T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
February
28,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.5%
522
Funding
Series 2019-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.33%,
5.988%,
4/15/35 (1)
410,000
402
AGL
Series 2022-17A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.33%,
5.983%,
1/21/35 (1)
310,000
307
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
225,000
207
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
122,000
110
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
135,000
121
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
623,700
605
Ares
LIX
Series 2021-59A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.03%,
5.848%,
4/25/34 (1)
250,000
245
Benefit
Street
Partners
XX
Series 2020-20A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
5.962%,
7/15/34 (1)
250,000
245
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
5.978%,
4/15/35 (1)
410,000
403
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
140,000
125
CarMax
Auto
Owner
Trust
Series 2023-1,
Class
A4
4.65%,
1/16/29
75,000
74
CarMax
Auto
Owner
Trust
Series 2023-1,
Class
B
4.98%,
1/16/29
55,000
54
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
200,000
176
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
5.942%,
7/15/36 (1)
280,000
275
CIFC
Funding
Series 2020-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
5.938%,
10/20/34 (1)
280,000
275
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
5.932%,
7/15/36 (1)
260,000
256
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
126,750
112
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
210,700
179
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
5.892%,
7/17/34 (1)
265,000
260
Exeter
Automobile
Receivables
Trust
Series 2021-3A,
Class
D
1.55%,
6/15/27
105,000
96
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
D
3.02%,
6/15/28
390,000
356
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
425,000
409
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
275,000
271
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
45,000
45
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
500,000
493
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
465,000
460
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
120,000
116
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
239,375
226
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
132,975
107
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
160,000
149
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
175,000
160
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HPS
Loan
Management
Series 2021-16A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
5.955%,
1/23/35 (1)
250,000
245
Jack
in
the
Box
Funding
Series 2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
496,860
439
KKR
Series 33A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
5.978%,
7/20/34 (1)
550,000
541
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
5.948%,
10/15/32 (1)
250,000
247
Morgan
Stanley
Eaton
Vance
Series 2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
6.465%,
10/20/34 (1)
255,000
248
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
149,925
138
Navient
Private
Education
Refi
Loan
Trust
Series 2020-DA,
Class
A
1.69%,
5/15/69 (1)
62,837
57
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69 (1)
41,331
38
Navient
Private
Education
Refi
Loan
Trust
Series 2022-A,
Class
A
2.23%,
7/15/70 (1)
451,522
396
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
5.928%,
10/19/31 (1)
250,000
248
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
5.788%,
1/20/32 (1)
570,000
563
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
5.922%,
7/17/35 (1)
250,000
246
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
6.458%,
7/20/29 (1)
250,000
244
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.18%,
5.996%,
1/24/33 (1)
250,000
246
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
100,000
100
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
5.802%,
7/17/29 (1)
155,406
154
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Palmer
Square
Series 2022-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.32%,
5.959%,
4/20/35 (1)
250,000
247
Planet
Fitness
Master
Issuer
Series 2022-1A,
Class
A2I
3.251%,
12/5/51 (1)
272,938
242
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31 (1)
117,328
113
Santander
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
D
1.33%,
9/15/27
230,000
215
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
155,000
143
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
140,000
137
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
440,000
432
Santander
Drive
Auto
Receivables
Trust
Series 2023-1,
Class
B
4.98%,
2/15/28
185,000
182
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
305,000
287
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
287,492
232
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31 (1)
16,909
16
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
100,113
95
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
240,000
215
Symphony
XXXI
Series 2022-31A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
6.503%,
4/22/35 (1)
250,000
243
Verizon
Master
Trust
Series 2023-1,
Class
C,
STEP
4.98%,
1/22/29
130,000
128
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
5.868%,
10/20/29 (1)
188,405
187
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
World
Omni
Auto
Receivables
Trust
Series 2023-A,
Class
B
5.03%,
5/15/29
210,000
207
Total
Asset-Backed
Securities
(Cost
$15,464)
14,790
BOND
MUTUAL
FUNDS
7.4%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(2.15)% (2)
(3)
554
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.41% (2)(3)
6,008,744
37,795
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.26% (2)(3)
2,206,357
20,563
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.05% (2)(3)
5,072,945
37,996
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.45% (2)(3)
7,815,940
62,371
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(1.84)% (2)(3)
18,496
86
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.94% (2)(3)
8,008,473
64,709
Total
Bond
Mutual
Funds
(Cost
$279,723)
223,526
COMMON
STOCKS
66.4%
COMMUNICATION
SERVICES
4.2%
Diversified
Telecommunication
Services
0.5%
KT
(KRW)
87,277
2,010
Nippon
Telegraph
&
Telephone
(JPY)
330,700
9,582
Verizon
Communications
113,967
4,423
16,015
Entertainment
0.6%
Activision
Blizzard
60,466
4,611
Cinemark
Holdings (4)(5)
26,187
356
Netflix (5)
18,549
5,975
Sea,
ADR (5)
33,003
2,062
Walt
Disney (5)
56,214
5,600
18,604
Interactive
Media
&
Services
2.4%
Alphabet,
Class
A (5)
54,648
4,922
Alphabet,
Class
C (4)(5)
530,355
47,891
Bumble,
Class
A (5)
8,442
204
Meta
Platforms,
Class
A (4)(5)
73,692
12,892
NAVER
(KRW)
9,329
1,466
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tencent
Holdings
(HKD)
75,900
3,334
Vimeo (4)(5)
88,067
337
Z
Holdings
(JPY) (6)
566,800
1,522
72,568
Media
0.3%
CyberAgent
(JPY)
239,600
2,049
Stroeer
(EUR)
21,170
1,186
WPP
(GBP)
351,831
4,327
7,562
Wireless
Telecommunication
Services
0.4%
SoftBank
Group
(JPY)
3,200
129
T-Mobile
U.S. (5)
58,858
8,369
Vodafone
Group,
ADR
231,895
2,776
11,274
Total
Communication
Services
126,023
CONSUMER
DISCRETIONARY
7.1%
Auto
Components
0.4%
Aptiv (5)
9,710
1,129
Autoliv,
SDR
(SEK)
27,227
2,506
Denso
(JPY)
59,300
3,153
Magna
International
63,460
3,536
Stanley
Electric
(JPY)
77,400
1,614
11,938
Automobiles
0.9%
General
Motors
58,600
2,270
Honda
Motor
(JPY)
44,200
1,149
Rivian
Automotive,
Class
A (5)
56,369
1,088
Suzuki
Motor
(JPY)
66,200
2,323
Tesla (5)
69,415
14,280
Toyota
Motor
(JPY)
389,400
5,307
26,417
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (5)
15,550
1,226
Clear
Secure,
Class
A
50,961
1,566
Duolingo (5)
10,349
940
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(7)
13,478
—
Service
Corp
International
16,200
1,094
Strategic
Education
8,078
689
5,515
Hotels,
Restaurants
&
Leisure
1.3%
BJ's
Restaurants (5)
25,558
818
Booking
Holdings (5)
4,080
10,298
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Chipotle
Mexican
Grill (5)
3,473
5,179
Chuy's
Holdings (5)
28,315
1,012
Compass
Group
(GBP)
197,577
4,564
Dutch
Bros,
Class
A (4)(5)
5,340
178
Fiesta
Restaurant
Group (4)(5)
52,039
419
Marriott
Vacations
Worldwide
3,584
548
McDonald's
44,981
11,871
Papa
John's
International
24,934
2,093
Red
Robin
Gourmet
Burgers (4)(5)
12,207
104
Red
Rock
Resorts,
Class
A (4)
11,830
517
Ruth's
Hospitality
Group
6,888
128
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $771 (5)(7)(8)(9)
90,236
362
Wyndham
Hotels
&
Resorts
9,618
741
38,832
Household
Durables
0.3%
Panasonic
Holdings
(JPY)
286,100
2,498
Persimmon
(GBP)
108,503
1,892
Skyline
Champion (5)
16,189
1,108
Sony
Group
(JPY)
58,600
4,900
10,398
Internet
&
Direct
Marketing
Retail
1.4%
Alibaba
Group
Holding,
ADR (4)(5)
6,674
586
Amazon.com (4)(5)
399,332
37,629
ASOS
(GBP) (5)(6)
72,877
762
DoorDash,
Class
A (5)
21,456
1,173
Farfetch,
Class
A (5)
63,965
328
Meituan,
Class
B
(HKD) (5)
8,550
148
Xometry,
Class
A (5)
14,975
455
Zalando
(EUR) (5)
53,343
2,114
43,195
Multiline
Retail
0.6%
Dollar
General
56,879
12,303
Next
(GBP)
34,246
2,817
Ollie's
Bargain
Outlet
Holdings (5)
36,613
2,107
Target
10,673
1,798
19,025
Specialty
Retail
1.4%
Best
Buy
23,200
1,928
Burlington
Stores (5)
12,044
2,580
Five
Below (5)
4,018
821
Floor
&
Decor
Holdings,
Class
A (4)(5)
3,100
285
Home
Depot
23,972
7,109
Kingfisher
(GBP)
1,091,537
3,775
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Monro
24,879
1,255
O'Reilly
Automotive (5)
3,316
2,753
RH (4)(5)
1,601
479
Ross
Stores
90,416
9,994
TJX
54,419
4,168
Ulta
Beauty (5)
10,399
5,395
Warby
Parker,
Class
A (5)
53,546
697
41,239
Textiles,
Apparel
&
Luxury
Goods
0.6%
Dr.
