T. Rowe Price Spectrum Funds II NPORT-P T. Rowe Price Spectrum Conservative Allocation Fund (Aug 2024 report)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

August

31,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

 1.7%

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

7.151%,

4/15/35 (1)

440,000‌

440‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

445,000‌

434‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26 

251,000‌

243‌

AmeriCredit

Automobile

Receivables

Trust

Series 2023-1,

Class

C

5.80%,

12/18/28 

410,000‌

419‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28 (1)

250,000‌

244‌

Amur

Equipment

Finance

Receivables

XIII

Series 2024-1A,

Class

A2

5.38%,

1/21/31 (1)

360,867‌

364‌

Amur

Equipment

Finance

Receivables

XIV

Series 2024-2A,

Class

A2

5.19%,

7/21/31 (1)

375,000‌

378‌

Applebee's

Funding

Series 2023-1A,

Class

A2

7.824%,

3/5/53 (1)

215,000‌

225‌

Auxilior

Term

Funding

Series 2024-1A,

Class

A2

5.84%,

3/15/27 (1)

155,000‌

156‌

Auxilior

Term

Funding

Series 2024-1A,

Class

A3

5.49%,

7/15/31 (1)

130,000‌

133‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

A,

FRN

SOFR30A

+

1.10%,

6.449%,

12/26/31 (1)

216,861‌

217‌

Bayview

Opportunity

Master

Fund

VII

Series 2024-CAR1,

Class

C,

FRN

SOFR30A

+

1.50%,

6.849%,

12/26/31 (1)

208,521‌

209‌

BRE

Grand

Islander

Timeshare

Issuer

Series 2019-A,

Class

A

3.28%,

9/26/33 (1)

98,177‌

96‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,050,000‌

1,024‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28 

260,000‌

248‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

B

5.17%,

8/15/29 

65,000‌

66‌

CarMax

Auto

Owner

Trust

Series 2024-3,

Class

A3

4.89%,

7/16/29 

235,000‌

238‌

CarMax

Auto

Owner

Trust

Series 2024-3,

Class

A4

4.85%,

1/15/30 

100,000‌

101‌

CarMax

Select

Receivables

Trust

Series 2024-A,

Class

A3

5.40%,

11/15/28 

115,000‌

117‌

CarMax

Select

Receivables

Trust

Series 2024-A,

Class

B

5.35%,

1/15/30 

135,000‌

137‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

A3

5.60%,

3/10/28 (1)

170,000‌

171‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

B

5.63%,

5/10/30 (1)

205,000‌

208‌

Carvana

Auto

Receivables

Trust

Series 2024-N2,

Class

A3

5.71%,

7/10/28 (1)

330,000‌

334‌

Carvana

Auto

Receivables

Trust

Series 2024-P2,

Class

A4

5.21%,

6/10/30 

315,000‌

324‌

CCG

Receivables

Trust

Series 2024-1,

Class

A2

4.99%,

3/15/32 (1)

370,000‌

370‌

Crossroads

Asset

Trust

Series 2024-A,

Class

A2

5.90%,

8/20/30 (1)

205,000‌

207‌

Crown

Point

Series 2018-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.23%,

6.512%,

10/20/31 (1)

432,770‌

433‌

CyrusOne

Data

Centers

Issuer

I

Series 2024-1A,

Class

A2

4.76%,

3/22/49 (1)

155,000‌

150‌

CyrusOne

Data

Centers

Issuer

I

Series 2024-2A,

Class

A2

4.50%,

5/20/49 (1)

930,000‌

894‌

CyrusOne

Data

Centers

Issuer

I

Series 2024-3A,

Class

A2

4.65%,

5/20/49 (1)

350,000‌

325‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Dell

Equipment

Finance

Trust

Series 2023-3,

Class

C

6.17%,

4/23/29 (1)

110,000‌

113‌

DLLST

Series 2024-1A,

Class

A3

5.05%,

8/20/27 (1)

170,000‌

171‌

DLLST

Series 2024-1A,

Class

A4

4.93%,

4/22/30 (1)

40,000‌

40‌

Driven

Brands

Funding

Series 2019-1A,

Class

A2

4.641%,

4/20/49 (1)

127,575‌

126‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

254,400‌

243‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

145,622‌

150‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

117,083‌

120‌

Elmwood

Series 2022-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.50%,

6.786%,

1/17/37 (1)

270,000‌

270‌

Enterprise

Fleet

Financing

Series 2024-1,

Class

A2

5.23%,

3/20/30 (1)

345,000‌

347‌

Enterprise

Fleet

Financing

Series 2024-1,

Class

A3

5.16%,

9/20/30 (1)

260,000‌

265‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

A3

4.98%,

8/21/28 (1)

150,000‌

152‌

Enterprise

Fleet

Financing

Series 2024-3,

Class

A4

5.06%,

3/20/31 (1)

105,000‌

107‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

505,000‌

505‌

Exeter

Automobile

Receivables

Trust

Series 2023-1A,

Class

D

6.69%,

6/15/29 

90,000‌

92‌

Ford

Credit

Auto

Lease

Trust

Series 2023-A,

Class

C

5.54%,

12/15/26 

345,000‌

346‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ford

Credit

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.05%,

6/15/27 

110,000‌

111‌

Ford

Credit

Auto

Owner

Trust

Series 2022-C,

Class

C

5.22%,

3/15/30 

200,000‌

202‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

900,000‌

911‌

Golub

Capital

Partners

Series 2022-60A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.31%,

6.595%,

10/25/34 (1)

280,000‌

280‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51 (1)

232,800‌

205‌

Hardee's

Funding

Series 2024-1A,

Class

A2

7.253%,

3/20/54 (1)

568,575‌

588‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29 (1)

104,000‌

103‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29 (1)

330,000‌

323‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

B

6.25%,

1/21/31 (1)

100,000‌

102‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

C

6.48%,

1/21/31 (1)

130,000‌

133‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

D

6.97%,

7/21/31 (1)

100,000‌

103‌

HPEFS

Equipment

Trust

Series 2024-2A,

Class

A3

5.36%,

10/20/31 (1)

140,000‌

142‌

HPEFS

Equipment

Trust

Series 2024-2A,

Class

B

5.35%,

10/20/31 (1)

100,000‌

102‌

Huntington

Bank

Auto

Credit-Linked

Notes

Series 2024-1,

Class

B1

6.153%,

5/20/32 (1)

295,001‌

299‌

Hyundai

Auto

Lease

Securitization

Trust

Series 2024-A,

Class

A4

5.07%,

2/15/28 (1)

135,000‌

136‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Invesco

U.S.

Series 2023-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.57%,

6.852%,

4/22/37 (1)

450,000‌

451‌

Jamestown

XV

Series 2020-15A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.37%,

6.698%,

7/15/35 (1)

400,000‌

400‌

KKR

Series 40A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.30%,

6.582%,

10/20/34 (1)

320,000‌

320‌

Kubota

Credit

Owner

Trust

Series 2023-1A,

Class

A4

5.07%,

2/15/29 (1)

140,000‌

142‌

Kubota

Credit

Owner

Trust

Series 2024-2A,

Class

A3

5.26%,

11/15/28 (1)

250,000‌

255‌

Kubota

Credit

Owner

Trust

Series 2024-2A,

Class

A4

5.19%,

5/15/30 (1)

135,000‌

138‌

Madison

Park

Funding

LXI

Series 2023-61A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.73%,

7.012%,

1/20/37 (1)

325,000‌

326‌

MidOcean

Credit

VI

Series 2016-6A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.23%,

6.512%,

4/20/33 (1)

435,000‌

435‌

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

7.009%,

10/18/33 (1)

410,000‌

411‌

MMAF

Equipment

Finance

Series 2021-A,

Class

A5

1.19%,

11/13/43 (1)

135,000‌

128‌

MMAF

Equipment

Finance

Series 2024-A,

Class

A3

4.95%,

7/14/31 (1)

585,000‌

593‌

MVW

Series 2023-1A,

Class

A

4.93%,

10/20/40 (1)

506,067‌

509‌

MVW

Series 2023-2A,

Class

A

6.18%,

11/20/40 (1)

123,110‌

127‌

MVW

Series 2023-2A,

Class

B

6.33%,

11/20/40 (1)

94,384‌

97‌

Navient

Private

Education

Loan

Trust

Series 2018-BA,

Class

A2A

3.61%,

12/15/59 (1)

89,497‌

88‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68 (1)

450,000‌

386‌

Navistar

Financial

Dealer

Note

Master

Owner

Trust

Series 2024-1,

Class

A

5.59%,

4/25/29 (1)

245,000‌

248‌

Nissan

Auto

Lease

Trust

Series 2024-A,

Class

A4

4.97%,

9/15/28 

145,000‌

146‌

Northwoods

Capital

XIV-B

Series 2018-14BA,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.25%,

6.363%,

11/13/31 (1)

396,249‌

397‌

Oaktree

Series 2022-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.851%,

7/15/33 (1)

610,000‌

611‌

OCP

Series 2014-7A,

Class

A1RR,

CLO,

FRN

3M

TSFR

+

1.382%,

6.664%,

7/20/29 (1)

200,184‌

200‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

TSFR

+

1.912%,

7.194%,

7/20/29 (1)

475,000‌

475‌

Octane

Receivables

Trust

Series 2023-1A,

Class

A

5.87%,

5/21/29 (1)

64,277‌

64‌

Octane

Receivables

Trust

Series 2023-3A,

Class

B

6.48%,

7/20/29 (1)

140,000‌

144‌

Octane

Receivables

Trust

Series 2023-3A,

Class

C

6.74%,

8/20/29 (1)

100,000‌

103‌

Octane

Receivables

Trust

Series 2024-1A,

Class

A2

5.68%,

5/20/30 (1)

238,630‌

240‌

Palmer

Square

Series 2020-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.65%,

6.768%,

11/15/36 (1)

400,000‌

401‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

A2

5.59%,

11/15/29 (1)

120,000‌

121‌

Progress

Residential

Trust

Series 2024-SFR5,

Class

A

3.00%,

8/9/29 (1)

495,000‌

456‌

RR

12

Series 2020-12A,

Class

AAR3,

CLO,

FRN

3M

TSFR

+

1.25%,

6.551%,

1/15/36 (1)

440,000‌

440‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

RR

28

Series 2024-28RA,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

6.851%,

4/15/37 (1)

595,000‌

596‌

Santander

Bank

Series 2021-1A,

Class

B

1.833%,

12/15/31 (1)

15,639‌

16‌

Santander

Bank

Auto

Credit-Linked

Notes

Series 2023-B,

Class

B

5.64%,

12/15/33 (1)

250,000‌

253‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-4,

Class

D

1.67%,

10/15/27 

285,000‌

277‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28 

385,000‌

383‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-6,

Class

B

4.72%,

6/15/27 

850,000‌

847‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A3

5.39%,

11/20/26 (1)

160,000‌

161‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.24%,

1/22/29 (1)

150,000‌

151‌

SCF

Equipment

Leasing

Series 2024-1A,

Class

A3

5.52%,

1/20/32 (1)

305,000‌

312‌

SEB

Funding

Series 2024-1A,

Class

A2

7.386%,

4/30/54 (1)

