What's new? Log in Free sign up

T. Rowe Price Spectrum Funds II NPORT-PMonthly portfolio investment report

Filed: 27 Oct 23, 10:12am

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

August

31,

2023

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.1%

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

7.158%,

4/15/35 (1)

440,000‌

430‌

AGL

Series 2022-17A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.33%,

6.664%,

1/21/35 (1)

590,000‌

585‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26

445,000‌

414‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26

251,000‌

230‌

AmeriCredit

Automobile

Receivables

Trust

Series 2023-1,

Class

C

5.80%,

12/18/28

410,000‌

407‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28 (1)

250,000‌

226‌

Applebee's

Funding

Series 2023-1A,

Class

A2

7.824%,

3/5/53 (1)

470,000‌

467‌

Carmax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26

735,000‌

721‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27

1,050,000‌

966‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28

260,000‌

236‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.402%,

6.71%,

7/15/36 (1)

505,000‌

502‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

257,050‌

230‌

Dryden

Series 2020-86A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.362%,

6.67%,

7/17/34 (1)

490,000‌

485‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28

800,000‌

776‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27

505,000‌

495‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Exeter

Automobile

Receivables

Trust

Series 2023-1A,

Class

D

6.69%,

6/15/29

90,000‌

90‌

Ford

Credit

Auto

Lease

Trust

Series 2023-A,

Class

C

5.54%,

12/15/26

345,000‌

337‌

Ford

Credit

Auto

Owner

Trust

Series 2022-C,

Class

C

5.22%,

3/15/30

200,000‌

196‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

900,000‌

887‌

GMF

Floorplan

Owner

Revolving

Trust

Series 2020-2,

Class

C

1.31%,

10/15/25 (1)

240,000‌

238‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

523,875‌

493‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51 (1)

235,200‌

187‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29 (1)

104,000‌

99‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29 (1)

330,000‌

308‌

HPS

Loan

Management

Series 2021-16A,

Class

A1,

CLO,

FRN

3M

TSFR

+

1.402%,

6.747%,

1/23/35 (1)

300,000‌

296‌

Kubota

Credit

Owner

Trust

Series 2023-1A,

Class

A4

5.07%,

2/15/29 (1)

140,000‌

139‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.598%,

10/15/32 (1)

435,000‌

432‌

Madison

Park

Funding

XXXV

Series 2019-35A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.252%,

6.578%,

4/20/32 (1)

895,000‌

890‌

MVW

Series 2023-1A,

Class

A

4.93%,

10/20/40 (1)

715,671‌

700‌

Navient

Private

Education

Loan

Trust

Series 2018-BA,

Class

A2A

3.61%,

12/15/59 (1)

166,963‌

162‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68 (1)

450,000‌

369‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Neuberger

Berman

Loan

Advisers

Series 2018-29A,

Class

A1,

CLO,

FRN

3M

TSFR

+

1.392%,

6.712%,

10/19/31 (1)

470,000‌

468‌

Neuberger

Berman

Loan

Advisers

Series 2019-32A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.252%,

6.572%,

1/20/32 (1)

1,190,000‌

1,181‌

Neuberger

Berman

Loan

Advisers

Series 2021-43A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.392%,

6.70%,

7/17/35 (1)

370,000‌

367‌

OCP

Series 2014-7A,

Class

A1RR,

CLO,

FRN

3M

TSFR

+

1.382%,

6.708%,

7/20/29 (1)

681,966‌

680‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

TSFR

+

1.912%,

7.238%,

7/20/29 (1)

475,000‌

469‌

Octagon

Investment

Partners

Series 2016-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.442%,

6.787%,

1/24/33 (1)

825,000‌

818‌

Octane

Receivables

Trust

Series 2023-1A,

Class

A

5.87%,

5/21/29 (1)

126,452‌

126‌

OZLM

VII

Series 2014-7RA,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.272%,

6.58%,

7/17/29 (1)

224,830‌

225‌

Palmer

Square

Series 2022-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.32%,

6.646%,

4/20/35 (1)

445,000‌

440‌

Santander

Bank

Series 2021-1A,

Class

B

1.833%,

12/15/31 (1)

76,612‌

75‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-4,

Class

D

1.67%,

10/15/27

285,000‌

264‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28

385,000‌

375‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-6,

Class

B

4.72%,

6/15/27

850,000‌

835‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27 (1)

590,000‌

569‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

508,128‌

423‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53 (1)

490,000‌

443‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Symphony

XXXI

Series 2022-31A,

Class

B,

CLO,

FRN

3M

TSFR

+

1.85%,

7.196%,

4/22/35 (1)

380,000‌

373‌

Verizon

Master

Trust

Series 2023-1,

Class

C

4.98%,

1/22/29

250,000‌

244‌

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.322%,

6.648%,

10/20/29 (1)

295,050‌

294‌

Total

Asset-Backed

Securities

(Cost

$22,416)

21,662‌

BOND

MUTUAL

FUNDS

25.2%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.43% (2)(3)

14,613,905‌

114,281‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

6.06% (2)(3)

684‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.69% (2)(3)

16,829,627‌

106,531‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.97% (2)(3)

4,271,059‌

40,148‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.04% (2)(3)

12,952,143‌

98,048‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.51% (2)(3)

13,733,150‌

111,513‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

6.11% (2)(3)

16,293‌

77‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.31% (2)(3)

6,128,227‌

46,942‌

Total

Bond

Mutual

Funds

(Cost

$614,274)

517,547‌

COMMON

STOCKS

34.4%

COMMUNICATION

SERVICES

2.3%

Diversified

Telecommunication

Services

0.2%

KT

(KRW)

27,995‌

698‌

Nippon

Telegraph

&

Telephone

(JPY)

2,179,900‌

2,517‌

3,215‌

Entertainment

0.1%

Liberty

Media

Corp-Liberty

Live,

Class

C (4)

6,665‌

224‌

Netflix (4)

5,063‌

2,196‌

Sea,

ADR (4)

7,391‌

278‌

2,698‌

Interactive

Media

&

Services

1.6%

Alphabet,

Class

A (4)

16,429‌

2,237‌

Alphabet,

Class

C (4)

147,823‌

20,303‌

Meta

Platforms,

Class

A (4)

26,456‌

7,828‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NAVER

(KRW)

3,508‌

568‌

Tencent

Holdings

(HKD)

8,300‌

344‌

Vimeo (4)

41,420‌

165‌

Z

Holdings

(JPY)

161,100‌

484‌

31,929‌

Media

0.1%

CyberAgent

(JPY) (5)

82,800‌

527‌

WPP

(GBP)

114,361‌

1,108‌

1,635‌

Wireless

Telecommunication

Services

0.3%

T-Mobile

U.S. (4)

35,009‌

4,770‌

Vodafone

Group,

ADR

73,464‌

685‌

5,455‌

Total

Communication

Services

44,932‌

CONSUMER

DISCRETIONARY

3.6%

Automobile

Components

0.2%

Autoliv,

SDR

(SEK)

10,262‌

1,001‌

Denso

(JPY)

16,500‌

1,126‌

Dowlais

Group

(GBP) (4)

179,089‌

257‌

Magna

International

20,020‌

1,177‌

Stanley

Electric

(JPY)

22,500‌

395‌

3,956‌

Automobiles

0.4%

General

Motors

11,305‌

379‌

Honda

Motor

(JPY)

13,200‌

426‌

Rivian

Automotive,

Class

A (4)

16,445‌

374‌

Suzuki

Motor

(JPY)

19,500‌

766‌

Tesla (4)

16,897‌

4,361‌

Toyota

Motor

(JPY)

117,200‌

2,019‌

8,325‌

Broadline

Retail

1.1%

Alibaba

Group

Holding,

ADR (4)

3,839‌

357‌

Amazon.com (4)

145,468‌

20,076‌

Kohl's

5,527‌

147‌

Next

(GBP)

11,249‌

994‌

Ollie's

Bargain

Outlet

Holdings (4)

10,294‌

794‌

Savers

Value

Village (4)

2,842‌

70‌

22,438‌

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions (4)

5,359‌

506‌

Clear

Secure,

Class

A

14,836‌

323‌

Duolingo (4)

2,715‌

400‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (4)(6)

6,383‌

—‌

Service

Corp

International

9,113‌

575‌

Strategic

Education

4,393‌

340‌

2,144‌

Hotels,

Restaurants

&

Leisure

0.8%

Amadeus

IT

Group

(EUR)

13,061‌

896‌

BJ's

Restaurants (4)

8,932‌

263‌

Booking

Holdings (4)

1,454‌

4,515‌

CAVA

Group,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $261 (4)

(6)

27,291‌

1,212‌

Chipotle

Mexican

Grill (4)

731‌

1,408‌

Chuy's

Holdings (4)

6,473‌

247‌

Compass

Group

(GBP)

66,662‌

1,681‌

DoorDash,

Class

A (4)

4,408‌

371‌

Dutch

Bros,

Class

A (4)

3,289‌

97‌

Hilton

Worldwide

Holdings

10,549‌

1,568‌

Jack

in

the

Box

1,900‌

153‌

Marriott

Vacations

Worldwide

673‌

73‌

McDonald's

10,852‌

3,051‌

Papa

John's

International

8,754‌

663‌

Red

Rock

Resorts,

Class

A

4,996‌

219‌

Wyndham

Hotels

&

Resorts

3,761‌

284‌

16,701‌

Household

Durables

0.2%

Installed

Building

Products

1,300‌

188‌

Panasonic

Holdings

(JPY)

83,400‌

960‌

Persimmon

(GBP)

33,193‌

448‌

Skyline

Champion (4)

5,506‌

392‌

Sony

Group

(JPY)

17,300‌

1,439‌

3,427‌

Specialty

Retail

0.6%

AutoZone (4)

430‌

1,088‌

Bath

&

Body

Works

5,900‌

218‌

Burlington

Stores (4)

3,911‌

635‌

Caleres

7,600‌

218‌

Carvana (4)

7,500‌

378‌

Farfetch,

Class

A (4)

22,348‌

64‌

Five

Below (4)

1,378‌

237‌

Floor

&

Decor

Holdings,

Class

A (4)

1,047‌

104‌

Home

Depot

1,807‌

597‌

Kingfisher

(GBP)

421,927‌

1,250‌

Monro

8,420‌

276‌

O'Reilly

Automotive (4)

1,513‌

1,422‌

RH (4)

542‌

198‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ross

Stores

7,680‌

935‌

TJX

13,424‌

1,241‌

Ulta

Beauty (4)

5,241‌

2,175‌

Warby

Parker,

Class

A (4)

19,217‌

231‌

Zalando

(EUR) (4)

15,440‌

480‌

11,747‌

Textiles,

Apparel

&

Luxury

Goods

0.2%

Dr.