Martens
(GBP)
324,801
620
Kering
(EUR)
5,555
3,257
Lululemon
Athletica (5)
10,485
3,242
Moncler
(EUR)
55,807
3,402
NIKE,
Class
B
41,533
4,934
Samsonite
International
(HKD) (5)
567,000
1,591
Skechers
USA,
Class
A (5)
27,882
1,241
18,287
Total
Consumer
Discretionary
214,846
CONSUMER
STAPLES
4.4%
Beverages
0.9%
Boston
Beer,
Class
A (5)
4,998
1,619
Coca-Cola
68,800
4,094
Coca-Cola
Consolidated
1,089
607
Constellation
Brands,
Class
A
18,020
4,031
Diageo
(GBP)
112,379
4,769
Heineken
(EUR)
31,182
3,178
Keurig
Dr
Pepper
103,163
3,564
Kirin
Holdings
(JPY)
139,200
2,084
PepsiCo
25,000
4,338
28,284
Food
&
Staples
Retailing
0.4%
Fresh
Market,
EC (5)(9)
8,050
—
Seven
&
i
Holdings
(JPY)
116,900
5,226
Walmart
42,024
5,973
Welcia
Holdings
(JPY) (6)
50,200
1,099
12,298
Food
Products
1.7%
Barry
Callebaut
(CHF)
1,209
2,407
General
Mills
48,283
3,839
Hershey
12,043
2,870
Kraft
Heinz
152,927
5,955
Mondelez
International,
Class
A
187,044
12,192
Nestle
(CHF)
135,382
15,254
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Nomad
Foods (5)
32,671
585
Post
Holdings (5)
12,854
1,156
Post
Holdings
Partnering (5)
17,985
181
Simply
Good
Foods (4)(5)
12,300
471
TreeHouse
Foods (5)
11,568
564
Utz
Brands
45,532
747
Wilmar
International
(SGD)
1,274,900
3,725
49,946
Household
Products
0.4%
Kimberly-Clark
17,200
2,151
Procter
&
Gamble
78,952
10,860
13,011
Personal
Products
0.5%
BellRing
Brands (5)
52,475
1,621
L'Oreal
(EUR)
12,457
4,924
Unilever
(GBP)
168,524
8,390
14,935
Tobacco
0.5%
Philip
Morris
International
142,329
13,849
13,849
Total
Consumer
Staples
132,323
ENERGY
2.2%
Energy
Equipment
&
Services
0.2%
Cactus,
Class
A
12,001
551
Liberty
Energy,
Class
A
68,243
1,041
NexTier
Oilfield
Solutions (5)
107,767
984
Worley
(AUD)
305,072
3,101
5,677
Oil,
Gas
&
Consumable
Fuels
2.0%
Chevron
63,191
10,159
Devon
Energy
21,020
1,133
Diamondback
Energy
12,305
1,730
Equinor
(NOK)
226,318
6,928
Exxon
Mobil
158,835
17,458
Kimbell
Royalty
Partners
10,804
167
Kinder
Morgan
315,300
5,379
Magnolia
Oil
&
Gas,
Class
A
84,408
1,844
Range
Resources
9,000
242
Shell,
ADR
65,728
3,994
Southwestern
Energy (5)
23,700
126
TotalEnergies
(EUR)
127,481
7,866
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $21 (5)(7)(9)
7
120
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $279 (5)(7)(9)
77
1,319
Woodside
Energy
Group
(GBP)
22,799
555
59,020
Total
Energy
64,697
FINANCIALS
10.9%
Banks
4.5%
ANZ
Group
Holdings
(AUD)
142,944
2,365
Bank
of
America (4)
620,755
21,292
BankUnited
23,934
848
BNP
Paribas
(EUR)
57,219
4,000
Cadence
Bank
33,436
888
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $64 (5)(7)(9)
605
47
CrossFirst
Bankshares (4)(5)
29,098
412
DBS
Group
Holdings
(SGD)
102,956
2,612
Dime
Community
Bancshares
22,814
699
DNB
Bank
(NOK)
310,840
6,203
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $56 (5)(7)(9)
5,570
100
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $27 (5)(7)(9)
2,736
49
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(7)(9)
831
7
East
West
Bancorp
21,391
1,630
Equity
Bancshares,
Class
A
15,184
456
Erste
Group
Bank
(EUR)
42,700
1,676
FB
Financial
24,732
932
First
Bancshares
20,820
652
Five
Star
Bancorp (4)
15,178
415
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $93 (5)(7)(9)
9,254
37
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(7)(9)
1,736
1
Heritage
Commerce
60,533
733
Home
BancShares
45,498
1,097
ING
Groep
(EUR)
488,942
6,843
Intesa
Sanpaolo
(EUR)
496,872
1,342
JPMorgan
Chase
134,789
19,322
Live
Oak
Bancshares
24,695
854
Lloyds
Banking
Group
(GBP)
4,433,029
2,800
Mitsubishi
UFJ
Financial
Group
(JPY)
420,900
2,984
National
Bank
of
Canada
(CAD)
69,559
5,109
Origin
Bancorp
23,091
875
Pacific
Premier
Bancorp
22,807
739
Pinnacle
Financial
Partners
14,718
1,090
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PNC
Financial
Services
Group
50,970
8,049
Popular
8,453
604
Signature
Bank
10,211
1,175
SouthState
15,287
1,233
Standard
Chartered
(GBP)
212,376
2,010
Sumitomo
Mitsui
Trust
Holdings
(JPY)
53,058
1,966
Svenska
Handelsbanken,
Class
A
(SEK)
360,780
3,827
Texas
Capital
Bancshares (5)
16,971
1,124
U.S.
Bancorp
184,838
8,822
United
Overseas
Bank
(SGD)
211,000
4,677
Veritex
Holdings
22,972
612
Wells
Fargo
247,739
11,587
Western
Alliance
Bancorp
24,586
1,825
136,620
Capital
Markets
1.1%
Bridgepoint
Group
(GBP)
419,067
1,257
Cboe
Global
Markets
10,075
1,271
Charles
Schwab
76,775
5,982
Goldman
Sachs
Group
23,853
8,388
Julius
Baer
Group
(CHF)
48,587
3,221
Macquarie
Group
(AUD)
21,934
2,785
Morgan
Stanley
36,300
3,503
MSCI
2,050
1,071
P10,
Class
A (4)
47,090
507
S&P
Global
10,898
3,718
StepStone
Group,
Class
A
28,410
813
TMX
Group
(CAD)
6,489
647
XP,
Class
A (5)
62,801
780
33,943
Consumer
Finance
0.3%
American
Express
34,331
5,973
Encore
Capital
Group (5)
11,847
613
PRA
Group (5)
24,489
1,042
7,628
Diversified
Financial
Services
0.9%
Berkshire
Hathaway,
Class
B (5)
52,142
15,913
Challenger
(AUD)
245,749
1,233
Conyers
Park
III
Acquisition (5)
26,344
278
Corebridge
Financial
80,058
1,619
Element
Fleet
Management
(CAD)
313,155
4,473
Housing
Development
Finance
(INR)
82,072
2,588
Mitsubishi
HC
Capital
(JPY)
274,700
1,434
27,538
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Insurance
4.0%
AIA
Group
(HKD)
151,600
1,611
Allstate
45,419
5,849
Assurant
11,737
1,495
AXA
(EUR)
269,312
8,486
Axis
Capital
Holdings
29,116
1,768
Chubb
75,200
15,869
Definity
Financial
(CAD)
32,611
858
Direct
Line
Insurance
Group
(GBP)
491,269
1,064
First
American
Financial (4)
10,000
568
Hanover
Insurance
Group
9,170
1,279
Hartford
Financial
Services
Group
78,948
6,180
Kemper
13,321
821
Manulife
Financial
(CAD) (6)
137,472
2,718
Marsh
&
McLennan
26,836
4,351
MetLife
134,335
9,636
Munich
Re
(EUR)
22,217
7,653
PICC
Property
&
Casualty,
Class
H
(HKD)
2,424,000
2,129
Ping
An
Insurance
Group,
Class
H
(HKD)
179,000
1,222
Progressive
87,971
12,626
Sampo,
Class
A
(EUR)
94,805
4,615
Selective
Insurance
Group
25,322
2,571
Storebrand
(NOK)
374,494
3,091
Sun
Life
Financial
(CAD)
92,721
4,481
Tokio
Marine
Holdings
(JPY)
206,200
4,378
Travelers
56,666
10,490
Zurich
Insurance
Group
(CHF)
10,792
5,119
120,928
Thrifts
&
Mortgage
Finance
0.1%
Blue
Foundry
Bancorp (4)(5)
16,017
196
Capitol
Federal
Financial (4)
38,946
327
Essent
Group
11,424
491
Kearny
Financial (4)
32,148
323
PennyMac
Financial
Services
28,419
1,718
3,055
Total
Financials
329,712
HEALTH
CARE
10.6%
Biotechnology
1.1%
AbbVie
27,208
4,187
Abcam,
ADR (5)
70,244
1,012
Agios
Pharmaceuticals (4)(5)
10,146
257
Amgen
20,100
4,656
Apellis
Pharmaceuticals (5)
24,095
1,578
Argenx,
ADR (5)
4,157
1,522
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ascendis
Pharma,
ADR (5)
11,962
1,329
Avid
Bioservices (5)
39,789
655
Biogen (5)
5,531
1,493
Blueprint
Medicines (5)
16,597
703
Cerevel
Therapeutics
Holdings (4)(5)
12,958
346
Crinetics
Pharmaceuticals (5)
7,900
155
CRISPR
Therapeutics (4)(5)
6,445
318
Cytokinetics (5)
11,900
516
Generation
Bio (4)(5)
24,118
95
Genmab
(DKK) (5)
4,062
1,528
HilleVax (4)(5)
6,797
114
Icosavax (4)(5)
19,389
159
Insmed (5)
50,632
1,032
Intellia
Therapeutics (4)(5)
3,477
140
Ionis
Pharmaceuticals (5)
17,400
625
Karuna
Therapeutics (5)
4,836
964
Kura
Oncology (4)(5)
15,906
190
Kymera
Therapeutics (4)(5)
4,964
156
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $7 (5)(7)
5,317
3
Monte
Rosa
Therapeutics (4)(5)
9,820
60
Morphic
Holding (4)(5)
7,397
314
MorphoSys,
ADR (5)
51,626
231
Nkarta (4)(5)
22,996
97
Prometheus
Biosciences (4)(5)
6,203
759
Prothena (4)(5)
7,731
431
RAPT
Therapeutics (4)(5)
11,166
329
Regeneron
Pharmaceuticals (5)
5,208
3,960
Relay
Therapeutics (4)(5)
10,788
174
Repare
Therapeutics (4)(5)
9,774
100
Replimune
Group (4)(5)
5,569
122
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (5)(7)
2,126
9
Scholar
Rock
Holding (4)(5)
25,661
220
Tenaya
Therapeutics (5)
6,070
19
Vaxcyte (4)(5)
5,195
213
Vertex
Pharmaceuticals (5)
7,258
2,107
Verve
Therapeutics (4)(5)
9,420
179
Xencor (5)
17,911
575
Zentalis
Pharmaceuticals (4)(5)
9,856
187
33,819
Health
Care
Equipment
&
Supplies
1.7%
Alcon
(CHF)
20,715
1,412
Align
Technology (5)
2,653
821
Becton
Dickinson
&
Company
34,413
8,072
Elekta,
Class
B
(SEK) (6)
265,170
2,070
