T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.8%
522
Funding
Series 2019-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.85%,
7.158%,
4/15/35 (1)
340,000
332
AGL
Series 2022-17A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.33%,
6.664%,
1/21/35 (1)
470,000
466
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
345,000
321
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
194,000
177
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
310,000
308
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
205,000
186
Applebee's
Funding
Series 2023-1A,
Class
A2
7.824%,
3/5/53 (1)
195,000
193
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
6.628%,
4/15/35 (1)
615,000
607
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
395,000
387
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
810,000
745
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
210,000
191
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.402%,
6.71%,
7/15/36 (1)
400,000
397
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
194,000
174
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.67%,
7/17/34 (1)
390,000
386
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
610,000
592
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
385,000
377
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
65,000
65
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
700,000
685
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
145,000
142
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
680,000
670
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
185,000
184
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
442,913
417
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
196,000
156
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
140,000
133
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
260,000
243
HPS
Loan
Management
Series 2021-16A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.402%,
6.747%,
1/23/35 (1)
250,000
247
Kubota
Credit
Owner
Trust
Series 2023-1A,
Class
A4
5.07%,
2/15/29 (1)
50,000
49
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.598%,
10/15/32 (1)
350,000
347
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
530,982
519
Navient
Private
Education
Refi
Loan
Trust
Series 2020-CA,
Class
B
2.83%,
11/15/68 (1)
350,000
287
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.252%,
6.572%,
1/20/32 (1)
915,000
908
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.392%,
6.70%,
7/17/35 (1)
290,000
288
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
TSFR
+
1.912%,
7.238%,
7/20/29 (1)
370,000
365
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.442%,
6.787%,
1/24/33 (1)
660,000
655
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
95,797
95
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.272%,
6.58%,
7/17/29 (1)
169,950
170
Palmer
Square
Series 2022-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.32%,
6.646%,
4/20/35 (1)
355,000
352
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31 (1)
76,612
75
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
225,000
209
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
235,000
229
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
640,000
628
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
450,000
434
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
413,392
344
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
375,000
339
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
185,000
181
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.322%,
6.648%,
10/20/29 (1)
220,725
220
Total
Asset-Backed
Securities
(Cost
$16,071)
15,475
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BOND
MUTUAL
FUNDS
17.4%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.43% (2)(3)
7,454,932
58,298
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.06% (2)(3)
613
7
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.69% (2)(3)
10,087,303
63,853
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.97% (2)(3)
2,701,952
25,398
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.04% (2)(3)
8,267,250
62,583
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.51% (2)(3)
10,271,800
83,407
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.11% (2)(3)
16,613
78
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.31% (2)(3)
8,173,310
62,607
Total
Bond
Mutual
Funds
(Cost
$432,151)
356,231
COMMON
STOCKS
51.5%
COMMUNICATION
SERVICES
3.2%
Diversified
Telecommunication
Services
0.2%
KT
(KRW)
43,025
1,073
Nippon
Telegraph
&
Telephone
(JPY)
3,278,300
3,785
4,858
Entertainment
0.2%
Liberty
Media
Corp-Liberty
Live,
Class
C (4)
9,571
322
Netflix (4)
7,471
3,240
Sea,
ADR (4)
10,871
409
3,971
Interactive
Media
&
Services
2.3%
Alphabet,
Class
A (4)
24,065
3,277
Alphabet,
Class
C (4)
218,641
30,030
Meta
Platforms,
Class
A (4)
39,057
11,557
NAVER
(KRW)
5,283
855
Tencent
Holdings
(HKD)
12,700
526
Vimeo (4)
61,949
247
Z
Holdings
(JPY)
248,400
746
47,238
Media
0.1%
CyberAgent
(JPY)
127,300
810
WPP
(GBP)
180,463
1,749
2,559
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wireless
Telecommunication
Services
0.4%
T-Mobile
U.S. (4)
52,457
7,147
Vodafone
Group,
ADR
105,619
985
8,132
Total
Communication
Services
66,758
CONSUMER
DISCRETIONARY
5.2%
Automobile
Components
0.3%
Autoliv,
SDR
(SEK)
15,460
1,508
Denso
(JPY)
25,200
1,720
Dowlais
Group
(GBP) (4)
275,102
395
Magna
International
29,289
1,723
Stanley
Electric
(JPY)
32,100
563
5,909
Automobiles
0.6%
General
Motors
17,028
571
Honda
Motor
(JPY)
20,400
659
Rivian
Automotive,
Class
A (4)
24,326
553
Suzuki
Motor
(JPY)
28,100
1,104
Tesla (4)
24,941
6,437
Toyota
Motor
(JPY)
173,400
2,987
12,311
Broadline
Retail
1.6%
Alibaba
Group
Holding,
ADR (4)
5,964
554
Amazon.com (4)
215,631
29,759
Kohl's
8,240
220
Next
(GBP)
17,288
1,528
Ollie's
Bargain
Outlet
Holdings (4)
15,369
1,185
Savers
Value
Village (4)
4,263
105
33,351
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (4)
7,879
744
Clear
Secure,
Class
A
21,946
477
Duolingo (4)
3,819
562
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (4)(5)
10,622
1
Service
Corp
International
13,777
869
Strategic
Education
6,660
516
3,169
Hotels,
Restaurants
&
Leisure
1.2%
Amadeus
IT
Group
(EUR)
20,074
1,377
BJ's
Restaurants (4)
13,269
390
Booking
Holdings (4)
2,176
6,757
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CAVA
Group,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $409 (4)
(5)
42,810
1,901
Chipotle
Mexican
Grill (4)
1,089
2,098
Chuy's
Holdings (4)
10,069
384
Compass
Group
(GBP)
100,327
2,530
DoorDash,
Class
A (4)
6,564
552
Dutch
Bros,
Class
A (4)
4,983
148
Hilton
Worldwide
Holdings
15,777
2,345
Jack
in
the
Box
2,700
217
Marriott
Vacations
Worldwide
995
108
McDonald's
16,067
4,517
Papa
John's
International
12,553
950
Red
Rock
Resorts,
Class
A
7,183
316
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $443 (4)(5)(6)(7)
51,774
281
Wyndham
Hotels
&
Resorts
5,693
429
25,300
Household
Durables
0.2%
Installed
Building
Products
1,800
261
Panasonic
Holdings
(JPY)
128,100
1,475
Persimmon
(GBP)
51,875
699
Skyline
Champion (4)
7,790
555
Sony
Group
(JPY)
25,800
2,146
5,136
Specialty
Retail
0.8%
AutoZone (4)
628
1,590
Bath
&
Body
Works
8,197
302
Burlington
Stores (4)
5,786
939
Caleres
11,300
324
Carvana (4)
11,500
579
Farfetch,
Class
A (4)
32,471
92
Five
Below (4)
2,047
352
Floor
&
Decor
Holdings,
Class
A (4)
1,597
159
Home
Depot
2,760
912
Kingfisher
(GBP)
648,447
1,922
Monro
11,542
378
O'Reilly
Automotive (4)
2,227
2,093
RH (4)
729
266
Ross
Stores
11,304
1,377
TJX
19,413
1,795
Ulta
Beauty (4)
7,767
3,223
Warby
Parker,
Class
A (4)
28,705
345
Zalando
(EUR) (4)
22,460
698
17,346
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Textiles,
Apparel
&
Luxury
Goods
0.3%
Dr.