Martens

(GBP)

86,846‌

173‌

Kering

(EUR)

1,779‌

951‌

Lululemon

Athletica (4)

1,938‌

739‌

Moncler

(EUR)

16,396‌

1,111‌

NIKE,

Class

B

4,969‌

505‌

Samsonite

International

(HKD) (4)

165,000‌

552‌

Skechers

USA,

Class

A (4)

5,477‌

276‌

4,307‌

Total

Consumer

Discretionary

73,045‌

CONSUMER

STAPLES

2.4%

Beverages

0.4%

Boston

Beer,

Class

A (4)

1,378‌

504‌

Coca-Cola

41,111‌

2,460‌

Coca-Cola

Consolidated

327‌

228‌

Diageo

(GBP)

37,976‌

1,555‌

Heineken

(EUR)

14,238‌

1,384‌

Kirin

Holdings

(JPY)

34,200‌

480‌

PepsiCo

7,108‌

1,265‌

7,876‌

Consumer

Staples

Distribution

&

Retail

0.3%

Dollar

General

5,652‌

783‌

Seven

&

i

Holdings

(JPY)

33,000‌

1,354‌

Target

7,717‌

976‌

Walmart

20,372‌

3,313‌

Welcia

Holdings

(JPY) (5)

15,600‌

287‌

6,713‌

Food

Products

0.8%

Barry

Callebaut

(CHF)

392‌

683‌

General

Mills

19,843‌

1,343‌

Hershey

7,967‌

1,712‌

Kraft

Heinz

8,590‌

284‌

Mondelez

International,

Class

A

63,059‌

4,494‌

Nestle

(CHF)

42,016‌

5,052‌

Post

Holdings (4)

4,654‌

417‌

Simply

Good

Foods (4)

4,153‌

150‌

TreeHouse

Foods (4)

4,043‌

188‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Utz

Brands

16,615‌

256‌

Wilmar

International

(SGD)

375,500‌

1,050‌

15,629‌

Household

Products

0.3%

Colgate-Palmolive

30,928‌

2,272‌

Procter

&

Gamble

31,232‌

4,821‌

7,093‌

Personal

Care

Products

0.4%

BellRing

Brands (4)

17,041‌

707‌

Kenvue

126,247‌

2,910‌

L'Oreal

(EUR)

3,498‌

1,537‌

Oddity

Tech,

Class

A (4)

1,179‌

49‌

Unilever

(GBP)

55,431‌

2,831‌

8,034‌

Tobacco

0.2%

Philip

Morris

International

31,870‌

3,061‌

3,061‌

Total

Consumer

Staples

48,406‌

ENERGY

1.6%

Energy

Equipment

&

Services

0.4%

Cactus,

Class

A

3,693‌

197‌

ChampionX

8,062‌

291‌

Expro

Group

Holdings (4)

7,584‌

178‌

Halliburton

56,885‌

2,197‌

Liberty

Energy,

Class

A

19,678‌

314‌

NexTier

Oilfield

Solutions (4)

32,297‌

343‌

NOV

19,700‌

416‌

Schlumberger

62,965‌

3,712‌

7,648‌

Oil,

Gas

&

Consumable

Fuels

1.2%

Chevron

18,176‌

2,928‌

ConocoPhillips

12,300‌

1,464‌

Devon

Energy

21,346‌

1,091‌

Diamondback

Energy

9,536‌

1,448‌

EQT

80,178‌

3,465‌

Equinor

(NOK)

73,490‌

2,257‌

Exxon

Mobil

18,826‌

2,093‌

Kimbell

Royalty

Partners

8,357‌

128‌

Kinder

Morgan

84,975‌

1,463‌

Magnolia

Oil

&

Gas,

Class

A

16,446‌

375‌

Range

Resources

61,900‌

2,004‌

Shell,

ADR

20,874‌

1,296‌

Southwestern

Energy (4)

67,000‌

454‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

TotalEnergies

(EUR) (5)

41,381‌

2,596‌

Williams

59,012‌

2,038‌

25,100‌

Total

Energy

32,748‌

FINANCIALS

5.7%

Banks

1.8%

ANZ

Group

Holdings

(AUD)

44,026‌

719‌

Bank

of

America

151,156‌

4,334‌

BankUnited

8,278‌

217‌

Blue

Foundry

Bancorp (4)

5,597‌

52‌

BNP

Paribas

(EUR)

17,941‌

1,160‌

Cadence

Bank

11,371‌

260‌

Capitol

Federal

Financial

25,150‌

143‌

Columbia

Banking

System

13,400‌

274‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $21 (4)(6)(7)

199‌

15‌

CrossFirst

Bankshares (4)

10,169‌

109‌

DBS

Group

Holdings

(SGD)

31,767‌

782‌

Dime

Community

Bancshares

8,332‌

178‌

DNB

Bank

(NOK)

92,706‌

1,832‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $24 (4)(6)(7)

2,412‌

48‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $12 (4)(6)(7)

1,185‌

24‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (4)(6)(7)

360‌

4‌

East

West

Bancorp

11,973‌

663‌

Eastern

Bankshares

13,700‌

184‌

Equity

Bancshares,

Class

A

5,306‌

133‌

Erste

Group

Bank

(EUR)

12,438‌

444‌

FB

Financial

7,354‌

223‌

First

Bancshares

7,182‌

204‌

Five

Star

Bancorp

5,304‌

116‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $41 (4)(6)(7)

4,129‌

10‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (4)(6)(7)

803‌

—‌

HarborOne

Bancorp

828‌

8‌

HDFC

Bank

(INR)

48,362‌

919‌

Heritage

Commerce

21,159‌

183‌

Home

BancShares

8,506‌

189‌

ING

Groep

(EUR)

152,249‌

2,157‌

Intesa

Sanpaolo

(EUR)

222,363‌

594‌

JPMorgan

Chase

45,908‌

6,718‌

Kearny

Financial

11,236‌

83‌

Live

Oak

Bancshares

9,022‌

292‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Lloyds

Banking

Group

(GBP)

1,566,304‌

837‌

Mitsubishi

UFJ

Financial

Group

(JPY)

145,900‌

1,164‌

National

Bank

of

Canada

(CAD)

20,914‌

1,458‌

Origin

Bancorp

8,597‌

264‌

Pacific

Premier

Bancorp

7,874‌

181‌

Pinnacle

Financial

Partners

5,143‌

342‌

PNC

Financial

Services

Group

15,427‌

1,863‌

Popular

2,900‌

198‌

SouthState

5,338‌

386‌

Standard

Chartered

(GBP)

69,289‌

623‌

Sumitomo

Mitsui

Trust

Holdings

(JPY)

12,689‌

475‌

Svenska

Handelsbanken,

Class

A

(SEK)

124,555‌

1,039‌

Texas

Capital

Bancshares (4)

3,812‌

238‌

U.S.

Bancorp

37,261‌

1,361‌

United

Overseas

Bank

(SGD)

61,500‌

1,292‌

Veritex

Holdings

8,429‌

159‌

Wells

Fargo

51,955‌

2,145‌

Western

Alliance

Bancorp

4,898‌

245‌

37,541‌

Capital

Markets

0.6%

Bridgepoint

Group

(GBP)

138,598‌

306‌

Brookfield

(CAD)

22,646‌

773‌

Cboe

Global

Markets

12,020‌

1,800‌

Charles

Schwab

8,442‌

499‌

CME

Group

2,600‌

527‌

Goldman

Sachs

Group

9,326‌

3,056‌

Julius

Baer

Group

(CHF)

14,790‌

1,027‌

LPL

Financial

Holdings

6,594‌

1,520‌

Macquarie

Group

(AUD)

7,178‌

821‌

Morgan

Stanley

8,712‌

742‌

MSCI

378‌

205‌

P10,

Class

A

16,529‌

199‌

S&P

Global

2,056‌

804‌

StepStone

Group,

Class

A

8,729‌

269‌

TMX

Group

(CAD)

11,340‌

251‌

XP,

Class

A (4)

18,158‌

460‌

13,259‌

Consumer

Finance

0.1%

American

Express

9,933‌

1,570‌

Encore

Capital

Group (4)

4,124‌

193‌

PRA

Group (4)

7,610‌

148‌

1,911‌

Financial

Services

1.4%

Adyen

(EUR) (4)

583‌

487‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Affirm

Holdings (4)

4,635‌

96‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $174 (4)(6)(7)

174,121‌

170‌

Berkshire

Hathaway,

Class

B (4)

14,789‌

5,327‌

Block,

Class

A (4)

3,657‌

211‌

Challenger

(AUD)

75,378‌

330‌

Corebridge

Financial

29,819‌

532‌

Element

Fleet

Management

(CAD)

94,246‌

1,449‌

Essent

Group

2,116‌

106‌

Fiserv (4)

27,317‌

3,316‌

FleetCor

Technologies (4)

2,504‌

680‌

Mastercard,

Class

A

10,171‌

4,197‌

Mitsubishi

HC

Capital

(JPY)

80,000‌

520‌

PennyMac

Financial

Services

8,806‌

632‌

Toast,

Class

A (4)

11,170‌

248‌

Visa,

Class

A

38,109‌

9,363‌

27,664‌

Insurance

1.8%

AIA

Group

(HKD)

146,800‌

1,328‌

Allstate

20,835‌

2,246‌

Assurant

3,819‌

532‌

AXA

(EUR)

79,661‌

2,393‌

Axis

Capital

Holdings

9,453‌

519‌

Chubb

22,086‌

4,436‌

Definity

Financial

(CAD)

14,234‌

392‌

First

American

Financial

4,623‌

285‌

Hanover

Insurance

Group

3,140‌

335‌

Hartford

Financial

Services

Group

27,991‌

2,010‌

Kemper

4,655‌

219‌

Marsh

&

McLennan

5,388‌

1,051‌

MetLife

69,119‌

4,378‌

Munich

Re

(EUR)

7,067‌

2,743‌

Ping

An

Insurance

Group,

Class

H

(HKD)

53,500‌

320‌

Progressive

35,472‌

4,735‌

Sampo,

Class

A

(EUR)

28,463‌

1,249‌

Selective

Insurance

Group

8,328‌

826‌

Storebrand

(NOK)

112,110‌

898‌

Sun

Life

Financial

(CAD)

25,655‌

1,252‌

Tokio

Marine

Holdings

(JPY)

62,100‌

1,371‌

Travelers

9,396‌

1,515‌

White

Mountains

Insurance

Group

110‌

175‌

Zurich

Insurance

Group

(CHF)

3,353‌

1,572‌

36,780‌

Total

Financials

117,155‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HEALTH

CARE

5.1%

Biotechnology

0.6%

Abcam,

ADR (4)

22,733‌

514‌

Agios

Pharmaceuticals (4)

3,545‌

97‌

Amgen

11,644‌

2,985‌

Apellis

Pharmaceuticals (4)

9,149‌

386‌

Arcellx (4)

3,200‌

115‌

Argenx,

ADR (4)

1,143‌

574‌

Ascendis

Pharma,

ADR (4)

4,096‌

401‌

Avid

Bioservices (4)

14,885‌

176‌

Blueprint

Medicines (4)

5,610‌

280‌

Cerevel

Therapeutics

Holdings (4)

4,527‌

107‌

Crinetics

Pharmaceuticals (4)