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Embecta (4)
28,780
919
EssilorLuxottica
(EUR)
21,187
3,673
GE
HealthCare
Technologies (5)
66,638
5,064
ICU
Medical (5)
7,293
1,244
Intuitive
Surgical (5)
35,200
8,074
Koninklijke
Philips
(EUR)
142,993
2,335
Masimo (5)
5,700
954
Outset
Medical (4)(5)
35,503
810
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264 (5)(7)(9)
70,144
34
Penumbra (5)
4,310
1,121
PROCEPT
BioRobotics (5)
27,196
1,018
QuidelOrtho (5)
11,695
1,017
Siemens
Healthineers
(EUR)
79,221
4,135
STERIS
11,305
2,126
Stryker
17,463
4,591
Teleflex
4,036
961
50,451
Health
Care
Providers
&
Services
3.2%
Alignment
Healthcare (5)
41,421
412
AmerisourceBergen
77,978
12,130
dentalcorp
Holdings
(CAD) (5)(6)
30,246
213
Elevance
Health
57,245
26,886
Fresenius
(EUR)
85,848
2,362
HCA
Healthcare
25,526
6,214
Humana
19,823
9,813
ModivCare (5)
12,195
1,198
Molina
Healthcare (5)
12,869
3,543
Option
Care
Health (5)
32,116
985
Pennant
Group (4)(5)
19,243
289
Privia
Health
Group (5)
29,325
819
U.S.
Physical
Therapy
8,316
843
UnitedHealth
Group
63,918
30,421
96,128
Health
Care
Technology
0.1%
Certara (4)(5)
19,921
361
Doximity,
Class
A (4)(5)
13,654
459
Veeva
Systems,
Class
A (5)
7,938
1,315
2,135
Life
Sciences
Tools
&
Services
1.3%
10X
Genomics,
Class
A (5)
9,700
461
Adaptive
Biotechnologies (4)(5)
11,585
99
Agilent
Technologies
9,557
1,357
Bruker
24,236
1,670
Danaher
58,754
14,544
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Evotec
(EUR) (5)(6)
56,052
1,005
Mettler-Toledo
International (5)
980
1,405
NeoGenomics (4)(5)
42,798
721
Olink
Holding,
ADR (4)(5)
22,052
517
Pacific
Biosciences
of
California (4)(5)
57,365
521
PerkinElmer
1,389
173
Thermo
Fisher
Scientific
31,608
17,124
39,597
Pharmaceuticals
3.2%
Arvinas (4)(5)
5,549
170
Astellas
Pharma
(JPY)
368,100
5,169
AstraZeneca,
ADR (4)
228,928
14,922
Bayer
(EUR)
79,708
4,733
Catalent (5)
17,302
1,180
Eli
Lilly
39,471
12,284
GSK,
ADR
66,787
2,289
Ipsen
(EUR)
8,043
919
Johnson
&
Johnson
93,533
14,335
Merck
86,990
9,242
Novartis
(CHF)
85,549
7,200
Otsuka
Holdings
(JPY)
67,800
2,054
Reata
Pharmaceuticals,
Class
A (4)(5)
4,815
150
Roche
Holding
(CHF)
29,021
8,368
Sanofi
(EUR)
91,682
8,572
Structure
Therapeutics,
ADR (5)
3,364
86
Ventyx
Biosciences (5)
3,400
147
Zoetis
22,955
3,833
95,653
Total
Health
Care
317,783
INDUSTRIALS
&
BUSINESS
SERVICES
6.5%
Aerospace
&
Defense
0.6%
Cadre
Holdings (4)
12,633
271
General
Dynamics
8,164
1,860
L3Harris
Technologies
44,428
9,383
Northrop
Grumman
4,751
2,205
Parsons (5)
26,112
1,176
Safran
(EUR)
22,676
3,202
TransDigm
Group
1,800
1,339
19,436
Airlines
0.0%
Allegiant
Travel (5)
8,674
889
889
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Building
Products
0.1%
Carrier
Global
56,892
2,562
CSW
Industrials
6,544
926
Gibraltar
Industries (5)
7,534
403
3,891
Commercial
Services
&
Supplies
0.1%
Cintas
2,607
1,143
Rentokil
Initial
(GBP)
152,421
938
Stericycle (5)
20,725
988
Tetra
Tech
4,235
580
3,649
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings (4)(5)
8,259
424
424
Electrical
Equipment
1.4%
ABB
(CHF)
153,197
5,098
AMETEK
45,030
6,374
AZZ
27,409
1,114
Eaton
58,681
10,265
Emerson
Electric
16,638
1,376
Hubbell
18,104
4,554
Legrand
(EUR)
43,238
3,994
Mitsubishi
Electric
(JPY)
368,000
4,135
Prysmian
(EUR)
101,514
3,903
Thermon
Group
Holdings (4)(5)
11,597
307���
41,120
Industrial
Conglomerates
1.4%
DCC
(GBP)
40,895
2,271
General
Electric
138,046
11,694
Honeywell
International
26,972
5,165
Melrose
Industries
(GBP)
1,717,588
3,093
Roper
Technologies
10,187
4,382
Siemens
(EUR)
101,966
15,539
42,144
Machinery
0.9%
Cummins
10,214
2,483
Dover
17,596
2,638
Enerpac
Tool
Group
47,690
1,284
EnPro
Industries (4)
4,100
441
Esab
9,632
565
ESCO
Technologies
12,616
1,176
Federal
Signal
27,282
1,440
Graco
14,667
1,020
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Helios
Technologies
16,319
1,105
IDEX
6,408
1,442
Ingersoll
Rand
47,582
2,763
John
Bean
Technologies
8,399
931
KION
Group
(EUR)
48,974
1,918
Marel
(ISK)
51,164
199
Mueller
Water
Products,
Class
A
64,115
889
RBC
Bearings (5)
3,836
882
SMC
(JPY)
2,700
1,372
SPX
Technologies (5)
21,381
1,506
THK
(JPY)
55,500
1,243
Toro
6,557
724
26,021
Professional
Services
0.5%
Booz
Allen
Hamilton
Holding
24,490
2,320
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93 (5)(7)(9)
11,790
91
Clarivate (5)
76,524
775
Huron
Consulting
Group (5)
7,756
544
Legalzoom.com (4)(5)
23,669
193
Recruit
Holdings
(JPY)
94,900
2,545
TechnoPro
Holdings
(JPY)
108,600
2,756
Teleperformance
(EUR)
11,117
2,886
TransUnion
9,642
631
Upwork (4)(5)
20,237
229
Verisk
Analytics
8,753
1,498
14,468
Road
&
Rail
1.0%
Central
Japan
Railway
(JPY)
15,700
1,763
CSX
377,731
11,517
Landstar
System
4,368
790
Norfolk
Southern
16,767
3,769
Old
Dominion
Freight
Line
10,503
3,563
Saia (5)
5,162
1,398
Union
Pacific
28,100
5,825
28,625
Trading
Companies
&
Distributors
0.5%
Air
Lease
21,284
921
Ashtead
Group
(GBP)
55,173
3,651
Beacon
Roofing
Supply (5)
14,719
957
Bunzl
(GBP)
57,151
2,036
Mitsubishi
(JPY)
79,500
2,701
Rush
Enterprises,
Class
A
13,741
779
SiteOne
Landscape
Supply (5)
11,092
1,645
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sumitomo
(JPY)
180,000
3,068
15,758
Total
Industrials
&
Business
Services
196,425
INFORMATION
TECHNOLOGY
15.5%
Communications
Equipment
0.1%
Clearfield (5)
2,271
142
Infinera (4)(5)
34,073
241
LM
Ericsson,
Class
B
(SEK)
613,437
3,397
3,780
Electronic
Equipment,
Instruments
&
Components
0.8%
CTS
32,503
1,408
Hamamatsu
Photonics
(JPY)
52,600
2,581
Largan
Precision
(TWD)
14,000
1,006
Littelfuse
4,857
1,257
Mirion
Technologies (5)
118,887
1,080
Murata
Manufacturing
(JPY)
54,800
2,933
Novanta (5)
5,762
904
Omron
(JPY)
27,900
1,498
PAR
Technology (5)
31,620
1,080
TE
Connectivity
44,600
5,678
Teledyne
Technologies (5)
5,690
2,447
Vontier
31,388
821
22,693
IT
Services
2.8%
Accenture,
Class
A
19,920
5,290
Adyen
(EUR) (5)
2,261
3,205
Affirm
Holdings (5)
25,342
345
Amadeus
IT
Group,
Class
A
(EUR) (5)
40,906
2,572
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,024 (5)(7)(9)
268,681
545
Block,
Class
A (5)
19,552
1,500
Broadridge
Financial
Solutions
12,132
1,708
Fidelity
National
Information
Services
31,900
2,022
Fiserv (5)
99,541
11,456
Mastercard,
Class
A
46,525
16,530
MongoDB (5)
11,919
2,497
NTT
Data
(JPY)
301,200
4,179
Payoneer
Global (5)
152,982
887
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $23 (5)(7)
(9)
472
30
Shopify,
Class
A (5)
65,139
2,680
Snowflake,
Class
A (5)
8,239
1,272
SS&C
Technologies
Holdings
18,862
1,107
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $61 (5)(7)(9)
2,720
49
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Toast,
Class
A (5)
56,981
1,078
Visa,
Class
A
116,179
25,552
84,504
Semiconductors
&
Semiconductor
Equipment
4.7%
Advanced
Micro
Devices (5)
69,931
5,495
Analog
Devices
12,111
2,222
Applied
Materials
55,748
6,475
ASML
Holding
(EUR)
13,418
8,270
ASML
Holding
13,378
8,264
Broadcom
27,066
16,085
Entegris
22,302
1,901
KLA
18,481
7,011
Lam
Research
13,549
6,585
Lattice
Semiconductor (5)
31,506
2,677
Marvell
Technology
47,967
2,166
Micron
Technology (4)
121,697
7,036
Monolithic
Power
Systems
8,171
3,957
NVIDIA
105,258
24,437
NXP
Semiconductors
40,091
7,155
Onto
Innovation (5)
12,882
1,062
Renesas
Electronics
(JPY) (5)
145,200
1,876
Skyworks
Solutions
15,656
1,747
Taiwan
Semiconductor
Manufacturing
(TWD)
583,759
9,658
Taiwan
Semiconductor
Manufacturing,
ADR
23,761
2,069
Texas
Instruments
68,031
11,664
Tokyo
Electron
(JPY)
8,800
3,019
140,831
Software
4.7%
Agilysys (5)
10,900
871
Amplitude,
Class
A (4)(5)
38,645
510
Atlassian,
Class
A (5)
16,000
2,629
Autodesk (5)
12,332
2,450
BILL
Holdings (5)
19,283
1,632
Blackline (5)
13,586
929
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $818 (5)(7)(9)
480
265
Ceridian
HCM
Holding (4)(5)
2,620
191
Clearwater
Analytics
Holdings,
Class
A (4)(5)
6,179
106
Confluent,
Class
A (5)
30,750
750
Crowdstrike
Holdings,
Class
A (5)
6,620
799
Datadog,
Class
A (5)
12,111
927
Descartes
Systems
Group (5)
21,165
1,559
DoubleVerify
Holdings (5)
54,919
1,443
Five9 (5)
19,626
1,295
Fortinet (5)
10,075
599
Gusto,
Acquisition
Date:
10/4/21,
Cost $265 (5)(7)(9)
9,216
174
