# EDGAR Filing Document

**Accession Number:** 0001571768
**File Stem:** 0001193125-25-329880
**Filing Date:** 2025-12
**Character Count:** 247055
**Document Hash:** ed836d7e974200aea862415abc2423f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-329880.hdr.sgml**: 20251223

**ACCESSION NUMBER**: 0001193125-25-329880

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 22

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20251223

**DATE AS OF CHANGE**: 20251223

**EFFECTIVENESS DATE**: 20251223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T. Rowe Price Global Allocation Fund, Inc.
- **CENTRAL INDEX KEY:** 0001571768

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22810
- **FILM NUMBER:** 251595491

**BUSINESS ADDRESS:**
- **BUSINESS PHONE:** 410-345-2000

**MAIL ADDRESS:**
- **STREET 1:** 1307 POINT STREET
- **CITY:** BALTIMORE
- **STATE:** MD
- **ZIP:** 21231

## Series and Classes Contracts Data

### T. Rowe Price Global Allocation Fund (Series ID: S000040952)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000127047 | T. Rowe Price Global Allocation Fund               | RPGAX           |
| C000127048 | T. Rowe Price Global Allocation Fund-Advisor Class | PAFGX           |
| C000169948 | T. Rowe Price Global Allocation Fund-I Class       | TGAFX           |

?xml version='1.0' encoding='ASCII'? Global Allocation Fund_GAF

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: October 31, 2025

------

#### Item 1. Reports to Shareholders
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Report pursuant to Rule 30e-1

![Image](g53897id4a855dbb1c37fcf8536.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Global Allocation Fund

# Investor Class (RPGAX)
This annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to October 31, 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 at**www.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 year?** (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 | $84 | 0.79% |

---

## What drove fund performance during the past 12 months?
* Global equity and fixed income markets advanced over the period, with many major equity indexes posting double-digit gains. Global emerging markets outpaced the U.S. and international developed markets during the period, according to broad fixed income and equity indexes. Following mid-period volatility due to news of "reciprocal" tariffs imposed by the Trump administration in the U.S., global markets experienced blistering rallies after the announcement of a tariff pause that allowed several countries to negotiate trade deals with the U.S. 

* Versus the Morningstar Global Allocation Index, favorable security selection among international developed markets value stocks had a positive impact during the period. The inclusion of emerging markets bonds as a diversifying exposure also aided relative results.

* On the negative side, stock selection within the All-Cap Opportunities Fund was a notable detractor during the period. Security selection within the Large-Cap Core Fund also weighed on relative results.

* The fund seeks long-term capital appreciation and income. It provides investors with a core multi-asset portfolio that is globally diversified across traditional and alternative asset classes, emphasizing the roles of broad diversification, fundamental research, tactical allocation, and risk management. The fund is a single investment option that invests in global opportunities across a wide spectrum of equity, fixed income, and hedge fund strategies. 

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2025
![A line chart as described in the following paragraph. Investor Class 20,646 Regulatory Benchmark 29,208 Strategy Benchmark 20,746](g53897i8d2ea57a50632335474d.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9486 | 9151 | 9476 |
| **2016** | 10021 | 9906 | 10198 |
| **2016** | 10377 | 10283 | 10559 |
| **2016** | 10414 | 10205 | 10428 |
| **2017** | 10708 | 10792 | 10703 |
| **2017** | 11241 | 11405 | 11164 |
| **2017** | 11689 | 12037 | 11636 |
| **2017** | 12069 | 12573 | 11967 |
| **2018** | 12681 | 13757 | 12726 |
| **2018** | 12323 | 13021 | 12277 |
| **2018** | 12458 | 13357 | 12440 |
| **2018** | 11790 | 12508 | 11878 |
| **2019** | 12125 | 12728 | 12211 |
| **2019** | 12731 | 13680 | 12779 |
| **2019** | 12919 | 13751 | 12992 |
| **2019** | 13118 | 14082 | 13273 |
| **2020** | 13605 | 14769 | 13737 |
| **2020** | 12378 | 13002 | 12698 |
| **2020** | 13818 | 14741 | 13944 |
| **2020** | 13990 | 14771 | 13942 |
| **2021** | 15695 | 17283 | 15519 |
| **2021** | 16628 | 18949 | 16359 |
| **2021** | 16935 | 19632 | 16788 |
| **2021** | 17160 | 20277 | 16967 |
| **2022** | 16465 | 19569 | 16377 |
| **2022** | 15252 | 17918 | 14990 |
| **2022** | 15020 | 17574 | 14778 |
| **2022** | 14149 | 16230 | 13574 |
| **2023** | 15336 | 18005 | 14939 |
| **2023** | 15393 | 18287 | 15065 |
| **2023** | 16110 | 19843 | 15785 |
| **2023** | 15086 | 17935 | 14514 |
| **2024** | 16643 | 20651 | 16317 |
| **2024** | 17191 | 21481 | 16525 |
| **2024** | 18077 | 23220 | 17663 |
| **2024** | 18275 | 23816 | 17938 |
| **2025** | 18731 | 24931 | 18339 |
| **2025** | 18485 | 24024 | 18248 |
| **2025** | 19590 | 26906 | 19565 |
| **2025** | 20646 | 29208 | 20746 |

---

202501-4140694, 202512-4880671

F154-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Global Allocation Fund (Investor Class) | 12.97% | 8.09% | 7.52% |
| MSCI All Country World Index Net (Regulatory Benchmark) | 22.64 | 14.61 | 11.31 |
| Morningstar Global Allocation Index (Strategy Benchmark) | 15.65 | 8.27 | 7.57 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$828,094

* Number of Portfolio Holdings1,569

* Investment Advisory Fees Paid (000s)$4,251

* Portfolio Turnover Rate39.0%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 54.2% |
| Bond Funds | 15.2 |
| Equity Funds | 7.5 |
| Private Investment Companies | 7.3 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 6.9 |
| Corporate Bonds | 3.2 |
| Securities Lending Collateral | 1 |
| Asset-Backed Securities | 0.6 |
| Short-Term and Other | 4.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Blackstone Partners Offshore Fund | 7.3% |
| 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 | 3.8 |
| T. Rowe Price International Bond Fund - I Class | 3.1 |
| U.S. Treasury Inflation-Indexed Notes | 2.5 |
| T. Rowe Price Institutional High Yield Fund - Institutional Class | 2.2 |
| T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class | 2.2 |
| T. Rowe Price Multi-Strategy Total Return Fund - I Class | 2.2 |
| NVIDIA | 2.2 |
| U.S. Treasury Bonds | 2.1 |

---

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.

MSCI and Morningstar do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Global Allocation Fund

Investor Class (RPGAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g53897i1eaf43c91ebe3008e35f.jpg)

![Image](g53897id4a855dbb1c37fcf8536.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Global Allocation Fund

# Advisor Class (PAFGX)
This annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to October 31, 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 at**www.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 year?** (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 | $108 | 1.02% |

---

## What drove fund performance during the past 12 months?
* Global equity and fixed income markets advanced over the period, with many major equity indexes posting double-digit gains. Global emerging markets outpaced the U.S. and international developed markets during the period, according to broad fixed income and equity indexes. Following mid-period volatility due to news of "reciprocal" tariffs imposed by the Trump administration in the U.S., global markets experienced blistering rallies after the announcement of a tariff pause that allowed several countries to negotiate trade deals with the U.S. 

* Versus the Morningstar Global Allocation Index, favorable security selection among international developed markets value stocks had a positive impact during the period. The inclusion of emerging markets bonds as a diversifying exposure also aided relative results.

* On the negative side, stock selection within the All-Cap Opportunities Fund was a notable detractor during the period. Security selection within the Large-Cap Core Fund also weighed on relative results.

* The fund seeks long-term capital appreciation and income. It provides investors with a core multi-asset portfolio that is globally diversified across traditional and alternative asset classes, emphasizing the roles of broad diversification, fundamental research, tactical allocation, and risk management. The fund is a single investment option that invests in global opportunities across a wide spectrum of equity, fixed income, and hedge fund strategies. 

## How has the fund performed?

### Cumulative Returns of a Hypothetical $10,000 Investment as of October 31, 2025
![A line chart as described in the following paragraph. Advisor Class 20,110 Regulatory Benchmark 29,208 Strategy Benchmark 20,746](g53897if29a75049bd561d31df8.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Advisor Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **2015** | 10000 | 10000 | 10000 |
| **2016** | 9476 | 9151 | 9476 |
| **2016** | 10011 | 9906 | 10198 |
| **2016** | 10368 | 10283 | 10559 |
| **2016** | 10396 | 10205 | 10428 |
| **2017** | 10700 | 10792 | 10703 |
| **2017** | 11215 | 11405 | 11164 |
| **2017** | 11653 | 12037 | 11636 |
| **2017** | 12025 | 12573 | 11967 |
| **2018** | 12636 | 13757 | 12726 |
| **2018** | 12259 | 13021 | 12277 |
| **2018** | 12385 | 13357 | 12440 |
| **2018** | 11717 | 12508 | 11878 |
| **2019** | 12041 | 12728 | 12211 |
| **2019** | 12634 | 13680 | 12779 |
| **2019** | 12802 | 13751 | 12992 |
| **2019** | 12990 | 14082 | 13273 |
| **2020** | 13466 | 14769 | 13737 |
| **2020** | 12234 | 13002 | 12698 |
| **2020** | 13648 | 14741 | 13944 |
| **2020** | 13810 | 14771 | 13942 |
| **2021** | 15488 | 17283 | 15519 |
| **2021** | 16384 | 18949 | 16359 |
| **2021** | 16680 | 19632 | 16788 |
| **2021** | 16893 | 20277 | 16967 |
| **2022** | 16193 | 19569 | 16377 |
| **2022** | 14992 | 17918 | 14990 |
| **2022** | 14752 | 17574 | 14778 |
| **2022** | 13879 | 16230 | 13574 |
| **2023** | 15045 | 18005 | 14939 |
| **2023** | 15089 | 18287 | 15065 |
| **2023** | 15774 | 19843 | 15785 |
| **2023** | 14764 | 17935 | 14514 |
| **2024** | 16281 | 20651 | 16317 |
| **2024** | 16797 | 21481 | 16525 |
| **2024** | 17658 | 23220 | 17663 |
| **2024** | 17842 | 23816 | 17938 |
| **2025** | 18277 | 24931 | 18339 |
| **2025** | 18024 | 24024 | 18248 |
| **2025** | 19097 | 26906 | 19565 |
| **2025** | 20110 | 29208 | 20746 |

---

202501-4140694, 202512-4880671

F244-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **10 Years** |
| Global Allocation Fund (Advisor Class) | 12.71% | 7.81% | 7.24% |
| MSCI All Country World Index Net (Regulatory Benchmark) | 22.64 | 14.61 | 11.31 |
| Morningstar Global Allocation Index (Strategy Benchmark) | 15.65 | 8.27 | 7.57 |

---

The preceding line graph shows the value of a hypothetical $10,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$828,094

* Number of Portfolio Holdings1,569

* Investment Advisory Fees Paid (000s)$4,251

* Portfolio Turnover Rate39.0%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 54.2% |
| Bond Funds | 15.2 |
| Equity Funds | 7.5 |
| Private Investment Companies | 7.3 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 6.9 |
| Corporate Bonds | 3.2 |
| Securities Lending Collateral | 1 |
| Asset-Backed Securities | 0.6 |
| Short-Term and Other | 4.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Blackstone Partners Offshore Fund | 7.3% |
| 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 | 3.8 |
| T. Rowe Price International Bond Fund - I Class | 3.1 |
| U.S. Treasury Inflation-Indexed Notes | 2.5 |
| T. Rowe Price Institutional High Yield Fund - Institutional Class | 2.2 |
| T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class | 2.2 |
| T. Rowe Price Multi-Strategy Total Return Fund - I Class | 2.2 |
| NVIDIA | 2.2 |
| U.S. Treasury Bonds | 2.1 |

---

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.

MSCI and Morningstar do not accept any liability for any errors or omissions in the indexes or data, and hereby expressly disclaim all warranties of originality, accuracy, completeness, timeliness, merchantability and fitness for a particular purpose. No party may rely on any indexes or data contained in this communication. Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.

Global Allocation Fund

Advisor Class (PAFGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g53897i1eaf43c91ebe3008e35f.jpg)

![Image](g53897id4a855dbb1c37fcf8536.jpg)

#### Annual Shareholder Report

#### October 31, 2025

# Global Allocation Fund

# I Class (TGAFX)
This annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to October 31, 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 at**www.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 year?** (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 | $64 | 0.60% |

---

## What drove fund performance during the past 12 months?
* Global equity and fixed income markets advanced over the period, with many major equity indexes posting double-digit gains. Global emerging markets outpaced the U.S. and international developed markets during the period, according to broad fixed income and equity indexes. Following mid-period volatility due to news of "reciprocal" tariffs imposed by the Trump administration in the U.S., global markets experienced blistering rallies after the announcement of a tariff pause that allowed several countries to negotiate trade deals with the U.S. 

* Versus the Morningstar Global Allocation Index, favorable security selection among international developed markets value stocks had a positive impact during the period. The inclusion of emerging markets bonds as a diversifying exposure also aided relative results.

* On the negative side, stock selection within the All-Cap Opportunities Fund was a notable detractor during the period. Security selection within the Large-Cap Core Fund also weighed on relative results.

* The fund seeks long-term capital appreciation and income. It provides investors with a core multi-asset portfolio that is globally diversified across traditional and alternative asset classes, emphasizing the roles of broad diversification, fundamental research, tactical allocation, and risk management. The fund is a single investment option that invests in global opportunities across a wide spectrum of equity, fixed income, and hedge fund strategies. 

## How has the fund performed?

### Cumulative Returns of a Hypothetical $500,000 Investment as of October 31, 2025
![A line chart as described in the following paragraph. I Class 1,067,727 Regulatory Benchmark 1,514,138 Strategy Benchmark 1,044,881](g53897i6d97895f1ce1c87fc2fa.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **I Class** | **Regulatory Benchmark** | **Strategy Benchmark** |
| **3/23/16** | 500000 | 500000 | 500000 |
| **4/30/16** | 510506 | 513519 | 513603 |
| **7/31/16** | 529131 | 533078 | 531818 |
| **10/31/16** | 531996 | 529014 | 525192 |
| **1/31/17** | 547484 | 559439 | 539056 |
| **4/30/17** | 574688 | 591241 | 562268 |
| **7/31/17** | 598006 | 624010 | 586061 |
| **10/31/17** | 617923 | 651761 | 602713 |
| **1/31/18** | 649662 | 713175 | 640930 |
| **4/30/18** | 630860 | 674982 | 618298 |
| **7/31/18** | 638281 | 692436 | 626552 |
| **10/31/18** | 604141 | 648387 | 598234 |
| **1/31/19** | 621288 | 659820 | 614984 |
| **4/30/19** | 652758 | 709151 | 643598 |
| **7/31/19** | 662403 | 712848 | 654340 |
| **10/31/19** | 672554 | 730029 | 668505 |
| **1/31/20** | 697989 | 765634 | 691844 |
| **4/30/20** | 634724 | 673995 | 639510 |
| **7/31/20** | 708878 | 764164 | 702260 |
| **10/31/20** | 717694 | 765711 | 702186 |
| **1/31/21** | 805966 | 895935 | 781601 |
| **4/30/21** | 853685 | 982323 | 823929 |
| **7/31/21** | 869940 | 1017721 | 845539 |
| **10/31/21** | 882001 | 1051148 | 854536 |
| **1/31/22** | 846412 | 1014473 | 824809 |
| **4/30/22** | 784259 | 928861 | 754985 |
| **7/31/22** | 772394 | 911023 | 744305 |
| **10/31/22** | 727756 | 841367 | 683641 |
| **1/31/23** | 789168 | 933377 | 752407 |
| **4/30/23** | 792675 | 948012 | 758746 |
| **7/31/23** | 829503 | 1028638 | 794988 |
| **10/31/23** | 776892 | 929727 | 731007 |
| **1/31/24** | 858231 | 1070556 | 821785 |
| **4/30/24** | 886498 | 1113559 | 832245 |
| **7/31/24** | 932207 | 1203697 | 889562 |
| **10/31/24** | 943032 | 1234592 | 903450 |
| **1/31/25** | 966854 | 1292425 | 923616 |
| **4/30/25** | 954800 | 1245397 | 919044 |
| **7/31/25** | 1012532 | 1394778 | 985388 |
| **10/31/25** | 1067727 | 1514138 | 1044881 |

---

202501-4140694, 202512-4880671

F218-052 12/25

### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
| | **1 Year** | **5 Years** | **Since Inception 3/23/16** |
| Global Allocation Fund (I Class) | 13.22% | 8.27% | 8.22% |
| MSCI All Country World Index Net (Regulatory Benchmark) | 22.64 | 14.61 | 12.22 |
| Morningstar Global Allocation Index (Strategy Benchmark) | 15.65 | 8.27 | 7.97 |

---

The preceding line graph shows the value of a hypothetical $500,000 investment in the fund over the past 10 fiscal year periods or since inception (for funds lacking 10-year records). The fund's performance information included in the line graph and table above is compared with a regulatory required index that represents an overall securities market (Regulatory Benchmark). In addition, the line graph and table may also include one or more indexes that more closely aligns to the fund's investment strategy (Strategy Benchmark(s)). The fund's total return figures reflect the reinvestment of dividends and capital gains, if any.Neither the fund's returns nor the index returns reflect the deduction of taxes that a shareholder would pay on fund distributions or redemptions of fund shares.**The fund's past performance is not a good predictor of the fund's future performance.**Updated performance information can be found at www.troweprice.com.

## What are some fund statistics?

### Fund Statistics
* Total Net Assets (000s)$828,094

* Number of Portfolio Holdings1,569

* Investment Advisory Fees Paid (000s)$4,251

* Portfolio Turnover Rate39.0%

## **What did the fund invest in?** 

### **Security Allocation** (as a % of Net Assets)

---

| | |
|:---|:---|
| Common Stocks | 54.2% |
| Bond Funds | 15.2 |
| Equity Funds | 7.5 |
| Private Investment Companies | 7.3 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 6.9 |
| Corporate Bonds | 3.2 |
| Securities Lending Collateral | 1 |
| Asset-Backed Securities | 0.6 |
| Short-Term and Other | 4.1 |

---

### **Top Ten Holdings** (as a % of Net Assets)

---

| | |
|:---|:---|
| Blackstone Partners Offshore Fund | 7.3% |
| 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 | 3.8 |
| T. Rowe Price International Bond Fund - I Class | 3.1 |
| U.S. Treasury Inflation-Indexed Notes | 2.5 |
| T. Rowe Price Institutional High Yield Fund - Institutional Class | 2.2 |
| T. Rowe Price Emerging Markets Local Currency Bond Fund - I Class | 2.2 |
| T. Rowe Price Multi-Strategy Total Return Fund - I Class | 2.2 |
| NVIDIA | 2.2 |
| U.S. Treasury Bonds | 2.1 |

---

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Global Allocation Fund

I Class (TGAFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g53897i1eaf43c91ebe3008e35f.jpg)

------

#### Item 1. (b) Notice pursuant to Rule 30e-3.
Not applicable.

#### Item 2. Code of Ethics.
The registrant has adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the period covered by this report.