595,000‌

608‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

504,154‌

451‌

SFS

Auto

Receivables

Securitization

Trust

Series 2024-1A,

Class

A4

4.94%,

1/21/31 (1)

115,000‌

116‌

SFS

Auto

Receivables

Securitization

Trust

Series 2024-1A,

Class

C

5.51%,

1/20/32 (1)

60,000‌

61‌

SFS

Auto

Receivables

Securitization

Trust

Series 2024-2A,

Class

A3

5.33%,

11/20/29 (1)

305,000‌

311‌

SFS

Auto

Receivables

Securitization

Trust

Series 2024-2A,

Class

B

5.41%,

8/20/30 (1)

65,000‌

67‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53 (1)

425,958‌

405‌

Symphony

XVI

Series 2015-16A,

Class

ARR,

CLO,

FRN

3M

TSFR

+

1.20%,

6.501%,

10/15/31 (1)

801,608‌

802‌

Symphony

XXXI

Series 2022-31A,

Class

B,

CLO,

FRN

3M

TSFR

+

1.85%,

7.132%,

4/22/35 (1)

380,000‌

380‌

THL

Credit

Wind

River

Series 2018-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.20%,

6.501%,

7/15/30 (1)

530,000‌

530‌

Tricon

Residential

Trust

Series 2024-SFR2,

Class

A

4.75%,

6/17/40 (1)

529,671‌

528‌

Tricon

Residential

Trust

Series 2024-SFR3,

Class

A

4.50%,

8/17/41 (1)

335,000‌

329‌

Trinitas

IX

Series 2018-9A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.20%,

6.464%,

1/20/32 (1)

670,000‌

670‌

Trinitas

VI

Series 2017-6A,

Class

ARRR,

CLO,

FRN

3M

TSFR

+

1.33%,

6.615%,

1/25/34 (1)

945,000‌

946‌

U.S.

Bank

Series 2023-1,

Class

B

6.789%,

8/25/32 (1)

166,734‌

169‌

Verdant

Receivables

Series 2024-1A,

Class

A2

5.68%,

12/12/31 (1)

125,000‌

127‌

Verizon

Master

Trust

Series 2023-1,

Class

C

4.98%,

1/22/29 

250,000‌

250‌

Wise

Series 2024-2A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.46%,

6.76%,

7/15/37 (1)

490,000‌

490‌

Total

Asset-Backed

Securities

(Cost

$34,697)

34,780‌

BOND

MUTUAL

FUNDS

 25.5%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.54% (2)

(3)

14,643,007‌

112,751‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

2.18% (2)(3)

1,026,182‌

10,970‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

5.86% (2)(3)

15,201,731‌

103,980‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.46% (2)(3)

3,831,069‌

36,242‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.66% (2)(3)

12,036,346‌

95,087‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.34% (2)(3)

12,897,907‌

109,632‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.15% (2)(3)

973,796‌

4,645‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.25% (2)(3)

4,155,668‌

32,082‌

Total

Bond

Mutual

Funds

(Cost

$564,038)

505,389‌

COMMON

STOCKS

 35.7%

COMMUNICATION

SERVICES

 2.5%

Diversified

Telecommunication

Services

 0.2%

BT

Group

(GBP) (4)

553,048‌

1,016‌

Frontier

Communications

Parent (5)

8,757‌

252‌

KT

(KRW) 

24,737‌

717‌

Nippon

Telegraph

&

Telephone

(JPY) 

1,658,800‌

1,773‌

3,758‌

Entertainment

 0.4%

Atlanta

Braves

Holdings,

Class

C (5)

1,517‌

65‌

Electronic

Arts 

7,739‌

1,175‌

Liberty

Media

Corp-Liberty

Live,

Class

C (5)

12,227‌

494‌

Netflix (5)

6,884‌

4,828‌

Sea,

ADR (5)

5,580‌

437‌

6,999‌

Interactive

Media

&

Services

 1.4%

Alphabet,

Class

A 

12,077‌

1,973‌

Alphabet,

Class

C 

93,302‌

15,405‌

LY

(JPY) 

141,600‌

388‌

Match

Group (5)

2,101‌

78‌

Meta

Platforms,

Class

A 

18,441‌

9,614‌

NAVER

(KRW) 

4,616‌

586‌

Reddit,

Class

A (5)

2,933‌

176‌

Tencent

Holdings

(HKD) 

7,100‌

344‌

Vimeo (5)

32,336‌

173‌

28,737‌

Media

 0.2%

Comcast,

Class

A 

41,771‌

1,653‌

CyberAgent

(JPY) 

71,300‌

495‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

WPP

(GBP) 

113,134‌

1,084‌

3,232‌

Wireless

Telecommunication

Services

 0.3%

T-Mobile

U.S. 

25,247‌

5,017‌

5,017‌

Total

Communication

Services

47,743‌

CONSUMER

DISCRETIONARY

 3.5%

Automobile

Components

 0.2%

Autoliv,

SDR

(SEK) 

8,882‌

899‌

Denso

(JPY) 

67,100‌

1,042‌

Dowlais

Group

(GBP) 

197,933‌

170‌

Magna

International 

16,978‌

713‌

Modine

Manufacturing (5)

1,643‌

200‌

Stanley

Electric

(JPY) 

19,500‌

375‌

3,399‌

Automobiles

 0.3%

Honda

Motor

(JPY) 

34,800‌

384‌

Suzuki

Motor

(JPY) 

67,700‌

796‌

Tesla (5)

12,126‌

2,596‌

Toyota

Motor

(JPY) 

103,300‌

1,973‌

5,749‌

Broadline

Retail

 1.0%

Alibaba

Group

Holding,

ADR 

3,242‌

270‌

Amazon.com (5)

100,349‌

17,912‌

Etsy (5)

119‌

7‌

Next

(GBP) 

9,880‌

1,325‌

Ollie's

Bargain

Outlet

Holdings (5)

838‌

75‌

Savers

Value

Village (5)

8,224‌

73‌

19,662‌

Diversified

Consumer

Services

 0.0%

Bright

Horizons

Family

Solutions (5)

2,464‌

347‌

Duolingo (5)

617‌

131‌

Strategic

Education 

2,818‌

272‌

750‌

Hotels,

Restaurants

&

Leisure

 0.8%

Amadeus

IT

Group

(EUR) 

14,793‌

998‌

BJ's

Restaurants (5)

3,079‌

94‌

Booking

Holdings 

980‌

3,831‌

Caesars

Entertainment (5)

4,323‌

163‌

Cava

Group (5)

1,779‌

203‌

Chipotle

Mexican

Grill (5)

25,450‌

1,427‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Compass

Group

(GBP) 

59,220‌

1,872‌

DoorDash,

Class

A (5)

3,849‌

495‌

Dutch

Bros,

Class

A (5)

6,983‌

217‌

Hilton

Worldwide

Holdings 

7,304‌

1,604‌

McDonald's 

11,247‌

3,247‌

Papa

John's

International 

5,497‌

260‌

Red

Rock

Resorts,

Class

A 

3,799‌

221‌

Shake

Shack,

Class

A (5)

2,369‌

236‌

Six

Flags

Entertainment 

1,059‌

46‌

Wyndham

Hotels

&

Resorts 

3,453‌

272‌

15,186‌

Household

Durables

 0.2%

Champion

Homes (5)

4,374‌

409‌

Installed

Building

Products 

573‌

127‌

Panasonic

Holdings

(JPY) 

86,700‌

729‌

Persimmon

(GBP) 

30,638‌

664‌

Sony

Group

(JPY) 

17,100‌

1,665‌

3,594‌

Specialty

Retail

 0.8%

Advance

Auto

Parts 

6,276‌

284‌

AutoZone (5)

482‌

1,534‌

Burlington

Stores (5)

806‌

216‌

Caleres 

4,847‌

204‌

Carvana (5)

12,981‌

1,955‌

Five

Below (5)

2,068‌

156‌

Floor

&

Decor

Holdings,

Class

A (5)

568‌

64‌

Home

Depot 

4,592‌

1,692‌

Kingfisher

(GBP) 

330,160‌

1,241‌

Lowe's 

6,748‌

1,677‌

O'Reilly

Automotive (5)

1,016‌

1,148‌

RH (5)

754‌

191‌

Ross

Stores 

5,195‌

782‌

TJX 

20,897‌

2,451‌

Tractor

Supply 

5,415‌

1,449‌

15,044‌

Textiles,

Apparel

&

Luxury

Goods

 0.2%

Cie

Financiere

Richemont,

Class

A

(CHF) 

6,838‌

1,080‌

Kering

(EUR) 

1,820‌

522‌

Lululemon

Athletica (5)

824‌

214‌

Moncler

(EUR) 

13,955‌

856‌

NIKE,

Class

B 

966‌

80‌

Samsonite

International

(HKD) 

145,200‌

367‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Skechers

USA,

Class

A (5)

3,100‌

212‌

3,331‌

Total

Consumer

Discretionary

66,715‌

CONSUMER

STAPLES

 2.3%

Beverages

 0.5%

Boston

Beer,

Class

A (5)

1,039‌

282‌

Coca-Cola 

65,739‌

4,764‌

Diageo

(GBP) 

31,433‌

1,026‌

Heineken

(EUR) 

13,566‌

1,224‌

Keurig

Dr

Pepper 

83,938‌

3,073‌

Kirin

Holdings

(JPY) 

27,600‌

417‌

10,786‌

Consumer

Staples

Distribution

&

Retail

 0.4%

Dollar

General 

5,609‌

465‌

Dollar

Tree (5)

11,085‌

937‌

Seven

&

i

Holdings

(JPY) 

95,100‌

1,370‌

Walmart 

56,467‌

4,361‌

Welcia

Holdings

(JPY) (4)

13,000‌

179‌

7,312‌

Food

Products

 0.4%

Barry

Callebaut

(CHF) 

225‌

364‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $100 (5)(6)(7)

5,395‌

20‌

Mondelez

International,

Class

A 

20,991‌

1,508‌

Nestle

(CHF) 

38,976‌

4,180‌

Post

Holdings (5)

2,815‌

326‌

Simply

Good

Foods (5)

9,158‌

289‌

Utz

Brands 

11,770‌

199‌

Wilmar

International

(SGD) 

318,100‌

765‌

7,651‌

Household

Products

 0.5%

Colgate-Palmolive 

42,315‌

4,507‌

Procter

&

Gamble 

26,743‌

4,587‌

9,094‌

Personal

Care

Products

 0.5%

BellRing

Brands (5)

5,142‌

287‌

Inter

Parfums 

1,791‌

231‌

Kenvue 

215,479‌

4,730‌

L'Oreal

(EUR) 

3,206‌

1,406‌

Puig

Brands,

Class

B

(EUR) (5)

15,277‌

428‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Unilever

(GBP) 

55,330‌

3,587‌

10,669‌

Total

Consumer

Staples

45,512‌

ENERGY

 1.6%

Energy

Equipment

&

Services

 0.3%

Cactus,

Class

A 

3,414‌

203‌

Expro

Group

Holdings (5)

13,574‌

270‌

Halliburton 

10,499‌

327‌

Liberty

Energy 

8,422‌

173‌

Schlumberger 

92,406‌

4,065‌

TechnipFMC 

50,567‌

1,357‌

Weatherford

International 

5,118‌

537‌

6,932‌

Oil,

Gas

&

Consumable

Fuels

 1.3%

Antero

Resources (5)

