0001571768-13-000016.txt : 20130530 0001571768-13-000016.hdr.sgml : 20130530 20130530102605 ACCESSION NUMBER: 0001571768-13-000016 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20130530 DATE AS OF CHANGE: 20130530 EFFECTIVENESS DATE: 20130530 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Global Allocation Fund, Inc. CENTRAL INDEX KEY: 0001571768 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-187446 FILM NUMBER: 13880188 BUSINESS ADDRESS: BUSINESS PHONE: 410-345-4981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 FILER: COMPANY DATA: COMPANY CONFORMED NAME: T. Rowe Price Global Allocation Fund, Inc. CENTRAL INDEX KEY: 0001571768 IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-22810 FILM NUMBER: 13880189 BUSINESS ADDRESS: BUSINESS PHONE: 410-345-4981 MAIL ADDRESS: STREET 1: 100 EAST PRATT STREET CITY: BALTIMORE STATE: MD ZIP: 21202 0001571768 S000040952 T. Rowe Price Global Allocation Fund, Inc. C000127047 T. Rowe Price Global Allocation Fund, Inc. C000127048 T. Rowe Price Global Allocation Fund-Advisor Class 485BPOS 1 gafxbrl-3120132.htm Untitled Document

Registration Nos. 333-187446/811-22810

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM N-1A

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933   /X/

      

 Post-Effective Amendment No. 1     /X/

and/or

REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 /X/

 Amendment No. 2      /X/

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

Exact Name of Registrant as Specified in Charter

100 East Pratt Street, Baltimore, Maryland 21202
Address of Principal Executive Offices

410-345-2000
Registrant’s Telephone Number, Including Area Code

David Oestreicher

100 East Pratt Street, Baltimore, Maryland 21202
Name and Address of Agent for Service

 It is proposed that this filing will become effective (check appropriate box):

/X/ Immediately upon filing pursuant to paragraph (b)

// On (date) pursuant to paragraph (b)

// 60 days after filing pursuant to paragraph (a)(1)

// On (date) pursuant to paragraph (a)(1)

// 75 days after filing pursuant to paragraph (a)(2)

// On (date) pursuant to paragraph (a)(2) of Rule 485

 If appropriate, check the following box:

// This post-effective amendment designates a new effective date for a previously filed post-effective amendment.


Page 2

EXHIBITS

  

Exhibit

Exhibit No.

XBRL Instance Document

EX-101.INS

XBRL Taxonomy Extension Schema Document

EX-101.SCH

XBRL Taxonomy Extension Calculation Linkbase Document

EX-101.CAL

XBRL Taxonomy Extension Definition Linkbase Document

EX-101.DEF

XBRL Taxonomy Extension Labels Linkbase Document

EX-101.LAB

XBRL Taxonomy Extension Presentation Linkbase Document

EX-101.PRE


Page 3

Pursuant to the requirements of the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, the Registrant certifies that it meets all of the requirements for effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Baltimore, State of Maryland, this May 30, 2013.

 T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

 /s/Edward C. Bernard

By: Edward C. Bernard

 Chairman of the Board

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities and on the dates indicated:

   

Signature

Title

Date

   
   

/s/Edward C. Bernard

Chairman of the Board

May 30, 2013

Edward C. Bernard

(Chief Executive Officer)

 
   
   

/s/Gregory K. Hinkle

Treasurer (Chief

May 30, 2013

Gregory K. Hinkle

Financial Officer)

 
   
   

*

Director

May 30, 2013

William R. Brody

  
   
   

*

Director

May 30, 2013

Anthony W. Deering

  
   
   

*

Director

May 30, 2013

Donald W. Dick, Jr.

  
   
   

*

Director

May 30, 2013

Robert J. Gerrard, Jr.

