T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
August
31,
2023
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.4%
AGL
Series 2022-17A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.33%,
6.664%,
1/21/35 (1)
310,000
307
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
225,000
210
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
122,000
112
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
215,000
214
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
135,000
122
Applebee's
Funding
Series 2023-1A,
Class
A2
7.824%,
3/5/53 (1)
205,000
204
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
6.628%,
4/15/35 (1)
410,000
405
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
140,000
127
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
200,000
180
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.412%,
6.72%,
7/15/36 (1)
280,000
278
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.402%,
6.71%,
7/15/36 (1)
260,000
258
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
126,100
113
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
209,625
181
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.67%,
7/17/34 (1)
265,000
262
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
D
3.02%,
6/15/28
390,000
363
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
425,000
412
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
275,000
269
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
489
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
110,000
108
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
465,000
458
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
120,000
119
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
238,125
224
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
132,300
105
Hpefs
Equipment
Trust
Series 2022-3A,
Class
C
6.13%,
8/20/29 (1)
325,000
324
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
160,000
153
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
175,000
164
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
50
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.598%,
10/15/32 (1)
250,000
248
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
383,231
375
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.392%,
6.712%,
10/19/31 (1)
250,000
249
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.252%,
6.572%,
1/20/32 (1)
570,000
566
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.392%,
6.70%,
7/17/35 (1)
250,000
248
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
TSFR
+
1.912%,
7.238%,
7/20/29 (1)
250,000
247
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.442%,
6.787%,
1/24/33 (1)
250,000
248
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
76,637
76
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.272%,
6.58%,
7/17/29 (1)
88,516
88
Palmer
Square
Series 2022-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.32%,
6.646%,
4/20/35 (1)
250,000
247
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
155,000
144
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
140,000
136
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
440,000
432
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
305,000
294
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
279,900
233
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
240,000
217
Symphony
XXXI
Series 2022-31A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
7.196%,
4/22/35 (1)
250,000
245
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
130,000
127
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.322%,
6.648%,
10/20/29 (1)
128,381
128
World
Omni
Auto
Receivables
Trust
Series 2023-A,
Class
B
5.03%,
5/15/29
210,000
206
Total
Asset-Backed
Securities
(Cost
$11,719)
11,332
BOND
MUTUAL
FUNDS
7.4%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
6.06% (2)(3)
554
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.69% (2)(3)
5,979,425
37,850
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.97% (2)(3)
1,708,900
16,064
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.04% (2)(3)
5,248,688
39,732
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.51% (2)(3)
7,931,899
64,407
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.11% (2)(3)
18,496
87
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.31% (2)(3)
8,978,436
68,775
Total
Bond
Mutual
Funds
(Cost
$284,384)
226,921
COMMON
STOCKS
69.0%
COMMUNICATION
SERVICES
4.4%
Diversified
Telecommunication
Services
0.3%
KT
(KRW)
82,241
2,051
Nippon
Telegraph
&
Telephone
(JPY)
6,589,100
7,608
9,659
Entertainment
0.3%
Liberty
Media
Corp-Liberty
Live,
Class
C (4)
19,223
647
Netflix (4)
15,115
6,555
Sea,
ADR (4)
22,320
840
8,042
Interactive
Media
&
Services
3.1%
Alphabet,
Class
A (4)
48,773
6,641
Alphabet,
Class
C (4)
444,376
61,035
Meta
Platforms,
Class
A (4)
79,044
23,388
NAVER
(KRW)
10,624
1,720
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tencent
Holdings
(HKD)
23,000
953
Vimeo (4)
118,967
474
Z
Holdings
(JPY)
468,500
1,407
95,618
Media
0.2%
CyberAgent
(JPY)
253,000
1,610
WPP
(GBP)
358,785
3,478
5,088
Wireless
Telecommunication
Services
0.5%
T-Mobile
U.S. (4)
105,302
14,348
Vodafone
Group,
ADR
212,155
1,977
16,325
Total
Communication
Services
134,732
CONSUMER
DISCRETIONARY
7.0%
Automobile
Components
0.4%
Autoliv,
SDR
(SEK)
31,083
3,032
Denso
(JPY)
50,800
3,467
Dowlais
Group
(GBP) (4)
550,671
790
Magna
International
58,856
3,462
Stanley
Electric
(JPY)
64,300
1,128
11,879
Automobiles
0.8%
General
Motors
33,857
1,135
Honda
Motor
(JPY)
40,800
1,318
Rivian
Automotive,
Class
A (4)
51,069
1,161
Suzuki
Motor
(JPY)
56,200
2,208
Tesla (4)
50,471
13,026
Toyota
Motor
(JPY)
348,500
6,004
24,852
Broadline
Retail
2.2%
Alibaba
Group
Holding,
ADR (4)
11,589
1,077
Amazon.com (4)
436,112
60,188
Kohl's
15,808
421
Next
(GBP)
34,370
3,037
Ollie's
Bargain
Outlet
Holdings (4)
32,113
2,475
Savers
Value
Village (4)
8,200
203
67,401
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (4)
15,550
1,468
Clear
Secure,
Class
A
46,661
1,014
Duolingo (4)
8,049
1,185
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (4)(5)
13,478
1
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Service
Corp
International
28,447
1,795
Strategic
Education
12,778
990
6,453
Hotels,
Restaurants
&
Leisure
1.6%
Amadeus
IT
Group,
Class
A
(EUR)
39,909
2,738
BJ's
Restaurants (4)
25,558
752
Booking
Holdings (4)
4,410
13,693
CAVA
Group (4)
989
44
CAVA
Group,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $703 (4)
(5)
73,269
3,254
Chipotle
Mexican
Grill (4)
2,172
4,185
Chuy's
Holdings (4)
20,640
786
Compass
Group
(GBP)
199,463
5,030
DoorDash,
Class
A (4)
13,193
1,110
Dutch
Bros,
Class
A (4)
9,363
277
Hilton
Worldwide
Holdings
31,983
4,754
Jack
in
the
Box
5,500
442
Marriott
Vacations
Worldwide
2,784
303
McDonald's
32,634
9,175
Papa
John's
International
25,334
1,918
Red
Rock
Resorts,
Class
A
14,330
629
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $771 (4)(5)(6)(7)
90,236
489
Wyndham
Hotels
&
Resorts
10,918
823
50,402
Household
Durables
0.3%
Installed
Building
Products
3,600
521
Panasonic
Holdings
(JPY)
257,200
2,960
Persimmon
(GBP)
99,367
1,340
Skyline
Champion (4)
16,189
1,154
Sony
Group
(JPY)
51,800
4,309
10,284
Specialty
Retail
1.1%
AutoZone (4)
1,300
3,291
Bath
&
Body
Works
17,400
641
Burlington
Stores (4)
12,044
1,954
Caleres
21,800
625
Carvana (4)
23,000
1,158
Farfetch,
Class
A (4)
63,965
182
Five
Below (4)
4,018
691
Floor
&
Decor
Holdings,
Class
A (4)
3,100
309
Home
Depot
5,540
1,830
Kingfisher
(GBP)
1,289,198
3,820
Monro
24,879
815
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
O'Reilly
Automotive (4)
4,518
4,246
RH (4)
1,601
585
Ross
Stores
23,293
2,837
TJX
39,950
3,695
Ulta
Beauty (4)
15,602
6,475
Warby
Parker,
Class
A (4)
55,446
666
Zalando
(EUR) (4)
47,195
1,467
35,287
Textiles,
Apparel
&
Luxury
Goods
0.4%
Dr.