Martens
(GBP)
149,854
298
Kering
(EUR)
2,734
1,462
Lululemon
Athletica (4)
2,801
1,068
Moncler
(EUR)
23,967
1,624
NIKE,
Class
B
7,197
732
Samsonite
International
(HKD) (4)
255,000
853
Skechers
USA,
Class
A (4)
8,103
408
6,445
Total
Consumer
Discretionary
108,967
CONSUMER
STAPLES
3.5%
Beverages
0.6%
Boston
Beer,
Class
A (4)
2,039
745
Coca-Cola
60,608
3,626
Coca-Cola
Consolidated
484
338
Diageo
(GBP)
58,365
2,390
Heineken
(EUR)
21,882
2,127
Kirin
Holdings
(JPY)
47,900
673
PepsiCo
10,591
1,885
11,784
Consumer
Staples
Distribution
&
Retail
0.5%
Dollar
General
8,245
1,142
Seven
&
i
Holdings
(JPY)
50,500
2,072
Target
11,397
1,442
Walmart
30,460
4,953
Welcia
Holdings
(JPY) (8)
23,200
427
10,036
Food
Products
1.1%
Barry
Callebaut
(CHF)
604
1,052
General
Mills
29,694
2,009
Hershey
11,451
2,460
Kraft
Heinz
12,973
429
Mondelez
International,
Class
A
93,446
6,659
Nestle
(CHF)
63,087
7,586
Post
Holdings (4)
6,537
586
Simply
Good
Foods (4)
6,500
235
TreeHouse
Foods (4)
6,005
279
Utz
Brands
24,843
384
Wilmar
International
(SGD)
549,000
1,535
23,214
Household
Products
0.5%
Colgate-Palmolive
45,019
3,308
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Procter
&
Gamble
46,275
7,142
10,450
Personal
Care
Products
0.6%
BellRing
Brands (4)
25,208
1,046
Kenvue
188,373
4,342
L'Oreal
(EUR)
5,172
2,272
Oddity
Tech,
Class
A (4)
1,768
73
Unilever
(GBP)
83,509
4,265
11,998
Tobacco
0.2%
Philip
Morris
International
47,439
4,557
4,557
Total
Consumer
Staples
72,039
ENERGY
2.4%
Energy
Equipment
&
Services
0.6%
Cactus,
Class
A
5,430
290
ChampionX
12,141
438
Expro
Group
Holdings (4)
11,722
276
Halliburton
85,579
3,305
Liberty
Energy,
Class
A
30,817
492
NexTier
Oilfield
Solutions (4)
47,778
507
NOV
30,500
644
Schlumberger
93,428
5,508
11,460
Oil,
Gas
&
Consumable
Fuels
1.8%
Chevron
27,034
4,355
ConocoPhillips
18,500
2,202
Devon
Energy
32,000
1,635
Diamondback
Energy
14,092
2,139
EQT
120,380
5,203
Equinor
(NOK)
112,944
3,469
Exxon
Mobil
27,935
3,106
Kimbell
Royalty
Partners
12,477
191
Kinder
Morgan
126,652
2,181
Magnolia
Oil
&
Gas,
Class
A
24,329
555
Range
Resources
92,500
2,995
Shell,
ADR
30,853
1,916
Southwestern
Energy (4)
99,300
673
TotalEnergies
(EUR)
62,806
3,940
Williams
86,592
2,990
37,550
Total
Energy
49,010
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
8.6%
Banks
2.8%
ANZ
Group
Holdings
(AUD)
63,406
1,035
Bank
of
America
223,325
6,403
BankUnited
12,328
324
Blue
Foundry
Bancorp (4)
8,536
79
BNP
Paribas
(EUR)
27,573
1,783
Cadence
Bank
16,628
381
Capitol
Federal
Financial
36,405
206
Columbia
Banking
System
20,100
412
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $33 (4)(5)(6)
313
24
CrossFirst
Bankshares (4)
15,107
162
DBS
Group
Holdings
(SGD)
49,242
1,212
Dime
Community
Bancshares
12,009
256
DNB
Bank
(NOK)
139,268
2,753
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $41 (4)(5)(6)
4,058
81
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $20 (4)(5)(6)
1,993
40
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (4)(5)(6)
605
6
East
West
Bancorp
17,785
984
Eastern
Bankshares
20,500
276
Equity
Bancshares,
Class
A
7,882
197
Erste
Group
Bank
(EUR)
19,128
682
FB
Financial
10,103
307
First
Bancshares
10,327
293
Five
Star
Bancorp
7,880
172
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $67 (4)(5)(6)
6,708
16
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (4)(5)(6)
1,212
—
HarborOne
Bancorp
1,356
14
HDFC
Bank
(INR)
74,327
1,412
Heritage
Commerce
31,433
273
Home
BancShares
12,583
279
ING
Groep
(EUR)
233,987
3,315
Intesa
Sanpaolo
(EUR)
362,293
968
JPMorgan
Chase
68,076
9,962
Kearny
Financial
16,325
121
Live
Oak
Bancshares
13,448
435
Lloyds
Banking
Group
(GBP)
2,407,203
1,286
Mitsubishi
UFJ
Financial
Group
(JPY)
224,200
1,789
National
Bank
of
Canada
(CAD)
31,642
2,205
Origin
Bancorp
12,774
392
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pacific
Premier
Bancorp
11,738
270
Pinnacle
Financial
Partners
7,212
480
PNC
Financial
Services
Group
23,068
2,785
Popular
4,308
294
SouthState
7,821
566
Standard
Chartered
(GBP)
104,731
942
Sumitomo
Mitsui
Trust
Holdings
(JPY)
19,497
730
Svenska
Handelsbanken,
Class
A
(SEK)
191,424
1,597
Texas
Capital
Bancshares (4)
5,633
352
U.S.
Bancorp
55,525
2,028
United
Overseas
Bank
(SGD)
91,000
1,912
Veritex
Holdings
12,628
238
Wells
Fargo
77,010
3,180
Western
Alliance
Bancorp
7,394
370
56,279
Capital
Markets
1.0%
Bridgepoint
Group
(GBP)
198,786
439
Brookfield
(CAD)
34,717
1,185
Cboe
Global
Markets
17,878
2,676
Charles
Schwab
12,081
715
CME
Group
3,900
790
Goldman
Sachs
Group
13,846
4,537
Julius
Baer
Group
(CHF)
21,608
1,500
LPL
Financial
Holdings
9,757
2,250
Macquarie
Group
(AUD)
10,663
1,219
Morgan
Stanley
12,718
1,083
MSCI
579
315
P10,
Class
A
24,555
296
S&P
Global
3,082
1,205
StepStone
Group,
Class
A
12,359
382
TMX
Group
(CAD) (8)
16,840
373
XP,
Class
A (4)
28,000
709
19,674
Consumer
Finance
0.1%
American
Express
14,770
2,333
Encore
Capital
Group (4)
5,973
280
PRA
Group (4)
11,179
218
2,831
Financial
Services
2.0%
Adyen
(EUR) (4)
885
739
Affirm
Holdings (4)
8,435
176
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $293 (4)(5)(6)
293,381
287
Berkshire
Hathaway,
Class
B (4)
21,998
7,924
Block,
Class
A (4)
5,692
328
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Challenger
(AUD)
111,911
491
Corebridge
Financial
43,485
775
Element
Fleet
Management
(CAD)
142,284
2,187
Essent
Group
3,729
187
Fiserv (4)
40,820
4,955
FleetCor
Technologies (4)
3,735
1,015
Mastercard,
Class
A
15,013
6,195
Mitsubishi
HC
Capital
(JPY)
123,400
802
PennyMac
Financial
Services
13,118
941
Toast,
Class
A (4)
16,525
366
Visa,
Class
A
56,455
13,870
41,238
Insurance
2.7%
AIA
Group
(HKD)
221,000
2,000
Allstate
30,791
3,320
Assurant
5,650
787
AXA
(EUR)
119,802
3,599
Axis
Capital
Holdings
13,984
767
Chubb
32,999
6,628
Definity
Financial
(CAD)
21,945
604
First
American
Financial
6,834
422
Hanover
Insurance
Group
4,665
498
Hartford
Financial
Services
Group
41,812
3,003
Kemper
6,915
325
Marsh
&
McLennan
7,995
1,559
MetLife
102,468
6,490
Munich
Re
(EUR)
10,860
4,215
Ping
An
Insurance
Group,
Class
H
(HKD)
77,000
461
Progressive
52,732
7,038
Sampo,
Class
A
(EUR)
42,055
1,846
Selective
Insurance
Group
12,319
1,222
Storebrand
(NOK)
163,566
1,311
Sun
Life
Financial
(CAD)
38,641
1,885
Tokio
Marine
Holdings
(JPY)
91,800
2,026
Travelers
14,190
2,288
White
Mountains
Insurance
Group
160
254
Zurich
Insurance
Group
(CHF)
4,958
2,325
54,873
Total
Financials
174,895
HEALTH
CARE
7.8%
Biotechnology
1.0%
Abcam,
ADR (4)
33,757
764
Agios
Pharmaceuticals (4)
5,153
141
Amgen
17,252
4,422
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Apellis
Pharmaceuticals (4)
13,155
555
Arcellx (4)
4,600
165
Argenx,
ADR (4)
1,691
850
Ascendis
Pharma,
ADR (4)
5,748
563
Avid
Bioservices (4)
22,336
264
Blueprint
Medicines (4)
8,334
416
Cerevel
Therapeutics
Holdings (4)
6,726
159
Crinetics
Pharmaceuticals (4)
6,400
111
CRISPR
Therapeutics (4)
3,514
176
Cytokinetics (4)
7,000
245
Generation
Bio (4)
12,726
61
Genmab
(DKK) (4)
1,921
736
HilleVax (4)
4,620
62
Icosavax (4)
10,808
84
Immatics (4)
8,954
106
Insmed (4)
24,825
543
Ionis
Pharmaceuticals (4)
8,949
360
Karuna
Therapeutics (4)
2,805
527
Kymera
Therapeutics (4)
3,062
59
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $3 (4)(5)
200
—
MacroGenics (4)
15,859
74
MoonLake
Immunotherapeutics (4)
4,885
281
Morphic
Holding (4)
2,465
136
MorphoSys,
ADR (4)
27,726
208
Nkarta (4)
11,267
19
Prothena (4)
4,039
213
RAPT
Therapeutics (4)
5,668
108
Regeneron
Pharmaceuticals (4)
4,457
3,684
Relay
Therapeutics (4)
5,609
57
Repare
Therapeutics (4)
4,849
47
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (4)(5)
1,127
3
Vaxcyte (4)
5,820
302
Vertex
Pharmaceuticals (4)
7,616
2,653
Verve
Therapeutics (4)
6,597
85
Xencor (4)
9,299
204
Zentalis
Pharmaceuticals (4)
6,256
166
19,609
Health
Care
Equipment
&
Supplies
1.2%
Alcon
(CHF)
13,095
1,093
Align
Technology (4)
911
337
Becton
Dickinson
&
Company
9,705
2,712
Elekta,
Class
B
(SEK) (8)
114,098
815
Embecta
5,102
94
EssilorLuxottica
(EUR)
8,002
1,504
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GE
HealthCare
Technologies
28,188
1,986
ICU
Medical (4)
3,504
508
Intuitive
Surgical (4)
11,071
3,462
Koninklijke
Philips
(EUR) (4)(8)
72,392
1,627
Masimo (4)
4,648
531
Medtronic
16,092
1,311
Neogen (4)
24,819
574
Outset
Medical (4)
18,061
246
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $192 (4)(5)(6)
51,080
20
Penumbra (4)
379
100
PROCEPT
BioRobotics (4)
18,697
638
QuidelOrtho (4)
6,072
500
Siemens
Healthineers
(EUR)
39,089
1,957
STERIS
8,578
1,969
Stryker
4,659
1,321
Teleflex
1,452
309
23,614
Health
Care
Providers
&
Services
2.3%
Alignment
Healthcare (4)
35,573
208
Cencora
44,129
7,766
dentalcorp
Holdings
(CAD) (4)(8)
16,125
79
Elevance
Health
25,585
11,309
Fresenius
(EUR)
43,313
1,389
Guardant
Health (4)
8,233
322
HCA
Healthcare
7,285
2,020
Humana
6,560
3,028
ModivCare (4)
3,804
122
Molina
Healthcare (4)
11,066
3,432
NeoGenomics (4)
29,672
446
Option
Care
Health (4)
8,217
286
Pennant
Group (4)
6,060
73
Privia
Health
Group (4)
25,347
665
Quest
Diagnostics
15,668
2,060
Tenet
Healthcare (4)
11,600
900
U.S.