8,267‌

223‌

Chesapeake

Energy 

17,725‌

1,320‌

Chevron 

12,962‌

1,918‌

ConocoPhillips 

36,244‌

4,124‌

Diamondback

Energy 

12,196‌

2,380‌

DT

Midstream 

2,871‌

226‌

EQT 

86,845‌

2,910‌

Equinor

(NOK) 

72,998‌

1,959‌

Exxon

Mobil 

23,698‌

2,795‌

Kimbell

Royalty

Partners 

7,042‌

113‌

Magnolia

Oil

&

Gas,

Class

A 

13,386‌

343‌

Matador

Resources 

2,461‌

140‌

Range

Resources 

73,333‌

2,191‌

Shell,

ADR 

23,784‌

1,704‌

Sitio

Royalties,

Class

A 

2,854‌

63‌

Southwestern

Energy (5)

69,934‌

446‌

TotalEnergies

(EUR) 

37,438‌

2,575‌

Viper

Energy 

5,354‌

255‌

Williams 

18,101‌

828‌

26,513‌

Total

Energy

33,445‌

FINANCIALS

 5.8%

Banks

 1.9%

ANZ

Group

Holdings

(AUD) 

38,288‌

786‌

Banc

of

California 

15,801‌

225‌

Bank

of

America 

85,017‌

3,465‌

Blue

Foundry

Bancorp (5)

4,222‌

47‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BNP

Paribas

(EUR) 

13,521‌

935‌

Cadence

Bank 

9,737‌

314‌

Capitol

Federal

Financial 

21,052‌

127‌

Citigroup 

20,131‌

1,261‌

Columbia

Banking

System 

12,924‌

325‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $21 (5)(6)(7)

199‌

15‌

CrossFirst

Bankshares (5)

9,665‌

168‌

DBS

Group

Holdings

(SGD) 

32,963‌

921‌

Dime

Community

Bancshares 

5,463‌

142‌

DNB

Bank

(NOK) 

91,975‌

1,943‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19

-

4/5/24,

Cost $28 (5)(6)(7)

2,772‌

49‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $12 (5)(6)(7)

1,185‌

21‌

East

West

Bancorp 

10,488‌

882‌

Eastern

Bankshares 

11,918‌

202‌

Equity

Bancshares,

Class

A 

4,139‌

169‌

FB

Financial 

5,876‌

283‌

First

Bancshares 

5,809‌

199‌

Five

Star

Bancorp 

6,496‌

189‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $41 (5)(6)(7)

4,129‌

19‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (5)(6)(7)

803‌

1‌

HarborOne

Bancorp 

7,240‌

96‌

HDFC

Bank

(INR) 

46,874‌

917‌

Home

BancShares 

7,020‌

195‌

Huntington

Bancshares 

125,939‌

1,885‌

ING

Groep

(EUR) 

116,346‌

2,115‌

Intesa

Sanpaolo

(EUR) 

295,029‌

1,233‌

JPMorgan

Chase 

37,140‌

8,349‌

Kearny

Financial 

8,582‌

59‌

KeyCorp 

50,200‌

856‌

Live

Oak

Bancshares 

7,132‌

307‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

131,500‌

1,387‌

National

Bank

of

Canada

(CAD) 

18,060‌

1,655‌

Origin

Bancorp 

5,142‌

172‌

Pacific

Premier

Bancorp 

6,153‌

158‌

Pinnacle

Financial

Partners 

4,047‌

403‌

PNC

Financial

Services

Group 

1,913‌

354‌

Popular 

2,092‌

214‌

Prosperity

Bancshares 

3,687‌

271‌

SouthState 

4,687‌

455‌

Standard

Chartered

(GBP) 

103,816‌

1,068‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

22,178‌

553‌

Svenska

Handelsbanken,

Class

A

(SEK) 

87,750‌

905‌

Texas

Capital

Bancshares (5)

4,244‌

285‌

United

Overseas

Bank

(SGD) 

54,300‌

1,305‌

Wells

Fargo 

7,655‌

448‌

Western

Alliance

Bancorp 

3,879‌

317‌

38,650‌

Capital

Markets

 0.8%

Bridgepoint

Group

(GBP) 

132,321‌

531‌

Brookfield

(CAD) 

22,448‌

1,129‌

Cboe

Global

Markets 

3,844‌

789‌

Charles

Schwab 

52,910‌

3,444‌

CME

Group 

3,977‌

858‌

CVC

Capital

Partners

(EUR) (5)

29,625‌

626‌

Goldman

Sachs

Group 

6,655‌

3,396‌

Hamilton

Lane,

Class

A 

1,407‌

215‌

Julius

Baer

Group

(CHF) 

16,810‌

984‌

LPL

Financial

Holdings 

4,545‌

1,020‌

Macquarie

Group

(AUD) 

6,236‌

908‌

Morgan

Stanley 

6,357‌

659‌

MSCI 

217‌

126‌

S&P

Global 

1,389‌

713‌

StepStone

Group,

Class

A 

3,347‌

183‌

Stifel

Financial 

2,466‌

217‌

TMX

Group

(CAD) 

18,666‌

595‌

16,393‌

Consumer

Finance

 0.2%

American

Express 

13,778‌

3,564‌

Encore

Capital

Group (5)

3,334‌

167‌

PRA

Group (5)

3,314‌

77‌

3,808‌

Financial

Services

 1.4%

Adyen

(EUR) (5)

487‌

719‌

Berkshire

Hathaway,

Class

B (5)

13,627‌

6,486‌

Challenger

(AUD) 

62,969‌

292‌

Corebridge

Financial 

21,386‌

632‌

Corpay (5)

2,644‌

834‌

Edenred

(EUR) 

10,289‌

433‌

Fiserv (5)

18,899‌

3,300‌

Mastercard,

Class

A 

7,680‌

3,712‌

Mitsubishi

HC

Capital

(JPY) 

58,700‌

424‌

PennyMac

Financial

Services 

6,315‌

682‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Toast,

Class

A (5)

6,289‌

156‌

Visa,

Class

A 

34,215‌

9,456‌

27,126‌

Insurance

 1.5%

AIA

Group

(HKD) 

137,400‌

968‌

Allstate 

16,236‌

3,068‌

Assurant 

2,345‌

460‌

AXA

(EUR) 

71,304‌

2,714‌

Axis

Capital

Holdings 

596‌

48‌

Chubb 

8,989‌

2,554‌

Definity

Financial

(CAD) 

12,714‌

472‌

First

American

Financial 

3,389‌

216‌

Goosehead

Insurance,

Class

A (5)

3,698‌

312‌

Hanover

Insurance

Group 

1,495‌

220‌

Mandatum

(EUR) 

52,993‌

251‌

Marsh

&

McLennan 

9,622‌

2,189‌

MetLife 

11,917‌

923‌

Munich

Re

(EUR) 

5,750‌

3,111‌

Oscar

Health,

Class

A (5)

24,148‌

442‌

Progressive 

12,152‌

3,065‌

RLI 

1,502‌

231‌

Sampo,

Class

A

(EUR) 

28,716‌

1,280‌

Selective

Insurance

Group 

3,264‌

297‌

Storebrand

(NOK) 

98,320‌

1,059‌

Sun

Life

Financial

(CAD) 

23,888‌

1,302‌

Tokio

Marine

Holdings

(JPY) 

55,900‌

2,127‌

Travelers 

6,020‌

1,373‌

TWFG (5)

2,176‌

62‌

White

Mountains

Insurance

Group 

137‌

253‌

Zurich

Insurance

Group

(CHF) 

2,808‌

1,630‌

30,627‌

Total

Financials

116,604‌

HEALTH

CARE

 5.3%

Biotechnology

 0.5%

AbbVie 

9,223‌

1,811‌

ACELYRIN (5)

18,456‌

88‌

Akero

Therapeutics (5)

1,753‌

48‌

Amgen 

3,725‌

1,244‌

Arcellx (5)

2,598‌

179‌

Argenx,

ADR (5)

1,711‌

885‌

Arrowhead

Pharmaceuticals (5)

7,261‌

173‌

Black

Diamond

Therapeutics (5)

17,605‌

107‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Blueprint

Medicines (5)

2,223‌

212‌

Celldex

Therapeutics (5)

3,519‌

145‌

Centessa

Pharmaceuticals,

ADR (5)

4,818‌

65‌

Crinetics

Pharmaceuticals (5)

3,515‌

187‌

CRISPR

Therapeutics (5)

1,253‌

60‌

Cytokinetics (5)

8,209‌

469‌

Erasca (5)

25,351‌

73‌

Genmab

(DKK) (5)

1,999‌

556‌

Immatics (5)

11,247‌

125‌

Immunocore

Holdings,

ADR (5)

10,044‌

360‌

Immunovant (5)

7,511‌

232‌

Insmed (5)

4,552‌

348‌

Ionis

Pharmaceuticals (5)

4,126‌

197‌

Iovance

Biotherapeutics (5)

10,304‌

120‌

Merus (5)

1,460‌

74‌

Nurix

Therapeutics (5)

4,281‌

108‌

Prime

Medicine (5)

5,544‌

24‌

Regeneron

Pharmaceuticals (5)

932‌

1,104‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (5)(7)

740‌

2‌

Tango

Therapeutics (5)

7,033‌

83‌

Vaxcyte (5)

5,252‌

424‌

Xenon

Pharmaceuticals (5)

2,115‌

85‌

9,588‌

Health

Care

Equipment

&

Supplies

 0.6%

Alcon

(CHF) 

8,553‌

833‌

Becton

Dickinson

&

Company 

4,400‌

1,066‌

Elekta,

Class

B

(SEK) (4)

68,938‌

471‌

EssilorLuxottica

(EUR) 

4,197‌

995‌

GE

HealthCare

Technologies 

6,870‌

583‌

Haemonetics (5)

6,219‌

470‌

Intuitive

Surgical (5)

5,304‌

2,613‌

Koninklijke

Philips

(EUR) (5)

44,353‌

1,336‌

Masimo (5)

3,761‌

442‌

Neogen (5)

16,683‌

288‌

Novocure (5)

6,519‌

127‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $114 (5)(6)

(7)

30,352‌

12‌

Penumbra (5)

1,333‌

270‌

PROCEPT

BioRobotics (5)

3,368‌

266‌

QuidelOrtho (5)

4,730‌

200‌

Siemens

Healthineers

(EUR) 

25,600‌

1,492‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Stryker 

2,472‌

891‌

12,355‌

Health

Care

Providers

&

Services

 1.5%

Alignment

Healthcare (5)

10,743‌

97‌

Cencora 

17,366‌

4,160‌

Cigna

Group 

4,145‌

1,500‌

Concentra

Group

Holdings

Parent (5)

5,429‌

133‌

Elevance

Health 

10,850‌

6,042‌

Fresenius

(EUR) (5)

26,029‌

961‌

HCA

Healthcare 

2,258‌

893‌

Humana 

1,646‌

583‌

Molina

Healthcare (5)

4,563‌

1,596‌

NeoGenomics (5)

21,357‌

353‌

Privia

Health

Group (5)