#### Item 3. Audit Committee Financial Expert.
The registrant's Board of Directors has determined that Mr. Paul F. McBride qualifies as an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. McBride is considered independent for purposes of Item 3 of Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
(a) – (d) Aggregate fees billed for the last two fiscal years for professional services rendered to, or on behalf of, the registrant by the registrant's principal accountant were as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
|  Audit Fees | $46217 | $46029 |
|  Audit-Related Fees |  |  |
|  Tax Fees | 444 |  |
|  All Other Fees |  |  |

---

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

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant were $1,541,000 and $846,000, respectively.

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

(i) Not applicable.

(j) Not applicable.

#### 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

October

31,

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

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class
..

Year

..

..

Ended

.

10/31/25

10/31/24

10/31/23

10/31/22

10/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

15.67 $

13.26 $

12.83 $

16.75 $

13.80 Investment

activities

Net

investment

income

(1)(2)

0.31 0

.28

0.25 0.20 0.16 Net

realized

and

unrealized

gain/loss

1.62 2.49 0.59 (2.95)

2.95 Total

from

investment

activities

1.93 2.77 0.84 (2.75)

3.11 Distributions

Net

investment

income

(0.40)

(0.36)

(0.22)

(0.15)

(0.14)

Net

realized

gain

(0.38)

—

(0.19)

(1.02)

(0.02)

Total

distributions

(0.78)

(0.36)

(0.41)

(1.17)

(0.16)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 16.82

#### $

#### 15.67

#### $

#### 13.26

#### $

#### 12.83

#### $

#### 16.75

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 12.97%

#### 21.14%

#### 6.62%

#### (17.55)%

#### 22.66%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.92%

0.92%

0.86%

0.86%

0.83%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.79%

0.78%

0.72%

0.73%

0.72%

Net

investment

income

2.01%

1.86%

1.89%

1.37%

1.01%

Portfolio

turnover

rate

39.0%

38.8%

50.5%

72.1%

42.2%

Net

assets,

end

of

period

(in

thousands)

$530,789

$516,949

$492,231

$708,365

$1,037,535

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.

T. ROWE

PRICE

Global

Allocation

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class
..

Year

..

..

Ended

.

10/31/25

10/31/24

10/31/23

10/31/22

10/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

15.54 $

13.16 $

12.71 $

16.59 $

13.67 Investment

activities

Net

investment

income

(1)(2)

0.28 0.24 0.21 0.15 0.11 Net

realized

and

unrealized

gain/loss

1.60 2.47 0.59 (2.93)

2.93 Total

from

investment

activities

1.88 2.71 0.80 (2.78)

3.04 Distributions

Net

investment

income

(0.36)

(0.33)

(0.16)

(0.08)

(0.10)

Net

realized

gain

(0.38)

—

(0.19)

(1.02)

(0.02)

Total

distributions

(0.74)

(0.33)

(0.35)

(1.10)

(0.12)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 16.68

#### $

#### 15.54

#### $

#### 13.16

#### $

#### 12.71

#### $

#### 16.59

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 12.71%

#### 20.85%

#### 6.38%

#### (17.85)%

#### 22.33%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

1.26%

1.25%

1.19%

1.18%

1.17%

Net

expenses

after

waivers/payments

by

Price

Associates

1.02%

1.01%

1.01%

1.02%

1.04%

Net

investment

income

1.79%

1.65%

1.59%

1.08%

0.70%

Portfolio

turnover

rate

39.0%

38.8%

50.5%

72.1%

42.2%

Net

assets,

end

of

period

(in

thousands)

$3,126

$3,385

$3,446

$4,457

$6,662

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.

T. ROWE

PRICE

Global

Allocation

Fund

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class
..

Year

..

..

Ended

.

10/31/25

10/31/24

10/31/23

10/31/22

10/31/21

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

15.68 $

13.29 $

12.88 $

16.82 $

13.84 Investment

activities

Net

investment

income

(1)(2)

0.34 0.31 0.27 0.22 0.18 Net

realized

and

unrealized

gain/loss

1.62 2.49 0.58 (2.97)

2.97 Total

from

investment

activities

1.96 2.80 0.85 (2.75)

3.15 Distributions

Net

investment

income

(0.43)

(0.41)

(0.25)

(0.17)

(0.15)

Net

realized

gain

(0.38)

—

(0.19)

(1.02)

(0.02)

Total

distributions

(0.81)

(0.41)

(0.44)

(1.19)

(0.17)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 16.83

#### $

#### 15.68

#### $

#### 13.29

#### $

#### 12.88

#### $

#### 16.82

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 13.22%

#### 21.39%

#### 6.75%

#### (17.49)%

#### 22.89%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/payments

by

Price

Associates

0.78%

0.78%

0.76%

0.75%

0.73%

Net

expenses

after

waivers/payments

by

Price

Associates

0.60%

0.60%

0.59%

0.60%

0.62%

Net

investment

income

.20%

2.06%

1.99%

1.59%

1.11%

Portfolio

turnover

rate

39.0%

38.8%

50.5%

72.1%

42.2%

Net

assets,

end

of

period

(in

thousands)

$294,179

$291,741

$276,877

$241,804

$191,932

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.

T. ROWE

PRICE

Global

Allocation

Fund

October

31,

2025

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### ARGENTINA 0.2%

#### Common

#### Stocks 0.2%
Banco

BBVA

Argentina,

ADR

(USD)

1,450

MercadoLibre

(USD) (1)

982

Tenaris,

ADR

(USD) (2)

1,404

Vista

Energy,

ADR

(USD) (1)(2)

8,114

#### Total

#### Argentina

#### (Cost

#### $447)

#### 1,455

#### AUSTRALIA 0.5%

#### Common

#### Stocks 0.5%
ALS

9,130

ANZ

Group

Holdings

9,863

Ausgold (1)

19,998

BHP

Group

41,184

1,174

BHP

Group

(GBP) (2)

3,735

BlueScope

Steel

1,251

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179

(USD) (1)(3)(4)

Capricorn

Metals (1)

13,412

Champion

Iron

13,984

Cochlear

Downer

EDI

26,539

Emerald

Resources (1)

34,925

Evolution

Mining

4,652

Fortescue

4,750

Frontier

Digital

Ventures (1)

289,462

Genesis

Minerals (1)

5,330

Goodman

Group

11,129

IDP

Education (2)

12,583

Iluka

Resources

12,619

Macquarie

Group

1,363

Mirvac

Group

32,051

Netwealth

Group

1,941

Northern

Star

Resources

10,374

Pilbara

Minerals (1)(2)

33,433

Predictive

Discovery (1)

151,083

Ramelius

Resources (2)

9,356

Reliance

Worldwide

18,019

Rio

Tinto

1,417

Scentre

Group

106,103

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Southern

Palladium (1)

1,336

Sovereign

Metals (1)

13,707

Telstra

Group

44,098

Turaco

Gold (1)

23,989

4,100

#### Convertible

#### Preferred

#### Stocks 0.0%
Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7

(USD) (1)

(3)(4)

#### Corporate

#### Bonds 0.0%
Transurban

Finance,

2.45%,

3/16/31

(USD) (5)

140,000

Transurban

Finance,

4.125%,

2/2/26

(USD) (5)

15,000

Woodside

Finance,

3.70%,

3/15/28

(USD) (5)

67,000

Woodside

Finance,

4.50%,

3/4/29

(USD) (5)

105,000

#### Total

#### Australia

#### (Cost

#### $3,278)

#### 4,420

#### AUSTRIA 0.2%

#### Common

#### Stocks 0.2%
BAWAG

Group

11,165

1,443

Erste

Group

Bank

3,110

OMV

1,993

#### Total

#### Austria

#### (Cost

#### $721)

#### 1,874

#### BAHRAIN 0.0%

#### Common

#### Stocks 0.0%
Aluminium

Bahrain

31,431

#### Total

#### Bahrain

#### (Cost

#### $87)

#### 92

#### BANGLADESH 0.0%

#### Common

#### Stocks 0.0%
BRAC

Bank

288,478

Marico

Bangladesh

3,254

Square

Pharmaceuticals

26,171

#### Total

#### Bangladesh

#### (Cost

#### $218)

#### 280
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### BELGIUM 0.1%

#### Common

#### Stocks 0.1%
Aedifica

715

KBC

Ancora

845

Shurgard

Self

Storage

1,759

Syensqo

688

Warehouses

De

Pauw

21,299

541

#### Total

#### Belgium

#### (Cost

#### $702)

#### 781

#### BRAZIL 0.4%

#### Common

#### Stocks 0.4%
B3

64,279

Itau

Unibanco

Holding,

ADR

(USD)

70,462

519

Klabin

39,331

Localiza

Rent

a

Car

46,013

Multiplan

Empreendimentos

Imobiliarios

26,098

NU

Holdings,

Class

A

(USD) (1)

36,480

588

Raia

Drogasil

153,959

573

TOTVS

11,500

Vale

18,040

WEG

41,822

#### Total

#### Brazil

#### (Cost

#### $2,553)

#### 3,072

#### CANADA 1.6%

#### Common

#### Stocks 1.4%
Advantage

Energy (1)

4,172

Agnico

Eagle

Mines

3,383

544

Agnico

Eagle

Mines

(USD)

682

Alamos

Gold,

Class

A

6,117

Alamos

Gold,

Class

A

(USD)

1,213

ARC

Resources

2,717

Aritzia (1)

1,512

Artemis

Gold (1)

5,698

Asante

Gold (1)

14,844

AtkinsRealis

Group

2,565

ATS (1)

2,571

B2Gold

14,712

Badger

Infrastructure

Solutions

4,121

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Barrick

Mining

14,365

Benz

Mining,

CDI

(AUD) (1)

13,915

Brookfield

4,477

BRP

1,443

Cameco

(USD)

1,885

Canadian

Apartment

Properties

REIT

1,866

Canadian

National

Railway

(USD)

2,731

Canadian

Natural

Resources

5,902

Capstone

Copper (1)

22,694

Cenovus

Energy

12,966

Colliers

International

Group

(USD) (2)

620

Constellation

Software

Constellation

Software,

Warrants,

3/31/40 (1)(3)

—

Definity

Financial

10,854

505

Descartes

Systems

Group (1)

2,139

Descartes

Systems

Group

(USD) (1)

1,467

Discovery

Silver (1)

16,266

DPM

Metals

6,131

DPM

Metals,

CDI

(AUD) (2)

6,874

Element

Fleet

Management

14,977

Enbridge

(USD) (2)

4,642

Endeavour

Silver (1)

748

Energy

Fuels

(USD) (1)(2)

5,914

Equinox

Gold (1)

5,370

ERO

Copper (1)

23,740

507

Exchange

Income (2)

3,296

First

Quantum

Minerals (1)

7,715

Franco-Nevada

2,422

Franco-Nevada

(USD)

702

G

Mining

Ventures (1)

8,825

Great-West

Lifeco

6,844

Ivanhoe

Mines,

Class

A (1)

7,175

Jamieson

Wellness

3,927

Kelt

Exploration (1)

7,169

Kinaxis (1)

990

Kinross

Gold

11,214

Lundin

Gold

1,113

Lundin

Mining

1,268

LunR

Royalties (1)(3)

1,009

Montage

Gold (1)

6,827

National

Bank

of

Canada

2,592

NGEx

Minerals (1)

4,037

North

West

1,900

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Novagold

Resources

(USD) (1)

3,684

NuVista

Energy (1)

14,461

Omai

Gold

Mines (1)

12,999

OR

Royalties

9,652

Precision

Drilling (1)

750

Richelieu

Hardware

2,630

Robex

Resources (1)

4,091

Robex

Resources,

CDI

(AUD) (1)

2,662

Shopify,

Class

A (1)

Shopify,

Class

A

(USD) (1)

3,574

621

Skeena

Resources (1)

6,148

Snowline

Gold (1)

11,331

South

Bow

2,486

StorageVault

Canada

28,661

Suncor

Energy

3,569

Suncor

Energy

(USD)

2,053

Tamarack

Valley

Energy

4,236

Teck

Resources,

Class

B

(USD)

4,509

TMX

Group

1,358

Torex

Gold

Resources (1)

Tourmaline

Oil

1,889

West

Fraser

Timber

934

Wheaton

Precious

Metals

2,733

11,488

#### Corporate

#### Bonds 0.1%
Canadian

Natural

Resources,

2.95%,

7/15/30

(USD)

110,000

Canadian

Pacific

Railway,

1.75%,

12/2/26

(USD)

130,000

Canadian

Pacific

Railway,

2.875%,

11/15/29

(USD)

235,000

Canadian

Pacific

Railway,

3.50%,

5/1/50

(USD)

155,000

Canadian

Pacific

Railway,

4.30%,

5/15/43

(USD)

25,000

Enbridge,

4.60%,

6/20/28

(USD)

15,000

Enbridge,

5.625%,

4/5/34

(USD)

65,000

Enbridge,

6.20%,

11/15/30

(USD)

45,000

Rogers

Communications,

5.00%,

2/15/29

(USD)

165,000

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD)

250,000

South

Bow

USA

Infrastructure

Holdings,

5.026%,

10/1/29

(USD)

35,000

Toronto-Dominion

Bank,

4.994%,

4/5/29

(USD)

90,000

TR

Finance,

3.35%,

5/15/26

(USD)

10,000

1,254

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Government

#### Bonds 0.1%
Province

of

Alberta,

3.30%,

3/15/28

(USD)

135,000

Province

of

British

Columbia,

4.20%,

7/6/33

(USD)

320,000

Province

of

New

Brunswick,

3.625%,

2/24/28

(USD)

250,000

702

#### Total

#### Canada

#### (Cost

#### $8,884)

#### 13,444

#### CAYMAN

#### ISLANDS 0.1%

#### Common

#### Stocks 0.0%
Talon

Capital

Sponsor,

Class

A,

Acquisition

Date:

9/2/25,

Cost $6

(USD) (1)(3)(4)

2,406

#### Convertible

#### Preferred

#### Stocks 0.1%
ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $89

(USD) (1)(3)(4)

1,810

698

698

#### Total

#### Cayman

#### Islands

#### (Cost

#### $95)

#### 704

#### CHILE 0.1%

#### Common

#### Stocks 0.0%
Antofagasta

(GBP)

9,795

#### Corporate

#### Bonds 0.1%
Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD)

250,000

Corp.

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (5)

220,000

#### Total

#### Chile

#### (Cost

#### $551)

#### 801

#### CHINA 1.9%

#### Common

#### Stocks 1.4%
58. com

(USD) (1)(3)

5,864

—

Alibaba

Group

Holding

(HKD)

77,928

1,658

Aluminum

Corp.

of

China,

Class

H

(HKD)

22,000

ATRenew,

ADR

(USD) (1)

10,800

Baidu,

Class

A

(HKD) (1)

4,952

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

BeOne

Medicines,

ADR

(USD) (1)

BOC

Aviation

(HKD)

7,900

Bosideng

International

Holdings

(HKD)

162,000

C&D

International

Investment

Group

(HKD)

31,000

China

Construction

Bank,

Class

H

(HKD)

456,000

China

Hongqiao

Group

(HKD)

17,000

China

Pacific

Insurance

Group,

Class

H

(HKD)

85,400

China

Resources

Beer

Holdings

(HKD)

55,000

China

Resources

Land

(HKD)

68,000

China

Resources

Mixc

Lifestyle

Services

(HKD)

96,800

506

China

Tower,

Class

H

(HKD)

182,000

CMOC

Group,

Class

H

(HKD)

237,000

513

H

World

Group

(HKD)

25,700

H

World

Group,

ADR

(USD) (2)

7,148

Hangzhou

Tigermed

Consulting,

Class

H

(HKD)

8,800

iQIYI,

ADR

(USD) (1)(2)

7,060

Kanzhun,

ADR

(USD)

20,726

KE

Holdings,

ADR

(USD) (2)

5,173

KE

Holdings,

Class

A

(HKD)

36,611

Kingboard

Laminates

Holdings

(HKD) (2)

84,500

MINISO

Group

Holding

(HKD)

11,800

NetEase

(HKD)

15,245

PDD

Holdings,

ADR

(USD) (1)

2,272

Sany

Heavy

Industry,

Class

H

(HKD) (1)

4,600

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD)

10,800

Shenzhou

International

Group

Holdings

(HKD)

55,800

Tencent

Holdings

(HKD)

36,863

2,994

Tencent

Holdings,

ADR

(USD)

3,481

Tencent

Music

Entertainment

Group,

ADR

(USD)

11,027

Tongcheng

Travel

Holdings

(HKD)

22,800

Xiaomi,

Class

B

(HKD) (1)

29,200

Zepp

Health,

ADR

(USD) (1)(2)

700

Zijin

Mining

Group,

Class

H

(HKD)

68,000

ZTO

Express

Cayman

(HKD)

16,374

11,723

#### Common

#### Stocks

#### -

#### China

#### A

#### Shares 0.5%
Beijing

Huafeng

Test

&

Control

Technology,

A

Shares

(CNH)

3,009

China

Jushi,

A

Shares

(CNH)

44,700

CNOOC

Energy

Technology

&

Services,

A

Shares

(CNH)

66,900

Contemporary

Amperex

Technology,

A

Shares

(CNH)

9,400

514

Dongguan

Yiheda

Automation,

A

Shares

(CNH)

11,900

Electric

Connector

Technology,

A

Shares

(CNH)

12,400

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Guangdong

Mingyang

Electric,

A

Shares

(CNH)

10,400

Hengtong

Optic-Electric,

A

Shares

(CNH)

23,300

Hongfa

Technology,

A

Shares

(CNH)

44,324

Jiangsu

Hengrui

Pharmaceuticals,

A

Shares

(CNH)

23,700

Jiangsu

Zhongtian

Technology,

A

Shares

(CNH)

30,500

Kweichow

Moutai,

A

Shares

(CNH)

LB

Group,

A

Shares

(CNH)

15,000

Loncin

Motor,

A

Shares

(CNH)

49,900

Luxshare

Precision

Industry,

A

Shares

(CNH)

27,300

OmniVision

Integrated

Circuits

Group,

A

Shares

(CNH)

18,100

Riyue

Heavy

Industry,

A

Shares

(CNH)

38,100

SAIC

Motor,

A

Shares

(CNH)

15,700

Sany

Heavy

Industry,

A

Shares

(CNH)

92,600

Shenzhen

Inovance

Technology,

A

Shares

(CNH)

8,800

TCL

Technology

Group,

A

Shares

(CNH)

426,500

WUS

Printed

Circuit

Kunshan,

A

Shares

(CNH)

11,500

Xiamen

Faratronic,

A

Shares

(CNH)

5,368

Xiamen

Tungsten,

A

Shares

(CNH)

15,700

Yankershop

Food,

A

Shares

(CNH)

4,100

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH)

13,100

Yunnan

Aluminium,

A

Shares

(CNH)

41,100

Zhejiang

Dingli

Machinery,

A

Shares

(CNH)

