T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
February
29,
2024
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.3%
522
Funding
Series 2019-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.85%,
7.164%,
4/15/35 (1)
440,000
440
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
445,000
423
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
251,000
236
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
410,000
413
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
250,000
239
Amur
Equipment
Finance
Receivables
XIII
Series 2024-1A,
Class
A2
5.38%,
1/21/31 (1)
370,000
369
Applebee's
Funding
Series 2023-1A,
Class
A2
7.824%,
3/5/53 (1)
470,000
485
CarMax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
735,000
734
CarMax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,050,000
998
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
260,000
242
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29
65,000
65
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
A3
5.60%,
3/10/28 (1)
170,000
170
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
205,000
205
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.402%,
6.716%,
7/15/36 (1)
505,000
504
Dell
Equipment
Finance
Trust
Series 2023-3,
Class
C
6.17%,
4/23/29 (1)
110,000
111
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DLLST
Series 2024-1A,
Class
A3
5.05%,
8/20/27 (1)
170,000
169
DLLST
Series 2024-1A,
Class
A4
4.93%,
4/22/30 (1)
40,000
40
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
255,725
237
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.678%,
7/17/34 (1)
490,000
490
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
271,457
276
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
137,883
140
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
6.823%,
1/17/37 (1)
270,000
269
Enterprise
Fleet
Financing
Series 2024-1,
Class
A2
5.23%,
3/20/30 (1)
345,000
344
Enterprise
Fleet
Financing
Series 2024-1,
Class
A3
5.16%,
9/20/30 (1)
260,000
259
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
800,000
789
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
505,000
503
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
90,000
91
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
345,000
343
Ford
Credit
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.05%,
6/15/27
110,000
110
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
200,000
199
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
900,000
895
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
587,450
569
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
234,000
197
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
104,000
101
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
330,000
316
HPEFS
Equipment
Trust
Series 2023-2A,
Class
B
6.25%,
1/21/31 (1)
100,000
101
HPEFS
Equipment
Trust
Series 2023-2A,
Class
C
6.48%,
1/21/31 (1)
130,000
132
HPEFS
Equipment
Trust
Series 2023-2A,
Class
D
6.97%,
7/21/31 (1)
100,000
102
Hyundai
Auto
Lease
Securitization
Trust
Series 2024-A,
Class
A4
5.07%,
2/15/28 (1)
135,000
134
Invesco
U.S.
Series 2023-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.57%,
6.856%,
4/22/37 (1)
450,000
450
Kubota
Credit
Owner
Trust
Series 2023-1A,
Class
A4
5.07%,
2/15/29 (1)
140,000
139
Madison
Park
Funding
LXI
Series 2023-61A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.73%,
7.037%,
1/20/37 (1)
325,000
325
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.604%,
10/15/32 (1)
435,000
435
MidOcean
Credit
XI
Series 2022-11A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.73%,
7.096%,
10/18/33 (1)
410,000
412
Mill
City
Mortgage
Loan
Trust
Series 2017-2,
Class
A1,
CMO,
ARM
2.75%,
7/25/59 (1)
28
—
MMAF
Equipment
Finance
Series 2021-A,
Class
A5
1.19%,
11/13/43 (1)
135,000
124
MMAF
Equipment
Finance
Series 2024-A,
Class
A3
4.95%,
7/14/31 (1)
585,000
582
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
615,190
605
MVW
Series 2023-2A,
Class
A
6.18%,
11/20/40 (1)
508,250
520
MVW
Series 2023-2A,
Class
B
6.33%,
11/20/40 (1)
109,250
112
Navient
Private
Education
Loan
Trust
Series 2018-BA,
Class
A2A
3.61%,
12/15/59 (1)
127,137
124
Navient
Private
Education
Refi
Loan
Trust
Series 2020-CA,
Class
B
2.83%,
11/15/68 (1)
450,000
373
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.392%,
6.701%,
10/19/31 (1)
464,277
464
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.392%,
6.708%,
7/17/35 (1)
370,000
370
Nissan
Auto
Lease
Trust
Series 2024-A,
Class
A4
4.97%,
9/15/28
145,000
144
Oaktree
Series 2022-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.864%,
7/15/33 (1)
610,000
609
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
TSFR
+
1.382%,
6.699%,
7/20/29 (1)
420,032
421
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
TSFR
+
1.912%,
7.229%,
7/20/29 (1)
475,000
475
Octagon
Investment
Partners
49
Series 2020-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.52%,
6.811%,
4/15/37 (1)
650,000
650
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
94,755
95
Octane
Receivables
Trust
Series 2023-3A,
Class
B
6.48%,
7/20/29 (1)
140,000
141
Octane
Receivables
Trust
Series 2023-3A,
Class
C
6.74%,
8/20/29 (1)
100,000
101
Octane
Receivables
Trust
Series 2023-3A,
Class
D
7.58%,
9/20/29 (1)
100,000
101
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Octane
Receivables
Trust
Series 2024-1A,
Class
A2
5.68%,
5/20/30 (1)
245,000
245
Palmer
Square
Series 2020-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.65%,
6.957%,
11/15/36 (1)
400,000
402
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
120,000
120
Progress
Residential
Trust
Series 2020-SFR3,
Class
B
1.495%,
10/17/27 (1)
100,000
93
RR
28
Series 2024-28RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
4/15/37 (1)(2)
595,000
595
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31 (1)
43,725
43
Santander
Bank
Auto
Credit-Linked
Notes
Series 2023-B,
Class
B
5.64%,
12/15/33 (1)
250,000
250
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
285,000
270
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
385,000
380
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
850,000
843
Santander
Drive
Auto
Receivables
Trust
Series 2024-1,
Class
A3
5.25%,
4/17/28
175,000
175
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
590,000
583
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A3
5.39%,
11/20/26 (1)
160,000
160
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.24%,
1/22/29 (1)
150,000
150
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
505,478
445
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
A4
4.94%,
1/21/31 (1)
115,000
114
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
C
5.51%,
1/20/32 (1)
60,000
60
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
468,228
436
Symphony
XXXI
Series 2022-31A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
7.168%,
4/22/35 (1)
380,000
377
U.S.
Bank
Series 2023-1,
Class
B
6.789%,
8/25/32 (1)
222,692
224
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
250,000
247
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.322%,
6.639%,
10/20/29 (1)
146,259
146
Total
Asset-Backed
Securities
(Cost
$26,969)
26,570
BOND
MUTUAL
FUNDS
25.3%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.47% (3)(4)
14,892,331
115,267
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
0.58% (3)(4)
723
8
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.25% (3)(4)
16,826,068
111,220
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.58% (3)(4)
4,105,854
38,882
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.24% (3)(4)
12,916,292
100,101
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.19% (3)(4)
13,713,108
115,190
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
0.58% (3)(4)
971,150
4,477
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.44% (3)(4)
5,291,858
39,636
Total
Bond
Mutual
Funds
(Cost
$605,782)
524,781
COMMON
STOCKS
35.7%
COMMUNICATION
SERVICES
2.3%
Diversified
Telecommunication
Services
0.2%
KT
(KRW)
27,995
821
Nippon
Telegraph
&
Telephone
(JPY)
2,089,800
2,542
3,363
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Entertainment
0.3%
Electronic
Arts
6,600
921
Liberty
Media
Corp-Liberty
Live,
Class
C (5)
8,449
336
Netflix (5)
8,272
4,987
Sea,
ADR (5)
6,668
324
6,568
Interactive
Media
&
Services
1.4%
Alphabet,
Class
A (5)
15,351
2,125
Alphabet,
Class
C (5)
99,238
13,871
LY
(JPY)
161,100
445
Meta
Platforms,
Class
A
22,918
11,233
NAVER
(KRW)
3,956
581
Tencent
Holdings
(HKD)
8,300
291
Vimeo (5)
36,898
177
28,723
Media
0.1%
CyberAgent
(JPY)
82,800
581
WPP
(GBP)
125,461
1,123
1,704
Wireless
Telecommunication
Services
0.3%
T-Mobile
U.S.
