# EDGAR Filing Document

**Accession Number:** 0001571768
**File Stem:** 0001193125-25-144387
**Filing Date:** 2025-6
**Character Count:** 213031
**Document Hash:** 3da5be60b7b620ae50280f6c202e1bcd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-144387.hdr.sgml**: 20250623

**ACCESSION NUMBER**: 0001193125-25-144387

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250623

**DATE AS OF CHANGE**: 20250623

**EFFECTIVENESS DATE**: 20250623

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22810
- **FILM NUMBER:** 251063533

**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_F154-052

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED

#### MANAGEMENT INVESTMENT COMPANIES
Investment Company Act File Number: 811-22810

T. Rowe Price Global Allocation Fund, Inc.

(Exact name of registrant as specified in charter)

1307 Point Street, Baltimore, MD 21231

(Address of principal executive offices)

David Oestreicher

1307 Point Street, Baltimore, MD 21231

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: April 30, 2025

------

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

![Image](g944663id27c028024c1625e8a55.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Global Allocation Fund

#### Investor Class (RPGAX)
This semi-annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information 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 six months?** (based on a hypothetical $10,000 investment)

---

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

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $751451 |
| Number of Portfolio Holdings | 1487 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 19.4% |

---

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

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

---

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

---

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

---

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

---

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

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

202505-4461501

F154-053 6/25

Global Allocation Fund

Investor Class (RPGAX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g944663i1845bf818be7b20c8b2b.jpg)

![Image](g944663id27c028024c1625e8a55.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Global Allocation Fund

#### Advisor Class (PAFGX)
This semi-annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information 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 six months?** (based on a hypothetical $10,000 investment)

---

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

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $751451 |
| Number of Portfolio Holdings | 1487 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 19.4% |

---

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

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

---

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

---

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

---

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

---

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

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

202505-4461501

F244-053 6/25

Global Allocation Fund

Advisor Class (PAFGX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g944663i1845bf818be7b20c8b2b.jpg)

![Image](g944663id27c028024c1625e8a55.jpg)

#### Semi-Annual Shareholder Report

#### April 30, 2025

#### Global Allocation Fund

#### I Class (TGAFX)
This semi-annual shareholder report contains important information about Global Allocation Fund (the "fund") for the period of November 1, 2024 to April 30, 2025. You can find the fund's prospectus, financial information on Form N-CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information 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 six months?** (based on a hypothetical $10,000 investment)

---

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

---

#### What are some fund statistics?

# Fund Statistics

---

| | |
|:---|:---|
| Total Net Assets (000s) | $751451 |
| Number of Portfolio Holdings | 1487 |

---

---

| | |
|:---|:---|
| Portfolio Turnover Rate | 19.4% |

---

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

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

---

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

---

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

---

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

---

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

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

202505-4461501

F218-053 6/25

Global Allocation Fund

I Class (TGAFX)

T. Rowe Price Investment Services, Inc.

1307 Point Street

Baltimore, Maryland 21231

![Image](g944663i1845bf818be7b20c8b2b.jpg)

------

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

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

#### Item 3. Audit Committee Financial Expert.
Disclosure required in registrant's annual Form N-CSR.

#### Item 4. Principal Accountant Fees and Services.
Disclosure required in registrant's annual Form N-CSR.

#### Item 5. Audit Committee of Listed Registrants.
Not applicable.

#### Item 6. Investments.
(a) Not applicable. The complete schedule of investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

#### Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.

------

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

April

30,

2025

#### Financial

#### Statements

#### and

#### Other

#### Information
For

more

insights

from

T. Rowe

Price

investment

professionals,

go

to

#### troweprice.com
.

T. ROWE

PRICE

RPGAX

Global

Allocation

Fund

PAFGX

Global

Allocation

Fund–

.

Advisor Class

TGAFX

Global

Allocation

Fund–

.

I Class

T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Investor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

15.67 $

13.26 $

12.83 $

16.75 $

13.80 $

13.22 Investment

activities

Net

investment

income

(1)(2)

0.16 0.28 0.25 0.20 0.16 0.15 Net

realized

and

unrealized

gain/

loss

0.01 2.49 0.59 (2.95)

2.95 0.72 Total

from

investment

activities

0.17 2.77 0.84 (2.75)

3.11 0.87 Distributions

Net

investment

income

(0.40)

(0.36)

(0.22)

(0.15)

(0.14)

(0.18)

Net

realized

gain

(0.38)

—

(0.19)

(1.02)

(0.02)

(0.11)

Total

distributions

(0.78)

(0.36)

(0.41)

(1.17)

(0.16)

(0.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 15.06

#### $

#### 15.67

#### $

#### 13.26

#### $

#### 12.83

#### $

#### 16.75

#### $

#### 13.80
T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Investor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 1.15%

#### 21.14%

#### 6.62%

#### (17.55)%

#### 22.66%

#### 6.65%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.92%

(4)

0.92%

0.86%

0.86%

0.83%

0.84%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.78%

(4)

0.78%

0.72%

0.73%

0.72%

0.73%

Net

investment

income

2.06%

(4)

1.86%

1.89%

1.37%

1.01%

1.12%

Portfolio

turnover

rate

19.4%

38.8%

50.5%

72.1%

42.2%

56.8%

Net

assets,

end

of

period

(in

thousands)

$496,849

$516,949

$492,231

$708,365

$1,037,535

$731,173

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### Advisor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

15.54 $

13.16 $

12.71 $

16.59 $

13.67 $

13.13 Investment

activities

Net

investment

income

(1)(2)

0.14 0.24 0.21 0.15 0.11 0.11 Net

realized

and

unrealized

gain/

loss

0.01 2.47 0.59 (2.93)

2.93 0.71 Total

from

investment

activities

0.15 2.71 0.80 (2.78)

3.04 0.82 Distributions

Net

investment

income

(0.36)

(0.33)

(0.16)

(0.08)

(0.10)

(0.17)

Net

realized

gain

(0.38)

—

(0.19)

(1.02)

(0.02)

(0.11)

Total

distributions

(0.74)

(0.33)

(0.35)

(1.10)

(0.12)

(0.28)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 14.95

#### $

#### 15.54

#### $

#### 13.16

#### $

#### 12.71

#### $

#### 16.59

#### $

#### 13.67
T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Advisor

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 1.02%

#### 20.85%

#### 6.38%

#### (17.85)%

#### 22.33%

#### 6.31%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

1.24%

(4)

1.25%

1.19%

1.18%

1.17%

1.17%

Net

expenses

after

waivers/

payments

by

Price

Associates

1.01%

(4)

1.01%

1.01%

1.02%

1.04%

1.05%

Net

investment

income

1.82%

(4)

1.65%

1.59%

1.08%

0.70%

0.81%

Portfolio

turnover

rate

19.4%

38.8%

50.5%

72.1%

42.2%

56.8%

Net

assets,

end

of

period

(in

thousands)

$3,076

$3,385

$3,446

$4,457

$6,662

$10,435

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

#### I

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### NET

#### ASSET

#### VALUE
Beginning

of

period

$

15.68 $

13.29 $

12.88 $

16.82 $

13.84 $

13.25 Investment

activities

Net

investment

income

(1)(2)

0.17 0.31 0.27 0.22 0.18 0.16 Net

realized

and

unrealized

gain/

loss

0.01 2.49 0.58 (2.97)

2.97 0.72 Total

from

investment

activities

0.18 2.80 0.85 (2.75)

3.15 0.88 Distributions

Net

investment

income

(0.43)

(0.41)

(0.25)

(0.17)

(0.15)

(0.18)

Net

realized

gain

(0.38)

—

(0.19)

(1.02)

(0.02)

(0.11)

Total

distributions

(0.81)

(0.41)

(0.44)

(1.19)

(0.17)

(0.29)

#### NET

#### ASSET

#### VALUE

#### End

#### of

#### period

#### $

#### 15.05

#### $

#### 15.68

#### $

#### 13.29

#### $

#### 12.88

#### $

#### 16.82

#### $

#### 13.84
T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Financial

#### Highlights

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### I

#### Class

Months

.

Ended

4/30/25

..

Year

..

..

Ended

.

10/31/24

10/31/23

10/31/22

10/31/21

10/31/20

#### Ratios/Supplemental

#### Data

#### Total

#### return

#### (2)(3)

#### 1.25%

#### 21.39%

#### 6.75%

#### (17.49)%

#### 22.89%

#### 6.71%
Ratios

to

average

net

assets:

(2) Gross

expenses

before

waivers/

payments

by

Price

Associates

0.78%

(4)

0.78%

0.76%

0.75%

0.73%

0.75%

Net

expenses

after

waivers/

payments

by

Price

Associates

0.60%

(4)

0.60%

0.59%

0.60%

0.62%

0.63%

Net

investment

income

2.24%

(4)

2.06%

1.99%

1.59%

1.11%

1.22%

Portfolio

turnover

rate

19.4%

38.8%

50.5%

72.1%

42.2%

56.8%

Net

assets,

end

of

period

(in

thousands)

$251,526

$291,741

$276,877

$241,804

$191,932

$104,623

0%

0%

0%

0%

0%

0%

(1) Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2) Includes

the

impact

of

expense-related

arrangements

with

Price

Associates.

(3) Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4) Annualized

T. ROWE

PRICE

Global

Allocation

Fund

April

30,

2025

(Unaudited)

#### Portfolio

#### of

#### Investments

#### ‡

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

‡

#### ARGENTINA 0.2%

#### Common

#### Stocks 0.2%
Arcos

Dorados

Holdings,

Class

A

(USD)

13,848

Banco

BBVA

Argentina,

ADR

(USD) (1)

1,128

Globant

(USD) (2)

1,729

MercadoLibre

(USD) (2)

583

1,359

Tenaris,

ADR

(USD)

1,455

Vista

Energy,

ADR

(USD) (2)

1,167

#### Total

#### Argentina

#### (Cost

#### $620)

#### 1,792

#### AUSTRALIA 0.5%

#### Common

#### Stocks 0.5%
ALS

5,597

ANZ

Group

Holdings

9,102

Ausgold (2)

21,014

BHP

Group (1)

55,850

1,331

Capricorn

Metals (2)

20,854

Champion

Iron

15,326

Cochlear

De

Grey

Mining (2)

11,904

Downer

EDI

23,739

Emerald

Resources (2)

31,649

Fortescue

2,748

Frontier

Digital

Ventures (2)

289,462

Genesis

Minerals (2)

10,699

Goodman

Group

12,241

Macquarie

Group

1,477

Mirvac

Group

52,170

Northern

Star

Resources

15,635

Ora

Banda

Mining (2)

44,533

Pilbara

Minerals (2)

33,433

Predictive

Discovery (2)

184,797

Reliance

Worldwide

18,019

Rio

Tinto

1,840

Scentre

Group

114,482

Sovereign

Metals (2)

23,118

Worley

16,865

3,486

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.0%
Transurban

Finance,

2.45%,

3/16/31

(USD) (3)

140,000

Transurban

Finance,

4.125%,

2/2/26

(USD) (3)

15,000

Woodside

Finance,

3.70%,

3/15/28

(USD) (3)

67,000

Woodside

Finance,

4.50%,

3/4/29

(USD) (3)

105,000

#### Total

#### Australia

#### (Cost

#### $3,210)

#### 3,793

#### AUSTRIA 0.2%

#### Common

#### Stocks 0.2%
BAWAG

Group

11,611

1,273

Erste

Group

Bank

1,475

OMV

1,993

Schoeller-Bleckmann

Oilfield

Equipment

2,419

#### Total

#### Austria

#### (Cost

#### $707)

#### 1,562

#### BAHRAIN 0.0%

#### Common

#### Stocks 0.0%
Aluminium

Bahrain

36,371

#### Total

#### Bahrain

#### (Cost

#### $106)

#### 96

#### BANGLADESH 0.0%

#### Common

#### Stocks 0.0%
BRAC

Bank

287,075

Marico

Bangladesh

1,524

Square

Pharmaceuticals

30,309

#### Total

#### Bangladesh

#### (Cost

#### $199)

#### 201

#### BELGIUM 0.1%

#### Common

#### Stocks 0.1%
Shurgard

Self

Storage

1,759

Syensqo

Warehouses

De

Pauw

17,392

#### Total

#### Belgium

#### (Cost

#### $469)

#### 551
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### BRAZIL 0.3%

#### Common

#### Stocks 0.3%
B3

63,079

CI&T,

Class

A

(USD) (1)(2)

9,954

Itau

Unibanco

Holding,

ADR

(USD) (1)

54,667

Klabin

93,010

Localiza

Rent

a

Car

34,213

Multiplan

Empreendimentos

Imobiliarios

26,098

NU

Holdings,

Class

A

(USD) (2)

25,380

Raia

Drogasil

118,322

TOTVS

11,500

Vale

20,710

WEG

50,949

#### Total

#### Brazil

#### (Cost

#### $2,489)

#### 2,634

#### CANADA 1.6%

#### Closed-End

#### Mutual

#### Funds 0.0%
Sprott

Physical

Uranium

Trust (2)

1,400

#### Common

#### Stocks 1.3%
Agnico

Eagle

Mines

4,175

Agnico

Eagle

Mines

(USD)

706

Alamos

Gold,

Class

A

6,729

Alamos

Gold,

Class

A

(USD)

3,267

Aritzia (2)

2,540

Artemis

Gold (2)

5,777

AtkinsRealis

Group

2,765

ATS (2)

2,571

Badger

Infrastructure

Solutions

3,700

Barrick

Gold

4,382

Brookfield

4,082

BRP (1)

1,443

Calibre

Mining (2)

12,032

Cameco

(USD)

4,091

Canadian

Apartment

Properties

REIT

1,866

Canadian

National

Railway

(USD)

2,132

Canadian

Natural

Resources

6,518

Capstone

Copper (2)

22,879

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Cenovus

Energy

9,466

Colliers

International

Group

(USD)

593

Constellation

Software

Constellation

Software,

Warrants,

3/31/40 (2)(4)

—

Definity

Financial

10,938

546

Descartes

Systems

Group (2)

2,010

Descartes

Systems

Group

(USD) (2)

1,352

Element

Fleet

Management

23,029

504

Enbridge

(USD)

4,682

ERO

Copper (2)

28,595

Exchange

Income

3,196

First

Quantum

Minerals (2)

9,210

Foran

Mining (2)

14,110

Franco-Nevada

3,484

599

Franco-Nevada

(USD)

2,352

G

Mining

Ventures (2)

10,721

Great-West

Lifeco

7,751

Ivanhoe

Mines,

Class

A (2)

17,847

Jamieson

Wellness

3,927

Kinaxis (2)

941

Kinross

Gold

5,147

Lundin

Gold

2,391

Magna

International

(USD)

2,718

Montage

Gold (2)

9,882

National

Bank

of

Canada

4,098

NGEx

Minerals (2)

5,952

NuVista

Energy (2)

10,051

Osisko

Gold

Royalties (1)

10,606

Richelieu

Hardware

2,930

Shopify,

Class

A (2)

627

Shopify,

Class

A

(USD) (2)

4,095

Skeena

Resources (2)

9,059

Snowline

Gold (2)

8,905

South

Bow

2,549

StorageVault

Canada

31,761

Suncor

Energy

4,341

Suncor

Energy

(USD)

3,253

Teck

Resources,

Class

B

(USD)

5,006

TMX

Group

1,458

Torex

Gold

Resources (2)

Wesdome

Gold

Mines (2)

5,393

West

Fraser

Timber

1,027

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Wheaton

Precious

Metals

6,018

503

9,971

#### Corporate

#### Bonds 0.2%
Canadian

Natural

Resources,

2.95%,

7/15/30

(USD)

110,000

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,

5.625%,

4/5/34

(USD)

65,000

Enbridge,

6.20%,

11/15/30

(USD)

45,000

Royal

Bank

of

Canada,

2.30%,

11/3/31

(USD)

250,000

South

Bow

USA

Infrastructure

Holdings,

5.026%,

10/1/29

(USD) (3)

35,000

Toronto-Dominion

Bank,

1.15%,

6/12/25

(USD)

145,000

Toronto-Dominion

Bank,

4.994%,

4/5/29

(USD)

90,000

TR

Finance,

3.35%,

5/15/26

(USD)

10,000

1,184

#### 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

696

#### Total

#### Canada

#### (Cost

#### $8,919)

#### 11,872

#### CAYMAN

#### ISLANDS 0.1%

#### Convertible

#### Preferred

#### Stocks 0.1%
ByteDance,

Series

E,

Acquisition

Date:

7/8/19,

Cost $89

(USD) (2)(4)(5)

1,810

#### Total

#### Cayman

#### Islands

#### (Cost

#### $89)

#### 490

#### CHILE 0.1%

#### Common

#### Stocks 0.0%
Antofagasta

(GBP)

11,871

#### Corporate

#### Bonds 0.1%
Celulosa

Arauco

y

Constitucion,

5.50%,

11/2/47

(USD)

250,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Corp.