  
   
   

*

Director

May 30, 2013

Karen N. Horn

  
   
   

*

Director

May 30, 2013

Theo C. Rodgers

  
   
   

/s/Brian C. Rogers

Director

May 30, 2013

Brian C. Rogers

  
   
   

*

Director

May 30, 2013

Cecilia E. Rouse

  
   


Page 4

   
   

*

Director

May 30, 2013

John G. Schreiber

  
   
   

*

Director

May 30, 2013

Mark. R. Tercek

  
   
   

*/s/David Oestreicher

Vice President and

May 30, 2013

David Oestreicher

Attorney-In-Fact

 


Page 5

T. ROWE PRICE GLOBAL ALLOCATION FUND, INC.

POWER OF ATTORNEY

 RESOLVED, that the Corporation does hereby constitute and authorize Edward C. Bernard, Margery K. Neale and David Oestreicher, and each of them individually, their true and lawful attorneys and agents to take any and all action and execute any and all instruments which said attorneys and agents may deem necessary or advisable to enable the Corporation to comply with the Securities Act of 1933, as amended, and the Investment Company Act of 1940, as amended, and any rules, regulations, orders or other requirements of the United States Securities and Exchange Commission thereunder, in connection with the registration under the Securities Act of 1933, as amended, of shares of the Corporation, to be offered by the Corporation and the registration of the Corporation under the Investment Company Act of 1940, as amended, including specifically, but without limitation of the foregoing, power and authority to sign the name of the Corporation on its behalf, and to sign the names of each of such directors and officers on his behalf as such director or officer to any (i) Registration Statement on Form N-1A or N-14 of the Corporation filed with the Securities and Exchange Commission under the Securities Act of 1933, as amended; (ii) Registration Statement on Form N-1A or N-14 of the Corporation under the Investment Company Act of 1940, as amended; (iii) amendment or supplement (including, but not limited to, Post-Effective Amendments adding additional series or classes of the Corporation) to said Registration Statement; and (iv) instruments or documents filed or to be filed as a part of or in connection with such Registration Statement, including Articles Supplementary, Articles of Amendment, and other instruments with respect to the Articles of Incorporation of the Corporation.

  IN WITNESS WHEREOF, the above named Corporation has caused these presents to be signed and the same attested by its Secretary, each thereunto duly authorized by its Board of Directors, and each of the undersigned has hereunto set his hand and seal as of the day set opposite his name.

   

/s/Edward C. Bernard
______________________________

Edward C. Bernard

Chairman of the Board
(Principal Executive Officer)
Director



March 5, 2013

/s/Gregory K. Hinkle
______________________________

Gregory K. Hinkle



Treasurer (Principal Financial Officer)



March 5, 2013

/s/William R. Brody
______________________________

William R. Brody



Director



March 5, 2013

 

(Signatures Continued)

 


Page 6

   

Power of Attorney

March 5, 2013

Page 2

/s/Anthony W. Deering
______________________________

Anthony W. Deering




Director




March 5, 2013

/s/Donald W. Dick, Jr.
______________________________

Donald W. Dick, Jr.



Director



March 5, 2013

/s/Robert J. Gerrard, Jr.
______________________________

Robert J. Gerrard, Jr.



Director



March 5, 2013

/s/Karen N. Horn
______________________________

Karen N. Horn



Director



March 5, 2013

/s/Theo C. Rodgers
______________________________

Theo C. Rodgers



Director



March 5, 2013

/s/Brian C. Rogers
______________________________

Brian C. Rogers



Director



March 5, 2013

/s/Cecilia E. Rouse
______________________________

Cecilia E. Rouse



Director



March 5, 2013

/s/John G. Schreiber
______________________________

John G. Schreiber



Director



March 5, 2013

/s/Mark R. Tercek
______________________________

Mark R. Tercek



Director



March 5, 2013


Page 7

ATTEST:

  

/s/Patricia B. Lippert
______________________________

Patricia B. Lippert, Secretary

 


