Index
contracts
6/25
(8,660)
(474‌)
Long,
25
U.S.
Treasury
Long
Bond
contracts
6/25
2,916
(13‌)
Long,
43
U.S.
Treasury
Notes
five
year
contracts
6/25
4,695
71‌
Long,
15
U.S.
Treasury
Notes
ten
year
contracts
6/25
1,683
26‌
Long,
14
U.S.
Treasury
Notes
two
year
contracts
6/25
2,914
26‌
Long,
2
Ultra
U.S.
Treasury
Bonds
contracts
6/25
242
(1‌)
Short,
12
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/25
(1,377)
(12‌)
Net
payments
(receipts)
of
variation
margin
to
date
363‌
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(6‌)
T.
ROWE
PRICE
Global
Allocation
Fund
63
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
April
30,
2025.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
5.97% 
$
(1,582‌)
$
1,534‌
$
385‌
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
6.67% 
(161‌)
(484‌)
985‌
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.54% 
(558‌)
689‌
539‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.17% 
(78‌)
(45‌)
295‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.39% 
(509‌)
180‌
665‌
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class 
2,715‌
(5,325‌)
298‌
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.75% 
(689‌)
1,335‌
374‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.75% 
(142‌)
211‌
116‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class 
(172‌)
(1,077‌)
1,377‌
T.
Rowe
Price
Government
Reserve
Fund,
4.38%
—‌
—‌
—‌++
T.
Rowe
Price
Treasury
Reserve
Fund,
4.38%
—‌
—‌
127‌
Affiliates
not
held
at
period
end
—‌
—‌
15‌
Totals
$
(1,176‌)#
$
(2,982‌)
$
5,176‌+
T.
ROWE
PRICE
Global
Allocation
Fund
64
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
10/31/24
Purchase
Cost
Sales
Cost
Value
4/30/25
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
5.97% 
$
15,875‌
$
385‌
$
9,082‌
$
8,712‌
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
6.67% 
31,976‌
986‌
4,811‌
27,667‌
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class,
6.54% 
17,544‌
539‌
3,058‌
15,714‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.17% 
8,914‌
297‌
2,128‌
7,038‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.39% 
21,224‌
665‌
5,009‌
17,060‌
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class 
43,493‌
3,395‌
1,883‌
39,680‌
T.
Rowe
Price
International
Bond
Fund
-
I
Class,
3.75% 
23,334‌
1,375‌
2,689‌
23,355‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.75% 
7,384‌
2,115‌
1,492‌
8,218‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class 
21,009‌
1,527‌
2,172‌
19,287‌
T.
Rowe
Price
Government
Reserve
Fund,
4.38%
5,564‌
 ¤
 ¤
3,556‌
T.
Rowe
Price
Treasury
Reserve
Fund,
4.38%
9,297‌
 ¤
 ¤
5,173‌
Total
$
175,460‌^
T.
ROWE
PRICE
Global
Allocation
Fund
65
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$2,347
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4
.
+
Investment
income
comprised
$5,176
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
$184,395.
T.
ROWE
PRICE
Global
Allocation
Fund
April
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
66
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$607,128)
$
751,487‌
Receivable
for
investment
securities
sold
3,760‌
Dividends
and
interest
receivable
1,363‌
Foreign
currency
(cost
$1,111)
1,106‌
Receivable
for
shares
sold
597‌
Unrealized
gain
on
forward
currency
exchange
contracts
39‌
Cash
1‌
Other
assets
1,157‌
Total
assets
759,510‌
Liabilities
Obligation
to
return
securities
lending
collateral
3,556‌
Payable
for
investment
securities
purchased
3,211‌
Investment
management
fees
payable
338‌
Payable
for
shares
redeemed
297‌
Options
written
(premiums
$315)
208‌
Unrealized
loss
on
forward
currency
exchange
contracts
64‌
Due
to
affiliates
9‌
Variation
margin
payable
on
futures
contracts
6‌
Variation
margin
payable
on
centrally
cleared
swaps
1‌
Other
liabilities
369‌
Total
liabilities
8,059‌
Commitments
and
Contingent
Liabilities
(note
7
)
NET
ASSETS
$
751,451‌
T.
ROWE
PRICE
Global
Allocation
Fund
April
30,
2025
(Unaudited)
Statement
of
Assets
and
Liabilities
67
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
133,167‌
Paid-in
capital
applicable
to
49,914,059
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
authorized
618,284‌
NET
ASSETS
$
751,451‌
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$496,849;
Shares
outstanding:
32,991,847)
$
15.06‌
Advisor
Class
(Net
assets:
$3,076;
Shares
outstanding:
205,795)
$
14.95‌
I
Class
(Net
assets:
$251,526;
Shares
outstanding:
16,716,417)
$
15.05‌
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Statement
of
Operations
68
($000s)
6
Months
Ended
4/30/25
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$129)
$
9,058‌
.
  Interest
2,045‌
Securities
lending
13‌
Other
1‌
Total
income
11,117‌
Expenses
Investment
management
2,680‌
Shareholder
servicing
Investor
Class
$
389‌
Advisor
Class
4‌
I
Class
20‌
413‌
Rule
12b-1
fees
Advisor
Class
4‌
Prospectus
and
shareholder
reports
Investor
Class
17‌
I
Class
4‌
21‌
Custody
and
accounting
151‌
Legal
and
audit
84‌
Registration
40‌
Directors
1‌
Miscellaneous
15‌
Waived
/
paid
by
Price
Associates
(594‌)
Total
expenses
2,815‌
Net
investment
income
8,302‌
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Statement
of
Operations
69
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/25
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
(net
of
foreign
taxes
of
$25)
16,454‌
Futures
(715‌)
Swaps
(30‌)
Options
written
437‌
Forward
currency
exchange
contracts
(1,074‌)
Foreign
currency
transactions
(19‌)
Capital
gain
distributions
from
mutual
funds
2,347‌
Net
realized
gain
17,400‌
Change
in
net
unrealized
gain
/
loss
Securities
(net
of
increase
in
deferred
foreign
taxes
of
$27)
(16,006‌)
Futures
(549‌)
Swaps
(14‌)
Options
written
441‌
Forward
currency
exchange
contracts
114‌
Other
assets
and
liabilities
denominated
in
foreign
currencies
64‌
Change
in
net
unrealized
gain
/
loss
(15,950‌)
Net
realized
and
unrealized
gain
/
loss
1,450‌
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
9,752‌
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
70
($000s)
6
Months
Ended
4/30/25
Year
Ended
10/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
8,302‌
$
15,809‌
Net
realized
gain
17,400‌
33,791‌
Change
in
net
unrealized
gain
/
loss
(15,950‌)
106,566‌
Increase
in
net
assets
from
operations
9,752‌
156,166‌
Distributions
to
shareholders
Net
earnings
Investor
Class
(25,481‌)
(12,874‌)
Advisor
Class
(157‌)
(84‌)
I
Class
(14,957‌)
(8,544‌)
Decrease
in
net
assets
from
distributions
(40,595‌)
(21,502‌)
Capital
share
transactions
*
Shares
sold
Investor
Class
39,384‌
71,838‌
Advisor
Class
216‌
923‌
I
Class
22,433‌
43,170‌
Distributions
reinvested
Investor
Class
23,808‌
12,046‌
Advisor
Class
139‌
73‌
I
Class
14,641‌
8,400‌
Shares
redeemed
Investor
Class
(63,549‌)
(145,797‌)
Advisor
Class
(542‌)
(1,619‌)
I
Class
(66,311‌)
(84,177‌)
Decrease
in
net
assets
from
capital
share
transactions
(29,781‌)
(95,143‌)
T.
ROWE
PRICE
Global
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
71
($000s)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
4/30/25
Year
Ended
10/31/24
Net
Assets
Increase
(decrease)
during
period
(60,624‌)
39,521‌
Beginning
of
period
812,075‌
772,554‌
End
of
period
$
751,451‌
$
812,075‌
*Share
information
(000s)
Shares
sold
Investor
Class
2,578‌
4,819‌
Advisor
Class
15‌
61‌
I
Class
1,469‌
2,908‌
Distributions
reinvested
Investor
Class
1,603‌
851‌
Advisor
Class
9‌
5‌
I