29,260
4,778
Vodafone
Group,
ADR
68,305
611
5,389
Total
Communication
Services
45,747
CONSUMER
DISCRETIONARY
3.7%
Automobile
Components
0.2%
Autoliv
,
SDR
(SEK)
10,262
1,192
Denso
(JPY)
79,200
1,457
Dowlais
Group
(GBP)
251,872
289
Magna
International
19,269
1,062
Stanley
Electric
(JPY)
22,500
386
4,386
Automobiles
0.3%
Honda
Motor
(JPY)
39,600
470
Suzuki
Motor
(JPY)
18,300
806
Tesla (5)
13,876
2,801
Toyota
Motor
(JPY)
114,500
2,758
6,835
Broadline
Retail
1.1%
Alibaba
Group
Holding,
ADR
3,242
240
Amazon.com (5)
119,768
21,170
Etsy (5)
2,000
143
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kohl's
4,927
137
Next
(GBP)
10,861
1,142
Ollie's
Bargain
Outlet
Holdings (5)
3,516
282
Savers
Value
Village (5)
4,420
90
23,204
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (5)
4,467
513
Duolingo
(5)
1,455
348
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(6)
6,383
1
Service
Corp
International
8,766
641
Strategic
Education
3,970
440
1,943
Hotels,
Restaurants
&
Leisure
0.9%
Airbnb,
Class
A (5)
7,879
1,241
Amadeus
IT
Group
(EUR)
14,793
875
BJ's
Restaurants (5)
7,566
265
Booking
Holdings (5)
1,309
4,541
Cava
Group (5)
10,427
609
Chipotle
Mexican
Grill (5)
593
1,594
Chuy's
Holdings (5)
4,581
155
Compass
Group
(GBP)
65,450
1,796
DoorDash
,
Class
A (5)
3,876
483
Dutch
Bros,
Class
A (5)
8,602
250
Hilton
Worldwide
Holdings
9,382
1,917
Jack
in
the
Box
1,743
127
McDonald's
8,244
2,409
Norwegian
Cruise
Line
Holdings (5)
31,286
607
Papa
John's
International
7,989
574
Red
Rock
Resorts,
Class
A
4,426
257
Wyndham
Hotels
&
Resorts
3,382
259
17,959
Household
Durables
0.2%
Installed
Building
Products
1,036
248
Panasonic
Holdings
(JPY)
99,700
942
Persimmon
(GBP)
35,719
616
Skyline
Champion (5)
4,958
415
Sony
Group
(JPY)
17,300
1,490
3,711
Specialty
Retail
0.7%
AutoZone (5)
343
1,031
Burlington
Stores (5)
2,603
534
Caleres
6,794
262
Carvana
(5)
9,159
695
Five
Below (5)
1,061
213
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Floor
&
Decor
Holdings,
Class
A (5)
935
113
Home
Depot
5,459
2,078
Kingfisher
(GBP)
408,171
1,211
Monro
7,345
247
O'Reilly
Automotive (5)
1,243
1,352
RH (5)
905
248
Ross
Stores
6,598
983
TJX
7,003
694
Tractor
Supply
8,238
2,095
Ulta
Beauty (5)
4,652
2,552
Warby
Parker,
Class
A (5)
15,015
191
14,499
Textiles,
Apparel
&
Luxury
Goods
0.2%
Cie
Financiere
Richemont
,
Class
A
(CHF)
5,096
811
Kering
(EUR)
2,091
963
Lululemon
Athletica
(5)
1,449
677
Moncler
(EUR)
15,737
1,135
NIKE,
Class
B
3,546
369
Samsonite
International
(HKD) (5)
165,000
575
Skechers
USA,
Class
A (5)
3,896
241
4,771
Total
Consumer
Discretionary
77,308
CONSUMER
STAPLES
2.2%
Beverages
0.4%
Boston
Beer,
Class
A (5)
1,220
376
Coca-Cola
51,686
3,102
Coca-Cola
Consolidated
7
6
Diageo
(GBP)
37,175
1,393
Heineken
(EUR)
14,321
1,323
Keurig
Dr
Pepper
33,007
987
Kirin
Holdings
(JPY)
31,000
431
7,618
Consumer
Staples
Distribution
&
Retail
0.4%
Dollar
General
6,724
977
Seven
&
i
Holdings
(JPY) (7)
99,900
1,489
Target
7,988
1,222
Walmart
65,201
3,821
Welcia
Holdings
(JPY) (7)
13,000
245
7,754
Food
Products
0.6%
Barry
Callebaut
(CHF)
402
565
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $100 (5)(6)(8)
5,395
28
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Mondelez
International,
Class
A
66,999
4,896
Nestle
(CHF)
42,388
4,396
Post
Holdings (5)
3,479
362
Simply
Good
Foods (5)
4,604
163
Utz
Brands
13,994
248
Wilmar
International
(SGD)
357,800
884
11,542
Household
Products
0.4%
Colgate-Palmolive
48,143
4,165
Procter
&
Gamble
29,039
4,616
8,781
Personal
Care
Products
0.4%
BellRing
Brands (5)
10,440
595
Kenvue
183,268
3,482
L'Oreal
(EUR)
3,412
1,630
Unilever
(GBP)
62,957
3,074
8,781
Total
Consumer
Staples
44,476
ENERGY
1.8%
Energy
Equipment
&
Services
0.5%
ChampionX
12,804
398
Expro
Group
Holdings (5)
10,166
182
Halliburton
133,151
4,669
Liberty
Energy
14,890
318
NOV
10,346
175
Schlumberger
93,215
4,505
TechnipFMC
14,238
309
Weatherford
International (5)
3,362
345
10,901
Oil,
Gas
&
Consumable
Fuels
1.3%
Antero
Resources (5)
10,933
281
Chesapeake
Energy
4,209
348
Chevron
4,186
636
ConocoPhillips
26,085
2,936
Diamondback
Energy
17,464
3,187
DT
Midstream
4,283
247
EQT
102,675
3,814
Equinor
(NOK)
75,334
1,856
Exxon
Mobil
17,257
1,804
Kimbell
Royalty
Partners
8,080
127
Kinder
Morgan
29,884
520
Magnolia
Oil
&
Gas,
Class
A
15,483
351
Matador
Resources
3,333
210
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Phillips
66
3,400
485
Pioneer
Natural
Resources
1,400
329
Range
Resources
80,126
2,534
Shell,
ADR
25,906
1,628
SM
Energy
3,553
155
Southwestern
Energy (5)
73,476
512
TotalEnergies
(EUR)
41,533
2,647
Viper
Energy
5,000
181
Williams
35,243
1,267
26,055
Total
Energy
36,956
FINANCIALS
6.0%
Banks
1.9%
ANZ
Group
Holdings
(AUD)
41,279
765
Bank
of
America
146,602
5,061
BankUnited
4,161
112
Blue
Foundry
Bancorp (5)
5,179
49
BNP
Paribas
(EUR)
15,485
929
Cadence
Bank
11,204
310
Capitol
Federal
Financial
24,125
140
Citigroup
25,500
1,415
Columbia
Banking
System
12,580
228
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $21 (5)(6)(8)
199
14
CrossFirst
Bankshares
(5)
9,828
126
DBS
Group
Holdings
(SGD)
32,467
805
Dime
Community
Bancshares
6,283
118
DNB
Bank
(NOK)
101,839
2,039
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $24 (5)(6)(8)
2,412
42
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $12 (5)(6)(8)
1,185
21
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(6)(8)
360
3
East
West
Bancorp
11,762
857
Eastern
Bankshares
12,745
165
Equity
Bancshares,
Class
A
4,737
151
Erste
Group
Bank
(EUR)
2,105
84
FB
Financial
7,367
263
First
Bancshares
6,635
165
Five
Star
Bancorp
5,315
126
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $41 (5)(6)(8)
4,129
12
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(6)(8)
803
—
HarborOne
Bancorp
6,147
63
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HDFC
Bank
(INR)
51,184
867
Heritage
Commerce
6,057
50
Home
BancShares
8,009
188
ING
Groep
(EUR)
154,940
2,132
Intesa
Sanpaolo
(EUR)
295,029
939
JPMorgan
Chase
45,207
8,411
Kearny
Financial
10,400
66
Live
Oak
Bancshares
8,400
334
Mitsubishi
UFJ
Financial
Group
(JPY)
140,900
1,447
National
Bank
of
Canada
(CAD)
22,114
1,726
Origin
Bancorp
6,859
205
Pacific
Premier
Bancorp
7,034
161
Pinnacle
Financial
Partners
4,591
380
PNC
Financial
Services
Group
4,428
652
Popular
2,589
217
Prosperity
Bancshares
3,495
218
SouthState
5,074
426
Standard
Chartered
(GBP)
81,406
688
Sumitomo
Mitsui
Trust
Holdings
(JPY)
25,378
514
Svenska
Handelsbanken
,
Class
A
(SEK)
120,551
1,442
Texas
Capital
Bancshares (5)
3,411
200
United
Overseas
Bank
(SGD)
61,500
1,280
Veritex
Holdings
6,855
135
Wells
Fargo
34,490
1,917
Western
Alliance
Bancorp
4,412
255
38,913
Capital
Markets
0.8%
Bridgepoint
Group
(GBP)
138,598
453
Brookfield
(CAD)
25,409
1,049
Cboe
Global
Markets
8,943
1,717
Charles
Schwab
31,810
2,124
CME
Group
5,006
1,103
Goldman
Sachs
Group
7,992
3,109
Julius
Baer
Group
(CHF)
17,958
962
LPL
Financial
Holdings
6,181
1,656
Macquarie
Group
(AUD)
6,819
866
Morgan
Stanley
7,395
636
MSCI
274
154
Onex
(CAD)
3,130
233
P10,
Class
A
19,081
177
S&P
Global
1,762
755
StepStone
Group,
Class
A
7,025
244
Stifel
Financial
2,100
159
TMX
Group
(CAD)
10,786
283
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
XP,
Class
A
18,158
429
16,109
Consumer
Finance
0.1%
American
Express
11,268
2,472
Encore
Capital
Group (5)
3,804
183
PRA
Group (5)
3,823
98
2,753
Financial
Services
1.5%
Adyen
(EUR) (5)
529
837
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $174 (5)(6)(8)
174,121
176
Berkshire
Hathaway,
Class
B (5)
14,827
6,070
Challenger
(AUD)
64,517
283
Corebridge
Financial
21,419
532
Fiserv (5)
29,733
4,438
FleetCor
Technologies (5)
2,377
664
Global
Payments
9,336
1,211
Mastercard
,
Class
A
8,801
4,178
Mitsubishi
HC
Capital
(JPY)
80,000
553
PennyMac
Financial
Services
7,338
623
Toast,
Class
A (5)
10,316
237
Visa,
Class
A
37,861
10,701
30,503
Insurance
1.7%
AIA
Group
(HKD)
156,600
1,262
Allstate
18,460
2,945
Assurant
2,939
533
AXA
(EUR)
79,039
2,814
Axis
Capital
Holdings
5,714
357
Chubb
9,128
2,297
Definity
Financial
(CAD)
14,003
473
First
American
Financial
5,577
326
Hanover
Insurance
Group
3,026
398
Hartford
Financial
Services
Group
6,423
616
Mandatum
(EUR) (5)
31,278
137
Marsh
&
McLennan
11,908
2,409
MetLife
49,554
3,456
Munich
Re
(EUR)
6,492
3,022
Ping
An
Insurance
Group,
Class
H
(HKD)
53,500
238
Progressive
16,252
3,081
RLI
1,300
190
Sampo
,
Class
A
(EUR)
31,673
1,417
Selective
Insurance
Group
6,874
718
Storebrand
(NOK)
106,815
955
Sun
Life
Financial
(CAD) (7)
25,655
1,363
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Tokio
Marine
Holdings
(JPY)
60,300
1,762
Travelers
13,129
2,901
White
Mountains
Insurance
Group
155
274
Zurich
Insurance
Group
(CHF)
3,272
1,741
35,685
Total
Financials
123,963
HEALTH
CARE
4.7%
Biotechnology
0.4%
AbbVie
4,274
752
Agios
Pharmaceuticals (5)
3,164
102
Amgen
1,722
472
Apellis
Pharmaceuticals (5)
3,526
219
Arcellx
(5)
2,941
194
Argenx
,
ADR (5)
2,658
1,010
Arrowhead
Pharmaceuticals (5)
3,400
109
Ascendis
Pharma,
ADR (5)
2,540
375
Avid
Bioservices
(5)
17,134
132
Biohaven
(5)
2,067
99
Black
Diamond
Therapeutics (5)
8,855
46
Blueprint
Medicines (5)
2,522
236
Bridgebio
Pharma (5)
3,664
125
Cabaletta
Bio (5)
4,594
105
CG
oncology (5)
1,612
72
Crinetics
Pharmaceuticals (5)
5,847
239
CRISPR
Therapeutics (5)
1,345
113
Cytokinetics (5)
6,543
473
Fusion
Pharmaceuticals (5)
6,200
74
Genmab
(DKK) (5)
2,105
585
HilleVax
(5)
5,101
93
Immatics
(5)
9,197
115
Immunocore
Holdings,
ADR (5)
1,292
87
Insmed
(5)
9,056
251
Ionis
Pharmaceuticals (5)
5,567
252
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $1 (5)(6)
100
—
MacroGenics
(5)
6,024
108
MoonLake
Immunotherapeutics
(5)
2,912
140
Prime
Medicine (5)
5,544
48
Sana
Biotechnology (5)
8,488
85
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (5)(6)
740
7
Syndax
Pharmaceuticals (5)
3,699
87
Tango
Therapeutics (5)
7,172
80
Vaxcyte
(5)
5,083
375
Vertex
Pharmaceuticals (5)
3,243
1,364
Verve
Therapeutics (5)
7,859
134
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Xenon
Pharmaceuticals (5)
2,534
120
Zentalis
Pharmaceuticals (5)
6,112
91
8,969
Health
Care
Equipment
&
Supplies
0.7%
Alcon
(CHF)
9,206
785
Align
Technology (5)
320
97
Elekta
,
Class
B
(SEK) (7)
74,055
536
EssilorLuxottica
(EUR)
5,275
1,120
GE
HealthCare
Technologies
19,124
1,746
Haemonetics
(5)
3,242
236
Hologic
(5)
5,591
413
Intuitive
Surgical (5)
6,343
2,446
Koninklijke
Philips
(EUR) (5)
44,967
906
Masimo
(5)
4,103
527
Medtronic
10,831
903
Neogen
(5)
16,799
289
Outset
Medical (5)
11,252
35
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $114 (5)(6)(8)
30,352
12
Penumbra (5)
241
57
PROCEPT
BioRobotics
(5)
8,758
423
QuidelOrtho
(5)
5,851
267
RxSight
(5)
2,139
117
Siemens
Healthineers
(EUR)
25,985
1,559
STERIS
4,773
1,112
Stryker
2,699
942
Teleflex
741
165
14,693
Health
Care
Providers
&
Services
1.4%
Alignment
Healthcare (5)
23,014
138
Cencora
21,051
4,960
Cigna
Group
3,800
1,277
Elevance
Health
14,370
7,203
Fresenius
(EUR)
28,512
798
HCA
Healthcare
4,950
1,543
Humana
1,924
674
Molina
Healthcare (5)
5,694
2,243
NeoGenomics
(5)
23,712
370
Privia
Health
Group (5)
16,131
360
Tenet
Healthcare (5)
11,930
1,110
U.S.