EX-101.INS 3 trpgafi-20130516.xml 0001571768 2012-05-29 2013-05-28 0001571768 trpgafi:S000040952Member trpgafi:AdvisorClassSharesMember 2012-05-29 2013-05-28 0001571768 trpgafi:S000040952Member trpgafi:InvestorClassSharesMember 2012-05-29 2013-05-28 0001571768 trpgafi:S000040952Member trpgafi:InvestorClassSharesMember trpgafi:C000127047Member 2012-05-29 2013-05-28 0001571768 trpgafi:S000040952Member trpgafi:AdvisorClassSharesMember trpgafi:C000127048Member 2012-05-29 2013-05-28 pure iso4217:USD 485BPOS 2013-05-28 T. Rowe Price Global Allocation Fund, Inc. 0001571768 2013-05-16 2013-05-16 false T. Rowe Price<br/><br/>Global Allocation Fund&#150;Advisor Class<br/><br/><b>SUMMARY</b> <b>Investment Objective </b> The fund seeks long-term capital appreciation and income. <b>Fees and Expenses </b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. <b>Fees and Expenses of the Fund&#8217;s Advisor Class<br/><br/><b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> T. Rowe Price<br/><br/>Global Allocation Fund<br/><br/><b>SUMMARY</b> Expenses are estimated for the current fiscal year. <b>Investment Objective </b> February 29, 2016 <b>Example</b> The fund seeks long-term capital appreciation and income. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, the fund&#8217;s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Fees and Expenses </b> <b>Portfolio Turnover</b> This table describes the fees and expenses that you may pay if you buy and hold shares of the fund. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. <b>Fees and Expenses of the Fund<br/><br/><b>Shareholder fees (fees paid directly from your investment)</b> <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies</b> <b>Annual fund operating expenses<br/>(expenses that you pay each year as a<br/>percentage of the value of your investment)</b> The fund seeks to invest in a broadly diversified global portfolio of investments, including U.S. and international stocks, bonds and short-term securities, and alternative investments. The fund uses an active asset allocation strategy in conjunction with fundamental research to select individual investments. T. Rowe Price, the fund&#8217;s investment adviser, allocates the fund&#8217;s assets among the various asset classes and market sectors based on its assessment of U.S. and global economic and market conditions, interest rate movements, industry and issuer conditions and business cycles, and other relevant factors. Under normal conditions, the fund&#8217;s portfolio will consist of approximately 60% stocks; 30% bonds, money market securities, and other debt instruments; and 10% alternative investments. <br /><br />The portfolio manager is responsible for managing and overseeing the fund&#8217;s portfolio and seeks to take advantage of T. Rowe Price&#8217;s fundamental research capabilities in analyzing the overall investment opportunities and risks among the various asset classes and sectors in which the fund invests, and for certain sectors leveraging T. Rowe Price research analysts and portfolio managers to help select fund holdings within those sectors in which they have focused expertise. The fund may also gain exposure to specific asset classes through the use of certain types of derivatives or by investing in other T. Rowe Price mutual funds that focus their investments in that asset class. In addition, the fund may obtain exposure to alternative investments through unregistered hedge funds or other private or registered investment companies. T. Rowe Price may adjust the fund&#8217;s portfolio and overall risk profile by making tactical decisions to overweight or underweight particular asset classes or sectors based on its outlook for the global economy and securities markets, as well as by adjusting the fund&#8217;s overall derivatives exposure and allocations to alternative investments through hedge funds. <br /><br />When deciding upon allocations to U.S. stocks, T. Rowe Price examines relative values and prospects among growth- and value-oriented stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. A similar security selection process applies to international stocks by evaluating economic conditions affecting developed and emerging markets, as well as identifying opportunities based on market capitalizations and investment style. The fund expects to normally invest approximately half of its equity investments in U.S. stocks and half in international stocks. <br /><br />The fund&#8217;s investments in a diversified portfolio of debt instruments include U.S. dollar-denominated and non-U.S. dollar-denominated obligations of U.S. and international issuers (including issuers in emerging markets). The fund may purchase securities of any maturity and investments are chosen across the entire government, inflation-linked, corporate, and mortgage-backed and asset-backed securities markets, as well as bank loans. When deciding whether to adjust the duration or credit risk exposure of the fund&#8217;s debt investments or allocations among the various sectors, the fund weighs such factors as the overall outlook for inflation and the global economy, expected interest rate movements and