Physical
Therapy
3,762
379
UnitedHealth
Group
25,695
12,246
46,730
Health
Care
Technology
0.0%
Certara (4)
14,001
226
Doximity,
Class
A (4)
7,089
169
Veeva
Systems,
Class
A (4)
2,862
598
993
Life
Sciences
Tools
&
Services
0.9%
10X
Genomics,
Class
A (4)
5,000
259
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Adaptive
Biotechnologies (4)
6,364
43
Agilent
Technologies
17,904
2,167
Bruker
10,624
697
Danaher
15,656
4,149
Evotec
(EUR) (4)
25,518
598
Olink
Holding,
ADR (4)
11,479
190
Pacific
Biosciences
of
California (4)
37,840
427
Repligen (4)
1,263
220
Thermo
Fisher
Scientific
17,981
10,017
18,767
Pharmaceuticals
2.4%
Astellas
Pharma
(JPY)
185,700
2,810
AstraZeneca,
ADR
93,320
6,329
Bayer
(EUR)
34,067
1,864
Catalent (4)
8,818
441
Eli
Lilly
18,392
10,193
GSK,
ADR
34,646
1,217
Johnson
&
Johnson
16,217
2,622
Merck
53,679
5,850
Novartis
(CHF)
38,111
3,836
Novo
Nordisk,
Class
B
(DKK)
16,975
3,131
Otsuka
Holdings
(JPY)
30,300
1,151
Roche
Holding
(CHF)
13,394
3,931
Sanofi
(EUR)
40,819
4,347
Structure
Therapeutics,
ADR (4)
5,748
162
Ventyx
Biosciences (4)
3,500
117
Zoetis
7,272
1,385
49,386
Total
Health
Care
159,099
INDUSTRIALS
&
BUSINESS
SERVICES
5.6%
Aerospace
&
Defense
0.6%
Bombardier,
Class
B
(CAD) (4)
4,400
180
Cadre
Holdings
6,413
169
General
Dynamics
15,948
3,614
L3Harris
Technologies
12,908
2,299
Melrose
Industries
(GBP)
259,744
1,680
Northrop
Grumman
1,866
808
Parsons (4)
12,542
715
Safran
(EUR)
11,460
1,837
TransDigm
Group (4)
659
596
11,898
Building
Products
0.3%
AZZ
14,231
699
Carrier
Global
69,010
3,964
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CSW
Industrials
3,150
566
Zurn
Elkay
Water
Solutions
16,179
479
5,708
Commercial
Services
&
Supplies
0.1%
Casella
Waste
Systems,
Class
A (4)
5,554
438
Cintas
834
420
Rentokil
Initial
(GBP)
79,149
603
Stericycle (4)
7,859
347
Tetra
Tech
2,302
362
2,170
Construction
&
Engineering
0.1%
WillScot
Mobile
Mini
Holdings (4)
4,321
177
Worley
(AUD)
131,355
1,477
1,654
Electrical
Equipment
0.8%
ABB
(CHF)
68,256
2,596
AMETEK
31,086
4,959
Eaton
5,683
1,309
Hubbell
2,430
792
Legrand
(EUR)
21,258
2,094
Mitsubishi
Electric
(JPY)
162,700
2,120
Prysmian
(EUR)
43,136
1,762
Thermon
Group
Holdings (4)
5,888
162
15,794
Ground
Transportation
0.8%
Central
Japan
Railway
(JPY)
6,600
846
Convoy,
Warrants,
03/15/33,
Acquisition
Date:
3/24/23,
Cost $— (4)(5)(6)
1,199
—
CSX
193,808
5,853
Landstar
System
2,222
422
Norfolk
Southern
5,418
1,111
Old
Dominion
Freight
Line
9,040
3,863
Saia (4)
2,370
1,010
Union
Pacific
13,044
2,877
15,982
Industrial
Conglomerates
0.8%
DCC
(GBP)
17,476
956
General
Electric
50,191
5,745
Roper
Technologies
3,347
1,670
Siemens
(EUR)
47,044
7,068
15,439
Machinery
1.2%
Caterpillar
3,249
913
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Crane
2,900
264
Cummins
19,265
4,432
Deere
1,451
596
Dover
3,316
492
Enerpac
Tool
Group
19,406
508
EnPro
Industries
2,817
384
Esab
4,899
354
ESCO
Technologies
4,341
465
Federal
Signal
13,105
799
Graco
6,167
487
Helios
Technologies
8,761
507
IDEX
10,042
2,273
Ingersoll
Rand
21,520
1,498
John
Bean
Technologies
4,918
541
KION
Group
(EUR)
22,016
879
Marel
(ISK)
25,415
93
Mueller
Water
Products,
Class
A
33,787
477
RBC
Bearings (4)
3,953
911
Sandvik
(SEK)
69,106
1,307
SMC
(JPY)
1,300
632
SPX
Technologies (4)
9,659
763
THK
(JPY)
33,800
617
Toro
3,185
326
Westinghouse
Air
Brake
Technologies
43,813
4,930
25,448
Passenger
Airlines
0.0%
Allegiant
Travel
4,202
373
373
Professional
Services
0.5%
Booz
Allen
Hamilton
Holding
22,446
2,543
Broadridge
Financial
Solutions
11,806
2,198
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $61 (4)(5)(6)
7,797
42
Clarivate (4)
39,736
295
Legalzoom.com (4)
12,261
140
Paycor
HCM (4)
18,383
432
Recruit
Holdings
(JPY)
40,900
1,457
TechnoPro
Holdings
(JPY)
46,600
1,143
Teleperformance
(EUR)
5,672
784
Verisk
Analytics
7,222
1,749
10,783
Trading
Companies
&
Distributors
0.4%
Ashtead
Group
(GBP)
25,828
1,802
Beacon
Roofing
Supply (4)
7,609
607
Bunzl
(GBP)
30,725
1,100
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Mitsubishi
(JPY)
29,800
1,470
Rush
Enterprises,
Class
A
10,399
431
SiteOne
Landscape
Supply (4)
5,223
894
Sumitomo
(JPY)
77,700
1,598
7,902
Total
Industrials
&
Business
Services
113,151
INFORMATION
TECHNOLOGY
11.2%
Communications
Equipment
0.1%
Infinera (4)
17,238
81
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK)
271,835
1,395
1,476
Electronic
Equipment,
Instruments
&
Components
0.7%
Amphenol,
Class
A
35,242
3,115
CTS
10,660
476
Hamamatsu
Photonics
(JPY)
22,700
1,050
Largan
Precision
(TWD)
6,000
385
Littelfuse
2,335
623
Mirion
Technologies (4)
64,260
549
Murata
Manufacturing
(JPY)
24,400
1,365
Napco
Security
Technologies
8,460
210
Novanta (4)
2,963
495
Omron
(JPY)
15,500
748
PAR
Technology (4)
21,781
947
TE
Connectivity
30,153
3,992
Teledyne
Technologies (4)
2,090
874
Vontier
15,795
496
15,325
IT
Services
0.4%
Accenture,
Class
A
9,901
3,206
MongoDB (4)
3,477
1,326
NTT
Data
Group
(JPY)
159,900
2,150
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $13 (4)(5)
(6)
302
22
Shopify,
Class
A (4)
21,393
1,422
Snowflake,
Class
A (4)
2,735
429
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $34 (4)(5)(6)
1,500
27
8,582
Semiconductors
&
Semiconductor
Equipment
4.4%
Advanced
Micro
Devices (4)
14,171
1,498
Analog
Devices
20,551
3,736
Applied
Materials
39,103
5,973
ASML
Holding
(EUR)
6,506
4,278
ASML
Holding
3,964
2,618
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Broadcom
6,499
5,998
Credo
Technology
Group
Holding (4)
15,992
263
Entegris
8,014
811
KLA
6,244
3,134
Lam
Research
6,171
4,334
Lattice
Semiconductor (4)
9,873
960
MACOM
Technology
Solutions
Holdings (4)
7,470
632
Marvell
Technology
10,468
610
Micron
Technology
77,796
5,441
Monolithic
Power
Systems
2,482
1,294
NVIDIA
50,738
25,042
NXP
Semiconductors
40,151
8,260
Onto
Innovation (4)
6,115
850
QUALCOMM
10,187
1,167
Renesas
Electronics
(JPY) (4)
62,200
1,036
SiTime (4)
1,800
239
Taiwan
Semiconductor
Manufacturing
(TWD)
260,759
4,481
Taiwan
Semiconductor
Manufacturing,
ADR
7,879
737
Texas
Instruments
25,232
4,240
Tokyo
Electron
(JPY)
11,800
1,753
89,385
Software
3.7%
Adobe (4)
1,253
701
Agilysys (4)
6,024
425
Amplitude,
Class
A (4)
30,456
356
Atlassian,
Class
A (4)
4,127
842
Autodesk (4)
8,035
1,783
BILL
Holdings (4)
6,361
733
Braze,
Class
A (4)
3,200
148
Cadence
Design
Systems (4)
7,025
1,689
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $459 (4)(5)(6)
269
287
Confluent,
Class
A (4)
9,560
316
Crowdstrike
Holdings,
Class
A (4)
2,169
353
Datadog,
Class
A (4)
4,081
394
Descartes
Systems
Group (4)
10,165
762
DoubleVerify
Holdings (4)
20,960
709
Envestnet (4)
7,287
398
Five9 (4)
9,926
718
Fortinet (4)
3,888
234
Gusto,
Acquisition
Date:
10/4/21,
Cost $148 (4)(5)(6)
5,153
79
Intuit
5,565
3,015
Manhattan
Associates (4)
2,309
468
Microsoft
150,556
49,346
Salesforce (4)
3,300
731
SAP
(EUR)
20,176
2,815
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ServiceNow (4)
8,647
5,092
Socure,
Acquisition
Date:
12/22/21,
Cost $26 (4)(5)(6)
1,599
9
Synopsys (4)
5,875
2,696
Workiva (4)
7,025
786
75,885
Technology
Hardware,
Storage
&
Peripherals
1.9%
Apple
196,298
36,878
Samsung
Electronics
(KRW)
53,931
2,728
39,606
Total
Information
Technology
230,259
MATERIALS
1.8%
Chemicals
1.0%
Air
Liquide
(EUR)
12,993
2,348
Akzo
Nobel
(EUR)
17,323
1,406
Asahi
Kasei
(JPY)
121,600
785
BASF
(EUR)
23,790
1,204
Covestro
(EUR) (4)
24,616
1,307
Element
Solutions
54,962
1,133
HB
Fuller
3,723
270
Johnson
Matthey
(GBP)
44,561
919
Linde
15,231
5,895
Nutrien
24,246
1,535
Quaker
Chemical
3,013
535
Sherwin-Williams
3,744
1,017
Tosoh
(JPY)
9,500
123
Umicore
(EUR)
36,527
968
19,445
Construction
Materials
0.0%
Martin
Marietta
Materials
1,170
522
522
Containers
&
Packaging
0.0%
Amcor,
CDI
(AUD)
48,451
472
472
Metals
&
Mining
0.7%
Antofagasta
(GBP)
74,633
1,367
BHP
Group
(AUD)
40,193
1,155
BHP
Group
(GBP)
55,492
1,595
Compass
Minerals
International