Martens
(GBP)
251,300
499
Kering
(EUR)
5,435
2,906
Lululemon
Athletica (4)
5,661
2,158
Moncler
(EUR)
48,158
3,263
NIKE,
Class
B
15,069
1,533
Samsonite
International
(HKD) (4)
502,800
1,683
Skechers
USA,
Class
A (4)
17,282
870
12,912
Total
Consumer
Discretionary
219,470
CONSUMER
STAPLES
4.8%
Beverages
0.8%
Boston
Beer,
Class
A (4)
4,198
1,534
Coca-Cola
125,598
7,515
Coca-Cola
Consolidated
1,089
761
Diageo
(GBP)
116,037
4,752
Heineken
(EUR)
43,505
4,229
Kirin
Holdings
(JPY)
103,800
1,457
PepsiCo
21,103
3,755
24,003
Consumer
Staples
Distribution
&
Retail
0.7%
Dollar
General
16,870
2,336
Seven
&
i
Holdings
(JPY)
102,900
4,222
Target
23,532
2,978
Walmart
61,299
9,968
Welcia
Holdings
(JPY) (8)
44,600
821
20,325
Food
Products
1.5%
Barry
Callebaut
(CHF)
1,199
2,089
General
Mills
60,362
4,084
Hershey
23,407
5,029
Kraft
Heinz
26,009
861
Mondelez
International,
Class
A
189,494
13,504
Nestle
(CHF)
126,832
15,250
Post
Holdings (4)
13,580
1,218
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Simply
Good
Foods (4)
12,300
444
TreeHouse
Foods (4)
11,568
538
Utz
Brands
47,932
740
Wilmar
International
(SGD)
1,103,100
3,084
46,841
Household
Products
0.7%
Colgate-Palmolive
91,679
6,736
Procter
&
Gamble
94,054
14,516
21,252
Personal
Care
Products
0.8%
BellRing
Brands (4)
52,475
2,178
Kenvue
383,671
8,844
L'Oreal
(EUR)
10,535
4,627
Oddity
Tech,
Class
A (4)
3,402
141
Unilever
(GBP)
167,876
8,573
24,363
Tobacco
0.3%
Philip
Morris
International
96,608
9,280
9,280
Total
Consumer
Staples
146,064
ENERGY
3.2%
Energy
Equipment
&
Services
0.7%
Cactus,
Class
A
10,801
576
ChampionX
23,187
837
Expro
Group
Holdings (4)
20,906
492
Halliburton
170,957
6,602
Liberty
Energy,
Class
A
61,243
977
NexTier
Oilfield
Solutions (4)
98,867
1,049
NOV
57,100
1,207
Schlumberger
191,629
11,298
23,038
Oil,
Gas
&
Consumable
Fuels
2.5%
Chevron
54,781
8,825
ConocoPhillips
37,100
4,416
Devon
Energy
65,020
3,322
Diamondback
Energy
28,485
4,323
EQT
239,616
10,356
Equinor
(NOK)
224,547
6,896
Exxon
Mobil
57,209
6,361
Kimbell
Royalty
Partners
23,307
358
Kinder
Morgan
255,884
4,406
Magnolia
Oil
&
Gas,
Class
A
54,108
1,234
Range
Resources
185,200
5,997
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Shell,
ADR
62,906
3,906
Southwestern
Energy (4)
192,800
1,307
TotalEnergies
(EUR) (8)
126,509
7,936
Williams
179,002
6,181
75,824
Total
Energy
98,862
FINANCIALS
11.5%
Banks
3.7%
ANZ
Group
Holdings
(AUD)
127,380
2,080
Bank
of
America
457,634
13,120
BankUnited
23,934
628
Blue
Foundry
Bancorp (4)
16,017
148
BNP
Paribas
(EUR)
54,818
3,545
Cadence
Bank
33,436
765
Capitol
Federal
Financial
72,416
411
Columbia
Banking
System
38,700
793
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $64 (4)(5)(7)
605
47
CrossFirst
Bankshares (4)
29,098
313
DBS
Group
Holdings
(SGD)
103,356
2,544
Dime
Community
Bancshares
24,014
512
DNB
Bank
(NOK)
283,356
5,601
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $56 (4)(5)(7)
5,570
111
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $27 (4)(5)(7)
2,736
55
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (4)(5)(7)
831
9
East
West
Bancorp
35,343
1,956
Eastern
Bankshares
39,500
532
Equity
Bancshares,
Class
A
15,184
380
Erste
Group
Bank
(EUR)
36,057
1,286
FB
Financial
23,032
700
First
Bancshares
20,820
591
Five
Star
Bancorp
15,178
332
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $93 (4)(5)(7)
9,254
22
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (4)(5)(7)
1,736
—
HarborOne
Bancorp
2,292
23
HDFC
Bank
(INR)
147,770
2,808
Heritage
Commerce
60,533
525
Home
BancShares
29,298
650
ING
Groep
(EUR)
465,197
6,591
Intesa
Sanpaolo
(EUR)
728,548
1,945
JPMorgan
Chase
138,250
20,230
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kearny
Financial
32,148
238
Live
Oak
Bancshares
25,948
839
Lloyds
Banking
Group
(GBP)
4,785,838
2,557
Mitsubishi
UFJ
Financial
Group
(JPY)
445,700
3,556
National
Bank
of
Canada
(CAD)
63,682
4,438
Origin
Bancorp
24,591
755
Pacific
Premier
Bancorp
22,807
525
Pinnacle
Financial
Partners
14,718
980
PNC
Financial
Services
Group
46,968
5,670
Popular
8,453
577
SouthState
15,287
1,105
Standard
Chartered
(GBP)
211,475
1,903
Sumitomo
Mitsui
Trust
Holdings
(JPY)
38,758
1,452
Svenska
Handelsbanken,
Class
A
(SEK)
380,577
3,175
Texas
Capital
Bancshares (4)
10,971
685
U.S.
Bancorp
111,028
4,056
United
Overseas
Bank
(SGD)
185,400
3,895
Veritex
Holdings
24,172
455
Wells
Fargo
157,001
6,482
Western
Alliance
Bancorp
14,221
711
113,307
Capital
Markets
1.3%
Bridgepoint
Group
(GBP)
423,310
934
Brookfield
(CAD)
71,400
2,437
Cboe
Global
Markets
36,014
5,392
Charles
Schwab
24,360
1,441
CME
Group
7,900
1,601
Goldman
Sachs
Group
28,051
9,193
Julius
Baer
Group
(CHF)
43,418
3,014
LPL
Financial
Holdings
19,971
4,605
Macquarie
Group
(AUD)
21,938
2,508
Morgan
Stanley
25,252
2,150
MSCI
1,106
601
P10,
Class
A
47,090
568
S&P
Global
6,233
2,436
StepStone
Group,
Class
A
25,910
800
TMX
Group
(CAD)
32,445
718
XP,
Class
A (4)
54,265
1,375
39,773
Consumer
Finance
0.2%
American
Express
30,023
4,743
Encore
Capital
Group (4)
11,847
555
PRA
Group (4)
22,580
440
5,738
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Financial
Services
2.7%
Adyen
(EUR) (4)
1,741
1,454
Affirm
Holdings (4)
14,984
312
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $370 (4)(5)(7)
370,385
363
Berkshire
Hathaway,
Class
B (4)
44,617
16,071
Block,
Class
A (4)
11,358
655
Challenger
(AUD)
216,063
947
Corebridge
Financial
89,100
1,589
Element
Fleet
Management
(CAD)
286,928
4,410
Essent
Group
7,524
378
Fiserv (4)
82,897
10,063
FleetCor
Technologies (4)
7,815
2,123
Mastercard,
Class
A
30,382
12,537
Mitsubishi
HC
Capital
(JPY)
233,400
1,516
PennyMac
Financial
Services
26,990
1,937
Toast,
Class
A (4)
35,881
795
Visa,
Class
A
114,238
28,066
83,216
Insurance
3.6%
AIA
Group
(HKD)
444,400
4,021
Allstate
62,806
6,771
Assurant
11,737
1,635
AXA
(EUR)
240,803
7,235
Axis
Capital
Holdings
29,116
1,597
Chubb
66,658
13,390
Definity
Financial
(CAD)
43,329
1,192
First
American
Financial
13,200
814
Hanover
Insurance
Group
9,170
979
Hartford
Financial
Services
Group
83,481
5,996
Kemper
13,321
626
Marsh
&
McLennan
16,195
3,158
MetLife
210,308
13,321
Munich
Re
(EUR)
21,592
8,381
Ping
An
Insurance
Group,
Class
H
(HKD)
165,000
988
Progressive
107,404
14,335
Sampo,
Class
A
(EUR)
86,573
3,800
Selective
Insurance
Group
25,322
2,512
Storebrand
(NOK)
328,634
2,633
Sun
Life
Financial
(CAD)
77,704
3,790
Tokio
Marine
Holdings
(JPY)
189,100
4,173
Travelers
28,645
4,619
White
Mountains
Insurance
Group
330
524
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zurich
Insurance
Group
(CHF)
9,964
4,672
111,162
Total
Financials
353,196
HEALTH
CARE
10.4%
Biotechnology
1.3%
Abcam,
ADR (4)
67,544