Nacional

del

Cobre

de

Chile,

3.00%,

9/30/29

(USD) (3)

220,000

#### Total

#### Chile

#### (Cost

#### $595)

#### 684

#### CHINA 2.1%

#### Common

#### Stocks 1.7%
58. com

(USD) (2)(4)

5,864

—

Alibaba

Group

Holding

(HKD)

9,136

Alibaba

Group

Holding,

ADR

(USD)

13,933

1,664

ATRenew,

ADR

(USD) (2)

6,800

Baidu,

ADR

(USD) (1)(2)

Baidu,

Class

A

(HKD) (2)

2,480

BeiGene,

ADR

(USD) (2)

BOC

Aviation

(HKD)

9,400

Bosideng

International

Holdings

(HKD)

162,000

BYD,

Class

H

(HKD)

10,000

C&D

International

Investment

Group

(HKD)

23,000

China

Mengniu

Dairy

(HKD)

23,000

China

Resources

Beer

Holdings

(HKD)

58,500

China

Resources

Land

(HKD)

23,500

China

Resources

Mixc

Lifestyle

Services

(HKD)

81,400

CMOC

Group,

Class

H

(HKD)

39,000

Fosun

International

(HKD)

43,500

H

World

Group

(HKD)

25,700

Innovent

Biologics

(HKD) (2)

10,500

Kanzhun,

ADR

(USD) (2)

19,019

KE

Holdings,

ADR

(USD)

21,394

Kingboard

Laminates

Holdings

(HKD)

68,500

Meituan,

Class

B

(HKD) (2)

24,400

Midea

Group,

Class

H

(HKD) (2)

27,500

NetEase,

ADR

(USD)

5,774

618

New

Oriental

Education

&

Technology

Group,

ADR

(USD)

2,212

PDD

Holdings,

ADR

(USD) (2)

5,773

609

Shandong

Weigao

Group

Medical

Polymer,

Class

H

(HKD)

113,200

Shanghai

Conant

Optical,

Class

H

(HKD)

5,500

Shenzhou

International

Group

Holdings

(HKD)

33,000

Sunny

Optical

Technology

Group

(HKD)

11,400

Tencent

Holdings

(HKD)

44,954

2,754

Tencent

Holdings,

ADR

(USD) (1)

5,347

Tencent

Music

Entertainment

Group,

ADR

(USD)

23,413

Tongcheng

Travel

Holdings

(HKD)

17,200

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Xiaomi,

Class

B

(HKD) (2)

76,200

Yadea

Group

Holdings

(HKD)

26,000

Yum

China

Holdings

(USD)

22,315

966

Zhongsheng

Group

Holdings

(HKD)

9,500

Zijin

Mining

Group,

Class

H

(HKD)

62,000

ZTO

Express

Cayman,

ADR

(USD)

19,674

12,297

#### Common

#### Stocks

#### -

#### China

#### A

#### Shares 0.4%
Beijing

Huafeng

Test

&

Control

Technology,

A

Shares

(CNH)

3,009

China

Jushi,

A

Shares

(CNH)

36,100

CNOOC

Energy

Technology

&

Services,

A

Shares

(CNH)

90,800

CRRC,

A

Shares

(CNH)

339,900

Dongguan

Yiheda

Automation,

A

Shares

(CNH)

11,900

Eastroc

Beverage

Group,

A

Shares

(CNH)

5,180

Electric

Connector

Technology,

A

Shares

(CNH)

12,400

Fuyao

Glass

Industry

Group,

A

Shares

(CNH)

21,600

Hongfa

Technology,

A

Shares

(CNH)

34,060

Jiangsu

Zhongtian

Technology,

A

Shares

(CNH)

30,500

Kweichow

Moutai,

A

Shares

(CNH)

1,360

Loncin

Motor,

A

Shares

(CNH)

43,600

NARI

Technology,

A

Shares

(CNH)

24,421

Riyue

Heavy

Industry,

A

Shares

(CNH)

38,100

Sany

Heavy

Industry,

A

Shares

(CNH)

94,400

Shandong

Pharmaceutical

Glass,

A

Shares

(CNH)

9,100

Shenzhen

Envicool

Technology,

A

Shares

(CNH)

9,500

Shenzhen

Inovance

Technology,

A

Shares

(CNH)

8,800

Shenzhen

Jufei

Optoelectronics,

A

Shares

(CNH)

62,100

Wuxi

Xinje

Electric,

A

Shares

(CNH)

7,900

Xiamen

Faratronic,

A

Shares

(CNH)

5,368

Xuji

Electric,

A

Shares

(CNH)

23,500

Yankershop

Food,

A

Shares

(CNH)

10,600

Yantai

Jereh

Oilfield

Services

Group,

A

Shares

(CNH)

13,100

Yifeng

Pharmacy

Chain,

A

Shares

(CNH)

121,256

YTO

Express

Group,

A

Shares

(CNH)

24,100

Yunnan

Aluminium,

A

Shares

(CNH)

46,600

Zhejiang

Dingli

Machinery,

A

Shares

(CNH)

7,600

3,211

#### Total

#### China

#### (Cost

#### $12,430)

#### 15,508
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### COLOMBIA 0.0%

#### Common

#### Stocks 0.0%
Bancolombia,

ADR

(USD)

580

#### Total

#### Colombia

#### (Cost

#### $18)

#### 23

#### DENMARK 0.2%

#### Common

#### Stocks 0.2%
Coloplast,

Class

B (1)

2,751

Genmab (2)

Novo

Nordisk,

ADR

(USD)

2,015

Novo

Nordisk,

Class

B

9,615

643

NTG

Nordic

Transport

Group (2)

1,513

Royal

Unibrew

966

Zealand

Pharma (1)(2)

1,516

#### Total

#### Denmark

#### (Cost

#### $1,410)

#### 1,352

#### EGYPT 0.0%

#### Common

#### Stocks 0.0%
Integrated

Diagnostics

Holdings

(USD) (2)

22,558

#### Total

#### Egypt

#### (Cost

#### $14)

#### 8

#### FINLAND 0.3%

#### Common

#### Stocks 0.3%
Elisa

4,585

Kojamo (2)

30,847

Mandatum

19,215

Sampo,

Class

A

84,361

845

Stora

Enso,

Class

R

42,171

UPM-Kymmene

1,026

Valmet (1)

3,138

#### Total

#### Finland

#### (Cost

#### $1,690)

#### 2,099

#### FRANCE 1.8%

#### Common

#### Stocks 1.8%
Air

Liquide

2,410

Airbus

4,806

816

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Alstom (2)

3,786

ArcelorMittal

6,653

AXA

17,350

821

Beneteau (1)

9,238

BNP

Paribas

2,866

Cie

de

Saint-Gobain

1,606

Coface

4,748

Dassault

Aviation

764

Dassault

Systemes

7,327

Edenred

16,252

507

Engie

20,105

Eramet (1)

1,410

EssilorLuxottica

713

Eurofins

Scientific

2,518

Euronext

2,411

Exosens (2)

1,702

Forvia

3,171

Gecina

Hermes

International

Kering

659

L'Oreal

628

Lectra

3,093

Legrand

1,654

LVMH

Moet

Hennessy

Louis

Vuitton

876

Nexity (2)

8,149

Planisware (2)

6,292

Robertet

Safran

2,042

543

Sanofi

6,752

739

Sartorius

Stedim

Biotech

2,614

617

Schneider

Electric

Societe

Generale

15,320

799

SPIE

17,383

852

Teleperformance

743

Thales

857

TotalEnergies

30,970

1,764

Verallia

3,193

Vinci

814

Virbac

13,193

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.0%
BNP

Paribas,

VR,

2.871%,

4/19/32

(USD) (3)(6)

350,000

#### Total

#### France

#### (Cost

#### $9,482)

#### 13,501

#### GERMANY 1.7%

#### Common

#### Stocks 1.6%
Adesso

516

Allianz

1,661

687

BASF

6,080

Beiersdorf

1,831

Covestro (2)

4,722

Daimler

Truck

Holding

10,829

Deutsche

Post

2,445

Deutsche

Telekom

24,453

878

Douglas (2)

764

Evotec (1)(2)

626

flatexDEGIRO

12,390

Heidelberg

Materials

1,362

Hypoport (1)(2)

Infineon

Technologies

10,107

IONOS

Group (2)

2,849

KION

Group

5,012

Knaus

Tabbert (1)

1,438

LEG

Immobilien

Mercedes-Benz

Group

1,432

Merck

2,316

Muenchener

Rueckversicherungs-Gesellschaft

898

615

Nagarro (2)

746

Puma

7,003

QIAGEN

1,957

Redcare

Pharmacy (2)

2,852

Rheinmetall

SAP

6,169

1,805

Schott

Pharma

6,529

Scout24

773

Siemens

9,857

2,270

Siemens

Healthineers

13,372

721

Siltronic

3,174

Springer

Nature (2)

8,346

Symrise

3,462

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

thyssenkrupp

1,847

12,168

#### Corporate

#### Bonds 0.1%
Daimler

Trucks

Finance

North

America,

3.65%,

4/7/27

(USD) (3)

155,000

Mercedes-Benz

Finance

North

America,

4.80%,

3/30/26

(USD) (3)

155,000

#### Preferred

#### Stocks 0.0%
Volkswagen

1,196

#### Total

#### Germany

#### (Cost

#### $8,541)

#### 12,606

#### HONG

#### KONG 0.2%

#### Common

#### Stocks 0.2%
AIA

Group

45,600

CK

Hutchison

Holdings

13,500

Galaxy

Entertainment

Group

17,000

Guming

Holdings (2)

35,200

Hongkong

Land

Holdings

(USD)

13,500

Jardine

Matheson

Holdings

(USD)

9,600

Kerry

Properties

20,500

Samsonite

Group

35,700

Sun

Hung

Kai

Properties

8,083

Swire

Properties

25,400

Techtronic

Industries

17,500

Wharf

Real

Estate

Investment

10,000

Yue

Yuen

Industrial

Holdings

23,500

#### Total

#### Hong

#### Kong

#### (Cost

#### $1,353)

#### 1,562

#### HUNGARY 0.1%

#### Common

#### Stocks 0.1%
OTP

Bank

8,217

607

#### Total

#### Hungary

#### (Cost

#### $289)

#### 607
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### ICELAND 0.0%

#### Common

#### Stocks 0.0%
Alvotech (2)

3,540

Alvotech

(USD) (2)

4,917

Arion

Banki

34,323

#### Total

#### Iceland

#### (Cost

#### $140)

#### 107

#### INDIA 1.2%

#### Common

#### Stocks 1.2%
Asian

Paints

5,508

Astral

12,278

Avenue

Supermarts (2)

3,244

Axis

Bank

20,242

Bharti

Airtel

24,968

551

Blue

Star

4,046

Computer

Age

Management

Services

Craftsman

Automation

CreditAccess

Grameen

5,623

Divi's

Laboratories

1,958

Dixon

Technologies

India

583

Eternal (2)

74,559

HDFC

Asset

Management

1,355

HDFC

Bank

9,507

HDFC

Life

Insurance

54,471

Hexaware

Technologies

8,444

Hindustan

Unilever

10,023

ICICI

Bank

57,267

963

ICICI

Bank,

ADR

(USD)

2,562

Info

Edge

India

1,085

Infosys

33,493

592

InterGlobe

Aviation (2)

JSW

Energy

18,603

JSW

Steel

4,510

KEI

Industries

968

Kotak

Mahindra

Bank

43,425

1,135

Larsen

&

Toubro

13,748

544

Metro

Brands

4,171

Nexus

Select

Trust

24,697

NTPC

35,955

NTPC

Green

Energy (2)

11,474

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Page

Industries

Polycab

India

1,904

Power

Grid

Corp.

of

India

108,451

Reliance

Industries

44,057

731

Sapphire

Foods

India (2)

16,640

Tata

Consultancy

Services

3,253

Tata

Steel

43,066

Titan

6,634

Torrent

Pharmaceuticals

1,768

Varun

Beverages

4,769

Vedant

Fashions

4,288

Voltas

13,812

#### Total

#### India

#### (Cost

#### $7,227)

#### 9,224

#### INDONESIA 0.2%

#### Common

#### Stocks 0.2%
Bank

Central

Asia

1,476,200

785

Bank

Mandiri

Persero

745,900

Bank

Rakyat

Indonesia

Persero

763,900

Sumber

Alfaria

Trijaya

1,013,500

Telkom

Indonesia

Persero

465,500

#### Total

#### Indonesia

#### (Cost

#### $1,194)

#### 1,387

#### IRELAND 0.4%

#### Common

#### Stocks 0.4%
Cairn

Homes

(GBP)

46,975

DCC

(GBP)

2,138

ICON

(USD) (2)

1,885

Kenmare

Resources

(GBP)

5,940

Kingspan

Group

4,705

Ryanair

Holdings,

ADR

(USD)

1,596

TE

Connectivity

(USD)

10,225

1,497

2,531

#### Corporate

#### Bonds 0.0%
AerCap

Ireland

Capital,

2.45%,

10/29/26

(USD)

150,000

#### Total

#### Ireland

#### (Cost

#### $2,488)

#### 2,676
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### ISRAEL 0.0%

#### Common

#### Stocks 0.0%
CyberArk

Software

(USD) (2)

#### Total

#### Israel

#### (Cost

#### $171)

#### 163

#### ITALY 0.5%

#### Common

#### Stocks 0.5%
Amplifon

24,427

Ariston

Holding

11,660

Banca

Mediolanum

4,799

BFF

Bank

7,529

Carel

Industries

5,929

DiaSorin

903

DiaSorin,

Rights,

5/2/25 (2)

1,083

—

Enel

34,307

Ermenegildo

Zegna

(USD) (1)

12,851

Ferrari

Ferrari

(USD)

533

FinecoBank

Banca

Fineco

8,796

GVS (2)

10,547

Interpump

Group

2,560

Intesa

Sanpaolo

39,083

Leonardo

4,685

Moncler

2,909

PRADA

(HKD)

7,500

Prysmian (1)

5,155

Stellantis

5,366

Technoprobe (2)

10,122

UniCredit

12,209

710

3,721

#### Corporate

#### Bonds 0.0%
Enel

Finance

International,

2.125%,

7/12/28

(USD) (3)

200,000

#### Total

#### Italy

#### (Cost

#### $2,698)

#### 3,907
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### JAPAN 3.8%

#### Common

#### Stocks 3.7%
Aiful

147,800

Ajinomoto

3,600

Asahi

Group

Holdings

10,400

Astellas

Pharma

8,600

BIPROGY

1,900

Calbee

3,900

Chugai

Pharmaceutical

11,500

663

CKD

10,000

Daicel

20,400

Daiei

Kankyo

7,600

Daiichi

Sankyo

1,900

Daiwabo

Holdings

8,900

Denso (1)

12,000

Disco

Electric

Power

Development

6,400

Fujitsu

6,500

Fukuoka

Financial

Group

2,500

Fuso

Chemical

3,600

Hamamatsu

Photonics

7,500

Hanwa

9,700

Hikari

Tsushin

800

Hitachi

9,900

Honda

Motor

12,300

Horiba

3,800

Idec

7,600

IHI

2,500

Inpex

21,500

Invincible

Investment

Isetan

Mitsukoshi

Holdings

14,600

Isuzu

Motors

7,900

ITOCHU

8,900

Japan

Prime

Realty

Investment

Kajima

1,100

Kawasaki

Heavy

Industries

2,000

KDDI

22,600

Keyence

600

Komatsu

5,400

Konica

Minolta (2)

63,300

Kubota

12,800

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Kyoritsu

Maintenance

4,700

Kyushu

Railway

5,800

LY

26,600

MatsukiyoCocokara

5,000

METAWATER

10,300

MINEBEA

MITSUMI

2,300

Mitsubishi (1)

7,600

Mitsubishi

Electric

36,100

698

Mitsubishi

Estate

28,200

Mitsubishi

UFJ

Financial

Group

98,100

1,236

Mitsui

Fudosan

55,000

545

Miura

12,300

Modec

7,200

Murata

Manufacturing

5,700

Nakanishi

8,200

NEC

1,200

Nextage

23,800

Nifco

9,400

Nintendo

3,500

Nippon

Prologis

REIT

Nippon

Sanso

Holdings

6,100

Nippon

Seiki

10,300

Nippon

Soda

13,600

Nippon

Steel

15,700

Nissan

Chemical

2,500

Niterra (1)