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Intuit
21,772
8,865
Manhattan
Associates (5)
7,866
1,131
Microsoft (4)
339,610
84,706
nCino (4)(5)
5,140
140
Paycom
Software (5)
3,311
957
Paycor
HCM (5)
28,485
706
SAP
(EUR)
45,304
5,147
ServiceNow (5)
30,105
13,010
Socure,
Acquisition
Date:
12/22/21,
Cost $46 (5)(7)(9)
2,872
22
Synopsys (5)
19,687
7,161
Workiva (5)
14,093
1,257
140,231
Technology
Hardware,
Storage
&
Peripherals
2.4%
Apple (4)
443,296
65,346
Samsung
Electronics
(KRW)
120,693
5,523
70,869
Total
Information
Technology
462,908
MATERIALS
2.3%
Chemicals
1.4%
Air
Liquide
(EUR)
27,366
4,348
Akzo
Nobel
(EUR)
40,253
2,945
Asahi
Kasei
(JPY)
291,600
2,031
BASF
(EUR)
51,164
2,620
Covestro
(EUR)
51,232
2,252
Eastman
Chemical
3,200
273
Element
Solutions
111,981
2,300
HB
Fuller
5,226
365
Johnson
Matthey
(GBP)
102,898
2,699
Linde
15,220
5,302
Nutrien
80,287
6,245
Quaker
Chemical
6,689
1,310
Sherwin-Williams
28,455
6,298
Tosoh
(JPY)
27,000
367
Umicore
(EUR)
69,493
2,316
41,671
Containers
&
Packaging
0.1%
Amcor,
CDI
(AUD)
150,800
1,673
1,673
Metals
&
Mining
0.7%
Antofagasta
(GBP)
173,283
3,269
BHP
Group
(AUD)
49,339
1,493
BHP
Group
(GBP)
125,007
3,805
Compass
Minerals
International
5,800
223
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Constellium (5)
82,949
1,326
ERO
Copper
(CAD) (5)
22,165
348
Franco-Nevada
(CAD)
1,485
190
Haynes
International
16,171
885
IGO
(AUD)
679,309
5,971
Rio
Tinto
(AUD)
16,131
1,261
South32
(AUD)
761,273
2,212
20,983
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
200,588
2,836
West
Fraser
Timber
(CAD)
5,358
402
3,238
Total
Materials
67,565
REAL
ESTATE
1.0%
Equity
Real
Estate
Investment
Trusts
0.8%
Boston
Properties,
REIT
8,900
583
Community
Healthcare
Trust,
REIT (4)
11,418
442
CubeSmart,
REIT
32,007
1,504
EastGroup
Properties,
REIT
13,447
2,195
Equity
LifeStyle
Properties,
REIT (4)
19,261
1,320
Flagship
Communities
REIT
10,032
188
Great
Portland
Estates
(GBP)
247,182
1,685
Independence
Realty
Trust,
REIT
48,548
878
Life
Storage,
REIT
14,000
1,687
Prologis,
REIT
47,152
5,819
Public
Storage,
REIT
6,246
1,867
Rexford
Industrial
Realty,
REIT
24,926
1,507
Scentre
Group
(AUD)
1,121,219
2,239
Terreno
Realty,
REIT
10,056
626
Weyerhaeuser,
REIT
92,976
2,906
25,446
Real
Estate
Management
&
Development
0.2%
Altus
Group
(CAD)
5,575
249
DigitalBridge
Group (4)
25,923
318
FirstService
17,718
2,432
Mitsui
Fudosan
(JPY)
201,600
3,842
Tricon
Residential
84,435
684
7,525
Total
Real
Estate
32,971
UTILITIES
1.7%
Electric
Utilities
0.9%
American
Electric
Power
32,246
2,837
Evergy
33,600
1,976
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FirstEnergy
63,364
2,506
IDACORP
13,116
1,356
MGE
Energy (4)
6,711
475
Southern
278,519
17,563
26,713
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
288,500
945
Chesapeake
Utilities
11,275
1,444
ONE
Gas
6,763
542
Southwest
Gas
Holdings
22,017
1,388
4,319
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY)
113,200
1,804
NextEra
Energy
Partners
11,550
765
2,569
Multi-Utilities
0.6%
Ameren
25,778
2,132
DTE
Energy
13,066
1,434
Engie
(EUR)
390,681
5,701
National
Grid
(GBP)
284,200
3,567
Sempra
Energy
26,808
4,020
16,854
Water
Utilities
0.0%
California
Water
Service
Group
11,984
686
SJW
Group
9,971
762
1,448
Total
Utilities
51,903
Total
Miscellaneous
Common
Stocks
0.0% (10)
1,776
Total
Common
Stocks
(Cost
$1,375,007)
1,998,932
CONVERTIBLE
PREFERRED
STOCKS
0.3%
CONSUMER
DISCRETIONARY
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $417 (5)(7)(9)
16,822
539
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $286 (5)(7)
(9)
7,601
243
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159 (5)(7)(8)
(9)
17,718
71
853
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Internet
&
Direct
Marketing
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $242 (5)(7)(9)
41,545
76
76
Total
Consumer
Discretionary
929
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $221 (5)(7)(9)
11,951
598
Total
Consumer
Staples
598
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $224 (5)(7)(9)
2,133
165
Total
Financials
165
HEALTH
CARE
0.1%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $107 (5)(7)(9)
38,898
256
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $180 (5)(7)(9)
22,236
146
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $41 (5)(7)
32
18
Leap
Therapeutics,
Hold-Back
Shares,
Acquisition
Date:
9/28/20,
Cost $5 (5)(7)
4
2
422
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $120 (5)(7)(9)
118,345
120
120
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223 (5)(7)(9)
92,428
213
213
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $118 (5)(7)(9)
10,046
118
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $128 (5)(7)(9)
14,444
81
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $161 (5)(7)(9)
11,776
715
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $262 (5)(7)(9)
5,896
358
1,272
Total
Health
Care
2,027
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $129 (5)(7)(9)
2,868
92
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $283 (5)(7)(9)
50,717
255
347
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119 (5)(7)(9)
9,815
200
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $75 (5)(7)(9)
3,669
75
275
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $139 (5)(7)(9)
6,676
89
89
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67 (5)(7)(9)
14,736
113
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263 (5)(7)(9)
26,046
201
314
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $148 (5)(7)(9)
20,804
108
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $224 (5)(7)(9)
16,522
85
193
Total
Industrials
&
Business
Services
1,218
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $98 (5)(7)(9)
6,732
127
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $45 (5)(7)(9)
2,367
45
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (5)
(7)(9)
7
—
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $87 (5)(7)
(9)
3,321
209
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $22 (5)(7)
(9)
204
13
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $14 (5)(7)(9)
610
11
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (5)(7)(9)
60
1
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $2 (5)
(7)(9)
70
1
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $174 (5)(7)(9)
7,740
138
545
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $51 (5)(7)(9)
30
17
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (5)(7)(9)
2
1
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260 (5)(7)(9)
4,398
264
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $765 (5)(7)
(9)
10,416
625
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $380 (5)(7)(9)
12,516
236
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $271 (5)
(7)(9)
20,748
288
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $124 (5)(7)(9)
5,932
82
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $118 (5)(7)(9)
23,436
114
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $126 (5)(7)(9)
20,060
208
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $16 (5)(7)(9)
1,875
19
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $56 (5)(7)(9)
3,491
26
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $46 (5)(7)(9)
2,865
22
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $1 (5)(7)(9)
52
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $107 (5)(7)(9)
6,640
50
1,952
Total
Information
Technology
2,497
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $159 (5)(7)(9)
3,356
262
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217 (5)(7)(9)
5,247
163
425
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $144 (5)(7)(9)
5,255
225
225
Total
Materials
650
Total
Convertible
Preferred
Stocks
(Cost
$7,629)
8,084
CORPORATE
BONDS
1.9%
AbbVie,
3.20%,
11/21/29
1,105,000
978
AbbVie,
4.05%,
11/21/39
355,000
300
AbbVie,
4.875%,
11/14/48
292,000
268
AerCap
Ireland
Capital,
2.45%,
10/29/26
240,000
211
AerCap
Ireland
Capital,
4.875%,
1/16/24
435,000
431
AerCap
Ireland
Capital,
6.50%,
7/15/25
155,000
155
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
AIA
Group,
3.90%,
4/6/28 (1)(6)