1,528
Agios
Pharmaceuticals (4)
10,146
278
Amgen
35,098
8,997
Apellis
Pharmaceuticals (4)
26,295
1,110
Arcellx (4)
9,100
326
Argenx,
ADR (4)
3,657
1,838
Ascendis
Pharma,
ADR (4)
11,962
1,173
Avid
Bioservices (4)
42,889
506
Blueprint
Medicines (4)
16,597
828
Cerevel
Therapeutics
Holdings (4)
12,958
307
Crinetics
Pharmaceuticals (4)
12,800
222
CRISPR
Therapeutics (4)
6,845
342
Cytokinetics (4)
13,400
468
Generation
Bio (4)
24,651
118
Genmab
(DKK) (4)
4,070
1,559
HilleVax (4)
8,797
117
Icosavax (4)
20,956
162
Immatics (4)
17,227
204
Insmed (4)
50,632
1,108
Ionis
Pharmaceuticals (4)
17,400
701
Karuna
Therapeutics (4)
5,437
1,021
Kymera
Therapeutics (4)
5,864
112
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $5 (4)(5)
400
1
MacroGenics (4)
30,511
142
MoonLake
Immunotherapeutics (4)
9,287
535
Morphic
Holding (4)
5,542
305
MorphoSys,
ADR (4)
53,426
401
Nkarta (4)
22,996
40
Prothena (4)
7,731
408
RAPT
Therapeutics (4)
11,166
213
Regeneron
Pharmaceuticals (4)
9,056
7,485
Relay
Therapeutics (4)
10,788
110
Repare
Therapeutics (4)
9,774
95
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (4)(5)
2,126
5
Vaxcyte (4)
11,740
610
Vertex
Pharmaceuticals (4)
15,633
5,446
Verve
Therapeutics (4)
12,620
162
Xencor (4)
17,911
394
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Zentalis
Pharmaceuticals (4)
11,791
313
39,690
Health
Care
Equipment
&
Supplies
1.5%
Alcon
(CHF)
26,315
2,196
Align
Technology (4)
1,790
663
Becton
Dickinson
&
Company
19,656
5,493
Elekta,
Class
B
(SEK) (8)
242,321
1,731
Embecta
10,957
201
EssilorLuxottica
(EUR)
16,079
3,022
GE
HealthCare
Technologies
56,148
3,956
ICU
Medical (4)
7,293
1,058
Intuitive
Surgical (4)
22,400
7,004
Koninklijke
Philips
(EUR) (4)(8)
143,894
3,234
Masimo (4)
8,800
1,006
Medtronic
32,300
2,632
Neogen (4)
50,950
1,178
Outset
Medical (4)
35,503
483
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264 (4)(5)(7)
70,144
28
Penumbra (4)
710
188
PROCEPT
BioRobotics (4)
36,045
1,229
QuidelOrtho (4)
11,695
963
Siemens
Healthineers
(EUR)
80,269
4,018
STERIS
16,900
3,880
Stryker
9,441
2,677
Teleflex
2,808
597
47,437
Health
Care
Providers
&
Services
3.1%
Alignment
Healthcare (4)
69,521
406
Cencora
89,722
15,789
dentalcorp
Holdings
(CAD) (4)
30,246
149
Elevance
Health
51,832
22,910
Fresenius
(EUR)
87,024
2,790
Guardant
Health (4)
15,906
622
HCA
Healthcare
14,789
4,101
Humana
13,289
6,135
ModivCare (4)
7,795
250
Molina
Healthcare (4)
22,131
6,863
NeoGenomics (4)
58,098
873
Option
Care
Health (4)
17,516
610
Pennant
Group (4)
12,685
152
Privia
Health
Group (4)
51,109
1,342
Quest
Diagnostics
30,982
4,074
Tenet
Healthcare (4)
23,200
1,800
U.S.
Physical
Therapy
8,013
808
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UnitedHealth
Group
52,010
24,787
94,461
Health
Care
Technology
0.1%
Certara (4)
27,021
437
Doximity,
Class
A (4)
13,654
325
Veeva
Systems,
Class
A (4)
5,760
1,202
1,964
Life
Sciences
Tools
&
Services
1.2%
10X
Genomics,
Class
A (4)
9,700
503
Adaptive
Biotechnologies (4)
11,585
78
Agilent
Technologies
35,473
4,295
Bruker
21,836
1,432
Danaher
31,414
8,325
Evotec
(EUR) (4)
51,237
1,201
Olink
Holding,
ADR (4)
22,052
365
Pacific
Biosciences
of
California (4)
73,747
832
Repligen (4)
2,415
420
Thermo
Fisher
Scientific
36,342
20,246
37,697
Pharmaceuticals
3.2%
Astellas
Pharma
(JPY)
369,100
5,585
AstraZeneca,
ADR
188,236
12,766
Bayer
(EUR)
68,466
3,746
Catalent (4)
17,302
865
Eli
Lilly
37,436
20,747
GSK,
ADR
69,605
2,445
Johnson
&
Johnson
33,053
5,344
Merck
109,644
11,949
Novartis
(CHF)
77,457
7,795
Novo
Nordisk,
Class
B
(DKK)
33,748
6,225
Otsuka
Holdings
(JPY)
60,700
2,306
Roche
Holding
(CHF)
27,220
7,989
Sanofi
(EUR)
82,047
8,738
Structure
Therapeutics,
ADR (4)
11,564
326
Ventyx
Biosciences (4)
6,700
225
Zoetis
14,594
2,780
99,831
Total
Health
Care
321,080
INDUSTRIALS
&
BUSINESS
SERVICES
7.4%
Aerospace
&
Defense
0.8%
Bombardier,
Class
B
(CAD) (4)
8,400
343
Cadre
Holdings
12,633
334
General
Dynamics
31,556
7,152
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
L3Harris
Technologies
25,933
4,618
Melrose
Industries
(GBP)
521,933
3,376
Northrop
Grumman
3,856
1,670
Parsons (4)
26,112
1,489
Safran
(EUR)
23,028
3,690
TransDigm
Group (4)
1,275
1,152
23,824
Building
Products
0.4%
AZZ
27,409
1,346
Carrier
Global
140,863
8,093
CSW
Industrials
6,544
1,175
Zurn
Elkay
Water
Solutions
31,017
919
11,533
Commercial
Services
&
Supplies
0.1%
Casella
Waste
Systems,
Class
A (4)
10,797
851
Cintas
1,665
839
Rentokil
Initial
(GBP)
152,421
1,161
Stericycle (4)
15,425
682
Tetra
Tech
4,635
729
4,262
Construction
&
Engineering
0.1%
WillScot
Mobile
Mini
Holdings (4)
8,259
339
Worley
(AUD)
263,928
2,967
3,306
Electrical
Equipment
1.0%
ABB
(CHF)
137,189
5,217
AMETEK
64,004
10,209
Eaton
11,523
2,655
Hubbell
5,037
1,642
Legrand
(EUR)
42,265
4,164
Mitsubishi
Electric
(JPY)
324,700
4,230
Prysmian
(EUR)
86,676
3,541
Thermon
Group
Holdings (4)
11,597
319
31,977
Ground
Transportation
1.1%
Central
Japan
Railway
(JPY)
14,200
1,821
Convoy,
Warrants,
03/15/33,
Acquisition
Date:
3/24/23,
Cost $— (4)(5)(7)
2,317
—
CSX
393,908
11,896
Landstar
System
4,368
829
Norfolk
Southern
11,007
2,256
Old
Dominion
Freight
Line
18,503
7,908
Saia (4)
4,962
2,115
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Union
Pacific
26,733
5,896
32,721
Industrial
Conglomerates
1.0%
DCC
(GBP)
36,556
2,000
General
Electric
101,807
11,653
Roper
Technologies
6,912
3,450
Siemens
(EUR)
94,629
14,216
31,319
Machinery
1.7%
Caterpillar
6,700
1,884
Crane
6,200
565
Cummins
39,308
9,042
Deere
3,000
1,233
Dover
6,573
975
Enerpac
Tool
Group
41,490
1,087
EnPro
Industries
5,400
737
Esab
9,632
695
ESCO
Technologies
9,016
965
Federal
Signal
27,282
1,663
Graco
13,167
1,039
Helios
Technologies
17,419
1,008
IDEX
20,286
4,593
Ingersoll
Rand
44,482
3,096
John
Bean
Technologies
10,099
1,110
KION
Group
(EUR)
43,218
1,725
Marel
(ISK)
51,164
187
Mueller
Water
Products,
Class
A
65,115
920
RBC
Bearings (4)
7,536
1,737
Sandvik
(SEK)
136,155
2,575
SMC
(JPY)
2,700
1,313
SPX
Technologies (4)
20,881
1,650
THK
(JPY)
67,300
1,229
Toro
6,257
640
Westinghouse
Air
Brake
Technologies
89,292
10,047
51,715
Passenger
Airlines
0.0%
Allegiant
Travel
8,174
726
726
Professional
Services
0.7%
Booz
Allen
Hamilton
Holding
44,503
5,043
Broadridge
Financial
Solutions
23,956
4,461
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93 (4)(5)(7)
11,790
64
Clarivate (4)
76,524
568
Legalzoom.com (4)
24,669
281
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paycor
HCM (4)
36,124
848
Recruit
Holdings
(JPY)
82,100
2,925
TechnoPro
Holdings
(JPY)
93,600
2,295
Teleperformance
(EUR)
11,391
1,574
Verisk
Analytics
14,444
3,499
21,558
Trading
Companies
&
Distributors
0.5%
Ashtead
Group