Physical
Therapy
2,338
248
UnitedHealth
Group
18,039
8,904
29,828
Health
Care
Technology
0.0%
Certara
(5)
11,518
194
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Veeva
Systems,
Class
A (5)
1,572
355
549
Life
Sciences
Tools
&
Services
0.6%
10X
Genomics,
Class
A (5)
6,621
309
Agilent
Technologies
11,074
1,521
Azenta
(5)
1,109
72
Bruker
6,560
568
Danaher
9,177
2,323
Evotec
(EUR) (5)
22,115
326
Pacific
Biosciences
of
California (5)
30,096
166
Repligen
(5)
1,121
218
Sotera
Health (5)
14,445
217
Thermo
Fisher
Scientific
12,019
6,853
12,573
Pharmaceuticals
1.6%
Astellas
Pharma
(JPY)
120,400
1,316
AstraZeneca,
ADR
77,250
4,956
Bayer
(EUR)
22,730
687
Bristol-Myers
Squibb
4,000
203
Elanco
Animal
Health (5)
15,894
253
Eli
Lilly
10,467
7,889
EyePoint
Pharmaceuticals (5)
2,850
77
GSK,
ADR
14,807
620
Johnson
&
Johnson
14,116
2,278
Merck
32,817
4,173
Novartis
(CHF)
25,123
2,535
Novo
Nordisk,
Class
B
(DKK)
23,803
2,841
Otsuka
Holdings
(JPY)
11,700
475
Roche
Holding
(CHF)
8,511
2,225
Sanofi
(EUR)
25,954
2,474
Structure
Therapeutics,
ADR (5)
2,961
120
Zoetis
4,206
834
33,956
Total
Health
Care
100,568
INDUSTRIALS
&
BUSINESS
SERVICES
4.1%
Aerospace
&
Defense
0.4%
Cadre
Holdings
3,128
112
General
Dynamics
13,268
3,626
L3Harris
Technologies
6,951
1,471
Leonardo
DRS (5)
10,864
247
Melrose
Industries
(GBP)
171,314
1,376
Safran
(EUR)
7,562
1,586
TransDigm
Group
373
439
8,857
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Building
Products
0.1%
AAON
3,543
298
AZZ
8,551
622
Carrier
Global
19,825
1,102
CSW
Industrials
1,539
355
Zurn
Elkay
Water
Solutions
8,697
276
2,653
Commercial
Services
&
Supplies
0.2%
Casella
Waste
Systems,
Class
A (5)
4,065
366
Cintas
469
295
Element
Fleet
Management
(CAD)
91,385
1,525
Rentokil
Initial
(GBP)
58,960
328
Stericycle (5)
5,385
293
Tetra
Tech
1,401
249
Veralto
7,524
650
VSE
3,562
264
3,970
Construction
&
Engineering
0.1%
API
Group (5)
2,300
81
Arcosa
2,399
199
WillScot
Mobile
Mini
Holdings (5)
5,818
278
Worley
(AUD)
86,520
942
1,500
Electrical
Equipment
0.5%
ABB
(CHF)
45,045
2,078
AMETEK
18,558
3,344
Legrand
(EUR)
14,024
1,420
Mitsubishi
Electric
(JPY)
104,400
1,663
Prysmian
(EUR)
29,632
1,479
Rockwell
Automation
1,273
363
Thermon
Group
Holdings (5)
9,154
250
10,597
Ground
Transportation
0.6%
Central
Japan
Railway
(JPY)
23,500
591
CSX
132,990
5,046
Landstar
System
1,237
235
Norfolk
Southern
4,509
1,142
Old
Dominion
Freight
Line
4,668
2,066
Saia (5)
1,258
724
Union
Pacific
7,955
2,018
11,822
Industrial
Conglomerates
0.7%
DCC
(GBP)
11,578
823
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
General
Electric
24,533
3,849
Honeywell
International
10,519
2,090
Roper
Technologies
1,955
1,065
Siemens
(EUR)
31,072
6,151
13,978
Machinery
0.9%
ATS (5)
1,879
71
Caterpillar
206
69
Crane
2,062
251
Cummins
14,677
3,942
Deere
1,519
554
Dover
3,338
552
Enerpac
Tool
Group
8,874
299
Enpro
1,789
279
Esab
3,031
300
ESCO
Technologies
2,184
222
Federal
Signal
7,650
627
Graco
3,924
358
Helios
Technologies
2,067
91
IDEX
9,873
2,329
Ingersoll
Rand
6,306
576
John
Bean
Technologies
3,130
318
KION
Group
(EUR)
14,439
729
Marel
(ISK)
11,616
40
Mueller
Water
Products,
Class
A
19,207
299
RBC
Bearings (5)
2,155
588
Sandvik
(SEK)
52,564
1,184
SMC
(JPY)
900
543
Spirax-Sarco
Engineering
(GBP)
1,658
216
SPX
Technologies (5)
5,227
613
THK
(JPY)
22,000
485
Toro
2,368
219
Westinghouse
Air
Brake
Technologies
25,508
3,604
19,358
Passenger
Airlines
0.0%
Allegiant
Travel
477
35
35
Professional
Services
0.3%
ASGN (5)
1,402
139
Booz
Allen
Hamilton
Holding
11,357
1,678
Broadridge
Financial
Solutions
6,594
1,342
Checkr
,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $36 (5)(6)(8)
4,755
21
Clarivate
(5)
23,877
171
Legalzoom.com (5)
11,644
144
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
NV5
Global (5)
1,448
147
Parsons (5)
7,357
593
Paycor
HCM (5)
16,263
344
Recruit
Holdings
(JPY)
26,900
1,085
TechnoPro
Holdings
(JPY)
30,700
615
Teleperformance
(EUR)
4,208
523
6,802
Trading
Companies
&
Distributors
0.3%
Ashtead
Group
(GBP)
20,311
1,461
Beacon
Roofing
Supply (5)
4,730
406
Bunzl
(GBP)
20,402
813
Ferguson
2,400
508
Mitsubishi
(JPY)
59,400
1,274
MSC
Industrial
Direct,
Class
A
1,806
182
Rush
Enterprises,
Class
A
4,820
235
SiteOne
Landscape
Supply (5)
3,274
552
Sumitomo
(JPY)
51,200
1,202
Transcat
(5)
581
61
6,694
Total
Industrials
&
Business
Services
86,266
INFORMATION
TECHNOLOGY
8.3%
Communications
Equipment
0.1%
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK)
179,780
976
976
Electronic
Equipment,
Instruments
&
Components
0.6%
Amphenol,
Class
A
27,681
3,024
Cognex
2,967
117
CTS
5,708
254
Hamamatsu
Photonics
(JPY)
16,700
601
Keysight
Technologies (5)
4,400
679
Largan
Precision
(TWD)
4,000
328
Littelfuse
976
233
Mirion
Technologies (5)
39,822
390
Murata
Manufacturing
(JPY)
48,100
969
Napco
Security
Technologies
5,643
254
Novanta
(5)
1,779
308
Omron
(JPY)
9,100
338
PAR
Technology (5)
14,032
615
TE
Connectivity
23,268
3,340
Teledyne
Technologies (5)
1,330
568
Vontier
5,577
240
12,258
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
0.3%
Accenture,
Class
A
4,052
1,519
MongoDB (5)
2,013
901
NTT
Data
Group
(JPY)
113,100
1,842
ServiceTitan
,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $9 (5)(6)(8)
198
14
Shopify,
Class
A (5)
12,012
917
Snowflake,
Class
A (5)
1,584
298
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $22 (5)(6)(8)
960
19
5,510
Semiconductors
&
Semiconductor
Equipment
3.5%
Advanced
Micro
Devices (5)
6,776
1,305
Allegro
MicroSystems
(5)
6,567
207
Analog
Devices
15,622
2,997
Applied
Materials
20,503
4,134
ASML
Holding
(EUR)
4,287
4,068
ASML
Holding
2,187
2,081
Broadcom
2,242
2,916
Entegris
4,469
600
Intel
28,608
1,232
KLA
3,536
2,413
Lam
Research
1,750
1,642
Lattice
Semiconductor (5)
8,176
626
MACOM
Technology
Solutions
Holdings (5)
4,755
420
Micron
Technology
42,072
3,812
Monolithic
Power
Systems
1,354
975
NVIDIA
28,921
22,880
NXP
Semiconductors
22,402
5,594
Onto
Innovation (5)
3,849
709
QUALCOMM
22,686
3,580
Renesas
Electronics
(JPY)
40,800
674
Taiwan
Semiconductor
Manufacturing
(TWD)
173,719
3,807
Taiwan
Semiconductor
Manufacturing,
ADR
4,690
603
Texas
Instruments
15,771
2,639
Tokyo
Electron
(JPY)
7,300
1,811
71,725
Software
2.7%
Adobe (5)
1,663
932
Agilysys
(5)
2,259
176
Altair
Engineering,
Class
A (5)
3,835
326
Amplitude,
Class
A (5)
22,690
269
Appfolio
,
Class
A (5)
650
157
Atlassian
,
Class
A (5)
2,286
474
BILL
Holdings (5)
3,906
247
Braze,
Class
A (5)
1,938
110
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cadence
Design
Systems (5)
4,603
1,401
Canva
,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $283 (5)(6)(8)
166
177
CCC
Intelligent
Solutions
Holdings (5)
14,501
170
Confluent,
Class
A (5)
6,871
233
Crowdstrike
Holdings,
Class
A (5)
1,261
409
Datadog
,
Class
A (5)
2,363
311
Descartes
Systems
Group (5)
6,002
520
DoubleVerify
Holdings (5)
14,187
438
Envestnet
(5)
4,657
240
Five9 (5)
2,882
176
Fortinet (5)
19,694
1,361
Gusto,
Acquisition
Date:
10/4/21,
Cost $90 (5)(6)(8)
3,136
48
Intapp
(5)
8,118
319
Intuit
2,733
1,812
Manhattan
Associates (5)
921
233
Microsoft
88,785
36,725
Salesforce (5)
2,629
812
SAP
(EUR)
13,322
2,496
ServiceNow
(5)
4,930
3,803
Socure
,
Acquisition
Date:
12/22/21,
Cost $16 (5)(6)(8)
1,018
6
Synopsys (5)
3,386
1,943
Varonis
Systems (5)
3,100
158
Workiva
(5)
4,556
392
56,874
Technology
Hardware,
Storage
&
Peripherals
1.1%
Apple
112,776
20,384
Samsung
Electronics
(KRW)
40,338
2,227
22,611
Total
Information
Technology
169,954
MATERIALS
1.3%
Chemicals
0.6%
Air
Liquide
(EUR)
8,206
1,668
Akzo
Nobel
(EUR)
12,101
882
Asahi
Kasei
(JPY)
84,900
591
BASF
(EUR)
15,511
790
Covestro
(EUR) (5)
16,247
884
Element
Solutions
34,373
808
HB
Fuller
3,558
283
Johnson
Matthey
(GBP)
29,178
569
Linde
9,281
4,165
Mosaic
11,800
368
Nutrien
6,775
354
Quaker
Chemical
1,035
207
Sherwin-Williams
2,169
720
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Umicore
(EUR)
25,121
526
12,815
Construction
Materials
0.1%
Martin
Marietta
Materials
1,762
1,018
1,018
Containers
&
Packaging
0.0%
Amcor,
CDI
(AUD)
33,108
295
Sealed
Air
6,500
227
522
Metals
&
Mining
0.5%
Antofagasta
(GBP)
49,162
1,130
BHP
Group
(AUD)
26,681
765
BHP
Group
(GBP)
36,622
1,051
Constellium
(5)
24,051
466
ERO
Copper
(CAD) (5)(7)
15,385