currency valuations, and the yield advantage that lower-rated instruments may offer over investment-grade bonds. The fund expects to normally invest approximately one-third of its debt investments in international issuers, and the fund may invest up to 25% of its total assets in debt instruments that are rated below investment-grade or deemed to be of comparable quality by T. Rowe Price. <br /><br />The fund may use options, futures, and forward currency exchange contracts for a variety of purposes, although the fund primarily uses such instruments to generate additional income, efficiently access or adjust exposure to certain market segments, or in an attempt to reduce overall portfolio volatility. The fund&#8217;s use of options typically involves writing (i.e., selling) index call options on a U.S. large-cap stock index in an effort to generate additional income and more broadly diversify the portfolio. The fund&#8217;s use of futures typically involves buying equity index futures contracts on a U.S. small-cap stock index as an efficient means of gaining exposure to that segment of the U.S. stock market, as well as using Treasury futures to adjust portfolio duration or as a cash management tool to maintain liquidity while remaining invested in the market. The fund uses forward currency exchange contracts primarily to moderate the currency exposure associated with part of the fund&#8217;s international equity holdings. <br /><br />The fund invests in hedge funds to provide exposure to alternative investments which, in the opinion of T. Rowe Price, have the potential to produce attractive long-term risk-adjusted returns and exhibit a relatively low correlation of returns to more traditional asset classes. The fund&#8217;s alternative investments are expected to move in directions unrelated to movements in the major equity and bond markets, thereby enhancing the fund&#8217;s overall diversification and offering potentially greater downside protection than typical equity investments. <b>Principal Risks</b> Expenses are estimated for the current fiscal year. February 29, 2016 As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br /><br /><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. The fund could underperform other funds with similar objectives and investment strategies if the fund&#8217;s overall asset allocation or security selection strategies fail to produce the intended results. <br /><br /><b>Risks of stock investing</b> Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.<br /><br />To the extent the fund invests in small- and mid-capitalization stocks, it is likely to be more volatile than a fund that invests only in larger companies. Small- and medium-sized companies often have less experienced management, more limited financial resources, and less publicly available information than larger companies. Stocks of smaller companies may have limited trading markets and tend to be more sensitive to changes in overall economic conditions. To the extent the fund invests in companies that derive their profits from commodities and other real assets, it is subject to the risk that periods of low inflation will lessen relative returns and cause the fund to underperform other comparable stock funds. <br /><br /><b>Bond investing risk</b> Bonds and other debt securities have three main sources of risk &#8211; interest rate risk, credit risk, and liquidity risk. Interest rate risk is the risk that a rise in interest rates will cause the price of a fixed rate debt security fund to fall (bond prices and interest rates usually move in opposite directions). Generally, securities with longer maturities and funds with longer weighted average maturities suffer greater price declines than those with shorter maturities when interest rates rise. Mortgage-backed securities and other asset-backed securities can react somewhat differently to interest rate changes because falling rates can cause losses of principal due to increased mortgage prepayments and rising rates can lead to decreased prepayments and greater volatility. Bank loans and other floating rate investments will typically experience less price volatility than a fixed rate holding in the event of interest rate changes. Credit risk is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments) or inability to meet another financial obligation, potentially reducing the fund&#8217;s income level and share price. This risk is increased when a security is downgraded or the perceived creditworthiness of the issuer deteriorates. Liquidity risk is the risk that the fund may not be able to sell a holding in a timely manner at a price that reflects what the fund believes it should be worth. <br /><br />While the fund&#8217;s direct bond investments are expected to primarily be investment-grade, the fund may invest in bonds that are rated below investment-grade, also known as high yield or &#8220;junk&#8221; bonds, including those with the lowest credit rating. High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, the securities they issue carry a higher risk of default and should be considered speculative. The fund&#8217;s exposure to credit risk, in