(GBP)
53,204
3,712
Beacon
Roofing
Supply (4)
15,519
1,239
Bunzl
(GBP)
61,046
2,186
Mitsubishi
(JPY)
59,800
2,950
Rush
Enterprises,
Class
A
20,161
835
SiteOne
Landscape
Supply (4)
10,692
1,830
Sumitomo
(JPY)
155,900
3,206
15,958
Total
Industrials
&
Business
Services
228,899
INFORMATION
TECHNOLOGY
15.2%
Communications
Equipment
0.1%
Infinera (4)
34,073
159
LM
Ericsson,
Class
B
(SEK)
546,155
2,803
2,962
Electronic
Equipment,
Instruments
&
Components
1.0%
Amphenol,
Class
A
72,627
6,419
CTS
23,027
1,028
Hamamatsu
Photonics
(JPY)
45,800
2,119
Largan
Precision
(TWD)
12,000
771
Littelfuse
4,857
1,297
Mirion
Technologies (4)
124,246
1,061
Murata
Manufacturing
(JPY)
48,900
2,736
Napco
Security
Technologies
16,983
421
Novanta (4)
5,762
962
Omron
(JPY)
30,800
1,486
PAR
Technology (4)
43,220
1,879
TE
Connectivity
60,894
8,062
Teledyne
Technologies (4)
4,490
1,878
Vontier
31,388
986
31,105
IT
Services
0.6%
Accenture,
Class
A
20,281
6,566
MongoDB (4)
7,027
2,679
NTT
Data
Group
(JPY) (8)
321,400
4,322
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $22 (4)(5)
(7)
458
33
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Shopify,
Class
A (4)
44,171
2,937
Snowflake,
Class
A (4)
5,876
922
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $61 (4)(5)(7)
2,720
49
17,508
Semiconductors
&
Semiconductor
Equipment
5.9%
Advanced
Micro
Devices (4)
28,698
3,034
Analog
Devices
41,244
7,497
Applied
Materials
79,599
12,160
ASML
Holding
(EUR)
13,091
8,608
ASML
Holding
8,019
5,297
Broadcom
13,127
12,115
Credo
Technology
Group
Holding (4)
33,997
560
Entegris
17,202
1,742
KLA
12,850
6,449
Lam
Research
12,547
8,813
Lattice
Semiconductor (4)
20,342
1,978
MACOM
Technology
Solutions
Holdings (4)
15,300
1,294
Marvell
Technology
22,523
1,312
Micron
Technology
156,163
10,922
Monolithic
Power
Systems
5,081
2,648
NVIDIA
103,204
50,936
NXP
Semiconductors
80,952
16,653
Onto
Innovation (4)
12,882
1,790
QUALCOMM
20,500
2,348
Renesas
Electronics
(JPY) (4)
124,800
2,079
SiTime (4)
3,500
464
Taiwan
Semiconductor
Manufacturing
(TWD)
524,759
9,017
Taiwan
Semiconductor
Manufacturing,
ADR
16,329
1,528
Texas
Instruments
51,449
8,647
Tokyo
Electron
(JPY)
23,600
3,505
181,396
Software
5.0%
Adobe (4)
2,586
1,446
Agilysys (4)
11,600
818
Amplitude,
Class
A (4)
59,445
694
Atlassian,
Class
A (4)
8,262
1,686
Autodesk (4)
16,503
3,663
BILL
Holdings (4)
12,855
1,482
Braze,
Class
A (4)
6,200
287
Cadence
Design
Systems (4)
14,594
3,509
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $818 (4)(5)(7)
480
512
Confluent,
Class
A (4)
19,735
653
Crowdstrike
Holdings,
Class
A (4)
4,587
748
Datadog,
Class
A (4)
8,257
797
Descartes
Systems
Group (4)
21,165
1,587
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DoubleVerify
Holdings (4)
43,119
1,458
Envestnet (4)
14,695
803
Five9 (4)
19,826
1,435
Fortinet (4)
8,094
487
Gusto,
Acquisition
Date:
10/4/21,
Cost $265 (4)(5)(7)
9,216
142
Intuit
11,259
6,100
Manhattan
Associates (4)
4,666
945
Microsoft
304,810
99,905
Salesforce (4)
6,600
1,462
SAP
(EUR)
40,548
5,657
ServiceNow (4)
17,498
10,303
Socure,
Acquisition
Date:
12/22/21,
Cost $46 (4)(5)(7)
2,872
16
Synopsys (4)
11,886
5,454
Workiva (4)
14,093
1,576
153,625
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple
397,113
74,606
Samsung
Electronics
(KRW)
108,391
5,482
80,088
Total
Information
Technology
466,684
MATERIALS
2.3%
Chemicals
1.3%
Air
Liquide
(EUR)
25,831
4,667
Akzo
Nobel
(EUR)
34,814
2,826
Asahi
Kasei
(JPY)
259,900
1,678
BASF
(EUR)
49,760
2,519
Covestro
(EUR) (4)
49,458
2,626
Element
Solutions
112,881
2,328
HB
Fuller
7,126
517
Johnson
Matthey
(GBP)
92,932
1,916
Linde
30,744
11,899
Nutrien
48,557
3,075
Quaker
Chemical
6,289
1,116
Sherwin-Williams
7,667
2,083
Tosoh
(JPY)
27,000
349
Umicore
(EUR)
73,375
1,944
39,543
Construction
Materials
0.0%
Martin
Marietta
Materials
2,300
1,027
1,027
Containers
&
Packaging
0.0%
Amcor,
CDI
(AUD)
97,971
955
955
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Metals
&
Mining
0.9%
Antofagasta
(GBP)
149,973
2,747
BHP
Group
(AUD)
80,794
2,323
BHP
Group
(GBP)
111,512
3,206
Compass
Minerals
International
9,700
292
Constellium (4)
82,949
1,493
ERO
Copper
(CAD) (4)
22,165
459
Franco-Nevada
9,600
1,382
Freeport-McMoRan
73,700
2,941
Haynes
International
16,171
789
IGO
(AUD)
606,666
5,414
South32
(AUD)
730,548
1,593
Southern
Copper
52,593
4,242
Wheaton
Precious
Metals
45,400
1,979
28,860
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
195,681
2,488
West
Fraser
Timber
(CAD)
5,658
428
2,916
Total
Materials
73,301
REAL
ESTATE
1.3%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Community
Healthcare
Trust,
REIT
11,418
379
379
Industrial
Real
Estate
Investment
Trusts
0.2%
EastGroup
Properties,
REIT
13,447
2,415
Prologis,
REIT
22,366
2,778
Rexford
Industrial
Realty,
REIT
24,926
1,333
Terreno
Realty,
REIT
10,056
612
7,138
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
215,680
1,146
1,146
Real
Estate
Management
&
Development
0.3%
Altus
Group
(CAD)
8,693
335
DigitalBridge
Group
26,006
453
FirstService
17,563
2,654
Mitsui
Fudosan
(JPY)
180,300
3,947
Tricon
Residential
84,435
716
8,105
Residential
Real
Estate
Investment
Trusts
0.2%
Equity
LifeStyle
Properties,
REIT
91,351
6,117
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Flagship
Communities
REIT
15,411
246
Independence
Realty
Trust,
REIT
51,748
871
7,234
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
1,391,750
2,467
2,467
Specialized
Real
Estate
Investment
Trusts
0.5%
CubeSmart,
REIT
32,007
1,335
Extra
Space
Storage,
REIT
10,868
1,398
Public
Storage,
REIT
30,138
8,330
Weyerhaeuser,
REIT
86,816
2,843
13,906
Total
Real
Estate
40,375
UTILITIES
1.4%
Electric
Utilities
0.8%
Constellation
Energy
108,706
11,323
Evergy
27,268
1,499
FirstEnergy
29,436
1,062
IDACORP
13,116
1,257
MGE
Energy
6,711
486
NextEra
Energy
68,519
4,577
NRG
Energy
17,747
666
Southern
49,470
3,351
24,221
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
258,000
967
Chesapeake
Utilities
11,275
1,241
ONE
Gas
6,763
490
Southwest
Gas
Holdings
22,017
1,364
4,062
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY) (8)
99,300
1,547
NextEra
Energy
Partners
15,107
753
2,300
Multi-Utilities
0.4%
Ameren
9,320
739
Engie
(EUR)
376,779
6,068
National
Grid
(GBP)
313,453
3,912
10,719
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Water
Utilities
0.0%
California
Water
Service
Group
14,204
714
714
Total
Utilities
42,016
Total
Miscellaneous
Common
Stocks
0.1% (9)
2,221
Total
Common
Stocks
(Cost
$1,354,151)
2,126,900
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $16 (4)
(5)(7)
16,077
16
Total
Convertible
Bonds
(Cost
$16)
16
CONVERTIBLE
PREFERRED
STOCKS
0.2%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159 (4)(5)(6)