Class
987‌
594‌
Shares
redeemed
Investor
Class
(4,184‌)
(9,803‌)
Advisor
Class
(36‌)
(110‌)
I
Class
(4,345‌)
(5,727‌)
Decrease
in
shares
outstanding
(1,904‌)
(6,402‌)
T.
ROWE
PRICE
Global
Allocation
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
72
T.
Rowe
Price
Global
Allocation
Fund,
Inc. (the
corporation)
is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Global
Allocation
Fund
(the
fund)
is a
diversified, open-end
management
investment
company
established
by
the
corporation. The
fund
seeks long-term
capital
appreciation
and
income.
The
fund
has three classes
of
shares:
the
Global
Allocation
Fund
(Investor
Class),
the
Global
Allocation
Fund–Advisor
Class
(Advisor
Class)
and
the
Global
Allocation
Fund–I
Class
(I
Class).
Advisor
Class
shares
are
sold
only
through
various
brokers
and
other
financial
intermediaries.
I
Class
shares
require
a
$500,000
initial
investment
minimum,
although
the
minimum
generally
is
waived
or
reduced
for
financial
intermediaries,
eligible
retirement
plans,
and
certain
other
accounts.
The
Advisor
Class
operates
under
a
Board-approved
Rule
12b-1
plan
pursuant
to
which
the
class
compensates
financial
intermediaries
for
distribution,
shareholder
servicing,
and/or
certain
administrative
services;
the
Investor
and
I
Classes
do
not
pay
Rule
12b-1
fees. Each
class
has
exclusive
voting
rights
on
matters
related
solely
to
that
class;
separate
voting
rights
on
matters
that
relate
to
all
classes;
and,
in
all
other
respects,
the
same
rights
and
obligations
as
the
other
classes. 
NOTE
1
-
SIGNIFICANT
ACCOUNTING
POLICIES 
Basis
of
Preparation
 The fund
is
an
investment
company
and
follows
accounting
and
reporting
guidance
in
the
Financial
Accounting
Standards
Board
(FASB)
Accounting
Standards
Codification
Topic
946
(ASC
946).
The
accompanying
financial
statements
were
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP),
including,
but
not
limited
to,
ASC
946.
GAAP
requires
the
use
of
estimates
made
by
management.
Management
believes
that
estimates
and
valuations
are
appropriate;
however,
actual
results
may
differ
from
those
estimates,
and
the
valuations
reflected
in
the
accompanying
financial
statements
may
differ
from
the
value
ultimately
realized
upon
sale
or
maturity.
Investment
Transactions,
Investment
Income,
and
Distributions
 Investment
transactions
are
accounted
for
on
the
trade
date
basis.
Income
and
expenses
are
recorded
on
the
accrual
basis.
Realized
gains
and
losses
are
reported
on
the
identified
cost
basis. Premiums
and
discounts
on
debt
securities
are
amortized
for
financial
reporting
purposes. Paydown
gains
and
losses
are
recorded
as
an
adjustment
to
interest
income. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
T.
ROWE
PRICE
Global
Allocation
Fund
73
as
interest
income. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies are
reflected
as
dividend income;
capital
gain
distributions
are
reflected
as
realized
gain/loss. Dividend
income and
capital
gain
distributions
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class annually. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
 Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
 Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
The
Advisor
Class
pays
Rule
12b-1
fees,
in
an
amount
not
exceeding
0.25%
of
the
class’s
average
daily
net
assets.
Capital
Transactions
 Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
each
day
the
NYSE
is
open
for
business.
However,
the
NAV
per
share
may
be
calculated
at
a
time
other
than
the
normal
close
of
the
NYSE
if
trading
on
the
NYSE
is
restricted,
if
the
NYSE
closes
earlier,
or
as
T.
ROWE
PRICE
Global
Allocation
Fund
74
may
be
permitted
by
the
SEC.
Purchases
and
redemptions
of
fund
shares
are
transacted
at
the
next-computed
NAV
per
share,
after
receipt
of
the
transaction
order
by
T.
Rowe
Price
Associates,
Inc.,
or
its
agents.
New
Accounting
Guidance
 In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
 In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION 
Fair
Value
  The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
T.
ROWE
PRICE
Global
Allocation
Fund
75
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques 
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
the
fund’s portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
T.
ROWE
PRICE
Global
Allocation
Fund
76
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Assets
and
liabilities
other
than
financial
instruments,
including
short-term
receivables
and
payables,
are
carried
at
cost,
or
estimated
realizable
value,
if
less,
which
approximates
fair
value. 
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
T.
ROWE
PRICE
Global
Allocation
Fund
77
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.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
April
30,
2025
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Global
Allocation
Fund
78
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Closed-End
Mutual
Funds
$
—‌
$
21‌
$
—‌
$
21‌
Fixed
Income
Securities
1
—‌
89,131‌
—‌
89,131‌
Asset-Backed
Securities
—‌
2,780‌
98‌
2,878‌
Bond
Mutual
Funds
107,764‌
—‌
—‌
107,764‌
Common
Stocks
253,529‌
161,502‌
182‌
415,213‌
Convertible
Preferred
Stocks
—‌
—‌
1,842‌
1,842‌
Equity
Mutual
Funds
58,967‌
—‌
—‌
58,967‌
Non-U.S.
Government
Mortgage-Backed
Securities
—‌
2,206‌
98‌
2,304‌
Preferred
Stocks
—‌
130‌
—‌
130‌
Private
Investment
Companies
—‌
—‌
64,341‌
64,341‌
Short-Term
Investments
5,173‌
—‌
—‌
5,173‌
Securities
Lending
Collateral
3,556‌
—‌
—‌
3,556‌
Options
Purchased
—‌
167‌
—‌
167‌
Total
Securities
428,989‌
255,937‌
66,561‌
751,487‌
Forward
Currency
Exchange
Contracts
—‌
39‌
—‌
39‌
Futures
Contracts*
131‌
—‌
—‌
131‌
Total
$
429,120‌
$
255,976‌
$
66,561‌
$
751,657‌
Liabilities
Options
Written
$
—‌
$
208‌
$
—‌
$
208‌
Swaps*
—‌
12‌
—‌
12‌
Forward
Currency
Exchange
Contracts
—‌
64‌
—‌
64‌
Futures
Contracts*
500‌
—‌
—‌
500‌
Total
$
500‌
$
284‌
$
—‌
$
784‌
T.
ROWE
PRICE
Global
Allocation
Fund
79
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
six
months ended
April
30,
2025.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any,
and
is
included
on
the
accompanying
Statement
of
Operations.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
April
30,
2025,
totaled $2,362,000 for
the
six
months ended
April
30,
2025.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
1
Includes
Corporate
Bonds,
Government
Bonds,
Municipal
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
10/31/24
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
4/30/25
Investment
in
Securities
Asset-Backed
Securities
$
—‌
$
—‌
$
100‌
$
(2‌)
$
98‌
Common
Stocks
167‌
15‌
—‌
—‌
182‌
Convertible
Preferred
Stocks
1,684‌
115‌
182‌
(139‌)
1,842‌
Non-U.S.
Government
Mortgage-Backed
Securities
106‌
—‌
—‌
(8‌)
98‌
Private
Investment
Companies
62,643‌
2,698‌
—‌
(1,000‌)
64,341‌
Total
$
64,600‌
$
2,828‌
$
282‌
$
(1,149‌)
$
66,561‌
T.
ROWE
PRICE
Global
Allocation
Fund
80
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**
Asset-
Backed
Securities
$
98
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Common
Stocks
$182
Recent
comparable
transaction
price(s)
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
100%
100%
Decrease
Market
comparable
Probability
for
potential
outcome
20%
20%
Increase
Enterprise
value
to
gross
profit
multiple
4.9x
–
14.1x
12.3x
Increase
Gross
profit
growth
rate
28%
28%
Increase