262
Franco-Nevada
5,300
556
Freeport-McMoRan
34,409
1,301
IGO
(AUD)
96,719
499
Pilbara
Minerals
(AUD)
317,460
867
Royal
Gold
2,121
218
South32
(AUD)
253,263
485
Southern
Copper
19,008
1,537
Wheaton
Precious
Metals
15,501
638
9,775
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
64,323
813
West
Fraser
Timber
(CAD)
2,973
239
1,052
Total
Materials
25,182
REAL
ESTATE
0.6%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Healthcare
Realty
Trust,
REIT
13,327
184
184
Industrial
Real
Estate
Investment
Trusts
0.1%
EastGroup
Properties,
REIT
3,681
647
Prologis,
REIT
6,207
827
Rexford
Industrial
Realty,
REIT
7,620
388
Terreno
Realty,
REIT
3,525
226
2,088
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
72,039
329
329
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Real
Estate
Management
&
Development
0.1%
Colliers
International
Group
2,425
282
DigitalBridge
Group
20,540
377
FirstService
3,845
634
Mitsui
Fudosan
(JPY)
59,300
1,610
2,903
Residential
Real
Estate
Investment
Trusts
0.1%
Equity
LifeStyle
Properties,
REIT
12,623
850
Flagship
Communities
REIT
5,144
81
Independence
Realty
Trust,
REIT
21,497
315
1,246
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
485,772
983
983
Specialized
Real
Estate
Investment
Trusts
0.2%
CubeSmart
,
REIT
9,783
427
Public
Storage,
REIT
9,573
2,717
Weyerhaeuser,
REIT
37,119
1,276
4,420
Total
Real
Estate
12,153
UTILITIES
0.6%
Electric
Utilities
0.4%
Constellation
Energy
32,290
5,439
IDACORP
4,123
363
MGE
Energy
1,912
121
NextEra
Energy
27,406
1,513
OGE
Energy
7,467
246
PNM
Resources
8,937
326
Southern
2,367
159
8,167
Gas
Utilities
0.0%
Beijing
Enterprises
Holdings
(HKD)
83,000
312
Chesapeake
Utilities
4,878
498
ONE
Gas
552
33
843
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Electric
Power
Development
(JPY)
42,000
690
690
Multi-Utilities
0.2%
Ameren
18,746
1,335
Engie
(EUR)
126,527
2,030
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
National
Grid
(GBP)
103,512
1,354
4,719
Water
Utilities
0.0%
California
Water
Service
Group
6,178
283
Middlesex
Water
1,510
77
360
Total
Utilities
14,779
Total
Miscellaneous
Common
Stocks
0.1% (9)
1,891
Total
Common
Stocks
(Cost
$410,177)
739,243
CONVERTIBLE
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.0%
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $85 (5)(6)(8)
14,624
15
Total
Consumer
Discretionary
15
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $— (5)(6)(8)
14
—
Total
Consumer
Staples
—
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Series
D,
Acquisition
Date:
1/28/22,
Cost $73 (5)(6)
(8)
699
51
Total
Financials
51
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $41 (5)(6)(8)
14,745
54
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $63 (5)(6)(8)
7,833
28
82
Health
Care
Equipment
&
Supplies
0.0%
Kardium
,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $45 (5)(6)(8)
44,249
38
38
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $84 (5)(6)(8)
34,928
41
41
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Life
Sciences
Tools
&
Services
0.0%
Cleerly
,
Series
C,
Acquisition
Date:
7/8/22,
Cost $41 (5)(6)(8)
3,497
32
Inscripta
,
Series
E,
Acquisition
Date:
3/30/21,
Cost $46 (5)(6)(8)
5,249
15
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $61 (5)(6)(8)
4,451
270
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $92 (5)(6)(8)
2,075
126
443
Total
Health
Care
604
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $47 (5)(6)(8)
1,042
36
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $93 (5)(6)(8)
16,618
81
117
Air
Freight
&
Logistics
0.0%
Flexe
,
Series
C,
Acquisition
Date:
11/18/20,
Cost $44 (5)(6)(8)
3,599
23
Flexe
,
Series
D,
Acquisition
Date:
4/7/22,
Cost $24 (5)(6)(8)
1,206
8
31
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $46 (5)(6)(8)
2,189
6
6
Professional
Services
0.0%
Checkr
,
Series
C,
Acquisition
Date:
4/10/18,
Cost $32 (5)(6)(8)
6,984
30
Checkr
,
Series
D,
Acquisition
Date:
9/6/19,
Cost $99 (5)(6)(8)
9,798
43
73
Total
Industrials
&
Business
Services
227
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $36 (5)(6)(8)
2,473
18
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $15 (5)(6)(8)
777
6
ServiceTitan
,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (5)
(6)(8)
3
—
ServiceTitan
,
Series
D,
Acquisition
Date:
11/9/18,
Cost $40 (5)(6)
(8)
1,534
112
ServiceTitan
,
Series
F,
Acquisition
Date:
3/25/21,
Cost $8 (5)(6)(8)
75
6
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $5 (5)(6)(8)
220
4
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (5)(6)(8)
20
—
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $— (5)
(6)(8)
20
—
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $61 (5)(6)(8)
2,730
53
199
Software
0.1%
Canva
,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $17 (5)(6)(8)
10
11
Databricks
,
Series
G,
Acquisition
Date:
2/1/21,
Cost $94 (5)(6)(8)
1,581
116
Databricks
,
Series
H,
Acquisition
Date:
8/31/21,
Cost $261 (5)(6)
(8)
3,552
261
Databricks
,
Series
I,
Acquisition
Date:
9/14/23,
Cost $29 (5)(6)(8)
401
29
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $132 (5)(6)(8)
4,351
67
Nuro
,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $102 (5)
(6)(8)
7,799
32
Nuro
,
Series
D,
Acquisition
Date:
10/29/21,
Cost $44 (5)(6)(8)
2,102
9
SecurityScorecard
,
Series
E,
Acquisition
Date:
3/5/21,
Cost $43 (5)(6)(8)
8,514
43
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $59 (5)(6)(8)
9,270
67
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $6 (5)
(6)(8)
705
5
Socure
,
Series
A,
Acquisition
Date:
12/22/21,
Cost $20 (5)(6)(8)
1,237
8
Socure
,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $16 (5)(6)(8)
1,015
6
Socure
,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (5)(6)(8)
18
—
Socure
,
Series
E,
Acquisition
Date:
10/27/21,
Cost $38 (5)(6)(8)
2,353
15
669
Total
Information
Technology
868
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $56 (5)(6)(8)
1,182
56
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $79 (5)(6)(8)
1,910
39
95
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $48 (5)
(6)(8)
1,739
74
74
Total
Materials
169
Total
Convertible
Preferred
Stocks
(Cost
$2,226)
1,934
CORPORATE
BONDS
5.6%
AbbVie,
3.20%,
11/21/29
905,000
829
AbbVie,
4.05%,
11/21/39
260,000
230
AbbVie,
4.25%,
11/21/49
380,000
328
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
AbbVie,
4.50%,
5/14/35
527,000
503
AbbVie,
4.70%,
5/14/45
600,000
555
AbbVie,
4.875%,
11/14/48
650,000
615
AbbVie,
5.05%,
3/15/34
585,000
589
AbbVie,
5.35%,
3/15/44
115,000
116
AbbVie,
5.40%,
3/15/54
495,000
505
AbbVie,
5.50%,
3/15/64
285,000
290
AerCap
Ireland
Capital,
2.45%,
10/29/26
460,000
424
AerCap
Ireland
Capital,
3.30%,
1/30/32
680,000
574
AerCap
Ireland
Capital,
5.10%,
1/19/29
195,000
192
AES,
5.45%,
6/1/28
165,000
165
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
455,000
438
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
65,000
62
Ally
Financial,
4.75%,
6/9/27
85,000
83
American
Electric
Power,
5.20%,
1/15/29
300,000
300
American
Express,
VR,
5.098%,
2/16/28 (10)
345,000
344
American
Honda
Finance,
5.65%,
11/15/28
350,000
360
American
Tower,
5.25%,
7/15/28
85,000
85
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
600,000
615
Aon,
2.80%,
5/15/30
145,000
126
AT&T,
3.50%,
9/15/53
279,000
193
Athene
Global
Funding,
5.684%,
2/23/26 (1)
585,000
583
Autostrade
per
l'Italia
,
2.00%,
1/15/30
(EUR)
435,000
416
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
200,000
197
Bank
of
America,
VR,
1.898%,
7/23/31 (10)
2,235,000
1,813
Bank
of
America,
VR,
3.559%,
4/23/27 (10)
1,115,000
1,068
Bank
of
America,
VR,
4.271%,
7/23/29 (10)
875,000
843
Bank
of
America,
VR,
5.819%,
9/15/29 (10)
616,000
627
Bank
of
New
York
Mellon,
VR,
6.317%,
10/25/29 (10)
400,000
419
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (10)
460,000
498
Barclays,
VR,
2.852%,
5/7/26 (10)
278,000
269
Barclays,
VR,
5.501%,
8/9/28 (10)
225,000
224
Barclays,
VR,
6.692%,
9/13/34 (10)
645,000
674
BAT
Capital,
2.259%,
3/25/28
140,000
124
BAT
Capital,
6.00%,
2/20/34
225,000
223
BAT
Capital,
6.343%,
8/2/30
80,000
83
BAT
Capital,
7.079%,
8/2/43
205,000
213
BAT
Capital,
7.081%,
8/2/53
315,000
327
BAT
International
Finance,
1.668%,
3/25/26
80,000
74
Bayer
U.S.