9,200

Nomura

Real

Estate

Holdings

18,700

Nomura

Research

Institute

5,400

Obara

Group

5,900

Oji

Holdings

47,100

Olympus

17,000

Open

House

Group

5,400

ORIX

18,200

Panasonic

Holdings

18,100

Penta-Ocean

Construction

25,100

Persol

Holdings

54,400

Rakuten

Bank (2)

1,900

Recruit

Holdings

8,000

Renesas

Electronics (1)

53,700

630

Rengo

31,800

Resona

Holdings

42,500

Resorttrust

14,800

Rigaku

Holdings

10,700

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Round

One

19,500

Sakata

INX

15,000

Sankyu

3,300

Sega

Sammy

Holdings

10,000

Seven

&

i

Holdings

61,000

898

Shimizu

27,900

Shin-Etsu

Chemical

29,100

886

SMC

Sompo

Holdings

5,400

Sony

Group

50,800

1,340

Stanley

Electric

2,900

Subaru

6,200

SUMCO

4,400

Sumitomo

14,200

Sumitomo

Mitsui

Trust

Group

5,800

Sumitomo

Seika

Chemicals

1,800

Suntory

Beverage

&

Food

2,300

Suzuki

Motor

13,500

Sysmex

5,200

Taiheiyo

Cement

17,100

Takashimaya

23,300

Takeda

Pharmaceutical

14,400

Takeuchi

Manufacturing

3,900

TechnoPro

Holdings

6,500

Tokai

Carbon

31,500

Tokio

Marine

Holdings

21,300

854

Tokyo

Century

6,100

Tokyo

Electron

1,200

Tokyo

Kiraboshi

Financial

Group

5,000

Tokyo

Seimitsu

2,600

Tokyo

Tatemono

6,900

Toyo

Tire

22,300

Toyota

Industries

2,600

Toyota

Motor

45,900

877

Toyota

Tsusho

6,500

TRYT (1)

39,400

Unicharm

17,200

Yamaha

25,300

Yokogawa

Electric

8,100

28,088

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Corporate

#### Bonds 0.1%
Mitsubishi

UFJ

Financial

Group,

VR,

1.538%,

7/20/27

(USD) (6)

300,000

#### Total

#### Japan

#### (Cost

#### $20,998)

#### 28,378

#### KAZAKHSTAN 0.1%

#### Common

#### Stocks 0.1%
Halyk

Savings

Bank

of

Kazakhstan,

GDR

(USD)

6,136

Kaspi.KZ,

ADR

(USD)

3,414

NAC

Kazatomprom,

GDR

(USD)

5,993

#### Total

#### Kazakhstan

#### (Cost

#### $412)

#### 649

#### KENYA 0.0%

#### Common

#### Stocks 0.0%
Equity

Group

Holdings

42,300

#### Total

#### Kenya

#### (Cost

#### $10)

#### 15

#### MAURITIUS 0.0%

#### Common

#### Stocks 0.0%
Alphamin

Resources

(CAD)

114,193

#### Total

#### Mauritius

#### (Cost

#### $76)

#### 75

#### MEXICO 0.2%

#### Common

#### Stocks 0.2%
Arca

Continental

20,139

Fomento

Economico

Mexicano,

ADR

(USD)

650

Gruma,

Class

B

8,851

Grupo

Aeroportuario

del

Pacifico,

ADR

(USD) (1)

1,323

Grupo

Aeroportuario

del

Sureste,

ADR

(USD)

Grupo

Mexico,

Series

B

88,816

Industrias

Penoles (2)

3,804

Wal-Mart

de

Mexico

68,870

1,566

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### Government

#### Bonds 0.0%
United

Mexican

States,

3.50%,

2/12/34

(USD)

305,000

#### Total

#### Mexico

#### (Cost

#### $1,618)

#### 1,816

#### MOROCCO 0.0%

#### Common

#### Stocks 0.0%
Attijariwafa

Bank

2,248

Hightech

Payment

Systems

2,085

Label

Vie

#### Total

#### Morocco

#### (Cost

#### $291)

#### 380

#### NETHERLANDS 1.2%

#### Common

#### Stocks 1.1%
Aalberts

1,958

Adyen (2)

561

908

AerCap

Holdings

(USD)

2,138

Akzo

Nobel

8,024

507

Argenx,

ADR

(USD) (2)

702

ASM

International

ASML

Holding

2,365

1,583

ASML

Holding

(USD)

ASR

Nederland

1,493

BE

Semiconductor

Industries

813

CVC

Capital

Partners (2)

24,267

Heineken

9,120

816

IMCD

1,459

ING

Groep

62,934

1,222

Koninklijke

Philips (2)

19,258

Prosus

8,827

Signify

3,328

Universal

Music

Group

12,403

8,294

#### Corporate

#### Bonds 0.1%
JDE

Peet's,

1.375%,

1/15/27

(USD) (3)

290,000

NXP,

2.65%,

2/15/32

(USD)

375,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Shell

International

Finance,

3.25%,

5/11/25

(USD)

75,000

666

#### Total

#### Netherlands

#### (Cost

#### $5,965)

#### 8,960

#### 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) (3)

200,000

#### Total

#### New

#### Zealand

#### (Cost

#### $212)

#### 295

#### NIGERIA 0.0%

#### Common

#### Stocks 0.0%
Guaranty

Trust

Holding

1,156,621

#### Total

#### Nigeria

#### (Cost

#### $33)

#### 47

#### NORWAY 0.2%

#### Common

#### Stocks 0.2%
DNB

Bank

29,761

744

Equinor

14,236

Seadrill

(USD) (2)

1,300

Storebrand

16,813

Subsea

10,621

TGS

13,876

#### Total

#### Norway

#### (Cost

#### $1,020)

#### 1,560

#### OMAN 0.0%

#### Common

#### Stocks 0.0%
OQ

Gas

Networks

309,317

#### Total

#### Oman

#### (Cost

#### $114)

#### 105
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### PAKISTAN 0.0%

#### Common

#### Stocks 0.0%
Systems

27,908

#### Total

#### Pakistan

#### (Cost

#### $42)

#### 53

#### PANAMA 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Panama,

6.70%,

1/26/36

(USD)

25,000

#### Total

#### Panama

#### (Cost

#### $27)

#### 24

#### PERU 0.1%

#### Common

#### Stocks 0.1%
Credicorp

(USD)

InRetail

Peru

(USD)

2,606

Southern

Copper

(USD)

2,770

#### Government

#### Bonds 0.0%
Republic

of

Peru,

5.375%,

2/8/35

(USD)

40,000

#### Total

#### Peru

#### (Cost

#### $296)

#### 387

#### PHILIPPINES 0.1%

#### Common

#### Stocks 0.1%
BDO

Unibank

142,362

International

Container

Terminal

Services

1,930

Jollibee

Foods

49,230

Puregold

Price

Club

77,100

SM

Investments

6,340

#### Total

#### Philippines

#### (Cost

#### $615)

#### 765

#### POLAND 0.0%

#### Government

#### Bonds 0.0%
Republic

of

Poland,

3.25%,

4/6/26

(USD)

55,000

#### Total

#### Poland

#### (Cost

#### $55)

#### 54
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### PORTUGAL 0.3%

#### Common

#### Stocks 0.3%
Banco

Comercial

Portugues,

Class

R

203,733

Galp

Energia

36,401

564

Jeronimo

Martins

50,953

1,233

#### Total

#### Portugal

#### (Cost

#### $1,360)

#### 1,928

#### QATAR 0.0%

#### Common

#### Stocks 0.0%
Qatar

National

Bank

73,732

#### Total

#### Qatar

#### (Cost

#### $350)

#### 338

#### ROMANIA 0.1%

#### Common

#### Stocks 0.1%
Banca

Transilvania

44,725

OMV

Petrom

893,927

#### Total

#### Romania

#### (Cost

#### $269)

#### 433

#### RUSSIA 0.0%

#### Common

#### Stocks 0.0%
Alrosa (4)

80,680

—

Polyus (2)(4)

2,940

—

#### Total

#### Russia

#### (Cost

#### $180)

#### —

#### SAUDI

#### ARABIA 0.2%

#### Common

#### Stocks 0.2%
Al

Rajhi

Bank

23,102

600

Saudi

Arabian

Mining (2)

4,888

Saudi

National

Bank

68,345

651

#### Total

#### Saudi

#### Arabia

#### (Cost

#### $1,218)

#### 1,318

#### SINGAPORE 0.3%

#### Common

#### Stocks 0.3%
CapitaLand

Integrated

Commercial

Trust

39,740

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

DBS

Group

Holdings

7,280

Digital

Core

REIT

Management

(USD)

42,800

Keppel

DC

REIT

45,100

Sea,

ADR

(USD) (2)

5,924

794

Trip.com

Group,

ADR

(USD)

2,700

United

Overseas

Bank

16,000

Wilmar

International

47,400

#### Total

#### Singapore

#### (Cost

#### $1,180)

#### 1,887

#### SLOVENIA 0.1%

#### Common

#### Stocks 0.1%
Nova

Ljubljanska

Banka

dd

,

GDR

15,581

Nova

Ljubljanska

Banka

dd

501

#### Total

#### Slovenia

#### (Cost

#### $389)

#### 536

#### SOUTH

#### AFRICA 0.2%

#### Common

#### Stocks 0.2%
Anglo

American

Platinum

2,495

Anglogold

Ashanti

5,973

Bid

8,244

Capitec

Bank

Holdings

1,401

Clicks

Group

9,409

Gold

Fields

8,042

Harmony

Gold

Mining

5,759

Impala

Platinum

Holdings (2)

21,643

Northam

Platinum

Holdings

5,959

Sibanye

Stillwater (2)

25,289

1,470

#### Corporate

#### Bonds 0.0%
Anglo

American

Capital,

2.625%,

9/10/30

(USD) (3)

200,000

#### Total

#### South

#### Africa

#### (Cost

#### $1,245)

#### 1,648

#### SOUTH

#### KOREA 0.5%

#### Common

#### Stocks 0.5%
Hyundai

Mobis

1,585

JYP

Entertainment

2,052

KB

Financial

Group

7,025

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

KT

5,416

KT,

ADR

(USD)

6,312

LG

Chem

POSCO

Holdings

538

Samsung

Electronics

48,793

1,904

SK

Hynix

5,180

646

#### Total

#### South

#### Korea

#### (Cost

#### $3,281)

#### 3,849

#### SPAIN 0.3%

#### Common

#### Stocks 0.3%
Aedas

Homes

2,718

Amadeus

IT

Group

11,318

891

Banco

Santander

35,877

Cellnex

Telecom

2,025

Fluidra

4,355

Laboratorios

Farmaceuticos

Rovi

2,716

Puig

Brands,

Class

B (2)

5,087

Redeia

6,789

1,811

#### Corporate

#### Bonds 0.0%
Banco

Santander,

3.49%,

5/28/30

(USD)

200,000

#### Total

#### Spain

#### (Cost

#### $1,406)

#### 1,999

#### SWEDEN 0.4%

#### Common

#### Stocks 0.4%
Asker

Healthcare

Group (2)

6,912

Assa

Abloy,

Class

B (1)

14,725

Autoliv,

SDR

1,942

Beijer

Ref (1)

5,744

Camurus (2)

1,650

Essity,

Class

B

15,033

HMS

Networks (1)(2)

1,581

Mildef

Group

1,349

Millicom

International

Cellular

(USD)

6,933

MIPS (1)

1,363

Nordnet (1)

4,011

Norva24

Group (2)

17,955

Rusta

9,083

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Sandvik (1)

25,693

530

Skandinaviska

Enskilda

Banken,

Class

A

12,458

Spotify

Technology

(USD) (2)

Sweco,

Class

B (1)

4,584

Swedbank,

Class

A

4,716

Telefonaktiebolaget

LM

Ericsson,

Class

B

38,969

Trelleborg,

Class

B

2,007

Troax

Group

3,166

#### Total

#### Sweden

#### (Cost

#### $2,647)

#### 3,367

#### SWITZERLAND 1.0%

#### Common

#### Stocks 1.0%
ABB

6,606

Alcon

7,070

687

Alcon

(USD)

5,800

566

ams-OSRAM (2)

2,716

Barry

Callebaut (1)

Bossard

Holding

Cie

Financiere

Richemont,

Class

A

4,579

809

DKSH

Holding

2,218

Georg

Fischer

729

Holcim

2,088

Julius

Baer

Group

6,046

Montana

Aerospace (2)

10,332

Nestle

8,363

890

Novartis

5,187

592

Partners

Group

Holding

Roche

Holding

4,294

1,404

Sandoz

Group

2,343

SKAN

Group

517

Sonova

Holding

1,379

Tecan

Group

TX

Group

7,477

#### Corporate

#### Bonds 0.0%
UBS

Group,

VR,

1.364%,

1/30/27

(USD) (3)(6)

300,000

#### Total

#### Switzerland

#### (Cost

#### $5,796)

#### 7,770
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### TAIWAN 1.0%

#### Common

#### Stocks 1.0%
Accton

Technology

2,000

Airtac

International

Group

10,000

Chailease

Holding

48,540

China

Steel

62,000

Delta

Electronics

9,000

Elite

Material

3,000

Hon

Hai

Precision

Industry

24,000

Largan

Precision

1,000

MediaTek

15,000

637

Taiwan

Semiconductor

Manufacturing

172,000

4,874

Taiwan

Semiconductor

Manufacturing,

ADR

(USD)

5,218

870

#### Total

#### Taiwan

#### (Cost

#### $2,974)

#### 7,232

#### THAILAND 0.0%

#### Common

#### Stocks 0.0%
SCB

X

49,500

#### Total

#### Thailand

#### (Cost

#### $142)

#### 177

#### TURKEY 0.0%

#### Common

#### Stocks 0.0%
TAV

Havalimanlari

Holding (2)

3,924

#### Total

#### Turkey

#### (Cost

#### $26)

#### 23

#### UNITED

#### KINGDOM 3.1%

#### Common

#### Stocks 2.9%
Admiral

Group

13,618

592

Adriatic

Metals,

CDI

(AUD) (2)

81,581

Amcor,

CDI

(AUD)

6,299

Anglo

American

10,412

Ashtead

Group

990

AstraZeneca

5,796

830

AstraZeneca,

ADR

(USD)

32,292

2,318

Auction

Technology

Group (2)

24,481

Aviva

82,840

621

Baltic

Classifieds

Group

27,971

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Barclays

100,078

Big

Yellow

Group

14,844

BP

62,945

Bridgepoint

Group

69,945

British

American

Tobacco

2,562

BT

Group

163,142

Bunzl

4,856

Compass

Group

11,997

ConvaTec

Group

33,075

Croda

International

4,928

Diageo

6,347

Diploma

1,186

Dowlais

Group

43,803

Endava,

ADR

(USD) (2)

6,478

Experian

1,463

Genuit

Group

19,165

Genus

5,172

Georgia

Capital (2)

2,688

Glencore

91,916

GSK,

ADR

(USD) (1)

4,712

Helios

Towers (2)

80,485

Hiscox

13,517

HSBC

Holdings

25,185

Immunocore

Holdings,

ADR

(USD) (1)(2)

527

Imperial

Brands

7,652

Informa

37,079

Intermediate

Capital

Group

5,967

Investec

10,066

IQE (1)(2)

259,351

Johnson

Matthey

4,872

Kingfisher

62,599

Lloyds

Banking

Group

933,238

917

London

Stock

Exchange

Group

2,506

Melrose

Industries

38,874

National

Grid

78,206

1,129

Next

1,803

Oxford

Nanopore

Technologies (1)(2)

30,136

Persimmon

14,974

Prudential

32,844

QinetiQ

Group

13,564

RELX

2,258

Renishaw

2,092

Rightmove

8,349

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Rio

Tinto

5,913

Rolls-Royce

Holdings

49,393

500

Rotork

47,220

Segro

73,333

667

Shell

(EUR)

21,599

703

Shell

12,663

Shell,

ADR

(USD)

5,361

Smith

&

Nephew

4,327

Smiths

Group

3,835

Spirax

Group

2,608

SSE

5,244

Standard

Chartered

53,975

777

Syncona (2)

33,100

Taylor

Wimpey

45,964

TBC

Bank

Group

Unilever

(EUR)

1,602

Unilever

26,439

1,683

UNITE

Group

4,864

Watches

of

Switzerland

Group (2)