Enterprise
value
to
sales
multiple
1.7x
–
11.3x
9.7x
Increase
Sales
growth
rate
28%
28%
Increase
Premium
to
public
company
multiples
25%
25%
Increase
Discount
for
liquidation
preference
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Global
Allocation
Fund
81
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**
Convertible
Preferred
Stocks
$
1,842
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
20%
20%
Decrease
Market
comparable
Premium
to
public
company
multiples
25%
25%
Increase
Enterprise
value
to
gross
profit
multiple
6.4x
–
14.1x
10.3x
Increase
Gross
profit
growth
rate
28%
28%
Increase
Enterprise
value
to
sales
multiple
2.2x
–
11.3x
4.1x
Increase
Sales
growth
rate
22%
-
65%
31%
Increase
Enterprise
value
to
EBIT
multiple
10.2x
–
14.3x
12.4x
Increase
EBIT
growth
rate
27%
27%
Increase
Enterprise
value
to
EBITDA
multiple
11.3x
–
35.9x
19.5x
Increase
Discount
for
dilution
43%
43%
Decrease
Discount
to
public
company
multiples
15%
-
25%
15%
Decrease
Discount
rate
for
cost
of
capital
13%
-
38%
28%
Decrease
T.
ROWE
PRICE
Global
Allocation
Fund
82
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions. 
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
NOTE
3
-
DERIVATIVE
INSTRUMENTS 
During
the
six
months ended
April
30,
2025,
the
fund
invested
in
derivative
instruments.
As
defined
by
GAAP,
a
derivative
is
a
financial
instrument
whose
value
is
derived
from
an
underlying
security
price,
foreign
exchange
rate,
interest
rate,
index
of
prices
or
rates,
or
other
variable;
it
requires
little
or
no
initial
investment
and
permits
or
requires
net
settlement
or
delivery
of
cash
or
other
assets.
The
fund
invests
in
derivatives
only
if
the
expected
risks
and
rewards
are
consistent
with
its
investment
objectives,
policies,
and
overall
risk
profile,
as
described
in
its
prospectus
and
Statement
of
Additional
Information.
The
fund
may
use
derivatives
for
a
variety
of
purposes
and
may
use
them
to
establish
both
long
and
short
positions
within
the
fund’s
portfolio.
Potential
uses
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
uncertainty
10%
-
75%
43%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Mortgage-
Backed
Securities
$
98
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Private
Investment
Companies
$
64,341
Rollforward
of
Investee
NAV
Estimated
return
-0.32%
-0.32%
Increase
T.
ROWE
PRICE
Global
Allocation
Fund
83
include
to
hedge
against
declines
in
principal
value,
increase
yield,
invest
in
an
asset
with
greater
efficiency
and
at
a
lower
cost
than
is
possible
through
direct
investment,
to
enhance
return,
or
to
adjust
credit
exposure.
The
risks
associated
with
the
use
of
derivatives
are
different
from,
and
potentially
much
greater
than,
the
risks
associated
with
investing
directly
in
the
instruments
on
which
the
derivatives
are
based.
The
fund
values
its
derivatives
at
fair
value
and
recognizes
changes
in
fair
value
currently
in
its
results
of
operations.
Accordingly,
the
fund
does
not
follow
hedge
accounting,
even
for
derivatives
employed
as
economic
hedges.
Generally,
the
fund
accounts
for
its
derivatives
on
a
gross
basis.
It
does
not
offset
the
fair
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
April
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure: 
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Futures
$
123‌
Foreign
exchange
derivatives
Forwards
39‌
Equity
derivatives
Futures,
Securities^
175‌
^
,*
Total
$
337‌
^
,*
Liabilities
Interest
rate
derivatives
Futures
$
26‌
Foreign
exchange
derivatives
Forwards
64‌
Credit
derivatives
Centrally
Cleared
Swaps,
Options
Written
89‌
Equity
derivatives
Futures,
Options
Written
605‌
Total
$
784‌
T.
ROWE
PRICE
Global
Allocation
Fund
84
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
April
30,
2025,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure: 
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
value
reflected
on
the
accompanying
Statement
of
Assets
and
Liabilities
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
($000s)                                              
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Inflation
derivatives
$
—‌
$
—‌
$
—‌
$
—‌
$
2‌
$
2‌
Interest
rate
derivatives
—‌
—‌
(299‌)
—‌
—‌
(299‌)
Foreign
exchange
derivatives
—‌
—‌
—‌
(1,074‌)
—‌
(1,074‌)
Credit
derivatives
—‌
76‌
—‌
—‌
(32‌)
44‌
Equity
derivatives
(55‌)
361‌
(416‌)
—‌
—‌
(110‌)
Total
$
(55‌)
$
437‌
$
(715‌)
$
(1,074‌)
$
(30‌)
$
(1,437‌)
T.
ROWE
PRICE
Global
Allocation
Fund
85
Counterparty
Risk
and
Collateral
 The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
($000s)                                              
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Change
in
Unrealized
Gain
(Loss)
Inflation
derivatives
$
—‌
$
—‌
$
—‌
$
—‌
$
(1‌)
$
(1‌)
Interest
rate
derivatives
—‌
—‌
346‌
—‌
—‌
346‌
Foreign
exchange
derivatives
—‌
—‌
—‌
114‌
—‌
114‌
Credit
derivatives
—‌
103‌
—‌
—‌
(13‌)
90‌
Equity
derivatives
52‌
338‌
(895‌)
—‌
—‌
(505‌)
Total
$
52‌
$
441‌
$
(549‌)
$
114‌
$
(14‌)
$
44‌
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Global
Allocation
Fund
86
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
or
transactions
assigned
to
other
counterparties
to
allow
the
fund
to
exit
the
transaction.
This
ability
is
subject
to
the
liquidity
of
underlying
positions. As
of
April
30,
2025,
securities
valued
at $1,532,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
April
30,
2025,
no
collateral
was
pledged
by
counterparties
T.
ROWE
PRICE
Global
Allocation
Fund
87
to
the
fund
for
bilateral
derivatives. As
of
April
30,
2025,
securities
valued
at $901,000
had
been
posted
by
the
fund
for
exchange-traded
and/or
centrally
cleared
derivatives.
Forward
Currency
Exchange
Contracts
 The
fund
is
subject
to
foreign
currency
exchange
rate
risk
in
the
normal
course
of
pursuing
its
investment
objectives.
It may use
forward
currency
exchange
contracts
(forwards)
primarily
to
protect
its
non-U.S.
dollar-denominated
securities
from
adverse
currency
movements
or
to
increase
exposure
to
a
particular
foreign
currency,
to
shift
the
fund’s
foreign
currency
exposure
from
one
country
to
another,
or
to
enhance
the
fund’s
return.
A
forward
involves
an
obligation
to
purchase
or
sell
a
fixed
amount
of
a
specific
currency
on
a
future
date
at
a
price
set
at
the
time
of
the
contract.
Although
certain
forwards
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract,
most
forwards
are
settled
with
the
exchange
of
the
underlying
currencies
in
accordance
with
the
specified
terms.
Forwards
are
valued
at
the
unrealized
gain
or
loss
on
the
contract,
which
reflects
the
net
amount
the
fund
either
is
entitled
to
receive
or
obligated
to
deliver,
as
measured
by
the
difference
between
the
forward
exchange
rates
at
the
date
of
entry
into
the
contract
and
the
forward
rates
at
the
reporting
date.
Appreciated
forwards
are
reflected
as
assets
and
depreciated
forwards
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
forwards
include
the
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
that
anticipated
currency
movements
will
not
occur,
thereby
reducing
the
fund’s
total
return;
and
the
potential
for
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
April
30,
2025,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
approximately
5%
of
net
assets.
Futures
Contracts
 The
fund
is
subject
to interest
rate