(7)
17,718
96
96
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $242 (4)(5)(7)
41,545
77
77
Total
Consumer
Discretionary
173
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $221 (4)(5)(7)
11,951
190
Total
Consumer
Staples
190
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $224 (4)(5)(7)
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 (4)(5)(7)
38,898
208
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $180 (4)(5)(7)
22,236
119
327
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $120 (4)(5)(7)
118,345
120
120
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223 (4)(5)(7)
92,428
101
101
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $118 (4)(5)(7)
10,046
90
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $128 (4)(5)(7)
14,444
42
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $160 (4)(5)(7)
11,776
715
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $262 (4)(5)(7)
5,896
358
1,205
Total
Health
Care
1,753
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $129 (4)(5)(7)
2,868
92
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $283 (4)(5)(7)
50,717
255
347
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119 (4)(5)(7)
9,815
176
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $75 (4)(5)(7)
3,669
66
242
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $139 (4)(5)(7)
6,676
33
33
Ground
Transportation
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $148 (4)(5)(7)
20,804
59
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $223 (4)(5)(7)
16,522
66
125
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67 (4)(5)(7)
14,736
79
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263 (4)(5)(7)
26,046
141
220
Total
Industrials
&
Business
Services
967
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $98 (4)(5)(7)
6,732
81
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $45 (4)(5)(7)
2,367
29
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (4)
(5)(7)
7
1
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $87 (4)(5)
(7)
3,321
242
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $22 (4)(5)
(7)
204
15
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $14 (4)(5)(7)
610
11
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (4)(5)(7)
60
1
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $2 (4)
(5)(7)
70
1
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $174 (4)(5)(7)
7,740
138
519
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $51 (4)(5)(7)
30
32
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (4)(5)(7)
2
2
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260 (4)(5)(7)
4,398
322
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $765 (4)(5)
(7)
10,416
762
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $380 (4)(5)(7)
12,516
192
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $271 (4)
(5)(7)
20,748
129
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $124 (4)(5)(7)
5,932
37
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $118 (4)(5)(7)
23,436
120
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $127 (4)(5)(7)
20,060
171
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $17 (4)(5)(7)
1,875
16
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $56 (4)(5)(7)
3,491
19
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $46 (4)(5)(7)
2,865
16
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $1 (4)(5)(7)
52
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $107 (4)(5)(7)
6,640
36
1,854
Total
Information
Technology
2,373
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $159 (4)(5)(7)
3,356
160
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217 (4)(5)(7)
5,247
107
267
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $144 (4)(5)(7)
5,255
225
225
Total
Materials
492
Total
Convertible
Preferred
Stocks
(Cost
$6,880)
6,113
CORPORATE
BONDS
1.6%
AbbVie,
3.20%,
11/21/29
1,105,000
996
AbbVie,
4.05%,
11/21/39
355,000
305
AbbVie,
4.875%,
11/14/48
292,000
269
AerCap
Ireland
Capital,
2.45%,
10/29/26
240,000
216
AerCap
Ireland
Capital,
4.875%,
1/16/24
435,000
433
Alexandria
Real
Estate
Equities,
3.375%,
8/15/31
255,000
220
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
50,000
47
Ally
Financial,
4.75%,
6/9/27
565,000
528
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25
1
—
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50
94,000
83
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
210,000
214
Aon,
2.80%,
5/15/30
80,000
69
AT&T,
3.50%,
9/15/53
585,000
383
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
105,000
104
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (8)(10)
185,000
209
Banco
Bilbao
Vizcaya
Argentaria,
VR,
5.862%,
9/14/26 (10)
200,000
198
Banco
Santander,
6.921%,
8/8/33
200,000
200
Bank
of
America,
3.248%,
10/21/27
475,000
442
Bank
of
America,
VR,
1.898%,
7/23/31 (10)
1,635,000
1,287
Bank
of
America,
VR,
1.922%,
10/24/31 (10)
460,000
360
Bank
of
America,
VR,
2.592%,
4/29/31 (10)
10,000
8
Bank
of
America,
VR,
3.419%,
12/20/28 (10)
25,000
23
Bank
of
America,
VR,
3.559%,
4/23/27 (10)
90,000
85
Bank
of
America,
VR,
4.271%,
7/23/29 (10)
330,000
310
Barclays,
VR,
5.501%,
8/9/28 (10)
200,000
195
Barclays,
VR,
6.224%,
5/9/34 (10)
200,000
197
BAT
Capital,
7.079%,
8/2/43
110,000
109
BAT
Capital,
7.081%,
8/2/53
170,000
167
BAT
International
Finance,
1.668%,
3/25/26
35,000
32
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
99
Becton
Dickinson
&
Company,
3.70%,
6/6/27
140,000
133
Becton
Dickinson
&
Company,
4.298%,
8/22/32
70,000
65
Becton
Dickinson
&
Company,
4.669%,
6/6/47
320,000
283
Berkshire
Hathaway
Finance,
2.50%,
1/15/51
320,000
199
Berkshire
Hathaway
Finance,
2.85%,
10/15/50
105,000
70
Berkshire
Hathaway
Finance,
3.85%,
3/15/52
105,000
83
BNP
Paribas,
VR,
3.052%,
1/13/31 (1)(10)
375,000
316
Boardwalk
Pipelines,
3.40%,
2/15/31
200,000
170
Boardwalk
Pipelines,
4.45%,
7/15/27
20,000
19
Boardwalk
Pipelines,
5.95%,
6/1/26
250,000
250
Boeing,
5.805%,
5/1/50
30,000
29
Booz
Allen
Hamilton,
5.95%,
8/4/33
95,000
96
Boston
Gas,
6.119%,
7/20/53 (1)
75,000
74
Brixmor
Operating
Partnership,
4.05%,
7/1/30
125,000
113
Brixmor
Operating
Partnership,
4.125%,
5/15/29
504,000
458
CaixaBank,
VR,
6.208%,
1/18/29 (1)(10)
260,000
258
Capital
One
Financial,
VR,
2.359%,
7/29/32 (10)
345,000
246
Capital
One
Financial,
VR,
3.273%,
3/1/30 (10)
130,000
111
Capital
One
Financial,
VR,
5.247%,
7/26/30 (10)
75,000
71
Capital
One
Financial,
VR,
5.468%,
2/1/29 (10)
410,000
396
Carvana,
10.25%,
5/1/30 (1)
1,295,000
1,013
CBRE
Services,
5.95%,
8/15/34
220,000
217
Celanese
U.S.
Holdings,
6.05%,
3/15/25
36,000
36
Celanese
U.S.