14,894‌

300‌

Progyny (5)

9,654‌

227‌

Quest

Diagnostics 

7,831‌

1,229‌

RadNet (5)

1,577‌

105‌

Select

Medical

Holdings 

4,322‌

156‌

Tenet

Healthcare (5)

10,634‌

1,764‌

UnitedHealth

Group 

16,844‌

9,941‌

30,040‌

Health

Care

Technology

 0.0%

Certara (5)

10,206‌

125‌

Doximity,

Class

A (5)

5,865‌

216‌

Waystar

Holding (5)

7,783‌

212‌

553‌

Life

Sciences

Tools

&

Services

 0.7%

10X

Genomics,

Class

A (5)

6,625‌

155‌

Bruker 

8,143‌

547‌

Danaher 

9,922‌

2,672‌

Evotec

(EUR) (4)(5)

19,479‌

144‌

Mettler-Toledo

International (5)

947‌

1,363‌

Repligen (5)

526‌

79‌

Revvity 

10,903‌

1,336‌

Sotera

Health (5)

21,430‌

331‌

Stevanato

Group 

12,216‌

267‌

Thermo

Fisher

Scientific 

10,384‌

6,387‌

13,281‌

Pharmaceuticals

 2.0%

Astellas

Pharma

(JPY) 

80,200‌

997‌

AstraZeneca,

ADR 

78,841‌

6,908‌

Bayer

(EUR) 

18,996‌

586‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bristol-Myers

Squibb 

16,753‌

837‌

Chugai

Pharmaceutical

(JPY) 

18,200‌

919‌

Elanco

Animal

Health (5)

39,411‌

610‌

Eli

Lilly 

8,966‌

8,607‌

Johnson

&

Johnson 

25,207‌

4,181‌

Merck 

28,969‌

3,431‌

Neumora

Therapeutics (5)

8,093‌

93‌

Novartis

(CHF) 

22,671‌

2,739‌

Novo

Nordisk,

Class

B

(DKK) 

22,113‌

3,072‌

Rapport

Therapeutics (5)

3,061‌

66‌

Roche

Holding

(CHF) 

7,687‌

2,602‌

Sanofi

(EUR) 

23,412‌

2,628‌

Shionogi

(JPY) 

8,300‌

387‌

Structure

Therapeutics,

ADR (5)

2,562‌

98‌

Zoetis 

2,996‌

550‌

39,311‌

Total

Health

Care

105,128‌

INDUSTRIALS

&

BUSINESS

SERVICES

 4.3%

Aerospace

&

Defense

 0.6%

Boeing (5)

1,300‌

226‌

Cadre

Holdings 

2,722‌

99‌

General

Dynamics 

9,103‌

2,725‌

General

Electric 

15,993‌

2,793‌

L3Harris

Technologies 

5,946‌

1,407‌

Leonardo

DRS (5)

11,382‌

325‌

Loar

Holdings (5)

1,067‌

79‌

Melrose

Industries

(GBP) 

177,297‌

1,126‌

Northrop

Grumman 

1,675‌

877‌

Safran

(EUR) 

6,865‌

1,504‌

TransDigm

Group 

352‌

483‌

11,644‌

Air

Freight

&

Logistics

 0.1%

FedEx 

3,849‌

1,150‌

1,150‌

Building

Products

 0.1%

AAON 

2,320‌

222‌

AZZ 

5,881‌

489‌

CSW

Industrials 

689‌

233‌

Owens

Corning 

2,500‌

422‌

Simpson

Manufacturing 

369‌

67‌

Zurn

Elkay

Water

Solutions 

5,552‌

180‌

1,613‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Commercial

Services

&

Supplies

 0.3%

BrightView

Holdings (5)

13,623‌

218‌

Casella

Waste

Systems,

Class

A (5)

2,014‌

217‌

Cintas 

477‌

384‌

Element

Fleet

Management

(CAD) 

79,701‌

1,653‌

Rentokil

Initial

(GBP) 

36,500‌

233‌

Republic

Services 

10,877‌

2,265‌

Tetra

Tech 

889‌

211‌

Veralto 

1,189‌

134‌

VSE 

2,541‌

236‌

5,551‌

Construction

&

Engineering

 0.1%

API

Group (5)

6,151‌

219‌

Arcosa 

3,696‌

338‌

WillScot

Holdings (5)

5,781‌

223‌

Worley

(AUD) 

76,249‌

783‌

1,563‌

Electrical

Equipment

 0.7%

ABB

(CHF) 

38,472‌

2,213‌

AMETEK 

22,645‌

3,874‌

GE

Vernova (5)

1,289‌

259‌

Legrand

(EUR) 

12,644‌

1,416‌

Mitsubishi

Electric

(JPY) 

76,300‌

1,285‌

Prysmian

(EUR) 

27,069‌

1,907‌

Rockwell

Automation 

6,353‌

1,728‌

Thermon

Group

Holdings (5)

7,203‌

226‌

12,908‌

Ground

Transportation

 0.5%

Central

Japan

Railway

(JPY) 

26,300‌

609‌

CSX 

92,939‌

3,185‌

Landstar

System 

769‌

140‌

Norfolk

Southern 

7,028‌

1,800‌

Old

Dominion

Freight

Line 

14,940‌

2,880‌

Saia (5)

1,132‌

426‌

Union

Pacific 

7,279‌

1,864‌

10,904‌

Industrial

Conglomerates

 0.4%

DCC

(GBP) 

10,579‌

748‌

Roper

Technologies 

1,716‌

951‌

Siemens

(EUR) 

28,059‌

5,278‌

6,977‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Machinery

 0.9%

Crane 

1,809‌

287‌

Cummins 

7,845‌

2,454‌

Deere 

6,891‌

2,658‌

Dover 

11,259‌

2,095‌

Enerpac

Tool

Group 

6,456‌

266‌

Enpro 

1,989‌

320‌

Esab 

4,865‌

511‌

ESCO

Technologies 

1,907‌

229‌

Federal

Signal 

3,866‌

365‌

Graco 

2,545‌

212‌

Ingersoll

Rand 

11,356‌

1,039‌

John

Bean

Technologies 

1,230‌

110‌

KION

Group

(EUR) 

11,928‌

465‌

Mueller

Water

Products,

Class

A 

9,990‌

214‌

Parker-Hannifin 

2,019‌

1,212‌

RBC

Bearings (5)

1,985‌

591‌

Sandvik

(SEK) 

46,051‌

981‌

SMC

(JPY) 

900‌

417‌

Spirax

Group

(GBP) 

1,284‌

131‌

SPX

Technologies (5)

3,164‌

516‌

THK

(JPY) 

19,200‌

357‌

Toro 

711‌

66‌

Westinghouse

Air

Brake

Technologies 

13,819‌

2,343‌

17,839‌

Professional

Services

 0.3%

Admiral

Acquisition

SPAC/Acuren

PIPE,

Acquisition

Date:

7/11/24,

Cost $119 (5)(7)(8)

11,898‌

113‌

Booz

Allen

Hamilton

Holding 

8,398‌

1,333‌

Broadridge

Financial

Solutions 

1,964‌

418‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $36 (5)(6)(7)

4,755‌

21‌

Equifax 

3,755‌

1,153‌

NV5

Global (5)

266‌

26‌

Parsons (5)

5,060‌

483‌

Paycor

HCM (5)

14,326‌

203‌

Paylocity

Holding (5)

1,135‌

183‌

Recruit

Holdings

(JPY) 

21,000‌

1,310‌

TechnoPro

Holdings

(JPY) 

31,900‌

645‌

Teleperformance

(EUR) 

4,208‌

458‌

Verra

Mobility (5)

7,012‌

194‌

6,540‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Trading

Companies

&

Distributors

 0.3%

Ashtead

Group

(GBP) 

9,524‌

678‌

Beacon

Roofing

Supply (5)

4,563‌

413‌

Bunzl

(GBP) 

22,576‌

1,054‌

Ferguson

Enterprises 

4,735‌

974‌

FTAI

Aviation 

4,024‌

514‌

GMS (5)

3,219‌

279‌

Mitsubishi

(JPY) 

39,200‌

816‌

Rush

Enterprises,

Class

A 

3,975‌

210‌

SiteOne

Landscape

Supply (5)

4,346‌

617‌

Sumitomo

(JPY) 

51,800‌

1,232‌

Transcat (5)

467‌

58‌

6,845‌

Total

Industrials

&

Business

Services

83,534‌

INFORMATION

TECHNOLOGY

 7.8%

Communications

Equipment

 0.1%

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK) 

134,660‌

1,005‌

1,005‌

Electronic

Equipment,

Instruments

&

Components

 0.7%

Amphenol,

Class

A 

31,817‌

2,146‌

Cognex 

2,663‌

108‌

CTS 

4,670‌

230‌

Hamamatsu

Photonics

(JPY) 

14,100‌

376‌

Insight

Enterprises (5)

1,709‌

371‌

Keysight

Technologies (5)

22,933‌

3,534‌

Largan

Precision

(TWD) 

4,000‌

390‌

Mirion

Technologies (5)

40,651‌

441‌

Murata

Manufacturing

(JPY) 

28,900‌

606‌

Napco

Security

Technologies 

3,651‌

169‌

Novanta (5)

1,280‌

235‌

Omron

(JPY) 

9,700‌

402‌

PAR

Technology (5)

14,955‌

807‌

TE

Connectivity 

27,610‌

4,241‌

Teledyne

Technologies (5)

1,092‌

473‌

Vontier 

6,197‌

217‌

14,746‌

IT

Services

 0.1%

Globant (5)

785‌

159‌

MongoDB (5)

1,766‌

513‌

Nomura

Research

Institute

(JPY) 

23,700‌

797‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $9 (5)(6)

(7)

198‌

16‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Shopify,

Class

A (5)

11,636‌

862‌

Snowflake,

Class

A (5)

1,397‌

160‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $21 (5)(6)(7)

960‌

33‌

2,540‌

Semiconductors

&

Semiconductor

Equipment

 3.2%

Advanced

Micro

Devices (5)

24,117‌

3,583‌

Allegro

MicroSystems (5)

2,614‌

64‌

Analog

Devices 

14,509‌

3,407‌

ASML

Holding

(EUR) 

3,866‌

3,487‌

ASML

Holding 

1,879‌

1,698‌

Broadcom 

21,310‌

3,470‌

Diodes (5)

2,074‌

145‌

Entegris 

363‌

42‌

KLA 

2,643‌

2,166‌

Lam

Research 

949‌

779‌

Lattice

Semiconductor (5)

12,461‌

590‌

MACOM

Technology

Solutions

Holdings (5)

2,035‌

222‌

Monolithic

Power

Systems 

1,139‌

1,065‌

NVIDIA 

242,400‌

28,935‌

NXP

Semiconductors 

6,067‌

1,555‌

Onto

Innovation (5)

1,125‌

240‌

Power

Integrations 

4,067‌

273‌

QUALCOMM 

12,944‌

2,269‌

Renesas

Electronics

(JPY) 

39,600‌

689‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

139,719‌

4,136‌

Taiwan

Semiconductor

Manufacturing,

ADR 

4,039‌

694‌

Texas

Instruments 

13,427‌

2,878‌

Tokyo

Electron

(JPY) 