particular, is increased to the extent it invests in high yield bonds. <br /><br /><b>International investing risk</b> Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. companies. International securities tend to be more volatile and less liquid than investments in U.S. securities, and may lose value because of adverse political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, international investments are subject to settlement practices, and regulatory and financial reporting standards, that differ from those of the U.S. <br /><br /><b>Emerging markets risk</b> The risks of international investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in international developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on international investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets. <br /><br /><b>Derivatives risk</b> To the extent the fund uses options, futures, and forward currency exchange contracts, it is potentially exposed to additional losses not typically associated with direct investments in traditional securities. In addition, for instruments not traded on an exchange, there is a risk that a counterparty to the transaction could default and fail to meet its obligations under the derivatives contract. The values of the fund&#8217;s positions in index options and futures will fluctuate in response to changes in the value of the underlying index or security and exposes the fund to the risk that the underlying index or security will not move in a direction that is favorable to the fund. The fund&#8217;s index call-writing strategy could limit the opportunity to profit from a greater increase in the market value of specific holdings within the index and the fund&#8217;s attempts to hedge currency exposure through forward currency exchange contracts could cause the fund to fail to obtain the benefit of an increase in an international holding&#8217;s local currency relative to the U.S. dollar. As a result, the fund&#8217;s use of options or forward currency exchange contracts could dampen the fund&#8217;s returns during periods of strong equity market performance or periods of a weakening U.S. dollar relative to other currencies. Unusual market conditions or the lack of a liquid market for particular options or futures may reduce the fund&#8217;s returns, and investment in a futures contract could lead to losses in excess of the fund&#8217;s initial investment. <br /><br /><b>Alternative investments/Hedge fund risk</b> The fund&#8217;s exposure to alternative investments may prove to be more correlated to the broad markets or the remainder of the fund&#8217;s portfolio than anticipated and thus reduce the value of such investments. A hedge fund is considered an illiquid asset by the fund, is not subject to the same regulatory requirements as mutual funds and other investment companies, and could underperform comparable hedge funds with alternative strategies. Hedge funds are not required to provide periodic pricing or valuation information to investors, and often engage in leveraging, short-selling, commodities investing and other speculative investment practices that are not fully disclosed and may increase the risk of investment loss. Their underlying holdings are not as transparent to investors or typically as diversified as those of traditional mutual funds, and an investor&#8217;s redemption rights are typically limited. All of these factors make the fund&#8217;s investments in alternative investments and hedge funds more difficult to value and monitor when compared to more traditional investments, and may increase the fund&#8217;s liquidity risks. <b>Example</b> The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that your investment has a 5% return each year, the fund&#8217;s operating expenses remain the same, and the expense limitation currently in place is not renewed. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Performance</b> <b>Portfolio Turnover</b> Because the fund commenced operations in 2013, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year. The fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund&#8217;s performance. 1-800-638-8790 <b>Investments, Risks, and Performance<br/><br/>Principal Investment Strategies</b> troweprice.com The fund seeks to invest in a broadly diversified global portfolio of investments, including U.S. and international stocks, bonds and short-term securities, and alternative investments. The fund uses an active asset allocation strategy in conjunction with fundamental research to select individual investments. T. Rowe Price, the fund&#8217;s investment adviser, allocates the fund&#8217;s assets among the various asset classes and market sectors based on its assessment of U.S. and global economic and market conditions, interest rate movements, industry and issuer conditions and business cycles, and other relevant factors. Under normal conditions, the fund&#8217;s portfolio will consist of approximately 60% stocks; 30% bonds, money market securities, and other debt instruments; and 10% alternative investments. <br /><br />The portfolio manager is responsible for managing and overseeing the fund&#8217;s