490,000
464
Aker
BP,
2.875%,
1/15/26 (1)
240,000
223
Alexandria
Real
Estate
Equities,
3.375%,
8/15/31
255,000
224
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28
280,000
264
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
50,000
48
Ally
Financial,
4.75%,
6/9/27
565,000
538
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25
1
—
Amgen,
4.875%,
3/1/53
230,000
205
Amgen,
5.25%,
3/2/30
145,000
144
Amgen,
5.65%,
3/2/53
110,000
109
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50
94,000
83
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
210,000
211
Aon,
2.80%,
5/15/30
80,000
68
APA
Infrastructure,
4.25%,
7/15/27 (1)(6)
520,000
502
Arrow
Electronics,
4.00%,
4/1/25
230,000���
222
Astrazeneca
Finance,
1.75%,
5/28/28
200,000
171
AT&T,
3.50%,
9/15/53
585,000
399
Ausgrid
Finance,
4.35%,
8/1/28 (1)
205,000
191
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.862%,
9/14/26 (11)
200,000
198
Bank
of
America,
3.248%,
10/21/27
475,000
437
Bank
of
America,
VR,
1.898%,
7/23/31 (11)
1,635,000
1,276
Bank
of
America,
VR,
1.922%,
10/24/31 (11)
600,000
465
Bank
of
America,
VR,
2.592%,
4/29/31 (11)
10,000
8
Bank
of
America,
VR,
3.419%,
12/20/28 (11)
25,000
23
Bank
of
America,
VR,
3.559%,
4/23/27 (11)
95,000
89
Bank
of
America,
VR,
4.271%,
7/23/29 (11)
330,000
310
Bank
of
Ireland
Group,
VR,
6.253%,
9/16/26 (1)(11)
200,000
200
Bank
of
Nova
Scotia,
4.85%,
2/1/30
300,000
291
Barclays,
VR,
2.852%,
5/7/26 (11)
300,000
281
Barclays,
VR,
3.932%,
5/7/25 (11)
235,000
228
Barclays,
VR,
5.501%,
8/9/28 (11)
200,000
196
BAT
Capital,
3.557%,
8/15/27
665,000
606
BAT
International
Finance,
1.668%,
3/25/26 (6)
85,000
75
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
98
Becton
Dickinson
&
Company,
3.70%,
6/6/27
225,000
213
Becton
Dickinson
&
Company,
4.298%,
8/22/32
70,000
65
Berkshire
Hathaway
Finance,
2.50%,
1/15/51
320,000
200
Berkshire
Hathaway
Finance,
2.85%,
10/15/50
105,000
72
Berkshire
Hathaway
Finance,
3.85%,
3/15/52
105,000
85
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(11)
595,000
526
BNP
Paribas,
VR,
3.052%,
1/13/31 (1)(11)
375,000
316
Boardwalk
Pipelines,
3.40%,
2/15/31
225,000
191
Boardwalk
Pipelines,
4.45%,
7/15/27
40,000
38
Boardwalk
Pipelines,
5.95%,
6/1/26
250,000
250
Booking
Holdings,
4.625%,
4/13/30
100,000
97
Brixmor
Operating
Partnership,
4.05%,
7/1/30
125,000
110
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Brixmor
Operating
Partnership,
4.125%,
5/15/29
504,000
454
Broadcom,
4.11%,
9/15/28
75,000
71
CaixaBank,
VR,
6.208%,
1/18/29 (1)(11)
260,000
259
Capital
One
Financial,
VR,
2.359%,
7/29/32 (11)
345,000
253
Capital
One
Financial,
VR,
3.273%,
3/1/30 (11)
130,000
112
Capital
One
Financial,
VR,
5.247%,
7/26/30 (11)
75,000
72
Capital
One
Financial,
VR,
5.468%,
2/1/29 (11)
410,000
402
Carvana,
10.25%,
5/1/30 (1)
1,295,000
809
Celanese
U.S.
Holdings,
6.05%,
3/15/25
240,000
239
Celanese
U.S.
Holdings,
6.165%,
7/15/27
155,000
154
Centene,
2.625%,
8/1/31
685,000
532
Charter
Communications
Operating,
2.25%,
1/15/29
160,000
129
Charter
Communications
Operating,
3.75%,
2/15/28
425,000
383
Charter
Communications
Operating,
4.20%,
3/15/28
310,000
284
Charter
Communications
Operating,
5.125%,
7/1/49
85,000
66
Charter
Communications
Operating,
6.484%,
10/23/45
50,000
46
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29
30,000
27
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
70,000
69
Citigroup,
VR,
3.07%,
2/24/28 (11)
280,000
254
Citigroup,
VR,
3.106%,
4/8/26 (11)
215,000
204
Citigroup,
VR,
5.61%,
9/29/26 (11)
350,000
350
CNO
Financial
Group,
5.25%,
5/30/25
79,000
78
Comcast,
3.25%,
11/1/39
300,000
233
Corebridge
Financial,
3.90%,
4/5/32 (1)
80,000
70
Crown
Castle,
2.25%,
1/15/31
585,000
468
Crown
Castle,
2.90%,
3/15/27
70,000
64
Crown
Castle,
5.00%,
1/11/28
160,000
157
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
355,000
333
CSL
Finance,
4.05%,
4/27/29 (1)
135,000
126
CVS
Health,
3.25%,
8/15/29
75,000
66
CVS
Health,
5.05%,
3/25/48
491,000
440
CVS
Health,
5.625%,
2/21/53
225,000
218
Daimler
Truck
Finance
North
America,
5.125%,
1/19/28 (1)
150,000
148
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(11)
260,000
247
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(11)
200,000
196
Danske
Bank,
VR,
4.298%,
4/1/28 (1)(11)
230,000
217
Discover
Financial
Services,
4.10%,
2/9/27
165,000
156
Duke
Energy,
5.00%,
8/15/52
225,000
200
Ecolab,
4.80%,
3/24/30
15,000
15
Edison
International,
4.95%,
4/15/25
15,000
15
EDP
Finance,
6.30%,
10/11/27 (1)
200,000
206
Elevance
Health,
5.125%,
2/15/53
115,000
109
Enel
Finance
America,
7.10%,
10/14/27 (1)
200,000
209
Enel
Finance
International,
6.80%,
10/14/25 (1)
200,000
205
Energy
Transfer,
2.90%,
5/15/25
465,000
439
Energy
Transfer,
4.50%,
4/15/24
30,000
30
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Energy
Transfer,
6.00%,
6/15/48
105,000
96
Energy
Transfer,
6.25%,
4/15/49
95,000
90
Eni,
Series X-R,
4.75%,
9/12/28 (1)
360,000
350
Enterprise
Products
Operating,
2.80%,
1/31/30
80,000
68
Enterprise
Products
Operating,
3.20%,
2/15/52
150,000
100
Equifax,
5.10%,
12/15/27
170,000
168
Equitable
Holdings,
4.35%,
4/20/28
525,000
498
FedEx,
2.40%,
5/15/31
251,000
204
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30 (11)
75,000
72
Fiserv,
3.50%,
7/1/29
80,000
71
General
Motors,
4.20%,
10/1/27
40,000
38
General
Motors,
5.60%,
10/15/32
75,000
71
General
Motors
Financial,
4.00%,
10/6/26
100,000
95
General
Motors
Financial,
4.35%,
4/9/25
85,000
83
GLP
Capital,
3.35%,
9/1/24
60,000
58
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (11)
780,000
626
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (11)
275,000
256
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (11)
405,000
388
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
25,000
24
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
70,000
63
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
30,000
26
Hasbro,
3.55%,
11/19/26
120,000
112
HCA,
2.375%,
7/15/31
100,000
78
HCA,
3.125%,
3/15/27 (1)
115,000
105
HCA,
3.375%,
3/15/29 (1)
45,000
39
HCA,
3.50%,
9/1/30
199,000
171
HCA,
5.375%,
9/1/26
95,000
93
HCA,
5.875%,
2/15/26
345,000
345
Healthcare
Realty
Holdings,
2.05%,
3/15/31
95,000
69
Healthcare
Realty
Holdings,
3.625%,
1/15/28
260,000
233
HSBC
Holdings,
VR,
2.099%,
6/4/26 (11)
390,000
359
HSBC
Holdings,
VR,
2.999%,
3/10/26 (11)
280,000
265
HSBC
Holdings,
VR,
4.755%,
6/9/28 (11)
485,000
464
HSBC
Holdings,
VR,
5.21%,
8/11/28 (11)
245,000
240
Humana,
3.70%,
3/23/29
85,000
77
Humana,
4.875%,
4/1/30
265,000
259
Humana,
5.50%,
3/15/53
100,000
97
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
120,000
109
Hyundai
Capital
America,
2.10%,
9/15/28 (1)
210,000
174
ING
Groep,
VR,
1.726%,
4/1/27 (11)
200,000
178
Intercontinental
Exchange,
4.35%,
6/15/29
250,000
242
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (11)
285,000
252
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (11)
295,000
258
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (11)
70,000
58
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (11)
185,000
156
JPMorgan
Chase,
VR,
2.947%,
2/24/28 (11)
275,000
250
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (11)
570,000
479
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (11)
120,000
111
JPMorgan
Chase,
VR,
4.851%,
7/25/28 (11)
220,000
214
KBC
Group,
VR,
5.796%,
1/19/29 (1)(11)
460,000
454
Kilroy
Realty,
3.45%,
12/15/24
470,000
450
Kookmin
Bank,
4.50%,
2/1/29
350,000
329
Las
Vegas
Sands,
3.50%,
8/18/26
95,000
86
Lowe's,
4.25%,
4/1/52
140,000
110
Lowe's,
5.625%,
4/15/53
80,000
76
LSEGA
Financing,
2.00%,
4/6/28 (1)
750,000
646
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000
166
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
151
Marriott
International,
5.00%,
10/15/27
185,000
183
Marsh
&
McLennan,
2.25%,
11/15/30
85,000
69
Micron
Technology,
4.185%,
2/15/27
41,000
39
Micron
Technology,
4.975%,
2/6/26
200,000
197
Micron
Technology,
5.327%,
2/6/29
115,000
111
Micron
Technology,
6.75%,
11/1/29
110,000
113
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
220,500
220
Mitsubishi
UFJ
Financial
Group,
VR,
5.354%,
9/13/28 (11)
235,000
232
Morgan
Stanley,
