T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
September
30,
2021
(Unaudited)
1
Portfolio
of
Investments
(1)
(1)
$
Value
12/31/20
$
Purchase
Cost
$
Sales
Cost
Shares
$
Value
9/30/21
(Cost
and
value
in
$000s)
EQUITY
MUTUAL
FUNDS
100.1%
T.
Rowe
Price
Funds:
Equity
Income
Fund
475,531
23,784
35,078
14,758,287
534,102
Value
Fund
472,366
868
29,153
10,758,518
528,674
Dividend
Growth
Fund
454,325
7,868
14,213
7,447,629
502,864
U.S.
Large-Cap
Core
Fund *
454,644
26,852
24,531
14,062,377
494,855
Blue
Chip
Growth
Fund (2)
423,212
6,369
13,141
2,479,335
465,743
Growth
Stock
Fund (2)
431,328
909
15,742
4,171,038
465,530
International
Value
Equity
Fund
218,255
2,490
7,722
14,974,111
238,238
International
Stock
Fund
214,736
407
6,232
9,693,430
211,414
Small-Cap
Value
Fund
157,220
210
15,823
2,611,859
166,480
Mid-Cap
Value
Fund
148,866
1,081
10,200
4,719,487
163,341
Mid-Cap
Growth
Fund
150,632
369
5,565
1,280,767
160,339
New
Horizons
Fund (2)
137,840
1,356
7,444
1,595,877
150,858
Real
Assets
Fund
88,194
19,815
4,876
8,236,624
116,878
International
Discovery
Fund
87,825
244
3,508
921,865
90,518
Emerging
Markets
Stock
Fund
75,864
17,956
574
1,687,774
87,089
Total
Equity
Mutual
Funds
(Cost
$2,016,034)
4,376,923
Total
Investments
in
Securities
100.1%
(Cost
$2,016,034)
$
4,376,923
Other
Assets
Less
Liabilities
(0.1)%
(2,853)
Net
Assets
100.0%
$
4,374,070
*
Includes
previously
reported
affiliate,
Growth
and
Income
Fund,
acquired
through
a
corporate
action.
(1)
Each
underlying
Price
Fund
is
an
affiliated
company;
the
fund
is
invested
in
the Z
Class
of
each
underlying
Price
Fund,
except
for
the
Transition
Fund,
if
held,
which
is
a
single
class
fund.
Additional
information
about
each underlying
Price
Fund
is
available
by
calling
1-877-495-1138
and
at www.troweprice.com.
(2)
Non-income
producing
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
2
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
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
nine
months
ended
September
30,
2021.
Net
realized
gain
(loss),
investment
income,
and
change
in
net
unrealized
gain/loss
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Funds:
Blue
Chip
Growth
Fund
$
7,820
$
49,303
$
—
Dividend
Growth
Fund
2,266
54,884
4,884
Emerging
Markets
Stock
Fund
(50)
(6,157)
—
Equity
Income
Fund
3,163
69,865
8,478
Growth
Stock
Fund
15,062
49,035
—
International
Discovery
Fund
1,126
5,957
—
International
Stock
Fund
5,396
2,503
—
International
Value
Equity
Fund
1,005
25,215
—
Mid-Cap
Growth
Fund
570
14,903
—
Mid-Cap
Value
Fund
1,661
23,594
—
New
Horizons
Fund
466
19,106
—
Real
Assets
Fund
329
13,745
—
Small-Cap
Value
Fund
5,632
24,873
—
U.S.
Large-Cap
Core
Fund *
28,357
37,890
731
Value
Fund
7,315
84,593
—
Totals
$
80,118#
$
469,309
$
14,093+
*
Includes
previously
reported
affiliate,
Growth
&
Income
Fund,
acquired
through
a
corporate
action.
#
Capital
gain
distributions
from
mutual
funds
represented
$25,248
of
the
net
realized
gain
(loss).
+
Investment
income
comprised
$14,093
of
income
distributions
from
underlying
Price
Funds.
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
Unaudited
Notes
to
Portfolio
of
Investments
3
T.
Rowe
Price
Spectrum
Diversified
Equity
Fund (the
fund),
formerly
the
T.
Rowe
Price
Spectrum
Growth
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
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.
The
fund’s
financial
instruments
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.
Investments
in
the
underlying
Price
Funds
are
valued
at
their
closing
net
asset
value
per
share
on
the
day
of
valuation.
The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments; determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions; evaluates
the service
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed; and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
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
T.
ROWE
PRICE
Spectrum
Diversified
Equity
Fund
4
Level
2 – inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3 – unobservable
inputs
(including
the
fund's
own
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.
On
September
30,
2021,
all
of
the
fund's
financial
instruments
were
classified
as
Level
1,
based
on
the
inputs
used
to
determine
their
fair
values.
F89-054Q3
09/21