portfolio and seeks to take advantage of T. Rowe Price&#8217;s fundamental research capabilities in analyzing the overall investment opportunities and risks among the various asset classes and sectors in which the fund invests, and for certain sectors leveraging T. Rowe Price research analysts and portfolio managers to help select fund holdings within those sectors in which they have focused expertise. The fund may also gain exposure to specific asset classes through the use of certain types of derivatives or by investing in other T. Rowe Price mutual funds that focus their investments in that asset class. In addition, the fund may obtain exposure to alternative investments through unregistered hedge funds or other private or registered investment companies. T. Rowe Price may adjust the fund&#8217;s portfolio and overall risk profile by making tactical decisions to overweight or underweight particular asset classes or sectors based on its outlook for the global economy and securities markets, as well as by adjusting the fund&#8217;s overall derivatives exposure and allocations to alternative investments through hedge funds. <br /><br />When deciding upon allocations to U.S. stocks, T. Rowe Price examines relative values and prospects among growth- and value-oriented stocks, small- to large-cap stocks, and stocks of companies involved in activities related to commodities and other real assets. A similar security selection process applies to international stocks by evaluating economic conditions affecting developed and emerging markets, as well as identifying opportunities based on market capitalizations and investment style. The fund expects to normally invest approximately half of its equity investments in U.S. stocks and half in international stocks. <br /><br />The fund&#8217;s investments in a diversified portfolio of debt instruments include U.S. dollar-denominated and non-U.S. dollar-denominated obligations of U.S. and international issuers (including issuers in emerging markets). The fund may purchase securities of any maturity and investments are chosen across the entire government, inflation-linked, corporate, and mortgage-backed and asset-backed securities markets, as well as bank loans. When deciding whether to adjust the duration or credit risk exposure of the fund&#8217;s debt investments or allocations among the various sectors, the fund weighs such factors as the overall outlook for inflation and the global economy, expected interest rate movements and currency valuations, and the yield advantage that lower-rated instruments may offer over investment-grade bonds. The fund expects to normally invest approximately one-third of its debt investments in international issuers, and the fund may invest up to 25% of its total assets in debt instruments that are rated below investment-grade or deemed to be of comparable quality by T. Rowe Price. <br /><br />The fund may use options, futures, and forward currency exchange contracts for a variety of purposes, although the fund primarily uses such instruments to generate additional income, efficiently access or adjust exposure to certain market segments, or in an attempt to reduce overall portfolio volatility. The fund&#8217;s use of options typically involves writing (i.e., selling) index call options on a U.S. large-cap stock index in an effort to generate additional income and more broadly diversify the portfolio. The fund&#8217;s use of futures typically involves buying equity index futures contracts on a U.S. small-cap stock index as an efficient means of gaining exposure to that segment of the U.S. stock market, as well as using Treasury futures to adjust portfolio duration or as a cash management tool to maintain liquidity while remaining invested in the market. The fund uses forward currency exchange contracts primarily to moderate the currency exposure associated with part of the fund&#8217;s international equity holdings. <br /><br />The fund invests in hedge funds to provide exposure to alternative investments which, in the opinion of T. Rowe Price, have the potential to produce attractive long-term risk-adjusted returns and exhibit a relatively low correlation of returns to more traditional asset classes. The fund&#8217;s alternative investments are expected to move in directions unrelated to movements in the major equity and bond markets, thereby enhancing the fund&#8217;s overall diversification and offering potentially greater downside protection than typical equity investments. Because the fund commenced operations in 2013, there is no historical performance information shown here. <b>Principal Risks</b> As with any mutual fund, there is no guarantee that the fund will achieve its objective. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. The principal risks of investing in this fund are summarized as follows:<br /><br /><b>Active management risk</b> The fund is subject to the risk that the investment adviser&#8217;s judgments about the attractiveness, value, or potential appreciation of the fund&#8217;s investments may prove to be incorrect. The fund could underperform other funds with similar objectives and investment strategies if the fund&#8217;s overall asset allocation or security selection strategies fail to produce the intended results. <br /><br /><b>Risks of stock investing</b> Stocks generally fluctuate in value more than bonds and may decline significantly over short time periods. There is a chance that stock prices overall will decline because stock markets tend to move in cycles, with periods of rising prices and falling prices. The value of a stock in which the fund invests may decline due to general weakness in the stock market or because of factors that affect a company or a particular industry.<br /><br />To the extent the fund invests in small- and mid-capitalization stocks, it is likely to be more volatile than a fund that invests only in larger companies. Small- and medium-sized companies often have less experienced management, more limited financial resources, and less publicly available information than larger companies. Stocks of smaller companies may have limited trading markets and tend to be more sensitive to changes in overall economic conditions. To the extent the fund invests in companies that derive their profits from commodities and other real assets, it is subject to the risk that periods of low inflation will lessen relative returns and cause the fund to underperform other comparable stock funds. <br /><br /><b>Bond investing risk</b> Bonds and other debt securities have three main sources of risk &#8211; interest rate risk, credit risk, and liquidity risk. Interest rate risk is the risk that a rise in interest rates will cause the price of a fixed rate debt security fund to fall (bond prices and interest rates usually move in opposite directions). Generally, securities with longer maturities and funds with longer weighted average maturities suffer greater price declines than those with shorter maturities when interest rates rise. Mortgage-backed securities and other asset-backed securities can react somewhat differently to interest rate changes because falling rates can cause losses of principal due to increased mortgage prepayments and rising rates can lead to decreased prepayments and greater volatility. Bank loans and other floating rate investments will typically experience less price volatility than a fixed rate holding in the event of interest rate changes. Credit risk is the risk that an issuer of a debt security could suffer an adverse change in financial condition that results in a payment default (failure to make scheduled interest or principal payments) or inability to meet another financial obligation, potentially reducing the fund&#8217;s income level and share price. This risk is increased when a security is downgraded or the perceived creditworthiness of the issuer deteriorates. Liquidity risk is the risk that the fund may not be able to sell a holding in a timely manner at a price that reflects what the fund believes it should be worth. <br /><br />While the fund&#8217;s direct bond investments are expected to primarily be investment-grade, the fund may invest in bonds that are rated below investment-grade, also known as high yield or &#8220;junk&#8221; bonds, including those with the lowest credit rating.<br /><br />High yield bond issuers are more likely to suffer an adverse change in financial condition that would result in the inability to meet a financial obligation. Accordingly, the securities they issue carry a higher risk of default and should be considered speculative. The fund&#8217;s exposure to credit risk, in particular, is increased to the extent it invests in high yield bonds. <br /><br /><b>International investing risk</b> Investing in the securities of non-U.S. issuers involves special risks not typically associated with investing in U.S. companies. International securities tend to be more volatile and less liquid than investments in U.S. securities, and may lose value because of adverse political, social, or economic developments overseas, or due to changes in the exchange rates between foreign currencies and the U.S. dollar. In addition, international investments are subject to settlement practices, and regulatory and financial reporting standards, that differ from those of the U.S. <br /><br /><b>Emerging markets risk</b> The risks of international investing are heightened for securities of issuers in emerging market countries. Emerging market countries tend to have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. In addition to all of the risks of investing in international developed markets, emerging markets are more susceptible to governmental interference, local taxes being imposed on international investments, restrictions on gaining access to sales proceeds, and less liquid and efficient trading markets. <br /><br /><b>Derivatives risk</b> To the extent the fund uses options, futures, and forward currency exchange contracts, it is potentially exposed to additional losses not typically associated with direct investments in traditional securities. In addition, for instruments not traded on an exchange, there is a risk that a counterparty to the transaction could default and fail to meet its obligations under the derivatives contract. The values of the