Finance,
6.125%,
11/21/26 (1)
200,000
201
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
425,000
429
Bayer
U.S.
Finance
II,
4.25%,
12/15/25 (1)
210,000
204
Becton
Dickinson
&
Company,
2.823%,
5/20/30
250,000
219
Becton
Dickinson
&
Company,
3.70%,
6/6/27
304,000
291
Bimbo
Bakeries
USA,
5.375%,
1/9/36 (1)
200,000
199
Bimbo
Bakeries
USA,
6.40%,
1/15/34 (1)
200,000
214
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BNP
Paribas,
VR,
5.497%,
5/20/30 (1)(10)
530,000
529
BNP
Paribas,
VR,
5.738%,
2/20/35 (1)(10)
525,000
522
Boardwalk
Pipelines,
3.40%,
2/15/31
330,000
292
Boardwalk
Pipelines,
4.45%,
7/15/27
95,000
92
Boardwalk
Pipelines,
5.95%,
6/1/26
430,000
433
Boeing,
3.25%,
2/1/28
90,000
83
Boeing,
5.04%,
5/1/27
600,000
593
Booz
Allen
Hamilton,
5.95%,
8/4/33
180,000
185
Boston
Gas,
6.119%,
7/20/53 (1)
145,000
146
Bristol-Myers
Squibb,
5.10%,
2/22/31
215,000
216
Bristol-Myers
Squibb,
5.20%,
2/22/34
450,000
453
Bristol-Myers
Squibb,
5.55%,
2/22/54
185,000
187
Bristol-Myers
Squibb,
5.65%,
2/22/64
245,000
249
Bristol-Myers
Squibb,
6.25%,
11/15/53
282,000
314
Brixmor
Operating
Partnership,
4.05%,
7/1/30
192,000
177
Brixmor
Operating
Partnership,
4.125%,
5/15/29
1,053,000
986
Broadcom,
2.60%,
2/15/33 (1)
305,000
244
Broadcom,
3.419%,
4/15/33 (1)
421,000
358
Broadcom,
3.875%,
1/15/27
85,000
82
CaixaBank
,
VR,
6.208%,
1/18/29 (1)(10)
505,000
513
CaixaBank
,
VR,
6.684%,
9/13/27 (1)(10)
400,000
407
CaixaBank
,
VR,
6.84%,
9/13/34 (1)(10)
235,000
246
Capital
One
Financial,
3.65%,
5/11/27
965,000
919
Capital
One
Financial,
3.75%,
3/9/27
85,000
81
Capital
One
Financial,
VR,
2.359%,
7/29/32 (10)
246,000
186
Capital
One
Financial,
VR,
3.273%,
3/1/30 (10)
245,000
219
Capital
One
Financial,
VR,
5.247%,
7/26/30 (10)
140,000
136
Capital
One
Financial,
VR,
5.468%,
2/1/29 (10)
890,000
886
Capital
One
Financial,
VR,
5.70%,
2/1/30 (10)
180,000
181
Capital
One
Financial,
VR,
6.051%,
2/1/35 (10)
235,000
238
Capital
One
Financial,
VR,
6.312%,
6/8/29 (10)
80,000
82
Capital
One
Financial,
VR,
7.624%,
10/30/31 (10)
75,000
82
Carrier
Global,
2.493%,
2/15/27
90,000
83
Carrier
Global,
5.80%,
11/30/25
115,000
116
Carvana
,
12.00%,
12/1/28,
(12.00%
PIK) (1)(11)
93,865
90
Carvana
,
13.00%,
6/1/30,
(13.00%
PIK) (1)(11)
141,936
132
Carvana
,
14.00%,
6/1/31,
(14.00%
PIK) (1)(11)
169,141
164
Celanese
U.S.
Holdings,
6.05%,
3/15/25
64,000
64
Celanese
U.S.
Holdings,
6.165%,
7/15/27
85,000
86
Centene
,
2.50%,
3/1/31
505,000
414
Centene
,
2.625%,
8/1/31
1,265,000
1,036
Centene
,
4.25%,
12/15/27
85,000
81
Centene
,
4.625%,
12/15/29
399,000
378
Charter
Communications
Operating,
3.75%,
2/15/28
225,000
207
Charter
Communications
Operating,
5.25%,
4/1/53
72,000
56
Charter
Communications
Operating,
6.484%,
10/23/45
110,000
101
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Charter
Communications
Operating,
6.65%,
2/1/34
500,000
500
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
220,000
219
Cheniere
Energy,
4.625%,
10/15/28
170,000
163
Citigroup,
4.45%,
9/29/27
125,000
121
Citigroup,
VR,
3.106%,
4/8/26 (10)
255,000
248
Citigroup,
VR,
4.658%,
5/24/28 (10)
120,000
118
Citigroup,
VR,
5.61%,
9/29/26 (10)
585,000
586
Citigroup,
VR,
5.827%,
2/13/35 (10)
1,470,000
1,439
Citigroup,
Series VAR,
VR,
3.07%,
2/24/28 (10)
530,000
497
CNO
Financial
Group,
5.25%,
5/30/25
187,000
186
Columbia
Pipelines
Holding,
5.681%,
1/15/34 (1)
420,000
411
Comcast,
3.25%,
11/1/39
360,000
276
Continental
Resources,
4.375%,
1/15/28
85,000
82
Corebridge
Financial,
3.65%,
4/5/27
85,000
81
Corebridge
Financial,
3.85%,
4/5/29
90,000
83
Corebridge
Financial,
3.90%,
4/5/32
430,000
378
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
80,000
79
Crown
Castle,
2.25%,
1/15/31
810,000
660
Crown
Castle,
3.80%,
2/15/28
85,000
80
Crown
Castle,
4.80%,
9/1/28
85,000
83
Crown
Castle,
5.60%,
6/1/29
330,000
332
Crown
Castle,
5.80%,
3/1/34
210,000
212
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
695,000
678
CVS
Health,
3.25%,
8/15/29
140,000
127
CVS
Health,
4.30%,
3/25/28
90,000
87
CVS
Health,
5.05%,
3/25/48
729,000
649
CVS
Health,
5.625%,
2/21/53
440,000
427
CVS
Health,
5.875%,
6/1/53
235,000
235
Daimler
Truck
Finance
North
America,
5.00%,
1/15/27 (1)
150,000
150
Daimler
Truck
Finance
North
America,
5.125%,
1/19/28 (1)
150,000
150
Daimler
Truck
Finance
North
America,
5.375%,
1/18/34 (1)
150,000
149
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(10)
685,000
670
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(10)
330,000
329
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(10)
310,000
310
Deutsche
Bank,
VR,
3.961%,
11/26/25 (10)
290,000
285
Diamondback
Energy,
6.25%,
3/15/53
205,000
217
Dollar
General,
3.875%,
4/15/27
90,000
87
Dollar
General,
5.45%,
7/5/33
420,000
418
DTE
Energy,
4.875%,
6/1/28
80,000
79
DTE
Energy,
5.10%,
3/1/29
585,000
578
Duke
Energy,
5.00%,
8/15/52
620,000
553
Duke
Energy,
6.10%,
9/15/53
580,000
601
Edison
International,
4.95%,
4/15/25
30,000
30
Edison
International,
6.95%,
11/15/29
75,000
80
Elevance
Health,
5.125%,
2/15/53
220,000
209
Enbridge,
6.20%,
11/15/30
130,000
136
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Enbridge,
6.70%,
11/15/53
205,000
230
Enel
Finance
America,
7.10%,
10/14/27 (1)
200,000
210
Enel
Finance
International,
6.80%,
10/14/25 (1)
200,000
203
Energy
Transfer,
2.90%,
5/15/25
175,000
170
Energy
Transfer,
5.55%,
5/15/34
225,000
222
Energy
Transfer,
5.95%,
5/15/54
150,000
146
Energy
Transfer,
6.40%,
12/1/30
280,000
294
Energy
Transfer,
6.55%,
12/1/33
135,000
143
Equitable
Financial
Life
Global
Funding,
1.00%,
1/9/26 (1)
405,000
372
Equitable
Holdings,
4.35%,
4/20/28
1,230,000
1,184
Essex
Portfolio,
3.625%,
5/1/27
270,000
256
Exelon,
5.15%,
3/15/28
80,000
80
Exelon,
5.45%,
3/15/34
220,000
219
Exelon,
5.60%,
3/15/53
685,000
668
Fifth
Third
Bancorp,
2.375%,
1/28/25
90,000
87
Fifth
Third
Bancorp,
2.55%,
5/5/27
50,000
46
Fifth
Third
Bancorp,
3.95%,
3/14/28
155,000
147
Fifth
Third
Bancorp,
VR,
5.631%,
1/29/32 (10)
135,000
134
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (10)
310,000
318
Fiserv,
4.20%,
10/1/28
85,000
82
Ford
Motor,
9.625%,
4/22/30
70,000
82
Ford
Motor
Credit,
5.80%,
3/5/27
200,000
199
Ford
Motor
Credit,
6.798%,
11/7/28
200,000
207
Ford
Motor
Credit,
7.122%,
11/7/33
200,000
213
Freeport-McMoRan,
4.375%,
8/1/28
169,000
161
Freeport-McMoRan,
5.00%,
9/1/27
40,000
39
General
Motors
Financial,
4.00%,
10/6/26
85,000
82
General
Motors
Financial,
5.40%,
5/8/27
345,000
345
General
Motors
Financial,
5.80%,
6/23/28
160,000
162
Georgia
Power,
4.95%,
5/17/33
445,000
436
Georgia
Power,
5.25%,
3/15/34
285,000
283
GLP
Capital,
3.35%,
9/1/24
120,000
118
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (10)
515,000
469
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (10)
515,000
489
Goldman
Sachs
Group,
VR,
3.691%,
6/5/28 (10)
170,000
162
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (10)
760,000
742
HCA,
2.375%,
7/15/31
185,000
150
HCA,
3.125%,
3/15/27
220,000
207
HCA,
3.375%,
3/15/29
85,000
77
HCA,
3.50%,
9/1/30
462,000
412
HCA,
4.50%,
2/15/27
85,000
83
HCA,
5.375%,
9/1/26
175,000
174
HCA,
5.875%,
2/15/26
165,000
166
Healthcare
Realty
Holdings,
2.05%,
3/15/31
190,000
145
Healthcare
Realty
Holdings,
3.625%,
1/15/28
575,000
526
HSBC
Holdings,
VR,
2.099%,
6/4/26 (10)
290,000
277
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HSBC
Holdings,
VR,
4.755%,
6/9/28 (10)
705,000
689
Humana,
4.875%,
4/1/30
332,000
327
Humana,
5.95%,
3/15/34
235,000
243
Huntington
National
Bank,
VR,
5.699%,
11/18/25 (10)
250,000
248
Hyundai
Capital
America,
5.25%,
1/8/27 (1)
140,000
139
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
80,000
80
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
135,000
135
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
170,000
178
Indiana
Michigan
Power,
5.625%,
4/1/53
35,000
35
ING
Groep
,
VR,
6.114%,
9/11/34 (10)
230,000
238
Intercontinental
Exchange,
4.35%,
6/15/29
475,000
461
Interpublic
Group,
4.65%,
10/1/28
195,000
191
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
111,000
110
IQVIA,
6.25%,
2/1/29
340,000
350
Jackson
Financial,
5.17%,
6/8/27
415,000
417
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (10)
680,000
620
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (10)
1,370,000
1,164
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (10)
250,000
219
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (10)
805,000
699
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (10)
275,000
261
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (10)
245,000
244
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (10)
225,000
224
Las
Vegas
Sands,
3.50%,
8/18/26
210,000
198
Lowe's,
4.25%,
4/1/52
117,000
94
Lowe's,
5.625%,
4/15/53
200,000
198
Lowe's,
5.75%,
7/1/53
150,000
151
LSEGA
Financing,
2.00%,
4/6/28 (1)
1,325,000
1,178
LSEGA
Financing,
2.50%,
4/6/31 (1)
375,000
315