5,000
151
Constellium (4)
38,971
701
ERO
Copper
(CAD) (4)
11,815
244
Franco-Nevada
4,800
691
Freeport-McMoRan
36,584
1,460
Haynes
International
8,394
410
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IGO
(AUD)
301,853
2,694
South32
(AUD)
383,327
836
Southern
Copper
25,849
2,085
Wheaton
Precious
Metals
22,500
981
14,370
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
97,405
1,239
West
Fraser
Timber
(CAD)
2,981
225
1,464
Total
Materials
36,273
REAL
ESTATE
1.0%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Community
Healthcare
Trust,
REIT
5,927
197
197
Industrial
Real
Estate
Investment
Trusts
0.2%
EastGroup
Properties,
REIT
6,472
1,163
Prologis,
REIT
10,937
1,358
Rexford
Industrial
Realty,
REIT
11,973
640
Terreno
Realty,
REIT
5,203
317
3,478
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
111,003
590
590
Real
Estate
Management
&
Development
0.2%
Altus
Group
(CAD)
4,723
182
DigitalBridge
Group
13,222
230
FirstService
8,594
1,299
Mitsui
Fudosan
(JPY)
89,800
1,966
Tricon
Residential
43,652
370
4,047
Residential
Real
Estate
Investment
Trusts
0.2%
Equity
LifeStyle
Properties,
REIT
44,905
3,007
Flagship
Communities
REIT
8,582
138
Independence
Realty
Trust,
REIT
27,171
457
3,602
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
665,196
1,179
1,179
Specialized
Real
Estate
Investment
Trusts
0.3%
CubeSmart,
REIT
15,375
641
Extra
Space
Storage,
REIT
5,388
694
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Public
Storage,
REIT
15,013
4,149
Weyerhaeuser,
REIT
43,022
1,409
6,893
Total
Real
Estate
19,986
UTILITIES
1.1%
Electric
Utilities
0.6%
Constellation
Energy
53,412
5,564
Evergy
13,505
743
FirstEnergy
13,980
504
IDACORP
6,302
604
MGE
Energy
3,484
252
NextEra
Energy
33,768
2,256
NRG
Energy
8,824
331
Southern
24,436
1,655
11,909
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
118,500
444
Chesapeake
Utilities
5,417
597
ONE
Gas
3,435
249
Southwest
Gas
Holdings
10,595
656
1,946
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY)
47,100
734
NextEra
Energy
Partners
7,881
393
1,127
Multi-Utilities
0.3%
Ameren
4,655
369
Engie
(EUR)
189,638
3,054
National
Grid
(GBP)
155,935
1,946
5,369
Water
Utilities
0.0%
California
Water
Service
Group
7,381
371
371
Total
Utilities
20,722
Total
Miscellaneous
Common
Stocks
0.1% (9)
1,192
Total
Common
Stocks
(Cost
$635,831)
1,052,351
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $8 (4)
(5)(6)
8,319
8
Total
Convertible
Bonds
(Cost
$8)
8
CONVERTIBLE
PREFERRED
STOCKS
0.2%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Series
D,
Acquisition
Date:
11/13/20,
Cost $91 (4)(5)(6)(7)
10,166
55
55
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $133 (4)(5)(6)
22,936
42
42
Total
Consumer
Discretionary
97
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $174 (4)(5)(6)
9,433
150
Total
Consumer
Staples
150
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Series
D,
0.10%,
Acquisition
Date:
1/28/22,
Cost $116 (4)(5)(6)
1,101
85
Total
Financials
85
HEALTH
CARE
0.1%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $64 (4)(5)(6)
23,170
124
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $99 (4)(5)(6)
12,283
66
190
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $70 (4)(5)(6)
68,919
70
70
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $132 (4)(5)(6)
54,988
60
60
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $63 (4)(5)(6)
5,327
48
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $73 (4)(5)(6)
8,237
24
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $96 (4)(5)(6)
7,007
425
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $145 (4)(5)(6)
3,255
198
695
Total
Health
Care
1,015
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $74 (4)(5)(6)
1,636
52
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $146 (4)(5)(6)
26,194
132
184
Air
Freight
&
Logistics
0.0%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $69 (4)(5)(6)
5,632
101
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $39 (4)(5)(6)
1,899
34
135
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $72 (4)(5)(6)
3,445
17
17
Ground
Transportation
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $103 (4)(5)(6)
14,525
41
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $142 (4)(5)(6)
10,496
42
83
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $53 (4)(5)(6)
11,613
63
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $166 (4)(5)(6)
16,497
89
152
Total
Industrials
&
Business
Services
571
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $58 (4)(5)(6)
3,986
48
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $23 (4)(5)(6)
1,224
15
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (4)
(5)(6)
5
—
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $61 (4)(5)
(6)
2,321
169
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $12 (4)(5)
(6)
116
9
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $8 (4)(5)(6)
340
6
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (4)(5)(6)
30
1
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $1 (4)
(5)(6)
40
1
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $96 (4)(5)(6)
4,280
76
325
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $27 (4)(5)(6)
16
17
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $2 (4)(5)(6)
1
1
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $147 (4)(5)(6)
2,493
182
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $433 (4)(5)
(6)
5,892
431
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $219 (4)(5)(6)
7,205
111
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $157 (4)
(5)(6)
12,058
75
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $69 (4)(5)(6)
3,303
21
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $68 (4)(5)(6)
13,365
68
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $88 (4)(5)(6)
14,030
120
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $10 (4)(5)(6)
1,110
9
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $31 (4)(5)(6)
1,943
11
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $26 (4)(5)(6)
1,595
9
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (4)(5)(6)
29
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $59 (4)(5)(6)
3,698
20
1,075
Total
Information
Technology
1,400
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $88 (4)(5)(6)
1,853
88
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $123 (4)(5)(6)
2,982
61
149
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $75 (4)
(5)(6)
2,736
117
117
Total
Materials
266
Total
Convertible
Preferred
Stocks
(Cost
$4,002)
3,584
CORPORATE
BONDS
3.4%
AbbVie,
3.20%,
11/21/29
275,000
248
AbbVie,
4.05%,
11/21/39
320,000
275
AbbVie,
4.25%,
11/21/49
295,000
249
AbbVie,
4.70%,
5/14/45
520,000
466
AbbVie,
4.875%,
11/14/48
390,000
359
AerCap
Ireland
Capital,
2.45%,
10/29/26
360,000
324
AerCap
Ireland
Capital,
4.875%,
1/16/24
380,000
378
Alexandria
Real
Estate
Equities,
3.375%,
8/15/31
360,000
310
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
85,000
81
Ally
Financial,
4.75%,
6/9/27
795,000
743
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25
1
—
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50
37,000
33
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
305,000
311
Aon,
2.80%,
5/15/30
110,000
95
AT&T,
3.50%,
9/15/53
850,000
557
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
150,000
148
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (8)(10)
255,000
288
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.862%,
9/14/26 (10)
400,000
397
Banco
Santander,
6.921%,
8/8/33
200,000
200
Bank
of
America,
3.248%,
10/21/27
1,885,000
1,756
Bank
of
America,
VR,
1.898%,
7/23/31 (10)
1,220,000
961
Bank
of
America,
VR,
1.922%,
10/24/31 (10)
690,000
540
Bank
of
America,
VR,
2.496%,
2/13/31 (10)
750,000
624
Bank
of
America,
VR,
2.592%,
4/29/31 (10)
75,000
62
Bank
of
America,
VR,
3.419%,
12/20/28 (10)
70,000
64
Bank
of
America,