6,400‌

1,152‌

63,539‌

Software

 2.3%

Agilysys (5)

1,691‌

191‌

Altair

Engineering,

Class

A (5)

2,219‌

200‌

Amplitude,

Class

A (5)

25,711‌

227‌

Appfolio,

Class

A (5)

288‌

67‌

Atlassian,

Class

A (5)

1,968‌

326‌

Aurora

Innovation (5)

55,647‌

260‌

BILL

Holdings (5)

3,233‌

176‌

Braze,

Class

A (5)

5,616‌

251‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $283 (5)(6)

(7)

166‌

184‌

CCC

Intelligent

Solutions

Holdings (5)

30,959‌

334‌

Confluent,

Class

A (5)

4,767‌

101‌

Crowdstrike

Holdings,

Class

A (5)

1,348‌

374‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Datadog,

Class

A (5)

2,092‌

243‌

Descartes

Systems

Group (5)

4,545‌

459‌

DoubleVerify

Holdings (5)

13,540‌

267‌

Fortinet (5)

1,305‌

100‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $90 (5)(6)(7)

3,136‌

58‌

Intapp (5)

8,477‌

392‌

Intuit 

2,145‌

1,352‌

JFrog (5)

6,165‌

171‌

Manhattan

Associates (5)

243‌

64‌

Microsoft 

72,349‌

30,180‌

Onestream (5)

2,311‌

72‌

PTC (5)

5,873‌

1,052‌

QXO 

33,118‌

457‌

SAP

(EUR) 

11,048‌

2,424‌

ServiceNow (5)

3,824‌

3,270‌

Socure,

Acquisition

Date:

12/22/21,

Cost $16 (5)(6)(7)

1,018‌

4‌

Synopsys (5)

2,859‌

1,485‌

Varonis

Systems (5)

4,421‌

250‌

Vertex,

Class

A (5)

3,244‌

126‌

Workiva (5)

4,681‌

366‌

45,483‌

Technology

Hardware,

Storage

&

Peripherals

 1.4%

Apple 

112,852‌

25,843‌

Samsung

Electronics

(KRW) 

38,524‌

2,140‌

27,983‌

Total

Information

Technology

155,296‌

MATERIALS

 1.4%

Chemicals

 0.7%

Air

Liquide

(EUR) 

8,175‌

1,526‌

Akzo

Nobel

(EUR) 

11,012‌

705‌

Asahi

Kasei

(JPY) 

73,900‌

523‌

BASF

(EUR) 

14,313‌

728‌

Cabot 

1,345‌

141‌

Covestro

(EUR) (5)

11,899‌

729‌

Element

Solutions 

14,838‌

397‌

HB

Fuller 

3,437‌

294‌

Johnson

Matthey

(GBP) 

26,855‌

578‌

Linde 

7,345‌

3,513‌

Mosaic 

26,675‌

762‌

Sherwin-Williams 

10,074‌

3,721‌

Umicore

(EUR) (4)

21,924‌

275‌

13,892‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Construction

Materials

 0.0%

Martin

Marietta

Materials 

1,575‌

841‌

841‌

Containers

&

Packaging

 0.2%

International

Paper 

62,453‌

3,024‌

Sealed

Air 

3,388‌

118‌

3,142‌

Metals

&

Mining

 0.4%

Antofagasta

(GBP) 

44,792‌

1,094‌

BHP

Group

(AUD) 

24,932‌

687‌

BHP

Group

(GBP) (4)

32,213‌

884‌

Constellium (5)

23,133‌

388‌

ERO

Copper

(CAD) (4)(5)

13,693‌

282‌

Franco-Nevada 

5,988‌

731‌

Freeport-McMoRan 

15,721‌

696‌

IGO

(AUD) 

85,457‌

319‌

Osisko

Gold

Royalties 

7,076‌

122‌

Pilbara

Minerals

(AUD) 

236,605‌

474‌

Royal

Gold 

1,794‌

251‌

South32

(AUD) 

185,512‌

391‌

Southern

Copper 

12,006‌

1,221‌

Wheaton

Precious

Metals 

12,647‌

782‌

8,322‌

Paper

&

Forest

Products

 0.1%

Louisiana-Pacific 

2,161‌

210‌

Stora

Enso,

Class

R

(EUR) 

50,317‌

650‌

West

Fraser

Timber

(CAD) 

2,339‌

207‌

1,067‌

Total

Materials

27,264‌

MISCELLANEOUS

 0.0%

Miscellaneous

 0.0%

West

Affum

DBA

Kestra,

Class

A,

Acquisition

Date:

7/15/24,

Cost $48 (5)(6)(7)

3,294‌

48‌

Total

Miscellaneous

48‌

REAL

ESTATE

 0.5%

Health

Care

Real

Estate

Investment

Trusts

 0.0%

Healthcare

Realty

Trust,

REIT 

11,679‌

208‌

208‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hotel

&

Resort

Real

Estate

Investment

Trusts

 0.0%

Ryman

Hospitality

Properties,

REIT 

1,494‌

155‌

155‌

Industrial

Real

Estate

Investment

Trusts

 0.0%

EastGroup

Properties,

REIT 

1,638‌

305‌

Rexford

Industrial

Realty,

REIT 

4,186‌

213‌

Terreno

Realty,

REIT 

5,707‌

394‌

912‌

Office

Real

Estate

Investment

Trusts

 0.0%

Great

Portland

Estates

(GBP) 

80,113‌

354‌

354‌

Real

Estate

Management

&

Development

 0.1%

Colliers

International

Group 

2,177‌

314‌

DigitalBridge

Group 

30,501‌

381‌

FirstService 

2,661‌

479‌

Howard

Hughes

Holdings (5)

1,800‌

135‌

Mitsui

Fudosan

(JPY) 

146,200‌

1,584‌

2,893‌

Residential

Real

Estate

Investment

Trusts

 0.1%

Equity

LifeStyle

Properties,

REIT 

11,547‌

840‌

Flagship

Communities

REIT 

7,506‌

114‌

Independence

Realty

Trust,

REIT 

23,626‌

491‌

1,445‌

Retail

Real

Estate

Investment

Trusts

 0.1%

Scentre

Group

(AUD) 

433,108‌

1,003‌

1,003‌

Specialized

Real

Estate

Investment

Trusts

 0.2%

CubeSmart,

REIT 

8,432‌

437‌

Public

Storage,

REIT 

9,092‌

3,125‌

Weyerhaeuser,

REIT 

8,699‌

265‌

3,827‌

Total

Real

Estate

10,797‌

UTILITIES

 0.6%

Electric

Utilities

 0.2%

Constellation

Energy 

7,162‌

1,409‌

IDACORP 

2,162‌

220‌

NextEra

Energy 

7,420‌

597‌

OGE

Energy 

6,070‌

240‌

TXNM

Energy 

7,722‌

317‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Xcel

Energy 

34,178‌

2,093‌

4,876‌

Gas

Utilities

 0.1%

Atmos

Energy 

16,171‌

2,114‌

Chesapeake

Utilities 

4,518‌

535‌

2,649‌

Independent

Power

&

Renewable

Electricity

Producer

 0.0%

Electric

Power

Development

(JPY) 

36,900‌

627‌

Talen

Energy (5)

1,472‌

220‌

847‌

Multi-Utilities

 0.3%

Ameren 

17,382‌

1,434‌

Engie

(EUR) 

112,007‌

1,973‌

National

Grid

(GBP) 

118,698‌

1,563‌

4,970‌

Water

Utilities

 0.0%

California

Water

Service

Group 

5,436‌

301‌

Middlesex

Water 

2,137‌

134‌

435‌

Total

Utilities

13,777‌

Total

Miscellaneous

Common

Stocks

 0.1%

 (9)

1,412‌

Total

Common

Stocks

(Cost

$375,282)

707,275‌

CONVERTIBLE

BONDS

 0.0%

Kardium,

10.00%,

12/31/26,

Acquisition

Date:

5/31/24,

Cost $33 (5)(6)(7)

32,600‌

33‌

Total

Convertible

Bonds

(Cost

$33)

33‌

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)(7)

14,624‌

13‌

Total

Consumer

Discretionary

13‌

CONSUMER

STAPLES

 0.0%

Food

Products

 0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $— (5)(6)(7)

14‌

—‌

Total

Consumer

Staples

—‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FINANCIALS

 0.0%

Banks

 0.0%

CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $73 (5)

(6)(7)

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)(7)

14,745‌

54‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $63 (5)(6)(7)

7,833‌

28‌

82‌

Health

Care

Equipment

&

Supplies

 0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $45 (5)(6)

(7)

44,249‌

38‌

38‌

Health

Care

Providers

&

Services

 0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $84 (5)(6)(7)

34,928‌

60‌

60‌

Life

Sciences

Tools

&

Services

 0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $41 (5)(6)(7)

3,497‌

29‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $46 (5)(6)(7)

5,249‌

10‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $61 (5)(6)(7)

4,451‌

207‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $92 (5)(6)(7)

2,075‌

96‌

342‌

Total

Health

Care

522‌

INDUSTRIALS

&

BUSINESS

SERVICES

 0.0%

Aerospace

&

Defense

 0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $47 (5)(6)(7)

1,042‌

14‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $93 (5)(6)(7)

16,618‌

81‌

95‌

Air

Freight

&

Logistics

 0.0%

Flexe,

Series

C,

Acquisition

Date:

11/18/20,

Cost $44 (5)(6)(7)

3,599‌

23‌

Flexe,

Series

D,

Acquisition

Date:

4/7/22,

Cost $24 (5)(6)(7)

1,206‌

8‌

31‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Electrical

Equipment

 0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $46 (5)(6)

(7)

2,189‌

4‌

4‌

Professional

Services

 0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $32 (5)(6)(7)

6,984‌

30‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $99 (5)(6)(7)

9,798‌

43‌

73‌

Total

Industrials

&

Business

Services

203‌

INFORMATION

TECHNOLOGY

 0.1%

IT

Services

 0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $36 (5)(6)(7)

2,473‌

11‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $15 (5)(6)

(7)

777‌

3‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $— (5)

(6)(7)

3‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $40 (5)

(6)(7)

1,534‌

121‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $8 (5)

(6)(7)

75‌

6‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $5 (5)(6)(7)

220‌

7‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $— (5)(6)(7)

20‌

1‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $1 (5)(6)(7)

20‌

1‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $17 (5)(6)(7)

769‌

27‌

177‌

Software

 0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $17 (5)(6)(7)

10‌

11‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $94 (5)(6)

(7)

1,581‌

138‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $261 (5)

(6)(7)

3,552‌

310‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $30 (5)(6)

(7)

401‌

35‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $132 (5)(6)(7)

4,351‌

81‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $102 (5)(6)(7)

7,799‌

32‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $44 (5)(6)(7)

2,102‌

9‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $43 (5)(6)(7)

8,514‌

45‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $58 (5)(6)(7)

9,270‌

53‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $6 (5)(6)(7)

705‌

4‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $20 (5)(6)(7)

1,237‌

5‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $16 (5)(6)

(7)

1,015‌

4‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $— (5)(6)(7)

18‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $38 (5)(6)(7)

2,353‌

10‌

737‌

Total

Information

Technology

914‌

MATERIALS

 0.0%

Chemicals

 0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $56 (5)(6)(7)