10,600

3,637

#### Total

#### China

#### (Cost

#### $9,993)

#### 15,360

#### DENMARK 0.2%

#### Common

#### Stocks 0.2%
Coloplast,

Class

B (2)

3,122

Novo

Nordisk,

ADR

(USD)

1,764

Novo

Nordisk,

Class

B

9,728

Orsted (1)

19,398

Royal

Unibrew

879

Zealand

Pharma (1)(2)

1,591

#### Total

#### Denmark

#### (Cost

#### $1,668)

#### 1,388

#### EGYPT 0.0%

#### Common

#### Stocks 0.0%
Commercial

International

Bank

-

Egypt

7,633

#### Total

#### Egypt

#### (Cost

#### $17)

#### 17
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### FINLAND 0.3%

#### Common

#### Stocks 0.3%
Kojamo (1)

35,067

Mandatum

75,379

541

Neste

13,028

Sampo,

Class

A

36,592

Stora

Enso,

Class

R

46,647

543

UPM-Kymmene

3,134

Valmet

3,138

#### Total

#### Finland

#### (Cost

#### $1,843)

#### 2,373

#### FRANCE 1.7%

#### Common

#### Stocks 1.6%
Air

Liquide

2,342

Airbus

5,468

1,348

Alstom (1)

4,722

ArcelorMittal

5,250

AXA

16,099

699

Beneteau (2)

9,238

BNP

Paribas

3,137

Cie

de

Saint-Gobain

1,606

Dassault

Aviation

757

Dassault

Systemes

7,650

Edenred

18,550

533

Engie

17,940

Eramet (2)

1,125

EssilorLuxottica

680

Eurofins

Scientific

2,352

Exosens

1,496

Forvia (1)

3,171

Hermes

International

Kering

586

L'Oreal

549

Lectra

2,842

Legrand

1,858

Nexity (1)(2)

9,181

Planisware

4,368

Robertet

Safran

1,586

564

Sanofi

6,465

654

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Sartorius

Stedim

Biotech

2,399

574

Schneider

Electric

2,437

694

Societe

Generale

15,473

981

SPIE

17,552

893

Teleperformance

683

Thales

TotalEnergies

26,227

1,638

Vinci

2,170

Virbac

502

Vivendi

18,386

13,344

#### Corporate

#### Bonds 0.1%
BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (5)(6)

350,000

#### Total

#### France

#### (Cost

#### $9,183)

#### 13,660

#### GEORGIA 0.0%

#### Common

#### Stocks 0.0%
Lion

Finance

Group

(GBP)

#### Total

#### Georgia

#### (Cost

#### $29)

#### 29

#### GERMANY 1.4%

#### Common

#### Stocks 1.4%
Adesso

516

adidas

2,917

552

BASF

3,523

Bechtle

1,808

Beiersdorf

2,576

Covestro (1)

2,639

Daimler

Truck

Holding

11,773

Deutsche

Post

2,445

Deutsche

Telekom

27,616

855

flatexDEGIRO

7,114

Heidelberg

Materials

1,229

Hypoport (1)(2)

Infineon

Technologies

11,136

IONOS

Group (1)

2,506

KION

Group

4,622

LEG

Immobilien

862

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Mercedes-Benz

Group

1,432

Merck

2,546

Muenchener

Rueckversicherungs-Gesellschaft

506

Puma

1,450

QIAGEN

2,778

Redcare

Pharmacy (1)(2)

3,043

Rheinmetall

SAP

6,157

1,601

Schott

Pharma

6,815

Scout24

693

Siemens

8,906

2,524

Siemens

Healthineers

14,093

790

Springer

Nature

8,743

Symrise

3,434

thyssenkrupp

3,294

11,346

#### Corporate

#### Bonds 0.0%
Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (5)

155,000

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD) (5)

155,000

#### Preferred

#### Stocks 0.0%
Volkswagen

1,196

#### Total

#### Germany

#### (Cost

#### $8,063)

#### 11,780

#### HONG

#### KONG 0.2%

#### Common

#### Stocks 0.2%
AIA

Group

71,800

699

CK

Hutchison

Holdings

13,500

Galaxy

Entertainment

Group

21,000

Hongkong

Land

Holdings

(USD)

14,500

Jardine

Matheson

Holdings

(USD)

900

Kerry

Properties

19,000

Samsonite

Group

67,500

Sun

Hung

Kai

Properties

7,083

Swire

Properties

28,000

Techtronic

Industries

16,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Wharf

Real

Estate

Investment

10,000

Zijin

Gold

International (1)

3,732

#### Total

#### Hong

#### Kong

#### (Cost

#### $1,287)

#### 1,664

#### HUNGARY 0.1%

#### Common

#### Stocks 0.1%
OTP

Bank

5,662

541

#### Total

#### Hungary

#### (Cost

#### $163)

#### 541

#### ICELAND 0.0%

#### Common

#### Stocks 0.0%
Alvotech (1)

2,255

Alvotech

(USD) (1)(2)

4,917

Arion

Banki

54,630

#### Total

#### Iceland

#### (Cost

#### $147)

#### 131

#### INDIA 1.0%

#### Common

#### Stocks 1.0%
Apollo

Hospitals

Enterprise

2,560

Astral

8,566

Axis

Bank

8,986

Bajaj

Finance

30,489

Bharti

Airtel

27,891

646

Blue

Star

4,046

Craftsman

Automation

CreditAccess

Grameen (1)

5,223

Cummins

India

8,284

Divi's

Laboratories

2,408

Dixon

Technologies

India

583

Eternal (1)

37,159

HDFC

Bank

17,996

HDFC

Life

Insurance

42,214

Hexaware

Technologies

8,444

Hindalco

Industries

8,059

ICICI

Bank

56,159

851

ICICI

Bank,

ADR

(USD)

2,844

Info

Edge

India

5,425

Infosys

24,306

InterGlobe

Aviation

559

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Jindal

Stainless

1,983

Jindal

Steel

2,192

JSW

Steel

3,022

KEI

Industries

968

Kotak

Mahindra

Bank

30,380

720

Larsen

&

Toubro

10,200

LG

Electronics

India (1)

—

MakeMyTrip

(USD) (1)

3,875

Metro

Brands

4,172

Nexus

Select

Trust

23,291

NTPC

33,824

Page

Industries

Polycab

India

1,904

Power

Grid

Corp.

of

India

99,953

Reliance

Industries

27,496

Sapphire

Foods

India (1)

20,865

Swiggy (1)

17,980

Tata

Steel

44,292

Titan

5,971

Torrent

Pharmaceuticals

1,768

Varun

Beverages

5,377

Vedant

Fashions

4,288

#### Total

#### India

#### (Cost

#### $6,416)

#### 8,158

#### INDONESIA 0.1%

#### Common

#### Stocks 0.1%
Bank

Central

Asia

1,515,600

776

Bank

Rakyat

Indonesia

Persero

305,300

Telkom

Indonesia

Persero

449,200

#### Total

#### Indonesia

#### (Cost

#### $616)

#### 936

#### IRELAND 0.3%

#### Common

#### Stocks 0.3%
Cairn

Homes

(GBP)

16,866

DCC

(GBP) (2)

1,308

Kingspan

Group

5,168

Ryanair

Holdings

2,415

Ryanair

Holdings,

ADR

(USD)

4,566

TE

Connectivity

(USD)

6,778

1,674

2,543

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.0%
AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD)

150,000

#### Total

#### Ireland

#### (Cost

#### $1,756)

#### 2,691

#### ISRAEL 0.1%

#### Common

#### Stocks 0.1%
CyberArk

Software

(USD) (1)

507

Monday.com

(USD) (1)

689

#### Total

#### Israel

#### (Cost

#### $314)

#### 405

#### ITALY 0.6%

#### Common

#### Stocks 0.6%
Amplifon (2)

26,081

Ariston

Holding

8,099

Banca

Mediolanum

3,158

Carel

Industries

5,929

DiaSorin

Enel

28,017

Ermenegildo

Zegna

(USD) (2)

12,851

Ferrari

Ferrari

(USD)

546

FinecoBank

Banca

Fineco

7,690

Generali

10,036

GVS (1)(2)

10,547

Interpump

Group

4,108

Intesa

Sanpaolo

33,113

Leonardo

3,888

Moncler

2,772

PRADA

(HKD)

51,900

Prysmian

5,449

568

Stellantis

5,964

UniCredit

12,548

929

4,754

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.0%
Enel

Finance

International,

2.125%,

7/12/28

(USD) (5)

200,000

#### Total

#### Italy

#### (Cost

#### $3,258)

#### 4,943

#### JAPAN 3.4%

#### Common

#### Stocks 3.4%
Aiful

119,000

Air

Water

10,500

Ajinomoto

9,900

Asahi

Group

Holdings

10,800

Asics

9,400

BIPROGY

1,500

Calbee

2,900

Chugai

Pharmaceutical (2)

11,800

540

CKD

9,100

Cover (1)(2)

7,200

Daicel

18,900

Daiei

Kankyo (2)

6,300

Daiwabo

Holdings

8,200

Disco

600

Fujikura

Fujitsu

6,500

Fukuoka

Financial

Group

2,100

Fuso

Chemical

3,600

Hamamatsu

Photonics

6,000

Hanwa

8,600

Hikari

Tsushin

700

Hitachi

21,500

734

Honda

Motor

10,300

Horiba

3,300

Hoya

1,500

Invincible

Investment

Isetan

Mitsukoshi

Holdings

18,000

Isuzu

Motors

6,700

ITOCHU

6,500

Japan

Prime

Realty

Investment

Japan

Real

Estate

Investment

JFE

Holdings

1,500

Kawasaki

Heavy

Industries (2)

1,000

KDDI

24,800

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Keyence

Kitazato (1)

11,200

Komatsu

6,100

Konica

Minolta

58,800

Kubota

7,800

Kyoritsu

Maintenance

3,800

Kyushu

Railway

5,900

Maeda

Kosen (2)

4,200

MatsukiyoCocokara

5,000

METAWATER

4,700

MINEBEA

MITSUMI

5,500

Mitsubishi

6,600

Mitsubishi

Electric

30,400

863

Mitsubishi

Estate

27,700

587

Mitsubishi

Heavy

Industries

900

Mitsubishi

UFJ

Financial

Group

91,600

1,384

Mitsui

Fudosan

37,600

Miura

14,400

Modec (2)

3,800

MS&AD

Insurance

Group

Holdings

10,300

Nakanishi

10,500

NEC

7,500

Nextage

21,700

NIDEC

4,200

Nifco

13,200

Nintendo

4,100

Nippon

Prologis

REIT

Nippon

Sanso

Holdings

5,000

Nippon

Seiki

10,300

Nippon

Soda (2)

11,300

Nippon

Steel

90,000

Niterra

8,400

Nomura

Real

Estate

Holdings

14,000

Nomura

Research

Institute (2)

3,400

Obara

Group

5,900

Oji

Holdings

48,600

Olympus (2)

13,400

Open

House

Group

5,000

ORIX (2)

22,000

538

Panasonic

Holdings

12,500

Park24 (2)

9,400

Penta-Ocean

Construction (2)

23,000

Persol

Holdings

52,200

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Rakuten

Bank (1)

1,800

Recruit

Holdings

9,200

Relo

Group

15,900

Renesas

Electronics (2)

61,700

762

Rengo

29,500

Resona

Holdings

38,300

Resorttrust

12,300

Rigaku

Holdings

14,300

Round

One (2)

23,700

Sakata

INX (2)

14,100

Sankyu

3,100

Sega

Sammy

Holdings

10,100

Seven

&

i

Holdings

49,900

635

Shimizu

8,200

Shin-Etsu

Chemical

18,700

562

Sony

Group

42,800

1,192

Strike

2,800

Subaru

6,000

SUMCO

5,100

Sumitomo

20,600

599

Sumitomo

Mitsui

Trust

Group

6,000

Sumitomo

Seika

Chemicals (2)

1,600

Suzuki

Motor

11,600

Sysmex

Taiheiyo

Cement

15,600

Takashimaya (2)

20,700

Takeda

Pharmaceutical

11,800

Takeuchi

Manufacturing

2,900

Tokai

Carbon

3,400

Tokio

Marine

Holdings

6,200

Tokyo

Century

3,100

Tokyo

Electron

1,000

Tokyo

Kiraboshi

Financial

Group

4,600

Tokyo

Seimitsu (2)

2,000

Tokyo

Tatemono

6,200

Toyo

Tire

13,200

Toyota

Motor (2)

58,600

1,195

Tsuruha

Holdings (2)

19,900

Unicharm (2)

19,800

Yamaha

14,400

Yokogawa

Electric

4,300

27,880

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.0%
Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000

NTT

Finance,

4.876%,

7/16/30

(USD) (5)

200,000

#### Total

#### Japan

#### (Cost

#### $19,792)

#### 28,378

#### KAZAKHSTAN 0.1%

#### Common

#### Stocks 0.1%
Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD)

6,786

Kaspi.KZ,

ADR

(USD)

1,997

NAC

Kazatomprom,

GDR

(USD)

4,485

#### Total

#### Kazakhstan

#### (Cost

#### $281)

#### 593

#### KENYA 0.0%

#### Common

#### Stocks 0.0%
Equity

Group

Holdings

329,800

#### Total

#### Kenya

#### (Cost

#### $122)

#### 169

#### LITHUANIA 0.0%

#### Common

#### Stocks 0.0%
Ignitis

Grupe

3,548

#### Total

#### Lithuania

#### (Cost

#### $86)

#### 86

#### MAURITIUS 0.0%

#### Common

#### Stocks 0.0%
Alphamin

Resources

(CAD)

80,805

#### Total

#### Mauritius

#### (Cost

#### $52)

#### 62

#### MEXICO 0.2%

#### Common

#### Stocks 0.2%
Arca

Continental

22,892

Grupo

Aeroportuario

del

Pacifico,

ADR

(USD) (2)

1,034

Grupo

Aeroportuario

del

Sureste,

ADR

(USD) (2)

Grupo

Mexico,

Series

B

70,687

610

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Industrias

Penoles (1)

2,899

Wal-Mart

de

Mexico

72,670

1,488

#### Corporate

#### Bonds 0.0%
BBVA

Mexico

Institucion

De

Banca

Multiple

Grupo

Financiero,

5.25%,

9/10/29

(USD)

215,000

#### Government

#### Bonds 0.0%
United

Mexican

States,

3.50%,

2/12/34

(USD)

305,000

#### Total

#### Mexico

#### (Cost

#### $1,518)

#### 1,975

#### MOROCCO 0.1%

#### Common

#### Stocks 0.1%
Attijariwafa

Bank

2,407

Hightech

Payment

Systems

2,971

Label

Vie

Vicenne (1)

#### Total

#### Morocco

#### (Cost

#### $375)

#### 496

#### NETHERLANDS 1.2%

#### Common

#### Stocks 1.1%
Aalberts

1,958

ABN

AMRO

Bank,

CVA

7,477

Adyen (1)

781

AerCap

Holdings

(USD)

2,642

Akzo

Nobel

5,236

Argenx,

ADR

(USD) (1)

573

ASM

International

ASML

Holding

1,890

1,998

ASML

Holding

(USD)

ASR

Nederland

1,493

BE

Semiconductor

Industries

1,979

CVC

Capital

Partners

33,049

552

Heineken

9,491

735

IMCD

1,789

ING

Groep

46,545

1,162

Koninklijke

Philips

18,820

516

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Meridian

Mining

U.K.

Societas

(CAD) (1)

10,758

Prosus

8,244

570

Signify

3,828

Universal

Music

Group (2)

15,369

9,331

#### Corporate

#### Bonds 0.1%
JDE

Peet's,

1.375%,

1/15/27

(USD) (5)

290,000

NXP,

2.65%,

2/15/32

(USD)

375,000

613

#### Total

#### Netherlands

#### (Cost

#### $5,954)

#### 9,944

#### NEW

#### ZEALAND 0.0%

#### Common

#### Stocks 0.0%
Fisher

&

Paykel

Healthcare

4,514

#### Corporate

#### Bonds 0.0%
Westpac

New

Zealand,

5.195%,

2/28/29

(USD) (5)

200,000

#### Total

#### New

#### Zealand

#### (Cost

#### $212)

#### 302

#### NIGERIA 0.0%

#### Common

#### Stocks 0.0%
Guaranty

Trust

Holding

965,281

Nestle

Nigeria (1)

20,994

#### Total

#### Nigeria

#### (Cost

#### $50)

#### 88

#### NORWAY 0.2%

#### Common

#### Stocks 0.2%
DNB

Bank

30,483

778

Equinor

10,231

Norsk

Hydro

2,511

Storebrand

7,244

Subsea

8,252

TGS

16,461

Var

Energi

7,479

#### Total

#### Norway

#### (Cost

#### $924)

#### 1,470
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### OMAN 0.0%

#### Common

#### Stocks 0.0%
Bank

Muscat

73,429

OQ

Gas

Networks

297,457

#### Total

#### Oman

#### (Cost

#### $172)

#### 207

#### PAKISTAN 0.0%

#### Common

#### Stocks 0.0%
Bank

Alfalah

130,976

Habib

Bank

79,572

Systems

182,734

#### Total

#### Pakistan

#### (Cost

#### $179)

#### 238

#### PANAMA 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Panama,

6.70%,

1/26/36

(USD)

25,000

#### Total

#### Panama

#### (Cost

#### $27)

#### 27

#### PERU 0.1%

#### Common

#### Stocks 0.1%
Credicorp

(USD)

InRetail

Peru

(USD)

3,221

Southern

Copper

(USD)

3,071

515

#### Government

#### Bonds 0.0%
Republic

of

Peru,

5.375%,

2/8/35

(USD)

40,000

#### Total

#### Peru

#### (Cost

#### $319)

#### 556

#### PHILIPPINES 0.1%

#### Common

#### Stocks 0.1%
BDO

Unibank

141,804

International

Container

Terminal

Services

2,250

Jollibee

Foods

30,950

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

SM

Investments

5,970

#### Total

#### Philippines

#### (Cost

#### $493)

#### 530

#### POLAND 0.1%

#### Common

#### Stocks 0.1%
Bank

Polska

Kasa

Opieki

13,266

679

Pepco

Group

11,504

766

#### Government

#### Bonds 0.0%
Republic

of

Poland,

Series

10Y,

3.25%,

4/6/26

(USD)

55,000

#### Total

#### Poland

#### (Cost

#### $824)

#### 821

#### PORTUGAL 0.2%

#### Common

#### Stocks 0.2%
Banco

Comercial

Portugues,

Class

R

173,088

Galp

Energia

34,971

702

Jeronimo

Martins

37,455

965

#### Total

#### Portugal

#### (Cost

#### $1,075)

#### 1,820

#### QATAR 0.0%

#### Common

#### Stocks 0.0%
Qatar

National

Bank

68,253

#### Total

#### Qatar

#### (Cost

#### $322)

#### 347

#### ROMANIA 0.1%

#### Common

#### Stocks 0.1%
Banca

Transilvania

44,071

MED

Life (1)

31,381

OMV

Petrom

805,004

#### Total

#### Romania

#### (Cost

#### $278)

#### 511

#### RUSSIA 0.0%

#### Common

#### Stocks 0.0%
Alrosa (3)

80,680

—

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Polyus (1)(3)