Holdings,
6.35%,
11/15/28
95,000
95
Centene,
2.50%,
3/1/31
260,000
207
Centene,
2.625%,
8/1/31
685,000
545
Charter
Communications
Operating,
5.125%,
7/1/49
85,000
65
Charter
Communications
Operating,
6.484%,
10/23/45
50,000
46
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
70,000
69
Citigroup,
VR,
3.07%,
2/24/28 (10)
280,000
256
Citigroup,
VR,
3.106%,
4/8/26 (10)
110,000
105
Citigroup,
VR,
5.61%,
9/29/26 (10)
315,000
314
Citigroup,
VR,
6.174%,
5/25/34 (10)
100,000
100
CNO
Financial
Group,
5.25%,
5/30/25
79,000
77
Columbia
Pipelines
Holding,
6.042%,
8/15/28 (1)
150,000
151
Comcast,
3.25%,
11/1/39
300,000
231
Corebridge
Financial,
3.90%,
4/5/32
80,000
70
Credit
Suisse,
1.25%,
8/7/26
280,000
245
Crown
Castle,
2.25%,
1/15/31
585,000
469
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
355,000
337
CSL
Finance,
4.05%,
4/27/29 (1)
135,000
128
CVS
Health,
3.25%,
8/15/29
75,000
67
CVS
Health,
5.05%,
3/25/48
491,000
432
CVS
Health,
5.625%,
2/21/53
225,000
213
CVS
Health,
5.875%,
6/1/53
125,000
122
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Daimler
Truck
Finance
North
America,
5.125%,
1/19/28 (1)
150,000
148
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(10)
260,000
249
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(10)
200,000
196
Danske
Bank,
VR,
4.298%,
4/1/28 (1)(10)
230,000
216
Duke
Energy,
5.00%,
8/15/52
585,000
512
Duke
Energy
Indiana,
5.40%,
4/1/53
90,000
87
Edison
International,
4.95%,
4/15/25
15,000
15
EDP
Finance,
6.30%,
10/11/27 (1)
200,000
205
Elevance
Health,
5.125%,
2/15/53
115,000
108
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
465,000
442
Enterprise
Products
Operating,
3.20%,
2/15/52
150,000
101
Equifax,
5.10%,
12/15/27
170,000
168
Equitable
Holdings,
4.35%,
4/20/28
525,000
496
Exelon,
5.60%,
3/15/53
170,000
163
Fifth
Third
Bancorp,
2.375%,
1/28/25
50,000
48
Fifth
Third
Bancorp,
2.55%,
5/5/27
25,000
22
Fifth
Third
Bancorp,
3.95%,
3/14/28
81,000
75
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30 (10)
75,000
70
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (10)
120,000
121
Georgia
Power,
4.95%,
5/17/33
240,000
232
GLP
Capital,
3.35%,
9/1/24
60,000
58
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (10)
780,000
631
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (10)
275,000
257
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (10)
315,000
302
Hasbro,
3.55%,
11/19/26
60,000
56
HCA,
2.375%,
7/15/31
100,000
79
HCA,
3.125%,
3/15/27
115,000
106
HCA,
3.375%,
3/15/29
45,000
40
HCA,
3.50%,
9/1/30
199,000
173
HCA,
5.375%,
9/1/26
95,000
94
HCA,
5.875%,
2/15/26
85,000
85
Healthcare
Realty
Holdings,
2.05%,
3/15/31
95,000
71
Healthcare
Realty
Holdings,
3.625%,
1/15/28
260,000
234
HSBC
Holdings,
VR,
4.755%,
6/9/28 (10)
285,000
273
HSBC
Holdings,
VR,
5.21%,
8/11/28 (10)
245,000
239
HSBC
Holdings,
VR,
6.254%,
3/9/34 (10)
380,000
385
Humana,
4.875%,
4/1/30
230,000
223
Humana,
5.50%,
3/15/53
425,000
411
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
70,000
70
Indiana
Michigan
Power,
5.625%,
4/1/53
20,000
20
Intercontinental
Exchange,
4.35%,
6/15/29
250,000
240
Intesa
Sanpaolo,
6.625%,
6/20/33 (1)
220,000
218
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (10)
210,000
189
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (10)
295,000
262
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (10)
70,000
59
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (10)
110,000
94
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (10)
430,000
366
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (10)
120,000
112
KBC
Group,
VR,
5.796%,
1/19/29 (1)(10)
460,000
454
Kilroy
Realty,
3.45%,
12/15/24
470,000
452
Las
Vegas
Sands,
3.50%,
8/18/26
95,000
88
Lowe's,
4.25%,
4/1/52
140,000
110
Lowe's,
5.625%,
4/15/53
80,000
78
Lowe's,
5.75%,
7/1/53
80,000
79
LSEGA
Financing,
2.00%,
4/6/28 (1)
750,000
646
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000
165
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
147
Marriott
International,
4.90%,
4/15/29
55,000
54
Marriott
International,
5.00%,
10/15/27
185,000
183
Mars,
4.75%,
4/20/33 (1)
220,000
216
Marsh
&
McLennan,
2.25%,
11/15/30
85,000
70
Mattel,
5.875%,
12/15/27 (1)
160,000
156
Merck,
5.00%,
5/17/53
150,000
146
Meta
Platforms,
5.60%,
5/15/53
310,000
311
Metropolitan
Life
Global
Funding
I,
5.15%,
3/28/33 (1)
150,000
146
Micron
Technology,
5.327%,
2/6/29
115,000
113
Micron
Technology,
6.75%,
11/1/29
110,000
114
Morgan
Stanley,
VR,
1.593%,
5/4/27 (10)
120,000
108
Morgan
Stanley,
VR,
4.431%,
1/23/30 (10)
95,000
90
Morgan
Stanley,
VR,
5.123%,
2/1/29 (10)
345,000
338
Nasdaq,
6.10%,
6/28/63
65,000
64
Netflix,
4.625%,
5/15/29
(EUR)
290,000
321
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
205,000
164
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
205,000
130
NextEra
Energy
Capital
Holdings,
5.00%,
7/15/32
70,000
67
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
95,000
88
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
150,000
150
NiSource,
5.25%,
3/30/28
45,000
45
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
85,000
74
Nordea
Bank,
5.375%,
9/22/27 (1)
200,000
198
NRG
Energy,
4.45%,
6/15/29 (1)
85,000
75
Occidental
Petroleum,
8.875%,
7/15/30
90,000
103
ONEOK,
5.80%,
11/1/30
85,000
85
ONEOK,
6.05%,
9/1/33
130,000
130
Pacific
Gas
&
Electric,
2.10%,
8/1/27
105,000
91
Pacific
Gas
&
Electric,
2.50%,
2/1/31
205,000
159
Pacific
Gas
&
Electric,
4.55%,
7/1/30
195,000
175
Pacific
Gas
&
Electric,
5.90%,
6/15/32
80,000
77
Pacific
Gas
&
Electric,
6.70%,
4/1/53
80,000
77
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
540,000
545
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pfizer
Investment
Enterprises,
4.75%,
5/19/33
150,000
148
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
145,000
144
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
220,000
217
Philip
Morris
International,
5.125%,
2/15/30
150,000
148
Pioneer
Natural
Resources,
5.10%,
3/29/26
75,000
74
PNC
Financial
Services
Group,
2.55%,
1/22/30
80,000
67
PNC
Financial
Services
Group,
VR,
6.037%,
10/28/33 (10)
245,000
248
Public
Storage
Operating,
5.35%,
8/1/53
50,000
49
Realty
Income,
3.95%,
8/15/27
80,000
76
Regency
Centers,
3.60%,
2/1/27
660,000
618
Revvity,
1.90%,
9/15/28
185,000
157
Revvity,
2.25%,
9/15/31
100,000
79
Revvity,
3.30%,
9/15/29
59,000
52
Reynolds
American,
4.45%,
6/12/25
23,000
22
Rogers
Communications,
3.20%,
3/15/27
99,000
92
Rogers
Communications,
3.80%,
3/15/32
150,000
128
Rogers
Communications,
4.35%,
5/1/49
20,000
15
Rogers
Communications,
4.55%,
3/15/52
520,000
402
Ross
Stores,
1.875%,
4/15/31
260,000
204
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (10)
80,000
70
Santander
Holdings
USA,
VR,
6.499%,
3/9/29 (10)
55,000
55
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (10)
545,000
495
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
290,000
250
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
40,000
34
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
235,000
184
Sempra,
3.70%,
4/1/29
75,000
69
Southern,
5.20%,
6/15/33
355,000
345
Southern
California
Edison,
5.70%,
3/1/53
115,000
111
Southern
California
Edison,
Series D,
4.70%,
6/1/27
170,000
167
Sprint
Capital,
8.75%,
3/15/32
175,000
208
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(10)
615,000
548
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(10)
200,000
193
Sutter
Health,
5.164%,
8/15/33
75,000
74
Sutter
Health,
5.547%,
8/15/53
65,000
66
T-Mobile
USA,
5.75%,
1/15/54
465,000
459
Targa
Resources
Partners,
5.50%,
3/1/30
320,000
307
Targa
Resources
Partners,
6.875%,
1/15/29
57,000
58
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
25,000
21
Truist
Financial,
VR,
4.123%,
6/6/28 (10)
260,000
246
UBS
Group,
3.75%,
3/26/25
500,000
483
UBS
Group,
VR,
5.959%,
1/12/34 (1)(10)
240,000
241
UnitedHealth
Group,
2.00%,
5/15/30
1,355,000
1,131
UnitedHealth
Group,
4.50%,
4/15/33
225,000
217
UnitedHealth
Group,
5.05%,
4/15/53
225,000
214
UnitedHealth
Group,
5.875%,
2/15/53
185,000
198
Utah
Acquisition
Sub,
3.95%,
6/15/26
566,000
535
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Utah
Acquisition
Sub,
5.25%,
6/15/46
25,000
20
Verizon
Communications,
2.55%,
3/21/31
289,000
238
Verizon
Communications,
2.65%,
11/20/40
220,000
147
Viatris,
3.85%,
6/22/40
175,000
122
Viatris,
4.00%,
6/22/50
115,000
76
Vistra
Operations,
5.125%,
5/13/25 (1)
250,000
243
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
785,000
734
Warnermedia
Holdings,
3.755%,
3/15/27
365,000
342
Wells
Fargo,
4.30%,
7/22/27
175,000
168
Wells
Fargo,
VR,
2.393%,
6/2/28 (10)
670,000
596
Wells
Fargo,
VR,
2.572%,
2/11/31 (10)
1,840,000
1,536
Wells
Fargo,
VR,
2.879%,
10/30/30 (10)
500,000
428
Westlake,
1.625%,
7/17/29
(EUR)
100,000
92
Xcel
Energy,
3.40%,
6/1/30
255,000
226
Total
Corporate
Bonds
(Cost
$53,011)
48,239
EQUITY
MUTUAL
FUNDS
12.8%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
5,357,398
172,401
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (2)
7,699,373
74,145
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
10,774,755
146,860
Total
Equity
Mutual
Funds
(Cost
$392,521)
393,406
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.0%
State
of
Israel,
Series 0347,
3.75%,
3/31/47
(ILS)
3,370,000
830
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$887)
830
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.2%
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51 (1)
264,220
201
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.584%,
11/15/34 (1)
135,000
56
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
131,314
112
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
TSFR
+
1.114%,
6.424%,
4/15/34 (1)
305,000
304
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
8.451%,
6/15/27 (1)
205,000
205
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
TSFR
+
1.411%,
6.721%,
10/15/36 (1)
150,000
145
T.