4,500‌

78‌

CRISPR

Therapeutics (4)

2,338‌

117‌

Cytokinetics (4)

4,643‌

162‌

Generation

Bio (4)

8,557‌

41‌

Genmab

(DKK) (4)

1,332‌

510‌

HilleVax (4)

3,035‌

40‌

Icosavax (4)

7,257‌

56‌

Immatics (4)

5,971‌

71‌

Insmed (4)

17,697‌

387‌

Ionis

Pharmaceuticals (4)

6,022‌

243‌

Karuna

Therapeutics (4)

1,851‌

348‌

Kymera

Therapeutics (4)

2,015‌

38‌

Leap

Therapeutics,

Acquisition

Date:

9/28/20,

Cost $1 (4)(6)

100‌

—‌

MacroGenics (4)

10,608‌

49‌

MoonLake

Immunotherapeutics (4)

3,223‌

186‌

Morphic

Holding (4)

1,531‌

84‌

MorphoSys,

ADR (4)

18,558‌

139‌

Nkarta (4)

8,641‌

15‌

Prothena (4)

2,719‌

144‌

RAPT

Therapeutics (4)

3,901‌

75‌

Regeneron

Pharmaceuticals (4)

2,996‌

2,476‌

Relay

Therapeutics (4)

3,775‌

39‌

Repare

Therapeutics (4)

3,408‌

33‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (4)(6)

740‌

2‌

Vaxcyte (4)

4,079‌

212‌

Vertex

Pharmaceuticals (4)

5,170‌

1,801‌

Verve

Therapeutics (4)

4,362‌

56‌

Xencor (4)

6,260‌

138‌

Zentalis

Pharmaceuticals (4)

4,114‌

109‌

13,284‌

Health

Care

Equipment

&

Supplies

0.8%

Alcon

(CHF)

9,107‌

760‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Align

Technology (4)

623‌

231‌

Becton

Dickinson

&

Company

6,523‌

1,823‌

Elekta,

Class

B

(SEK) (5)

79,387‌

567‌

Embecta

3,615‌

66‌

EssilorLuxottica

(EUR)

5,225‌

982‌

GE

HealthCare

Technologies

18,922‌

1,333‌

ICU

Medical (4)

2,497‌

362‌

Intuitive

Surgical (4)

7,551‌

2,361‌

Koninklijke

Philips

(EUR) (4)(5)

47,068‌

1,058‌

Masimo (4)

3,084‌

352‌

Medtronic

10,700‌

872‌

Neogen (4)

16,778‌

388‌

Outset

Medical (4)

12,158‌

166‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $114 (4)(6)(7)

30,352‌

12‌

Penumbra (4)

261‌

69‌

PROCEPT

BioRobotics (4)

12,491‌

426‌

QuidelOrtho (4)

4,087‌

337‌

Siemens

Healthineers

(EUR)

25,434‌

1,273‌

STERIS

5,741‌

1,318‌

Stryker

3,146‌

892‌

Teleflex

852‌

181‌

15,829‌

Health

Care

Providers

&

Services

1.5%

Alignment

Healthcare (4)

24,084‌

141‌

Cencora

29,681‌

5,223‌

dentalcorp

Holdings

(CAD) (4)(5)

10,571‌

52‌

Elevance

Health

17,282‌

7,639‌

Fresenius

(EUR)

28,226‌

905‌

Guardant

Health (4)

5,500‌

215‌

HCA

Healthcare

4,899‌

1,358‌

Humana

4,362‌

2,014‌

ModivCare (4)

2,676‌

86‌

Molina

Healthcare (4)

7,194‌

2,231‌

NeoGenomics (4)

20,134‌

303‌

Option

Care

Health (4)

4,922‌

171‌

Pennant

Group (4)

4,233‌

51‌

Privia

Health

Group (4)

17,783‌

467‌

Quest

Diagnostics

10,418‌

1,370‌

Tenet

Healthcare (4)

7,700‌

597‌

U.S.

Physical

Therapy

2,483‌

250‌

UnitedHealth

Group

17,369‌

8,278‌

31,351‌

Health

Care

Technology

0.0%

Certara (4)

9,429‌

152‌

Doximity,

Class

A (4)

4,772‌

114‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Veeva

Systems,

Class

A (4)

1,835‌

383‌

649‌

Life

Sciences

Tools

&

Services

0.6%

10X

Genomics,

Class

A (4)

3,400‌

176‌

Adaptive

Biotechnologies (4)

4,008‌

27‌

Agilent

Technologies

11,326‌

1,371‌

Bruker

7,181‌

471‌

Danaher

10,649‌

2,822‌

Evotec

(EUR) (4)

17,943‌

421‌

Olink

Holding,

ADR (4)

8,174‌

135‌

Pacific

Biosciences

of

California (4)

25,716‌

290‌

Repligen (4)

826‌

144‌

Thermo

Fisher

Scientific

12,139‌

6,763‌

12,620‌

Pharmaceuticals

1.6%

Astellas

Pharma

(JPY)

120,800‌

1,828‌

AstraZeneca,

ADR

62,180‌

4,217‌

Bayer

(EUR)

22,730‌

1,244‌

Catalent (4)

5,936‌

297‌

Eli

Lilly

12,464‌

6,908‌

GSK,

ADR

23,778‌

835‌

Johnson

&

Johnson

10,912‌

1,764‌

Merck

36,247‌

3,950‌

Novartis

(CHF)

25,332‌

2,549‌

Novo

Nordisk,

Class

B

(DKK)

11,045‌

2,037‌

Otsuka

Holdings

(JPY)

21,100‌

802‌

Roche

Holding

(CHF)

8,900‌

2,612‌

Sanofi

(EUR)

27,127‌

2,889‌

Structure

Therapeutics,

ADR (4)

3,963‌

112‌

Ventyx

Biosciences (4)

2,300‌

77‌

Zoetis

4,983‌

949‌

33,070‌

Total

Health

Care

106,803‌

INDUSTRIALS

&

BUSINESS

SERVICES

3.8%

Aerospace

&

Defense

0.4%

Bombardier,

Class

B

(CAD) (4)

2,900‌

118‌

Cadre

Holdings

4,414‌

117‌

General

Dynamics

10,582‌

2,398‌

L3Harris

Technologies

8,575‌

1,527‌

Melrose

Industries

(GBP)

177,672‌

1,149‌

Northrop

Grumman

1,274‌

552‌

Parsons (4)

8,478‌

484‌

Safran

(EUR)

7,827‌

1,254‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

TransDigm

Group (4)

423‌

382‌

7,981‌

Building

Products

0.2%

AZZ

9,579‌

471‌

Carrier

Global

46,218‌

2,655‌

CSW

Industrials

2,245‌

403‌

Zurn

Elkay

Water

Solutions

10,804‌

320‌

3,849‌

Commercial

Services

&

Supplies

0.1%

Casella

Waste

Systems,

Class

A (4)

3,757‌

296‌

Cintas

528‌

266‌

Rentokil

Initial

(GBP)

53,278‌

405‌

Stericycle (4)

5,242‌

232‌

Tetra

Tech

1,582‌

249‌

1,448‌

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings (4)

2,908‌

119‌

Worley

(AUD)

85,697‌

964‌

1,083‌

Electrical

Equipment

0.5%

ABB

(CHF)

46,117‌

1,754‌

AMETEK

21,188‌

3,380‌

Eaton

3,780‌

871‌

Hubbell

1,685‌

549‌

Legrand

(EUR)

13,832‌

1,363‌

Mitsubishi

Electric

(JPY)

107,800‌

1,404‌

Prysmian

(EUR)

28,251‌

1,154‌

Thermon

Group

Holdings (4)

4,053‌

111‌

10,586‌

Ground

Transportation

0.5%

Central

Japan

Railway

(JPY)

4,700‌

603‌

Convoy,

Warrants,

03/15/33,

Acquisition

Date:

3/24/23,

Cost $— (4)(6)(7)

801‌

—‌

CSX

131,345‌

3,967‌

Landstar

System

1,497‌

284‌

Norfolk

Southern

3,663‌

751‌

Old

Dominion

Freight

Line

6,106‌

2,609‌

Saia (4)

1,602‌

683‌

Union

Pacific

8,770‌

1,934‌

10,831‌

Industrial

Conglomerates

0.5%

DCC

(GBP)

11,296‌

618‌

General

Electric

33,874‌

3,877‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Roper

Technologies

2,319‌

1,158‌

Siemens

(EUR)

31,220‌

4,690‌

10,343‌

Machinery

0.8%

Caterpillar

2,206‌

620‌

Crane

2,100‌

191‌

Cummins

12,986‌

2,987‌

Deere

955‌

392‌

Dover

2,067‌

307‌

Enerpac

Tool

Group

13,119‌

344‌

EnPro

Industries

1,857‌

253‌

Esab

3,297‌

238‌

ESCO

Technologies

2,934‌

314‌

Federal

Signal

8,859‌

540‌

Graco

4,169‌

329‌

Helios

Technologies

6,054‌

350‌

IDEX

6,630‌

1,501‌

Ingersoll

Rand

14,548‌

1,013‌

John

Bean

Technologies

3,324‌

365‌

KION

Group

(EUR)

14,439‌

576‌

Marel

(ISK)

17,109‌

63‌

Mueller

Water

Products,

Class

A

22,597‌

319‌

RBC

Bearings (4)

2,625‌

605‌

Sandvik

(SEK)

44,890‌

849‌

SMC

(JPY)

900‌

438‌

SPX

Technologies (4)

6,529‌

516‌

THK

(JPY)

22,000‌

402‌

Toro

1,806‌

185‌

Westinghouse

Air

Brake

Technologies

29,886‌

3,363‌

17,060‌

Passenger

Airlines

0.0%

Allegiant

Travel

2,830‌

251‌

251‌

Professional

Services

0.4%

Booz

Allen

Hamilton

Holding

14,838‌

1,681‌

Broadridge

Financial

Solutions

8,021‌

1,494‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $36 (4)(6)(7)

4,755‌

26‌

Clarivate (4)

26,747‌

199‌

Legalzoom.com (4)

8,518‌

97‌

Paycor

HCM (4)

12,633‌

297‌

Recruit

Holdings

(JPY)

28,000‌

997‌

TechnoPro

Holdings

(JPY)

30,100‌

738‌

Teleperformance

(EUR)

3,923‌

542‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verisk

Analytics

4,902‌

1,187‌

7,258‌

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

(GBP)

17,464‌

1,218‌

Beacon

Roofing

Supply (4)

5,143‌

411‌

Bunzl

(GBP)

19,975‌

715‌

Mitsubishi

(JPY)

19,800‌

976‌

Rush

Enterprises,

Class

A

7,051‌

292‌

SiteOne

Landscape

Supply (4)

3,673‌

629‌

Sumitomo

(JPY)

50,700‌

1,043‌

5,284‌

Total

Industrials

&

Business

Services

75,974‌

INFORMATION

TECHNOLOGY

7.6%

Communications

Equipment

0.1%

Infinera (4)

11,775‌

55‌

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK)