15,079

Weir

Group

4,790

WPP

36,787

Yellow

Cake (2)

3,654

YouGov

18,891

21,842

#### Convertible

#### Preferred

#### Stocks 0.0%
Yulife

Holdings,

Series

C,

Acquisition

Date:

10/11/22,

Cost $10 (2)(4)(5)

#### 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) (3)

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) (3)

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

1,711

#### Total

#### United

#### Kingdom

#### (Cost

#### $18,901)

#### 23,561
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### UNITED

#### STATES 73.5%

#### Asset-Backed

#### Securities 0.4%
ARI

Fleet

Lease

Trust,

Series

2023-B,

Class

A2,

6.05%,

7/15/32 (3)

60,775

Carvana

Auto

Receivables

Trust,

Series

2021-P4,

Class

C,

2.33%,

2/10/28

155,000

CyrusOne

Data

Centers

Issuer

I,

Series

2024-2A,

Class

A2,

4.50%,

5/20/49 (3)

140,000

Driven

Brands

Funding,

Series

2020-2A,

Class

A2,

3.237%,

1/20/51 (3)

121,455

Driven

Brands

Funding,

Series

2021-1A,

Class

A2,

2.791%,

10/20/51 (3)

122,407

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

A,

6.16%,

2/25/38 (3)

59,664

Elara

HGV

Timeshare

Issuer,

Series

2023-A,

Class

B,

6.53%,

2/25/38 (3)

59,664

Ford

Credit

Auto

Owner

Trust,

Series

2020-2,

Class

C,

1.74%,

4/15/33 (3)

115,000

Ford

Credit

Floorplan

Master

Owner

Trust,

Series

2020-2,

Class

B,

1.32%,

9/15/27

205,000

Hardee's

Funding,

Series

2024-1A,

Class

A2,

7.253%,

3/20/54 (3)

84,140

Highbridge

Loan

Management,

Series

5A-2015,

Class

A1R3,

CLO,

FRN,

3M

TSFR

+

1.06%,

5.316%,

10/15/30 (3)

150,564

Jamestown

XV,

Series

2020-15A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.37%,

5.626%,

7/15/35 (3)

250,000

MVW,

Series

2019-2A,

Class

A,

2.22%,

10/20/38 (3)

44,008

MVW,

Series

2021-1WA,

Class

B,

1.44%,

1/22/41 (3)

21,602

Navient

Private

Education

Refi

Loan

Trust,

Series

2019-CA,

Class

A2,

3.13%,

2/15/68 (3)

73,623

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-GA,

Class

A,

1.17%,

9/16/69 (3)

17,851

Navient

Private

Education

Refi

Loan

Trust,

Series

2020-HA,

Class

A,

1.31%,

1/15/69 (3)

17,830

Nelnet

Student

Loan

Trust,

Series

2021-CA,

Class

AFX,

1.32%,

4/20/62 (3)

106,935

Octane

Receivables

Trust,

Series

2023-1A,

Class

A,

5.87%,

5/21/29 (3)

18,081

Octane

Receivables

Trust,

Series

2024-RVM1,

Class

A,

5.01%,

1/22/46 (3)

89,475

PEAC

Solutions

Receivables,

Series

2025-1A,

Class

A2,

4.94%,

10/20/28 (3)

115,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Post

Road

Equipment

Finance,

Series

2025-1A,

Class

A2,

4.90%,

5/15/31 (3)

100,000

Progress

Residential

Trust,

Series

2024-SFR5,

Class

A,

3.00%,

8/9/29 (3)

100,000

ServiceMaster

Funding,

Series

2021-1,

Class

A2I,

2.865%,

7/30/51 (3)

123,369

Signal

Peak,

Series

2018-5A,

Class

A1R,

CLO,

FRN,

3M

TSFR

+

1.55%,

5.832%,

4/25/37 (3)

250,000

SMB

Private

Education

Loan

Trust,

Series

2017-A,

Class

A2A,

2.88%,

9/15/34 (3)

10,713

SMB

Private

Education

Loan

Trust,

Series

2018-B,

Class

A2A,

3.60%,

1/15/37 (3)

16,492

SMB

Private

Education

Loan

Trust,

Series

2020-B,

Class

A1A,

1.29%,

7/15/53 (3)

37,827

SMB

Private

Education

Loan

Trust,

Series

2021-A,

Class

APT1,

1.07%,

1/15/53 (3)

94,005

Toyota

Lease

Owner

Trust,

Series

2025-A,

Class

A4,

4.81%,

6/20/29 (3)

85,000

TPIC

SPV

I,

Series

2024-1A,

Class

A,

Acquisition

Date:

12/10/24,

Cost $98,

7.131%,

11/30/44 (4)(5)

98,256

2,878

#### Bond

#### Mutual

#### Funds 14.3%
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.972% (7)(8)

1,127,103

8,712

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class,

6.674% (7)(8)

3,057,091

27,667

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.541% (7)(8)

3,266,892

15,714

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.174% (7)(8)

755,111

7,038

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.394% (7)(8)

2,206,985

17,060

T. Rowe

Price

International

Bond

Fund

-

I

Class,

3.753% (7)

(8) 3,208,060

23,355

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.754% (7)(8)

958,989

8,218

107,764

#### Common

#### Stocks 31.0%
Acadia

Realty

Trust,

REIT

9,898

Accenture,

Class

A

4,744

1,419

Agree

Realty,

REIT (1)

Alcoa

1,253

Alexandria

Real

Estate

Equities,

REIT

535

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Allstate

11,112

2,205

Alnylam

Pharmaceuticals (2)

Alphabet,

Class

A

2,633

Alphabet,

Class

C

37,190

5,984

Amazon.com (2)

39,416

7,269

Amcor

4,800

Ameren

15,218

1,510

American

Express

5,429

1,446

American

Homes

Rent,

Class

A,

REIT

7,992

American

Tower,

REIT

4,834

1,090

American

Water

Works

3,766

554

Americold

Realty

Trust,

REIT

2,293

AMETEK

12,588

2,135

Amphenol,

Class

A

1,496

Analog

Devices

7,797

1,520

Annaly

Capital

Management,

REIT

21,934

ANSYS (2)

Apple

42,220

8,972

Apple

Hospitality

REIT,

REIT

4,560

Atlas

Energy

Solutions (1)

2,217

Atmos

Energy

7,440

1,195

AutoZone (2)

1,095

AvalonBay

Communities,

REIT

4,905

1,030

Avidity

Biosciences (2)

1,192

Axis

Capital

Holdings

1,450

Baker

Hughes

2,520

Bank

of

America

41,836

1,668

Becton

Dickinson

&

Company

3,835

794

Berkshire

Hathaway,

Class

B (2)

6,582

3,510

BILL

Holdings (2)

1,752

Booking

Holdings

1,122

Booz

Allen

Hamilton

Holding

4,099

Broadcom

19,139

3,684

Broadridge

Financial

Solutions

2,706

656

Broadstone

Net

Lease,

REIT

Camden

Property

Trust,

REIT

784

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $179 (2)

(4)(5)

Carvana (2)

5,773

1,411

Cava

Group (2)

CBRE

Group,

Class

A (2)

2,173

Cencora

10,518

3,078

Centene (2)

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Charles

Schwab

29,286

2,384

Chevron

7,727

1,051

Chipotle

Mexican

Grill (2)

6,155

Chubb

5,637

1,613

Cigna

Group

2,453

834

Cintas

Citigroup

11,403

780

CME

Group

1,954

541

CMS

Energy

9,377

691

Coca-Cola

16,627

1,206

Coeur

Mining (2)

3,409

Colgate-Palmolive

24,334

2,243

Comcast,

Class

A

15,004

513

Confluent,

Class

A (2)

1,037

ConocoPhillips

24,247

2,161

Constellation

Energy

1,426

Corebridge

Financial

19,305

572

Corpay (2)

1,461

Corteva

1,033

Coupang (2)

2,035

Crowdstrike

Holdings,

Class

A (2)

Crown

Castle,

REIT

4,727

500

CubeSmart,

REIT

6,237

Danaher

3,328

663

Datadog,

Class

A (2)

Dayforce (2)

4,574

Deere

5,311

2,462

Diamondback

Energy

4,366

576

Digital

Realty

Trust,

REIT

Dollar

Tree (2)

6,001

DoorDash,

Class

A (2)

914

Douglas

Emmett,

REIT

4,418

Dover

715

DuPont

de

Nemours

561

EastGroup

Properties,

REIT

1,535

Elevance

Health

4,185

1,760

Eli

Lilly

3,367

3,027

EOG

Resources

1,946

EPR

Properties,

REIT

EQT

14,253

705

Equifax

3,726

969

Equinix,

REIT

1,171

1,008

Equity

LifeStyle

Properties,

REIT

3,555

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Equity

Residential,

REIT

5,273

Essential

Properties

Realty

Trust,

REIT

Essex

Property

Trust,

REIT

2,608

728

Evercore,

Class

A

1,118

Exelon

5,484

Expand

Energy

9,054

941

Expro

Group

Holdings (2)

3,501

Exxon

Mobil

11,895

1,256

Fair

Isaac (2)

587

1,168

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $3 (2)(4)(5)

Federal

Realty

Investment

Trust,

REIT

Ferguson

Enterprises

3,435

583

Fiserv (2)

9,584

1,769

Flowco

Holdings,

Class

A (2)

Fortinet (2)

3,139

Freeport-McMoRan

25,437

917

Gaming

&

Leisure

Properties,

REIT

4,688

GE

Vernova

General

Electric

12,853

2,590

Gilead

Sciences

17,265

1,839

Goldman

Sachs

Group

2,482

1,359

Gusto,

Acquisition

Date:

10/4/21,

Cost $24 (2)(4)(5)

826

HCA

Healthcare

1,796

620

Hess

725

HF

Sinclair

1,241

Hilton

Worldwide

Holdings

927

Home

Depot

5,229

1,885

HubSpot (2)

Huntington

Bancshares

34,203

IDEXX

Laboratories (2)

Ingersoll

Rand

7,316

552

Insmed (2)

3,654

Intel

16,314

Intercontinental

Exchange

7,430

1,248

International

Flavors

&

Fragrances

617

International

Paper

34,754

1,588

Intuit

Intuitive

Surgical (2)

1,209

624

Ivanhoe

Electric (1)(2)

6,918

Ivanhoe

Electric,

Warrants,

2/11/26 (2)

2,595

—

JPMorgan

Chase

17,746

4,341

Kenvue

85,484

2,017

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Keurig

Dr

Pepper

16,939

586

KeyCorp

36,293

539

Keysight

Technologies (2)

14,780

2,149

Kilroy

Realty,

REIT

1,651

Kimco

Realty,

REIT

2,768

Kinder

Morgan

2,148

KLA

754

530

Knife

River (2)

Kodiak

Gas

Services

1,326

L3Harris

Technologies

3,055

672

Linde

5,511

2,498

Lineage,

REIT

861

Louisiana-Pacific

588

Lowe's

3,806

851

Lululemon

Athletica (2)

Marathon

Petroleum

1,306

Marriott

International,

Class

A

1,379

Marsh

&

McLennan

5,579

1,258

Mastercard,

Class

A

2,893

1,586

McDonald's

7,299

2,333

Meta

Platforms,

Class

A

5,829

3,200

MetLife

7,992

602

Mettler-Toledo

International (2)

Microsoft

30,741

12,151

MicroStrategy,

Class

A (2)

642

Middleby (2)

1,556

Molina

Healthcare (2)

2,235

731

Mondelez

International,

Class

A

25,399

1,730

Monolithic

Power

Systems

Morgan

Stanley

2,703

Mosaic

14,251

MP

Materials (1)(2)

1,857

Natera (2)

1,416

Netflix (2)

3,509

3,971

Newmont

6,913

Newmont,

CDI

(AUD)

1,214

NextEra

Energy

9,463

633

NNN

REIT,

REIT

Norfolk

Southern

7,912

1,773

Northrop

Grumman

1,939

943

NRG

Energy

Nucor

2,362

NVIDIA

79,592

8,669

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

NXP

Semiconductors

1,140

Old

Dominion

Freight

Line

7,886

1,209

ONEOK

1,744

O'Reilly

Automotive (2)

515

729

Ovintiv

1,586

Owens

Corning

2,443

Packaging

Corp.

of

America

3,674

682

Palantir

Technologies,

Class

A (2)

Palo

Alto

Networks (2)

1,724

Parker-Hannifin

3,008

1,820

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $81 (2)

(4)(5)

21,572

Pebblebrook

Hotel

Trust,

REIT

3,568

Permian

Resources

26,238

Phillips

4,999

520

Pinterest,

Class

A (2)

12,106

Planet

Fitness,

Class

A (2)

4,061

PPG

Industries

4,769

519

Procter

&

Gamble

15,060

2,448

Progressive

3,543

998

Prologis,

REIT

6,709

686

Public

Storage,

REIT

4,421

1,328

Quest

Diagnostics

6,044

1,077

Rad

Power

Bikes,

Class

A,

Acquisition

Date:

9/16/21,

Cost $155 (2)(4)(5)

16,193

Range

Resources

28,223

958

Rayonier,

REIT

3,129

Realty

Income,

REIT

1,915

Regency

Centers,

REIT

6,052

Regeneron

Pharmaceuticals

1,584

948

Reliance

572

Repligen (2)

1,452

Republic

Services

6,047

1,516

Revvity

9,757

912

Rexford

Industrial

Realty,

REIT

8,653

Rockwell

Automation

1,231

Roper

Technologies

913

511

Ross

Stores

13,648

1,897

Royal

Gold

RPM

International

556

S&P

Global

1,618

809

Salesforce

3,413

917

SBA

Communications,

REIT

646

Schlumberger

53,590

1,782

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

ServiceNow (2)

1,243

1,187

ServiceTitan,

Class

A (2)

Sherwin-Williams

6,840

2,414

Simon

Property

Group,

REIT

2,595

Smartstop

Self

Storage

REIT

3,375

Soleno

Therapeutics (2)

2,717

Southern

811

Starbucks

1,455

Steel

Dynamics

7,737

1,004

Stryker

2,808

1,050

Sun

Communities,

REIT

2,804

Synopsys (2)

687

T-Mobile

U.S.