2,940

—

#### Total

#### Russia

#### (Cost

#### $180)

#### —

#### SAUDI

#### ARABIA 0.1%

#### Common

#### Stocks 0.1%
Al

Rajhi

Bank

19,225

543

Saudi

Arabian

Mining (1)

1,287

Saudi

National

Bank

59,668

635

#### Total

#### Saudi

#### Arabia

#### (Cost

#### $1,004)

#### 1,200

#### SINGAPORE 0.3%

#### Common

#### Stocks 0.3%
CapitaLand

Integrated

Commercial

Trust

40,640

DBS

Group

Holdings

7,080

Digital

Core

REIT

Management

(USD)

42,800

Keppel

DC

REIT

28,600

NTT

DC

REIT

(USD) (1)

60,400

Sea,

ADR

(USD) (1)

9,862

1,541

United

Overseas

Bank

6,200

#### Total

#### Singapore

#### (Cost

#### $1,418)

#### 2,208

#### SLOVENIA 0.1%

#### Common

#### Stocks 0.1%
Nova

Ljubljanska

Banka

Nova

Ljubljanska

Banka,

GDR

17,726

711

#### Total

#### Slovenia

#### (Cost

#### $464)

#### 799

#### SOUTH

#### AFRICA 0.3%

#### Common

#### Stocks 0.3%
Anglogold

Ashanti

4,749

Capitec

Bank

Holdings

1,643

Clicks

Group

13,832

Gold

Fields

7,535

Harmony

Gold

Mining

3,362

Impala

Platinum

Holdings

15,688

Northam

Platinum

Holdings

2,460

Sibanye

Stillwater (1)

36,738

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Valterra

Platinum

4,216

1,895

#### Corporate

#### Bonds 0.0%
Anglo

American

Capital,

2.625%,

9/10/30

(USD) (5)

200,000

#### Total

#### South

#### Africa

#### (Cost

#### $1,180)

#### 2,079

#### SOUTH

#### KOREA 0.9%

#### Common

#### Stocks 0.9%
DB

Insurance

1,285

HD

Hyundai

Marine

Solution

Hyundai

Marine

&

Fire

Insurance (1)

3,216

Hyundai

Mobis

1,606

Hyundai

Motor

653

JYP

Entertainment

2,052

KB

Financial

Group

4,861

KT

4,867

KT,

ADR

(USD)

6,592

LG

Chem

973

POSCO

Holdings

Samsung

Electronics

43,897

3,304

SK

hynix

4,333

1,686

SK

Square (1)

856

SM

Entertainment

2,431

#### Total

#### South

#### Korea

#### (Cost

#### $3,722)

#### 7,246

#### SPAIN 0.3%

#### Common

#### Stocks 0.3%
Aedas

Homes (2)

2,654

Amadeus

IT

Group

10,137

775

Banco

Bilbao

Vizcaya

Argentaria (2)

33,902

683

Banco

Santander (2)

34,399

Cellnex

Telecom

898

Fluidra

4,355

HBX

Group

International (1)

6,405

Indra

Sistemas

1,411

Laboratorios

Farmaceuticos

Rovi

2,636

Linea

Directa

Aseguradora

Cia

de

Seguros

y

Reaseguros

201,502

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Puig

Brands,

Class

B

4,707

2,692

#### Corporate

#### Bonds 0.0%
Banco

Santander,

3.49%,

5/28/30

(USD)

200,000

#### Total

#### Spain

#### (Cost

#### $2,265)

#### 2,884

#### SRI

#### LANKA 0.0%

#### Common

#### Stocks 0.0%
Digital

Mobility

Solutions

Lanka

28,849

#### Total

#### Sri

#### Lanka

#### (Cost

#### $14)

#### 14

#### SWEDEN 0.5%

#### Common

#### Stocks 0.5%
Asker

Healthcare

Group (1)

12,338

Assa

Abloy,

Class

B

15,379

579

Autoliv,

SDR

1,684

Beijer

Ref (2)

5,744

Boliden (1)

Camurus (1)

1,650

Essity,

Class

B

12,311

HMS

Networks (1)(2)

1,456

Mildef

Group (2)

2,936

Millicom

International

Cellular

(USD)

4,331

MIPS

2,439

NOBA

Bank

Group (1)

22,758

Nordnet

4,011

Rusta

9,083

Saab,

Class

B

531

Sandvik

27,841

842

Skandinaviska

Enskilda

Banken,

Class

A

11,987

Spotify

Technology

(USD) (1)

519

Sweco,

Class

B

4,584

Swedbank,

Class

A

5,226

Telefonaktiebolaget

LM

Ericsson,

Class

B

36,983

Trelleborg,

Class

B

2,007

Troax

Group

3,166

#### Total

#### Sweden

#### (Cost

#### $3,166)

#### 4,458
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### SWITZERLAND 0.9%

#### Common

#### Stocks 0.9%
ABB

5,307

Alcon (2)

2,106

Alcon

(USD)

5,500

Bossard

Holding

Cie

Financiere

Richemont,

Class

A

1,503

DKSH

Holding

2,103

Georg

Fischer

1,318

Holcim

2,468

Julius

Baer

Group

3,262

Montana

Aerospace (1)

10,693

Nestle

13,233

1,264

Novartis

5,022

622

Partners

Group

Holding

Roche

Holding

3,253

1,054

Sandoz

Group

2,291

SKAN

Group

SMG

Swiss

Marketplace

Group (1)(5)

1,069

Sonova

Holding

1,223

Straumann

Holding

2,531

Tecan

Group

576

TX

Group

UBS

Group

5,674

6,978

#### Corporate

#### Bonds 0.0%
UBS

Group,

VR,

1.364%,

1/30/27

(USD) (5)(6)

300,000

#### Total

#### Switzerland

#### (Cost

#### $5,609)

#### 7,276

#### TAIWAN 1.4%

#### Common

#### Stocks 1.4%
Airtac

International

Group

2,000

ASE

Technology

Holding

38,000

Bizlink

Holding

6,000

China

Steel

41,000

CTBC

Financial

Holding

280,000

Delta

Electronics

23,000

740

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

E

Ink

Holdings

11,000

Elite

Material

3,000

Hon

Hai

Precision

Industry

118,000

981

King

Yuan

Electronics

101,000

708

Lotes

3,000

MPI

2,000

Taiwan

Semiconductor

Manufacturing

141,000

6,819

Taiwan

Semiconductor

Manufacturing,

ADR

(USD)

2,318

696

Universal

Microwave

Technology

6,000

#### Total

#### Taiwan

#### (Cost

#### $3,662)

#### 11,545

#### THAILAND 0.0%

#### Common

#### Stocks 0.0%
CP

ALL

228,400

#### Total

#### Thailand

#### (Cost

#### $334)

#### 325

#### TÜRKIYE 0.0%

#### Common

#### Stocks 0.0%
BIM

Birlesik

Magazalar

21,586

TAV

Havalimanlari

Holding (1)

6,045

#### Total

#### Türkiye

#### (Cost

#### $309)

#### 314

#### UNITED

#### ARAB

#### EMIRATES 0.0%

#### Common

#### Stocks 0.0%
Abu

Dhabi

Commercial

Bank

54,698

#### Total

#### United

#### Arab

#### Emirates

#### (Cost

#### $218)

#### 215

#### UNITED

#### KINGDOM 2.9%

#### Common

#### Stocks 2.7%
Admiral

Group

3,571

Anglo

American

6,121

Ashtead

Group

916

AstraZeneca

5,877

969

AstraZeneca,

ADR

(USD)

24,073

1,984

Auction

Technology

Group (1)

29,051

Aviva

87,986

773

Baltic

Classifieds

Group

2,166

Barclays

102,044

547

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Big

Yellow

Group

16,775

BP

62,277

Bridgepoint

Group

68,621

British

American

Tobacco

2,784

BT

Group

152,624

Bunzl

20,632

627

Compass

Group

11,885

Croda

International

5,112

Diageo

5,800

Diploma

1,186

Dowlais

Group

37,797

Experian

1,463

Genuit

Group

19,165

Genus

4,882

Georgia

Capital (1)

1,777

Glencore

76,395

GSK,

ADR

(USD) (2)

4,872

Helios

Towers (1)

93,194

Hiscox

1,233

HSBC

Holdings

26,135

ICG

5,750

Imperial

Brands

7,942

Informa

40,102

511

Investec

10,975

Kingfisher

42,497

Klarna

Group

(USD) (1)

995

Lloyds

Banking

Group

899,187

1,054

Marks

&

Spencer

Group

52,060

Melrose

Industries

27,087

National

Grid

58,113

871

Next

1,265

Oxford

Nanopore

Technologies (1)(2)

30,136

Persimmon

15,796

Prudential

15,442

QinetiQ

Group

16,897

RELX

2,276

Renishaw

2,092

Rightmove

8,553

Rio

Tinto

5,766

Rolls-Royce

Holdings

60,034

924

Rosebank

Industries (1)

13,006

Rotork

46,052

Segro

89,575

822

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Shell

(EUR)

20,526

771

Shell

12,165

Shell,

ADR

(USD)

5,947

Smiths

Group

4,006

Spirax

Group

2,665

SSE

5,757

Standard

Chartered

52,884

1,086

Syncona (1)

33,100

Taylor

Wimpey

56,443

Unilever

(EUR)

2,325

Unilever

31,058

1,864

Watches

of

Switzerland

Group (1)

15,780

Weir

Group

4,790

Wise,

Class

A (1)

13,432

WPP

16,239

YouGov

18,891

22,492

#### Convertible

#### Preferred

#### Stocks 0.0%
Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $9 (1)(3)(4)

#### Corporate

#### Bonds 0.2%
Barclays,

VR,

2.279%,

11/24/27

(USD) (6)

335,000

BAT

Capital,

4.39%,

8/15/37

(USD)

125,000

Coca-Cola

Europacific

Partners,

1.50%,

1/15/27

(USD) (5)

210,000

HSBC

Holdings,

VR,

2.206%,

8/17/29

(USD) (6)

200,000

HSBC

Holdings,

VR,

7.399%,

11/13/34

(USD) (6)

200,000

Nationwide

Building

Society,

1.50%,

10/13/26

(USD) (5)

405,000

RELX

Capital,

3.00%,

5/22/30

(USD)

100,000

Santander

U.K.

Group

Holdings,

VR,

2.469%,

1/11/28

(USD) (6)

200,000

1,750

#### Total

#### United

#### Kingdom

#### (Cost

#### $17,785)

#### 24,248

#### UNITED

#### STATES 71.8%

#### Asset-Backed

#### Securities 0.6%
Affirm

Master

Trust,

Series

2025-2A,

Class

A,

4.67%,

7/15/33 (5)

130,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.05%,

7/15/32 (5)

38,567

Avis

Budget

Rental

Car

Funding

AESOP,

Series

2025-3A,

Class

A,

4.17%,

2/20/30 (5)

100,000

CarMax

Auto

Owner

Trust,

Series

2025-4,

Class

A4,

4.08%,

6/16/31

30,000

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28

155,000

Chase

Auto

Owner

Trust,

Series

2025-1A,

Class

A3,

4.29%,

6/25/30 (5)

60,000

CyrusOne

Data

Centers

Issuer

I,

Series

2024-2A,

Class

A2,

4.50%,

5/20/49 (5)

140,000

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (5)

120,805

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (5)

121,757

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

A,

6.16%,

2/25/38 (5)

51,059

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

B,

6.53%,

2/25/38 (5)

51,059

Enterprise

Fleet

Financing,

Series

2025-3,

Class

A3,

4.46%,

9/20/29 (5)

70,000

Exeter

Automobile

Receivables

Trust,

Series

2025-4A,

Class

B,

4.40%,

5/15/30

55,000

Exeter

Select

Automobile

Receivables

Trust,

Series

2025-2,

Class

A3,

4.43%,

8/15/30

45,000

Fortress

Credit

BSL

XIX,

Series

2023-2A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.35%,

5.215%,

7/24/36 (5)

270,000

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (5)

83,715

Highbridge

Loan

Management,

Series

5A-2015,

Class

A1R3,

CLO,

FRN,

3M

TSFR

+

1.06%,

4.965%,

10/15/30 (5)

47,727

Hilton

Grand

Vacations

Trust,

Series

2025-2A,

Class

A,

4.54%,

5/25/44 (5)

87,917

Jamestown

XV,

Series

2020-15A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.37%,

5.275%,

7/15/35 (5)

250,000

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (5)

35,553

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (5)

17,632

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (5)

54,503

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (5)

15,319

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (5)

15,094

Navistar

Financial

Dealer

Note

Master

Owner

Trust

II,

Series

2025-1,

Class

A,

4.18%,

9/25/30 (5)

65,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (5)

92,160

Neuberger

Berman

Loan

Advisers,

Series

2022-48A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.09%,

4.948%,

4/25/36 (5)

250,000

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (5)

4,075

Octane

Receivables

Trust,

Series

2024-RVM1,

Class

A,

5.01%,

1/22/46 (5)

69,255

PEAC

Solutions

Receivables,

Series

2025-1A,

Class

A2,

4.94%,

10/20/28 (5)

115,000

Post

Road

Equipment

Finance,

Series

2025-1A,

Class

A2,

4.90%,

5/15/31 (5)

100,000

Progress

Residential

Trust,

Series

2024-SFR5,

Class

A,

3.00%,

8/9/29 (5)

100,000

Rockford

Tower,

Series

2022-1A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.20%,

5.084%,

7/20/35 (5)

250,000

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (5)

123,044

Sierra

Timeshare

Receivables

Funding,

Series

2025-2A,

Class

A,

4.72%,

4/20/44 (5)

83,872

Sierra

Timeshare

Receivables

Funding,

Series

2025-3A,

Class

A,

4.44%,

8/22/44 (5)

100,000

Signal

Peak,

Series

2018-5A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.55%,

5.408%,

4/25/37 (5)

250,000

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (5)

11,728

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (5)

31,591

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (5)

85,316

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-BA,

Class

A4,

4.29%,

6/20/29 (5)

45,000

Stellantis

Financial

Underwritten

Enhanced

Lease

Trust,

Series

2025-BA,

Class

B,

4.47%,

7/20/29 (5)

20,000

Towd

Point

Mortgage

Trust,

Series

2025-CES4,

Class

A1A,

STEP,

5.091%,

10/25/65 (5)

100,000

Toyota

Lease

Owner

Trust,

Series

2025-A,

Class

A4,

4.81%,

6/20/29 (5)

85,000

TPIC

SPV

I,

Series

2024-1A,

Class

A,

Acquisition

Date:

12/10/24,

Cost $97,

7.131%,

11/30/44 (3)(4)

96,779

Wellfleet,

Series

2019-1A,

Class

A2RR,

CLO,

FRN,

3M

TSFR

+

1.50%,

5.384%,

7/20/32 (5)

250,000

Wheels

Fleet

Lease

Funding

1,

Series

2025-2A,

Class

A1,

4.41%,

5/18/40 (5)

170,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Wingspire

Equipment

Finance,

Series

2025-1A,

Class

A2,

4.33%,

9/20/33 (5)

100,000

4,607

#### Bond

#### Funds 15.2%
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.47% (7)

(8) 1,997,907

15,184

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class,

5.30% (7)(8)

3,202,265

31,414

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.48% (7)(8)

3,603,336

18,161

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

6.87% (7)(8)

810,135

7,623

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.29% (7)(8)

2,315,690

18,387

T. Rowe

Price

International

Bond

Fund

-

I

Class,

3.20% (7)(8)

3,500,764

25,310

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.17% (7)(8)

1,095,795

9,446

125,525

#### Common

#### Stocks 30.6%
Abbott

Laboratories

12,156

1,503

AbbVie

999

Acadia

Realty

Trust,

REIT

10,118

Advanced

Micro

Devices (1)

1,990

510

Aestas

DBA

OpenAI,

Acquisition

Date:

10/3/25,

Cost $147 (1)

(3)(4)

Agree

Realty,

REIT

Alcoa

1,215

Alexandria

Real

Estate

Equities,

REIT

535

Alliant

Energy

509

Allstate

7,335

1,405

Alphabet,

Class

A

8,189

2,303

Alphabet,

Class

C

33,055

9,316

Amazon.com (1)

30,646

7,484

Amcor

16,809

Ameren

8,756

893

American

Express

5,084

1,834

American

Homes

Rent,

Class

A,

REIT

5,806

American

Tower,

REIT

2,382

American

Water

Works

1,595

AMETEK

8,051

1,627

Amphenol,

Class

A

3,313

Analog

Devices

8,032

1,881

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Annaly

Capital

Management,

REIT

22,731

Apollo

Global

Management

3,409

Apple

46,533

12,581

Apple

Hospitality

REIT,

REIT (2)

4,338

AppLovin,

Class

A (1)

660

Arista

Networks (1)

10,524

1,660

Atmos

Energy

7,374

1,266

AutoZone (1)

1,187

AvalonBay

Communities,

REIT

1,793

Avidity

Biosciences (1)

1,472

Axis

Capital

Holdings

1,035

Baker

Hughes

2,250

Ball

21,002

987

Bank

of

America

69,388

3,709

Bel

Fuse,

Class

B

Berkshire

Hathaway,

Class

B (1)

5,541

2,646

Booking

Holdings

1,407

Booz

Allen

Hamilton

Holding

5,338

Broadcom

18,806

6,951

Broadridge

Financial

Solutions

2,584

570

Broadstone

Net

Lease,

REIT

Camden

Property

Trust,

REIT

648

Capital

One

Financial

1,300

Caris

Life

Sciences,

Acquisition

Date:

5/11/21,

Cost $52 (1)(4)

2,745

Carpenter

Technology

Carvana (1)

5,273

1,616

Caterpillar

4,547

2,625

Cava

Group (1)(2)

2,788

CBRE

Group,

Class

A (1)

1,817

Cencora

7,172

2,423

Centene (1)

2,963

Charles

Schwab

27,951

2,642

Chevron

10,316

1,627

Chipotle

Mexican

Grill (1)

11,021

Chubb

2,450

679

Ciena (1)

800

Cigna

Group

3,635

888

Cintas

Citigroup

10,820

1,095

CME

Group

3,546

941

Coca-Cola

10,623

732

Coeur

Mining (1)

2,824

Colgate-Palmolive

12,504

963

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

ConocoPhillips

25,820

2,294

Constellation

Energy

735

Corebridge

Financial

20,805

677

Corteva

885

Coupang (1)

1,812

Crowdstrike

Holdings,

Class

A (1)

Crown

Castle,

REIT

4,289

CSX

24,548

884

CubeSmart,

REIT

6,166

Cushman

&

Wakefield (1)

2,896

Danaher

4,172

899

Datadog,

Class

A (1)

786

Dayforce (1)

5,041

Deere

7,203

3,325

Diamondback

Energy

575

Digital

Realty

Trust,

REIT

1,422

Dollar

Tree (1)

13,107

1,299

DoorDash,

Class

A (1)