186,389‌

957‌

1,012‌

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol,

Class

A

23,893‌

2,112‌

CTS

6,928‌

309‌

Hamamatsu

Photonics

(JPY)

15,700‌

726‌

Largan

Precision

(TWD)

4,000‌

257‌

Littelfuse

1,665‌

445‌

Mirion

Technologies (4)

42,951‌

367‌

Murata

Manufacturing

(JPY)

16,800‌

940‌

Napco

Security

Technologies

5,874‌

145‌

Novanta (4)

1,994‌

333‌

Omron

(JPY)

10,100‌

487‌

PAR

Technology (4)

14,995‌

652‌

TE

Connectivity

20,266‌

2,683‌

Teledyne

Technologies (4)

1,412‌

591‌

Vontier

10,814‌

340‌

10,387‌

IT

Services

0.3%

Accenture,

Class

A

6,645‌

2,151‌

MongoDB (4)

2,344‌

894‌

NTT

Data

Group

(JPY)

106,100‌

1,427‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $9 (4)(6)(7)

198‌

14‌

Shopify,

Class

A (4)

14,797‌

984‌

Snowflake,

Class

A (4)

1,846‌

290‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $22 (4)(6)(7)

960‌

17‌

5,777‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Semiconductors

&

Semiconductor

Equipment

2.9%

Advanced

Micro

Devices (4)

9,515‌

1,006‌

Analog

Devices

13,564‌

2,466‌

Applied

Materials

26,269‌

4,013‌

ASML

Holding

(EUR)

4,283‌

2,816‌

ASML

Holding

2,715‌

1,793‌

Broadcom

4,358‌

4,022‌

Credo

Technology

Group

Holding (4)

10,072‌

166‌

Entegris

5,417‌

549‌

KLA

4,233‌

2,124‌

Lam

Research

4,174‌

2,932‌

Lattice

Semiconductor (4)

6,674‌

649‌

MACOM

Technology

Solutions

Holdings (4)

5,300‌

448‌

Marvell

Technology

7,411‌

432‌

Micron

Technology

51,759‌

3,620‌

Monolithic

Power

Systems

1,701‌

887‌

NVIDIA

34,348‌

16,952‌

NXP

Semiconductors

26,891‌

5,532‌

Onto

Innovation (4)

4,133‌

574‌

QUALCOMM

6,810‌

780‌

Renesas

Electronics

(JPY) (4)

40,300‌

671‌

SiTime (4)

1,200‌

159‌

Taiwan

Semiconductor

Manufacturing

(TWD)

172,719‌

2,968‌

Taiwan

Semiconductor

Manufacturing,

ADR

5,395‌

505‌

Texas

Instruments

17,044‌

2,864‌

Tokyo

Electron

(JPY)

7,600‌

1,129‌

60,057‌

Software

2.5%

Adobe (4)

865‌

484‌

Agilysys (4)

4,046‌

285‌

Amplitude,

Class

A (4)

20,597‌

241‌

Atlassian,

Class

A (4)

2,770‌

565‌

Autodesk (4)

5,432‌

1,206‌

BILL

Holdings (4)

4,342‌

501‌

Braze,

Class

A (4)

2,200‌

102‌

Cadence

Design

Systems (4)

4,728‌

1,137‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $283 (4)(6)(7)

166‌

177‌

Confluent,

Class

A (4)

6,141‌

203‌

Crowdstrike

Holdings,

Class

A (4)

1,393‌

227‌

Datadog,

Class

A (4)

2,756‌

266‌

Descartes

Systems

Group (4)

6,872‌

515‌

DoubleVerify

Holdings (4)

14,169‌

479‌

Envestnet (4)

5,093‌

278‌

Five9 (4)

6,920‌

501‌

Fortinet (4)

2,594‌

156‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Gusto,

Acquisition

Date:

10/4/21,

Cost $90 (4)(6)(7)

3,136‌

48‌

Intuit

3,811‌

2,065‌

Manhattan

Associates (4)

1,472‌

298‌

Microsoft

101,690‌

33,330‌

Salesforce (4)

2,200‌

487‌

SAP

(EUR)

13,435‌

1,874‌

ServiceNow (4)

5,910‌

3,480‌

Socure,

Acquisition

Date:

12/22/21,

Cost $16 (4)(6)(7)

1,018‌

6‌

Synopsys (4)

4,003‌

1,837‌

Workiva (4)

4,585‌

513‌

51,261‌

Technology

Hardware,

Storage

&

Peripherals

1.3%

Apple

132,538‌

24,900‌

Samsung

Electronics

(KRW)

35,901‌

1,816‌

26,716‌

Total

Information

Technology

155,210‌

MATERIALS

1.1%

Chemicals

0.6%

Air

Liquide

(EUR)

8,454‌

1,527‌

Akzo

Nobel

(EUR)

11,307‌

918‌

Asahi

Kasei

(JPY)

84,900‌

548‌

BASF

(EUR)

16,322‌

826‌

Covestro

(EUR) (4)

16,016‌

851‌

Element

Solutions

37,154‌

766‌

HB

Fuller

2,448‌

178‌

Johnson

Matthey

(GBP)

30,774‌

634‌

Linde

10,255‌

3,969‌

Nutrien

16,068‌

1,017‌

Quaker

Chemical

2,036‌

361‌

Sherwin-Williams

2,532‌

688‌

Tosoh

(JPY)

8,400‌

109‌

Umicore

(EUR)

25,121‌

666‌

13,058‌

Construction

Materials

0.0%

Martin

Marietta

Materials

756‌

338‌

338‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD)

28,464‌

278‌

278‌

Metals

&

Mining

0.5%

Antofagasta

(GBP)

48,718‌

892‌

BHP

Group

(AUD)

26,681‌

767‌

BHP

Group

(GBP)

37,975‌

1,092‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Compass

Minerals

International

3,400‌

102‌

Constellium (4)

26,344‌

474‌

ERO

Copper

(CAD) (4)

7,746‌

160‌

Franco-Nevada

3,200‌

461‌

Freeport-McMoRan

24,270‌

969‌

Haynes

International

5,650‌

276‌

IGO

(AUD)

201,112‌

1,795‌

South32

(AUD)

253,263‌

552‌

Southern

Copper

17,368‌

1,401‌

Wheaton

Precious

Metals

14,900‌

649‌

9,590‌

Paper

&

Forest

Products

0.0%

Stora

Enso,

Class

R

(EUR)

67,701‌

861‌

West

Fraser

Timber

(CAD)

1,972‌

149‌

1,010‌

Total

Materials

24,274‌

REAL

ESTATE

0.5%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Community

Healthcare

Trust,

REIT

3,989‌

132‌

132‌

Industrial

Real

Estate

Investment

Trusts

0.1%

EastGroup

Properties,

REIT

4,464‌

802‌

Prologis,

REIT

7,231‌

898‌

Rexford

Industrial

Realty,

REIT

8,094‌

433‌

Terreno

Realty,

REIT

3,503‌

213‌

2,346‌

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP)

72,039‌

383‌

383‌

Real

Estate

Management

&

Development

0.1%

Altus

Group

(CAD)

3,101‌

119‌

DigitalBridge

Group

9,083‌

158‌

FirstService

5,724‌

865‌

Mitsui

Fudosan

(JPY)

60,000‌

1,314‌

Tricon

Residential

29,312‌

249‌

2,705‌

Residential

Real

Estate

Investment

Trusts

0.1%

Equity

LifeStyle

Properties,

REIT

30,393‌

2,035‌

Flagship

Communities

REIT (5)

5,144‌

82‌

Independence

Realty

Trust,

REIT

17,903‌

302‌

2,419‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Retail

Real

Estate

Investment

Trusts

0.0%

Scentre

Group

(AUD)

461,872‌

819‌

819‌

Specialized

Real

Estate

Investment

Trusts

0.2%

CubeSmart,

REIT

10,393‌

433‌

Extra

Space

Storage,

REIT

3,595‌

463‌

Public

Storage,

REIT

10,108‌

2,794‌

Weyerhaeuser,

REIT

28,545‌

935‌

4,625‌

Total

Real

Estate

13,429‌

UTILITIES

0.7%

Electric

Utilities

0.4%

Constellation

Energy

35,620‌

3,710‌

Evergy

8,699‌

478‌

FirstEnergy

9,292‌

335‌

IDACORP

4,260‌

409‌

MGE

Energy

2,345‌

170‌

NextEra

Energy

22,429‌

1,498‌

NRG

Energy

5,853‌

220‌

Southern

16,316‌

1,105‌

7,925‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD)

83,000‌

311‌

Chesapeake

Utilities

3,662‌

403‌

ONE

Gas

2,313‌

168‌

Southwest

Gas

Holdings

7,162‌

443‌

1,325‌

Independent

Power

&

Renewable

Electricity

Producers

0.0%

Electric

Power

Development

(JPY)

32,600‌

508‌

NextEra

Energy

Partners

5,260‌

262‌

770‌

Multi-Utilities

0.2%

Ameren

3,046‌

242‌

Engie

(EUR)

123,285‌

1,985‌

National

Grid

(GBP)

103,512‌

1,292‌

3,519‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Water

Utilities

0.0%

California

Water

Service

Group

4,907‌

247‌

247‌

Total

Utilities

13,786‌

Total

Miscellaneous

Common

Stocks

0.0% (8)

776‌

Total

Common

Stocks

(Cost

$434,130)

706,538‌

CONVERTIBLE

BONDS

0.0%

Convoy,

15.00%,

9/30/26,

Acquisition

Date:

3/24/23,

Cost $6 (4)

(6)(7)

5,557‌

6‌

Total

Convertible

Bonds

(Cost

$6)

6‌

CONVERTIBLE

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.0%

Specialty

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $85 (4)(6)(7)

14,624‌

27‌

Total

Consumer

Discretionary

27‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $100 (4)(6)(7)

5,409‌

86‌

Total

Consumer

Staples

86‌

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Acquisition

Date:

1/28/22,

Cost $73 (4)(6)(7)

699‌

54‌

Total

Financials

54‌

HEALTH

CARE

0.0%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $41 (4)(6)(7)

14,745‌

79‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $64 (4)(6)(7)

7,833‌

42‌

121‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $45 (4)(6)(7)

44,249‌

45‌

45‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $84 (4)(6)(7)

34,928‌

38‌

38‌

Life

Sciences

Tools

&

Services

0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $41 (4)(6)(7)

3,497‌

32‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $46 (4)(6)(7)

5,249‌

15‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $61 (4)(6)(7)

4,451‌

270‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $92 (4)(6)(7)

2,075‌

126‌

443‌

Total

Health

Care

647‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $47 (4)(6)(7)

1,042‌

33‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $93 (4)(6)(7)

16,618‌

84‌

117‌

Air

Freight

&

Logistics

0.0%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $44 (4)(6)(7)

3,599‌

65‌

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $25 (4)(6)(7)

1,206‌

21‌

86‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $46 (4)(6)(7)

2,189‌

11‌

11‌

Ground

Transportation

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $68 (4)(6)(7)