7,833

1,934

Targa

Resources

986

TechnipFMC

35,853

1,010

Tenet

Healthcare (2)

5,538

792

Terreno

Realty,

REIT

4,452

Tesla (2)

3,991

1,126

Texas

Instruments

7,171

1,148

Thermo

Fisher

Scientific

3,977

1,706

TJX

7,142

919

Tractor

Supply

8,208

TransDigm

Group

TransUnion

2,953

Travelers

6,165

1,628

Ulta

Beauty (2)

1,452

574

Union

Pacific

4,354

939

United

States

Steel

1,422

UnitedHealth

Group

7,375

3,034

Upwork (2)

21,010

Uranium

Energy (2)

11,487

Valero

Energy

12,465

1,447

Ventas,

REIT

6,564

Veralto

VeriSign (2)

841

Verisk

Analytics

662

Verizon

Communications

1,324

Vertex

Pharmaceuticals (2)

1,240

632

VICI

Properties,

REIT

16,704

535

Viper

Energy

1,700

Visa,

Class

A

14,318

4,947

Vornado

Realty

Trust,

REIT

3,029

Vulcan

Materials

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Walmart

14,789

1,438

Warrior

Met

Coal (1)

2,008

Waste

Connections

1,777

Weatherford

International

690

Welltower,

REIT

7,035

1,073

Western

Alliance

Bancorp

2,995

Westinghouse

Air

Brake

Technologies

6,750

1,247

Weyerhaeuser,

REIT

3,138

Williams

4,865

WP

Carey,

REIT

569

Xcel

Energy

16,718

1,182

Xylem

5,543

668

Zoetis

232,785

#### Convertible

#### Preferred

#### Stocks 0.2%
ABL

Space

Systems,

Series

A-8,

Acquisition

Date:

3/24/21,

Cost $97 (2)(4)(5)

2,450

ABL

Space

Systems,

Series

A-9,

Acquisition

Date:

10/22/21,

Cost $42 (2)(4)(5)

691

—

Canva,

Series

A,

Acquisition

Date:

11/4/21,

Cost $7 (2)(4)(5)

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $52 (2)(4)(5)

6,404

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $21 (2)

(4)(5)

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $68 (2)

(4)(5)

927

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $7 (2)

(4)(5)

Databricks,

Series

J,

Acquisition

Date:

12/17/24,

Cost $42 (2)(4)(5)

Form

Energy,

Series

F,

Acquisition

Date:

10/4/24,

Cost $25 (2)(4)(5)

1,051

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $33 (2)(4)

(5) 1,103

Jetti

Holdings,

Series

C,

Acquisition

Date:

5/24/21

-

6/30/21,

Cost $15 (2)(4)(5)

Jetti

Holdings,

Series

D,

Acquisition

Date:

9/20/22

-

10/19/22,

Cost $144 (2)(4)(5)

1,084

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $71 (2)(4)(5)

2,594

Kobold

Metals,

Series

B-Prime,

Acquisition

Date:

3/21/23,

Cost $122 (2)(4)(5)

2,843

Lilac

Solutions,

Series

B,

Acquisition

Date:

9/8/21,

Cost $37 (2)(4)(5)

2,783

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Lilac

Solutions,

Series

C-1,

Acquisition

Date:

11/21/22,

Cost $10 (2)(4)(5)

971

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $79 (2)(4)(5)

1,666

Sortera

Tech,

Series

C-1,

Acquisition

Date:

4/13/23,

Cost $11 (2)(4)(5)

764

Tonian

Holdings,

Series

A,

Non-Voting

Units,

Acquisition

Date:

1/15/21,

Cost $2 (2)(4)(5)

2,304

Tonian

Holdings,

Series

A,

Voting

Units,

Acquisition

Date:

1/15/21,

Cost $3 (2)(4)(5)

3,239

Treeline

Biosciences,

Series

A,

Acquisition

Date:

9/26/22,

Cost $12 (2)(4)(5)

1,491

Treeline

Biosciences,

Series

A-1,

Acquisition

Date:

10/2/24,

Cost $47 (2)(4)(5)

5,423

Verai

Discoveries,

Series

A,

Acquisition

Date:

10/17/22,

Cost $16 (2)(4)(5)

802

Waymo,

Series

A-2,

Acquisition

Date:

5/8/20,

Cost $143 (2)

(4)(5)

1,669

1,344

#### Corporate

#### Bonds 2.8%
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 (3)

235,000

Alexandria

Real

Estate

Equities,

4.75%,

4/15/35

105,000

Ally

Financial,

2.20%,

11/2/28

120,000

Altria

Group,

2.35%,

5/6/25

40,000

Ameren,

5.70%,

12/1/26

185,000

American

Airlines

PTT,

Series

2019-1,

Class

AA,

3.15%,

2/15/32

134,812

American

Express,

VR,

6.489%,

10/30/31 (6)

285,000

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 (3)

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

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

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 (3)

100,000

Brixmor

Operating

Partnership,

3.90%,

3/15/27

195,000

Brixmor

Operating

Partnership,

4.05%,

7/1/30

80,000

Cadence

Design

Systems,

4.30%,

9/10/29

60,000

Cameron

LNG,

2.902%,

7/15/31 (3)

40,000

Cameron

LNG,

3.701%,

1/15/39 (3)

30,000

Cardinal

Health,

3.41%,

6/15/27

125,000

Cardinal

Health,

3.75%,

9/15/25

80,000

Carvana,

9.00%,

12/1/28,

(9.00%

Cash

or

12.00%

PIK) (3)

(9) 16,332

Carvana,

11.00%,

6/1/30,

(11.00%

Cash

or

13.00%

PIK) (3)

(9) 29,330

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (3)(9)

37,754

Caterpillar

Financial

Services,

5.00%,

5/14/27

240,000

Centra

Health,

4.70%,

1/1/48

385,000

Charter

Communications

Operating,

4.908%,

7/23/25

12,000

Charter

Communications

Operating,

6.10%,

6/1/29

80,000

Charter

Communications

Operating,

6.15%,

11/10/26

155,000

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 (3)

315,000

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 (3)

60,000

Cox

Communications,

5.45%,

9/1/34 (3)

105,000

CRH

America

Finance,

3.95%,

4/4/28 (3)

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,

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

Energy

Transfer,

5.25%,

4/15/29

120,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Energy

Transfer,

5.60%,

9/1/34

175,000

ERAC

USA

Finance,

5.40%,

5/1/53 (3)

300,000

Essex

Portfolio,

2.65%,

3/15/32

135,000

Experian

Finance,

2.75%,

3/8/30 (3)

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

Fiserv,

3.20%,

7/1/26

100,000

Fiserv,

5.45%,

3/15/34

175,000

Florida

Gas

Transmission,

4.35%,

7/15/25 (3)

215,000

Ford

Motor

Credit,

7.122%,

11/7/33

200,000

Foundry

JV

Holdco,

6.15%,

1/25/32 (3)

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 (3)

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 (3)

145,000

Hyundai

Capital

America,

1.65%,

9/17/26 (3)

180,000

Hyundai

Capital

America,

1.80%,

10/15/25 (3)

55,000

Hyundai

Capital

America,

2.00%,

6/15/28 (3)

235,000

Indiana

University

Health

Obligated

Group,

3.97%,

11/1/48

145,000

Intel,

5.90%,

2/10/63

85,000

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 (3)

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

Kentucky

Utilities,

4.375%,

10/1/45

65,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

Kilroy

Realty,

4.25%,

8/15/29

25,000

Kilroy

Realty,

4.375%,

10/1/25

15,000

L3Harris

Technologies,

4.854%,

4/27/35

50,000

Liberty

Mutual

Group,

4.85%,

8/1/44 (3)

20,000

Marriott

International,

Series

AA,

4.65%,

12/1/28

285,000

Mars,

4.75%,

4/20/33 (3)

125,000

MassMutual

Global

Funding

II,

5.10%,

4/9/27 (3)

220,000

McDonald's,

1.45%,

9/1/25

65,000

MedStar

Health,

Series

20A,

3.626%,

8/15/49

130,000

Met

Tower

Global

Funding,

1.25%,

9/14/26 (3)

245,000

Micron

Technology,

4.185%,

2/15/27

181,000

Mid-Atlantic

Interstate

Transmission,

4.10%,

5/15/28 (3)

110,000

Morgan

Stanley,

4.30%,

1/27/45

45,000

Morgan

Stanley,

VR,

5.656%,

4/18/30 (6)

360,000

Motorola

Solutions,

5.00%,

4/15/29

50,000

New

York

State

Electric

&

Gas,

5.30%,

8/15/34 (3)

65,000

NiSource,

3.49%,

5/15/27

215,000

NiSource,

3.95%,

3/30/48

105,000

Northern

Trust,

3.95%,

10/30/25

25,000

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

Pioneer

Natural

Resources,

5.10%,

3/29/26

50,000

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,

3.40%,

5/15/25

35,000

Principal

Financial

Group,

4.111%,

2/15/28 (3)

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,

5.448%,

5/24/29 (3)

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

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

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

110,000

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

Time

Warner

Cable,

6.75%,

6/15/39

13,000

TJX,

1.60%,

5/15/31

55,000

Trinity

Health,

4.125%,

12/1/45

25,000

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

2,361

United

Airlines

PTT,

Series

2018-1,

Class

A,

3.70%,

3/1/30

234,700

UnitedHealth

Group,

3.75%,

7/15/25

40,000

UnitedHealth

Group,

4.70%,

4/15/29

200,000

UnitedHealth

Group,

5.75%,

7/15/64

80,000

Verizon

Communications,

1.68%,

10/30/30

28,000

Vistra

Operations,

5.70%,

12/30/34 (3)

185,000

Waste

Connections,

2.20%,

1/15/32

155,000

Wells

Fargo,

VR,

5.389%,

4/24/34 (6)

410,000

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

20,902

#### Equity

#### Mutual

#### Funds 7.8%
T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class (7)

1,876,096

39,680

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (7)

2,133,550

19,287

58,967

#### Municipal

#### Securities 0.3%
Bay

Area

Toll

Auth.,

Series

S-10,

3.176%,

4/1/41

300,000

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

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

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

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

Philadelphia

Auth.

for

IDA,

3.964%,

4/15/26

5,000

Port

Auth.

of

New

York

&

New

Jersey,

Series

182,

5.31%,

8/1/46

20,000

Virginia

Commonwealth

Univ.

Health

System

Auth.,

Series

A,

4.956%,

1/1/44

25,000

Wisconsin

General

Fund

Annual

Appropriation,

Series

A,

3.954%,

5/1/36

110,000

1,906

#### Non-U.S.

#### Government

#### Mortgage-Backed

#### Securities 0.3%
Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.909%,

1/25/66 (3)

53,882

Angel

Oak

Mortgage

Trust,

Series

2021-1,

Class

A2,

CMO,

ARM,

1.115%,

1/25/66 (3)

17,680

Angel

Oak

Mortgage

Trust,

Series

2021-2,

Class

A1,

CMO,

ARM,

0.985%,

4/25/66 (3)

50,100

BANK5,

Series

2024-5YR12,

Class

A3,

ARM,

5.902%,

12/15/57

45,000

Barclays

Mortgage

Loan

Trust,

Series

2021-NQM1,

Class

A3,

CMO,

ARM,

2.189%,

9/25/51 (3)

65,393

Bayview

Financing

Trust,

Series

2024-2F,

Class

A,

CMO,

ARM,

Acquisition

Date:

8/29/24,

Cost $98,

7.084%,

9/25/29 (4)(5)

98,494

BBCMS

Mortgage

Trust,

Series

2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

6.596%,

11/15/34 (3)

50,000

BX

Trust,

Series

2021-LGCY,

Class

C,

ARM,

1M

TSFR

+

1.118%,

5.44%,

10/15/36 (3)

225,000

Citigroup

Commercial

Mortgage

Trust,

Series

2015-GC33,

Class

A4,

3.778%,

9/10/58

25,000

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 (3)

47,588

Commercial

Mortgage

Trust,

Series

2015-CR24,

Class

A5,

3.696%,

8/10/48

37,583

Commercial

Mortgage

Trust,

Series

2015-LC21,

Class

A4,

3.708%,

7/10/48

37,790

Commercial

Mortgage

Trust,

Series

2015-LC23,

Class

A4,

3.774%,

10/10/48

100,000

Connecticut

Avenue

Securities,

Series

2021-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

0.90%,

5.254%,

11/25/41 (3)

2,439

Ellington

Financial

Mortgage

Trust,

Series

2019-2,

Class

A3,

CMO,

ARM,

3.046%,

11/25/59 (3)

10,742

Ellington

Financial

Mortgage

Trust,

Series

2020-2,

Class

A1,

CMO,

ARM,

1.178%,

10/25/65 (3)

31,334

Extended

Stay

America

Trust,

Series

2021-ESH,

Class

B,

ARM,

1M

TSFR

+

1.494%,

5.816%,

7/15/38 (3)

85,948

Galton

Funding

Mortgage

Trust,

Series

2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (3)

4,046

Grace

Trust,

Series

2020-GRCE,

Class

C,

ARM,

2.769%,

12/10/40 (3)

100,000

GS

Mortgage

Securities

Trust,

Series

2015-GC32,

Class

A4,

3.764%,

7/10/48

15,223

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C30,

Class

A5,

3.822%,

7/15/48

65,000

JPMorgan

Barclays

Bank

Commercial

Mortgage

Securities

Trust,

Series

2015-C31,

Class

A3,

3.801%,

8/15/48

29,420

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series

2022-OPO,

Class

B,

3.377%,

1/5/39 (3)

100,000

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (3)

28,355

JPMorgan

Mortgage

Trust,

Series

2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (3)

33,578

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.944%,

5.271%,

8/25/50 (3)

7,653

JPMorgan

Mortgage

Trust,

Series

2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (3)

13,605

MHC

Commercial

Mortgage

Trust,

Series

2021-MHC,

Class

B,

ARM,

1M

TSFR

+

1.215%,

5.537%,

4/15/38 (3)

204,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C24,

Class

AS,

ARM,

4.036%,

5/15/48

35,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

A4,

3.753%,

12/15/47

85,000

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series

2015-C27,

Class

AS,

4.068%,

12/15/47

155,000

New

Residential

Mortgage

Loan

Trust,

Series

2022-INV1,

Class

A4,

CMO,

ARM,

3.00%,

3/25/52 (3)

121,899

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

OBX

Trust,

Series

2019-EXP3,

Class

2A2,

CMO,

ARM,

1M

TSFR

+

1.214%,

5.541%,

10/25/59 (3)

4,733

Provident

Funding

Mortgage

Trust,

Series

2019-1,

Class

B1,

CMO,

ARM,

3.178%,

12/25/49 (3)

178,268

Sequoia

Mortgage

Trust,

Series

2018-CH2,

Class

A3,

CMO,

ARM,

4.00%,

6/25/48 (3)

4,799

SG

Residential

Mortgage

Trust,

Series

2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (3)

—

Starwood

Mortgage

Residential

Trust,

Series

2020-INV1,

Class

A1,

CMO,

ARM,

1.027%,

11/25/55 (3)

13,623

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2021-

DNA7,

Class

M1,

CMO,

ARM,

SOFR30A

+

0.85%,

5.204%,

11/25/41 (3)

51,942

Structured

Agency

Credit

Risk

Debt

Notes,

Series

2025-

HQA1,

Class

A1,

CMO,

ARM,

SOFR30A

+

0.95%,

5.304%,

2/25/45 (3)

26,625

Towd

Point

Mortgage

Trust,

Series

2018-1,

Class

A1,

CMO,

ARM,

3.00%,

1/25/58 (3)

7,360

Verus

Securitization

Trust,

Series

2019-INV3,

Class

A1,

CMO,

ARM,

3.692%,

11/25/59 (3)

14,190

Verus

Securitization

Trust,

Series

2021-1,

Class

A1,

CMO,

ARM,

0.815%,

1/25/66 (3)

24,625

Verus

Securitization

Trust,

Series

2023-INV1,

Class

A1,

CMO,

STEP,

5.999%,

2/25/68 (3)

91,601

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-C30,

Class

A4,

3.664%,

9/15/58

26,831

Wells

Fargo

Commercial

Mortgage

Trust,

Series

2015-

NXS2,

Class

A5,

ARM,

3.767%,

7/15/58

50,042

2,304

#### Private

#### Investment

#### Companies 8.6%
Blackstone

Partners

Offshore

Fund,

Series

E1 (4)

24,376

64,341

64,341

#### U.S.

#### Government

#### &

#### Agency

#### Mortgage-Backed

#### Securities 0.2%
Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC

2.952%,

2/25/27

10,000

4.40%,

10/25/30

405,000

Federal

Home

Loan

Mortgage

Multifamily

Structured

PTC,

ARM

2.347%,

11/25/31

860,000

763

3.71%,

9/25/32

370,000

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

4.43%,

2/25/33

285,000

1,819

#### U.S.

#### Government

#### Agency

#### Obligations

#### (Excluding

#### Mortgage-Backed) 7.6%
U.S.

Treasury

Bonds,

1.125%,

5/15/40

1,580,000

988

U.S.

Treasury

Bonds,

1.375%,

8/15/50

1,150,000

573

U.S.

Treasury

Bonds,

1.875%,

2/15/51

1,215,000

690

U.S.

Treasury

Bonds,

2.00%,

2/15/50

2,490,000

1,478

U.S.

Treasury

Bonds,

2.00%,

8/15/51

365,000

U.S.

Treasury

Bonds,

2.25%,

2/15/52

2,245,000

1,388

U.S.

Treasury

Bonds,

2.50%,

2/15/45

145,000

U.S.

Treasury

Bonds,

2.75%,

11/15/42

65,000

U.S.

Treasury

Bonds,

2.75%,

8/15/47

4,915,000

3,541

U.S.

Treasury

Bonds,

3.00%,

11/15/44

70,000

U.S.

Treasury

Bonds,

3.00%,

2/15/47

220,000

U.S.

Treasury

Bonds,

3.00%,

2/15/48

740,000

555

U.S.

Treasury

Bonds,

3.00%,

8/15/48

150,000

U.S.

Treasury

Bonds,

3.00%,

8/15/52

800,000

585

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

683

U.S.

Treasury

Bonds,

3.875%,

8/15/40

580,000

537

U.S.

Treasury

Bonds,

3.875%,

2/15/43

605,000

547

U.S.

Treasury

Bonds,

3.875%,

5/15/43

105,000

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

245,000

U.S.

Treasury

Bonds,

4.50%,

11/15/54

185,000

U.S.

Treasury

Bonds,

4.625%,

11/15/44

60,000

U.S.

Treasury

Bonds,

4.625%,

5/15/54

150,000

U.S.

Treasury

Bonds,

4.75%,

11/15/43

370,000

U.S.

Treasury

Bonds,

4.75%,

11/15/53

640,000

644

U.S.

Treasury

Inflation-Indexed

Bonds,

0.125%,

2/15/51

106,380

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50

284,214

U.S.