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
149
Marriott
International,
5.00%,
10/15/27
331,000
329
Mars,
4.75%,
4/20/33 (1)
420,000
409
Marsh
&
McLennan,
2.25%,
11/15/30
185,000
156
Marsh
&
McLennan,
5.70%,
9/15/53
505,000
524
Mattel,
5.875%,
12/15/27 (1)
410,000
408
Meta
Platforms,
5.60%,
5/15/53
580,000
601
Metropolitan
Life
Global
Funding
I,
5.15%,
3/28/33 (1)
240,000
237
Micron
Technology,
4.185%,
2/15/27
125,000
121
Micron
Technology,
5.30%,
1/15/31
270,000
267
Micron
Technology,
5.327%,
2/6/29
226,000
225
Micron
Technology,
6.75%,
11/1/29
290,000
307
MidAmerican
Energy,
5.85%,
9/15/54
165,000
174
Morgan
Stanley,
VR,
2.699%,
1/22/31 (10)
95,000
82
Morgan
Stanley,
VR,
5.123%,
2/1/29 (10)
1,095,000
1,090
Morgan
Stanley,
VR,
5.173%,
1/16/30 (10)
385,000
383
MPLX,
4.125%,
3/1/27
85,000
82
Mylan,
4.55%,
4/15/28
170,000
164
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Netflix,
4.625%,
5/15/29
(EUR)
655,000
740
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
390,000
317
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
180,000
168
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
280,000
281
Niagara
Mohawk
Power,
5.664%,
1/17/54 (1)
235,000
227
NiSource,
3.49%,
5/15/27
90,000
85
NiSource,
5.25%,
3/30/28
85,000
85
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
165,000
149
NRG
Energy,
4.45%,
6/15/29 (1)
195,000
180
Occidental
Petroleum,
6.125%,
1/1/31
349,000
358
Occidental
Petroleum,
6.375%,
9/1/28
115,000
119
Occidental
Petroleum,
6.625%,
9/1/30
75,000
79
Occidental
Petroleum,
7.50%,
5/1/31
315,000
348
Occidental
Petroleum,
8.875%,
7/15/30
960,000
1,106
ONEOK,
5.65%,
11/1/28
80,000
81
ONEOK,
5.80%,
11/1/30
240,000
245
ONEOK,
6.05%,
9/1/33
235,000
242
Oracle,
4.90%,
2/6/33
420,000
405
O'Reilly
Automotive,
5.75%,
11/20/26
125,000
127
Ovintiv
,
5.65%,
5/15/28
165,000
166
Pacific
Gas
&
Electric,
2.10%,
8/1/27
156,000
140
Pacific
Gas
&
Electric,
2.50%,
2/1/31
445,000
365
Pacific
Gas
&
Electric,
4.55%,
7/1/30
490,000
461
Pacific
Gas
&
Electric,
5.80%,
5/15/34
325,000
324
Pacific
Gas
&
Electric,
5.90%,
6/15/32
150,000
151
Pacific
Gas
&
Electric,
6.70%,
4/1/53
145,000
156
Pacific
Gas
&
Electric,
6.75%,
1/15/53
330,000
354
Pacific
Gas
&
Electric,
6.95%,
3/15/34
235,000
254
PacifiCorp,
5.30%,
2/15/31
350,000
345
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
935,000
970
Pfizer
Investment
Enterprises,
4.75%,
5/19/33
280,000
272
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
275,000
269
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
420,000
405
Philip
Morris
International,
5.125%,
2/15/30
285,000
284
Pioneer
Natural
Resources,
5.10%,
3/29/26
145,000
145
PNC
Financial
Services
Group,
VR,
5.30%,
1/21/28 (10)
125,000
125
PNC
Financial
Services
Group,
VR,
6.615%,
10/20/27 (10)
85,000
87
Public
Service
Enterprise
Group,
5.875%,
10/15/28
85,000
87
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
200,000
203
Raizen
Fuels
Finance,
6.95%,
3/5/54 (1)
200,000
204
Revvity
,
1.90%,
9/15/28
350,000
303
Revvity
,
2.25%,
9/15/31
190,000
154
Revvity
,
3.30%,
9/15/29
215,000
194
Reynolds
American,
4.45%,
6/12/25
99,000
97
Rogers
Communications,
3.20%,
3/15/27
260,000
245
Rogers
Communications,
3.80%,
3/15/32
275,000
245
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Rogers
Communications,
4.35%,
5/1/49
35,000
28
Rogers
Communications,
4.55%,
3/15/52
1,115,000
919
Rogers
Communications,
5.00%,
2/15/29
610,000
604
Rogers
Communications,
5.30%,
2/15/34
525,000
515
Ross
Stores,
1.875%,
4/15/31
480,000
389
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
90,000
87
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (10)
1,205,000
1,131
Sartorius
Finance,
4.875%,
9/14/35
(EUR)
400,000
455
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
560,000
499
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
150,000
132
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
455,000
357
Sempra,
3.40%,
2/1/28
85,000
80
Sempra,
3.70%,
4/1/29
135,000
126
Societe
Generale
,
VR,
5.519%,
1/19/28 (1)(10)
860,000
850
Societe
Generale
,
VR,
5.634%,
1/19/30 (1)(10)
420,000
414
Solventum
,
5.40%,
3/1/29 (1)
400,000
400
Solventum
,
5.60%,
3/23/34 (1)
1,060,000
1,053
Solventum
,
5.90%,
4/30/54 (1)
425,000
420
Solventum
,
6.00%,
5/15/64 (1)
425,000
415
Southern,
5.20%,
6/15/33
665,000
656
Southern,
5.70%,
3/15/34
515,000
525
Southern
California
Edison,
5.70%,
3/1/53
225,000
224
Southern
California
Edison,
Series D,
4.70%,
6/1/27
315,000
310
Sprint
Capital,
6.875%,
11/15/28
540,000
576
Sprint
Capital,
8.75%,
3/15/32
395,000
477
Standard
Chartered,
VR,
1.456%,
1/14/27 (1)(10)
275,000
253
Standard
Chartered,
VR,
2.819%,
1/30/26 (1)(10)
200,000
194
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(10)
870,000
848
Stanley
Black
&
Decker,
2.75%,
11/15/50
126,000
73
Sutter
Health,
5.164%,
8/15/33
135,000
136
T-Mobile
USA,
5.75%,
1/15/54
915,000
927
T-Mobile
USA,
6.00%,
6/15/54
175,000
184
Targa
Resources,
6.15%,
3/1/29
159,000
163
Targa
Resources
Partners,
5.00%,
1/15/28
85,000
83
Targa
Resources
Partners,
5.50%,
3/1/30
600,000
594
Targa
Resources
Partners,
6.875%,
1/15/29
101,000
104
Thermo
Fisher
Scientific,
5.20%,
1/31/34
190,000
193
Toronto-Dominion
Bank,
5.523%,
7/17/28
85,000
86
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (10)
170,000
169
U.S.
Bancorp,
VR,
5.678%,
1/23/35 (10)
280,000
279
UBS
Group,
VR,
5.959%,
1/12/34 (1)(10)
415,000
419
UBS
Group,
VR,
6.301%,
9/22/34 (1)(10)
305,000
316
UBS
Group,
VR,
6.537%,
8/12/33 (1)(10)
840,000
873
UBS
Group,
VR,
9.25% (1)(10)(12)
200,000
213
UnitedHealth
Group,
4.50%,
4/15/33
420,000
404
UnitedHealth
Group,
5.05%,
4/15/53
377,000
361
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UnitedHealth
Group,
5.875%,
2/15/53
370,000
398
Utah
Acquisition
Sub,
3.95%,
6/15/26
1,136,000
1,097
Utah
Acquisition
Sub,
5.25%,
6/15/46
40,000
33
VF,
2.95%,
4/23/30
290,000
238
Viatris
,
3.85%,
6/22/40
381,000
282
Viatris
,
4.00%,
6/22/50
210,000
143
Vistra
Operations,
5.125%,
5/13/25 (1)
179,000
177
Vistra
Operations,
6.95%,
10/15/33 (1)
175,000
182
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
490,000
465
Walt
Disney,
3.60%,
1/13/51
230,000
174
Warnermedia
Holdings,
3.755%,
3/15/27
608,000
576
Wells
Fargo,
4.30%,
7/22/27
226,000
219
Wells
Fargo,
VR,
2.393%,
6/2/28 (10)
2,740,000
2,499
Wells
Fargo,
VR,
2.572%,
2/11/31 (10)
2,683,000
2,293
Wells
Fargo,
VR,
5.198%,
1/23/30 (10)
505,000
501
Western
Midstream
Operating,
4.50%,
3/1/28
85,000
81
Western
Midstream
Operating,
6.35%,
1/15/29
80,000
83
Westlake,
1.625%,
7/17/29
(EUR)
525,000
499
Williams,
3.75%,
6/15/27
1,090,000
1,048
Xcel
Energy,
3.40%,
6/1/30
475,000
423
Total
Corporate
Bonds
(Cost
$119,606)
115,349
EQUITY
MUTUAL
FUNDS
10.4%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
1,779,165
56,400
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (3)
11,181,185
105,886
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
3,878,516
52,282
Total
Equity
Mutual
Funds
(Cost
$213,963)
214,568
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.3%
Gaci
First
Investment,
4.875%,
2/14/35
430,000
407
Gaci
First
Investment,
5.125%,
2/14/53
715,000
614
Kingdom
of
Saudi
Arabia,
4.75%,
1/16/30 (1)
200,000
197
Kingdom
of
Saudi
Arabia,
5.75%,
1/16/54 (1)
310,000
301
Petroleos
Mexicanos
,
6.50%,
3/13/27
1,080,000
1,005
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
306,000
345
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR) (7)
349,000
403
Republic
of
Chile,
3.625%,
8/1/27
350,000
330
Republic
of
Chile,
6.30%,
9/8/53
345,000
335
Republic
of
Chile,
6.30%,
9/8/53 (1)
200,000
194
Republic
of
Chile,
6.44%,
1/26/36 (1)
240,000
244
Republic
of
Panama,
7.50%,
3/1/31
300,000
308
Republic
of
Romania,
5.875%,
1/30/29 (1)
460,000
457
United
Mexican
States,
5.00%,
5/7/29
425,000
419
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
United
Mexican
States,
6.00%,
5/7/36
400,000
399
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$5,899)
5,958
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.6%
Angel
Oak
Mortgage
Trust,
Series 2022-1,
Class
A1,
CMO,
STEP,
2.881%,
12/25/66 (1)
264,602
236
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
TSFR
+
1.297%,
6.615%,
9/15/32 (1)
235,000
233
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51 (1)
485,066
380
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.592%,
11/15/34 (1)
235,000
37
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
TSFR
+
1.654%,
6.972%,
10/15/34 (1)
750,000
748
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
229,237
196
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
8.458%,
6/15/27 (1)
625,000
627
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
TSFR
+
1.411%,
6.729%,
10/15/36 (1)
410,000
403
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
481,640
377
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