VR,
3.559%,
4/23/27 (10)
180,000
171
Bank
of
America,
VR,
4.271%,
7/23/29 (10)
715,000
672
Barclays,
VR,
5.501%,
8/9/28 (10)
200,000
195
Barclays,
VR,
6.224%,
5/9/34 (10)
230,000
226
BAT
Capital,
7.079%,
8/2/43
150,000
148
BAT
Capital,
7.081%,
8/2/53
235,000
231
BAT
International
Finance,
1.668%,
3/25/26
60,000
54
Becton
Dickinson
&
Company,
2.823%,
5/20/30
190,000
164
Becton
Dickinson
&
Company,
3.70%,
6/6/27
225,000
213
Becton
Dickinson
&
Company,
4.298%,
8/22/32
95,000
89
Becton
Dickinson
&
Company,
4.669%,
6/6/47
390,000
345
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Berkshire
Hathaway
Finance,
2.50%,
1/15/51
450,000
279
Berkshire
Hathaway
Finance,
2.85%,
10/15/50
145,000
97
Berkshire
Hathaway
Finance,
3.85%,
3/15/52
145,000
115
Boardwalk
Pipelines,
3.40%,
2/15/31
255,000
217
Boardwalk
Pipelines,
4.45%,
7/15/27
43,000
41
Boardwalk
Pipelines,
5.95%,
6/1/26
495,000
494
Boeing,
5.805%,
5/1/50
45,000
44
Booz
Allen
Hamilton,
5.95%,
8/4/33
135,000
136
Boston
Gas,
6.119%,
7/20/53 (1)
105,000
104
Brixmor
Operating
Partnership,
3.90%,
3/15/27
335,000
310
Brixmor
Operating
Partnership,
4.05%,
7/1/30
195,000
176
Brixmor
Operating
Partnership,
4.125%,
5/15/29
798,000
725
CaixaBank,
VR,
6.208%,
1/18/29 (1)(10)
380,000
378
Capital
One
Financial,
3.65%,
5/11/27
670,000
623
Capital
One
Financial,
VR,
2.359%,
7/29/32 (10)
510,000
363
Capital
One
Financial,
VR,
3.273%,
3/1/30 (10)
190,000
162
Capital
One
Financial,
VR,
5.247%,
7/26/30 (10)
100,000
95
Capital
One
Financial,
VR,
5.468%,
2/1/29 (10)
595,000
574
Carvana,
10.25%,
5/1/30 (1)
690,000
540
CBRE
Services,
5.95%,
8/15/34
300,000
296
Celanese
U.S.
Holdings,
6.05%,
3/15/25
51,000
51
Celanese
U.S.
Holdings,
6.35%,
11/15/28
135,000
135
Centene,
2.50%,
3/1/31
370,000
295
Centene,
2.625%,
8/1/31
940,000
748
Charter
Communications
Operating,
6.484%,
10/23/45
90,000
82
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
110,000
109
Citigroup,
VR,
3.106%,
4/8/26 (10)
185,000
177
Citigroup,
VR,
5.61%,
9/29/26 (10)
430,000
428
Citigroup,
VR,
6.174%,
5/25/34 (10)
255,000
255
Citigroup,
Series VAR,
VR,
3.07%,
2/24/28 (10)
405,000
370
CNO
Financial
Group,
5.25%,
5/30/25
152,000
148
Columbia
Pipelines
Holding,
6.042%,
8/15/28 (1)
205,000
207
Comcast,
3.25%,
11/1/39
445,000
343
Corebridge
Financial,
3.90%,
4/5/32
110,000
96
Credit
Suisse,
1.25%,
8/7/26
410,000
359
Crown
Castle,
2.25%,
1/15/31
860,000
689
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
725,000
689
CSL
Finance,
4.05%,
4/27/29 (1)
190,000
180
CVS
Health,
3.25%,
8/15/29
100,000
89
CVS
Health,
5.05%,
3/25/48
549,000
483
CVS
Health,
5.625%,
2/21/53
335,000
317
CVS
Health,
5.875%,
6/1/53
175,000
171
Daimler
Truck
Finance
North
America,
5.125%,
1/19/28 (1)
150,000
148
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(10)
205,000
196
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(10)
255,000
250
Duke
Energy,
5.00%,
8/15/52
825,000
722
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Duke
Energy
Indiana,
5.40%,
4/1/53
125,000
121
Edison
International,
4.95%,
4/15/25
25,000
25
EDP
Finance,
6.30%,
10/11/27 (1)
200,000
205
Elevance
Health,
5.125%,
2/15/53
165,000
155
Enel
Finance
America,
7.10%,
10/14/27 (1)
200,000
208
Enel
Finance
International,
6.80%,
10/14/25 (1)
200,000
203
Energy
Transfer,
2.90%,
5/15/25
140,000
133
Enterprise
Products
Operating,
3.20%,
2/15/52
220,000
148
Equifax,
5.10%,
12/15/27
235,000
232
Equitable
Holdings,
4.35%,
4/20/28
880,000
832
Exelon,
5.60%,
3/15/53
235,000
225
Fifth
Third
Bancorp,
2.375%,
1/28/25
65,000
62
Fifth
Third
Bancorp,
2.55%,
5/5/27
40,000
36
Fifth
Third
Bancorp,
3.95%,
3/14/28
75,000
69
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30 (10)
100,000
94
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (10)
170,000
171
Georgia
Power,
4.95%,
5/17/33
330,000
319
GLP
Capital,
3.35%,
9/1/24
100,000
97
Goldman
Sachs
Group,
3.50%,
11/16/26
145,000
136
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (10)
410,000
362
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (10)
390,000
365
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (10)
395,000
378
Hasbro,
3.55%,
11/19/26
100,000
94
HCA,
2.375%,
7/15/31
140,000
110
HCA,
3.125%,
3/15/27
165,000
151
HCA,
3.375%,
3/15/29
65,000
58
HCA,
3.50%,
9/1/30
278,000
242
HCA,
5.375%,
9/1/26
130,000
129
HCA,
5.875%,
2/15/26
120,000
120
Healthcare
Realty
Holdings,
2.05%,
3/15/31
150,000
112
Healthcare
Realty
Holdings,
3.625%,
1/15/28
440,000
397
HSBC
Holdings,
VR,
4.755%,
6/9/28 (10)
480,000
460
HSBC
Holdings,
VR,
5.21%,
8/11/28 (10)
335,000
327
HSBC
Holdings,
VR,
6.254%,
3/9/34 (10)
545,000
551
Humana,
4.875%,
4/1/30
310,000
301
Humana,
5.50%,
3/15/53
600,000
580
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (10)
250,000
246
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
100,000
99
Indiana
Michigan
Power,
5.625%,
4/1/53
30,000
30
Intercontinental
Exchange,
2.65%,
9/15/40
90,000
62
Intercontinental
Exchange,
4.35%,
6/15/29
350,000
335
Intesa
Sanpaolo,
6.625%,
6/20/33 (1)
200,000
198
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (10)
1,340,000
1,203
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (10)
510,000
453
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (10)
475,000
398
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (10)
195,000
167
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (10)
260,000
221
KBC
Group,
VR,
5.796%,
1/19/29 (1)(10)
640,000
632
Las
Vegas
Sands,
3.50%,
8/18/26
170,000
158
Lowe's,
4.25%,
4/1/52
205,000
162
Lowe's,
5.625%,
4/15/53
120,000
117
Lowe's,
5.75%,
7/1/53
110,000
109
LSEGA
Financing,
2.00%,
4/6/28 (1)
1,020,000
878
LSEGA
Financing,
2.50%,
4/6/31 (1)
285,000
236
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
147
Marriott
International,
4.90%,
4/15/29
75,000
73
Marriott
International,
5.00%,
10/15/27
255,000
253
Mars,
4.75%,
4/20/33 (1)
310,000
305
Marsh
&
McLennan,
2.25%,
11/15/30
140,000
116
Mattel,
5.875%,
12/15/27 (1)
220,000
215
Merck,
5.00%,
5/17/53
210,000
205
Meta
Platforms,
5.60%,
5/15/53
555,000
557
Metropolitan
Life
Global
Funding
I,
5.15%,
3/28/33 (1)
180,000
175
Micron
Technology,
5.327%,
2/6/29
180,000
176
Micron
Technology,
6.75%,
11/1/29
160,000
166
Morgan
Stanley,
VR,
1.593%,
5/4/27 (10)
2,565,000
2,303
Morgan
Stanley,
VR,
4.431%,
1/23/30 (10)
150,000
142
Morgan
Stanley,
VR,
5.123%,
2/1/29 (10)
830,000
814
Nasdaq,
6.10%,
6/28/63
85,000
84
Netflix,
4.625%,
5/15/29
(EUR)
500,000
553
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
305,000
244
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
305,000
193
NextEra
Energy
Capital
Holdings,
5.00%,
7/15/32
100,000
96
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
135,000
125
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
210,000
210
NiSource,
5.25%,
3/30/28
65,000
64
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
125,000
108
Nordea
Bank,
5.375%,
9/22/27 (1)
245,000
243
NRG
Energy,
4.45%,
6/15/29 (1)
155,000
138
Occidental
Petroleum,
8.875%,
7/15/30
130,000
149
ONEOK,
5.80%,
11/1/30
120,000
120
ONEOK,
6.05%,
9/1/33
175,000
176
Pacific
Gas
&
Electric,
2.10%,
8/1/27
175,000
151
Pacific
Gas
&
Electric,
2.50%,
2/1/31
340,000
265
Pacific
Gas
&
Electric,
4.55%,
7/1/30
305,000
274
Pacific
Gas
&
Electric,
5.90%,
6/15/32
110,000
105
Pacific
Gas
&
Electric,
6.70%,
4/1/53
110,000
106
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
630,000
636
Pfizer
Investment
Enterprises,
4.75%,
5/19/33
205,000
202
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
205,000
204
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
310,000
305
Philip
Morris
International,
5.125%,
2/15/30
215,000
213
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pioneer
Natural
Resources,
5.10%,
3/29/26
110,000
109
PNC
Financial
Services
Group,
2.55%,
1/22/30
110,000
92
PNC
Financial
Services
Group,
VR,
6.037%,
10/28/33 (10)
365,000
369
Public
Storage
Operating,