1,182‌

61‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $79 (5)(6)(7)

1,910‌

37‌

98‌

Metals

&

Mining

 0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $48 (5)(6)(7)

1,739‌

128‌

128‌

Total

Materials

226‌

Total

Convertible

Preferred

Stocks

(Cost

$2,182)

1,929‌

CORPORATE

BONDS

 4.7%

6297782,

5.026%,

10/1/29 (1)

90,000‌

90‌

6297782,

5.584%,

10/1/34 (1)

105,000‌

104‌

AbbVie,

4.05%,

11/21/39 

260,000‌

234‌

AbbVie,

4.50%,

5/14/35 

527,000‌

517‌

AbbVie,

5.05%,

3/15/34 

585,000‌

601‌

AerCap

Ireland

Capital,

3.30%,

1/30/32 

680,000‌

603‌

AGCO,

5.80%,

3/21/34 

95,000‌

97‌

Alexandria

Real

Estate

Equities,

5.25%,

5/15/36 

65,000‌

65‌

American

Electric

Power,

5.20%,

1/15/29 

184,000‌

188‌

American

Tower,

5.20%,

2/15/29 

155,000‌

158‌

American

Tower,

5.45%,

2/15/34 

455,000‌

469‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

600,000‌

628‌

Aon,

2.80%,

5/15/30 

145,000‌

132‌

Appalachian

Power,

5.65%,

4/1/34 

109,000‌

113‌

Arthur

J

Gallagher,

5.75%,

7/15/54 

78,000‌

80‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Arthur

J

Gallagher,

6.75%,

2/15/54 

475,000‌

545‌

Astrazeneca

Finance,

5.00%,

2/26/34 

580,000‌

596‌

AT&T,

3.50%,

9/15/53 

279,000‌

197‌

Athene

Global

Funding,

5.526%,

7/11/31 (1)

410,000‌

418‌

Athene

Global

Funding,

5.684%,

2/23/26 (1)

585,000‌

590‌

Atlassian,

5.25%,

5/15/29 

115,000‌

117‌

Autostrade

per

l'Italia,

2.00%,

1/15/30

(EUR) 

435,000‌

440‌

BAE

Systems,

5.30%,

3/26/34 (1)

250,000‌

256‌

Baltimore

Gas

&

Electric,

5.40%,

6/1/53 

84,000‌

84‌

Bank

of

America,

VR,

1.898%,

7/23/31 (10)

2,235,000‌

1,912‌

Bank

of

America,

VR,

5.819%,

9/15/29 (10)

616,000‌

641‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34 (10)

460,000‌

511‌

BAT

Capital,

2.259%,

3/25/28 

66,000‌

61‌

BAT

Capital,

4.54%,

8/15/47 

97,000‌

79‌

BAT

Capital,

6.00%,

2/20/34 

225,000‌

238‌

BAT

Capital,

6.343%,

8/2/30 

37,000‌

40‌

BAT

Capital,

7.081%,

8/2/53 

490,000‌

553‌

Bayer

U.S.

Finance,

6.375%,

11/21/30 (1)

425,000‌

451‌

Bayer

U.S.

Finance

II,

4.25%,

12/15/25 (1)

210,000‌

208‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

250,000‌

227‌

Bimbo

Bakeries

USA,

5.375%,

1/9/36 (1)

200,000‌

203‌

Bimbo

Bakeries

USA,

6.40%,

1/15/34 (1)

200,000‌

220‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

330,000‌

298‌

Boeing,

3.25%,

2/1/28 

90,000‌

85‌

Boeing,

3.75%,

2/1/50 

117,000‌

80‌

Boeing,

5.04%,

5/1/27 

600,000‌

600‌

Boeing,

6.388%,

5/1/31 (1)

195,000‌

205‌

Boeing,

6.528%,

5/1/34 (1)

450,000‌

476‌

Booz

Allen

Hamilton,

5.95%,

8/4/33 

180,000‌

190‌

Boston

Gas,

6.119%,

7/20/53 (1)

145,000‌

150‌

Bristol-Myers

Squibb,

5.65%,

2/22/64 

245,000‌

254‌

Bristol-Myers

Squibb,

6.25%,

11/15/53 

282,000‌

319‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

192,000‌

184‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

1,053,000‌

1,023‌

Broadcom,

3.419%,

4/15/33 (1)

421,000‌

374‌

Broadcom,

5.15%,

11/15/31 

300,000‌

306‌

Burlington

Northern

Santa

Fe,

5.50%,

3/15/55 

330,000‌

344‌

CaixaBank,

VR,

6.037%,

6/15/35 (1)(10)

455,000‌

473‌

CaixaBank,

VR,

6.208%,

1/18/29 (1)(10)

505,000‌

524‌

CaixaBank,

VR,

6.684%,

9/13/27 (1)(10)

400,000‌

414‌

Capital

One

Financial,

3.75%,

3/9/27 

85,000‌

83‌

Capital

One

Financial,

VR,

5.468%,

2/1/29 (10)

890,000‌

903‌

Capital

One

Financial,

VR,

6.051%,

2/1/35 (10)

235,000‌

244‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capital

One

Financial,

VR,

7.624%,

10/30/31 (10)

75,000‌

84‌

Carvana,

12.00%,

12/1/28,

(9.00%

Cash

or

12.00%

PIK) (1)(11)

99,496‌

103‌

Carvana,

13.00%,

6/1/30,

(11.00%

Cash

or

13.00%

PIK) (1)(11)

151,160‌

162‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)(11)

180,979‌

206‌

CDW,

5.10%,

3/1/30 

100,000‌

101‌

Cellnex

Finance,

2.00%,

2/15/33

(EUR) 

200,000‌

192‌

Cellnex

Telecom,

1.75%,

10/23/30

(EUR) (4)

400,000‌

396‌

Centene,

2.50%,

3/1/31 

505,000‌

430‌

Centene,

2.625%,

8/1/31 

805,000‌

683‌

Centene,

4.25%,

12/15/27 

85,000‌

83‌

Centene,

4.625%,

12/15/29 

399,000‌

388‌

Charter

Communications

Operating,

2.80%,

4/1/31 

470,000‌

398‌

Charter

Communications

Operating,

3.75%,

2/15/28 

225,000‌

215‌

Charter

Communications

Operating,

5.25%,

4/1/53 

510,000‌

416‌

Charter

Communications

Operating,

6.484%,

10/23/45 

110,000‌

105‌

Charter

Communications

Operating,

6.65%,

2/1/34 

500,000‌

521‌

Cheniere

Energy,

4.625%,

10/15/28 

170,000‌

168‌

Cheniere

Energy,

5.65%,

4/15/34 (1)

380,000‌

391‌

Cheniere

Energy

Partners,

4.50%,

10/1/29 

102,000‌

100‌

Cheniere

Energy

Partners,

5.75%,

8/15/34 (1)

575,000‌

596‌

Cheniere

Energy

Partners,

5.95%,

6/30/33 

301,000‌

316‌

Citigroup,

4.45%,

9/29/27 

125,000‌

124‌

Citigroup,

VR,

5.827%,

2/13/35 (10)

1,470,000‌

1,510‌

CNO

Financial

Group,

5.25%,

5/30/25 

187,000‌

187‌

Columbia

Pipelines

Holding,

5.681%,

1/15/34 (1)

420,000‌

430‌

Comcast,

3.25%,

11/1/39 

360,000‌

288‌

Comcast,

5.65%,

6/1/54 

680,000‌

707‌

Continental

Resources,

4.375%,

1/15/28 

85,000‌

83‌

Corebridge

Financial,

3.85%,

4/5/29 

90,000‌

87‌

Corebridge

Financial,

3.90%,

4/5/32 

430,000‌

396‌

Corebridge

Global

Funding,

5.20%,

1/12/29 (1)

80,000‌

82‌

Crown

Castle,

5.80%,

3/1/34 

210,000‌

220‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

695,000‌

686‌

CVS

Health,

5.05%,

3/25/48 

729,000‌

646‌

CVS

Health,

5.625%,

2/21/53 

440,000‌

420‌

CVS

Health,

5.70%,

6/1/34 

620,000‌

634‌

CVS

Health,

5.875%,

6/1/53 

235,000‌

231‌

Daimler

Truck

Finance

North

America,

5.375%,

1/18/34 (1)

150,000‌

154‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(10)

685,000‌

679‌

Danske

Bank,

VR,

5.705%,

3/1/30 (1)(10)

310,000‌

319‌

Deutsche

Bank,

VR,

3.961%,

11/26/25 (10)

290,000‌

289‌

Devon

Energy,

5.20%,

9/15/34 

1,010,000‌

1,001‌

Diamondback

Energy,

5.15%,

1/30/30 

130,000‌

133‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Diamondback

Energy,

5.40%,

4/18/34 

590,000‌

603‌

Diamondback

Energy,

5.75%,

4/18/54 

245,000‌

244‌

Diamondback

Energy,

5.90%,

4/18/64 

250,000‌

250‌

Diamondback

Energy,

6.25%,

3/15/53 

205,000‌

218‌

DTE

Energy,

4.875%,

6/1/28 

80,000‌

81‌

DTE

Energy,

5.10%,

3/1/29 

585,000‌

597‌

Duke

Energy,

6.10%,

9/15/53 

254,000‌

273‌

Edison

International,

6.95%,

11/15/29 

75,000‌

82‌

Elevance

Health,

5.125%,

2/15/53 

220,000‌

208‌

Eli

Lilly,

4.70%,

2/9/34 

585,000‌

592‌

Enbridge,

5.625%,

4/5/34 

310,000‌

321‌

Enbridge,

6.70%,

11/15/53 

205,000‌

234‌

Energy

Transfer,

5.55%,

5/15/34 

225,000‌

231‌

Energy

Transfer,

5.95%,

5/15/54 

150,000‌

152‌

Energy

Transfer,

6.40%,

12/1/30 

280,000‌

304‌

Energy

Transfer,

6.55%,

12/1/33 

135,000‌

148‌

Engie,

5.25%,

4/10/29 (1)

200,000‌

205‌

Engie,

5.625%,

4/10/34 (1)

200,000‌

206‌

Eni,

5.50%,

5/15/34 (1)

290,000‌

297‌

Eni,

5.95%,

5/15/54 (1)

360,000‌

367‌

Eversource

Energy,

5.85%,

4/15/31 

295,000‌

310‌

Eversource

Energy,

5.95%,

7/15/34 

560,000‌

590‌

Exelon,

5.45%,

3/15/34 

220,000‌

226‌

Fifth

Third

Bancorp,

3.95%,

3/14/28 

155,000‌

152‌

Fifth

Third

Bancorp,

VR,

5.631%,

1/29/32 (10)

135,000‌

138‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (10)