ROWE
PRICE
Spectrum
Moderate
Growth
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)
180,000
177
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
262,792
199
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41 (1)
120,000
95
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41 (1)
100,000
76
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
109,242
86
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
28,497
27
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
123,366
117
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
480,000
450
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
B,
ARM,
3.527%,
10/10/29 (1)
170,000
157
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
SOFR30A
+
1.114%,
6.402%,
2/25/30
56,825
57
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
121,336
109
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
PRIME
+
0.00%,
8.50%,
6/15/34 (1)
360,000
356
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45 (1)
285,000
182
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
ARM,
4.00%,
8/1/32 (1)
177,542
173
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
39,884
37
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
14,646
13
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
56,825
50
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
10,860
10
GCAT
Trust,
Series 2023-INV1,
Class
A1,
CMO,
ARM,
6.00%,
8/25/53 (1)
430,000
419
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
TSFR
+
1.148%,
6.458%,
12/15/36 (1)
225,000
224
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
3.928%,
7/25/44 (1)
2,814
3
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.926%,
10/25/50 (1)
160,896
133
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
201,924
153
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
201,444
153
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
91,632
72
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)
46,231
40
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
53,628
47
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.578%,
12/25/50 (1)
158,369
129
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
4,672
4
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
10,511
10
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.286%,
6/25/50 (1)
159,447
132
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
TSFR
+
1.464%,
6.774%,
8/15/38 (1)
446,771
425
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
ARM,
2.75%,
7/25/59 (1)
5,039
5
MSCG
Trust,
Series 2018-SELF,
Class
A,
ARM,
1M
TSFR
+
0.947%,
6.258%,
10/15/37 (1)
214,760
214
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
164,056
125
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
114,119
100
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.44%,
4/25/43
73,353
68
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.779%,
8/25/47 (1)
106,999
97
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
23,140
21
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
5,491
5
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
16,470
15
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
5,275
5
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.964%,
7.252%,
2/25/50 (1)
216,331
217
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
7.588%,
8/25/33 (1)
116,980
117
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
ARM,
1M
TSFR
+
1.114%,
6.429%,
10/25/59 (1)
53,368
53
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
211,648
161
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)
121,971
98
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
370,000
333
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
615,000
537
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31 (1)
100,000
90
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2020-RR1,
Class
A17,
CMO,
ARM,
3.00%,
5/25/50 (1)
21,732
18
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
$8,932)
7,867
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
28,959
3,194
Total
Consumer
Discretionary
3,194
Total
Preferred
Stocks
(Cost
$2,438)
3,194
PRIVATE
INVESTMENT
COMPANIES
2.0%
Blackstone
Partners
Offshore
Fund (4)(7)
27,065
61,846
Total
Private
Investment
Companies
(Cost
$42,103)
61,846
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
2.2%
U.S.
Government
Agency
Obligations
1.7%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
56,703
53
3.00%,
12/1/42
-
2/1/47
288,342
254
3.50%,
8/1/42
-
3/1/46
473,898
434
4.00%,
10/1/40
-
12/1/41
102,049
97
4.50%,
6/1/39
-
5/1/42
142,008
138
5.00%,
1/1/24
-
8/1/40
39,622
40
5.50%,
1/1/40
86
—
6.00%,
3/1/33
-
8/1/38
40,208
41
6.50%,
9/1/32
2,032
2
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
7.00%,
6/1/32
400
—
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
5.975%,
7/1/35
437
—
12M
USD
LIBOR
+
1.785%,
4.035%,
2/1/37
541
1
12M
USD
LIBOR
+
1.842%,
4.091%,
1/1/37
3,851
4
12M
USD
LIBOR
+
1.915%,
4.29%,
2/1/37
4,098
4
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
102,514
20
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
225,466
193
2.00%,
8/1/36
-
9/1/52
4,061,639
3,266
2.50%,
7/1/37
-
5/1/52
5,131,756
4,302
3.00%,
5/1/31
-
8/1/52
2,760,599
2,429
3.50%,
6/1/47
-
8/1/52
775,694
705
4.00%,
8/1/37
-
5/1/52
401,853
379
4.50%,
5/1/50
24,078
23
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
39,669
35
3.50%,
6/1/42
-
5/1/46
317,836
290
4.00%,
11/1/40
101,470
95
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.77%,
4.145%,
12/1/35
665
1
12M
USD
LIBOR
+
1.892%,
4.142%,
12/1/35
1,709
2
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
640
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
1,694,875
1,430
2.00%,
5/1/36
-
6/1/52
13,185,315
10,685
2.50%,
8/1/30
-
4/1/52
7,231,676
6,096
3.00%,
1/1/27
-
4/1/51
3,943,997
3,498
3.50%,
2/1/35
-
8/1/52
2,413,960
2,214
4.00%,
7/1/35
-
9/1/52
2,252,199
2,122
4.50%,
7/1/39
-
8/1/52
1,379,980
1,327
5.00%,
3/1/25
-
10/1/52
901,397
891
5.50%,
9/1/23
-
9/1/41
223,849
229
6.00%,
2/1/33
-
2/1/53
1,200,780
1,219
6.50%,
7/1/32
-
5/1/40
64,957
67
UMBS,
TBA (11)
2.00%,
9/1/38
-
9/1/53
2,230,000
1,825
2.50%,
9/1/53
1,345,000
1,114
3.00%,
9/1/53
1,685,000
1,452
3.50%,
9/1/53
1,405,000
1,256
4.00%,
9/1/53
950,000
877
4.50%,
9/1/53
765,000
725
5.00%,
9/1/53
1,215,000
1,178
5.50%,
9/1/53
825,000
815
6.50%,
9/1/53
645,000
655
52,483
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Government
Obligations
0.5%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
248,594
211
2.00%,
3/20/51
-
3/20/52
3,306,013
2,731
2.50%,
8/20/50
-
3/20/52
3,218,099
2,739
3.00%,
9/15/42
-
6/20/52
2,562,817
2,265
3.50%,
12/20/42
-
10/20/49
1,655,587
1,527
4.00%,
7/20/42
-
10/20/52
1,512,406
1,419
4.50%,
11/20/39
-
10/20/52
1,081,342
1,042
5.00%,
7/20/39
-
6/20/49
518,291
513
5.50%,
1/20/36
-
3/20/49
277,081
281
6.00%,
12/20/38
15,306
16
6.50%,
3/15/26
197
—
7.00%,
1/20/53
179,855
184
8.00%,
10/20/25
20
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
26,967
24
3.50%,
10/20/50
135,000
112
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
23,355
4
4.00%,
2/20/43
13,051
2
Government
National
Mortgage
Assn.,
TBA (11)
2.00%,
9/20/53
205,000
169
2.50%,
9/20/53
150,000
128
5.00%,
9/20/53
265,000
258
5.50%,
9/20/53
1,485,000
1,470
6.00%,
9/20/53
240,000
241
6.50%,
9/20/53
450,000
456
15,792
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$73,478)
68,275
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
4,900,000
3,905
U.S.