2,613

665

Douglas

Emmett,

REIT

6,784

DuPont

de

Nemours

1,094

EastGroup

Properties,

REIT

1,736

Ecolab

2,018

517

Elevance

Health

4,068

1,290

Eli

Lilly

1,198

1,034

Encompass

Health

3,654

EOG

Resources

553

EPR

Properties,

REIT (2)

EQT

2,311

Equifax

3,225

681

Equinix,

REIT

1,081

915

Equity

LifeStyle

Properties,

REIT

14,488

885

Equity

Residential,

REIT

4,673

Essential

Properties

Realty

Trust,

REIT

Essex

Property

Trust,

REIT

3,441

866

Evercore,

Class

A

942

Expand

Energy

4,867

503

Expro

Group

Holdings (1)(2)

4,450

Exxon

Mobil

8,382

959

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $2 (1)(3)(4)

—

Federal

Realty

Investment

Trust,

REIT

647

Fifth

Third

Bancorp

9,600

Firefly

Aerospace (1)

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Floor

&

Decor

Holdings,

Class

A (1)

2,676

Fortinet (1)

4,615

Freeport-McMoRan

11,209

Gaming

&

Leisure

Properties,

REIT

756

GE

Vernova

General

Electric

10,161

3,139

Gilead

Sciences

20,156

2,414

Goldman

Sachs

Group

2,169

1,712

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (1)(3)(4)

826

Healthcare

Realty

Trust,

REIT

5,113

HF

Sinclair

1,579

Hilton

Worldwide

Holdings

604

Home

Depot

4,674

1,774

Hubbell

IDEXX

Laboratories (1)

Ingersoll

Rand

2,211

Insmed (1)

2,067

Intel (1)

16,414

656

Intercontinental

Exchange

7,603

1,112

InterDigital

1,123

International

Business

Machines

1,730

532

International

Paper

43,418

1,678

Intuitive

Surgical (1)

1,520

812

Ivanhoe

Electric (1)

4,533

Ivanhoe

Electric,

Warrants,

2/11/26 (1)

2,595

JPMorgan

Chase

18,800

5,849

Kenvue

22,909

KeyCorp

43,493

765

Keysight

Technologies (1)

14,759

2,700

Kilroy

Realty,

REIT

1,357

Kimco

Realty,

REIT

1,902

Kinder

Morgan

1,992

KLA

1,505

1,819

Knife

River (1)

670

Kodiak

Gas

Services (2)

1,148

L3Harris

Technologies

565

Lam

Research

2,600

Linde

4,918

2,057

Lineage,

REIT

781

Louisiana-Pacific

794

Lowe's

5,312

1,265

Marathon

Petroleum

1,010

Marriott

International,

Class

A

1,520

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Marsh

&

McLennan

4,039

720

Mastercard,

Class

A

3,024

1,669

McDonald's

7,376

2,201

Meta

Platforms,

Class

A

7,293

4,728

MetLife

2,656

Mettler-Toledo

International (1)

698

Microsoft

30,795

15,946

Middleby (1)

715

Mondelez

International,

Class

A

30,190

1,735

Monolithic

Power

Systems

Moody's

776

Morgan

Stanley

7,511

1,232

MP

Materials (1)(2)

2,579

Natera (1)

1,245

Netflix (1)

2,857

3,197

Newmont

5,302

Newmont,

CDI

(AUD)

849

NextEra

Energy

1,157

NNN

REIT,

REIT

Norfolk

Southern

2,805

795

Northrop

Grumman

614

NRG

Energy

Nucor

1,140

nVent

Electric

514

NVIDIA

88,400

17,900

NXP

Semiconductors

743

Old

Dominion

Freight

Line

8,947

1,256

ONEOK

1,606

Oracle

2,084

547

O'Reilly

Automotive (1)

6,273

592

Ovintiv

1,993

Owens

Corning

2,551

Packaging

Corp.

of

America

3,445

674

Palantir

Technologies,

Class

A (1)

2,258

Palo

Alto

Networks (1)

1,235

Parker-Hannifin

2,745

2,121

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (1)(3)

(4) 21,572

Pebblebrook

Hotel

Trust,

REIT

4,895

Pentair

9,778

1,040

Permian

Resources

8,967

Philip

Morris

International

550

Phillips

1,293

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Pinterest,

Class

A (1)

18,764

621

Planet

Fitness,

Class

A (1)

4,054

PPG

Industries

3,371

Procter

&

Gamble

16,669

2,507

Progressive

3,791

781

Prologis,

REIT

5,974

741

PTC (1)

3,002

596

Public

Storage,

REIT

2,708

754

PulteGroup

2,129

Quest

Diagnostics

6,289

1,107

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

9/16/21,

Cost $155 (1)(3)(4)

16,193

Range

Resources

28,096

999

Rayonier,

REIT

2,924

Realty

Income,

REIT

1,471

Regency

Centers,

REIT

4,792

Reliance

574

Repligen (1)

1,750

Republic

Services

7,178

1,495

Revvity

8,218

769

Rexford

Industrial

Realty,

REIT

8,470

Robinhood

Markets,

Class

A (1)

794

ROBLOX,

Class

A (1)

1,763

Roper

Technologies

Ross

Stores

955

Royal

Gold

RPM

International

521

Salesforce

980

SBA

Communications,

REIT

ServiceNow (1)

1,287

1,183

Sherwin-Williams

802

Simon

Property

Group,

REIT

2,691

SLB

40,614

1,465

Smartstop

Self

Storage

REIT,

REIT

4,511

Soleno

Therapeutics (1)

3,603

Sortera

Technologies,

Series

C-2,

Warrants,

6/27/28,

Acquisition

Date:

9/22/25,

Cost $— (1)(3)(4)

—

Southern

17,882

1,682

Steel

Dynamics

1,821

Stryker

1,073

Sun

Communities,

REIT

2,268

Synopsys (1)

T-Mobile

U.S.

11,110

2,334

Talon

Capital (1)

2,024

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Targa

Resources

825

TechnipFMC

29,297

1,211

Teledyne

Technologies (1)

914

Tenet

Healthcare (1)

5,634

1,163

Terreno

Realty,

REIT

3,857

Tesla (1)

3,570

1,630

Texas

Instruments

8,758

1,414

Thermo

Fisher

Scientific

TJX

7,334

1,028

Toll

Brothers

2,967

Tradeweb

Markets,

Class

A

4,880

514

TransDigm

Group

TransUnion

1,119

Travelers

4,651

1,249

Treeline

Biosciences,

Warrants,

8/21/35,

Acquisition

Date:

8/21/25,

Cost $— (1)(3)(4)

Ulta

Beauty (1)

1,262

656

UnitedHealth

Group

5,846

1,997

Upwork (1)(2)

6,933

Uranium

Energy (1)

32,490

Valero

Energy

11,608

1,968

Ventas,

REIT

5,821

Veralto

Vertex

Pharmaceuticals (1)

1,541

656

Vertiv

Holdings,

Class

A

1,956

VICI

Properties,

REIT

20,523

615

Viper

Energy,

Class

A

1,700

Visa,

Class

A

13,972

4,761

Vornado

Realty

Trust,

REIT

2,481

Walmart

15,874

1,606

Warrior

Met

Coal

1,150

Weatherford

International

1,071

Welltower,

REIT

14,235

2,577

Western

Alliance

Bancorp

4,767

Westinghouse

Air

Brake

Technologies

7,119

1,455

Weyerhaeuser,

REIT

1,220

Williams

4,139

WP

Carey,

REIT

WW

Grainger

Xcel

Energy

15,950

1,295

Zscaler (1)

885

253,797

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Convertible

#### Preferred

#### Stocks 0.2%
ABL

Space

Systems,

Series

A-8,

Acquisition

Date:

3/24/21,

Cost $97 (1)(3)(4)

2,450

ABL

Space

Systems,

Series

A-9,

Acquisition

Date:

10/22/21,

Cost $42 (1)(3)(4)

691

—

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (1)

(3)(4)

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (1)

(3)(4)

927

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7 (1)(3)

(4) 96

Databricks,

Series

J,

Acquisition

Date:

12/17/24,

Cost $42 (1)

(3)(4)

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

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

—

Form

Energy,

Series

F,

Acquisition

Date:

10/4/24,

Cost $25 (1)(3)(4)

1,051

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33 (1)(3)(4)

1,103

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15 (1)(3)(4)

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144 (1)(3)(4)

1,084

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71 (1)(3)(4)

2,594

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $122 (1)(3)(4)

2,843

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37 (1)(3)(4)

2,783

Lilac

Solutions,

Series

C-1,

Acquisition

Date:

11/21/22,

Cost $10 (1)(3)(4)

971

Perplexity,

Series

E-1,

Acquisition

Date:

6/4/25,

Cost $48 (1)

(3)(4)

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (1)(3)(4)

1,666

Sortera

Technologies,

Series

C-1,

Acquisition

Date:

4/13/23,

Cost $11 (1)(3)(4)

764

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2 (1)(3)(4)

2,304

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

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

3,239

Treeline

Biosciences,

Series

A,

Acquisition

Date:

9/26/22,

Cost $12 (1)(3)(4)

1,491

Treeline

Biosciences,

Series

A-1,

Acquisition

Date:

10/2/24,

Cost $47 (1)(3)(4)

5,423

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Treeline

Biosciences,

Series

A-2,

Acquisition

Date:

8/21/25,

Cost $10 (1)(3)(4)

1,138

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $16 (1)(3)(4)

802

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143 (1)

(3)(4)

1,669

1,657

#### Corporate

#### Bonds 2.6%
AbbVie,

2.95%,

11/21/26

145,000

AbbVie,

4.50%,

5/14/35

30,000

AbbVie,

4.80%,

3/15/29

150,000

AHS

Hospital,

5.024%,

7/1/45

20,000

Alcon

Finance,

2.60%,

5/27/30 (5)

235,000

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35

105,000

Ally

Financial,

2.20%,

11/2/28

120,000

Ameren,

5.70%,

12/1/26

185,000

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32

129,790

American

Express,

VR,

6.489%,

10/30/31 (6)

285,000

American

Honda

Finance,

4.55%,

7/9/27

135,000

American

Tower,

1.45%,

9/15/26

355,000

Amphenol,

4.75%,

3/30/26

25,000

Amphenol,

5.05%,

4/5/29

55,000

Aon,

3.875%,

12/15/25

25,000

Appalachian

Power,

4.45%,

6/1/45

240,000

Arthur

J

Gallagher,

4.85%,

12/15/29

20,000

AT&T,

2.75%,

6/1/31

215,000

Athene

Global

Funding,

4.86%,

8/27/26 (5)

175,000

Atlassian,

5.25%,

5/15/29

35,000

AutoZone,

3.125%,

4/21/26

170,000

AutoZone,

3.75%,

6/1/27

70,000

Bank

of

America,

3.50%,

4/19/26

400,000

Bank

of

America,

4.45%,

3/3/26

50,000

Bank

of

America,

VR,

4.244%,

4/24/38 (6)

120,000

Bank

of

America,

VR,

5.08%,

1/20/27 (6)

225,000

Banner

Health,

1.897%,

1/1/31

65,000

Becton

Dickinson

&

Company,

5.081%,

6/7/29

170,000

Berkshire

Hathaway

Energy,

5.15%,

11/15/43

25,000

Brighthouse

Financial

Global

Funding,

1.55%,

5/24/26 (5)

100,000

Brixmor

Operating

Partnership,

3.90%,

3/15/27

195,000

Brixmor

Operating

Partnership,

4.05%,

7/1/30

80,000

Broadcom,

4.60%,

7/15/30

115,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Cadence

Design

Systems,

4.30%,

9/10/29

60,000

Cameron

LNG,

2.902%,

7/15/31 (5)

40,000

Cameron

LNG,

3.701%,

1/15/39 (5)

30,000

Cardinal

Health,

3.41%,

6/15/27

125,000

Carvana,

9.00%,

6/1/30,

(11.00%

Cash

or

13.00%

PIK

until

8/15/25

then

9.00%

Cash

to

maturity) (5)(9)

29,330

Carvana,

9.00%,

6/1/31,

(14.00%

PIK

until

8/15/25

then

9.00%

Cash

to

maturity) (5)(9)

40,397

Caterpillar

Financial

Services,

5.00%,

5/14/27

240,000

Centene,

3.375%,

2/15/30

130,000

Centra

Health,

4.70%,

1/1/48

385,000

Charter

Communications

Operating,

6.10%,

6/1/29

80,000

Chevron

USA,

4.30%,

10/15/30

115,000

Citigroup,

4.45%,

9/29/27

70,000

Citigroup,

VR,

3.887%,

1/10/28 (6)

315,000

Citigroup,

VR,

4.075%,

4/23/29 (6)

100,000

CMS

Energy,

4.875%,

3/1/44

25,000

CNO

Global

Funding,

2.65%,

1/6/29 (5)

315,000

Comcast,

5.50%,

5/15/64

110,000

CommonSpirit

Health,

2.782%,

10/1/30

50,000

Corebridge

Financial,

4.40%,

4/5/52

375,000

Corebridge

Global

Funding,

4.65%,

8/20/27 (5)

60,000

Cox

Communications,

5.45%,

9/1/34 (5)

105,000

CRH

America

Finance,

3.95%,

4/4/28 (5)

400,000

Crown

Castle,

2.10%,

4/1/31

250,000

Crown

Castle,

3.70%,

6/15/26

40,000

Crown

Castle,

4.75%,

5/15/47

30,000

CVS

Health,

5.00%,

9/15/32

25,000

CVS

Health,

5.40%,

6/1/29

115,000

CVS

Health,

6.00%,

6/1/63

80,000

Diamondback

Energy,

5.15%,

1/30/30

35,000

DTE

Energy,

4.95%,

7/1/27

45,000

Elevance

Health,

4.101%,

3/1/28

130,000

Elevance

Health,

4.65%,

1/15/43

20,000

Enact

Holdings,

6.25%,

5/28/29

21,000

Energy

Transfer,

5.25%,

4/15/29

120,000

Energy

Transfer,

5.60%,

9/1/34

175,000

Enterprise

Products

Operating,

4.30%,

6/20/28

100,000

EOG

Resources,

4.40%,

7/15/28

55,000

Essex

Portfolio,

2.65%,

3/15/32

135,000

Experian

Finance,

2.75%,

3/8/30 (5)

200,000

Extra

Space

Storage,

4.00%,

6/15/29

145,000

Fifth

Third

Bancorp,

VR,

4.895%,

9/6/30 (6)

55,000

FirstEnergy

Transmission,

5.00%,

1/15/35

60,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Fiserv,

3.20%,

7/1/26

100,000

Fiserv,

5.45%,

3/15/34

175,000

Ford

Motor

Credit,

7.122%,

11/7/33

200,000

Foundry

JV

Holdco,

6.15%,

1/25/32 (5)

200,000

GATX,

6.90%,

5/1/34

270,000

General

Motors

Financial,

2.40%,

4/10/28

305,000

George

Washington

University,

Series

2014,

4.30%,

9/15/44

15,000

Goldman

Sachs

Group,

3.85%,

1/26/27

115,000

Goldman

Sachs

Group,

5.15%,

5/22/45

15,000

Goldman

Sachs

Group,

6.75%,

10/1/37

10,000

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (6)

200,000

HCA,

4.125%,

6/15/29

235,000

HCA,

5.45%,

9/15/34

85,000

Health

Care

Service

Corp.

A

Mutual

Legal

Reserve,

5.45%,

6/15/34 (5)

95,000

Healthcare

Realty

Holdings,

3.625%,

1/15/28

30,000

Healthpeak,

2.125%,

12/1/28

80,000

Healthpeak,

2.875%,

1/15/31

45,000

HF

Sinclair,

6.25%,

1/15/35

135,000

Honeywell

International,

1.10%,

3/1/27

275,000

Humana,

5.95%,

3/15/34

110,000

Hyundai

Capital

America,

1.30%,

1/8/26 (5)

145,000

Hyundai

Capital

America,

1.65%,

9/17/26 (5)

180,000

Hyundai

Capital

America,

2.00%,

6/15/28 (5)

235,000

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48

145,000

Intercontinental

Exchange,

3.75%,

12/1/25

75,000

Intercontinental

Exchange,

5.25%,

6/15/31

75,000

IQVIA,

6.25%,

2/1/29

50,000

Jackson

National

Life

Global

Funding,

4.90%,

1/13/27 (5)

170,000

John

Deere

Capital,

4.40%,

9/8/31

260,000

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (6)

235,000

JPMorgan

Chase,

VR,

3.882%,

7/24/38 (6)

160,000

JPMorgan

Chase,

VR,

5.576%,

7/23/36 (6)

70,000

Kentucky

Utilities,

4.375%,

10/1/45

65,000

Kilroy

Realty,

4.25%,

8/15/29

25,000

L3Harris

Technologies,

4.854%,

4/27/35

50,000

Liberty

Mutual

Group,

4.85%,

8/1/44 (5)

20,000

Lowe's,

4.45%,

4/1/62

80,000

Manufacturers

&

Traders

Trust,

VR,

4.762%,

7/6/28 (6)

250,000

Marriott

International,

Series

AA,

4.65%,

12/1/28

285,000

Mars,

4.75%,

4/20/33 (5)

125,000

MassMutual

Global

Funding

II,

5.10%,

4/9/27 (5)

220,000

MedStar

Health,

Series

20A,

3.626%,

8/15/49

130,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Met

Tower

Global

Funding,

1.25%,

9/14/26 (5)

245,000

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (5)

110,000

Morgan

Stanley,

VR,

5.656%,

4/18/30 (6)

360,000

Motorola

Solutions,

5.00%,

4/15/29

50,000

MPLX,

4.80%,

2/15/31

85,000

New

York

State

Electric

&

Gas,

5.30%,

8/15/34 (5)

65,000

NextEra

Energy

Capital

Holdings,

4.685%,

9/1/27

30,000

Niagara

Mohawk

Power,

4.647%,

10/3/30 (5)

50,000

NiSource,

3.49%,

5/15/27

215,000

NiSource,

3.95%,

3/30/48

105,000

Nucor,

2.70%,

6/1/30

70,000

Nucor,

3.95%,

5/1/28

121,000

Occidental

Petroleum,

5.375%,

1/1/32

105,000

Oracle,

5.375%,

7/15/40

125,000

O'Reilly

Automotive,

3.60%,

9/1/27

145,000

O'Reilly

Automotive,

5.75%,

11/20/26

35,000

Owens

Corning,

5.70%,

6/15/34

50,000

Pacific

Gas

&

Electric,

2.10%,

8/1/27

275,000

Pioneer

Natural

Resources,

1.125%,

1/15/26

80,000

PNC

Financial

Services

Group,

VR,

5.373%,

7/21/36 (6)

40,000

President

&

Fellows

of

Harvard

College,

3.619%,

10/1/37

25,000

Principal

Financial

Group,

2.125%,

6/15/30

160,000

Principal

Financial

Group,

4.111%,

2/15/28 (5)

100,000

Public

Storage

Operating,

1.95%,

11/9/28

150,000

Realty

Income,

2.20%,

6/15/28

70,000

Regency

Centers,

4.125%,

3/15/28

35,000

Revvity,

1.90%,

9/15/28

230,000

RGA

Global

Funding,

4.35%,

8/25/28 (5)

80,000

RGA

Global

Funding,

5.448%,

5/24/29 (5)

100,000

Roper

Technologies,

3.80%,

12/15/26

50,000

Sabine

Pass

Liquefaction,

4.20%,

3/15/28

50,000

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (6)

135,000

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (6)

110,000

ServiceNow,

1.40%,

9/1/30

235,000

Sherwin-Williams,

4.80%,

9/1/31

175,000

Simon

Property

Group,

2.65%,

2/1/32

340,000

Solventum,

5.40%,

3/1/29

43,000

Southern,

5.70%,

3/15/34

90,000

Southern

Gas

Capital,

4.95%,

9/15/34

100,000

Targa

Resources,

5.50%,

2/15/35

45,000

Targa

Resources

Partners,

5.00%,

1/15/28

75,000

Texas

Instruments,

1.125%,

9/15/26

80,000

Time

Warner

Cable,

6.55%,

5/1/37

13,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Time

Warner

Cable,

6.75%,

6/15/39

13,000

TJX,

1.60%,

5/15/31

55,000

Uber

Technologies,

4.30%,

1/15/30

145,000

Union

Pacific,

4.75%,

9/15/41

10,000

United

Airlines

PTT,

Series

2014-2,

Class

A,

3.75%,

9/3/26

2,227

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30

224,456

UnitedHealth

Group,

4.70%,

4/15/29

200,000

UnitedHealth

Group,

5.75%,

7/15/64

80,000

Verisk

Analytics,

4.50%,

8/15/30

50,000

Verizon

Communications,

1.68%,

10/30/30

28,000

Vistra

Operations,

5.70%,

12/30/34 (5)

185,000

Waste

Connections,

2.20%,

1/15/32

155,000

Wells

Fargo,

VR,

5.389%,

4/24/34 (6)

410,000

Williams,

4.625%,

6/30/30

60,000

Williams,

5.15%,

3/15/34

35,000

Willis

North

America,

4.50%,

9/15/28

160,000

WP

Carey,

3.85%,

7/15/29

115,000

Zoetis,

4.15%,

8/17/28

190,000

21,709

#### Equity

#### Funds 7.5%
T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class (7)

1,753,865

44,004

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

2,057,675

18,108

62,112

#### Municipal

#### Securities 0.2%
Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41

300,000

California,

Build

America,

GO,

7.625%,

3/1/40

35,000

California

State

Univ.,

Series

B,

2.795%,

11/1/41

250,000

Central

Texas

Regional

Mobility

Auth.,

Series

E,

3.167%,

1/1/41

225,000

Florida

Dev.