Treasury

Inflation-Indexed

Bonds,

0.625%,

2/15/43

297,971

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/42

602,971

U.S.

Treasury

Inflation-Indexed

Bonds,

0.75%,

2/15/45

243,904

U.S.

Treasury

Inflation-Indexed

Bonds,

0.875%,

2/15/47

252,339

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/46

83,358

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/48

146,215

U.S.

Treasury

Inflation-Indexed

Bonds,

1.00%,

2/15/49

171,184

U.S.

Treasury

Inflation-Indexed

Bonds,

1.375%,

2/15/44

105,695

U.S.

Treasury

Inflation-Indexed

Bonds,

1.50%,

2/15/53

530,811

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/41

291,412

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/54

310,033

U.S.

Treasury

Inflation-Indexed

Bonds,

2.375%,

2/15/55

5,056

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/26

299,676

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/26

592,366

590

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

10/15/26

1,546,969

1,537

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

4/15/27

1,795,858

1,770

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/30

706,914

667

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

7/15/30

404,466

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31

429,013

U.S.

Treasury

Inflation-Indexed

Notes,

0.25%,

7/15/29

711,029

684

U.S.

Treasury

Inflation-Indexed

Notes,

0.50%,

1/15/28

336,331

U.S.

Treasury

Inflation-Indexed

Notes,

0.625%,

7/15/32

795,543

739

U.S.

Treasury

Inflation-Indexed

Notes,

0.75%,

7/15/28

146,946

U.S.

Treasury

Inflation-Indexed

Notes,

0.875%,

1/15/29

198,650

U.S.

Treasury

Inflation-Indexed

Notes,

1.25%,

4/15/28

779,864

783

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33

745,940

723

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/27

387,774

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

10/15/29

1,445,050

1,469

U.S.

Treasury

Inflation-Indexed

Notes,

1.625%,

4/15/30

606,428

613

U.S.

Treasury

Inflation-Indexed

Notes,

1.75%,

1/15/34 (10)

1,958,451

1,940

U.S.

Treasury

Inflation-Indexed

Notes,

1.875%,

7/15/34

371,165

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

4/15/29

2,958,319

3,055

U.S.

Treasury

Inflation-Indexed

Notes,

2.125%,

1/15/35

227,493

U.S.

Treasury

Inflation-Indexed

Notes,

2.375%,

10/15/28

3,688,941

3,854

U.S.

Treasury

Inflation-Indexed

Notes,

3.875%,

4/15/29

291,146

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

1,335

U.S.

Treasury

Notes,

1.875%,

2/28/27 (10)

2,570,000

2,490

U.S.

Treasury

Notes,

1.875%,

2/15/32

365,000

U.S.

Treasury

Notes,

3.625%,

5/31/28

100,000

U.S.

Treasury

Notes,

3.875%,

8/15/34

1,000,000

980

U.S.

Treasury

Notes,

4.00%,

2/29/28

725,000

733

U.S.

Treasury

Notes,

4.00%,

2/28/30

1,650,000

1,672

U.S.

Treasury

Notes,

4.00%,

3/31/30

495,000

501

U.S.

Treasury

Notes,

4.00%,

2/15/34

280,000

U.S.

Treasury

Notes,

4.125%,

9/30/27

2,220,000

2,248

T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

U.S.

Treasury

Notes,

4.125%,

10/31/27

1,195,000

1,210

U.S.

Treasury

Notes,

4.125%,

11/30/29

355,000

U.S.

Treasury

Notes,

4.25%,

2/28/29

490,000

500

U.S.

Treasury

Notes,

4.25%,

11/15/34

1,355,000

1,365

U.S.

Treasury

Notes,

4.375%,

11/30/28

1,105,000

1,132

U.S.

Treasury

Notes,

4.375%,

12/31/29

350,000

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

540,000

560

57,049

#### Total

#### United

#### States

#### (Cost

#### $456,524)

#### 552,059

#### VIETNAM 0.3%

#### Common

#### Stocks 0.3%
Asia

Commercial

Bank

316,436

Bank

for

Foreign

Trade

of

Vietnam (2)

177,647

Binh

Minh

Plastics

12,200

FPT

97,033

FPT

Digital

Retail (2)

9,395

Hoa

Phat

Group (2)

605,380

594

Khang

Dien

House

Trading

&

Investment (2)

97,967

Military

Commercial

Joint

Stock

Bank

167,608

Mobile

World

Investment

64,600

Nam

Long

Investment

55,266

Phu

Nhuan

Jewelry

69,220

Saigon

Beer

Alcohol

Beverage

13,500

#### Total

#### Vietnam

#### (Cost

#### $2,064)

#### 2,498

#### SHORT-TERM

#### INVESTMENTS 0.7%

#### Money

#### Market

#### Funds 0.7%
T. Rowe

Price

Treasury

Reserve

Fund,

4.38% (7)(11)

5,173,207

5,173

#### Total

#### Short-Term

#### Investments

#### (Cost

#### $5,173)

#### 5,173
T. ROWE

PRICE

Global

Allocation

Fund

#### Shares/Par

#### $

#### Value
(Cost

and

value

in

$000s)

#### SECURITIES

#### LENDING

#### COLLATERAL 0.5%

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### JPMORGAN

#### CHASE

#### BANK 0.4%

#### Money

#### Market

#### Funds 0.4%
T. Rowe

Price

Government

Reserve

Fund,

4.38% (7)(11)

2,983,396

2,983

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### JPMorgan

#### Chase

#### Bank

#### 2,983

#### INVESTMENTS

#### IN

#### A

#### POOLED

#### ACCOUNT

#### THROUGH

#### SECURITIES

#### LENDING

#### PROGRAM

#### WITH

#### STATE

#### STREET

#### BANK

#### AND

#### TRUST

#### COMPANY 0.1%

#### Money

#### Market

#### Funds 0.1%
T. Rowe

Price

Government

Reserve

Fund,

4.38% (7)(11)

572,502

573

#### Total

#### Investments

#### in

#### a

#### Pooled

#### Account

#### through

#### Securities

#### Lending

#### Program

#### with

#### State

#### Street

#### Bank

#### and

#### Trust

#### Company

#### 573

#### Total

#### Securities

#### Lending

#### Collateral

#### (Cost

#### $3,556)

#### 3,556
(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### PURCHASED 0.0%

#### OTC

#### Options

#### Purchased

#### 0.0%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
Morgan

Stanley

S&P

500

Index,

Call,

6/20/25

@

$5,850.00 (2)

16,707

#### Total

#### Options

#### Purchased

#### (Cost

#### $115)

#### 167

#### Total

#### Investments

#### in

#### Securities

#### 100.0%

#### of

#### Net

#### Assets

#### (Cost

#### $607,128)

#### $

#### 751,487
‡

Country

classifications

are

generally

based

on

MSCI

categories

or

another

unaffiliated

third

party

data

provider;

Shares/Par

and

Notional

Amount

are

denominated

in

the

currency

of

the

country

presented

unless

otherwise

noted.

(1) See

Note

.

All

or

a

portion

of

this

security

is

on

loan

at

April

30,

2025. (2) Non-income

producing

T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

(3) Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$11,200

and

represents

1.5%

of

net

assets.

(4) See

Note

2. Level

in

fair

value

hierarchy.

(5) Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$2,220

and

represents

0.3%

of

net

assets.

(6) Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(7) Affiliated

Companies

(8) SEC

30-day

yield

(9) Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(10) At

April

30,

2025,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(11) Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans.

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

CNH

Offshore

China

Renminbi

DKK

Danish

Krone

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

GDR

Global

Depositary

Receipts

GO

General

Obligation

T. ROWE

PRICE

Global

Allocation

Fund

.

.

.

.

.

.

.

.

.

.

HHEFA

Health

&

Higher

Educational

Facility

Authority

HKD

Hong

Kong

Dollar

IDA

Industrial

Development

Authority/Agency

ILS

Israeli

Shekel

JPY

Japanese

Yen

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PIK

Payment-in-kind

PTC

Pass-Through

Certificate

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T. ROWE

PRICE

Global

Allocation

Fund

(Amounts

in

000s,

except

for

contracts)

#### OPTIONS

#### WRITTEN

#### (0.0)%

#### OTC

#### Options

#### Written (0.0)%

#### Counterparty

#### Description

#### Contracts

#### Notional

#### Amount

#### $

#### Value
JPMorgan

Chase

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

5/16/25

@

$76.00

633

4,975

(8) Morgan

Stanley

KE

Holdings,

Call,

6/20/25

@

$27.00

—

Morgan

Stanley

KE

Holdings,

Call,

6/20/25

@

$28.00

—

Morgan

Stanley

S&P

500

Index,

Put,

6/20/25

@

$5,000.00

16,707

(131) Wells

Fargo

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

5/16/25

@

$78.00

530

4,166

(43) Wells

Fargo

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

5/16/25

@

$78.00

530

4,166

(26) #### Total

#### Options

#### Written

#### (Premiums

#### $(315))

#### $

#### (208)
T. ROWE

PRICE

Global

Allocation

Fund

(Amounts

in

000s)

#### SWAPS

#### 0.0%

#### Description

#### Notional

#### Amount

#### $

#### Value

#### Initial

#### $

#### Value

#### Unrealized

#### $

#### Gain/(Loss)

#### CENTRALLY

#### CLEARED

#### SWAPS

#### 0.0%

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### 0.0%

#### United

#### States

#### 0.0%
Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S43,

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/29

2,000

(12) #### Total

#### United

#### States

#### (12)

#### Total

#### Centrally

#### Cleared

#### Credit

#### Default

#### Swaps,

#### Protection

#### Sold

#### (12)

#### Total

#### Centrally

#### Cleared

#### Swaps

#### (12)

#### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 11

#### Variation

#### margin

#### receivable
(payable)

#### on

#### centrally

#### cleared

#### swaps

#### $

#### (1)
T. ROWE

PRICE

Global

Allocation

Fund

(Amounts

in

000s)

#### FORWARD

#### CURRENCY

#### EXCHANGE

#### CONTRACTS

#### Counterparty

#### Settlement

#### Receive

#### Deliver

#### Unrealized

#### Gain/(Loss)
BNP

Paribas

5/28/25

USD

821

DKK

5,390

$

BNP

Paribas

5/30/25

USD

2,214

AUD

3,470

(9) BNP

Paribas

5/30/25

USD

3,481

CHF

2,881

(23) JPMorgan

Chase

5/30/25

USD

5,136

GBP

3,848

JPMorgan

Chase

5/30/25

USD

ILS

551

JPMorgan

Chase

5/30/25

USD

NOK

2,189

—

JPMorgan

Chase

5/30/25

USD

NZD

—

JPMorgan

Chase

5/30/25

USD

1,089

SEK

10,532

(3) JPMorgan

Chase

5/30/25

USD

SGD

603

(3) Standard

Chartered

5/30/25

USD

612

HKD

4,745

—

State

Street

5/15/25

JPY

48,531

USD

State

Street

5/30/25

USD

11,935

EUR

10,497

State

Street

5/30/25

USD

7,413

JPY

1,059,822

(26) Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(25) T. ROWE

PRICE

Global

Allocation

Fund

#### FUTURES

#### CONTRACTS
($000s)

#### Expiration

#### Date

#### Notional

#### Amount

#### Value

#### and

#### Unrealized

#### Gain
(Loss)

Short,

MSCI

EAFE

Index

contracts

6/25

(2,120)

$

Short,

S&P

500

E-Mini

Index

contracts

6/25

(8,660)

(474) Long,

U.S.

Treasury

Long

Bond

contracts

6/25

2,916

(13) Long,

U.S.

Treasury

Notes

five

year

contracts

6/25

4,695

Long,

U.S.

Treasury

Notes

ten

year

contracts

6/25

1,683

Long,

U.S.

Treasury

Notes

two

year

contracts

6/25

2,914

Long,

Ultra

U.S.

Treasury

Bonds

contracts

6/25

(1) Short,

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/25

(1,377)

(12) #### Net

#### payments
(receipts)

#### of

#### variation

#### margin

#### to

#### date

#### 363

#### Variation

#### margin

#### receivable
(payable)

#### on

#### open

#### futures

#### contracts

#### $

#### (6)
T. ROWE

PRICE

Global

Allocation

Fund

#### AFFILIATED

#### COMPANIES
($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

April

30,

2025. Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

#### Affiliate

#### Net

#### Realized

#### Gain
(Loss)

#### Change

#### in

#### Net

#### Unrealized

#### Gain/Loss

#### Investment

#### Income
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.97%

$

(1,582)

$

1,534

$

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class,

6.67%

(161) (484) 985

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.54%

(558) 689

539

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.17%

(78) (45) 295

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.39%

(509) 180

665

T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

2,715

(5,325)

T. Rowe

Price

International

Bond

Fund

-

I

Class,

3.75%

(689) 1,335

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.75%

(142) 211

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

(172) (1,077)

1,377

T. Rowe

Price

Government

Reserve

Fund,

4.38%

—

—

—++

T. Rowe

Price

Treasury

Reserve

Fund,

4.38%

—

—

Affiliates

not

held

at

period

end

—

—

Totals

$

(1,176)#

$

(2,982)

$

5,176+

T. ROWE

PRICE

Global

Allocation

Fund

#### AFFILIATED

#### COMPANIES
(CONTINUED)

($000s)

#### Supplementary

#### Investment

#### Schedule

#### Affiliate

#### Value

#### 10/31/24

#### Purchase

#### Cost

#### Sales

#### Cost

#### Value

#### 4/30/25
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.97%

$

15,875

$

$

9,082

$

8,712

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class,

6.67%

31,976

986

4,811

27,667

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class,

6.54%

17,544

539

3,058

15,714

T. Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.17%

8,914

2,128

7,038

T. Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.39%

21,224

665

5,009

17,060

T. Rowe

Price

Integrated

U.S.

Small-Mid

Cap

Core

Equity

Fund

-

I

Class

43,493

3,395

1,883

39,680

T. Rowe

Price

International

Bond

Fund

-

I

Class,

3.75%

23,334

1,375

2,689

23,355

T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.75%

7,384

2,115

1,492

8,218

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

21,009

1,527

2,172

19,287

T. Rowe

Price

Government

Reserve

Fund,

4.38%

5,564

¤

¤

3,556

T. Rowe

Price

Treasury

Reserve

Fund,

4.38%

9,297

¤

¤

5,173

Total

$

175,460^

T. ROWE

PRICE

Global

Allocation

Fund

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$2,347

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

.

+

Investment

income

comprised

$5,176

of

dividend

income

and

$0

of

interest

income.

¤

Purchase

and

sale

information

not

shown

for

cash

management

funds.

^

The

cost

basis

of

investments

in

affiliated

companies

was

$184,395.

T. ROWE

PRICE

Global

Allocation

Fund

April

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

#### Assets
Investments

in

securities,

at

value

(cost

$607,128)

$

751,487

Receivable

for

investment

securities

sold

3,760

Dividends

and

interest

receivable

1,363

Foreign

currency

(cost

$1,111)

1,106

Receivable

for

shares

sold

597

Unrealized

gain

on

forward

currency

exchange

contracts

Cash

Other

assets

1,157

Total

assets

759,510

#### Liabilities
Obligation

to

return

securities

lending

collateral

3,556

Payable

for

investment

securities

purchased

3,211

Investment

management

fees

payable

Payable

for

shares

redeemed

Options

written

(premiums

$315)

Unrealized

loss

on

forward

currency

exchange

contracts

Due

to

affiliates

Variation

margin

payable

on

futures

contracts

Variation

margin

payable

on

centrally

cleared

swaps

Other

liabilities

Total

liabilities

8,059

Commitments

and

Contingent

Liabilities

(note

7)

#### NET

#### ASSETS

#### $

#### 751,451
T. ROWE

PRICE

Global

Allocation

Fund

April

30,

2025

(Unaudited)

#### Statement

#### of

#### Assets

#### and

#### Liabilities

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#### Net

#### Assets

#### Consist

#### of:
Total

distributable

earnings

(loss)

$

133,167

Paid-in

capital

applicable

to

49,914,059

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

authorized

618,284

#### NET

#### ASSETS

#### $

#### 751,451

#### NET

#### ASSET

#### VALUE

#### PER

#### SHARE

#### Investor

#### Class

#### (Net

#### assets:

#### $496,849;

#### Shares

#### outstanding:

#### 32,991,847)

#### $

#### 15.06

#### Advisor

#### Class

#### (Net

#### assets:

#### $3,076;

#### Shares

#### outstanding:

#### 205,795)

#### $

#### 14.95

#### I

#### Class

#### (Net

#### assets:

#### $251,526;

#### Shares

#### outstanding:

#### 16,716,417)

#### $

#### 15.05
T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

Months

Ended

4/30/25

#### Investment

#### Income
(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$129)

$

9,058

.