VR,
1.593%,
5/4/27 (11)
120,000
106
Morgan
Stanley,
VR,
3.591%,
7/22/28 (11)
95,000
88
Morgan
Stanley,
VR,
3.772%,
1/24/29 (11)
139,000
128
Morgan
Stanley,
VR,
4.431%,
1/23/30 (11)
95,000
89
Morgan
Stanley,
VR,
5.123%,
2/1/29 (11)
345,000
339
NatWest
Group,
VR,
7.472%,
11/10/26 (6)(11)
200,000
208
Netflix,
4.625%,
5/15/29
(EUR) (6)
290,000
304
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
205,000
162
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
205,000
134
NextEra
Energy
Capital
Holdings,
5.00%,
7/15/32
70,000
67
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
95,000
90
Nordea
Bank,
5.375%,
9/22/27 (1)
200,000
199
NRG
Energy,
4.45%,
6/15/29 (1)
85,000
76
NTT
Finance,
1.591%,
4/3/28 (1)
295,000
249
NTT
Finance,
2.065%,
4/3/31 (1)
200,000
162
NXP,
2.70%,
5/1/25
20,000
19
NXP,
3.15%,
5/1/27
40,000
36
NXP,
5.35%,
3/1/26
105,000
104
Oracle,
2.30%,
3/25/28
160,000
139
Oracle,
5.55%,
2/6/53
95,000
87
Pacific
Gas
&
Electric,
2.10%,
8/1/27
105,000
89
Pacific
Gas
&
Electric,
2.50%,
2/1/31
205,000
159
Pacific
Gas
&
Electric,
4.55%,
7/1/30
195,000
176
Pacific
Gas
&
Electric,
5.90%,
6/15/32
80,000
77
Parker-Hannifin,
4.25%,
9/15/27
85,000
81
Parker-Hannifin,
4.50%,
9/15/29
90,000
86
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
PerkinElmer,
1.90%,
9/15/28
185,000
154
PerkinElmer,
2.25%,
9/15/31
100,000
77
PerkinElmer,
3.30%,
9/15/29
99,000
86
Philip
Morris
International,
5.125%,
2/15/30
150,000
147
Philip
Morris
International,
5.625%,
11/17/29
65,000
66
PNC
Financial
Services
Group,
2.55%,
1/22/30
80,000
68
Realty
Income,
3.95%,
8/15/27
80,000
76
Regency
Centers,
3.60%,
2/1/27
660,000
620
Reynolds
American,
4.45%,
6/12/25
57,000
55
Rogers
Communications,
3.20%,
3/15/27 (1)
99,000
91
Rogers
Communications,
3.80%,
3/15/32 (1)
150,000
131
Rogers
Communications,
4.35%,
5/1/49
20,000
16
Rogers
Communications,
4.55%,
3/15/52 (1)
370,000
295
Ross
Stores,
1.875%,
4/15/31
260,000
204
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
215,000
201
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
545,000
531
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
15,000
15
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (11)
175,000
152
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (11)
545,000
486
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
290,000
247
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
40,000
34
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
235,000
182
Sempra
Energy,
3.70%,
4/1/29
75,000
68
Sherwin-Williams,
2.95%,
8/15/29
285,000
247
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
210,000
204
Southern
California
Edison,
5.70%,
3/1/53
115,000
115
Southern
California
Edison,
Series D,
4.70%,
6/1/27
170,000
166
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(11)
615,000
547
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(11)
200,000
193
T-Mobile
USA,
2.05%,
2/15/28
275,000
235
T-Mobile
USA,
3.75%,
4/15/27
1,225,000
1,151
Targa
Resources
Partners,
5.50%,
3/1/30
320,000
303
Targa
Resources
Partners,
6.875%,
1/15/29
90,000
91
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28
90,000
85
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
25,000
21
Transurban
Finance,
2.45%,
3/16/31 (1)
535,000
422
Transurban
Finance,
3.375%,
3/22/27 (1)
255,000
234
Trinity
Acquisition,
4.40%,
3/15/26
195,000
187
Truist
Financial,
VR,
4.123%,
6/6/28 (11)
260,000
248
UBS
Group,
VR,
4.751%,
5/12/28 (1)(11)
200,000
192
UBS
Group,
VR,
5.711%,
1/12/27 (1)(11)
225,000
225
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28
70,311
60
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32
44,226
37
UnitedHealth
Group,
2.00%,
5/15/30
1,355,000
1,112
UnitedHealth
Group,
5.875%,
2/15/53
185,000
199
Utah
Acquisition
Sub,
3.95%,
6/15/26
445,000
416
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verizon
Communications,
2.10%,
3/22/28
165,000
142
Verizon
Communications,
2.55%,
3/21/31
430,000
351
Verizon
Communications,
2.65%,
11/20/40
220,000
149
Verizon
Communications,
3.55%,
3/22/51
280,000
201
Vistra
Operations,
3.55%,
7/15/24 (1)
405,000
389
Vistra
Operations,
5.125%,
5/13/25 (1)
250,000
243
Vodafone
Group,
4.875%,
6/19/49
43,000
37
Volkswagen
Bank,
2.50%,
7/31/26
(EUR)
100,000
100
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27 (1)
245,000
207
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
785,000
724
Volkswagen
Group
of
America
Finance,
4.60%,
6/8/29 (1)
200,000
191
Warnermedia
Holdings,
3.755%,
3/15/27 (1)
365,000
333
Warnermedia
Holdings,
4.054%,
3/15/29 (1)
130,000
116
Wells
Fargo,
4.30%,
7/22/27
175,000
169
Wells
Fargo,
VR,
2.393%,
6/2/28 (11)
670,000
591
Wells
Fargo,
VR,
2.572%,
2/11/31 (11)
1,840,000
1,532
Wells
Fargo,
VR,
2.879%,
10/30/30 (11)
500,000
426
Westlake,
1.625%,
7/17/29
(EUR)
100,000
86
Woodside
Finance,
3.65%,
3/5/25 (1)
240,000
231
Woodside
Finance,
3.70%,
9/15/26 (1)
195,000
183
Woodside
Finance,
3.70%,
3/15/28 (1)
515,000
471
Workday,
3.70%,
4/1/29
55,000
50
Xcel
Energy,
3.40%,
6/1/30
255,000
224
Total
Corporate
Bonds
(Cost
$63,660)
57,023
EQUITY
MUTUAL
FUNDS
14.4%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
5,417,694
176,563
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (2)
7,699,373
72,913
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
8,841,065
121,299
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class (2)
2,130,492
62,637
Total
Equity
Mutual
Funds
(Cost
$436,151)
433,412
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.0%
NBN,
2.625%,
5/5/31 (1)
210,000
171
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$210)
171
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.5%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
5.461%,
9/15/34 (1)
167,534
164
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
24,937
23
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49 (1)
5,492
5
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-2,
Class
A20,
CMO,
ARM,
2.50%,
6/25/51 (1)
405,266
317
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51 (1)
272,076
213
BBCCRE
Trust,
Series 2015-GTP,
Class
C,
ARM,
4.548%,
8/10/33 (1)
340,000
306
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.836%,
11/15/34 (1)
135,000
114
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
140,728
123
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
USD
LIBOR
+
1.00%,
5.588%,
4/15/34 (1)
305,000
300
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
7.703%,
6/15/27 (1)
205,000
204
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
USD
LIBOR
+
1.297%,
5.885%,
10/15/36 (1)
150,000
146
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
B,
ARM,
1M
TSFR
+
2.092%,
6.655%,
3/15/35 (1)
280,000
276
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
270,686
212
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41 (1)
120,000
97
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41 (1)
100,000
79
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
112,960
92
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
6.238%,
11/15/37 (1)
113,044
112
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65 (1)
21,286
20
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
33,827
31
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
124,807
117
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
480,000
451
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
B,
ARM,
3.413%,
10/10/29 (1)
170,000
159
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
5.617%,
2/25/30
89,960
90
Connecticut
Avenue
Securities,
Series 2021-R03,
Class
1M2,
CMO,
ARM,
SOFR30A
+
1.65%,
6.134%,
12/25/41 (1)
170,000
163
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Connecticut
Avenue
Securities,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
5.484%,
12/25/41 (1)
89,979
89
Connecticut
Avenue
Securities,
Series 2022-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
1.20%,
5.684%,
1/25/42 (1)
440,781
436
Connecticut
Avenue
Securities,
Series 2022-R03,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.10%,
6.584%,
3/25/42 (1)
240,697
241
Connecticut
Avenue
Securities,
Series 2022-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.00%,