310,000‌

325‌

FirstEnergy,

2.65%,

3/1/30 

348,000‌

314‌

FirstEnergy,

Series B,

2.25%,

9/1/30 

65,000‌

57‌

FirstEnergy,

Series C,

3.40%,

3/1/50 

448,000‌

318‌

Ford

Motor,

9.625%,

4/22/30 

70,000‌

83‌

Ford

Motor

Credit,

5.80%,

3/5/27 

460,000‌

466‌

Ford

Motor

Credit,

6.798%,

11/7/28 

200,000‌

210‌

Ford

Motor

Credit,

7.122%,

11/7/33 

200,000‌

216‌

Freeport-McMoRan,

4.375%,

8/1/28 

169,000‌

167‌

Freeport-McMoRan,

5.00%,

9/1/27 

40,000‌

40‌

General

Motors

Financial,

5.55%,

7/15/29 

290,000‌

298‌

Georgia

Power,

4.95%,

5/17/33 

445,000‌

450‌

Georgia

Power,

5.25%,

3/15/34 

285,000‌

293‌

GLP

Capital,

3.35%,

9/1/24 

120,000‌

120‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28 (10)

515,000‌

503‌

Goldman

Sachs

Group,

VR,

3.691%,

6/5/28 (10)

170,000‌

165‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (10)

760,000‌

757‌

Greensaif

Pipelines

Bidco,

5.853%,

2/23/36 (1)

290,000‌

299‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HA

Sustainable

Infrastructure

Capital,

6.375%,

7/1/34 (1)

820,000‌

828‌

HCA,

2.375%,

7/15/31 

185,000‌

157‌

HCA,

3.50%,

9/1/30 

462,000‌

431‌

HCA,

5.45%,

9/15/34 

195,000‌

197‌

Health

Care

Service

A

Mutual

Legal

Reserve,

5.20%,

6/15/29 (1)

155,000‌

158‌

Health

Care

Service

A

Mutual

Legal

Reserve,

5.45%,

6/15/34 (1)

200,000‌

204‌

Health

Care

Service

A

Mutual

Legal

Reserve,

5.875%,

6/15/54 (1)

405,000‌

415‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

190,000‌

153‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

575,000‌

546‌

Home

Depot,

4.95%,

6/25/34 

395,000‌

404‌

Home

Depot,

5.30%,

6/25/54 

205,000‌

208‌

Humana,

4.875%,

4/1/30 

332,000‌

336‌

Humana,

5.375%,

4/15/31 

345,000‌

353‌

Humana,

5.75%,

4/15/54 

140,000‌

141‌

Humana,

5.95%,

3/15/34 

235,000‌

249‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25 (10)

250,000‌

250‌

Hyundai

Capital

America,

5.35%,

3/19/29 (1)

130,000‌

133‌

Hyundai

Capital

America,

5.40%,

1/8/31 (1)

80,000‌

82‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

135,000‌

136‌

Hyundai

Capital

America,

6.50%,

1/16/29 (1)

170,000‌

181‌

Icon

Investments

Six,

5.849%,

5/8/29 

200,000‌

209‌

Icon

Investments

Six,

6.00%,

5/8/34 

200,000‌

211‌

Indianapolis

Power

&

Light,

5.70%,

4/1/54 (1)

125,000‌

130‌

Ingersoll

Rand,

5.314%,

6/15/31 

185,000‌

191‌

Ingersoll

Rand,

5.45%,

6/15/34 

155,000‌

161‌

Ingersoll

Rand,

5.70%,

6/15/54 

64,000‌

66‌

Intel,

3.05%,

8/12/51 

525,000‌

325‌

Intel,

3.25%,

11/15/49 

732,000‌

474‌

Interpublic

Group,

4.65%,

10/1/28 

195,000‌

195‌

Invitation

Homes

Operating

Partnership,

5.45%,

8/15/30 

111,000‌

115‌

IPALCO

Enterprises,

5.75%,

4/1/34 

210,000‌

216‌

IQVIA,

6.25%,

2/1/29 

340,000‌

360‌

Jackson

Financial,

5.17%,

6/8/27 

415,000‌

421‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31 (10)

1,370,000‌

1,229‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30 (10)

250,000‌

228‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (10)

805,000‌

731‌

JPMorgan

Chase,

VR,

5.04%,

1/23/28 (10)

245,000‌

248‌

JPMorgan

Chase,

VR,

5.336%,

1/23/35 (10)

225,000‌

232‌

Kroger,

5.00%,

9/15/34 

220,000‌

218‌

Kroger,

5.50%,

9/15/54 

335,000‌

327‌

Las

Vegas

Sands,

3.50%,

8/18/26 

210,000‌

204‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Las

Vegas

Sands,

5.90%,

6/1/27 

85,000‌

87‌

Lowe's,

4.25%,

4/1/52 

117,000‌

96‌

Lowe's,

5.625%,

4/15/53 

200,000‌

202‌

Lowe's,

5.75%,

7/1/53 

150,000‌

153‌

LSEGA

Financing,

2.50%,

4/6/31 (1)

375,000‌

326‌

Mars,

4.75%,

4/20/33 (1)

420,000‌

417‌

Mattel,

5.875%,

12/15/27 (1)

410,000‌

414‌

Meta

Platforms,

5.40%,

8/15/54 

110,000‌

112‌

Meta

Platforms,

5.60%,

5/15/53 

580,000‌

609‌

Micron

Technology,

5.327%,

2/6/29 

226,000‌

231‌

Micron

Technology,

6.75%,

11/1/29 

290,000‌

316‌

MidAmerican

Energy,

5.85%,

9/15/54 

165,000‌

177‌

Morgan

Stanley,

VR,

5.123%,

2/1/29 (10)

1,095,000‌

1,113‌

Morgan

Stanley,

VR,

5.173%,

1/16/30 (10)

385,000‌

392‌

Motorola

Solutions,

5.40%,

4/15/34 

180,000‌

185‌

Netflix,

4.625%,

5/15/29

(EUR) 

655,000‌

766‌

Niagara

Mohawk

Power,

5.664%,

1/17/54 (1)

235,000‌

234‌

NiSource,

5.25%,

3/30/28 

85,000‌

87‌

NRG

Energy,

4.45%,

6/15/29 (1)

195,000‌

189‌

Occidental

Petroleum,

5.55%,

10/1/34 

180,000‌

183‌

Occidental

Petroleum,

6.05%,

10/1/54 

155,000‌

158‌

Occidental

Petroleum,

6.125%,

1/1/31 

349,000‌

367‌

Occidental

Petroleum,

6.375%,

9/1/28 

115,000‌

121‌

Occidental

Petroleum,

6.625%,

9/1/30 

75,000‌

81‌

Occidental

Petroleum,

7.50%,

5/1/31 

315,000‌

357‌

Occidental

Petroleum,

8.875%,

7/15/30 

960,000‌

1,130‌

ONEOK,

5.65%,

11/1/28 

80,000‌

83‌

ONEOK,

5.80%,

11/1/30 

240,000‌

254‌

ONEOK,

6.05%,

9/1/33 

235,000‌

248‌

Owens

Corning,

5.70%,

6/15/34 

205,000‌

214‌

Owens

Corning,

5.95%,

6/15/54 

210,000‌

217‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

156,000‌

145‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

445,000‌

381‌

Pacific

Gas

&

Electric,

3.50%,

8/1/50 

150,000‌

105‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

110,510‌

108‌

Pacific

Gas

&

Electric,

5.80%,

5/15/34 

325,000‌

335‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

150,000‌

156‌

Pacific

Gas

&

Electric,

6.70%,

4/1/53 

145,000‌

160‌

Pacific

Gas

&

Electric,

6.75%,

1/15/53 

330,000‌

359‌

Pacific

Gas

&

Electric,

6.95%,

3/15/34 

235,000‌

262‌

PacifiCorp,

5.30%,

2/15/31 

105,000‌

108‌

Palomino

Funding

Trust

I,

7.233%,

5/17/28 (1)

935,000‌

1,000‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53 

275,000‌

276‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Pfizer

Investment

Enterprises,

5.34%,

5/19/63 

420,000‌

419‌

Philip

Morris

International,

5.125%,

2/15/30 

285,000‌

293‌

PNC

Financial

Services

Group,

VR,

5.30%,

1/21/28 (10)

125,000‌

127‌

PNC

Financial

Services

Group,

VR,

6.875%,

10/20/34 (10)

315,000‌

354‌

Raizen

Fuels

Finance,

6.45%,

3/5/34 (1)

200,000‌

211‌

Raizen

Fuels

Finance,

6.95%,

3/5/54 (1)

200,000‌

214‌

Revvity,

1.90%,

9/15/28 

350,000‌

315‌

Revvity,

2.25%,

9/15/31 

190,000‌

159‌

Revvity,

3.30%,

9/15/29 

215,000‌

201‌

Rogers

Communications,

3.80%,

3/15/32 

275,000‌

253‌

Rogers

Communications,

4.35%,

5/1/49 

35,000‌

29‌

Rogers

Communications,

4.55%,

3/15/52 

650,000‌

548‌

Rogers

Communications,

5.00%,

2/15/29 

469,000‌

474‌

Rogers

Communications,

5.30%,

2/15/34 

525,000‌

527‌

Ross

Stores,

1.875%,

4/15/31 

480,000‌

403‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

90,000‌

89‌

Santander

Holdings

USA,

VR,

6.342%,

5/31/35 (10)

615,000‌

636‌

Sartorius

Finance,

4.875%,

9/14/35

(EUR) 

400,000‌

468‌

SBA

Tower

Trust,

1.84%,

4/15/27 (1)

560,000‌

514‌

SBA

Tower

Trust,

2.328%,

1/15/28 (1)

150,000‌

138‌

SBA

Tower

Trust,

2.593%,

10/15/31 (1)

455,000‌

385‌

Sempra,

3.40%,

2/1/28 

85,000‌

82‌

Societe

Generale,

VR,

5.519%,

1/19/28 (1)(10)

259,000‌

261‌

Solventum,

5.40%,

3/1/29 (1)

400,000‌

408‌

Solventum,

5.60%,

3/23/34 (1)

490,000‌

500‌

Southern,

5.20%,

6/15/33 

665,000‌

678‌

Southern,

5.70%,

3/15/34 

515,000‌

544‌

Southern

California

Edison,

5.45%,

6/1/31 

105,000‌

110‌

Southern

California

Edison,

5.70%,

3/1/53 

225,000‌

232‌

Southwestern

Public

Service,

6.00%,

6/1/54 

120,000‌

127‌

Sprint

Capital,

6.875%,

11/15/28 

540,000‌

585‌

Sprint

Capital,

8.75%,

3/15/32 

395,000‌

488‌

Standard

Chartered,

VR,

1.456%,

1/14/27 (1)(10)

275,000‌

262‌

Standard

Chartered,

VR,

5.905%,

5/14/35 (1)(10)

655,000‌

677‌

Stanley

Black

&

Decker,

2.75%,

11/15/50 

221,000‌

134‌

Sutter

Health,

5.164%,

8/15/33 

135,000‌

139‌

T-Mobile

USA,

5.75%,

1/15/54 

915,000‌

951‌

Targa

Resources,

6.15%,

3/1/29 

159,000‌

167‌

Targa

Resources

Partners,

5.00%,

1/15/28 

85,000‌

85‌

Targa

Resources

Partners,

5.50%,

3/1/30 

600,000‌

607‌

Targa

Resources

Partners,

6.875%,

1/15/29 

101,000‌

104‌

U.S.

Bancorp,

VR,

5.384%,

1/23/30 (10)

170,000‌

174‌

U.S.