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

2,045

Securities

lending

Other

Total

income

11,117

Expenses

Investment

management

2,680

Shareholder

servicing

Investor

Class

$

Advisor

Class

I

Class

Rule

12b-1

fees

Advisor

Class

Prospectus

and

shareholder

reports

Investor

Class

I

Class

Custody

and

accounting

Legal

and

audit

Registration

Directors

Miscellaneous

Waived

/

paid

by

Price

Associates

(594) Total

expenses

2,815

Net

investment

income

8,302

T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Statement

#### of

#### Operations

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

4/30/25

#### Realized

#### and

#### Unrealized

#### Gain

#### /

#### Loss
–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$25)

16,454

Futures

(715) Swaps

(30) Options

written

Forward

currency

exchange

contracts

(1,074)

Foreign

currency

transactions

(19) Capital

gain

distributions

from

mutual

funds

2,347

Net

realized

gain

17,400

Change

in

net

unrealized

gain

/

loss

Securities

(net

of

increase

in

deferred

foreign

taxes

of

$27)

(16,006)

Futures

(549) Swaps

(14) Options

written

Forward

currency

exchange

contracts

Other

assets

and

liabilities

denominated

in

foreign

currencies

Change

in

net

unrealized

gain

/

loss

(15,950)

Net

realized

and

unrealized

gain

/

loss

1,450

#### INCREASE

#### IN

#### NET

#### ASSETS

#### FROM

#### OPERATIONS

#### $

#### 9,752
T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

Months

Ended

4/30/25

Year

Ended

10/31/24

#### Increase
(Decrease)

#### in

#### Net

#### Assets
Operations

Net

investment

income

$

8,302

$

15,809

Net

realized

gain

17,400

33,791

Change

in

net

unrealized

gain

/

loss

(15,950)

106,566

Increase

in

net

assets

from

operations

9,752

156,166

Distributions

to

shareholders

Net

earnings

Investor

Class

(25,481)

(12,874)

Advisor

Class

(157) (84) I

Class

(14,957)

(8,544)

Decrease

in

net

assets

from

distributions

(40,595)

(21,502)

Capital

share

transactions

\*

Shares

sold

Investor

Class

39,384

71,838

Advisor

Class

923

I

Class

22,433

43,170

Distributions

reinvested

Investor

Class

23,808

12,046

Advisor

Class

I

Class

14,641

8,400

Shares

redeemed

Investor

Class

(63,549)

(145,797)

Advisor

Class

(542) (1,619)

I

Class

(66,311)

(84,177)

Decrease

in

net

assets

from

capital

share

transactions

(29,781)

(95,143)

T. ROWE

PRICE

Global

Allocation

Fund

(Unaudited)

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Months

Ended

4/30/25

Year

Ended

10/31/24

#### Net

#### Assets
Increase

(decrease)

during

period

(60,624)

39,521

Beginning

of

period

812,075

772,554

#### End

#### of

#### period

#### $

#### 751,451

#### $

#### 812,075
\*Share

information

(000s)

Shares

sold

Investor

Class

2,578

4,819

Advisor

Class

I

Class

1,469

2,908

Distributions

reinvested

Investor

Class

1,603

851

Advisor

Class

I

Class

987

594

Shares

redeemed

Investor

Class

(4,184)

(9,803)

Advisor

Class

(36) (110) I

Class

(4,345)

(5,727)

Decrease

in

shares

outstanding

(1,904)

(6,402)

T. ROWE

PRICE

Global

Allocation

Fund

Unaudited

#### NOTES

#### TO

#### FINANCIAL

#### STATEMENTS

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,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund's

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee's

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee's

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee's

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm's

length

T. ROWE

PRICE

Global

Allocation

Fund

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

April

30,

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
Closed-End

Mutual

Funds

$

—

$

$

—

$

Fixed

Income

Securities

—

89,131

—

89,131

Asset-Backed

Securities

—

2,780

2,878

Bond

Mutual

Funds

107,764

—

—

107,764

Common

Stocks

253,529

161,502

415,213

Convertible

Preferred

Stocks

—

—

1,842

1,842

Equity

Mutual

Funds

58,967

—

—

58,967

Non-U.S.

Government

Mortgage-Backed

Securities

—

2,206

2,304

Preferred

Stocks

—

—

Private

Investment

Companies

—

—

64,341

64,341

Short-Term

Investments

5,173

—

—

5,173

Securities

Lending

Collateral

3,556

—

—

3,556

Options

Purchased

—

—

Total

Securities

428,989

255,937

66,561

751,487

Forward

Currency

Exchange

Contracts

—

—

Futures

Contracts\*

—

—

Total

$

429,120

$

255,976

$

66,561

$

751,657

#### Liabilities
Options

Written

$

—

$

$

—

$

Swaps\*

—

—

Forward

Currency

Exchange

Contracts

—

—

Futures

Contracts\*

500

—

—

500

Total

$

500

$

$

—

$

784

T. ROWE

PRICE

Global

Allocation

Fund

Following

is

a

reconciliation

of

the

fund's

Level

holdings

for

the

six

months ended

April

30,

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

April

30,

2025,

totaled $2,362,000 for

the

six

months ended

April

30,

2025. In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund's

Level

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.

Includes

Corporate

Bonds,

Government

Bonds,

Municipal

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

#### Beginning

#### Balance

#### 10/31/24

#### Gain
(Loss)

#### During

#### Period

#### Total

#### Purchases

#### Total

#### Sales

#### Ending

#### Balance

#### 4/30/25
Investment

in

Securities

Asset-Backed

Securities

$

—

$

—

$

$

(2) $

Common

Stocks

—

—

Convertible

Preferred

Stocks

1,684

(139) 1,842

Non-U.S.

Government

Mortgage-Backed

Securities

—

—

(8) 98

Private

Investment

Companies

62,643

2,698

—

(1,000)

64,341

Total

$

64,600

$

2,828

$

$

(1,149)

$

66,561

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

$182

Recent

comparable

transaction

price(s)

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

100%

100%

Decrease

Market

comparable

Probability

for

potential

outcome

20%

20%

Increase

Enterprise

value

to

gross

profit

multiple

4.9x

–

14.1x

12.3x

Increase

Gross

profit

growth

rate

28%

28%

Increase

Enterprise

value

to

sales

multiple

1.7x

–

11.3x

9.7x

Increase

Sales

growth

rate

28%

28%

Increase

Premium

to

public

company

multiples

25%

25%

Increase

Discount

for

liquidation

preference

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T. ROWE

PRICE

Global

Allocation

Fund

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Convertible

Preferred

Stocks

$

1,842

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

20%

20%

Decrease

Market

comparable

Premium

to

public

company

multiples

25%

25%

Increase

Enterprise

value

to

gross

profit

multiple

6.4x

–

14.1x

10.3x

Increase

Gross

profit

growth

rate

28%

28%

Increase

Enterprise

value

to

sales

multiple

2.2x

–

11.3x

4.1x

Increase

Sales

growth

rate

22%

-

65%

31%

Increase

Enterprise

value

to

EBIT

multiple

10.2x

–

14.3x

12.4x

Increase

EBIT

growth

rate

27%

27%

Increase

Enterprise

value

to

EBITDA

multiple

11.3x

–

35.9x

19.5x

Increase

Discount

for

dilution

43%

43%

Decrease

Discount

to

public

company

multiples

15%

-

25%

15%

Decrease

Discount

rate

for

cost

of

capital

13%

-

38%

28%

Decrease

T. ROWE

PRICE

Global

Allocation

Fund

+

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.

#### NOTE

#### 3

#### -

#### DERIVATIVE

#### INSTRUMENTS
During

the

six

months ended

April

30,

2025,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement

or

delivery

of

cash

or

other

assets.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund's

portfolio.

Potential

uses

#### Investments

#### in

#### Securities

#### Value
(000s)

#### Valuation

#### Technique(s)+

#### Significant

#### Unobservable

#### Input(s)

#### Value

#### or

#### Range

#### of

#### Input(s)

#### Weighted

#### Average

#### of

#### Input(s)\*

#### Impact

#### to

#### Valuation

#### from

#### an

#### Increase

#### in

#### Input\*\*
Discount

for

uncertainty

10%

-

75%

43%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Mortgage-

Backed

Securities

$

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Private

Investment

Companies

$

64,341

Rollforward

of

Investee

NAV

Estimated

return

-0.32%

-0.32%

Increase

T. ROWE

PRICE

Global

Allocation

Fund

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund's

derivative

instruments

held

as

of

April

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

($000s)

#### Location

#### on

#### Statement

#### of

#### Assets

#### and

#### Liabilities

#### Fair

#### Value\*

#### Assets
Interest

rate

derivatives

Futures

$

Foreign

exchange

derivatives

Forwards

Equity

derivatives

Futures,

Securities^

^

,\*

Total

$

^

,\*

#### Liabilities
Interest

rate

derivatives

Futures

$

Foreign

exchange

derivatives

Forwards

Credit

derivatives

Centrally

Cleared

Swaps,

Options

Written

Equity

derivatives

Futures,

Options

Written

605

Total

$

784

T. ROWE

PRICE

Global

Allocation

Fund

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

April

30,

2025,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure:

\*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

($000s)&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

—

—

(299) —

—

(299) Foreign

exchange

derivatives

—

—

—

(1,074)

—

(1,074)

Credit

derivatives

—

—

—

(32) 44

Equity

derivatives

(55) 361

(416) —

—

(110) Total

$

(55) $

$

(715) $

(1,074)

$

(30) $

(1,437)

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

$

—

$

—

$

—

$

—

$

(1) $

(1) Interest

rate

derivatives

—

—

—

—

Foreign

exchange

derivatives

—

—

—

—

Credit

derivatives

—

—

—

(13) 90

Equity

derivatives

(895) —

—

(505) Total

$

$

$

(549) $

$

(14) $

^

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)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund's

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund's

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund's

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund's

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

April

30,

2025,

securities

valued

at $1,532,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

April

30,

2025,

no

collateral

was

pledged

by

counterparties

T. ROWE

PRICE

Global

Allocation

Fund

to

the

fund

for

bilateral

derivatives. As

of

April

30,

2025,

securities

valued

at $901,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

#### Forward

#### Currency

#### Exchange

#### Contracts
The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund's

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund's

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund's

total

return;

and

the

potential

for

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

April

30,

2025,

the

volume

of

the

fund's

activity

in

forwards,

based

on

underlying

notional

amounts,

was

approximately

5%

of

net

assets.

#### Futures

#### Contracts
The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

and

foreign

currencies;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

or

as

a

cash

management

tool. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

T. ROWE

PRICE

Global

Allocation

Fund

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

April

30,

2025,

the

volume

of

the

fund's

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

2%

and

5%

of

net

assets.

#### Options
The

fund

is

subject

to

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

call

and

put

options

give

the

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

security

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option. Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

T. ROWE

PRICE

Global

Allocation

Fund

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

April

30,

2025,

the

volume

of

the

fund's

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

1%

and

7%

of

net

assets.

#### Swaps
The

fund

is

subject

to

credit

risk

and

inflation

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

T. ROWE

PRICE

Global

Allocation

Fund

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets'

valuation

of

credit

quality.

As

of

April

30,

2025,

the

notional

amount

of

protection

sold

by

the

fund

totaled $2,000,000

(0.3%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

Zero-coupon

inflation

swaps

are

agreements

to

exchange

cash

flows,

on

the

contract's

maturity

date,

based

on

the

difference

between

a

predetermined

fixed

rate

and

the

cumulative

change

in

the

consumer

price

index,

both

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

zero-coupon

inflation

swaps

include

the

potential

for

unanticipated

movements

in

inflation

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund's

swap

investments,

and

potential

losses

in

excess

of

the

fund's

initial

investment.

During

the

six

months ended

April

30,

2025,

the

volume

of

the

fund's

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

#### NOTE

#### 4

#### -

#### OTHER

#### INVESTMENT

#### TRANSACTIONS
Consistent

with

its

investment

objective, the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of the

fund

are

described

more

fully

in the

fund's prospectus

and

Statement

of

Additional

Information.

T. ROWE

PRICE

Global

Allocation

Fund

#### 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

April

30,

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

April

30,

2025,

the

value

of

loaned

securities

was

$3,401,000;

the

value

of

cash

collateral

and

related

investments

was

$3,556,000.

#### Other
Purchases

and

sales

of

portfolio

securities

other

than

in-kind

transactions,

if

any,

and short-term

and

U.S.

government securities

aggregated $139,421,000 and

$198,392,000,

respectively,

for

the

six

months ended

April

30,

2025. Purchases

and

sales

of

U.S.

government

securities

aggregated $12,526,000 and

$13,285,000,

respectively,

for

the

six

months ended

April

30,

2025. T. ROWE

PRICE

Global

Allocation

Fund

#### NOTE

#### 5

#### -

#### FEDERAL

#### INCOME

#### TAXES
Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

April

30,

2025,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$614,172,000.

Net

unrealized

gain

aggregated

$136,595,000

at

period-end,

of

which

$174,903,000

related

to

appreciated

investments

and

$38,308,000

related

to

depreciated

investments.

#### NOTE

#### 6

#### -

#### FOREIGN TAXES
The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/

loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. ROWE

PRICE

Global

Allocation

Fund

#### NOTE

#### 7

#### -

#### RELATED

#### PARTY

#### TRANSACTIONS
The

fund

is

managed

by

T. Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T. Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.40%

of

the

fund's

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund's

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund's

average

daily

net

assets. At

April

30,

2025,

the

effective

annual

group

fee

rate

was

0.28%.

The

Investor

Class

and

Advisor

Class

are

each

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

dates

indicated

in

the

table

below.

This

agreement

will

continue

through

the

expense

limitation

dates

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

During

the

limitation

period,

Price

Associates

is required

to

waive

or

pay

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the class's ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

Each

class

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

the

class's net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the class's net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2) the class's

current

expense

limitation.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

T. ROWE

PRICE

Global

Allocation

Fund

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund's

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class's

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class's

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1) the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2) the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended April

30,

2025 as

indicated

in

the

table

below.

Including

these

amounts,

expenses

previously

waived/paid

by

Price

Associates

in

the

amount

of $263,000 remain

subject

to

repayment

by

the

fund

at

April

30,

2025. Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T. Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund's

transfer

and

dividend-disbursing

agent.

T. Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class

and

Advisor

Class.

For

the

six

months

ended

April

30,

2025,

expenses

incurred

pursuant

to

these

service

agreements

were

$60,000

for

Price

Associates;

$97,000

for

T. Rowe

Price

Services,

Inc.;

and

$2,000

for

T. Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T. Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

#### Investor

#### Class

#### Advisor

#### Class

#### I

#### Class
Expense

limitation/I

Class

Limit

1.04%

1.15%

0.05%

Expense

limitation

date

12/31/27

12/31/27

12/31/27

(Waived)/repaid

during

the

period

($000s)

$—

$(1)

$(57)

T. ROWE

PRICE

Global

Allocation

Fund

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T. Rowe

Price

Government

Reserve

Fund

or

the

T. Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T. Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T. Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund's

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund's

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

six

months

ended

April

30,

2025,

are

as

follows:

($000s)

#### Effective

#### Management

#### Fee

#### Rate

#### Management

#### Fee

#### Waived
T. Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.48%

$

T. Rowe

Price

Emerging

Markets

Bond

Fund

-

I

Class

0.69%

T. Rowe

Price

Emerging

Markets

Local

Currency

Bond

Fund

-

I

Class

0.64%

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

Global

Allocation

Fund

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$346,000,

$2,000

and

$188,000 for

the

Investor

Class,

Advisor

Class

and

I

Class,

respectively,

for

the

six

months ended

April

30,

2025. The fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund's

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

April

30,

2025,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

#### NOTE

#### 8

#### -

#### SEGMENT

#### REPORTING
Operating segments

are

defined

as

components

of

a

company

that

engage

in

business

activities

and

for

which

discrete

financial

information

is

available

and

regularly

reviewed

by

the

chief

operating

decision

maker

(CODM)

in

deciding

how

to

allocate

resources

and

assess

performance.

The

Management

Committee

of

Price

Associates

acts

as

the

fund's

CODM.

The

fund

makes

investments

in

accordance

with

its

investment

objective

as

outlined

in

the

Prospectus

and

is

considered

one

reportable

segment

because

the

CODM

allocates

resources

and

assesses

the

operating

results

of

the

fund

on

the

whole.