Finance,

Nova

Southeastern

Univ.,

Series

B,

4.109%,

4/1/50

390,000

Fulton

County,

Build

America,

GO,

5.148%,

7/1/39

180,000

JobsOhio

Beverage

System,

Liquid

Profits,

Series

B,

3.985%,

1/1/29

10,000

Los

Angeles

Airport,

Series

C,

Build

America,

7.053%,

5/15/40

15,000

Maryland

Economic

Development,

Seagirt

Marine

Terminal,

Series

B,

4.75%,

6/1/42

175,000

Maryland

HHEFA,

Univ.

of

Maryland

Medical

System,

Series

B,

4.665%,

7/1/36

20,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Metropolitan

Government

Nashville

&

Davidson

County

Health

&

Ed.

Facs,

Vanderbilt

Univ.

Medical

Center,

Series

B,

3.235%,

7/1/52

200,000

Miami-Dade

County

Transit

System,

Series

B,

Build

America,

5.624%,

7/1/40

160,000

Municipal

Electric

Auth.

of

Georgia,

Build

America,

Vogtle

Units,

6.655%,

4/1/57

121,000

New

York

State

Dormitory

Auth.,

Series

F,

Build

America,

5.628%,

3/15/39

15,000

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44

25,000

1,842

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities 0.5%
Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (5)

50,419

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (5)

16,544

BANK,

Series

2024-BNK47,

Class

A5,

5.716%,

6/15/57

60,000

BANK5,

Series

2024-5YR12,

Class

A3,

ARM,

5.902%,

12/15/57

115,000

BANK5,

Series

2024-5YR8,

Class

AS,

ARM,

6.378%,

8/15/57

45,000

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (5)

58,700

Bayview

Financing

Trust,

Series

2024-2F,

Class

A,

CMO,

ARM,

Acquisition

Date:

8/29/24,

Cost $91,

7.105%,

9/25/29 (3)(4)

91,144

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

6.306%,

11/15/34 (5)

50,000

BBCMS

Mortgage

Trust,

Series

2025-C35,

Class

A5,

ARM,

5.586%,

7/15/58

120,000

Benchmark

Mortgage

Trust,

Series

2023-B39,

Class

A5,

5.754%,

7/15/56

105,000

Benchmark

Mortgage

Trust,

Series

2024-V8,

Class

A3,

ARM,

6.189%,

7/15/57

70,000

Benchmark

Mortgage

Trust,

Series

2025-B41,

Class

A5,

5.407%,

7/15/68

100,000

Benchmark

Mortgage

Trust,

Series

2025-V16,

Class

A3,

ARM,

5.439%,

8/15/58

180,000

BFLD

Commercial

Mortgage

Trust,

Series

2025-5MW,

Class

A,

ARM,

4.674%,

10/10/42 (5)

100,000

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

5.15%,

10/15/36 (5)

225,000

CENT,

Series

2025-CITY,

Class

A,

ARM,

4.92%,

7/10/40 (5)

100,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Citigroup

Mortgage

Loan

Trust,

Series

2020-EXP2,

Class

A3,

CMO,

ARM,

2.50%,

8/25/50 (5)

44,983

COLT

Mortgage

Loan

Trust,

Series

2025-8,

Class

A1,

CMO,

STEP,

5.48%,

8/25/70 (5)

97,812

EFMT,

Series

2025-NQM5,

Class

A1,

CMO,

ARM,

5.033%,

11/25/70 (5)

100,000

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (5)

8,944

Ellington

Financial

Mortgage

Trust,

Series

2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (5)

26,237

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (5)

3,949

GCAT

Trust,

Series

2025-NQM4,

Class

A1,

CMO,

STEP,

5.529%,

6/25/70 (5)

106,341

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.68%,

12/10/40 (5)

100,000

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2016-NINE,

Class

A,

ARM,

2.854%,

9/6/38 (5)

100,000

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (5)

100,000

JPMorgan

Mortgage

Trust,

Series

2019-HYB1,

Class

B4,

CMO,

ARM,

4.991%,

10/25/49 (5)

55,381

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (5)

26,223

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (5)

31,054

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

4.936%,

8/25/50 (5)

7,141

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (5)

12,696

JPMorgan

Mortgage

Trust,

Series

2025-DSC2,

Class

A1,

CMO,

ARM,

5.195%,

10/25/65 (5)

24,521

JPMorgan

Mortgage

Trust,

Series

2025-NQM3,

Class

A1,

CMO,

ARM,

5.495%,

11/25/65 (5)

168,834

MAD

Commercial

Mortgage

Trust,

Series

2025-11MD,

Class

A,

ARM,

4.754%,

10/15/42 (5)

100,000

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

5.247%,

4/15/38 (5)

204,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47

127,469

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2025-C35,

Class

A5,

5.633%,

8/15/58

65,000

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2025-DSC2,

Class

A1,

CMO,

STEP,

5.443%,

7/25/70 (5)

98,346

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series

2025-NQM5,

Class

A1,

CMO,

ARM,

5.439%,

7/25/70 (5)

96,236

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

MSWF

Commercial

Mortgage

Trust,

Series

2023-2,

Class

A5,

ARM,

6.014%,

12/15/56

50,000

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (5)

118,151

New

Residential

Mortgage

Loan

Trust,

Series

2025-NQM4,

Class

A1,

CMO,

ARM,

5.35%,

7/25/65 (5)

129,686

NYC

Commercial

Mortgage

Trust,

Series

2025-28L,

Class

A,

ARM,

4.668%,

11/5/38 (5)

100,000

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

5.206%,

10/25/59 (5)

2,663

OBX

Trust,

Series

2025-NQM15,

Class

A1,

CMO,

STEP,

5.143%,

7/27/65 (5)

97,653

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.171%,

12/25/49 (5)

174,469

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (5)

4,421

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (5)

10,509

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-

DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.033%,

11/25/41 (5)

28,276

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2025-

DNA3,

Class

M1,

CMO,

ARM,

SOFR30A

+

1.10%,

5.283%,

9/25/45 (5)

54,705

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2025-

HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

0.95%,

5.133%,

2/25/45 (5)

19,875

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (5)

4,143

Towd

Point

Mortgage

Trust,

Series

2024-2,

Class

A1B,

CMO,

ARM,

4.86%,

12/25/64 (5)

213,362

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (5)

22,426

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (5)

80,194

Verus

Securitization

Trust,

Series

2025-7,

Class

A1F,

CMO,

ARM,

SOFR30A

+

1.20%,

5.383%,

8/25/70 (5)

98,576

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2019-C54,

Class

A4,

3.146%,

12/15/52

45,000

4,353

#### Preferred

#### Stocks 0.0%
Sortera

Technologies,

Series

PF2-1,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-10,

Acquisition

Date:

9/22/25

-

10/8/25,

Cost $6 (1)(3)(4)

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Sortera

Technologies,

Series

PF2-11,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-12,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-13,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-14,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-15,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-16,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-17,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-18,

Acquisition

Date:

10/8/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-19,

Acquisition

Date:

10/8/25,

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

Sortera

Technologies,

Series

PF2-2,

Acquisition

Date:

9/22/25,

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

Sortera

Technologies,

Series

PF2-3,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-4,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-5,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-6,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-7,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-8,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

Sortera

Technologies,

Series

PF2-9,

Acquisition

Date:

9/22/25,

Cost $6 (1)(3)(4)

#### Private

#### Investment

#### Companies 7.3%
Blackstone

Partners

Offshore

Fund,

Series

E1 (3)

21,259

60,136

60,136

#### U.S.

#### Government

#### &

#### Agency

#### Mortgage-Backed

#### Securities 0.2%
Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC

2.952%,

2/25/27

7,015

4.40%,

10/25/30

405,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

ARM

2.347%,

11/25/31

860,000

778

3.71%,

9/25/32

370,000

4.43%,

2/25/33

285,000

1,842

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed) 6.9%
U.S.

Treasury

Bonds,

1.125%,

5/15/40

1,580,000

1,016

U.S.

Treasury

Bonds,

1.375%,

8/15/50

1,150,000

586

U.S.

Treasury

Bonds,

1.875%,

2/15/51

1,215,000

702

U.S.

Treasury

Bonds,

2.00%,

2/15/50

2,490,000

1,506

U.S.

Treasury

Bonds,

2.00%,

8/15/51

365,000

U.S.

Treasury

Bonds,

2.25%,

2/15/52

2,245,000

1,408

U.S.

Treasury

Bonds,

2.50%,

2/15/45

40,000

U.S.

Treasury

Bonds,

2.75%,

11/15/42

65,000

U.S.

Treasury

Bonds,

2.75%,

8/15/47

4,565,000

3,345

U.S.

Treasury

Bonds,

3.00%,

11/15/44

70,000

U.S.

Treasury

Bonds,

3.00%,

2/15/47

220,000

U.S.

Treasury

Bonds,

3.00%,

2/15/48

740,000

565

U.S.

Treasury

Bonds,

3.00%,

8/15/48

150,000

U.S.

Treasury

Bonds,

3.00%,

8/15/52

800,000

591

U.S.

Treasury

Bonds,

3.125%,

11/15/41

290,000

U.S.

Treasury

Bonds,

3.125%,

8/15/44

110,000

U.S.

Treasury

Bonds,

3.375%,

8/15/42

220,000

U.S.

Treasury

Bonds,

3.625%,

8/15/43

305,000

U.S.

Treasury

Bonds,

3.625%,

2/15/53

80,000

U.S.

Treasury

Bonds,

3.625%,

5/15/53

825,000

688

U.S.

Treasury

Bonds,

3.875%,

8/15/40

2,025,000

1,899

U.S.

Treasury

Bonds,

3.875%,

2/15/43

605,000

554

U.S.

Treasury

Bonds,

3.875%,

5/15/43

105,000

U.S.

Treasury

Bonds,

4.00%,

11/15/52

150,000

U.S.

Treasury

Bonds,

4.25%,

2/15/54

360,000

U.S.

Treasury

Bonds,

4.25%,

8/15/54 (10)

245,000

U.S.

Treasury

Bonds,

4.50%,

11/15/54

270,000

U.S.

Treasury

Bonds,

4.625%,

5/15/54

150,000

U.S.

Treasury

Bonds,

4.625%,

2/15/55

190,000

U.S.

Treasury

Bonds,

4.75%,

11/15/43

370,000

U.S.

Treasury

Bonds,

4.75%,

11/15/53

640,000

647

U.S.

Treasury

Bonds,

4.75%,

5/15/55

200,000

U.S.

Treasury

Bonds,

5.00%,

5/15/45

450,000

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51

83,125

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50

225,565

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43

302,542

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42

612,220

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/45

227,007

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47

256,209

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46

84,636

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48

148,458

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49

173,810

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44

135,118

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53

538,956

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/41

295,880

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/54

293,676

U.S.

Treasury

Inflation-Indexed

Bonds,

2.375%,

2/15/55

123,205

U.S.

Treasury

Inflation-Indexed

Bonds,

3.875%,

4/15/29

393,754

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26

1,079,498

1,070

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27

1,634,069

1,606

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30

717,755

684

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30

985,608

935

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31

435,593

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29

721,934

699

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28

210,147

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32

807,742

764

U.S.

Treasury

Inflation-Indexed

Notes,

0.75%,

7/15/28

149,200

U.S.

Treasury

Inflation-Indexed

Notes,

0.875%,

1/15/29

201,697

U.S.

Treasury

Inflation-Indexed

Notes,

1.125%,

10/15/30

746,170

740

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28

646,008

646

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33

757,385

746

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/29

1,467,209

1,491

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

4/15/30

987,208

999

U.S.

Treasury

Inflation-Indexed

Notes,

1.75%,

1/15/34

1,988,487

1,997

U.S.

Treasury

Inflation-Indexed

Notes,

1.875%,

7/15/34

376,855

U.S.

Treasury

Inflation-Indexed

Notes,

1.875%,

7/15/35

302,688

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

4/15/29 (10)

3,003,686

3,088

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

1/15/35

538,955

555

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28

3,639,755

3,773

U.S.

Treasury

Notes,

0.625%,

8/15/30

420,000

U.S.

Treasury

Notes,

0.75%,

1/31/28

120,000

U.S.

Treasury

Notes,

1.25%,

8/15/31

535,000

U.S.

Treasury

Notes,

1.625%,

8/15/29

1,450,000

1,349

U.S.

Treasury

Notes,

1.875%,

2/15/32

365,000

U.S.

Treasury

Notes,

3.625%,

5/31/28

100,000

U.S.

Treasury

Notes,

3.875%,

8/15/34

1,000,000

989

U.S.

Treasury

Notes,

4.00%,

2/29/28

725,000

731

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

U.S.

Treasury

Notes,

4.00%,

2/28/30

685,000

694

U.S.

Treasury

Notes,

4.00%,

3/31/30

245,000

U.S.

Treasury

Notes,

4.00%,

2/15/34

280,000

U.S.

Treasury

Notes,

4.125%,

9/30/27

1,155,000

1,166

U.S.

Treasury

Notes,

4.125%,

10/31/27

920,000

929

U.S.

Treasury

Notes,

4.125%,

11/30/29

355,000

U.S.

Treasury

Notes,

4.125%,

3/31/32

1,570,000

1,595

U.S.

Treasury

Notes,

4.25%,

2/28/29

490,000

U.S.

Treasury

Notes,

4.25%,

11/15/34 (10)

1,305,000

1,325

U.S.

Treasury

Notes,

4.25%,

5/15/35

100,000

U.S.

Treasury

Notes,

4.375%,

11/30/28

1,105,000

1,129

U.S.

Treasury

Notes,

4.375%,

12/31/29

350,000

U.S.

Treasury

Notes,

4.375%,

5/15/34

150,000

U.S.

Treasury

Notes,

4.50%,

5/31/29

355,000

U.S.

Treasury

Notes,

4.625%,

2/15/35

1,090,000

1,137

56,913

#### Total

#### United

#### States

#### (Cost

#### $463,156)

#### 594,604

#### VIETNAM 0.3%

#### Common

#### Stocks 0.3%
Airports

Corp.

of

Vietnam (1)

5,980

Asia

Commercial

Bank

408,326

Bank

for

Foreign

Trade

of

Vietnam

204,947

Binh

Minh

Plastics

20,600

FPT

1,909

FPT

Digital

Retail (1)

32,093

Ho

Chi

Minh

City

Development

Joint

Stock

Commercial

Bank (1)

52,100

Hoa

Phat

Group (1)

429,328

Khang

Dien

House

Trading

&

Investment (1)

123,583

Military

Commercial

Joint

Stock

Bank

174,642

Mobile

World

Investment

58,000

Nam

Long

Investment

55,166

Nam

Long

Investment,

Rights,

11/18/25 (1)

55,166

Phu

Nhuan

Jewelry

83,620

Saigon

Beer

Alcohol

Beverage

4,000

Techcom

Securities (1)

35,500

Vietnam

Prosperity

Bank

18,700

#### Total

#### Vietnam

#### (Cost

#### $2,055)

#### 2,682
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### SHORT-TERM

#### INVESTMENTS 3.1%

#### Money

#### Market

#### Funds 3.1%
T. Rowe

Price

Treasury

Reserve

Fund,

4.13% (7)(11)

25,283,931

25,284

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $25,284)

#### 25,284

#### SECURITIES

#### LENDING

#### COLLATERAL 1.0%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### JPMORGAN

#### CHASE

#### BANK 0.7%

#### Money

#### Market

#### Funds 0.7%
T. Rowe

Price

Government

Reserve

Fund,

4.12% (7)(11)

5,704,031

5,704

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### JPMorgan

#### Chase

#### Bank

#### 5,704

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 0.3%

#### Money

#### Market

#### Funds 0.3%
T. Rowe

Price

Government

Reserve

Fund,

4.12% (7)(11)

2,392,385

2,392

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 2,392

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $8,096)

#### 8,096

#### Total

#### Investments

#### in

#### Securities

#### 100.8%

#### of

#### Net

#### Assets

#### (Cost

#### $635,265)

#### $

#### 835,096
‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1) Non-income

producing

(2) See

Note

4. All

or

a

portion

of

this

security

is

on

loan

at

October

31,

2025. (3) See

Note

2. Level

in

fair

value

hierarchy.

T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

(4) 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

$3,108

and

represents

0.4%

of

net

assets.