6.484%,
3/25/42 (1)
194,085
195
Connecticut
Avenue
Securities
Trust,
Series 2022-R06,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.75%,
7.234%,
5/25/42 (1)
100,464
102
Connecticut
Avenue
Securities
Trust,
Series 2022-R07,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.95%,
7.442%,
6/25/42 (1)
111,539
114
Connecticut
Avenue
Securities
Trust,
Series 2023-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.40%,
6.892%,
12/25/42 (1)
406,388
409
Connecticut
Avenue
Securities
Trust,
Series 2023-R02,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.30%,
6.792%,
1/25/43 (1)
371,372
374
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
122,165
110
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
1M
USD
LIBOR
+
0.70%,
5.288%,
6/15/34 (1)
360,000
355
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.072%,
9/15/45 (1)
285,000
206
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.209%,
4/25/66 (1)
72,415
62
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
ARM,
4.00%,
8/1/32 (1)
255,287
250
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
5.356%,
3/25/50 (1)
42,327
39
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
7/25/51 (1)
269,506
217
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
17,394
16
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
67,487
61
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
11,317
11
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
154,366
149
GCAT
Trust,
Series 2021-NQM4,
Class
A3,
CMO,
ARM,
1.556%,
8/25/66 (1)
94,632
72
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
TSFR
+
1.148%,
5.71%,
12/15/36 (1)
225,000
222
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
3.059%,
7/25/44 (1)
3,257
3
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.929%,
10/25/50 (1)
170,739
145
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
208,800
163
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
208,585
163
Hundred
Acre
Wood
Trust,
Series 2021-INV1,
Class
A27,
CMO,
ARM,
2.50%,
7/25/51 (1)
335,491
262
Hundred
Acre
Wood
Trust,
Series 2021-INV2,
Class
A27,
CMO,
ARM,
2.50%,
10/25/51 (1)
122,267
96
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
96,294
76
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
80,000
72
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
50,685
45
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
58,794
51
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.583%,
12/25/50 (1)
160,391
132
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
5,786
5
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
13,019
12
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.284%,
6/25/50 (1)
161,118
134
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
USD
LIBOR
+
1.35%,
5.938%,
8/15/38 (1)
446,771
421
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
ARM,
2.75%,
7/25/59 (1)
12,818
13
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C18,
Class
300A,
3.749%,
8/15/31
125,000
118
MSCG
Trust,
Series 2018-SELF,
Class
A,
ARM,
1M
USD
LIBOR
+
0.90%,
5.488%,
10/15/37 (1)
214,760
213
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
170,565
133
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59 (1)
38,399
35
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59 (1)
29,440
27
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
121,958
107
OBX
Trust,
Series 2021-NQM3,
Class
A1,
CMO,
ARM,
1.054%,
7/25/61 (1)
148,543
115
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.442%,
4/25/43
83,873
77
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.781%,
8/25/47 (1)
109,895
100
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
24,970
23
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
6,572
6
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
16,835
16
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48 (1)
2,168
2
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
7,103
7
SMRT,
Series 2022-MINI,
Class
C,
ARM,
1M
TSFR
+
1.55%,
6.113%,
1/15/39 (1)
285,000
277
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.85%,
6.467%,
2/25/50 (1)
250,121
252
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
6.784%,
8/25/33 (1)
125,000
125
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA1,
Class
M1B,
CMO,
ARM,
SOFR30A
+
1.85%,
6.334%,
1/25/42 (1)
270,000
259
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA4,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.20%,
6.684%,
5/25/42 (1)
183,926
186
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA5,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.95%,
7.434%,
6/25/42 (1)
378,712
388
Toorak
Mortgage,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
1.153%,
7/25/56 (1)
135,005
114
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
ARM,
2.75%,
10/25/56 (1)
5,376
5
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
ARM,
2.75%,
4/25/57 (1)
5,311
5
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
ARM,
1M
USD
LIBOR
+
0.60%,
4.202%,
2/25/57 (1)
15,836
16
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
ARM,
1M
USD
LIBOR
+
1.00%,
5.617%,
10/25/59 (1)
60,802
61
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
218,742
171
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
23,978
23
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59 (1)
84,723
82
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
95
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
131,083
105
Verus
Securitization
Trust,
Series 2023-INV1,
Class
A1,
CMO,
ARM,
5.999%,
2/25/68 (1)
340,000
340
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
370,000
336
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
615,000
541
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.501%,
9/15/31 (1)
100,000
88
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2020-RR1,
Class
A17,
CMO,
ARM,
3.00%,
5/25/50 (1)
22,797
19
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
100,000
86
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$15,281)
13,890
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR) (5)
28,688
3,457
Total
Consumer
Discretionary
3,457
Total
Preferred
Stocks
(Cost
$2,312)
3,457
PRIVATE
INVESTMENT
COMPANIES
2.0%
Blackstone
Partners
Offshore
Fund (5)(9)
27,065
60,746
Total
Private
Investment
Companies
(Cost
$42,103)
60,746
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
1.9%
U.S.
Government
Agency
Obligations
1.3%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
65,012
61
3.00%,
12/1/42
-
2/1/47
303,360
274
3.50%,
8/1/42
-
3/1/46
500,699
469
4.00%,
10/1/40
-
12/1/41
108,668
104
4.50%,
6/1/39
-
5/1/42
149,620
150
5.00%,
1/1/24
-
8/1/40
43,256
42
5.50%,
1/1/40
92
—
6.00%,
3/1/33
-
8/1/38
42,599
43
6.50%,
3/1/32
-
9/1/32
2,317
2
7.00%,
6/1/32
416
—
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
3.975%,
7/1/35
453
—
12M
USD
LIBOR
+
1.785%,
4.035%,
2/1/37
576
1
12M
USD
LIBOR
+
1.828%,
4.203%,
2/1/37
5,131
5
12M
USD
LIBOR
+
1.842%,
4.091%,
1/1/37
3,955
4
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
109,703
20
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
Home
Loan
Mortgage,
UMBS
2.00%,
3/1/42
-
9/1/52
4,963,285
4,061
2.50%,
7/1/37
-
5/1/52
4,302,492
3,691
3.00%,
5/1/31
-
8/1/52
2,886,815
2,589
3.50%,
6/1/47
-
8/1/52
817,548
756
4.00%,
8/1/37
-
5/1/52
421,274
404
4.50%,
5/1/50
25,870
25
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
41,898
37
3.50%,
6/1/42
-
5/1/46
335,304
311
4.00%,
11/1/40
106,917
102
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.77%,
4.145%,
12/1/35
695
1
12M
USD
LIBOR
+
1.892%,
4.142%,
12/1/35
1,760
2
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
698
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
1,760,293
1,505
2.00%,
8/1/37
-
6/1/52
8,578,693
7,064
2.50%,
8/1/30
-
4/1/52
6,790,875
5,834
3.00%,
1/1/27
-
4/1/51
4,170,415
3,774
3.50%,
2/1/35
-
8/1/52
2,565,597
2,392
4.00%,
7/1/35
-
9/1/52
2,373,554
2,270
4.50%,
7/1/39
-
8/1/52
1,864,562
1,820
5.00%,
9/1/23
-
10/1/52
961,328
961
5.50%,
9/1/23
-
9/1/41
242,844
248
6.00%,
2/1/33
-
2/1/53
1,728,323
1,766
6.50%,
7/1/32
-
5/1/40
69,639
72
UMBS,
TBA (12)
2.00%,
3/1/38
75,000
67
6.50%,
3/1/53
200,000
205
41,132
U.S.