The

fund's

revenue

is

derived

from

investments

in

a

portfolio

of

securities.

The

CODM

allocates

resources

and

assesses

performance

based

on

the

operating

results

of

the

fund,

which

is

consistent

with

the

results

presented

in

the

statement

of

operations,

statement

of

changes

in

net

assets

and

financial

highlights.

The

CODM

compares

the

fund's

performance

to

its

benchmark

index

($000s)

#### Effective

#### Management

#### Fee

#### Rate

#### Management

#### Fee

#### Waived
T. Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.48%

$

T. Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

0.99%

Total

Management

Fee

Waived

$

536

T. ROWE

PRICE

Global

Allocation

Fund

and

evaluates

the

positioning

of

the

fund

in

relation

to

its

investment

objective.

The

measure

of

segment

assets

is

net

assets

of

the

fund

which

is

disclosed

in

the

statement

of

assets

and

liabilities.

The accounting

policies

of

the

segment

are

the

same

as

those

described

in

the

summary

of

significant

accounting

policies.

The

financial

statements

include

all

details

of

the

segment

assets,

segment

revenue

and

expenses;

and

reflect

the

financial

results

of

the

segment.

#### NOTE

#### 9

#### -

#### OTHER

#### MATTERS
Unpredictable environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia's

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

fund's

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

T. ROWE

PRICE

Global

Allocation

Fund

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
Each

year,

the

fund's

Board

of

Directors

(Board)

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

its

investment

adviser,

T. Rowe

Price

Associates,

Inc.

(Adviser),

as

well

as

the

investment

subadvisory

agreements

(Subadvisory

Contracts)

that

the

Adviser

has

entered

into

with

T. Rowe

Price

Australia

Limited,

T. Rowe

Price

Hong

Kong

Limited,

T. Rowe

Price

International

Ltd,

T. Rowe

Price

Japan,

Inc.,

and

T. Rowe

Price

Singapore

Private

Ltd.

(Subadvisers)

on

behalf

of

the

fund.

In

that

regard,

at

a

meeting

held

on

March

12–13,

2025

(Meeting),

the

Board,

including

all

of

the

fund's

independent

directors

present

in

person

at

the

Meeting,

approved

the

continuation

of

the

fund's

Advisory

Contract

and

Subadvisory

Contracts.

At

the

Meeting,

the

Board

considered

the

factors

and

reached

the

conclusions

described

below

relating

to

the

selection

of

the

Adviser

and

Subadvisers

and

the

approval

of

the

Advisory

Contract

and

Subadvisory

Contracts.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Advisory

Contract

and

Subadvisory

Contracts

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

In

providing

information

to

the

Board,

the

Adviser

was

guided

by

a

detailed

set

of

requests

for

information

submitted

by

independent

legal

counsel

on

behalf

of

the

independent

directors.

In

considering

and

approving

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts,

the

Board

considered

the

information

it

believed

was

relevant,

including,

but

not

limited

to,

the

information

discussed

below.

The

Board

considered

not

only

the

specific

information

presented

in

connection

with

the

Meeting,

but

also

the

knowledge

gained

over

time

through

interaction

with

the

Adviser

and

Subadvisers

about

various

topics.

The

Board

meets

regularly

and,

at

each

of

its

meetings,

covers

an

extensive

agenda

of

topics

and

materials

and

considers

factors

that

are

relevant

to

its

annual

consideration

of

the

renewal

of

the

T. Rowe

Price

funds'

advisory

contracts,

including

performance

and

the

services

and

support

provided

to

the

funds

and

their

shareholders.

#### Services

#### Provided

#### by

#### the

#### Adviser

#### and

#### Subadvisers
The

Board

considered

the

nature,

quality,

and

extent

of

the

services

provided

to

the

fund

by

the

Adviser

and

Subadvisers.

These

services

included,

but

were

not

limited

to,

directing

the

fund's

investments

in

accordance

with

its

investment

program

and

the

overall

management

of

the

fund's

portfolio,

as

well

as

a

variety

of

related

activities

such

as

financial,

investment

operations,

and

administrative

services;

compliance;

maintaining

the

fund's

records

and

registrations;

and

shareholder

communications.

The

Board

also

reviewed

the

background

and

experience

of

the

Adviser's

and

Subadvisers'

senior

management

teams

and

investment

personnel

T. ROWE

PRICE

Global

Allocation

Fund

involved

in

the

management

of

the

fund,

as

well

as

the

Adviser's

compliance

record.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

nature,

quality,

and

extent

of

the

services

provided

by

the

Adviser

and

Subadvisers,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

#### Investment

#### Performance

#### of

#### the

#### Fund
The

Board

took

into

account

discussions

with

the

Adviser

and

detailed

reports

that

it

regularly

receives

throughout

the

year

on

relative

and

absolute

performance

for

the

T. Rowe

Price

funds.

In

connection

with

the

Meeting,

the

Board

reviewed

information

provided

by

the

Adviser

that

compared

the

fund's

total

returns,

as

well

as

a

wide

variety

of

other

previously

agreed-upon

performance

measures

and

market

data,

against

relevant

benchmark

indexes

and

peer

groups

of

funds

with

similar

investment

programs

for

various

periods

through

December

31,

2024. Additionally,

the

Board

reviewed

the

fund's

relative

performance

information

as

of

September

30,

2024,

which

ranked

the

returns

of

the

fund's

Investor

Class

for

various

periods

against

a

universe

of

funds

with

similar

investment

programs

selected

by

Broadridge,

an

independent

provider

of

mutual

fund

data.

In

the

course

of

its

deliberations,

the

Board

considered

performance

information

provided

throughout

the

year

and

in

connection

with

the

Advisory

Contract

review

at

the

Meeting,

as

well

as

information

provided

during

investment

review

meetings

conducted

with

portfolio

managers

and

senior

investment

personnel

during

the

course

of

the

year

regarding

the

fund's

performance.

The

Board

also

considered

relevant

factors,

such

as

overall

market

conditions

and

trends

that

could

adversely

impact

the

fund's

performance,

length

of

the

fund's

performance

track

record,

and

how

closely

the

fund's

strategies

align

with

its

benchmarks

and

peer

groups.

The

Board

concluded

that

the

information

it

considered

with

respect

to

the

fund's

performance,

as

well

as

the

other

factors

considered

at

the

Meeting,

supported

the

Board's

approval

of

the

continuation

of

the

Advisory

Contract.

#### Costs,

#### Benefits,

#### Profits,

#### and

#### Economies

#### of

#### Scale
The

Board

reviewed

detailed

information

regarding

the

revenues

received

by

the

Adviser

under

the

Advisory

Contract

and

other

direct

and

indirect

benefits

that

the

Adviser

(and

its

affiliates,

including

the

Subadvisers)

may

have

realized

from

its

relationship

with

the

fund,

including

any

research

received

under

soft-dollar

arrangements

with

broker-dealers.

In

considering

soft-dollar

arrangements,

the

Board

noted

that,

effective

January

1,

2024,

the

Adviser

began

using

brokerage

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

Global

Allocation

Fund

commissions

in

connection

with

certain

T. Rowe

Price

funds'

securities

transactions

to

pay

for

research

when

permissible,

and

the

Board

considered

that

the

Adviser

may

receive

some

benefit

from

soft-dollar

arrangements

pursuant

to

which

research

is

received

from

broker-dealers

that

execute

the

applicable

fund's

portfolio

transactions.

The

Board

received

information

on

the

estimated

costs

incurred

and

profits

realized

by

the

Adviser

from

managing

the

T. Rowe

Price

funds.

The

Board

also

reviewed

estimates

of

the

profits

realized

from

managing

the

fund

in

particular,

and

the

Board

concluded

that

the

Adviser's

profits

were

reasonable

in

light

of

the

services

provided

to

the

fund.

The

Board

also

considered

whether

the

fund

benefits

under

the

fee

levels

set

forth

in

the

Advisory

Contract

or

otherwise

from

any

economies

of

scale

realized

by

the

Adviser.

Under

the

Advisory

Contract,

the

fund

pays

a

fee

to

the

Adviser

for

investment

management

services

composed

of

two

components

–

a

group

fee

rate

based

on

the

combined

average

net

assets

of

most

of

the

T. Rowe

Price

funds

(including

the

fund)

that

declines

at

certain

asset

levels

and

an

individual

fund

fee

rate

based

on

the

fund's

average

daily

net

assets

–

and

the

fund

pays

its

own

expenses

of

operations.

Under

each

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

The

group

fee

schedule

is

graduated

so

the

rate

decreases

as

total

T. Rowe

Price

fund

assets

increase

and

increases

as

total

T. Rowe

Price

fund

assets

decrease.

As

a

result,

shareholders

benefit

from

overall

growth

in

T. Rowe

Price

fund

assets,

which

reduces

the

management

fee

rate

for

any

fund

that

has

a

group

fee

component

to

its

management

fee,

and

reflects

that

certain

resources

utilized

to

operate

the

fund

are

shared

with

other

T. Rowe

Price

funds

thus

allowing

shareholders

of

those

funds

to

share

potential

economies

of

scale.

The

fund's

shareholders

also

benefit

from

potential

economies

of

scale

through

a

decline

in

certain

operating

expenses

as

the

fund

grows

in

size.

However,

the

fund

is

also

subject

to

a

contractual

expense

limitation

that

requires

the

Adviser

to

waive

its

fees

and/or

bear

any

expenses

that

would

otherwise

cause

the

expenses

of

a

share

class

of

the

fund

to

exceed

a

certain

percentage

based

on

the

class's

net

assets.

The

expense

limitations

mitigate

the

potential

for

an

increase

in

operating

expenses

above

a

certain

level

that

could

impact

shareholders.

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

Global

Allocation

Fund

In

addition,

the

Board

noted

that

the

fund

potentially

shares

in

indirect

economies

of

scale

through

the

Adviser's

ongoing

investments

in

its

business

in

support

of

the

T. Rowe

Price

funds,

including

investments

in

trading

systems,

technology,

and

regulatory

support

enhancements,

and

the

ability

to

possibly

negotiate

lower

fee

arrangements

with

third-party

service

providers.

The

Board

concluded

that

the

advisory

fee

structure

for

the

fund

provides

for

a

reasonable

sharing

of

benefits

from

any

economies

of

scale

with

the

fund's

investors.

#### Fees

#### and

#### Expenses
The

Board

was

provided

with

information

regarding

industry

trends

in

management

fees

and

expenses.

Among

other

things,

the

Board

reviewed

data

for

peer

groups

that

were

compiled

by

Broadridge,

which

compared:

(i) contractual

management

fees,

actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Investor

Class

Expense

Group);

(ii) actual

management

fees

and

total

expenses

of

the

Advisor

Class

of

the

fund

with

a

group

of

competitor

funds

selected

by

Broadridge

(Advisor

Class

Expense

Group);

and

(iii) actual

management

fees,

nonmanagement

expenses,

and

total

expenses

of

the

Investor

Class

of

the

fund

with

a

broader

set

of

funds

within

the

Lipper

investment

classification

(Expense

Universe).

The

Board

considered

the

fund's

contractual

management

fee

rate,

actual

management

fee

rate

(which

reflects

the

management

fees

actually

received

from

the

fund

by

the

Adviser

after

any

applicable

waivers,

reductions,

or

reimbursements),

operating

expenses,

and

total

expenses

(which

reflect

the

net

total

expense

ratio

of

the

fund

after

any

waivers,

reductions,

or reimbursements)

in

comparison

with

the

information

for

the

Broadridge

peer

groups.

Broadridge

generally

constructed

the

peer

groups

by

seeking

the

most

comparable

funds

based

on

similar

investment

classifications

and

objectives,

expense

structure,

asset

size,

and

operating

components

and

attributes

and

ranked

funds

into

quintiles,

with

the

first

quintile

representing

the

funds

with

the

lowest

relative

expenses

and

the

fifth

quintile

representing

the

funds

with

the

highest

relative

expenses.

The

information

provided

to

the

Board

indicated

that

the

fund's

contractual

management

fee

ranked

in

the

second

quintile

(Investor

Class

Expense

Group),

the

fund's

actual

management

fee

rate

ranked

in

the

second

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe),

and

the

fund's

total

expenses

ranked

in

the

first

quintile

(Investor

Class

Expense

Group,

Advisor

Class

Expense

Group,

and

Expense

Universe).

The

Board

also

reviewed

the

fee

schedules

for

other

investment

portfolios

with

similar

mandates

that

are

advised

or

subadvised

by

the

Adviser

and

its

affiliates,

including

separately

managed

accounts

for

institutional

and

individual

investors;

subadvised

funds;

and

other

sponsored

investment

portfolios,

including

collective

investment

trusts

and

pooled

vehicles

organized

and

offered

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

T. ROWE

PRICE

Global

Allocation

Fund

to

investors

outside

the

United

States.

The

fee

schedules,

which

are

subject

to

change,

may

be

negotiated

under

certain

circumstances

and

may

differ

across

regions.

Management

provided

the

Board

with

information

about

the

Adviser's

responsibilities

and

services

provided

to

subadvisory

and

other

institutional

account

clients,

including

information

about

how

the

requirements

and

economics

of

the

institutional

domestic

and

international

businesses

are

fundamentally

different

from

those

of

the

proprietary

mutual

fund

and

ETF

("registered

fund")

business.

The

Board

considered

information

showing

that

the

Adviser's

registered

fund

business

is

generally

more

complex

from

a

business

and

compliance

perspective

than

its

other

domestic

and

international

businesses

and

considered

various

relevant

factors,

such

as

the

broader

scope

of

operations

and

oversight,

more

extensive

shareholder

communication

infrastructure,

greater

asset

flows,

heightened

business

risks,

and

differences

in

applicable

laws

and

regulations

associated

with

the

Adviser's

proprietary

registered

fund

business.

In

assessing

the

reasonableness

of

the

fund's

management

fee

rate,

the

Board

considered

the

differences

in

the

nature

of

the

services

required

for

the

Adviser

to

manage

its

registered

fund

business

versus

managing

a

discrete

pool

of

assets

as

a

subadviser

to

another

institution's

mutual

fund

or

for

an

institutional

account

and

that

the

Adviser

generally

performs

significant

additional

services

and

assumes

greater

risk

in

managing

the

fund

and

other

T. Rowe

Price

funds

than

it

does

for

institutional

account

clients,

including

subadvised

funds.

On

the

basis

of

the

information

provided

and

the

factors

considered,

the

Board

concluded

that

the

fees

paid

by

the

fund

under

the

Advisory

Contract

are

reasonable.

#### Approval

#### of

#### the

#### Advisory

#### Contract

#### and

#### Subadvisory

#### Contracts
As

noted,

the

Board

approved

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

continuation

of

the

Advisory

Contract

and

Subadvisory

Contracts

(including

the

fees

to

be

charged

for

services

thereunder).

#### APPROVAL

#### OF

#### INVESTMENT

#### MANAGEMENT

#### AGREEMENT

#### AND

#### SUBADVISORY

#### AGREEMENTS
(continued)

1307

Point

Street

Baltimore,

Maryland

21231

T. Rowe

Price

Investment

Services,

Inc.

*Call* 

*1-800-225-5132* 

*to* 

*request* 

*a* 

*prospectus* 

*or* 

*summary* 

*prospectus;* 

*each* 

*includes* 

*investment* 

*objectives,* 

*risks,* 

*fees,* 

*expenses,* 

*and* 

*other* 

*information* 

*that* 

*you* 

*should* 

*read* 

*and* 

*consider* 

*carefully* 

*before* 

*investing.*

F154-051

6/25

------

#### Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.

#### Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.

#### Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.

------

#### Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.

#### Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

#### Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

#### Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

#### Item 15. Submission of Matters to a Vote of Security Holders.
There has been no change to the procedures by which shareholders may recommend nominees to the registrant's board of directors.

#### Item 16. Controls and Procedures.
(a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

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

#### Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

#### Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.

#### Item 19. Exhibits.

---

| | |
|:---|:---|
| (a)(1) | The registrant's code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant's annual Form N-CSR. |
| &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.](d944663dex99cert.htm) |

---

------

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

(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.](d944663dex99906ce.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 | June 17, 2025 |

---

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

---

| | |
|:---|:---|
| By | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| Date | June 17, 2025 |

---

---

| | |
|:---|:---|
| By | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |
| Date | June 17, 2025 |

---

## 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: June 17, 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: June 17, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: June 17, 2025 | /s/ David Oestreicher |
|  | David Oestreicher |
|  | Principal Executive Officer |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date: June 17, 2025 | /s/ Alan S. Dupski |
|  | Alan S. Dupski |
|  | Principal Financial Officer |

---