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risks.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
and
foreign
currencies;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
or
as
a
cash
management
tool. A
futures
contract
provides
for
the
future
sale
by
one
party
and
purchase
by
another
of
a
specified
amount
of
a
specific
underlying
financial
instrument
at
an
agreed-upon
price,
date,
time,
and
place.
The
fund
currently
invests
only
in
exchange-traded
futures,
which
generally
are
standardized
as
to
maturity
date,
underlying
financial
instrument,
and
other
contract
terms.
Payments
are
made
or
received
by
the
fund
each
day
to
settle
daily
fluctuations
in
the
value
of
the
contract
(variation
margin),
which
T.
ROWE
PRICE
Global
Allocation
Fund
88
reflect
changes
in
the
value
of
the
underlying
financial
instrument.
Variation
margin
is
recorded
as
unrealized
gain
or
loss
until
the
contract
is
closed.
The
value
of
a
futures
contract
included
in
net
assets
is
the
amount
of
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
Risks
related
to
the
use
of
futures
contracts
include
possible
illiquidity
of
the
futures
markets,
contract
prices
that
can
be
highly
volatile
and
imperfectly
correlated
to
movements
in
hedged
security
values
and/or
interest
rates,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
During
the
six
months ended
April
30,
2025,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
2%
and
5%
of
net
assets.
Options
 The
fund
is
subject
to
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
The
fund
may
use
options
to
manage
exposure
to
security
prices,
interest
rates,
foreign
currencies,
and
credit
quality;
as
an
efficient
means
of
adjusting
exposure
to
all
or
a
part
of
a
target
market;
to
enhance
income;
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
Options
are
included
in
net
assets
at
fair
value,
options
purchased
are
included
in
Investments
in
Securities,
and
options
written
are
separately
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Premiums
on
unexercised,
expired
options
are
recorded
as
realized
gains
or
losses
on
the
accompanying
Statement
of
Operations;
premiums
on
exercised
options
are
recorded
as
an
adjustment
to
the
proceeds
from
the
sale
or
cost
of
the
purchase.
The
difference
between
the
premium
and
the
amount
received
or
paid
in
a
closing
transaction
is
also
treated
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
call
and
put
options
give
the
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
security
at
a
specified
exercise
price.
In
return
for
a
premium
paid,
call
and
put
index
options
give
the
holder
the
right,
but
not
the
obligation,
to
receive
cash
equal
to
the
difference
between
the
value
of
the
reference
index
on
the
exercise
date
and
the
exercise
price
of
the
option. Risks related
to
the
use
of
options
include
possible
illiquidity
of
the
options
markets;
trading
restrictions
imposed
by
an
exchange
or
counterparty;
possible
failure
of
counterparties
to
meet
the
terms
of
the
agreements;
movements
in
the
underlying
asset
values,
currency
values
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
T.
ROWE
PRICE
Global
Allocation
Fund
89
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
April
30,
2025,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
7%
of
net
assets. 
Swaps
 The
fund
is
subject
to
credit
risk
and
inflation
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
The
fund
may
use
swaps
in
an
effort
to
manage
both
long
and
short
exposure
to
changes
in
interest
rates,
inflation
rates,
and
credit
quality;
to
adjust
overall
exposure
to
certain
markets;
to
enhance
total
return
or
protect
the
value
of
portfolio
securities;
to
serve
as
a
cash
management
tool;
or
to
adjust
credit
exposure.
Swap
agreements
can
be
settled
either
directly
with
the
counterparty
(bilateral
swap)
or
through
a
central
clearinghouse
(centrally
cleared
swap).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations upon
contract
termination
or
cash
settlement.
Net
periodic
receipts
or
payments
required
by
a
contract
increase
or
decrease,
respectively,
the
value
of
the
contract
until
the
contractual
payment
date,
at
which
time
such
amounts
are
reclassified
from
unrealized
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
bilateral
swaps,
cash
payments
are
made
or
received
by
the
fund
on
a
periodic
basis
in
accordance
with
contract
terms;
unrealized
gain
on
contracts
and
premiums
paid
are
reflected
as
assets
and
unrealized
loss
on
contracts
and
premiums
received
are
reflected
as
liabilities
on
the
accompanying
Statement
of
Assets
and
Liabilities.
For
bilateral
swaps,
premiums
paid
or
received
are
amortized
over
the
life
of
the
swap
and
are
recognized
as
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations.
For
centrally
cleared
swaps,
payments
are
made
or
received
by
the
fund
each
day
to
settle
the
daily
fluctuation
in
the
value
of
the
contract
(variation
margin).
Accordingly,
the
value
of
a
centrally
cleared
swap
included
in
net
assets
is
the
unsettled
variation
margin;
net
variation
margin
receivable
is
reflected
as
an
asset
and
net
variation
margin
payable
is
reflected
as
a
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
Credit
default
swaps
are
agreements
where
one
party
(the
protection
buyer)
agrees
to
make
periodic
payments
to
another
party
(the
protection
seller)
in
exchange
for
protection
against
specified
credit
events,
such
as
certain
defaults
and
bankruptcies
related
to
an
underlying
credit
instrument,
or
issuer
or
index
of
such
instruments.
Upon
occurrence
of
a
specified
credit
event,
the
protection
seller
is
required
to
pay
the
buyer
the
difference
between
the
notional
amount
of
the
swap
and
the
value
of
the
underlying
credit,
either
in
the
form
of
a
net
cash
settlement
or
by
paying
the
gross
notional
amount
and
accepting
delivery
of
the
relevant
underlying
credit.
For
credit
default
swaps
where
the
underlying
T.
ROWE
PRICE
Global
Allocation
Fund
90
credit
is
an
index,
a
specified
credit
event
may
affect
all
or
individual
underlying
securities
included
in
the
index
and
will
be
settled
based
upon
the
relative
weighting
of
the
affected
underlying
security(ies)
within
the
index. Generally,
the
payment
risk
for
the
seller
of
protection
is
inversely
related
to
the
current
market
price
or
credit
rating
of
the
underlying
credit
or
the
market
value
of
the
contract
relative
to
the
notional
amount,
which
are
indicators
of
the
markets’
valuation
of
credit
quality.
As
of
April
30,
2025,
the
notional
amount
of
protection
sold
by
the
fund
totaled $2,000,000
(0.3%
of
net
assets),
which
reflects
the
maximum
potential
amount
the
fund
could
be
required
to
pay
under
such
contracts.
Risks
related
to
the
use
of
credit
default
swaps
include
the
possible
inability
of
the
fund
to
accurately
assess
the
current
and
future
creditworthiness
of
underlying
issuers,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment.
Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract’s
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
rates,
the
possible
failure
of
a
counterparty
to
perform
in
accordance
with
the
terms
of
the
swap
agreements,
potential
government
regulation
that
could
adversely
affect
the
fund’s
swap
investments,
and
potential
losses
in
excess
of
the
fund’s
initial
investment. 
During
the
six
months ended
April
30,
2025,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS 