Government
Obligations
0.6%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
262,761
226
2.00%,
3/20/51
-
3/20/52
3,457,269
2,905
2.50%,
8/20/50
-
3/20/52
3,263,357
2,826
3.00%,
9/15/42
-
6/20/52
2,697,325
2,425
3.50%,
12/20/42
-
10/20/49
1,753,280
1,639
4.00%,
7/20/42
-
10/20/52
1,576,424
1,501
4.50%,
11/20/39
-
10/20/52
1,234,196
1,210
5.00%,
7/20/39
-
6/20/49
555,394
558
5.50%,
1/20/36
-
12/20/52
2,002,090
2,018
6.00%,
12/20/38
16,423
17
6.50%,
3/15/26
-
12/20/52
150,244
154
7.00%,
1/20/53
184,797
190
8.00%,
10/20/25
27
—
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
28,528
27
3.50%,
10/20/50
135,000
115
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
24,952
4
4.00%,
5/20/37
-
2/20/43
17,539
2
Government
National
Mortgage
Assn.,
TBA (12)
6.00%,
3/20/53
545,000
553
6.50%,
3/20/53
715,000
732
17,102
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$62,855)
58,234
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
2.1%
U.S.
Treasury
Obligations
2.1%
U.S.
Treasury
Bonds,
3.00%,
8/15/52 (13)
4,900,000
4,122
U.S.
Treasury
Bonds,
3.375%,
8/15/42
6,125,000
5,512
U.S.
Treasury
Bonds,
3.625%,
2/15/53
4,330,000
4,122
U.S.
Treasury
Bonds,
3.875%,
2/15/43
2,195,000
2,130
U.S.
Treasury
Bonds,
4.00%,
11/15/42
4,305,000
4,243
U.S.
Treasury
Bonds,
4.00%,
11/15/52
4,375,000
4,452
U.S.
Treasury
Notes,
1.75%,
3/15/25
5,030,000
4,733
U.S.
Treasury
Notes,
2.25%,
1/31/24
1,205,000
1,174
U.S.
Treasury
Notes,
2.75%,
2/15/24
4,420,000
4,321
U.S.
Treasury
Notes,
3.00%,
7/15/25
8,135,000
7,832
U.S.
Treasury
Notes,
3.875%,
11/30/27
5,950,000
5,865
U.S.
Treasury
Notes,
3.875%,
11/30/29
2,130,000
2,103
U.S.
Treasury
Notes,
4.125%,
9/30/27
5,910,000
5,880
U.S.
Treasury
Notes,
4.125%,
11/15/32 (13)
5,645,000
5,736
62,225
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$64,035)
62,225
SHORT-TERM
INVESTMENTS
2.5%
Money
Market
Funds
2.5%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.60% (2)(14)
76,533,021
76,533
Total
Short-Term
Investments
(Cost
$76,533)
76,533
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.3%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.3%
Money
Market
Funds
0.3%
T.
Rowe
Price
Government
Reserve
Fund,
4.60% (2)(14)
7,940,124
7,940
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
7,940
Total
Securities
Lending
Collateral
(Cost
$7,940)
7,940
Total
Investments
in
Securities
100.3%
(Cost
$2,448,903)
$
3,018,963
Other
Assets
Less
Liabilities
(0.3)%
(10,361)
Net
Assets
100.0%
$
3,008,602
‡
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
$38,457
and
represents
1.3%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
February
28,
2023.
(5)
Non-income
producing
(6)
All
or
a
portion
of
this
security
is
on
loan
at
February
28,
2023.
(7)
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
$11,348
and
represents
0.4%
of
net
assets.
(8)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(9)
Level
3
in
fair
value
hierarchy.
(10)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(11)
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.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
40
.
.
.
.
.
.
.
.
.
.
(12)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$1,557
and
represents
0.1%
of
net
assets.
(13)
At
February
28,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(14)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
OTC
Over-the-counter
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
41
.
.
.
.
.
.
.
.
.
.
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
Moderate
Growth
Allocation
Fund
42
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written
(0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
S&P
500
Index,
Call,
4/21/23
@
$4,000.00
459
182,230
(4,682)
Total
Options
Written
(Premiums
$(5,325))
$
(4,682)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
43
(Amounts
in
000s)
SWAPS
(0.0)%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
47
1
1
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
1
—
Total
Bilateral
Swaps
1
—
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
(0.0)%
Credit
Default
Swaps,
Protection
Bought
(0.0)%
Protection
Bought
(Relevant
Credit:
Markit
CDX.NA.HY-S39,
5
Year
Index),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
12/20/27
2,154
(52)
(17)
(35)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Bought
(35)
Credit
Default
Swaps,
Protection
Sold
(0.0)%
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
1,140
6
(15)
21
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/27
*
1,427
(7)
(51)
44
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
65
Total
Centrally
Cleared
Swaps
30
Net
payments
(receipts)
of
variation
margin
to
date
(26)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
4
*
Credit
ratings
as
of
February
28,
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.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$(1).
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
44
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
5/19/23
USD
571
EUR
532
$
6
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
6
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
45
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
39
Euro
BOBL
contracts
3/23
(4,751)
$
12
Short,
35
Euro
BUND
contracts
3/23
(4,920)
37
Short,
158
MSCI
EAFE
Index
contracts
3/23
(16,168)
(398)
Long,
312
S&P
500
E-Mini
Index
contracts
3/23
62,018
(1,810)
Short,
21
Long
Gilt
ten
year
contracts
6/23
(2,525)
14
Short,
63
U.S.
Treasury
Notes
ten
year
contracts
6/23
(7,034)
4
Long,
50
U.S.
Treasury
Notes
two
year
contracts
6/23
10,186
(24)
Long,
12
Ultra
U.S.
Treasury
Bonds
contracts
6/23
1,621
(17)
Long,
62
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/23
7,265
(13)
Net
payments
(receipts)
of
variation
margin
to
date
2,090
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(105)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
46
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
February
28,
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
Inflation
Protected
Bond
Fund
-
I
Class,
(2.15)%
$
—
$
(1)
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.41%
(417)
(2,123)
1,536
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
1,826
(15,597)
1,389
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.26%
(1,267)
953
1,335
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.05%
(951)
(1,202)
1,868
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.45%
2,988
(7,480)
908
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(1.84)%
(971)
549
6
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
428
(783)
1,834
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
(256)
(9,604)
2,719
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
2,417
(4,542)
312
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.94%
(4,318)
(5,125)
1,530
T.
Rowe
Price
Government
Reserve
Fund,
4.60%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
4.60%
—
—
1,537
Totals
$
(521)#
$
(44,955)
$
14,974+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
47
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
02/28/23
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(2.15)%
$
6
$
1
$
—
$
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.41%
38,399
3,036
1,517
37,795
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
197,445
6,740
12,025
176,563
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.26%
38,237
1,335
19,962
20,563
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.05%
40,287
5,965
7,054
37,996
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.45%
77,455
5,858
13,462
62,371
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(1.84)%
41,152
6
41,621
86
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
72,434
2,402
1,140
72,913
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
114,242
18,618
1,957
121,299
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
-
I
Class
—
67,179
—
62,637
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.94%
73,207
5,945
9,318
64,709
T.
Rowe
Price
Government
Reserve
Fund,
4.60%
15,062
¤
¤
7,940
T.
Rowe
Price
Treasury
Reserve
Fund,
4.60%
21,029
¤
¤
76,533
Total
$
741,411^
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
48
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$13,351
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$14,974
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
$800,347.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
49
T.
Rowe
Price
Spectrum
Moderate
Growth
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
Moderate
Growth
Allocation
Fund
50
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
Moderate
Growth
Allocation
Fund
51
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
Moderate
Growth
Allocation
Fund
52
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
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
$
—
$
206,333
$
—
$
206,333
Bond
Mutual
Funds
223,526
—
—
223,526
Common
Stocks
1,496,460
499,220
3,252
1,998,932
Convertible
Preferred
Stocks
—
20
8,064
8,084
Equity
Mutual
Funds
433,412
—
—
433,412
Preferred
Stocks
—
3,457
—
3,457
Private
Investment
Companies
—
—
60,746
60,746
Short-Term
Investments
76,533
—
—
76,533
Securities
Lending
Collateral
7,940
—
—
7,940
Total
Securities
2,237,871
709,030
72,062
3,018,963
Swaps*
—
66
—
66
Forward
Currency
Exchange
Contracts
—
6
—
6
Futures
Contracts*
67
—
—
67
Total
$
2,237,938
$
709,102
$
72,062
$
3,019,102
Liabilities
Options
Written
$
—
$
4,682
$
—
$
4,682
Swaps*
—
35
—
35
Futures
Contracts*
2,262
—
—
2,262
Total
$
2,262
$
4,717
$
—
$
6,979
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).
*
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.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
53
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
February
28,
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
February
28,
2023,
totaled $(6,205,000) for
the
period ended
February
28,
2023.
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.
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.
($000s)
Beginning
Balance
5/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
2/28/23
Investment
in
Securities
Common
Stocks
$
3,002
$
305
$
—
$
(55)
$
3,252
Convertible
Preferred
Stocks
10,219
(2,273)
118
—
8,064
Private
Investment
Companies
86,078
3,668
—
(29,000)
60,746
Total
$
99,299
$
1,700
$
118
$
(29,055)
$
72,062
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
54
SUBSEQUENT
EVENT
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
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.
F103-054Q3
02/23