9,621‌

27‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $84 (4)(6)(7)

6,236‌

25‌

52‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $31 (4)(6)(7)

6,984‌

38‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $99 (4)(6)(7)

9,798‌

53‌

91‌

Total

Industrials

&

Business

Services

357‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $36 (4)(6)(7)

2,473‌

30‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $15 (4)(6)(7)

777‌

9‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $— (4)

(6)(7)

3‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $40 (4)(6)

(7)

1,534‌

112‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $8 (4)(6)(7)

75‌

6‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $5 (4)(6)(7)

220‌

4‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $— (4)(6)(7)

20‌

—‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $— (4)

(6)(7)

20‌

—‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $61 (4)(6)(7)

2,730‌

49‌

210‌

Software

0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $17 (4)(6)(7)

10‌

11‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $93 (4)(6)(7)

1,581‌

116‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $261 (4)(6)

(7)

3,552‌

260‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $132 (4)(6)(7)

4,351‌

67‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $102 (4)

(6)(7)

7,799‌

48‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $44 (4)(6)(7)

2,102‌

13‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $43 (4)(6)(7)

8,514‌

43‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $58 (4)(6)(7)

9,270‌

79‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $6 (4)

(6)(7)

705‌

6‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $20 (4)(6)(7)

1,237‌

7‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $16 (4)(6)(7)

1,015‌

5‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $— (4)(6)(7)

18‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $38 (4)(6)(7)

2,353‌

13‌

668‌

Total

Information

Technology

878‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $56 (4)(6)(7)

1,182‌

56‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $79 (4)(6)(7)

1,910‌

39‌

95‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $48 (4)

(6)(7)

1,739‌

75‌

75‌

Total

Materials

170‌

Total

Convertible

Preferred

Stocks

(Cost

$2,449)

2,219‌

CORPORATE

BONDS

4.5%

AbbVie,

3.20%,

11/21/29

905,000‌

816‌

AbbVie,

4.05%,

11/21/39

260,000‌

223‌

AbbVie,

4.25%,

11/21/49

380,000‌

321‌

AbbVie,

4.70%,

5/14/45

600,000‌

537‌

AbbVie,

4.875%,

11/14/48

650,000‌

598‌

AerCap

Ireland

Capital,

2.45%,

10/29/26

460,000‌

414‌

AerCap

Ireland

Capital,

4.875%,

1/16/24

355,000‌

353‌

Alexandria

Real

Estate

Equities,

3.375%,

8/15/31

475,000‌

409‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27

455,000‌

430‌

Alexandria

Real

Estate

Equities,

4.70%,

7/1/30

105,000‌

100‌

Ally

Financial,

4.75%,

6/9/27

1,060,000‌

990‌

Anheuser-Busch

InBev

Worldwide,

4.50%,

6/1/50

459,000‌

408‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49

600,000‌

612‌

Aon,

2.80%,

5/15/30

145,000‌

125‌

AT&T,

3.50%,

9/15/53

1,140,000‌

747‌

Baltimore

Gas

&

Electric,

5.40%,

6/1/53

200,000‌

197‌

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR) (5)(9)

345,000‌

389‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.862%,

9/14/26 (9)

400,000‌

397‌

Banco

Santander,

6.921%,

8/8/33

200,000‌

200‌

Bank

of

America,

3.248%,

10/21/27

2,120,000‌

1,975‌

Bank

of

America,

VR,

1.898%,

7/23/31 (9)

2,130,000‌

1,677‌

Bank

of

America,

VR,

2.496%,

2/13/31 (9)

450,000‌

374‌

Bank

of

America,

VR,

2.592%,

4/29/31 (9)

110,000‌

91‌

Bank

of

America,

VR,

3.419%,

12/20/28 (9)

175,000‌

160‌

Bank

of

America,

VR,

3.559%,

4/23/27 (9)

1,115,000‌

1,056‌

Bank

of

America,

VR,

4.271%,

7/23/29 (9)

875,000‌

823‌

Barclays,

VR,

5.501%,

8/9/28 (9)

225,000‌

219‌

Barclays,

VR,

6.224%,

5/9/34 (9)

305,000‌

300‌

BAT

Capital,

7.079%,

8/2/43

205,000‌

203‌

BAT

Capital,

7.081%,

8/2/53

315,000‌

309‌

BAT

International

Finance,

1.668%,

3/25/26

80,000‌

72‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30

250,000‌

216‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27

304,000‌

288‌

Becton

Dickinson

&

Company,

4.669%,

6/6/47

650,000‌

574‌

Berkshire

Hathaway

Finance,

2.50%,

1/15/51

585,000‌

363‌

Berkshire

Hathaway

Finance,

2.85%,

10/15/50

200,000‌

133‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Berkshire

Hathaway

Finance,

3.85%,

3/15/52

205,000‌

163‌

Boardwalk

Pipelines,

3.40%,

2/15/31

330,000‌

281‌

Boardwalk

Pipelines,

4.45%,

7/15/27

95,000‌

90‌

Boardwalk

Pipelines,

5.95%,

6/1/26

430,000‌

430‌

Boeing,

5.805%,

5/1/50

55,000‌

54‌

Booz

Allen

Hamilton,

5.95%,

8/4/33

180,000‌

181‌

Boston

Gas,

6.119%,

7/20/53 (1)

145,000‌

143‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30

360,000‌

325‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29

1,053,000‌

957‌

CaixaBank,

VR,

6.208%,

1/18/29 (1)(9)

505,000‌

502‌

Capital

One

Financial,

3.65%,

5/11/27

875,000‌

814‌

Capital

One

Financial,

VR,

2.359%,

7/29/32 (9)

760,000‌

542‌

Capital

One

Financial,

VR,

3.273%,

3/1/30 (9)

245,000‌

209‌

Capital

One

Financial,

VR,

5.247%,

7/26/30 (9)

140,000‌

133‌

Capital

One

Financial,

VR,

5.468%,

2/1/29 (9)

890,000‌

859‌

Carvana,

10.25%,

5/1/30 (1)

430,000‌

337‌

CBRE

Services,

5.95%,

8/15/34

410,000‌

405‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25

64,000‌

64‌

Celanese

U.S.

Holdings,

6.35%,

11/15/28

180,000‌

180‌

Centene,

2.50%,

3/1/31

505,000‌

403‌

Centene,

2.625%,

8/1/31

1,265,000‌

1,007‌

Charter

Communications

Operating,

5.125%,

7/1/49

175,000‌

134‌

Charter

Communications

Operating,

6.484%,

10/23/45

110,000‌

101‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27

135,000‌

133‌

Citigroup,

VR,

3.106%,

4/8/26 (9)

255,000‌

244‌

Citigroup,

VR,

5.61%,

9/29/26 (9)

585,000‌

582‌

Citigroup,

VR,

6.174%,

5/25/34 (9)

350,000‌

350‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28 (9)

530,000‌

484‌

CNO

Financial

Group,

5.25%,

5/30/25

187,000‌

183‌

Columbia

Pipelines

Holding,

6.042%,

8/15/28 (1)

280,000‌

282‌

Comcast,

3.25%,

11/1/39

360,000‌

277‌

Corebridge

Financial,

3.90%,

4/5/32

145,000‌

126‌

Credit

Suisse,

1.25%,

8/7/26

265,000‌

232‌

Crown

Castle,

2.25%,

1/15/31

810,000‌

649‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

695,000‌

660‌

CSL

Finance,

4.05%,

4/27/29 (1)

250,000‌

237‌

CVS

Health,

3.25%,

8/15/29

140,000‌

125‌

CVS

Health,

5.05%,

3/25/48

729,000‌

641‌

CVS

Health,

5.625%,

2/21/53

440,000‌

416‌

CVS

Health,

5.875%,

6/1/53

235,000‌

229‌

Daimler

Truck

Finance

North

America,

5.125%,

1/19/28 (1)

150,000‌

148‌

Danske

Bank,

3.875%,

9/12/23 (1)

5,000‌

5‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(9)

685,000‌

656‌

Danske

Bank,

VR,

3.773%,

3/28/25 (1)(9)

330,000‌

324‌

Duke

Energy,

5.00%,

8/15/52

1,120,000‌

980‌

Duke

Energy

Indiana,

5.40%,

4/1/53

165,000‌

160‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Edison

International,

4.95%,

4/15/25

30,000‌

30‌

EDP

Finance,

6.30%,

10/11/27 (1)

200,000‌

205‌

Elevance

Health,

5.125%,

2/15/53

220,000‌

206‌

Enel

Finance

America,

7.10%,

10/14/27 (1)

200,000‌

209‌

Enel

Finance

International,

6.80%,

10/14/25 (1)

200,000‌

203‌

Energy

Transfer,

2.90%,

5/15/25

175,000‌

166‌

Enterprise

Products

Operating,

3.20%,

2/15/52

290,000‌

195‌

Equifax,

5.10%,

12/15/27

315,000‌

311‌

Equitable

Holdings,

4.35%,

4/20/28

1,145,000‌

1,083‌

Essex

Portfolio,

3.625%,

5/1/27

270,000‌

251‌

Exelon,

5.60%,

3/15/53

320,000‌

307‌

Fifth

Third

Bancorp,

2.375%,

1/28/25

90,000‌

86‌

Fifth

Third

Bancorp,

2.55%,

5/5/27

50,000‌

45‌

Fifth

Third

Bancorp,

3.95%,

3/14/28

155,000‌

143‌

Fifth

Third

Bancorp,

VR,

4.772%,

7/28/30 (9)

140,000‌

131‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (9)

225,000‌

227‌

Georgia

Power,

4.95%,

5/17/33

445,000‌

430‌

GLP

Capital,

3.35%,

9/1/24

120,000‌

117‌

Goldman

Sachs

Group,

3.50%,

11/16/26

280,000‌

263‌

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27 (9)

515,000‌

455‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28 (9)

515,000‌

482‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (9)

760,000‌

728‌

Hasbro,

3.55%,

11/19/26

110,000‌

103‌

HCA,

2.375%,

7/15/31

185,000‌

146‌

HCA,

3.125%,

3/15/27

220,000‌

202‌

HCA,

3.375%,

3/15/29

85,000‌

75‌

HCA,

3.50%,

9/1/30

372,000‌

324‌

HCA,

5.375%,

9/1/26

175,000‌

174‌

HCA,

5.875%,

2/15/26

165,000‌

165‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31

190,000‌

142‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28

575,000‌

518‌

HSBC

Holdings,

VR,

4.755%,

6/9/28 (9)

705,000‌

676‌

HSBC

Holdings,

VR,

5.21%,

8/11/28 (9)

450,000‌

439‌

HSBC

Holdings,

VR,

6.254%,

3/9/34 (9)

725,000‌

734‌

Humana,

4.875%,

4/1/30

332,000‌

322‌

Humana,

5.50%,

3/15/53

900,000‌

870‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25 (9)