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
T.
ROWE
PRICE
Global
Allocation
Fund
91
Restricted
Securities
 The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
 The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses. 
Mortgage-Backed
Securities
 The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
MBS are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
Investment
in
Blackstone
Partners
Offshore
Fund
 The
fund
invested
in
Blackstone
Partners
Offshore
Fund
Ltd.
(Blackstone
Partners),
a
multi-strategy
hedge
fund-of-funds
offered
by
Blackstone
Alternative
Asset
Management
(BAAM),
a
unit
of
Blackstone
Group
L.P.
(Blackstone).
Blackstone
Partners
provides
the
fund
exposure
to
alternative
investments
primarily
through
Blackstone
Partners’
investments
in
underlying
private
investment
funds,
and
the
underlying
funds
are
mostly
managed
by
investment
managers
unaffiliated
with
BAAM
or
Blackstone.
Blackstone
Partners
and
the
underlying
funds
may
use
leverage,
engage
in
short-selling,
and
invest
in
commodities
or
other
speculative
investments,
which
may
increase
the
risk
of
investment
loss.
Blackstone
Partners
and
the
underlying
funds
are
not
subject
to
the
same
regulatory
requirements
as
open-end
mutual
funds,
and,
therefore,
their
investments
and
related
valuations
may
not
be
as
transparent.
Ownership
interests
in
Blackstone
Partners
are
not
transferable
and
are
subject
to
T.
ROWE
PRICE
Global
Allocation
Fund
92
various
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
In
addition,
Blackstone
Partners’
ownership
in
the
underlying
funds
may
also
be
subject
to
transfer
and
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
All
of
these
restrictions
are
subject
to
change
at
the
sole
discretion
of
Blackstone
Partners
or
an
underlying
fund’s
management.
As
of
April
30,
2025,
the
fund’s
investment
in
Blackstone
Partners
is
subject
to
semi-annual
redemption
with
95
days
prior
written
notice
and
is
considered
an
illiquid
asset. 
Securities
Lending
 The fund
may
lend
its
securities
to
approved
borrowers
to
earn
additional
income.
Its
securities
lending
activities
are
administered
by
a
lending
agent
in
accordance
with
a
securities
lending
agreement.
Security
loans
generally
do
not
have
stated
maturity
dates,
and
the
fund
may
recall
a
security
at
any
time.
The
fund
receives
collateral
in
the
form
of
cash
or
U.S.
government
securities.
Collateral
is
maintained
over
the
life
of
the
loan
in
an
amount
not
less
than
the
value
of
loaned
securities;
any
additional
collateral
required
due
to
changes
in
security
values
is
delivered
to
the
fund
the
next
business
day.
Cash
collateral
is
invested
in
accordance
with
investment
guidelines
approved
by
fund
management.
Additionally,
the
lending
agent
indemnifies
the
fund
against
losses
resulting
from
borrower
default.
Although
risk
is
mitigated
by
the
collateral
and
indemnification,
the
fund
could
experience
a
delay
in
recovering
its
securities
and
a
possible
loss
of
income
or
value
if
the
borrower
fails
to
return
the
securities,
collateral
investments
decline
in
value,
and
the
lending
agent
fails
to
perform.
Securities
lending
revenue
consists
of
earnings
on
invested
collateral
and
borrowing
fees,
net
of
any
rebates
to
the
borrower,
compensation
to
the
lending
agent,
and
other
administrative
costs.
In
accordance
with
GAAP,
investments
made
with
cash
collateral
are
reflected
in
the
accompanying
financial
statements,
but
collateral
received
in
the
form
of
securities
is
not.
At
April
30,
2025,
the
value
of
loaned
securities
was
$3,401,000;
the
value
of
cash
collateral
and
related
investments
was
$3,556,000.
Other 
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any,
and short-term
and
U.S.
government securities
aggregated $139,421,000 and
$198,392,000,
respectively,
for
the
six
months ended
April
30,
2025. Purchases
and
sales
of
U.S.
government
securities
aggregated $12,526,000 and
$13,285,000,
respectively,
for
the
six
months ended
April
30,
2025.
T.
ROWE
PRICE
Global
Allocation
Fund
93
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
no
provision
for
federal
income
taxes
is
required
since
the
fund
intends
to continue
to
qualify
as
a
regulated
investment
company
under
Subchapter
M
of
the
Internal
Revenue
Code
and
distribute
to
shareholders
all
of
its taxable
income
and
gains.
Distributions
determined
in
accordance
with
federal
income
tax
regulations
may
differ
in
amount
or
character
from
net
investment
income
and
realized
gains
for
financial
reporting
purposes.
Financial
reporting
records
are
adjusted
for
permanent
book/tax
differences
to
reflect
tax
character
but
are
not
adjusted
for
temporary
differences.
The
amount
and
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report. 
At
April
30,
2025,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$614,172,000.
Net
unrealized
gain
aggregated
$136,595,000
at
period-end,
of
which
$174,903,000
related
to
appreciated
investments
and
$38,308,000
related
to
depreciated
investments.
NOTE
6
-
FOREIGN TAXES
The
fund
is
subject
to
foreign
income
taxes
imposed
by
certain
countries
in
which
it
invests.
Additionally,
capital
gains
realized
upon
disposition
of
securities
issued
in
or
by
certain
foreign
countries
are
subject
to
capital
gains
tax
imposed
by
those
countries.
All
taxes
are
computed
in
accordance
with
the
applicable
foreign
tax
law,
and,
to
the
extent
permitted,
capital
losses
are
used
to
offset
capital
gains.
Taxes
attributable
to
income
are
accrued
by
the
fund
as
a
reduction
of
income.
Current
and
deferred
tax
expense
attributable
to
capital
gains
is
reflected
as
a
component
of
realized
or
change
in
unrealized
gain/
loss
on
securities
in
the
accompanying
financial
statements.
To
the
extent
that
the
fund
has
country
specific
capital
loss
carryforwards,
such
carryforwards
are
applied
against
net
unrealized
gains
when
determining
the
deferred
tax
liability.
Any
deferred
tax
liability
incurred
by
the
fund
is
included
in
either
Other
liabilities
or
Deferred
tax
liability
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
ROWE
PRICE
Global
Allocation
Fund
94
NOTE
7
-
RELATED
PARTY
TRANSACTIONS
The
fund
is
managed
by
T.
Rowe
Price
Associates,
Inc.
(Price
Associates),
a
wholly
owned
subsidiary
of
T.
Rowe
Price
Group,
Inc.
(Price
Group). Price
Associates
has
entered
into
a
sub-advisory
agreement(s)
with
one
or
more
of
its
wholly
owned
subsidiaries,
to
provide
investment
advisory
services
to
the
fund.
The
investment
management
agreement
between
the
fund
and
Price
Associates
provides
for
an
annual
investment
management
fee,
which
is
computed
daily
and
paid
monthly. The
fee
consists
of
an
individual
fund
fee,
equal
to
0.40%
of
the
fund’s
average
daily
net
assets,
and
a
group
fee.
The
group
fee
rate
is
calculated
based
on
the
combined
net
assets
of
certain
mutual
funds
sponsored
by
Price
Associates
(the
group)
applied
to
a
graduated
fee
schedule,
with
rates
ranging
from
0.48%
for
the
first
$1
billion
of
assets
to
0.260%
for
assets
in
excess
of
$845
billion.
The
fund’s
group
fee
is
determined
by
applying
the
group
fee
rate
to
the
fund’s
average
daily
net
assets. At
April
30,
2025,
the
effective
annual
group
fee
rate
was
0.28%.
The
Investor
Class
and
Advisor
Class
are
each
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
dates
indicated
in
the
table
below.
This
agreement
will
continue
through
the