5.35%,
8/1/53
70,000
68
Realty
Income,
3.95%,
8/15/27
139,000
132
Regency
Centers,
3.60%,
2/1/27
300,000
281
Revvity,
1.90%,
9/15/28
280,000
238
Revvity,
2.25%,
9/15/31
150,000
118
Revvity,
3.30%,
9/15/29
105,000
93
Reynolds
American,
4.45%,
6/12/25
53,000
52
Rogers
Communications,
3.20%,
3/15/27
135,000
125
Rogers
Communications,
3.80%,
3/15/32
210,000
180
Rogers
Communications,
4.35%,
5/1/49
30,000
23
Rogers
Communications,
4.55%,
3/15/52
800,000
618
Ross
Stores,
1.875%,
4/15/31
365,000
286
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (10)
120,000
105
Santander
Holdings
USA,
VR,
6.499%,
3/9/29 (10)
80,000
79
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (10)
930,000
844
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
440,000
379
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
75,000
64
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
360,000
281
Sempra,
3.70%,
4/1/29
105,000
96
Southern,
5.20%,
6/15/33
495,000
481
Southern
California
Edison,
5.70%,
3/1/53
170,000
164
Southern
California
Edison,
Series D,
4.70%,
6/1/27
235,000
231
Sprint
Capital,
8.75%,
3/15/32
245,000
292
Standard
Chartered,
VR,
1.456%,
1/14/27 (1)(10)
210,000
188
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(10)
935,000
834
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(10)
205,000
198
Sutter
Health,
5.164%,
8/15/33
100,000
98
Sutter
Health,
5.547%,
8/15/53
90,000
91
T-Mobile
USA,
5.75%,
1/15/54
620,000
612
Targa
Resources
Partners,
5.50%,
3/1/30
450,000
431
Targa
Resources
Partners,
6.875%,
1/15/29
74,000
75
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
95,000
78
Truist
Financial,
VR,
4.123%,
6/6/28 (10)
370,000
350
UBS
Group,
3.75%,
3/26/25
640,000
618
UBS
Group,
VR,
5.959%,
1/12/34 (1)(10)
315,000
316
UnitedHealth
Group,
2.00%,
5/15/30
945,000
789
UnitedHealth
Group,
2.75%,
5/15/40
70,000
50
UnitedHealth
Group,
4.50%,
4/15/33
310,000
299
UnitedHealth
Group,
5.05%,
4/15/53
465,000
442
UnitedHealth
Group,
5.875%,
2/15/53
270,000
289
Utah
Acquisition
Sub,
3.95%,
6/15/26
791,000
748
Utah
Acquisition
Sub,
5.25%,
6/15/46
30,000
24
Verizon
Communications,
2.55%,
3/21/31
450,000
370
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verizon
Communications,
2.65%,
11/20/40
340,000
227
Viatris,
3.85%,
6/22/40
283,000
197
Viatris,
4.00%,
6/22/50
155,000
102
Vistra
Operations,
5.125%,
5/13/25 (1)
355,000
345
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
600,000
561
Warnermedia
Holdings,
3.755%,
3/15/27
520,000
487
Wells
Fargo,
4.30%,
7/22/27
290,000
278
Wells
Fargo,
VR,
2.393%,
6/2/28 (10)
1,860,000
1,655
Wells
Fargo,
VR,
2.572%,
2/11/31 (10)
1,645,000
1,373
Wells
Fargo,
VR,
2.879%,
10/30/30 (10)
850,000
728
Westlake,
1.625%,
7/17/29
(EUR)
177,000
162
Xcel
Energy,
3.40%,
6/1/30
360,000
319
Total
Corporate
Bonds
(Cost
$75,702)
69,140
EQUITY
MUTUAL
FUNDS
11.6%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
2,673,944
86,047
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (2)
8,130,164
78,294
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
5,334,973
72,716
Total
Equity
Mutual
Funds
(Cost
$219,796)
237,057
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.1%
State
of
Israel,
Series 0347,
3.75%,
3/31/47
(ILS)
4,670,000
1,150
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,229)
1,150
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.5%
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
TSFR
+
1.297%,
6.608%,
9/15/32 (1)
190,000
189
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51 (1)
400,116
304
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.584%,
11/15/34 (1)
195,000
81
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
196,970
168
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
TSFR
+
1.114%,
6.424%,
4/15/34 (1)
535,000
533
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
8.451%,
6/15/27 (1)
345,000
344
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
TSFR
+
1.411%,
6.721%,
10/15/36 (1)
330,000
319
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
B,
ARM,
1M
TSFR
+
2.092%,
7.403%,
3/15/35 (1)
477,000
470
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
396,274
301
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
152,939
120
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
46,526
44
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
295,197
281
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
SOFR30A
+
1.114%,
6.402%,
2/25/30
77,488
77
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
203,844
184
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45 (1)
430,000
275
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
62,675
58
Flagstar
Mortgage
Trust,
Series 2021-3INV,
Class
A16,
CMO,
ARM,
2.50%,
6/25/51 (1)
329,789
250
FWD
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
2.44%,
1/25/50 (1)
80,286
72
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
26,949
24
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
19,871
18
GCAT
Trust,
Series 2023-INV1,
Class
A1,
CMO,
ARM,
6.00%,
8/25/53 (1)
600,000
585
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
TSFR
+
1.148%,
6.458%,
12/15/36 (1)
370,000
368
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.747%,
7.057%,
12/15/36 (1)
335,000
332
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
3.928%,
7/25/44 (1)
6,566
7
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.926%,
10/25/50 (1)
171,422
142
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
300,826
228
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
306,362
233
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
137,448
108
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
145,000
131
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
71,196
62
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
82,292
72
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.578%,
12/25/50 (1)
232,896
191
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
68,954
60
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
7,508
7
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
16,518
16
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.286%,
6/25/50 (1)
239,170
198
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
TSFR
+
1.464%,
6.774%,
8/15/38 (1)
680,085
647
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
248,187
188
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
174,616
153
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.44%,
4/25/43
139,183
128
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.779%,
8/25/47 (1)
201,653
183
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
43,504
40
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
10,197
9
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
30,916
28
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
8,421
8
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
7.588%,
8/25/33 (1)
173,130
174
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
6.429%,
10/25/59 (1)
76,446
76
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
315,313
239
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
94
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
184,699
148
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
695,000
625
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
1,165,000
1,016
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31 (1)
570,000
512
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
100,000
84
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$12,808)
11,204
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
14,566
1,607
Total
Consumer
Discretionary
1,607
Total
Preferred
Stocks
(Cost
$1,238)
1,607
PRIVATE
INVESTMENT
COMPANIES
4.1%
Blackstone
Partners
Offshore
Fund (4)(6)
36,840
84,183
Total
Private
Investment
Companies
(Cost
$57,296)
84,183
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
4.6%
U.S.