250,000‌

246‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

135,000‌

134‌

Indiana

Michigan

Power,

5.625%,

4/1/53

35,000‌

35‌

Intercontinental

Exchange,

4.35%,

6/15/29

475,000‌

455‌

Intesa

Sanpaolo,

6.625%,

6/20/33 (1)

330,000‌

326‌

Jackson

Financial,

5.17%,

6/8/27

415,000‌

407‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (9)

775,000‌

696‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28 (9)

680,000‌

604‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31 (9)

1,370,000‌

1,148‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30 (9)

250,000‌

214‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (9)

710,000‌

604‌

JPMorgan

Chase,

VR,

3.54%,

5/1/28 (9)

275,000‌

257‌

KBC

Group,

VR,

5.796%,

1/19/29 (1)(9)

635,000‌

627‌

Las

Vegas

Sands,

3.50%,

8/18/26

210,000‌

195‌

Lowe's,

4.25%,

4/1/52

275,000‌

217‌

Lowe's,

5.625%,

4/15/53

200,000‌

194‌

Lowe's,

5.75%,

7/1/53

150,000‌

148‌

LSEGA

Financing,

2.00%,

4/6/28 (1)

1,325,000‌

1,141‌

LSEGA

Financing,

2.50%,

4/6/31 (1)

375,000‌

310‌

LSEGA

Financing,

3.20%,

4/6/41 (1)

200,000‌

147‌

Marriott

International,

4.90%,

4/15/29

100,000‌

97‌

Marriott

International,

5.00%,

10/15/27

345,000‌

342‌

Mars,

4.75%,

4/20/33 (1)

420,000‌

413‌

Marsh

&

McLennan,

2.25%,

11/15/30

185,000‌

153‌

Mattel,

5.875%,

12/15/27 (1)

305,000‌

298‌

Merck,

5.00%,

5/17/53

285,000‌

278‌

Meta

Platforms,

5.60%,

5/15/53

580,000‌

583‌

Metropolitan

Life

Global

Funding

I,

5.15%,

3/28/33 (1)

240,000‌

233‌

Micron

Technology,

5.327%,

2/6/29

226,000‌

222‌

Micron

Technology,

6.75%,

11/1/29

215,000‌

223‌

Morgan

Stanley,

VR,

1.593%,

5/4/27 (9)

1,240,000‌

1,113‌

Morgan

Stanley,

VR,

4.431%,

1/23/30 (9)

185,000‌

175‌

Morgan

Stanley,

VR,

5.123%,

2/1/29 (9)

1,095,000‌

1,073‌

Nasdaq,

6.10%,

6/28/63

120,000‌

118‌

Netflix,

4.625%,

5/15/29

(EUR)

655,000‌

724‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32

390,000‌

312‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52

385,000‌

243‌

NextEra

Energy

Capital

Holdings,

5.00%,

7/15/32

130,000‌

125‌

NextEra

Energy

Capital

Holdings,

5.25%,

2/28/53

180,000‌

167‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25

280,000‌

280‌

NiSource,

5.25%,

3/30/28

85,000‌

85‌

Nissan

Motor

Acceptance,

1.85%,

9/16/26 (1)

165,000‌

143‌

Nordea

Bank,

5.375%,

9/22/27 (1)

330,000‌

327‌

NRG

Energy,

4.45%,

6/15/29 (1)

195,000‌

173‌

Occidental

Petroleum,

8.875%,

7/15/30

170,000‌

195‌

ONEOK,

5.80%,

11/1/30

160,000‌

160‌

ONEOK,

6.05%,

9/1/33

235,000‌

236‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27

220,000‌

190‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31

445,000‌

346‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30

400,000‌

359‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32

150,000‌

144‌

Pacific

Gas

&

Electric,

6.70%,

4/1/53

145,000‌

140‌

Palomino

Funding

Trust

I,

7.233%,

5/17/28 (1)

935,000‌

944‌

Pfizer

Investment

Enterprises,

4.75%,

5/19/33

280,000‌

276‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53

275,000‌

274‌

Pfizer

Investment

Enterprises,

5.34%,

5/19/63

420,000‌

414‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Philip

Morris

International,

5.125%,

2/15/30

285,000‌

282‌

Pioneer

Natural

Resources,

5.10%,

3/29/26

145,000‌

144‌

PNC

Financial

Services

Group,

2.55%,

1/22/30

150,000‌

126‌

PNC

Financial

Services

Group,

VR,

6.037%,

10/28/33 (9)

470,000‌

475‌

Public

Storage

Operating,

5.35%,

8/1/53

90,000‌

88‌

Realty

Income,

3.95%,

8/15/27

329,000‌

313‌

Revvity,

1.90%,

9/15/28

350,000‌

297‌

Revvity,

2.25%,

9/15/31

190,000‌

150‌

Revvity,

3.30%,

9/15/29

125,000‌

111‌

Reynolds

American,

4.45%,

6/12/25

99,000‌

97‌

Rogers

Communications,

3.20%,

3/15/27

175,000‌

162‌

Rogers

Communications,

3.80%,

3/15/32

275,000‌

235‌

Rogers

Communications,

4.35%,

5/1/49

35,000‌

27‌

Rogers

Communications,

4.55%,

3/15/52

910,000‌

703‌

Ross

Stores,

1.875%,

4/15/31

480,000‌

376‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (9)

155,000‌

136‌

Santander

Holdings

USA,

VR,

6.499%,

3/9/29 (9)

105,000‌

104‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26 (9)

1,205,000‌

1,094‌

SBA

Tower

Trust,

1.84%,

4/15/27 (1)

560,000‌

482‌

SBA

Tower

Trust,

2.328%,

1/15/28 (1)

150,000‌

128‌

SBA

Tower

Trust,

2.593%,

10/15/31 (1)

455,000‌

355‌

Sempra,

3.70%,

4/1/29

135,000‌

123‌

Southern,

5.20%,

6/15/33

665,000‌

646‌

Southern

California

Edison,

5.70%,

3/1/53

225,000‌

217‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27

315,000‌

309‌

Sprint

Capital,

8.75%,

3/15/32

330,000‌

393‌

Standard

Chartered,

VR,

1.456%,

1/14/27 (1)(9)

275,000‌

246‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(9)

1,185,000‌

1,057‌

Standard

Chartered,

VR,

2.819%,

1/30/26 (1)(9)

200,000‌

190‌

Standard

Chartered,

VR,

3.971%,

3/30/26 (1)(9)

270,000‌

261‌

Sutter

Health,

5.164%,

8/15/33

135,000‌

133‌

Sutter

Health,

5.547%,

8/15/53

120,000‌

122‌

T-Mobile

USA,

5.75%,

1/15/54

915,000‌

903‌

Targa

Resources

Partners,

5.50%,

3/1/30

600,000‌

575‌

Targa

Resources

Partners,

6.875%,

1/15/29

101,000‌

102‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48

50,000‌

41‌

Truist

Financial,

VR,

4.123%,

6/6/28 (9)

490,000‌

463‌

UBS

Group,

3.75%,

3/26/25

890,000‌

859‌

UBS

Group,

VR,

5.959%,

1/12/34 (1)(9)

415,000‌

417‌

UnitedHealth

Group,

2.00%,

5/15/30

1,235,000‌

1,031‌

UnitedHealth

Group,

4.50%,

4/15/33

420,000‌

404‌

UnitedHealth

Group,

5.05%,

4/15/53

625,000‌

595‌

UnitedHealth

Group,

5.875%,

2/15/53

370,000‌

396‌

Utah

Acquisition

Sub,

3.95%,

6/15/26

1,051,000‌

994‌

Utah

Acquisition

Sub,

5.25%,

6/15/46

40,000‌

32‌

Verizon

Communications,

2.55%,

3/21/31

598,000‌

492‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verizon

Communications,

2.65%,

11/20/40

440,000‌

294‌

Verizon

Communications,

4.862%,

8/21/46

100,000‌

88‌

Viatris,

3.85%,

6/22/40

381,000‌

266‌

Viatris,

4.00%,

6/22/50

210,000‌

138‌

Vistra

Operations,

5.125%,

5/13/25 (1)

465,000‌

452‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26 (1)

970,000‌

907‌

Warnermedia

Holdings,

3.755%,

3/15/27

690,000‌

647‌

Wells

Fargo,

4.30%,

7/22/27

370,000‌

354‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (9)

2,740,000‌

2,438‌

Wells

Fargo,

VR,

2.572%,

2/11/31 (9)

2,800,000‌

2,337‌

Wells

Fargo,

VR,

2.879%,

10/30/30 (9)

1,150,000‌

985‌

Westlake,

1.625%,

7/17/29

(EUR)

215,000‌

197‌

Williams,

3.75%,

6/15/27

1,005,000‌

945‌

Xcel

Energy,

3.40%,

6/1/30

475,000‌

420‌

Total

Corporate

Bonds

(Cost

$100,445)

91,736‌

EQUITY

MUTUAL

FUNDS

10.1%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund (2)

1,745,466‌

56,169‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (2)

10,579,655‌

101,882‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

3,544,936‌

48,318‌

Total

Equity

Mutual

Funds

(Cost

$203,208)

206,369‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.1%

State

of

Israel,

Series 0347,

3.75%,

3/31/47

(ILS)

6,315,000‌

1,555‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$1,662)

1,555‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.6%

Angel

Oak

Mortgage

Trust,

Series 2022-1,

Class

A1,

CMO,

STEP,

2.881%,

12/25/66 (1)

276,162‌

242‌

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

TSFR

+

1.297%,

6.608%,

9/15/32 (1)

235,000‌

233‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-4,

Class

A20,

CMO,

ARM,

2.50%,

10/25/51 (1)

501,655‌

381‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.584%,

11/15/34 (1)

235,000‌

97‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

TSFR

+

1.654%,

6.964%,

10/15/34 (1)

750,000‌

741‌

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56 (1)

245,349‌

209‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

8.451%,

6/15/27 (1)

625,000‌

624‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

TSFR

+

1.411%,

6.721%,

10/15/36 (1)

410,000‌

395‌

BXSC

Commercial

Mortgage

Trust,

Series 2022-WSS,

Class

B,

ARM,

1M

TSFR

+

2.092%,

7.403%,

3/15/35 (1)

630,000‌

621‌

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51 (1)

496,386‌

377‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51 (1)

201,006‌

158‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65 (1)

58,739‌

55‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49

277,573‌

264‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

1M2B,

CMO,

ARM,

SOFR30A

+

2.764%,

8.052%,

2/25/30

243,777‌

244‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

SOFR30A

+

1.114%,

6.402%,

2/25/30

96,429‌

96‌

DBCG

Mortgage

Trust,

Series 2017-BBG,

Class

A,

ARM,

PRIME

+

0.00%,

8.50%,

6/15/34 (1)

360,000‌

356‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.174%,

9/15/45 (1)

510,000‌

326‌

Eleven

Madison

Mortgage

Trust,

Series 2015-11MD,

Class

A,

ARM,

3.673%,

9/10/35 (1)

205,000‌

183‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

6.00%,

3/25/50 (1)

78,343‌

73‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50 (1)

111,441‌

100‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

32,514‌

29‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58 (1)