(5) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$14,541

and

represents

1.8%

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

October

31,

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

CPI

Consumer

Price

Index

CVA

Dutch

Certificate

(Certificaten

Van

Aandelen)

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

GO

General

Obligation

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

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

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### WRITTEN

#### (0.0)%

#### OTC

#### Options

#### Written (0.0)%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Morgan

Stanley

S&P

500

Index,

Put,

12/19/25

@

$6,325.00

38,989

(228) Wells

Fargo

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

11/21/25

@

$81.00

934

7,547

(12) Wells

Fargo

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

11/21/25

@

$81.00

934

7,547

(60) #### Total

#### Options

#### Written

#### (Premiums

#### $(295))

#### $

#### (300)
T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

(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-S44,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/30

1,450

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S45,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/30

1,250

#### Total

#### United

#### States

#### 2

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 2

#### Zero-Coupon

#### Inflation

#### Swaps

#### (0.0)%

#### United

#### States

#### (0.0)%

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.800%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

6/25/27

—

—

—

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.830%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

6/25/27

—

—

—

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.596%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/16/30

—

—

—

T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

(Amounts

in

000s)

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value\*\*

#### Unrealized

#### $

#### Gain/(Loss)

Year

Zero-Coupon

Inflation

Swap

Pay

Fixed

2.597%

at

Maturity,

Receive

Variable

(Change

in

CPI)

at

Maturity,

5/16/30

(1) —

(1) #### Total

#### United

#### States

#### (1)

#### Total

#### Centrally

#### Cleared

#### Zero-Coupon

#### Inflation

#### Swaps

#### (1)

#### Total

#### Centrally

#### Cleared

#### Swaps

#### 1

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### (2)

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### (1)
\*\*

Includes

interest

purchased

or

sold

but

not

yet

collected

of

less

than

$1.

T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
Citibank

11/28/25

USD

4,904

GBP

3,710

$

JPMorgan

Chase

11/14/25

JPY

51,037

USD

(4) JPMorgan

Chase

11/28/25

USD

640

DKK

4,101

JPMorgan

Chase

11/28/25

USD

11,889

EUR

10,192

JPMorgan

Chase

11/28/25

USD

ILS

732

JPMorgan

Chase

11/28/25

USD

7,342

JPY

1,114,471

JPMorgan

Chase

11/28/25

USD

NOK

2,011

JPMorgan

Chase

11/28/25

USD

NZD

JPMorgan

Chase

11/28/25

USD

1,047

SEK

9,790

JPMorgan

Chase

11/28/25

USD

SGD

595

Morgan

Stanley

11/28/25

USD

654

HKD

5,079

—

State

Street

11/28/25

USD

2,302

AUD

3,490

State

Street

11/28/25

USD

3,143

CHF

2,496

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

T. ROWE

PRICE

Global

Allocation

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

MSCI

EAFE

Index

contracts

12/25

(1,965)

$

(11) Short,

S&P

500

E-Mini

Index

contracts

12/25

(8,592)

(127) Long,

U.S.

Treasury

Long

Bond

contracts

12/25

1,408

Long,

U.S.

Treasury

Notes

five

year

contracts

12/25

3,822

(1) Long,

U.S.

Treasury

Notes

two

year

contracts

12/25

1,249

(1) Long,

Ultra

U.S.

Treasury

Bonds

contracts

12/25

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 86

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### —
T. ROWE

PRICE

Global

Allocation

Fund

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

year

ended

October

31,

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,

5.47%

$

(1,582)

$

1,242

$

719

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class,

5.30%

(161) 1,891

1,907

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.48%

(558) 1,447

1,077

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

6.87%

(78) 21

565

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.29%

(509) 643

1,279

T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

2,716

1,748

T. Rowe

Price

International

Bond

Fund

-

I

Class,

3.20%

(689) 1,155

809

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.17%

(174) 303

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

(580) (1,184)

2,462

T. Rowe

Price

Government

Reserve

Fund,

4.12%

—

—

—++

T. Rowe

Price

Treasury

Reserve

Fund,

4.13%

—

—

647

Affiliates

not

held

at

period

end

—

—

Totals

$

(1,615)#

$

7,266

$

10,062+

T. ROWE

PRICE

Global

Allocation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### AFFILIATED

#### COMPANIES
(CONTINUED)

($000s)

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 10/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 10/31/25
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.47%

$

15,875

$

7,149

$

9,082

$

15,184

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class,

5.30%

31,976

2,358

4,811

31,414

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.48%

17,544

2,228

3,058

18,161

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

6.87%

8,914

816

2,128

7,623

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.29%

21,224

1,529

5,009

18,387

T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

43,493

3,895

5,132

44,004

T. Rowe

Price

International

Bond

Fund

-

I

Class,

3.20%

23,334

3,510

2,689

25,310

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.17%

7,384

3,784

2,025

9,446

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

21,009

2,613

4,330

18,108

T. Rowe

Price

Government

Reserve

Fund,

4.12%

5,564

¤

¤

8,096

T. Rowe

Price

Treasury

Reserve

Fund,

4.13%

9,297

¤

¤

25,284

Total

$

221,017^

#

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

.

+

Investment

income

comprised

$10,062

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$219,704.

T. ROWE

PRICE

Global

Allocation

Fund

October

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$635,265)

$

835,096

Receivable

for

investment

securities

sold

2,031

Interest

and

dividends

receivable

1,051

Foreign

currency

(cost

$947)

941

Receivable

for

shares

sold

565

Unrealized

gain

on

forward

currency

exchange

contracts

Cash

Other

assets

2,037

Total

assets

842,043

#### Liabilities
Obligation

to

return

securities

lending

collateral

8,096

Payable

for

shares

redeemed

2,590

Payable

for

investment

securities

purchased

2,075

Investment

management

fees

payable

Options

written

(premiums

$295)

Due

to

affiliates

Unrealized

loss

on

forward

currency

exchange

contracts

Variation

margin

payable

on

centrally

cleared

swaps

Other

liabilities

Total

liabilities

13,949

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 828,094
T. ROWE

PRICE

Global

Allocation

Fund

October

31,

2025

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($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)

$

217,329

Paid-in

capital

applicable

to

49,227,835

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

610,765

#### NET

#### ASSETS

#### $

#### 828,094

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $530,789;

#### Shares

#### outstanding:

#### 31,557,911)

#### $

#### 16.82

#### Advisor

#### Class

#### (Net

#### assets:

#### $3,126;

#### Shares

#### outstanding:

#### 187,416)

#### $

#### 16.68

#### I

#### Class

#### (Net

#### assets:

#### $294,179;

#### Shares

#### outstanding:

#### 17,482,508)

#### $

#### 16.83
T. ROWE

PRICE

Global

Allocation

Fund

#### Statement

#### of

#### Operations

($000s)

Year

Ended

10/31/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$282)

$

18,209

.

&nbsp;&nbsp;&nbsp;&nbsp;Interest

4,078

Securities

lending

Other

Total

income

22,319

Expenses

Investment

management

5,448

Shareholder

servicing

Investor

Class

$

800

Advisor

Class

I

Class

852

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

Advisor

Class

I

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(1,197)

Total

expenses

5,787

Net

investment

income

16,532

T. ROWE

PRICE

Global

Allocation

Fund

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

Ended

10/31/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$39)

41,338

Futures

(2,536)

Swaps

(19)

Options

written

1,471

Forward

currency

exchange

contracts

(803)

Foreign

currency

transactions

(12)

Capital

gain

distributions

from

mutual

funds

2,347

Net

realized

gain

41,786

Change

in

net

unrealized

gain

/

loss

Securities

(net

of

increase

in

deferred

foreign

taxes

of

$87)

39,406

Futures

(266)

Swaps

(1)

Options

written

Forward

currency

exchange

contracts

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

39,973

Net

realized

and

unrealized

gain

/

loss

81,759

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 98,291
T. ROWE

PRICE

Global

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/25

10/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

16,532

$

15,809

Net

realized

gain

41,786

33,791

Change

in

net

unrealized

gain

/

loss

39,973

106,566

Increase

in

net

assets

from

operations

98,291

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

83,095

71,838

Advisor

Class

578

923

I

Class

55,980

43,170

Distributions

reinvested

Investor

Class

23,808

12,046

Advisor

Class

I

Class

14,641

8,400

Shares

redeemed

Investor

Class

(130,799)

(145,797)

Advisor

Class

(1,185)

(1,619)

I

Class

(87,934)

(84,177)

Decrease

in

net

assets

from

capital

share

transactions

(41,677)

(95,143)

T. ROWE

PRICE

Global

Allocation

Fund

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Year

.

.

.

.

.

.

.

.

.

.

.

.

.

.

Ended

.

.

.

.

.

.

.

.

.

.

.

.

.

.

10/31/25

10/31/24

#### Net

#### Assets
Increase

during

period

16,019

39,521

Beginning

of

period

812,075

772,554

#### End

#### of

#### period

#### $

#### 828,094

#### $

#### 812,075
\*Share

information

(000s)

Shares

sold

Investor

Class

5,314

4,819

Advisor

Class

I

Class

3,576

2,908

Distributions

reinvested

Investor

Class

1,603

851

Advisor

Class

I

Class

987

594

Shares

redeemed

Investor

Class

(8,354)

(9,803)

Advisor

Class

(77)

(110)

I

Class

(5,685)

(5,727)

Decrease

in

shares

outstanding

(2,590)

(6,402)

T. ROWE

PRICE

Global

Allocation

Fund

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

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

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

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

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
&nbsp;&nbsp;&nbsp;&nbsp;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

Level

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

–

inputs

other

than

Level

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

–

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

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decides 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

or how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

are

generally 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

the

greatest

weight

to

actual

prices

in

arm's

length

T. ROWE

PRICE

Global

Allocation

Fund

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
&nbsp;&nbsp;&nbsp;&nbsp;The

following

table

summarizes

the

fund's

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

October

31,

2025

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

T. ROWE

PRICE

Global

Allocation

Fund

($000s)

#### Level

#### 1

#### Level

#### 2

#### Level

#### 3

#### Total

#### Value

#### Assets
Fixed

Income

Securities

$

—

$

90,329

$

—

$

90,329

Asset-Backed

Securities

—

4,510

4,607

Bond

Funds

125,525

—

—

125,525

Common

Stocks

271,349

180,343

452,050

Convertible

Preferred

Stocks

—

—

2,368

2,368

Equity

Funds

62,112

—

—

62,112

Non-U.S.

Government

Mortgage-Backed

Securities

—

4,261

4,353

Preferred

Stocks

—

Private

Investment

Companies

—

—

60,136

60,136

Short-Term

Investments

25,284

—

—

25,284

Securities

Lending

Collateral

8,096

—

—

8,096

Total

Securities

492,366

279,568

63,162

835,096

Swaps\*

—

—

Forward

Currency

Exchange

Contracts

—

—

Futures

Contracts\*

—

—

Total

$

492,420

$

279,889

$

63,162

$

835,471

#### Liabilities
Options

Written

$

—

$

$

—

$

Swaps\*

—

—

Forward

Currency

Exchange

Contracts

—

—

Futures

Contracts\*

—

—

Total

$

$

$

—

$

Includes

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

T. ROWE

PRICE

Global

Allocation

Fund

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

year ended

October

31,

2025. Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

instruments

held

at

October

31,

2025,

totaled $4,207,000 for

the

year ended

October

31,

2025. Additionally,

during

the

period,

transfers

into

and/or

out

of

Level

include

securities

acquired

or

exchanged

as

a

result

of

a

corporate

action.

\*

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

#### Transfer

#### Into

#### Level 3

#### Transfer

#### Out

#### of

#### Level

#### 3

#### Ending

#### Balance

#### 10/31/25
Investment

in

Securities

Asset-

Backed

Securities

$

—

$

—

$

$

(3) $

—

$

—

$

Common

Stocks

(1) —

—

Convertible

Preferred

Stocks

1,684

634

(52) 139

(139) 2,368

Non-U.S.

Government

Mortgage-

Backed

Securities

—

—

(14) —

—

Preferred

Stocks

—

—

—

—

—

Private

Investment

Companies

62,643

6,993

—

(9,500)

—

—

60,136

Total

$

64,600

$

7,664

$

$

(9,570)

$

$

(139) $

63,162

T. ROWE

PRICE

Global

Allocation

Fund

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

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.

T. ROWE

PRICE

Global

Allocation

Fund

#### 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

$

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Common

Stocks

$358

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

dilution

15%

15%

Decrease

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

4.9x

Increase

Enterprise

value

to

sales

multiple

1.4x

-

2.0x

1.8x

Increase

Discount

for

liquidation

preference

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

recoverability

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T. ROWE

PRICE

Global

Allocation

Fund

#### 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

$

2,368

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Private

company

valuation

—#

—#

—#

Discount

for

dilution

15%

15%

Decrease

Discount

for

uncertainty

50%

50%

Decrease

Market

comparable

Third-party

valuation

—#

—#

—#

Enterprise

value

to

sales

multiple

3.4x

-

27.5x

8.0x

Increase

Sales

growth

rate

20%

-

66%

32%

Increase

Enterprise

value

to

EBITDA

multiple

8.4x

-

26.2x

17.2x

Increase

EBITDA

growth

rate

124%

-

170%

164%

Increase

Price-to-

earnings

multiple

17.5x

-

19.5x

18.5x

Increase

Earnings

growth

rate

17%

17%

Increase

Cost

of

capital

25%

-

30%

29%

Decrease

Discount

for

uncertainty

10%

10%

Decrease

T. ROWE

PRICE

Global

Allocation

Fund

+

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

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Discount

for

lack

of

recoverability

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

5%

5%

Increase

Volatility

53%

-

58%

56%

Increase

Non-U.S.

Government

Mortgage-

Backed

Securities

$

Market

comparable

Third-party

valuation

—#

—#

—#

Preferred

Stocks

$

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Private

Investment

Companies

$

60,136

Rollforward

of

Investee

NAV

Estimated

return

0.81%

0.81%

Increase

T. ROWE

PRICE

Global

Allocation

Fund

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

year ended

October

31,

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

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

October

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T. ROWE

PRICE

Global

Allocation

Fund

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Futures

$

Foreign

exchange

derivatives

Forwards

Credit

derivatives

Centrally

Cleared

Swaps

\*

Total

$

\*

#### Liabilities
Inflation

derivatives

Centrally

Cleared

Swaps

$

Interest

rate

derivatives

Futures

Foreign

exchange

derivatives

Forwards

Credit

derivatives

Options

Written

Equity

derivatives

Futures,

Options

Written

Total

$

\*

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.

T. ROWE

PRICE

Global

Allocation

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

year ended

October

31,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

($000s)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Location

#### of

#### Gain
(Loss)

#### on

#### Statement

#### of

#### Operations

#### Securities^

#### Options

#### Written

#### Futures

#### Forward

#### Currency

#### Exchange

#### Contracts

#### Swaps

#### Total

#### Realized

#### Gain
(Loss)

Inflation

derivatives

$

—

$

—

$

—

$

—

$

$

Interest

rate

derivatives

—

—

(326) —

—

(326) Foreign

exchange

derivatives

—

—

—

(803) —

(803) Credit

derivatives

—

—

—

(21) 182

Equity

derivatives

1,268

(2,210)

—

—

(737) Total

$

$

1,471

$

(2,536)

$

(803) $

(19) $

(1,682)

T. ROWE

PRICE

Global

Allocation

Fund

#### 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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

$

—

$

—

$

—

$

—

$

(2) $

(2) Interest

rate

derivatives

—

—

—

—

Foreign

exchange

derivatives

—

—

—

—

Credit

derivatives

—

—

—

Equity

derivatives

—

(567) —

—

(273) Total

$

—

$

$

(266) $

$

(1) $

516

^

Options

purchased

are

reported

as

securities.

T. ROWE

PRICE

Global

Allocation

Fund

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs), with

a

Credit

Support

Annex

(CSA),

if

any,

that

governs

the

collateralization

process, 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,

such

as

Additional

Termination

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,

such

as

a

CSA, whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

October

31,

2025,

securities

valued

at $39,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

October

31,

2025,

collateral

pledged

by

counterparties

to

the

fund

for

bilateral

T. ROWE

PRICE

Global

Allocation

Fund

derivatives

consisted

of

securities

valued

at

$287,000. As

of

October

31,

2025,

securities

valued

at $595,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

October

31,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

between

3%

and

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,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

T. ROWE

PRICE

Global

Allocation

Fund

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/

or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

year ended

October

31,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

1%

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

options)

or

through

a

central

clearinghouse

(exchange-traded

options).

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

T. ROWE

PRICE

Global

Allocation

Fund

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

year ended

October

31,

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

T. ROWE

PRICE

Global

Allocation

Fund

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets'

valuation

of

credit

quality.

As

of

October

31,

2025,

the

notional

amount

of

protection

sold

by

the

fund

totaled $2,700,000

(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

year ended

October

31,

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

#### 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

various

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

In

addition,

Blackstone

Partners'

ownership

in

the

underlying

funds

may

also

be

subject

to

transfer

and

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

All

of

these

restrictions

are

subject

to

change

at

the

sole

discretion

of

Blackstone

Partners

or

an

underlying

fund's

management.

As

of

October

31,

2025,

the

fund's

investment

in

Blackstone

Partners

is

subject

to

semi-annual

redemption

with

days

prior

written

notice

and

is

considered

an

illiquid

asset.

#### Securities

#### Lending
The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

October

31,

2025,

the

value

of

loaned

securities

was

$7,686,000;

the

value

of

cash

collateral

and

related

investments

was

$8,096,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any, short-term

and

U.S.

government securities

aggregated $284,298,000 and

$363,826,000,

respectively,

for

the

year ended

October

31,

2025. T. ROWE

PRICE

Global

Allocation

Fund

#### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

The

fund

files

U.S.

federal,

state,

and

local

tax

returns

as

required.

The

fund's

tax

returns

are

subject

to

examination

by

the

relevant

tax

authorities

until

expiration

of

the

applicable

statute

of

limitations,

which

is

generally

three

years

after

the

filing

of

the

tax

return

but

which

can

be

extended

to

six

years

in

certain

circumstances.

Tax

returns

for

open

years

have

incorporated

no

uncertain

tax

positions

that

require

a

provision

for

income

taxes.

Capital

accounts

within

the

financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

permanent

book/tax

adjustments,

if

any,

have

no

impact

on

results

of

operations

or

net

assets.

The

permanent

book/

tax

adjustments

relate

primarily

to

deemed

distributions

on

shareholder

redemptions,

the

character

of

net

currency

gains

or

losses,

the

character

of

income

on

passive

foreign

investment

companies

and

the

character

of

distributions

from

the

underlying

funds.

The

tax

character

of

distributions

paid

for

the

periods

presented

was

as

follows:

($000s)

#### October

#### 31,

#### 2025

#### October

#### 31,

#### 2024
Ordinary

income

(including

short-term

capital

gains,

if

any)

$

21,041

$

21,502

Long-term

capital

gain

19,554

—

Total

distributions

$

40,595

$

21,502

T. ROWE

PRICE

Global

Allocation

Fund

At

October

31,

2025,

the

tax-basis

cost

of

investments

(including

derivatives,

if

any)

and

gross

unrealized

appreciation

and

depreciation

were as

follows:

At

October

31,

2025,

the

tax-basis

components

of

accumulated

net

earnings

(loss)

were

as

follows:

Temporary

differences

between

book-basis

and

tax-basis

components

of

total

distributable

earnings

(loss)

arise

when

certain

items

of

income,

gain,

or

loss

are

recognized

in

different

periods

for

financial

statement

purposes

versus

for

tax

purposes;

these

differences

will

reverse

in

a

subsequent

reporting

period.