195,256
159
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
46,226
44
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
274,363
267
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
1M2B,
CMO,
ARM,
SOFR30A
+
2.764%,
8.086%,
2/25/30
179,295
180
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
SOFR30A
+
1.114%,
6.436%,
2/25/30
46,621
47
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
PRIME
+
0.00%,
8.50%,
6/15/34 (1)
360,000
360
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.072%,
9/15/45 (1)
510,000
318
Eleven
Madison
Mortgage
Trust,
Series 2015-11MD,
Class
A,
ARM,
3.555%,
9/10/35 (1)
205,000
191
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
142,647
134
FWD
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
2.44%,
1/25/50 (1)
102,818
94
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
30,957
27
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
23,728
22
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
TSFR
+
1.348%,
6.666%,
12/15/36 (1)
263,000
263
Great
Wolf
Trust,
Series 2019-WOLF,
Class
B,
ARM,
1M
TSFR
+
1.648%,
6.966%,
12/15/36 (1)
90,000
90
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
TSFR
+
1.947%,
7.265%,
12/15/36 (1)
425,000
424
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
5.133%,
7/25/44 (1)
5,136
5
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.925%,
10/25/50 (1)
215,545
180
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
363,709
285
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
376,158
294
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
162,535
132
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
190,000
172
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
80,893
72
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
93,666
83
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.572%,
12/25/50 (1)
289,607
244
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
80,164
70
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
5,762
6
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
13,480
13
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.255%,
6/25/50 (1)
301,620
252
MFA
Trust,
Series 2022-INV2,
Class
A1,
CMO,
STEP,
4.95%,
7/25/57 (1)
422,599
417
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2023-
NQM1,
Class
A2,
CMO,
STEP,
7.53%,
9/25/68 (1)
145,155
148
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
290,303
230
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
208,101
184
OBX
Trust,
Series 2023-NQM9,
Class
A2,
CMO,
STEP,
7.513%,
10/25/63 (1)
95,303
97
SCG
Mortgage
Trust,
Series 2023-NASH,
Class
A,
ARM,
1M
TSFR
+
2.391%,
7.708%,
12/15/40 (1)
575,000
578
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.436%,
4/25/43
150,798
140
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.779%,
8/25/47 (1)
225,745
204
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
46,081
42
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
10,188
9
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
33,228
31
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
7,604
7
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
7.622%,
8/25/33 (1)
206,029
210
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2023-HQA3,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.85%,
7.172%,
11/25/43 (1)
572
1
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
6.435%,
10/25/59 (1)
216,735
218
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
378,279
296
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
96
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
215,176
179
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
1,335,000
1,221
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2021-SAVE,
Class
C,
ARM,
1M
TSFR
+
1.914%,
7.232%,
2/15/40 (1)
264,000
257
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
102,474
78
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$13,859)
12,308
PREFERRED
STOCKS
0.0%
CONSUMER
DISCRETIONARY
0.0%
Automobiles
0.0%
Dr.
Ing
.
h.c
.
F.
Porsche
(EUR)
10,809
1,011
Total
Consumer
Discretionary
1,011
Total
Preferred
Stocks
(Cost
$918)
1,011
PRIVATE
INVESTMENT
COMPANIES
5.7%
Blackstone
Partners
Offshore
Fund (5)(8)
49,191
117,924
Total
Private
Investment
Companies
(Cost
$76,505)
117,924
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
5.3%
U.S.
Government
Agency
Obligations
4.0%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
118,147
111
3.00%,
12/1/42
-
4/1/47
464,043
412
3.50%,
8/1/42
-
3/1/44
413,944
378
4.00%,
8/1/40
-
9/1/45
320,531
302
4.50%,
6/1/39
-
10/1/41
246,054
240
5.00%,
7/1/25
-
8/1/40
170,468
170
5.50%,
10/1/38
53,731
55
6.00%,
10/1/32
-
8/1/38
48,217
50
6.50%,
9/1/32
-
9/1/34
15,001
15
7.00%,
4/1/32
-
6/1/32
1,947
2
Federal
Home
Loan
Mortgage,
ARM
1Y
CMT
+
2.25%,
6.34%,
10/1/36
1,117
1
RFUCCT1Y
+
1.725%,
5.975%,
7/1/35
709
1
RFUCCT1Y
+
1.785%,
6.035%,
2/1/37
507
—
RFUCCT1Y
+
1.842%,
6.091%,
1/1/37
5,566
6
RFUCCT1Y
+
1.917%,
6.292%,
2/1/37
4,918
5
RFUCCT1Y
+
1.93%,
6.187%,
12/1/36
4,266
4
RFUCCT1Y
+
2.031%,
6.276%,
11/1/36
7,016
7
RFUCCT1Y
+
2.162%,
6.558%,
2/1/37
5,210
5
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
222,121
43
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
-
4/1/37
538,808
466
2.00%,
8/1/36
-
5/1/52
5,858,938
4,680
2.50%,
3/1/42
-
5/1/52
6,214,905
5,150
3.00%,
5/1/31
-
6/1/52
2,228,010
1,966
3.50%,
6/1/35
-
11/1/50
1,506,119
1,372
4.00%,
8/1/37
-
2/1/50
840,899
795
4.50%,
5/1/50
-
11/1/52
1,586,549
1,502
5.00%,
10/1/52
-
5/1/53
217,375
211
5.50%,
8/1/53
958,203
950
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
86,934
77
3.50%,
6/1/42
-
5/1/46
680,194
619
4.00%,
11/1/40
171,453
164
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.87%,
6.12%,
8/1/36
6,586
7
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
1,019
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
1,835,070
1,550
2.00%,
5/1/36
-
5/1/52
23,383,190
18,904
2.50%,
8/1/30
-
9/1/52
13,564,766
11,423
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.00%,
1/1/27
-
4/1/52
9,114,274
8,058
3.50%,
2/1/35
-
1/1/52
4,716,557
4,304
4.00%,
7/1/35
-
8/1/52
4,119,045
3,861
4.50%,
7/1/39
-
8/1/52
2,550,459
2,453
5.00%,
3/1/34
-
9/1/53
2,705,189
2,646
5.50%,
12/1/34
-
10/1/53
2,047,756
2,037
6.00%,
3/1/33
-
1/1/54
3,418,333
3,463
6.50%,
7/1/32
-
11/1/53
765,782
784
7.00%,
1/1/31
-
7/1/32
1,858
2
UMBS,
TBA (13)
2.50%,
3/1/54
700,000
575
3.50%,
3/1/54
650,000
578
5.00%,
3/1/54
855,000
829
5.50%,
3/1/54
295,000
292
6.00%,
3/1/54
155,000
156
6.50%,
3/1/54
995,000
1,012
82,693
U.S.
Government
Obligations
1.3%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
286,747
246
2.00%,
1/20/51
-
3/20/52
5,825,146
4,743
2.50%,
8/20/50
-
3/20/52
5,381,839
4,558
3.00%,
7/15/43
-
6/20/52
4,804,844
4,230
3.50%,
8/20/42
-
7/20/52
3,004,048
2,749
4.00%,
2/20/41
-
10/20/52
2,948,455
2,764
4.50%,
11/20/39
-
4/20/53
2,263,245
2,181
5.00%,
7/20/39
-
6/20/49
976,865
972
5.50%,
1/20/36
-
3/20/49
504,614
513
6.00%,
4/15/36
-
12/20/38
21,099
22
7.00%,
2/20/27
1,109
1
7.50%,
12/15/25
-
6/15/32
3,909
4
8.00%,
10/20/25
50
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
58,858
53
3.50%,
10/20/50
250,000
207
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
48,262
7
4.00%,
2/20/43
31,374
3
Government
National
Mortgage
Assn.,
TBA (13)
5.00%,
3/20/54
875,000
855
5.50%,
3/20/54
1,920,000
1,907
6.00%,
3/20/54
875,000
879
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
6.50%,
3/20/54
485,000
492
27,386
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$119,013)
110,079
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
6.3%
U.S.
Treasury
Obligations
6.3%
U.S.
Treasury
Bonds,
3.375%,
8/15/42
11,735,000
10,033
U.S.
Treasury
Bonds,
3.625%,
2/15/53
8,105,000
7,088
U.S.
Treasury
Bonds,
3.625%,
5/15/53
501,800
439
U.S.
Treasury
Bonds,
3.875%,
2/15/43
4,330,000
3,966
U.S.
Treasury
Bonds,
4.00%,
11/15/42
8,295,000
7,744
U.S.
Treasury
Bonds,
4.125%,
8/15/53
7,405,000
7,094
U.S.
Treasury
Bonds,
4.375%,
8/15/43
285,000
279
U.S.
Treasury
Bonds,
4.75%,
11/15/53 (14)(15)
4,645,000
4,945
U.S.
Treasury
Inflation-Indexed
Notes,
1.375%,
7/15/33
16,171,716
15,484
U.S.
Treasury
Notes,
0.625%,
12/31/27
3,490,000
3,036
U.S.
Treasury
Notes,
0.625%,
8/15/30
6,030,000
4,800
U.S.
Treasury
Notes,
1.50%,
1/31/27 (15)
9,295,000
8,556
U.S.
Treasury
Notes,
3.25%,
6/30/27
1,520,000
1,467
U.S.
Treasury
Notes,
3.875%,
11/30/27
4,545,000
4,470
U.S.
Treasury
Notes,
3.875%,
11/30/29
1,080,000
1,058
U.S.
Treasury
Notes,
4.125%,
6/15/26
2,675,000
2,650
U.S.
Treasury
Notes,
4.125%,
9/30/27
2,575,000
2,554
U.S.
Treasury
Notes,
4.125%,
10/31/27
415,000
412
U.S.
Treasury
Notes,
4.50%,
7/15/26
7,915,000
7,909
U.S.
Treasury
Notes,
4.50%,
11/15/33
3,575,000
3,643
U.S.
Treasury
Notes,
4.625%,
9/15/26
19,008,100
19,062
U.S.
Treasury
Notes,
4.625%,
10/15/26
11,890,000
11,929
U.S.