fund&#8217;s positions in index options and futures will fluctuate in response to changes in the value of the underlying index or security and exposes the fund to the risk that the underlying index or security will not move in a direction that is favorable to the fund. The fund&#8217;s index call-writing strategy could limit the opportunity to profit from a greater increase in the market value of specific holdings within the index and the fund&#8217;s attempts to hedge currency exposure through forward currency exchange contracts could cause the fund to fail to obtain the benefit of an increase in an international holding&#8217;s local currency relative to the U.S. dollar. As a result, the fund&#8217;s use of options or forward currency exchange contracts could dampen the fund&#8217;s returns during periods of strong equity market performance or periods of a weakening U.S. dollar relative to other currencies. Unusual market conditions or the lack of a liquid market for particular options or futures may reduce the fund&#8217;s returns, and investment in a futures contract could lead to losses in excess of the fund&#8217;s initial investment. <br /><br /><b>Alternative investments/Hedge fund risk</b> The fund&#8217;s exposure to alternative investments may prove to be more correlated to the broad markets or the remainder of the fund&#8217;s portfolio than anticipated and thus reduce the value of such investments. A hedge fund is considered an illiquid asset by the fund, is not subject to the same regulatory requirements as mutual funds and other investment companies, and could underperform comparable hedge funds with alternative strategies. Hedge funds are not required to provide periodic pricing or valuation information to investors, and often engage in leveraging, short-selling, commodities investing and other speculative investment practices that are not fully disclosed and may increase the risk of investment loss. Their underlying holdings are not as transparent to investors or typically as diversified as those of traditional mutual funds, and an investor&#8217;s redemption rights are typically limited. All of these factors make the fund&#8217;s investments in alternative investments and hedge funds more difficult to value and monitor when compared to more traditional investments, and may increase the fund&#8217;s liquidity risks. The fund&#8217;s share price fluctuates, which means you could lose money by investing in the fund. <b>Performance</b> Because the fund commenced operations in 2013, there is no historical performance information shown here. Performance history will be presented after the fund has been in operation for one full calendar year. 1-800-225-5132 troweprice.com Because the fund commenced operations in 2013, there is no historical performance information shown here. 0 0 0 20 0.007 0 0.0045 0.0012 0.0127 -0.0022 0.0105 0.007 0.0025 0.006 0.0012 0.0167 -0.0052 0.0115 107 340 117 379 <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesT.RowePriceGlobalAllocationFund,Inc.AdvisorClass column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleShareholderFeesT.RowePriceGlobalAllocationFund,Inc. column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleAnnualFundOperatingExpensesT.RowePriceGlobalAllocationFund,Inc. column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedT.RowePriceGlobalAllocationFund,Inc. column period compact * ~</div> <div style="display:none">~ http://www.troweprice.com/role/ScheduleExpenseExampleTransposedT.RowePriceGlobalAllocationFund,Inc.AdvisorClass column period compact * ~</div> 2013-05-21 Current performance information may be obtained through troweprice.com or by calling 1-800-225-5132. Current performance information may be obtained through troweprice.com or by calling 1-800-638-8790. Subject to certain exceptions, accounts with a balance of less than $10,000 are charged an annual $20 fee. Expenses are estimated for the current fiscal year. T. Rowe Price Associates, Inc. has agreed (through February 29, 2016) to waive its fees and/or bear any expenses (excluding interest, taxes, brokerage, and certain other and extraordinary expenses) that would cause the fund's ratio of expenses to average net assets to exceed 1.05%. Termination of the agreement would require approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund whenever the fund's expense ratio is below 1.05%. However, no reimbursement will be made more than three years after the waiver or payment, or if it would result in the expense ratio exceeding 1.05% (excluding interest, taxes, brokerage, and certain other and extraordinary expenses). T. Rowe Price Associates, Inc. has agreed (through February 29, 2016) to waive its fees and/or bear any expenses (excluding interest, taxes, brokerage, and certain other and extraordinary expenses) that would cause the fund's ratio of expenses to average net assets to exceed 1.15%. Termination of the agreement would require approval by the fund's Board of Directors. Fees waived and expenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund whenever the fund's expense ratio is below 1.15%. 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