The

temporary

differences

relate

primarily

to

the

deferral

of

losses

from

wash

sales

and

the

realization

of

gains/losses

on

passive

foreign

investment

companies.

The

loss

carryforwards

and

deferrals

primarily

relate

to

straddle

deferrals.

#### 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/

($000s)

Cost

of

investments

$

670,491

Unrealized

appreciation

$

228,038

Unrealized

depreciation

(63,899)

Net

unrealized

appreciation

(depreciation)

$

164,139

($000s)

Undistributed

ordinary

income

$

19,516

Undistributed

long-term

capital

gain

33,698

Net

unrealized

appreciation

(depreciation)

164,139

Loss

carryforwards

and

deferrals

(24) Total

distributable

earnings

(loss)

$

217,329

T. ROWE

PRICE

Global

Allocation

Fund

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.40%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.26%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

October

31,

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.

T. ROWE

PRICE

Global

Allocation

Fund

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the year

ended October

31,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $308,000 remain

subject

to

repayment

by

the

fund

at

October

31,

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

year

ended

October

31,

2025,

expenses

incurred

pursuant

to

these

service

agreements

#### 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)

$—

$(4)

$(134)

T. ROWE

PRICE

Global

Allocation

Fund

were

$125,000

for

Price

Associates;

$212,000

for

T. Rowe

Price

Services,

Inc.;

and

$3,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T. Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund's

net

assets.

Each

underlying

Price

Fund

is

an

open-

end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund's

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

year

ended

October

31,

2025,

are

as

follows:

($000s)

#### Effective

#### Management

#### Fee

#### Rate

#### Management

#### Fee

#### Waived
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.48%

$

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class

0.67%

T. ROWE

PRICE

Global

Allocation

Fund

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$686,000,

$4,000

and

$369,000 for

the

Investor

Class,

Advisor

Class

and

I

Class,

respectively,

for

the

year ended

October

31,

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

year

ended

October

31,

2025,

the

aggregate

value

of

purchases

and

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates

was

less

than

1%

of

the

fund's

net

assets

as

of

October

31,

2025. #### 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

($000s)

#### Effective

#### Management

#### Fee

#### Rate

#### Management

#### Fee

#### Waived
T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class

0.62%

$

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

0.63%

T. Rowe

Price

International

Bond

Fund

-

I

Class

0.48%

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.48%

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

0.99%

Total

Management

Fee

Waived

$

1,059

T. ROWE

PRICE

Global

Allocation

Fund

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

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,

terrorism,

geopolitical

and

regulatory

developments

(including

trading

and

tariff

arrangements),

and

public

health

epidemics

or

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.

T. ROWE

PRICE

Global

Allocation

Fund

#### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM

#### To

#### the

#### Board

#### of

#### Directors

#### and

#### Shareholders

#### of
T. #### Rowe

#### Price

#### Global

#### Allocation

#### Fund,

#### Inc.

#### Opinion

#### on

#### the

#### Financial

#### Statements
We

have

audited

the

accompanying

statement

of

assets

and

liabilities,

including

the

portfolio

of

investments,

of

T. Rowe

Price

Global

Allocation

Fund,

Inc.

(the

"Fund")

as

of

October

31,

2025,

the

related

statement

of

operations

for

the

year

ended

October

31,

2025,

the

statement

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

the

Fund

as

of

October

31,

2025,

the

results

of

its

operations

for

the

year

then

ended,

the

changes

in

its

net

assets

for

each

of

the

two

years

in

the

period

ended

October

31,

2025

and

the

financial

highlights

for

each

of

the

five

years

in

the

period

ended

October

31,

2025,

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

#### Basis

#### for

#### Opinion
These

financial

statements

are

the

responsibility

of

the

Fund's

management.

Our

responsibility

is

to

express

an

opinion

on

the

Fund's

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Fund

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

T. ROWE

PRICE

Global

Allocation

Fund

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

October

31,

2025

by

correspondence

with

the

custodians,

transfer

agent,

investment

manager

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinion.

/s/

PricewaterhouseCoopers

LLP

Baltimore,

Maryland

December

18,

2025

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

the

T. Rowe

Price

group

of

investment

companies

since

1973. #### REPORT

#### OF

#### INDEPENDENT

#### REGISTERED

#### PUBLIC

#### ACCOUNTING

#### FIRM
(continued)

T. ROWE

PRICE

Global

Allocation

Fund

#### TAX

#### INFORMATION
(UNAUDITED)

#### FOR

#### THE

#### TAX

#### YEAR

#### ENDED 10/31/25
We

are

providing

this

information

as

required

by

the

Internal

Revenue

Code.

The

amounts

shown

may

differ

from

those

elsewhere

in

this

report

because

of

differences

between

tax

and

financial

reporting

requirements.

The

fund's

distributions

to

shareholders

included

$22,117,000

from

long-term

capital

gains,

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

taxable

non-corporate

shareholders,

$6,756,000

of

the

fund's

income

represents

qualified

dividend

income

subject

to

a

long-term

capital

gains

tax

rate

of

not

greater

than

20%.

For

corporate

shareholders,

$3,617,000

of

the

fund's

income

qualifies

for

the

dividends-received

deduction.

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-638-5660* 

*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.*

F154-050

12/25

------

#### 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 attached.](d53897dex99codeeth.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) | Listing standards relating to recovery of erroneously awarded compensation: not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.](d53897dex99cert.htm) |
| (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.](d53897dex99906ce.htm) |

---

------

#### 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. | T. Rowe Price Global Allocation Fund, Inc. |
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | December 18, 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 | December 18, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | December 18, 2025 |

---

## Ex-99.Cert

**Item 19. (a)(3)** 

**<u>CERTIFICATIONS</u>** 

I, David Oestreicher, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Global
Allocation Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATIONS</u>** 

I, Alan S. Dupski, certify that:

1. I have reviewed this report on Form N-CSR of T. Rowe Price Global
Allocation Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors
and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| Date: December 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**Item 19. (b)** 

**CERTIFICATION UNDER SECTION 906 OF SARBANES-OXLEY ACT OF 2002** 

Name of Issuer: T. Rowe Price Global Allocation Fund

In connection with the Report on Form N-CSR for the above named Issuer, the undersigned hereby certifies, to the best of his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange
Act of 1934;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Issuer.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: December 18, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Date: December 18, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS** 

**OF THE T. ROWE PRICE MUTUAL FUNDS AND EXCHANGE-TRADED FUNDS** 

**UNDER THE SARBANES-OXLEY ACT OF 2002** 

**I.**  **<u>INTRODUCTORY NOTE</u>** 

**A.** **General Statement.** 

This Code of Ethics for the T. Rowe Price Mutual Funds and Exchange-Traded Funds (the "Price ETFs" and, together with the Mutual Funds, the **"Price Funds"**) has been designed to bring the Price Funds into compliance with the applicable requirements of the Sarbanes-Oxley Act of 2002 (the **"Act"**) and rules promulgated by the Securities and Exchange Commission thereunder (**"Regulations"**). This Price Funds' Code of Ethics (the **"S-O Code"**) applies solely to the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for, a Price Fund (whether such persons are employed by a Price Fund or third party) (**"Covered Officers"**). The **"Price Funds"** shall include each mutual fund and ETF that is managed, sponsored and distributed by affiliates of T. Rowe Price Group, Inc. (**"Group"**). The investment managers to the Price Funds will be referred to as the **"Price Fund Advisers**.**"** A list of Covered Officers is attached as **Exhibit A**.

The Price Fund Advisers have, along with their parent, Group also maintained a comprehensive Global Code of Conduct (the **"Code of Conduct"**) and a Code of Ethics and Personal Transactions Policy (the "**Group Code**") since 1972, which applies to all officers, directors and employees of the Price Funds, Group and its affiliates.

As mandated by the Act, Group has adopted a Code of Ethics for Principal Executive and Senior Financial Officers (the "**Group S-O Code**"), similar to the Price Funds S-O Code, which applies solely to its principal executive and senior financial officers. The Group S-O Code and the Price Funds S-O Code will be referred to collectively as the "**S-O Codes**".

The Price Funds S-O Code has been adopted by the Price Funds in accordance with the Act and Regulations thereunder and will be administered in conformity with the disclosure requirements of Item 2 of Form N-CSR. The S-O Codes are attachments to the Group Code. In many respects the S-O Codes are supplementary to the Group Code, but the Group Code is administered separately from the S-O Codes, as the S-O Codes are from each other.

***The Introductory Note is a summary and should not be considered a substitute for reading and understanding the entire Policy. Associates must be familiar with all of their responsibilities under the Policy. Please refer to Section VI below for a list of the applicable rules/regulations. Capitalized terms are defined in Section IV. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them under the Glossary.***

**II.**  **<u>POLICY</u>** 

**Purpose of the Price Funds S-O Code.** 

The purpose of the Price Funds S-O Code, as mandated by the Act and the Regulations, is to establish

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standards that are reasonably designed to deter wrongdoing and to promote:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Ethical Conduct.** Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of
interest between personal and professional relationships.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Disclosure.** Full, fair, accurate, timely and understandable disclosure in reports and documents that the Price
Funds file with, or submit to, the SEC and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Compliance.** Compliance with applicable governmental laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Reporting of Violations.** The prompt internal reporting of violations of the Price Funds S-O Code to an appropriate person or persons identified in the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Accountability.** Accountability for adherence to the Price Funds S-O Code.

**A.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest.** 

**Overview.** 

Each Covered Officer owes a duty to the Price Funds to adhere to a high standard of honesty and business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his or her service to, the Price Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his or her family, receives improper personal benefits as a result of his or her position with a Price Fund.

Certain conflicts of interest covered by the Price Funds S-O Code arise out of the relationships between Covered Officers and the Price Funds and may already be subject to provisions regulating conflicts of interest in the Investment Company Act of 1940 (**"Investment Company Act"**), the Investment Advisers Act of 1940 (**"Investment Advisers Act"**) and the Group Code. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Price Fund because of their status as "affiliated persons" of a Price Fund. The compliance programs and procedures of the Price Funds and Price Fund Advisers are designed to prevent, or identify and correct, violations of these provisions.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between a Price Fund and its Price Fund Adviser (and its affiliates) of which the Covered Officers may also be officers or employees. As a result, the Price Funds S-O Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Price Funds or for the Price Fund Advisers, or for both), be involved in establishing policies and implementing decisions which will have different effects on these entities. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each Price Fund and its respective Price Fund Adviser. Such participation is also consistent with the performance by the Covered Officers of their duties as officers of the Price Funds and, if consistent with the provisions of the Investment Company Act and the Investment Advisers Act, it will be deemed to have been handled ethically.

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Other conflicts of interest are covered by the Price Funds and Price ETFs S-O Code, even if these conflicts of interest are not addressed by or subject to provisions in the Investment Company Act and the Investment Advisers Act.

Whenever a Covered Officer is confronted with a conflict of interest situation where he or she is uncertain as to the appropriate action to be taken, he or she should discuss the matter with the Chairperson of Group's Ethics Committee or another member of the Committee.

**III.**  **<u>PROCEDURES</u>** 

**A.** **Handling of Specific Types of Conflicts.** 

Each Covered Officer (and close family members) must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Entertainment.** 

Accept entertainment from any company with which any Price Fund or any Price Fund Adviser has current or prospective business dealings including portfolio companies, unless such entertainment is in full compliance with the policy on entertainment as set forth in the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Gifts.** 

Accept any gifts, except as permitted by the Group Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Improper Personal Influence.** 

Use his or her personal influence or personal relationships improperly to influence investment decisions, brokerage allocations or financial reporting by the Price Funds to the detriment of any one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Taking Action at the Expense of a Price Fund.** 

Cause a Price Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than for the benefit of one or more of the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Misuse of Price Funds' Transaction Information.** 

Use knowledge of portfolio transactions made or contemplated for a Price Fund or any other clients of the Price Fund Advisers to trade personally or cause others to trade in order to take advantage of or avoid the market impact of such portfolio transactions; and in connection with Price ETFs that do not disclose portfolio holdings daily, use knowledge of pending changes to an ETF's proxy portfolio holdings for such purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Outside Business Activities.** 

Engage in any outside business activity that detracts from a Covered Officer's ability to devote appropriate time and attention to his or her responsibilities to a Price Fund.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service Providers.** 

Excluding Group and its affiliates, have any ownership interest in, or any consulting or employment relationship with, any of the Price Funds' service providers, except that an ownership interest in public companies is permitted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Receipt of Payments.** 

Have a direct or indirect financial interest in commissions, transaction charges, spreads or other payments paid by a Price Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest (such as compensation or equity ownership) arising from the Covered Officer's employment by Group or any of its affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** **Service as a Director or Trustee.** 

Serve as a director, trustee or officer of any public or private company or a non-profit organization that issues securities eligible for purchase by any of the Price Funds, unless approval is obtained as required by the Group Code.

**B.** **Covered Officers' Specific Obligations and Accountabilities.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Disclosure Requirements and Controls.** 

Each Covered Officer must familiarize himself or herself with the disclosure requirements (Form N-lA registration statement, proxy (Schedule 14A), shareholder reports, Forms N-CEN, N-CSR, etc.) applicable to the Price Funds and the disclosure controls and procedures of the Price Fund and the Price Fund Advisers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Compliance with Applicable Law.** 

It is the responsibility of each Covered Officer to promote compliance with all laws, rules and regulations applicable to the Price Funds and the Price Fund Advisers. Each Covered Officer should, to the extent appropriate within his or her area of responsibility, consult with other officers and employees of the Price Funds and the Price Fund Advisers and take other appropriate steps with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Price Funds file with, or submit to, the SEC, and in other public communications made by the Price Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Fair Disclosure.** 

Each Covered Officer must not knowingly misrepresent, or cause others to misrepresent, facts about a Price Fund to others, whether within or outside the Price organization, including to the Price Fund's directors and auditors, and to governmental regulators and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Initial and Annual Affirmations. Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Upon adoption of the Price Funds S-O Code (or thereafter, as applicable,
upon becoming a Covered Officer), affirm in writing that he or she has received, read, and understands the Price Funds S-O Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Annually affirm that he or she has complied with requirements of the Price Funds S-O Code.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Reporting of Material Violations of the Price Funds S-O Code.** 

If a Covered Officer becomes aware of any material violation of the Price Funds S-O Code or laws and governmental rules and regulations applicable to the operations of the Price Funds, he or she must promptly report the violation (**"Report"**) to the Chief Compliance Officer of the Price Funds (**"CCO"**). Failure to report a material violation will be considered itself a violation of the Price Funds S-O Code. The CCO is identified in the attached **Exhibit B**.

It is the Price Funds' policy that no retaliation or other adverse action will be taken against any Covered Officer or other employee of a Price Fund, a Price Fund Adviser or their affiliates based upon any lawful actions of the Covered Officer or employee with respect to a Report made in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Annual Disclosures.** 

Each Covered Officer must report, at least annually, all affiliations or other relationships as called for in the "Annual Compliance Certification" for Group.

**C.** **Administration of the Price Funds S-O Code.** 

The Ethics Committee is responsible for administering the Price Funds S-O Code and applying its provisions to specific situations in which questions are presented.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Waivers and Interpretations.** The Chairperson of the Ethics Committee has the authority to interpret the Price
Funds S-O Code in any particular situation and to grant waivers where justified, subject to the approval of the Joint Audit Committee of the Price Funds. All material interpretations concerning Covered
Officers will be reported to the Joint Audit Committee of the Price Funds at its next meeting. Waivers, including implicit waivers, to Covered Officers will be publicly disclosed as required in the Instructions to N-CSR. Pursuant to the definition in the Regulations, an implicit waiver means a Price Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of
the Price Funds S-O Code that has been made known to an "executive officer" (as defined in Rule 3b-7 under the Securities Exchange Act of 1934) of a Price
Fund. An executive officer of a Price Fund includes its president and any vice-president in charge of a principal business unit, division or function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B.** **Violations/Investigations.** The following procedures will be followed in investigating and enforcing the Price
Funds S-O Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CCO will take or cause to be taken appropriate action to investigate any potential or actual violation reported
to him or her.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The CCO, after consultation if deemed appropriate with Outside Counsel to the Price Funds, will make a
recommendation to the appropriate Price Funds Board regarding

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the action to be taken with regard to each material violation. Such action could include any of the following: a letter of censure or suspension, a fine, a suspension of trading privileges or termination of officership or employment. In addition, the violator may be required to surrender any profit realized (or loss avoided) from any activity that is in violation of the Price Funds S-O Code. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Investigations of Whistleblower complaints related to Price Funds will be handled in accordance with the T. Rowe
Price Global Whistleblower Policy.

**D. Amendments to the Price Funds S-O Code.** Except as to the contents of **Exhibit A and Exhibit B**, the Price Funds S-O Code may not be materially amended except in written form, which is specifically approved or ratified by a majority vote of each Price Fund Board, including a majority of the independent directors on each Board.

**E. Confidentiality.** All reports and records prepared or maintained pursuant to the Price Funds S-O Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law, the Price Funds S-O Code or as necessary in connection with regulations under the Price Funds S-O Code, such matters shall not be disclosed to anyone other than the directors of the appropriate Price Fund Board, Outside Counsel to the Price Funds, members of the Ethics Committee and the CCO and authorized persons on his or her staff.

**IV.**  **<u>DEFINED TERMS</u>** 

Capitalized terms used herein shall have the meanings set forth below:

***Act*** means the Sarbanes-Oxley Act of 2002

***Code of Conduct*** means the Group Global Code of Conduct

***Covered Officers*** means the Principal Executive Officer, Principal Financial Officer, Principal Accounting Officer or Controller of, or persons performing similar functions for a Price Fund

***Group*** means T. Rowe Price Group, Inc.

***Group Code*** means the Group Global Code of Ethics and Conduct

***Group S-O Code*** means the Group Code of Ethics for Principal Executive and Senior Financial Officers

***Investment Advisers Act*** means the Investment Advisers Act of 1940

***Investment Company Act*** means Investment Company Act of 1940

***Price ETFs*** means the T. Rowe Price Exchange-Traded Funds

***Price Funds*** means the T. Rowe Price Mutual Funds and Exchange-Traded Funds

***Price Fund Advisers*** means the investment managers to the Price Funds listed on **Exhibit A**

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***Regulations*** means the rules promulgated by the Securities and Exchange Commission

***S-O Code*** means this Price Funds' Code of Ethics

***S-O Codes*** means the Group S-O Code and the Price Funds S-O Code

**V.**  **<u>RELATED POLICIES</u> <u>& PROCEDURES</u>** 

**VI.**  **<u>RELATED RULES</u> <u>& REGULATIONS</u>** 

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**Exhibit A** 

**Persons Covered by the Price Funds and Price ETFs S-0 Code of Ethics** 

David Oestreicher, Executive Vice President and Principal Executive Officer

Alan S. Dupski, Treasurer and Principal Financial Officer

**Exhibit B** 

Savonne Lynn Ferguson, Chief Compliance Officer