24,955‌

23‌

GCAT

Trust,

Series 2023-INV1,

Class

A1,

CMO,

ARM,

6.00%,

8/25/53 (1)

810,000‌

790‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

7.057%,

12/15/36 (1)

425,000‌

421‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

3.928%,

7/25/44 (1)

5,713‌

6‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.926%,

10/25/50 (1)

222,548‌

184‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51 (1)

375,002‌

285‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR2,

Class

A4,

CMO,

ARM,

2.50%,

2/25/52 (1)

386,101‌

293‌

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56 (1)

172,691‌

135‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33 (1)

190,000‌

172‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

87,839‌

77‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

101,709‌

89‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.578%,

12/25/50 (1)

293,449‌

240‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (1)

85,421‌

74‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50 (1)

8,843‌

8‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

20,689‌

20‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.286%,

6/25/50 (1)

304,825‌

252‌

MFA

Trust,

Series 2022-INV2,

Class

A1,

CMO,

STEP,

4.95%,

7/25/57 (1)

448,935‌

433‌

Mill

City

Mortgage

Loan

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

7/25/59 (1)

8,398‌

8‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51 (1)

298,666‌

227‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

218,614‌

191‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.44%,

4/25/43

159,872‌

147‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.779%,

8/25/47 (1)

234,575‌

213‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47 (1)

49,675‌

45‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48 (1)

12,289‌

11‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48 (1)

36,984‌

34‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

10,272‌

10‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

7.588%,

8/25/33 (1)

224,601‌

225‌

Towd

Point

Mortgage

Trust,

Series 2019-HY3,

Class

A1A,

CMO,

ARM,

1M

TSFR

+

1.114%,

6.429%,

10/25/59 (1)

102,409‌

102‌

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51 (1)

388,742‌

295‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.889%,

3/25/60 (1)

100,000‌

94‌

Verus

Securitization

Trust,

Series 2021-5,

Class

A2,

CMO,

ARM,

1.218%,

9/25/66 (1)

230,003‌

185‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50

1,335,000‌

1,165‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-JWDR,

Class

A,

ARM,

2.584%,

9/15/31 (1)

245,000‌

220‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2021-SAVE,

Class

C,

ARM,

1M

TSFR

+

1.914%,

7.225%,

2/15/40 (1)

270,946‌

251‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36 (1)

102,474‌

86‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$14,599)

12,815‌

PREFERRED

STOCKS

0.0%

CONSUMER

DISCRETIONARY

0.0%

Automobiles

0.0%

Dr.

Ing.

h.c.

F.

Porsche

(EUR)

9,478‌

1,045‌

Total

Consumer

Discretionary

1,045‌

Total

Preferred

Stocks

(Cost

$801)

1,045‌

PRIVATE

INVESTMENT

COMPANIES

6.1%

Blackstone

Partners

Offshore

Fund (4)(7)

54,754‌

125,119‌

Total

Private

Investment

Companies

(Cost

$85,216)

125,119‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

6.3%

U.S.

Government

Agency

Obligations

4.8%

Federal

Home

Loan

Mortgage

2.50%,

4/1/30

133,208‌

124‌

3.00%,

12/1/42

-

4/1/47

486,856‌

431‌

3.50%,

8/1/42

-

3/1/44

434,003‌

400‌

4.00%,

8/1/40

-

9/1/45

338,058‌

321‌

4.50%,

6/1/39

-

10/1/41

261,495‌

255‌

5.00%,

7/1/25

-

8/1/40

183,646‌

183‌

5.50%,

10/1/38

56,987‌

58‌

6.00%,

10/1/32

-

8/1/38

51,684‌

53‌

6.50%,

9/1/32

-

9/1/34

16,474‌

17‌

7.00%,

4/1/32

-

6/1/32

2,041‌

2‌

Federal

Home

Loan

Mortgage,

ARM

12M

USD

LIBOR

+

1.725%,

5.975%,

7/1/35

730‌

1‌

12M

USD

LIBOR

+

1.785%,

4.035%,

2/1/37

787‌

1‌

12M

USD

LIBOR

+

1.842%,

4.091%,

1/1/37

5,729‌

6‌

12M

USD

LIBOR

+

1.915%,

4.29%,

2/1/37

6,375‌

6‌

12M

USD

LIBOR

+

1.93%,

4.187%,

12/1/36

4,379‌

4‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

12M

USD

LIBOR

+

2.03%,

4.276%,

11/1/36

7,207‌

7‌

12M

USD

LIBOR

+

2.162%,

4.558%,

2/1/37

5,348‌

5‌

1Y

CMT

+

2.25%,

5.10%,

10/1/36

2,010‌

2‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50

235,565‌

46‌

Federal

Home

Loan

Mortgage,

UMBS

1.50%,

2/1/36

-

4/1/37

811,592‌

695‌

2.00%,

8/1/36

-

5/1/52

7,600,334‌

6,110‌

2.50%,

3/1/42

-

5/1/52

9,190,495‌

7,668‌

3.00%,

5/1/31

-

8/1/52

4,229,790‌

3,735‌

3.50%,

6/1/47

-

11/1/50

1,484,886‌

1,351‌

4.00%,

8/1/37

-

2/1/50

889,141‌

841‌

4.50%,

5/1/50

-

10/1/52

261,789‌

249‌

5.00%,

10/1/52

126,442‌

123‌

Federal

National

Mortgage

Assn.

3.00%,

6/1/33

-

8/1/46

88,971‌

79‌

3.50%,

6/1/42

-

5/1/46

712,119‌

649‌

4.00%,

11/1/40

181,142‌

169‌

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

+

1.869%,

6.119%,

8/1/36

6,839‌

7‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32

1,125‌

—‌

Federal

National

Mortgage

Assn.,

UMBS

1.50%,

4/1/37

-

1/1/42

2,508,078‌

2,111‌

2.00%,

5/1/36

-

5/1/52

25,091,660‌

20,350‌

2.50%,

8/1/30

-

9/1/52

14,499,219‌

12,265‌

3.00%,

1/1/27

-

4/1/51

8,557,863‌

7,598‌

3.50%,

2/1/35

-

8/1/52

5,075,262‌

4,649‌

4.00%,

7/1/35

-

8/1/52

4,277,634‌

4,036‌

4.50%,

7/1/39

-

8/1/52

2,361,311‌

2,277‌

5.00%,

3/1/34

-

2/1/53

1,814,771‌

1,796‌

5.50%,

12/1/34

-

9/1/41

432,328‌

441‌

6.00%,

3/1/33

-

2/1/53

2,168,034‌

2,202‌

6.50%,

7/1/32

-

5/1/40

128,135‌

131‌

7.00%,

1/1/31

-

7/1/32

2,064‌

2‌

UMBS,

TBA (10)

2.00%,

9/1/38

-

9/1/53

4,345,000‌

3,555‌

2.50%,

9/1/53

1,930,000‌

1,599‌

3.00%,

9/1/53

2,705,000‌

2,330‌

3.50%,

9/1/53

1,800,000‌

1,609‌

4.00%,

9/1/53

1,320,000‌

1,218‌

4.50%,

9/1/53

1,230,000‌

1,166‌

5.00%,

9/1/53

1,870,000‌

1,813‌

5.50%,

9/1/53

1,580,000‌

1,560‌

6.50%,

9/1/53

1,350,000‌

1,371‌

97,677‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Government

Obligations

1.5%

Government

National

Mortgage

Assn.

1.50%,

12/20/36

-

5/20/37

478,426‌

406‌

2.00%,

3/20/51

-

3/20/52

6,122,891‌

5,059‌

2.50%,

8/20/50

-

3/20/52

6,274,125‌

5,342‌

3.00%,

7/15/43

-

6/20/52

5,116,696‌

4,526‌

3.50%,

8/20/42

-

10/20/49

3,411,513‌

3,141‌

4.00%,

2/20/41

-

10/20/52

2,852,674‌

2,681‌

4.50%,

11/20/39

-

10/20/52

2,264,354‌

2,179‌

5.00%,

7/20/39

-

6/20/49

1,038,235‌

1,031‌

5.50%,

1/20/36

-

3/20/49

543,028‌

549‌

6.00%,

4/15/36

-

12/20/38

22,594‌

23‌

7.00%,

2/20/27

-

1/20/53

351,375‌

359‌

7.50%,

12/15/25

-

6/15/32

4,105‌

4‌

8.00%,

10/20/25

90‌

—‌

Government

National

Mortgage

Assn.,

CMO

3.00%,

11/20/47

-

12/20/47

61,391‌

56‌

3.50%,

10/20/50

250,000‌

207‌

Government

National

Mortgage

Assn.,

CMO,

IO

3.50%,

5/20/43

50,956‌

8‌

4.00%,

2/20/43

33,063‌

4‌

Government

National

Mortgage

Assn.,

TBA (10)

2.00%,

9/20/53

385,000‌

318‌

2.50%,

9/20/53

280,000‌

238‌

5.00%,

9/20/53

495,000‌

482‌

5.50%,

9/20/53

2,740,000‌

2,712‌

6.00%,

9/20/53

595,000‌

597‌

6.50%,

9/20/53

565,000‌

572‌

30,494‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$137,976)

128,171‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

6.0%

U.S.

Treasury

Obligations

6.0%

U.S.

Treasury

Bonds,

3.00%,

8/15/52 (11)(12)

9,160,000‌

7,301‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42

11,735,000‌

10,182‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53

8,105,000‌

7,302‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43

4,330,000‌

4,028‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42

8,295,000‌

7,867‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52

5,280,000‌

5,095‌

U.S.

Treasury

Notes,

0.625%,

8/15/30

8,645,000‌

6,811‌

U.S.

Treasury

Notes,

1.50%,

1/31/27

13,245,000‌

12,016‌

U.S.

Treasury

Notes,

2.25%,

1/31/24

8,100,000‌

7,995‌

U.S.

Treasury

Notes,

3.75%,

4/15/26

1,515,000‌

1,482‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

3.875%,

1/15/26

11,980,000‌

11,753‌

U.S.

Treasury

Notes,

3.875%,

11/30/27

4,545,000‌

4,462‌

U.S.

Treasury

Notes,

3.875%,

11/30/29

4,570,000‌

4,478‌

U.S.

Treasury

Notes,

4.00%,

12/15/25 (12)

13,870,000‌

13,645‌

U.S.

Treasury

Notes,

4.125%,

9/30/27

2,575,000‌

2,551‌

U.S.

Treasury

Notes,

4.125%,

10/31/27

415,000‌

411‌

U.S.

Treasury

Notes,

4.125%,

8/31/30

6,840,000‌

6,810‌

U.S.