expense
limitation
dates
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
Each
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
T.
ROWE
PRICE
Global
Allocation
Fund
95
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver. 
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended April
30,
2025 as
indicated
in
the
table
below.
Including
these
amounts,
expenses
previously
waived/paid
by
Price
Associates
in
the
amount
of $263,000 remain
subject
to
repayment
by
the
fund
at
April
30,
2025. Any
repayment
of
expenses
previously
waived/paid
by
Price
Associates
during
the
period
would
be
included
in
the
net
investment
income
and
expense
ratios
presented
on
the
accompanying
Financial
Highlights.
In
addition,
the
fund
has
entered
into
service
agreements
with
Price
Associates
and
two
wholly
owned
subsidiaries
of
Price
Associates,
each
an
affiliate
of
the
fund
(collectively,
Price).
Price
Associates
provides
certain
accounting
and
administrative
services
to
the
fund.
T.
Rowe
Price
Services,
Inc.
provides
shareholder
and
administrative
services
in
its
capacity
as
the
fund’s
transfer
and
dividend-disbursing
agent.
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
provides
subaccounting
and
recordkeeping
services
for
certain
retirement
accounts
invested
in
the
Investor
Class
and
Advisor
Class.
For
the
six
months
ended
April
30,
2025,
expenses
incurred
pursuant
to
these
service
agreements
were
$60,000
for
Price
Associates;
$97,000
for
T.
Rowe
Price
Services,
Inc.;
and
$2,000
for
T.
Rowe
Price
Retirement
Plan
Services,
Inc.
All
amounts
due
to
and
due
from
Price,
exclusive
of
investment
management
fees
payable,
are
presented
net
on
the
accompanying
Statement
of
Assets
and
Liabilities.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Investor
Class
Advisor
Class
I
Class
Expense
limitation/I
Class
Limit
1.04%
1.15%
0.05%
Expense
limitation
date
12/31/27
12/31/27
12/31/27
(Waived)/repaid
during
the
period
($000s)
$—
$(1)
$(57)
T.
ROWE
PRICE
Global
Allocation
Fund
96
The fund
may
invest
its
cash
reserves
in
certain
open-end
management
investment
companies
managed
by
Price
Associates
and
considered
affiliates
of
the
fund:
the
T.
Rowe
Price
Government
Reserve
Fund
or
the
T.
Rowe
Price
Treasury
Reserve
Fund,
organized
as
money
market
funds
(together,
the
Price
Reserve
Funds).
The
Price
Reserve
Funds
are
offered
as
short-term
investment
options
to
mutual
funds,
trusts,
and
other
accounts
managed
by
Price
Associates
or
its
affiliates
and
are
not
available
for
direct
purchase
by
members
of
the
public.
Cash
collateral
from
securities
lending,
if
any,
is
invested
in
the
T.
Rowe
Price
Government
Reserve Fund. The
Price
Reserve
Funds
pay
no
investment
management
fees.
The
fund
may
also
invest
in
certain
other
T.
Rowe
Price
funds
(Price
Funds)
as
a
means
of
gaining
efficient
and
cost-effective
exposure
to
certain
markets.
The
fund
does
not
invest
for
the
purpose
of
exercising
management
or
control;
however,
investments
by
the
fund
may
represent
a
significant
portion
of
an
underlying
Price
Fund’s
net
assets.
Each
underlying
Price
Fund
is
an
open-end
management
investment
company
managed
by
Price
Associates
and
is
considered
an
affiliate
of
the
fund.
To
ensure
that
the
fund
does
not
incur
duplicate
management
fees
(paid
by
the
underlying
Price
Fund(s)
and
the
fund),
Price
Associates
has
agreed
to
permanently
waive
a
portion
of
its
management
fee
charged
to
the
fund
in
an
amount
sufficient
to
fully
offset
that
portion
of
management
fees
paid
by
each
underlying
Price
Fund
related
to
the
fund’s
investment
therein.
Annual
management
fee
rates
and
amounts
waived
related
to
investments
in
the
underlying
Price
Fund(s)
for
the
six
months
ended
April
30,
2025,
are
as
follows:
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class
0.48%
$
34‌
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class
0.69%
100‌
T.
Rowe
Price
Emerging
Markets
Local
Currency
Bond
Fund
-
I
Class
0.64%
46‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
22‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
48‌
T.
Rowe
Price
Integrated
U.S.
Small-Mid
Cap
Core
Equity
Fund
-
I
Class
0.63%
128‌
T.
Rowe
Price
International
Bond
Fund
-
I
Class
0.48%
52‌
T.
ROWE
PRICE
Global
Allocation
Fund
97
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$346,000,
$2,000
and
$188,000 for
the
Investor
Class,
Advisor
Class
and
I
Class,
respectively,
for
the
six
months ended
April
30,
2025. 
The fund may
participate
in
securities
purchase
and
sale
transactions
with
other
funds
or
accounts
advised
by
Price
Associates
(cross
trades),
in
accordance
with
procedures
adopted
by the
fund’s
Board
and
Securities
and
Exchange
Commission
rules,
which
require,
among
other
things,
that
such
purchase
and
sale
cross
trades
be
effected
at
the
independent
current
market
price
of
the
security.
During
the
six
months
ended
April
30,
2025,
the
fund
had
no
purchases
or
sales
cross
trades
with
other
funds
or
accounts
advised
by
Price
Associates.
NOTE
8
-
SEGMENT
REPORTING
Operating segments
are
defined
as
components
of
a
company
that
engage
in
business
activities
and
for
which
discrete
financial
information
is
available
and
regularly
reviewed
by
the
chief
operating
decision
maker
(CODM)
in
deciding
how
to
allocate
resources
and
assess
performance.
The
Management
Committee
of
Price
Associates
acts
as
the
fund’s
CODM.
The
fund
makes
investments
in
accordance
with
its
investment
objective
as
outlined
in
the
Prospectus
and
is
considered
one
reportable
segment
because
the
CODM
allocates
resources
and
assesses
the
operating
results
of
the
fund
on
the
whole.
The
fund’s
revenue
is
derived
from
investments
in
a
portfolio
of
securities.
The
CODM
allocates
resources
and
assesses
performance
based
on
the
operating
results
of
the
fund,
which
is
consistent
with
the
results
presented
in
the
statement
of
operations,
statement
of
changes
in
net
assets
and
financial
highlights.
The
CODM
compares
the
fund’s
performance
to
its
benchmark
index
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.48%
$
18‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
0.99%
88‌
Total
Management
Fee
Waived
$
536‌
T.
ROWE
PRICE
Global
Allocation
Fund
98
and
evaluates
the
positioning
of
the
fund
in
relation
to
its
investment
objective.
The
measure
of
segment
assets
is
net
assets
of
the
fund
which
is
disclosed
in
the
statement
of
assets
and
liabilities.
The accounting
policies
of
the
segment
are
the
same
as
those
described
in
the
summary
of
significant
accounting
policies.
The
financial
statements
include
all
details
of
the
segment
assets,
segment
revenue
and
expenses;
and
reflect
the
financial
results
of
the
segment.
NOTE
9
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
T.
ROWE
PRICE
Global
Allocation
Fund
99
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
Each
year,
the
fund’s
Board
of
Directors
(Board)
considers
the
continuation
of
the
investment
management
agreement
(Advisory
Contract)
between
the
fund
and
its
investment
adviser,
T.
Rowe
Price
Associates,
Inc.
(Adviser),
as
well
as
the
investment
subadvisory
agreements
(Subadvisory
Contracts)
that
the
Adviser
has
entered
into
with
T.
Rowe
Price
Australia
Limited,
T.
Rowe
Price
Hong
Kong
Limited,
T.
Rowe
Price
International
Ltd,
T.
Rowe
Price
Japan,
Inc.,
and
T.
Rowe
Price
Singapore
Private
Ltd.
(Subadvisers)
on
behalf
of
the
fund.
In
that
regard,
at