Treasury
Notes,
8/31/30
2,775,000
2,750
131,368
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$134,075)
131,368
SHORT-TERM
INVESTMENTS
3.9%
Money
Market
Funds
3.9%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38% (3)(16)
81,133,724
81,134
Total
Short-Term
Investments
(Cost
$81,134)
81,134
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
5.39% (3)(16)
3,340,210
3,340
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
3,340
Total
Securities
Lending
Collateral
(Cost
$3,340)
3,340
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
Exchange-Traded
Options
Purchased
0.0%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
3/22/24
@
$109.50 (5)
291
3,213,731
114
Total
Exchange-Traded
Options
Purchased
(Cost
$128)
114
OTC
Options
Purchased
0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/8/24
@
3.80% (5)
1
2,910
80
Barclays
Bank
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/9/24
@
3.80% (5)
1
5,131
142
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
42
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Citibank
Credit
Default
Swap
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S41,
5
Year
Index,
12/20/28),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/20/24
@
1.03%* (5)
1
7,019
3
Goldman
Sachs
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/9/24
@
3.80% (5)
1
2,566
71
JPMorgan
Chase
Credit
Default
Swap
Protection
Bought
(Relevant
Credit:
Markit
CDX.
NA.HY-S41,
5
Year
Index,
12/20/28),
Pay
5.00%
Quarterly,
Receive
upon
credit
default,
3/20/24
@
1.04%* (5)
1
13,666
3
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/12/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/8/24
@
3.80% (5)
1
2,566
71
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
43
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
30
Year
Interest
Rate
Swap,
8/13/54
Pay
Fixed
3.80%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/9/24
@
3.80% (5)
1
5,132
142
Total
OTC
Options
Purchased
(Cost
$623)
512
Total
Options
Purchased
(Cost
$751)
626
Total
Investments
in
Securities
100.7%
(Cost
$1,814,217)
$
2,086,193
Other
Assets
Less
Liabilities
(0.7)%
(15,353)
Net
Assets
100.0%
$
2,070,840
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(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
$53,744
and
represents
2.6%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
29,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Affiliated
Companies
(4)
SEC
30-day
yield
(5)
Non-income
producing
(6)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$2,535
and
represents
0.1%
of
net
assets.
(7)
All
or
a
portion
of
this
security
is
on
loan
at
February
29,
2024.
(8)
Level
3
in
fair
value
hierarchy.
(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)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(12)
Perpetual
security
with
no
stated
maturity
date.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
44
.
.
.
.
.
.
.
.
.
.
(13)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$7,575
and
represents
0.4%
of
net
assets.
(14)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
February
29,
2024.
(15)
At
February
29,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(16)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
PRIME
Prime
rate
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
45
.
.
.
.
.
.
.
.
.
.
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
46
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written
(0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/8/24
@
4.20%
1
23,361
(133)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/12/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/8/24
@
4.20%
1
21,271
(121)
Barclays
Bank
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/9/24
@
4.20%
1
41,396
(236)
Goldman
Sachs
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/9/24
@
4.20%
1
20,379
(116)
Morgan
Stanley
2
Year
Interest
Rate
Swap,
8/13/26
Pay
Fixed
4.20%
Annually,
Receive
Variable
5.32%
(SOFR)
Annually,
8/9/24
@
4.20%
1
41,396
(236)
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
4/19/24
@
$77.00
1,207
9,054
(75)
Goldman
Sachs
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
4/19/24
@
$77.00
2,070
15,527
(114)
Morgan
Stanley
S&P
500
Index,
Call,
4/19/24
@
$5,125.00
124
63,194
(1,000)
Total
Options
Written
(Premiums
$(1,694))
$
(2,031)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
47
(Amounts
in
000s)
SWAPS
0.1%
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
8,459
129
221
(92)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.AAA-S16,
40
year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
4/17/65
462
8
13
(5)
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
234
(97)
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)
*
113
1
1
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
1
—
Total
Bilateral
Swaps
235
(97)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.1%
Credit
Default
Swaps,
Protection
Sold
0.1%
Protection
Sold
(Relevant
Credit:
Freeport-McMoRan,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
716
(3)
(3)
—
Protection
Sold
(Relevant
Credit:
Markit
CDX.EM.IG-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
4,144
66
60
6
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
3,153
232
2
230
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
48
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
29,505
667
565
102
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe
Subordinated
Financials-S40,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
(EUR)
4,860
(28)
(23)
(5)
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
5,848
51
9
42
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
375
Total
Centrally
Cleared
Swaps
375
Net
payments
(receipts)
of
variation
margin
to
date
(345)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
30
*
Credit
ratings
as
of
February
29,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$37.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
49
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Barclays
Bank
3/4/24
AUD
2,087
JPY
201,977
$
9
Citibank
3/4/24
AUD
3,200
JPY
309,616
14
Citibank
3/4/24
JPY
915,247
AUD
9,600
(132)
Deutsche
Bank
5/24/24
USD
145
EUR
134
—
Deutsche
Bank
5/24/24
USD
470
EUR
435
(1)
Goldman
Sachs
3/4/24
AUD
2,086
JPY
201,846
9
JPMorgan
Chase
3/4/24
AUD
2,087
JPY
201,807
9
JPMorgan
Chase
5/24/24
USD
132
EUR
122
—
State
Street
3/4/24
AUD
140
USD
91
—
State
Street
5/24/24
USD
98
EUR
90
—
State
Street
5/24/24
USD
1,894
EUR
1,751
(5)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(97)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
50
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
54
Euro
BUND
contracts
3/24
(7,742)
$
48
Short,
42
MSCI
EAFE
Index
contracts
3/24
(4,805)
(250)
Long,
61
S&P
500
E-Mini
Index
contracts
3/24
15,567
129
Long,
209
U.S.
Treasury
Notes
five
year
contracts
6/24
22,343
4
Short,
159
U.S.
Treasury
Notes
ten
year
contracts
6/24
(17,560)
(17)
Short,
242
U.S.
Treasury
Notes
two
year
contracts
6/24
(49,549)
(10)
Long,
83
Ultra
U.S.
Treasury
Bonds
contracts
6/24
10,614
70
Short,
93
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/24
(10,618)
(9)
Net
payments
(receipts)
of
variation
margin
to
date
105
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
70
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
51
AFFILIATED
COM
PANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
nine
months
ended
February
29,
2024.
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,
4.47%
$
—
$
(6,540)
$
3,532
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
0.58%
—
—
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.25%
(1,871)
8,131
4,609
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
—
(329)
1,049
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.58%
(462)
1,624
2,621
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.24%
(615)
4,797
4,933
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.19%
(283)
4,095
2,443
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
0.58%
—
(2)
12
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
(120)
152
6,453
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
1,887
1,017
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.44%
(4,933)
919
1,205
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
—
—
4,593
Totals
$
(8,284)#
$
14,734
$
32,467+
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
52
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
02/29/24
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.47%
$
118,276
$
3,531
$
—
$
115,267
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
0.58%
8
—
—
8
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.25%
105,353
4,607
6,871
111,220
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
55,680
1,049
—
56,400
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.58%
43,360
2,870
8,972
38,882
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.24%
94,487
4,932
4,115
100,101
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.19%
110,636
2,442
1,983
115,190
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
0.58%
77
4,402
—
4,477
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
100,401
6,453
1,120
105,886
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
36,232
14,163
—
52,282
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.44%
48,720
1,929
11,932
39,636
T.
Rowe
Price
Government
Reserve
Fund,
5.39%
1,783
¤
¤
3,340
T.
Rowe
Price
Treasury
Reserve
Fund,
5.38%
136,089
¤
¤
81,134
Total
$
823,823^
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
53
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
$32,467
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
$904,219.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
54
T.
Rowe
Price
Spectrum
Conservative
Allocation
Fund (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
55
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.
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
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
56
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation Designee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Designee.
The
Valuation
Designee
has
adopted
methodologies
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
57
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
29,
2024
(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
$
—
$
401,632
$
—
$
401,632
Bond
Mutual
Funds
524,781
—
—
524,781
Common
Stocks
567,909
170,741
593
739,243
Convertible
Preferred
Stocks
—
—
1,934
1,934
Equity
Mutual
Funds
214,568
—
—
214,568
Preferred
Stocks
—
1,011
—
1,011
Private
Investment
Companies
—
—
117,924
117,924
Short-Term
Investments
81,134
—
—
81,134
Securities
Lending
Collateral
3,340
—
—
3,340
Options
Purchased
114
512
—
626
Total
Securities
1,391,846
573,896
120,451
2,086,193
Swaps*
—
518
—
518
Forward
Currency
Exchange
Contracts
—
41
—
41
Futures
Contracts*
251
—
—
251
Total
$
1,392,097
$
574,455
$
120,451
$
2,087,003
Liabilities
Options
Written
$
—
$
2,031
$
—
$
2,031
Swaps*
—
5
—
5
Forward
Currency
Exchange
Contracts
—
138
—
138
Futures
Contracts*
286
—
—
286
Total
$
286
$
2,174
$
—
$
2,460
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
58
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
February
29,
2024.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
February
29,
2024,
totaled $2,953,000 for
the
period ended
February
29,
2024.
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.
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
5/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
2/29/24
Investment
in
Securities
Common
Stocks
$
1,299
$
(4)
$
273
$
(975)
$
593
Convertible
Bonds
6
(6)
—
—
—
Convertible
Preferred
Stocks
2,924
(660)
30
(360)
1,934
Private
Investment
Companies
127,752
9,172
—
(19,000)
117,924
Total
$
131,981
$
8,502
$
303
$
(20,335)
$
120,451
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
593
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
59
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Market
comparable
Relative
value
—#
—#
—#
Enterprise
value
to
sales
multiple
1.7x
–
11.5x
5.6x
Increase
Sales
growth
rate
5%
–
55%
19%
Increase
Enterprise
value
to
gross
profit
multiple
4.7x
–15.3x
9.2x
Increase
Gross
profit
growth
rate
24%
-
25%
24%
Increase
Price
to
tangible
book
value
multiple
1.4x
–
2.7x
1.7x
Increase
Tangible
book
value
growth
rate
3%
-
7%
6%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
5%
5%
Increase
Volatility
35%
-
41%
35%
Increase
Convertible
Preferred
Stocks
$
1,934
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Conversion
ratio
—#
—#
—#
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
60
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Probability
for
potential
outcome
25%
-
50%
33%
Increase
Enterprise
value
to
sales
multiple
1.0x
–
11.9x
5.9x
Increase
Sales
growth
rate
5%
-
129%
32%
Increase
Projected
enterprise
value
to
sales
multiple
3.6x
-
17.6x
9.9x
Increase
Projected
enterprise
value
to
gross
profit
multiple
6.8x
-
8.4x
7.6x
Increase
Enterprise
value
to
gross
profit
multiple
1.5x
–
18.3x
9.0x
Increase
Gross
profit
growth
rate
16%
-
35%
24%
Increase
Price
to
tangible
book
value
multiple
2.1x
–
2.7x
2.4x
Increase
Tangible
book
value
growth
rate
3%
-
7%
5%
Increase
Rate
of
return
40%
40%
Decrease
Discount
rate
for
cost
of
capital
15%
-
25%
19%
Decrease
Discount
for
uncertainty
80%
-
100%
82%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
61
+
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
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics 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.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict,
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Private
Investment
Companies
$
117,924
Rollforward
of
Investee
NAV
Estimated
return
1.23%
1.23%
Increase
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
62
These
are
recent
examples
of
global
events
which
may
have
a
negative
impact
on
the
values
of
certain
portfolio
holdings
or
the
fund's
overall
performance.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F101-054Q3
02/24