Treasury
Bonds,
3.375%,
8/15/42 (12)
6,125,000
5,314
U.S.
Treasury
Bonds,
3.625%,
2/15/53
4,330,000
3,901
U.S.
Treasury
Bonds,
3.875%,
2/15/43
2,195,000
2,042
U.S.
Treasury
Bonds,
4.00%,
11/15/42 (12)
4,305,000
4,083
U.S.
Treasury
Bonds,
4.00%,
11/15/52
2,840,000
2,741
U.S.
Treasury
Notes,
0.625%,
8/15/30
2,210,000
1,741
U.S.
Treasury
Notes,
1.50%,
1/31/27
5,215,000
4,731
U.S.
Treasury
Notes,
2.25%,
1/31/24 (12)
7,400,000
7,304
U.S.
Treasury
Notes,
3.75%,
4/15/26
4,840,000
4,735
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Notes,
3.875%,
1/15/26
4,470,000
4,386
U.S.
Treasury
Notes,
3.875%,
11/30/27
1,930,000
1,895
U.S.
Treasury
Notes,
3.875%,
11/30/29
2,130,000
2,087
U.S.
Treasury
Notes,
4.00%,
12/15/25
6,675,000
6,567
U.S.
Treasury
Notes,
4.125%,
9/30/27
3,070,000
3,041
U.S.
Treasury
Notes,
4.125%,
8/31/30
1,745,000
1,737
U.S.
Treasury
Notes,
4.125%,
11/15/32
5,645,000
5,641
65,851
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$68,455)
65,851
SHORT-TERM
INVESTMENTS
2.2%
Money
Market
Funds
2.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38% (2)(13)
67,992,830
67,993
Total
Short-Term
Investments
(Cost
$67,993)
67,993
SECURITIES
LENDING
COLLATERAL
0.4%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.4%
Money
Market
Funds
0.4%
T.
Rowe
Price
Government
Reserve
Fund,
5.40% (2)(13)
11,860,110
11,860
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
11,860
Total
Securities
Lending
Collateral
(Cost
$11,860)
11,860
Total
Investments
in
Securities
100.6%
(Cost
$2,378,828)
$
3,100,643
Other
Assets
Less
Liabilities
(0.6)%
(
18,750
)
Net
Assets
100.0%
$
3,081,893
‡
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
$23,752
and
represents
0.8%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
37
.
.
.
.
.
.
.
.
.
.
(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
$11,330
and
represents
0.4%
of
net
assets.
(6)
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.
(7)
Level
3
in
fair
value
hierarchy.
(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.
(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
$12,619
and
represents
0.4%
of
net
assets.
(12)
At
August
31,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(13)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
ILS
Israeli
Shekel
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
38
.
.
.
.
.
.
.
.
.
.
KRW
South
Korean
Won
NOK
Norwegian
Krone
OTC
Over-the-counter
PRIME
Prime
rate
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)
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
39
(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,
10/20/23
@
$4,550.00
428
192,928
(
3,015
)
Total
Options
Written
(Premiums
$(3,362))
$
(
3,015
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
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
4,664
130
125
5
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
125
5
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)
*
48
—
—
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
—
—
Total
Bilateral
Swaps
125
5
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
550
21
—
21
Protection
Sold
(Relevant
Credit:
MetLife,
A3*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
*
53
—
(1)
1
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/28
*
1,095
11
(10)
21
T.
ROWE
PRICE
Spectrum
Moderate
Growth
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
*
1,315
3
(24)
27
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
70
Total
Centrally
Cleared
Swaps
70
Net
payments
(receipts)
of
variation
margin
to
date
(
71
)
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
Growth
Allocation
Fund
42
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
10/19/23
ILS
1,092
USD
289
$
(
1
)
BNP
Paribas
11/24/23
USD
346
EUR
316
1
Citibank
10/19/23
ILS
697
USD
185
(
1
)
Citibank
10/19/23
USD
1,733
ILS
6,406
45
JPMorgan
Chase
10/19/23
ILS
570
USD
150
—
State
Street
10/19/23
ILS
363
USD
96
(
1
)
State
Street
11/24/23
USD
237
EUR
216
2
UBS
Investment
Bank
10/19/23
ILS
306
USD
81
—
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
45
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
43
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Long,
94
Euro
BOBL
contracts
9/23
11,835
$
43
Short,
18
Euro
BUXL
thirty
year
bond
contracts
9/23
(2,612)
39
Short,
158
MSCI
EAFE
Index
contracts
9/23
(16,663)
291
Long,
244
S&P
500
E-Mini
Index
contracts
9/23
55,095
(
171
)
Long,
4
U.S.
Treasury
Long
Bond
contracts
12/23
487
1
Long,
187
U.S.
Treasury
Notes
five
year
contracts
12/23
19,994
38
Long,
69
U.S.
Treasury
Notes
ten
year
contracts
12/23
7,661
9
Short,
13
U.S.
Treasury
Notes
two
year
contracts
12/23
(2,649)
(
8
)
Short,
34
Ultra
U.S.
Treasury
Bonds
contracts
12/23
(4,402)
(
15
)
Long,
21
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/23
2,438
—
Net
payments
(receipts)
of
variation
margin
to
date
(
294
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
67
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
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
Inflation
Protected
Bond
Fund
-
I
Class,
6.06%
$
—
$
—
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.69%
(
178
)
766
540
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
(
866
)
2,443
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.97%
(
127
)
489
358
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.04%
—
774
668
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.51%
—
(
1
)
507
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.11%
—
—
—
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
1,078
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
7,102
—
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.31%
—
(
4,256
)
623
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
—
—
—
++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
—
—
1,177
Totals
$
(
1,171
)
#
$
8,395
$
3,873
+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
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
Inflation
Protected
Bond
Fund
-
I
Class,
6.06%
$
6
$
—
$
—
$
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.69%
37,222
540
678
37,850
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
172,824
—
2,866
172,401
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.97%
17,585
357
2,367
16,064
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
8.04%
38,290
668
—
39,732
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.51%
63,900
508
—
64,407
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.11%
87
—
—
87
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
73,067
—
—
74,145
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
113,343
26,415
—
146,860
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.31%
71,408
1,623
—
68,775
T.
Rowe
Price
Government
Reserve
Fund,
5.40%
394
¤
¤
11,860
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
74,736
¤
¤
67,993
Total
$
700,180
^
T.
ROWE
PRICE
Spectrum
Moderate
Growth
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
$3,873
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
$756,758.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
47
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
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
Growth
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
Growth
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
$
—
$
202,394
$
—
$
202,394
Bond
Mutual
Funds
226,921
—
—
226,921
Common
Stocks
1,639,739
485,221
1,940
2,126,900
Convertible
Bonds
—
—
16
16
Convertible
Preferred
Stocks
—
—
6,113
6,113
Equity
Mutual
Funds
393,406
—
—
393,406
Preferred
Stocks
—
3,194
—
3,194
Private
Investment
Companies
—
—
61,846
61,846
Short-Term
Investments
67,993
—
—
67,993
Securities
Lending
Collateral
11,860
—
—
11,860
Total
Securities
2,339,919
690,809
69,915
3,100,643
Swaps*
—
200
—
200
Forward
Currency
Exchange
Contracts
—
48
—
48
Futures
Contracts*
421
—
—
421
Total
$
2,340,340
$
691,057
$
69,915
$
3,101,312
Liabilities
Options
Written
$
—
$
3,015
$
—
$
3,015
Forward
Currency
Exchange
Contracts
—
3
—
3
Futures
Contracts*
194
—
—
194
Total
$
194
$
3,018
$
—
$
3,212
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
Growth
Allocation
Fund
51
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
August
31,
2023.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
August
31,
2023,
totaled $1,440,000 for
the
period ended
August
31,
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.
*
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
$
3,405
$
218
$
371
$
(2,054)
$
1,940
Convertible
Bonds
16
—
—
—
16
Convertible
Preferred
Stocks
7,902
(1,086)
—
(703)
6,113
Private
Investment
Companies
60,217
1,629
—
—
61,846
Total
$
71,540
$
761
$
371
$
(2,757)
$
69,915
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
52
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.
F103-054Q1
08/23