a
meeting
held
on
March
12–13,
2025
(Meeting),
the
Board,
including
all
of
the
fund’s
independent
directors
present
in
person
at
the
Meeting,
approved
the
continuation
of
the
fund’s
Advisory
Contract
and
Subadvisory
Contracts.
At
the
Meeting,
the
Board
considered
the
factors
and
reached
the
conclusions
described
below
relating
to
the
selection
of
the
Adviser
and
Subadvisers
and
the
approval
of
the
Advisory
Contract
and
Subadvisory
Contracts.
The
independent
directors
were
assisted
in
their
evaluation
of
the
Advisory
Contract
and
Subadvisory
Contracts
by
independent
legal
counsel
from
whom
they
received
separate
legal
advice
and
with
whom
they
met
separately.
In
providing
information
to
the
Board,
the
Adviser
was
guided
by
a
detailed
set
of
requests
for
information
submitted
by
independent
legal
counsel
on
behalf
of
the
independent
directors.
In
considering
and
approving
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts,
the
Board
considered
the
information
it
believed
was
relevant,
including,
but
not
limited
to,
the
information
discussed
below.
The
Board
considered
not
only
the
specific
information
presented
in
connection
with
the
Meeting,
but
also
the
knowledge
gained
over
time
through
interaction
with
the
Adviser
and
Subadvisers
about
various
topics.
The
Board
meets
regularly
and,
at
each
of
its
meetings,
covers
an
extensive
agenda
of
topics
and
materials
and
considers
factors
that
are
relevant
to
its
annual
consideration
of
the
renewal
of
the
T.
Rowe
Price
funds’
advisory
contracts,
including
performance
and
the
services
and
support
provided
to
the
funds
and
their
shareholders.
Services
Provided
by
the
Adviser
and
Subadvisers
The
Board
considered
the
nature,
quality,
and
extent
of
the
services
provided
to
the
fund
by
the
Adviser
and
Subadvisers.
These
services
included,
but
were
not
limited
to,
directing
the
fund’s
investments
in
accordance
with
its
investment
program
and
the
overall
management
of
the
fund’s
portfolio,
as
well
as
a
variety
of
related
activities
such
as
financial,
investment
operations,
and
administrative
services;
compliance;
maintaining
the
fund’s
records
and
registrations;
and
shareholder
communications.
The
Board
also
reviewed
the
background
and
experience
of
the
Adviser’s
and
Subadvisers’
senior
management
teams
and
investment
personnel
T.
ROWE
PRICE
Global
Allocation
Fund
100
involved
in
the
management
of
the
fund,
as
well
as
the
Adviser’s
compliance
record.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
nature,
quality,
and
extent
of
the
services
provided
by
the
Adviser
and
Subadvisers,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
Investment
Performance
of
the
Fund
The
Board
took
into
account
discussions
with
the
Adviser
and
detailed
reports
that
it
regularly
receives
throughout
the
year
on
relative
and
absolute
performance
for
the
T.
Rowe
Price
funds.
In
connection
with
the
Meeting,
the
Board
reviewed
information
provided
by
the
Adviser
that
compared
the
fund’s
total
returns,
as
well
as
a
wide
variety
of
other
previously
agreed-upon
performance
measures
and
market
data,
against
relevant
benchmark
indexes
and
peer
groups
of
funds
with
similar
investment
programs
for
various
periods
through
December
31,
2024.
Additionally,
the
Board
reviewed
the
fund’s
relative
performance
information
as
of
September
30,
2024,
which
ranked
the
returns
of
the
fund’s
Investor
Class
for
various
periods
against
a
universe
of
funds
with
similar
investment
programs
selected
by
Broadridge,
an
independent
provider
of
mutual
fund
data.
In
the
course
of
its
deliberations,
the
Board
considered
performance
information
provided
throughout
the
year
and
in
connection
with
the
Advisory
Contract
review
at
the
Meeting,
as
well
as
information
provided
during
investment
review
meetings
conducted
with
portfolio
managers
and
senior
investment
personnel
during
the
course
of
the
year
regarding
the
fund’s
performance.
The
Board
also
considered
relevant
factors,
such
as
overall
market
conditions
and
trends
that
could
adversely
impact
the
fund’s
performance,
length
of
the
fund’s
performance
track
record,
and
how
closely
the
fund’s
strategies
align
with
its
benchmarks
and
peer
groups.
The
Board
concluded
that
the
information
it
considered
with
respect
to
the
fund’s
performance,
as
well
as
the
other
factors
considered
at
the
Meeting,
supported
the
Board’s
approval
of
the
continuation
of
the
Advisory
Contract.
Costs,
Benefits,
Profits,
and
Economies
of
Scale
The
Board
reviewed
detailed
information
regarding
the
revenues
received
by
the
Adviser
under
the
Advisory
Contract
and
other
direct
and
indirect
benefits
that
the
Adviser
(and
its
affiliates,
including
the
Subadvisers)
may
have
realized
from
its
relationship
with
the
fund,
including
any
research
received
under
soft-dollar
arrangements
with
broker-dealers.
In
considering
soft-dollar
arrangements,
the
Board
noted
that,
effective
January
1,
2024,
the
Adviser
began
using
brokerage
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Global
Allocation
Fund
101
commissions
in
connection
with
certain
T.
Rowe
Price
funds’
securities
transactions
to
pay
for
research
when
permissible,
and
the
Board
considered
that
the
Adviser
may
receive
some
benefit
from
soft-dollar
arrangements
pursuant
to
which
research
is
received
from
broker-dealers
that
execute
the
applicable
fund’s
portfolio
transactions.
The
Board
received
information
on
the
estimated
costs
incurred
and
profits
realized
by
the
Adviser
from
managing
the
T.
Rowe
Price
funds.
The
Board
also
reviewed
estimates
of
the
profits
realized
from
managing
the
fund
in
particular,
and
the
Board
concluded
that
the
Adviser’s
profits
were
reasonable
in
light
of
the
services
provided
to
the
fund.
The
Board
also
considered
whether
the
fund
benefits
under
the
fee
levels
set
forth
in
the
Advisory
Contract
or
otherwise
from
any
economies
of
scale
realized
by
the
Adviser.
Under
the
Advisory
Contract,
the
fund
pays
a
fee
to
the
Adviser
for
investment
management
services
composed
of
two
components
–
a
group
fee
rate
based
on
the
combined
average
net
assets
of
most
of
the
T.
Rowe
Price
funds
(including
the
fund)
that
declines
at
certain
asset
levels
and
an
individual
fund
fee
rate
based
on
the
fund’s
average
daily
net
assets
–
and
the
fund
pays
its
own
expenses
of
operations.
Under
each
Subadvisory
Contract,
the
Adviser
may
pay
the
Subadviser
up
to
60%
of
the
advisory
fees
that
the
Adviser
receives
from
the
fund.
The
group
fee
schedule
is
graduated
so
the
rate
decreases
as
total
T.
Rowe
Price
fund
assets
increase
and
increases
as
total
T.
Rowe
Price
fund
assets
decrease.
As
a
result,
shareholders
benefit
from
overall
growth
in
T.
Rowe
Price
fund
assets,
which
reduces
the
management
fee
rate
for
any
fund
that
has
a
group
fee
component
to
its
management
fee,
and
reflects
that
certain
resources
utilized
to
operate
the
fund
are
shared
with
other
T.
Rowe
Price
funds
thus
allowing
shareholders
of
those
funds
to
share
potential
economies
of
scale.
The
fund’s
shareholders
also
benefit
from
potential
economies
of
scale
through
a
decline
in
certain
operating
expenses
as
the
fund
grows
in
size.
However,
the
fund
is
also
subject
to
a
contractual
expense
limitation
that
requires
the
Adviser
to
waive
its
fees
and/or
bear
any
expenses
that
would
otherwise
cause
the
expenses
of
a
share
class
of
the
fund
to
exceed
a
certain
percentage
based
on
the
class’s