Treasury

Notes,

4.125%,

11/15/32

8,130,000‌

8,125‌

122,314‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$127,142)

122,314‌

SHORT-TERM

INVESTMENTS

7.2%

Money

Market

Funds

7.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38% (2)(13)

147,446,212‌

147,446‌

Total

Short-Term

Investments

(Cost

$147,446)

147,446‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

5.40% (2)(13)

4,419,261‌

4,419‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

4,419‌

Total

Securities

Lending

Collateral

(Cost

$4,419)

4,419‌

Total

Investments

in

Securities

101.9%

(Cost

$1,896,189)

$

2,088,961‌

Other

Assets

Less

Liabilities

(1.9)%

(39,026‌)

Net

Assets

100.0%

$

2,049,935‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

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

$39,597

and

represents

1.9%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

security

is

on

loan

at

August

31,

2023.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

37

.

.

.

.

.

.

.

.

.

.

(6)

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

$4,010

and

represents

0.2%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

(8)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(9)

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.

(10)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$21,140

and

represents

1.0%

of

net

assets.

(11)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

August

31,

2023.

(12)

At

August

31,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(13)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

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

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

HKD

Hong

Kong

Dollar

ILS

Israeli

Shekel

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

ISK

Iceland

Krona

JPY

Japanese

Yen

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

38

.

.

.

.

.

.

.

.

.

.

KRW

South

Korean

Won

NOK

Norwegian

Krone

OTC

Over-the-counter

PRIME

Prime

rate

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RFUCCT1Y

Twelve

month

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

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.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

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

Spectrum

Conservative

Allocation

Fund

39

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.0)%

OTC

Options

Written

(0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

S&P

500

Index,

Call,

10/20/23

@

$4,550.00

139

62,656

(979‌)

Total

Options

Written

(Premiums

$(1,092))

$

(979‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

40

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Bought

0.0%

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.AAA-S15,

40

Year

Index),

Pay

0.50%

Monthly,

Receive

upon

credit

default,

11/18/64

5,500

152

146

6‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

146

6‌

Credit

Default

Swaps,

Protection

Sold

0.0%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Barclays

Bank,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(EUR)

112

1

—

1‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

—

1‌

Total

Bilateral

Swaps

146

7‌

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S40,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

1,190

45

(1)

46‌

Protection

Sold

(Relevant

Credit:

MetLife,

A3*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

99

1

(2)

3‌

Protection

Sold

(Relevant

Credit:

Republic

of

Indonesia,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

2,060

20

(19)

39‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

41

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/28

*

2,465

6

(45)

51‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

139‌

Total

Centrally

Cleared

Swaps

139‌

Net

payments

(receipts)

of

variation

margin

to

date

(141‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(2‌)

*

Credit

ratings

as

of

August

31,

2023.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

42

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

10/19/23

ILS

2,052‌

USD

542‌

$

(2‌)

BNP

Paribas

11/24/23

USD

693‌

EUR

634‌

3‌

Citibank

10/19/23

ILS

1,309‌

USD

347‌

(2‌)

Citibank

10/19/23

USD

3,250‌

ILS

12,017‌

84‌

HSBC

Bank

11/24/23

USD

211‌

EUR

193‌

2‌

JPMorgan

Chase

10/19/23

ILS

1,071‌

USD

282‌

—‌

State

Street

10/19/23

ILS

681‌

USD

181‌

(2‌)

State

Street

11/24/23

USD

317‌

EUR

289‌

2‌

UBS

Investment

Bank

10/19/23

ILS

576‌

USD

152‌

—‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

85‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

43

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Long,

176

Euro

BOBL

contracts

9/23

22,159

$

81‌

Short,

34

Euro

BUXL

thirty

year

bond

contracts

9/23

(4,933)

74‌

Short,

53

MSCI

EAFE

Index

contracts

9/23

(5,590)

98‌

Long,

80

S&P

500

E-Mini

Index

contracts

9/23

18,064

(56‌)

Long,

4

U.S.

Treasury

Long

Bond

contracts

12/23

487

1‌

Long,

350

U.S.

Treasury

Notes

five

year

contracts

12/23

37,423

70‌

Long,

115

U.S.

Treasury

Notes

ten

year

contracts

12/23

12,769

15‌

Short,

21

U.S.

Treasury

Notes

two

year

contracts

12/23

(4,280)

(13‌)

Short,

72

Ultra

U.S.

Treasury

Bonds

contracts

12/23

(9,322)

(44‌)

Long,

34

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/23

3,948

—‌

Net

payments

(receipts)

of

variation

margin

to

date

(190‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

36‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

44

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

2023.

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,

6.43%

$

—‌

$

(5,356‌)

$

1,361‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

6.06%

—‌

(1‌)

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.69%

(815‌)

2,473‌

1,521‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

—‌

489‌

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.97%

(297‌)

1,201‌

894‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.04%

—‌

1,913‌

1,648‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.51%

—‌

(1‌)

879‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

6.11%

—‌

—‌

—‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

—‌

1,481‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

—‌

2,296‌

—‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.31%

—‌

(2,931‌)

428‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38%

—‌

—‌

2,033‌

Totals

$

(1,112‌)#

$

1,564‌

$

8,764‌+

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

45

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

08/31/23

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

6.43%

$

118,276‌

$

1,361‌

$

—‌

$

114,281‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

6.06%

8‌

—‌

—‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.69%

105,353‌

1,521‌

2,816‌

106,531‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

55,680‌

—‌

—‌

56,169‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.97%

43,360‌

894‌

5,307‌

40,148‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.04%

94,487‌

1,648‌

—‌

98,048‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.51%

110,636‌

878‌

—‌

111,513‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

6.11%

77‌

—‌

—‌

77‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

100,401‌

—‌

—‌

101,882‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

36,232‌

9,790‌

—‌

48,318‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.31%

48,720‌

1,153‌

—‌

46,942‌

T.

Rowe

Price

Government

Reserve

Fund,

5.40%

1,783‌

¤

¤

4,419‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38%

136,089‌

¤

¤

147,446‌

Total

$

875,781‌^

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

46

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$8,764

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

$969,347.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

Unaudited

Notes

to

Portfolio

of

Investments

47

T.

Rowe

Price

Spectrum

Conservative

Allocation

Fund (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus.

VALUATION

Fair

Value

The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

48

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

49

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

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

50

Valuation

Inputs

The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

2023

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

378,253‌

$

—‌

$

378,253‌

Bond

Mutual

Funds

517,547‌

—‌

—‌

517,547‌

Common

Stocks

545,593‌

160,374‌

571‌

706,538‌

Convertible

Bonds

—‌

—‌

6‌

6‌

Convertible

Preferred

Stocks

—‌

—‌

2,219‌

2,219‌

Equity

Mutual

Funds

206,369‌

—‌

—‌

206,369‌

Preferred

Stocks

—‌

1,045‌

—‌

1,045‌

Private

Investment

Companies

—‌

—‌

125,119‌

125,119‌

Short-Term

Investments

147,446‌

—‌

—‌

147,446‌

Securities

Lending

Collateral

4,419‌

—‌

—‌

4,419‌

Total

Securities

1,421,374‌

539,672‌

127,915‌

2,088,961‌

Swaps*

—‌

292‌

—‌

292‌

Forward

Currency

Exchange

Contracts

—‌

91‌

—‌

91‌

Futures

Contracts*

339‌

—‌

—‌

339‌

Total

$

1,421,713‌

$

540,055‌

$

127,915‌

$

2,089,683‌

Liabilities

Options

Written

$

—‌

$

979‌

$

—‌

$

979‌

Forward

Currency

Exchange

Contracts

—‌

6‌

—‌

6‌

Futures

Contracts*

113‌

—‌

—‌

113‌

Total

$

113‌

$

985‌

$

—‌

$

1,098‌

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

51

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

August

31,

2023.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

August

31,

2023,

totaled $1,648,000 for

the

period ended

August

31,

2023.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

*

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

5/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

8/31/23

Investment

in

Securities

Common

Stocks

$

1,299‌

$

73‌

$

174‌

$

(975‌)

$

571‌

Convertible

Bonds

6‌

—‌

—‌

—‌

6‌

Convertible

Preferred

Stocks

2,924‌

(444‌)

—‌

(261‌)

2,219‌

Private

Investment

Companies

127,752‌

3,367‌

—‌

(6,000‌)

125,119‌

Total

$

131,981‌

$

2,996‌

$

174‌

$

(7,236‌)

$

127,915‌

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

571‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

52

Investment

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**

Market

comparable

Relative

value

—#

—#

—#

Enterprise

value

to

sales

multiple

1.7x

–

11.0x

6.4x

Increase

Sales

growth

rate

23%

–

168%

41%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–13.4x

9.3x

Increase

Gross

profit

growth

rate

24%

-

37%

26%

Increase

Price-to-

earnings

multiple

8.4x

–

11.9x

10.3x

Increase

Price-to-

earnings

growth

rate

0%

-

85%

43%

Increase

Price

to

tangible

book

value

multiple

0.8x

–

0.9x

0.9x

Increase

Tangible

book

value

growth

rate

14%

14%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

37%

-

39%

37%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

53

Investment

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

Bonds

$

6‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

2,219‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

—#

—#

—#

—#

Probability

for

potential

outcome

20%

-

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.0x

–

11.0x

4.9x

Increase

Sales

growth

rate

15%

-

168%

40%

Increase

Projected

enterprise

value

to

sales

multiple

3.6x

-

22.6x

14.6x

Increase

Projected

enterprise

value

to

gross

profit

multiple

23.5x

-

30.5x

27.0x

Increase

Enterprise

value

to

gross

profit

multiple

2.3x

–

15.1x

9.9x

Increase

Gross

profit

growth

rate

24%

-

51%

43%

Increase

Enterprise

value

to

EBITDA

multiple

7.5x

7.5x

Increase

EBITDA

growth

rate

65%

65%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

54

Investment

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**

Projected

enterprise

value

to

EBITDA

multiple

15.1x

15.1x

Increase

Enterprise

value

to

gross

merchandise

value

multiple

0.5x

–

0.6x

0.6x

Increase

Gross

merchandise

value

growth

rate

30%

30%

Increase

Price-to-

earnings

multiple

8.4x

-

11.9x

10.3x

Increase

Price-to-

earnings

growth

rate

0%

-

85%

43%

Increase

Premium

to

public

company

multiples

11%

–

36%

23%

Increase

Rate

of

return

40%

40%

Decrease

Discount

rate

for

cost

of

capital

15%

-

40%

21%

Decrease

Discount

for

lack

of

collectability

100%

100%

Decrease

Discount

for

uncertainty

70%

-

80%

72%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

55

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions.

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

collapse

of

some

US

regional

and

global

banks

as

well

as

overall

concerns

around

the

soundness

and

stability

of

the

global

banking

sector

has

sparked

concerns

of

a

broader

financial

crisis

impacting

the

overall

global

banking

sector.

In

Investment

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**

Private

Investment

Companies

$

125,119‌

Rollforward

of

Investee

NAV

Estimated

return

0.77%

0.77%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

56

certain

cases,

government

agencies

have

assumed

control

or

otherwise

intervened

in

the

operations

of

certain

banks

due

to

liquidity

and

solvency

concerns.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F101-054Q1

08/23

We use cookies on this site to provide a more responsive and personalized service. Continuing to browse, clicking I Agree, or closing this banner indicates agreement. See our Cookie Policy for more information.