Government
Agency
Obligations
3.5%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
98,106
91
3.00%,
12/1/42
-
2/1/47
918,178
812
3.50%,
8/1/42
-
3/1/46
872,852
801
4.00%,
8/1/40
-
12/1/41
362,248
346
4.50%,
6/1/39
-
10/1/41
266,319
261
5.00%,
1/1/24
-
8/1/40
93,190
93
6.00%,
4/1/24
-
8/1/38
71,851
74
6.50%,
11/1/29
-
10/1/32
7,235
8
7.00%,
10/1/25
-
6/1/32
4,559
4
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
5.975%,
7/1/35
1,311
1
12M
USD
LIBOR
+
1.75%,
4.127%,
2/1/35
5,617
6
12M
USD
LIBOR
+
1.842%,
4.091%,
1/1/37
10,425
10
12M
USD
LIBOR
+
1.915%,
4.29%,
2/1/37
11,202
11
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
176,674
34
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
-
4/1/37
409,936
351
2.00%,
8/1/36
-
9/1/52
5,838,777
4,694
2.50%,
6/1/37
-
5/1/52
8,478,734
7,150
3.00%,
5/1/31
-
8/1/52
3,635,152
3,194
3.50%,
6/1/47
-
9/1/52
1,016,228
923
4.00%,
8/1/37
-
9/1/52
629,855
595
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
4.50%,
9/1/37
-
10/1/52
215,672
205
5.00%,
10/1/52
121,579
118
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
91,586
81
3.50%,
6/1/42
-
5/1/46
470,753
430
4.00%,
11/1/40
168,685
158
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.869%,
6.119%,
8/1/36
12,310
12
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
2,342
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
2,089,189
1,761
2.00%,
5/1/36
-
4/1/52
19,068,518
15,458
2.50%,
1/1/32
-
4/1/52
9,308,008
7,807
3.00%,
8/1/27
-
4/1/51
5,613,305
4,982
3.50%,
2/1/35
-
1/1/52
3,423,747
3,134
4.00%,
7/1/35
-
8/1/52
3,267,211
3,081
4.50%,
7/1/39
-
8/1/52
1,823,947
1,759
5.00%,
7/1/33
-
10/1/52
1,240,348
1,223
5.50%,
11/1/34
-
9/1/41
386,884
393
6.00%,
3/1/33
-
2/1/53
1,322,228
1,348
6.50%,
7/1/32
-
5/1/40
195,719
201
7.00%,
9/1/30
-
4/1/32
2,823
3
UMBS,
TBA (11)
2.00%,
9/1/38
-
9/1/53
2,345,000
1,938
2.50%,
9/1/53
1,110,000
919
3.00%,
9/1/53
1,575,000
1,357
3.50%,
9/1/53
1,340,000
1,198
4.00%,
9/1/53
885,000
817
4.50%,
9/1/53
865,000
820
5.00%,
9/1/53
1,500,000
1,454
5.50%,
9/1/53
1,120,000
1,106
6.50%,
9/1/53
695,000
706
71,928
U.S.
Government
Obligations
1.1%
Government
National
Mortgage
Assn.
1.50%,
9/20/36
-
2/20/37
357,191
302
2.00%,
3/20/51
-
3/20/52
4,665,407
3,854
2.50%,
8/20/50
-
3/20/52
4,605,639
3,922
3.00%,
9/15/42
-
6/20/52
3,905,989
3,457
3.50%,
11/20/42
-
10/20/49
2,411,222
2,221
4.00%,
2/20/41
-
10/20/52
1,982,203
1,861
4.50%,
11/20/39
-
10/20/52
1,559,964
1,502
5.00%,
7/20/39
-
6/20/48
777,004
772
5.50%,
10/20/32
-
3/20/49
426,587
434
6.00%,
8/20/34
-
12/20/38
178,822
187
6.50%,
2/15/29
1,122
1
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
7.00%,
9/20/27
-
1/20/53
263,037
269
7.50%,
1/15/30
2,575
3
8.00%,
8/15/24
-
10/20/25
72
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
51,030
46
3.50%,
10/20/50
190,000
158
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
108,281
16
4.00%,
2/20/43
42,198
5
Government
National
Mortgage
Assn.,
TBA (11)
2.00%,
9/20/53
285,000
235
2.50%,
9/20/53
205,000
174
5.00%,
9/20/53
365,000
355
5.50%,
9/20/53
1,995,000
1,975
6.00%,
9/20/53
520,000
522
6.50%,
9/20/53
600,000
608
22,879
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$102,326)
94,807
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
4.3%
U.S.
Treasury
Obligations
4.3%
U.S.
Treasury
Bonds,
3.00%,
8/15/52 (12)(13)
6,745,000
5,376
U.S.
Treasury
Bonds,
3.375%,
8/15/42
8,640,000
7,497
U.S.
Treasury
Bonds,
3.625%,
2/15/53
5,945,000
5,356
U.S.
Treasury
Bonds,
3.875%,
2/15/43
2,165,000
2,014
U.S.
Treasury
Bonds,
4.00%,
11/15/42 (13)
6,045,000
5,733
U.S.
Treasury
Bonds,
4.00%,
11/15/52
3,900,000
3,764
U.S.
Treasury
Notes,
0.625%,
8/15/30
7,455,000
5,873
U.S.
Treasury
Notes,
1.50%,
1/31/27
9,795,000
8,886
U.S.
Treasury
Notes,
2.25%,
1/31/24
8,025,000
7,921
U.S.
Treasury
Notes,
3.875%,
1/15/26
9,035,000
8,864
U.S.
Treasury
Notes,
3.875%,
11/30/29
2,680,000
2,626
U.S.
Treasury
Notes,
4.00%,
12/15/25
7,525,000
7,403
U.S.
Treasury
Notes,
4.00%,
2/15/26
5,025,000
4,945
U.S.
Treasury
Notes,
4.125%,
8/31/30
5,895,000
5,869
U.S.
Treasury
Notes,
4.125%,
11/15/32
6,015,000
6,011
88,138
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$91,562)
88,138
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
2.5%
Money
Market
Funds
2.5%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38% (2)(14)
51,394,066
51,394
Total
Short-Term
Investments
(Cost
$51,394)
51,394
SECURITIES
LENDING
COLLATERAL
0.1%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (2)(14)
2,951,549
2,952
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
2,952
Total
Securities
Lending
Collateral
(Cost
$2,952)
2,952
Total
Investments
in
Securities
101.2%
(Cost
$1,704,366)
$
2,069,281
Other
Assets
Less
Liabilities
(1.2)%
(25,378)
Net
Assets
100.0%
$
2,043,903
‡
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
$29,799
and
represents
1.5%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
(5)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$6,718
and
represents
0.3%
of
net
assets.