net
assets.
The
expense
limitations
mitigate
the
potential
for
an
increase
in
operating
expenses
above
a
certain
level
that
could
impact
shareholders.
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Global
Allocation
Fund
102
In
addition,
the
Board
noted
that
the
fund
potentially
shares
in
indirect
economies
of
scale
through
the
Adviser’s
ongoing
investments
in
its
business
in
support
of
the
T.
Rowe
Price
funds,
including
investments
in
trading
systems,
technology,
and
regulatory
support
enhancements,
and
the
ability
to
possibly
negotiate
lower
fee
arrangements
with
third-party
service
providers.
The
Board
concluded
that
the
advisory
fee
structure
for
the
fund
provides
for
a
reasonable
sharing
of
benefits
from
any
economies
of
scale
with
the
fund’s
investors.
Fees
and
Expenses
The
Board
was
provided
with
information
regarding
industry
trends
in
management
fees
and
expenses.
Among
other
things,
the
Board
reviewed
data
for
peer
groups
that
were
compiled
by
Broadridge,
which
compared:
(i)
contractual
management
fees,
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Investor
Class
Expense
Group);
(ii)
actual
management
fees
and
total
expenses
of
the
Advisor
Class
of
the
fund
with
a
group
of
competitor
funds
selected
by
Broadridge
(Advisor
Class
Expense
Group);
and
(iii)
actual
management
fees,
nonmanagement
expenses,
and
total
expenses
of
the
Investor
Class
of
the
fund
with
a
broader
set
of
funds
within
the
Lipper
investment
classification
(Expense
Universe).
The
Board
considered
the
fund’s
contractual
management
fee
rate,
actual
management
fee
rate
(which
reflects
the
management
fees
actually
received
from
the
fund
by
the
Adviser
after
any
applicable
waivers,
reductions,
or
reimbursements),
operating
expenses,
and
total
expenses
(which
reflect
the
net
total
expense
ratio
of
the
fund
after
any
waivers,
reductions,
or reimbursements)
in
comparison
with
the
information
for
the
Broadridge
peer
groups.
Broadridge
generally
constructed
the
peer
groups
by
seeking
the
most
comparable
funds
based
on
similar
investment
classifications
and
objectives,
expense
structure,
asset
size,
and
operating
components
and
attributes
and
ranked
funds
into
quintiles,
with
the
first
quintile
representing
the
funds
with
the
lowest
relative
expenses
and
the
fifth
quintile
representing
the
funds
with
the
highest
relative
expenses.
The
information
provided
to
the
Board
indicated
that
the
fund’s
contractual
management
fee
ranked
in
the
second
quintile
(Investor
Class
Expense
Group),
the
fund’s
actual
management
fee
rate
ranked
in
the
second
quintile
(Investor
Class
Expense
Group,
Advisor
Class
Expense
Group,
and
Expense
Universe),
and
the
fund’s
total
expenses
ranked
in
the
first
quintile
(Investor
Class
Expense
Group,
Advisor
Class
Expense
Group,
and
Expense
Universe).
The
Board
also
reviewed
the
fee
schedules
for
other
investment
portfolios
with
similar
mandates
that
are
advised
or
subadvised
by
the
Adviser
and
its
affiliates,
including
separately
managed
accounts
for
institutional
and
individual
investors;
subadvised
funds;
and
other
sponsored
investment
portfolios,
including
collective
investment
trusts
and
pooled
vehicles
organized
and
offered
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
T.
ROWE
PRICE
Global
Allocation
Fund
103
to
investors
outside
the
United
States.
The
fee
schedules,
which
are
subject
to
change,
may
be
negotiated
under
certain
circumstances
and
may
differ
across
regions.
Management
provided
the
Board
with
information
about
the
Adviser’s
responsibilities
and
services
provided
to
subadvisory
and
other
institutional
account
clients,
including
information
about
how
the
requirements
and
economics
of
the
institutional
domestic
and
international
businesses
are
fundamentally
different
from
those
of
the
proprietary
mutual
fund
and
ETF
(“registered
fund”)
business.
The
Board
considered
information
showing
that
the
Adviser’s
registered
fund
business
is
generally
more
complex
from
a
business
and
compliance
perspective
than
its
other
domestic
and
international
businesses
and
considered
various
relevant
factors,
such
as
the
broader
scope
of
operations
and
oversight,
more
extensive
shareholder
communication
infrastructure,
greater
asset
flows,
heightened
business
risks,
and
differences
in
applicable
laws
and
regulations
associated
with
the
Adviser’s
proprietary
registered
fund
business.
In
assessing
the
reasonableness
of
the
fund’s
management
fee
rate,
the
Board
considered
the
differences
in
the
nature
of
the
services
required
for
the
Adviser
to
manage
its
registered
fund
business
versus
managing
a
discrete
pool
of
assets
as
a
subadviser
to
another
institution’s
mutual
fund
or
for
an
institutional
account
and
that
the
Adviser
generally
performs
significant
additional
services
and
assumes
greater
risk
in
managing
the
fund
and
other
T.
Rowe
Price
funds
than
it
does
for
institutional
account
clients,
including
subadvised
funds.
On
the
basis
of
the
information
provided
and
the
factors
considered,
the
Board
concluded
that
the
fees
paid
by
the
fund
under
the
Advisory
Contract
are
reasonable.
Approval
of
the
Advisory
Contract
and
Subadvisory
Contracts
As
noted,
the
Board
approved
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts.
No
single
factor
was
considered
in
isolation
or
to
be
determinative
to
the
decision.
Rather,
the
Board
concluded,
in
light
of
a
weighting
and
balancing
of
all
factors
considered,
that
it
was
in
the
best
interests
of
the
fund
and
its
shareholders
for
the
Board
to
approve
the
continuation
of
the
Advisory
Contract
and
Subadvisory
Contracts
(including
the
fees
to
be
charged
for
services
thereunder).
APPROVAL
OF
INVESTMENT
MANAGEMENT
AGREEMENT
AND
SUBADVISORY
AGREEMENTS
(continued)
1307
Point
Street
Baltimore,
Maryland
21231
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F154-051
6/25

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

 

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

If applicable, see Item 7.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

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

Item 16. Controls and Procedures.

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

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

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

 

(a)(1)    

The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.

    (2)    

Listing standards relating to recovery of erroneously awarded compensation: Not applicable.

    (3)    

Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.

 

(b)       

A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

 

SIGNATURES

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

 

T. Rowe Price Global Allocation Fund, Inc.
By  

/s/ David Oestreicher

      
  David Oestreicher  
  Principal Executive Officer  
Date    June 17, 2025  

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

 

By  

/s/ David Oestreicher

  
  David Oestreicher  
  Principal Executive Officer      
Date   

June 17, 2025

  

 

By  

/s/ Alan S. Dupski

  
  Alan S. Dupski  
  Principal Financial Officer      
Date   

June 17, 2025

  
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

302 CERTIFICATIONS

906 CERTIFICATIONS

XBRL TAXONOMY EXTENSION SCHEMA

IDEA: R1.htm

IDEA: R2.htm

IDEA: R3.htm

IDEA: FilingSummary.xml

IDEA: MetaLinks.json

IDEA: d944663dncsrs_htm.xml