(6)
Level
3
in
fair
value
hierarchy.
(7)
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.
(8)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2023.
(9)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
37
.
.
.
.
.
.
.
.
.
.
(10)
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.
(11)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$14,184
and
represents
0.7%
of
net
assets.
(12)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
August
31,
2023.
(13)
At
August
31,
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)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
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
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
ILS
Israeli
Shekel
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
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
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
TBA
To-Be-Announced
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
38
.
.
.
.
.
.
.
.
.
.
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
Allocation
Fund
39
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written
(0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
S&P
500
Index,
Call,
10/20/23
@
$4,550.00
215
96,915
(1,515)
Total
Options
Written
(Premiums
$(1,689))
$
(1,515)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
40
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.AAA-S15,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
11/18/64
6,467
180
172
8
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
172
8
Credit
Default
Swaps,
Protection
Sold
0.0%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
88
1
1
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
1
—
Total
Bilateral
Swaps
173
8
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S40,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
763
29
—
29
Protection
Sold
(Relevant
Credit:
MetLife,
A3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
*
74
1
(1)
2
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
*
1,520
15
(14)
29
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
41
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
*
1,820
4
(34)
38
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
98
Total
Centrally
Cleared
Swaps
98
Net
payments
(receipts)
of
variation
margin
to
date
(99)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(1)
*
Credit
ratings
as
of
August
31,
2023.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
42
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
10/19/23
ILS
1,517
USD
401
$
(1)
BNP
Paribas
11/24/23
USD
529
EUR
484
2
Citibank
10/19/23
ILS
968
USD
256
(1)
Citibank
10/19/23
USD
2,403
ILS
8,886
62
HSBC
Bank
11/24/23
USD
168
EUR
153
1
JPMorgan
Chase
10/19/23
ILS
792
USD
209
—
State
Street
10/19/23
ILS
503
USD
134
(1)
State
Street
11/24/23
USD
252
EUR
230
1
UBS
Investment
Bank
10/19/23
ILS
426
USD
112
—
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
63
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
43
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
130
Euro
BOBL
contracts
9/23
16,368
$
60
Short,
24
Euro
BUXL
thirty
year
bond
contracts
9/23
(3,482)
52
Short,
80
MSCI
EAFE
Index
contracts
9/23
(8,437)
147
Long,
123
S&P
500
E-Mini
Index
contracts
9/23
27,773
(86)
Long,
4
U.S.
Treasury
Long
Bond
contracts
12/23
487
1
Long,
258
U.S.
Treasury
Notes
five
year
contracts
12/23
27,586
51
Long,
80
U.S.
Treasury
Notes
ten
year
contracts
12/23
8,882
10
Short,
15
U.S.
Treasury
Notes
two
year
contracts
12/23
(3,057)
(9)
Short,
46
Ultra
U.S.
Treasury
Bonds
contracts
12/23
(5,956)
(17)
Long,
32
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/23
3,716
—
Net
payments
(receipts)
of
variation
margin
to
date
(202)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
7
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
44
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.43%
$
—
$
(2,716)
$
692
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.06%
—
—
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.69%
(772)
1,784
924
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
(390)
1,197
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.97%
(201)
778
571
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.04%
(162)
1,386
1,062
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.51%
(463)
460
669
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.11%
—
—
—
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
1,139
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
3,517
—
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.31%
—
(3,908)
570
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
—
—
794
Totals
$
(1,988)#
$
3,637
$
5,282+
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
45
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
08/31/23
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
6.43%
$
59,822
$
1,192
$
—
$
58,298
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.06%
7
—
—
7
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.69%
64,066
924
2,921
63,853
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
86,490
—
1,640
86,047
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.97%
27,850
571
3,801
25,398
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.04%
60,296
2,062
1,161
62,583
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.51%
84,741
669
2,463
83,407
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.11%
78
—
—
78
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
77,155
—
—
78,294
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
54,489
14,710
—
72,716
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.31%
65,095
1,420
—
62,607
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
817
¤
¤
2,952
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
54,980
¤
¤
51,394
Total
$
647,634^
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
46
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$5,282
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
$706,293.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
47
T.
Rowe
Price
Spectrum
Moderate
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
Allocation
Fund
48
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the Valuation
Designee
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of its portfolio
securities.
Each
business
day,
the
Valuation
Designee uses
information
from
outside
pricing
services
to
evaluate
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
49
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
50
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
279,914
$
—
$
279,914
Bond
Mutual
Funds
356,231
—
—
356,231
Common
Stocks
809,362
241,768
1,221
1,052,351
Convertible
Bonds
—
—
8
8
Convertible
Preferred
Stocks
—
—
3,584
3,584
Equity
Mutual
Funds
237,057
—
—
237,057
Preferred
Stocks
—
1,607
—
1,607
Private
Investment
Companies
—
—
84,183
84,183
Short-Term
Investments
51,394
—
—
51,394
Securities
Lending
Collateral
2,952
—
—
2,952
Total
Securities
1,456,996
523,289
88,996
2,069,281
Swaps*
—
279
—
279
Forward
Currency
Exchange
Contracts
—
66
—
66
Futures
Contracts*
321
—
—
321
Total
$
1,457,317
$
523,634
$
88,996
$
2,069,947
Liabilities
Options
Written
$
—
$
1,515
$
—
$
1,515
Forward
Currency
Exchange
Contracts
—
3
—
3
Futures
Contracts*
112
—
—
112
Total
$
112
$
1,518
$
—
$
1,630
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
51
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
August
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
August
31,
2023,
totaled $524,000 for
the
period ended
August
31,
2023.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
5/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
8/31/23
Investment
in
Securities
Common
Stocks
$
2,499
$
119
$
293
$
(1,690)
$
1,221
Convertible
Bonds
8
—
—
—
8
Convertible
Preferred
Stocks
4,718
(725)
—
(409)
3,584
Private
Investment
Companies
86,906
2,277
—
(5,000)
84,183
Total
$
94,131
$
1,671
$
293
$
(7,099)
$
88,996
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stocks
$
1,221
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
100%
100%
Decrease
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
52
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Market
comparable
Relative
value
—#
—#
—#
Enterprise
value
to
sales
multiple
1.7x
–
11.0x
3.6x
Increase
Sales
growth
rate
23%
-
168%
41%
Increase
Enterprise
value
to
gross
profit
multiple
4.7x
–
13.4
9.3x
Increase
Gross
profit
growth
rate
24%
-
37%
26%
Increase
Enterprise
value
to
EBITDA
multiple
19.3x
19.3x
Increase
Price-to-
earnings
multiple
8.4x
–
11.9x
10.3x
Increase
Price-to-
earnings
growth
rate
0%
–
85%
43%
Increase
Price
to
tangible
book
value
multiple
0.8x
–
0.9x
0.9x
Increase
Tangible
book
value
growth
rate
14%
14%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
4%
4%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
53
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Volatility
37%
-
39%
37%
Increase
Convertible
Bonds
$
8
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Convertible
Preferred
Stocks
$
3,584
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
Probability
for
potential
outcome
20%
-
50%
33%
Increase
Enterprise
value
to
sales
multiple
1.0x
–
11.0x
4.7x
Increase
Sales
growth
rate
15%
-
168%
40%
Increase
Projected
enterprise
value
to
sales
multiple
3.6x
–
22.6x
14.7x
Increase
Projected
enterprise
value
to
gross
profit
multiple
23.5x
–
30.5x
27.0x
Increase
Enterprise
value
to
gross
profit
multiple
2.3x
–
15.1x
9.9x
Increase
Gross
profit
growth
rate
24%
-
51%
43%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
54
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Enterprise
value
to
EBITDA
multiple
7.5x
–
19.3x
13.5x
Increase
EBITDA
growth
rate
65%
65%
Increase
Projected
enterprise
value
to
EBITDA
multiple
15.1x
15.1x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.5x
–
0.6x
0.6x
Increase
Gross
merchandise
value
growth
rate
30%
30%
Increase
Price-to-
earnings
multiple
8.4x
–
11.9x
10.3x
Increase
Price-to-
earnings
growth
rate
0%
–
85%
43%
Increase
Premium
to
public
company
multiples
11%
-
36%
23%
Increase
Rate
of
return
40%
40%
Decrease
Discount
rate
for
cost
of
capital
15%
-
40%
21%
Decrease
Discount
for
lack
of
collectability
100%
100%
Decrease
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
55
+
Valuation
techniques
may
change
in
order
to
reflect the
Valuation
Designee’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
Valuation
Designee.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
Investments
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
uncertainty
70%
-
80%
72%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Private
Investment
Companies
$
84,183
Rollforward
of
Investee
NAV
Estimated
return
0.77%
0.77%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
56
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.
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.
F102-054Q1
08/23