Bancorp,

VR,

5.678%,

1/23/35 (10)

635,000‌

658‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UBS

Group,

VR,

3.091%,

5/14/32 (1)(10)

490,000‌

434‌

UBS

Group,

VR,

6.537%,

8/12/33 (1)(10)

840,000‌

907‌

UnitedHealth

Group,

4.50%,

4/15/33 

420,000‌

415‌

UnitedHealth

Group,

5.00%,

4/15/34 

510,000‌

518‌

UnitedHealth

Group,

5.05%,

4/15/53 

377,000‌

362‌

UnitedHealth

Group,

5.875%,

2/15/53 

370,000‌

400‌

VF,

2.95%,

4/23/30 

383,000‌

330‌

Vistra

Operations,

6.00%,

4/15/34 (1)

130,000‌

136‌

Vistra

Operations,

6.95%,

10/15/33 (1)

175,000‌

194‌

Volkswagen

Group

of

America

Finance,

4.95%,

8/15/29 (1)

200,000‌

201‌

Volkswagen

Group

of

America

Finance,

5.60%,

3/22/34 (1)

335,000‌

344‌

Walt

Disney,

3.60%,

1/13/51 

230,000‌

179‌

Western

Midstream

Operating,

4.50%,

3/1/28 

85,000‌

84‌

Western

Midstream

Operating,

6.35%,

1/15/29 

80,000‌

84‌

Westlake,

1.625%,

7/17/29

(EUR) 

525,000‌

527‌

Williams,

5.15%,

3/15/34 

140,000‌

141‌

Xcel

Energy,

3.40%,

6/1/30 

475,000‌

445‌

Total

Corporate

Bonds

(Cost

$92,242)

93,063‌

EQUITY

MUTUAL

FUNDS

 11.2%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund (2)

1,651,925‌

53,374‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (2)

11,910,484‌

113,983‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

3,685,730‌

55,728‌

Total

Equity

Mutual

Funds

(Cost

$213,355)

223,085‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

 0.3%

Corp.

Nacional

del

Cobre

de

Chile,

6.30%,

9/8/53 

345,000‌

362‌

Corp.

Nacional

del

Cobre

de

Chile,

6.30%,

9/8/53 (1)

200,000‌

210‌

Corp.

Nacional

del

Cobre

de

Chile,

6.44%,

1/26/36 (1)

240,000‌

258‌

Freeport

Indonesia,

5.315%,

4/14/32 

410,000‌

411‌

Gaci

First

Investment,

4.875%,

2/14/35 

430,000‌

425‌

Gaci

First

Investment,

5.125%,

2/14/53 

715,000‌

650‌

Petroleos

Mexicanos,

6.50%,

3/13/27 

1,080,000‌

1,041‌

Republic

of

Bulgaria,

5.00%,

3/5/37 

240,000‌

239‌

Republic

of

Panama,

7.50%,

3/1/31 

735,000‌

788‌

Republic

of

Peru,

5.375%,

2/8/35 

220,000‌

223‌

Republic

of

Peru,

5.875%,

8/8/54 

180,000‌

188‌

Republic

of

Romania,

5.875%,

1/30/29 (1)

460,000‌

470‌

Saudi

Arabian

Oil,

5.25%,

7/17/34 (1)

200,000‌

205‌

Saudi

Arabian

Oil,

5.75%,

7/17/54 (1)

300,000‌

301‌

United

Mexican

States,

5.00%,

5/7/29 

425,000‌

425‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

United

Mexican

States,

6.00%,

5/7/36 

400,000‌

404‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$6,362)

6,600‌

MUNICIPAL

SECURITIES

 0.0%

California

 0.0%

Los

Angeles

Dept.

of

Airports,

Build

America,

6.582%,

5/15/39 

70,000‌

78‌

78‌

Illinois

 0.0%

Illinois,

Build

America,

GO,

7.35%,

7/1/35 

70,714‌

77‌

77‌

Total

Municipal

Securities

(Cost

$149)

155‌

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)

249,931‌

231‌

BANK5,

Series 2024-5YR8,

Class

A3,

5.884%,

8/15/57 

545,000‌

571‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.611%,

11/15/34 (1)

235,000‌

5‌

BBCMS

Mortgage

Trust,

Series 2024-5C27,

Class

A3,

6.014%,

7/15/57 

110,000‌

116‌

Benchmark

Mortgage

Trust,

Series 2024-V9,

Class

A3,

5.602%,

8/15/57 

985,000‌

1,015‌

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56 (1)

208,284‌

184‌

BMO

Mortgage

Trust,

Series 2024-5C5,

Class

A3,

5.857%,

2/15/57 

915,000‌

953‌

BX

Commercial

Mortgage

Trust,

Series 2024-MDHS,

Class

A,

ARM,

1M

TSFR

+

1.641%,

6.978%,

5/15/41 (1)

893,928‌

892‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

TSFR

+

1.411%,

6.748%,

10/15/36 (1)

410,000‌

403‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51 (1)

188,229‌

161‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65 (1)

39,823‌

38‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

271,007‌

269‌

CONE

Trust,

Series 2024-DFW1,

Class

A,

ARM,

1M

TSFR

+

1.642%,

6.979%,

8/15/41 (1)

395,000‌

395‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

1M2B,

CMO,

ARM,

SOFR30A

+

2.764%,

8.113%,

2/25/30 

118,307‌

119‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

SOFR30A

+

1.114%,

6.463%,

2/25/30 

3,300‌

3‌

DBCG

Mortgage

Trust,

Series 2017-BBG,

Class

A,

ARM,

PRIME

+

0.00%,

8.50%,

6/15/34 (1)

350,840‌

351‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

6.00%,

3/25/50 (1)

136,243‌

128‌

FREMF

Mortgage

Trust,

Series 2016-K60,

Class

B,

ARM,

3.663%,

12/25/49 (1)

750,000‌

728‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50 (1)

90,386‌

85‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

28,874‌

26‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58 (1)

21,730‌

20‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

5.821%,

7/25/44 (1)

4,235‌

4‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.921%,

10/25/50 (1)

205,990‌

179‌

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56 (1)

150,860‌

126‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33 (1)

190,000‌

173‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

77,438‌

69‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

89,665‌

80‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.572%,

12/25/50 (1)

285,684‌

250‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (1)

74,972‌

67‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50 (1)

4,392‌

4‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

10,275‌

10‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.256%,

6/25/50 (1)

298,479‌

257‌

MED

Commercial

Mortgage

Trust,

Series 2024-MOB,

Class

A,

ARM,

1M

TSFR

+

1.592%,

6.928%,

5/15/41 (1)

265,000‌

263‌

MFA

Trust,

Series 2022-INV2,

Class

A1,

CMO,

STEP,

4.95%,

7/25/57 (1)

400,929‌

398‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (1)

132,420‌

135‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51 (1)

278,933‌

227‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

199,528‌

176‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

OBX

Trust,

Series 2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (1)

83,786‌

86‌

SDR

Commercial

Mortgage

Trust,

Series 2024-DSNY,

Class

A,

ARM,

1M

TSFR

+

1.392%,

6.729%,

5/15/39 (1)

555,000‌

552‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.436%,

4/25/43 

140,236‌

135‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.783%,

8/25/47 (1)

218,140‌

203‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47 (1)

34,671‌

32‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48 (1)

9,944‌

9‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48 (1)

30,945‌

29‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

3,732‌

4‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2024-DNA2,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.25%,

6.599%,

5/25/44 (1)

277,254‌

278‌

Towd

Point

Mortgage

Trust,

Series 2019-HY3,

Class

A1A,

CMO,

ARM,

1M

TSFR

+

1.114%,

6.392%,

10/25/59 (1)

188,808‌

192‌

TX

Trust,

Series 2024-HOU,

Class

A,

ARM,

1M

TSFR

+

1.591%,

6.928%,

6/15/39 (1)

180,000‌

179‌

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51 (1)

365,856‌

300‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

4.889%,

3/25/60 (1)

100,000‌

100‌

Verus

Securitization

Trust,

Series 2021-5,

Class

A2,

CMO,

ARM,

1.218%,

9/25/66 (1)

203,618‌

174‌

WB

Commercial

Mortgage

Trust,

Series 2024-HQ,

Class

A,

ARM,

6.134%,

3/15/40 (1)

175,000‌

177‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2021-SAVE,

Class

C,

ARM,

1M

TSFR

+

1.914%,

7.251%,

2/15/40 (1)

264,000‌

260‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36 (1)

102,474‌

71‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$12,610)

11,892‌

PREFERRED

STOCKS

 0.0%

CONSUMER

DISCRETIONARY

 0.0%

Automobiles

 0.0%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

9,169‌

719‌

Total

Consumer

Discretionary

719‌

Total

Preferred

Stocks

(Cost

$743)

719‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PRIVATE

INVESTMENT

COMPANIES

 5.8%

Blackstone

Partners

Offshore

Fund (5)(6)

46,362‌

115,822‌

Total

Private

Investment

Companies

(Cost

$72,105)

115,822‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 5.9%

U.S.

Government

Agency

Obligations

 4.6%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

101,563‌

98‌

3.00%,

12/1/42

-

4/1/47 

439,663‌

403‌

3.50%,

8/1/42

-

3/1/44 

391,956‌

370‌

4.00%,

8/1/40

-

9/1/45 

302,845‌

294‌

4.50%,

6/1/39

-

10/1/41 

234,288‌

234‌

5.00%,

7/1/25

-

8/1/40 

162,351‌

166‌

5.50%,

10/1/38 

51,401‌

53‌

6.00%,

10/1/32

-

8/1/38 

42,936‌

44‌

6.50%,

9/1/32

-

9/1/34 

14,359‌

15‌

7.00%,

4/1/32

-

6/1/32 

1,851‌

2‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

6.65%,

10/1/36 

1,088‌

1‌

RFUCCT1Y

+

1.785%,

6.035%,

2/1/37 

440‌

—‌

RFUCCT1Y

+

1.842%,

6.091%,

1/1/37 

5,429‌

5‌

RFUCCT1Y

+

1.916%,

6.291%,

2/1/37 

4,712‌

5‌

RFUCCT1Y

+

1.944%,

6.205%,

12/1/36 

3,757‌

4‌

RFUCCT1Y

+

2.031%,

6.276%,

11/1/36 

6,845‌

7‌

RFUCCT1Y

+

2.22%,

6.558%,

2/1/37 

5,086‌

5‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36 

194,337‌

173‌

2.00%,

8/1/36

-

5/1/52 

7,572,181‌

6,283‌

2.50%,

3/1/42

-

5/1/52 

6,883,733‌

5,934‌

3.00%,

5/1/31

-

8/1/52 

2,444,935‌

2,234‌

3.50%,

6/1/35

-

11/1/52 

2,116,166‌

1,972‌

4.00%,

8/1/37

-

2/1/50 

788,429‌

767‌

4.50%,

5/1/50

-

11/1/52 

1,536,443‌

1,497‌

5.00%,

10/1/52

-

4/1/54 

488,199‌

485‌

5.50%,

8/1/53

-

5/1/54 

1,549,358‌

1,565‌

6.50%,

1/1/54 

78,416‌

81‌

7.00%,

6/1/54 

145,115‌

152‌

Federal

National

Mortgage

Assn. 

3.00%,

8/1/43

-

8/1/46 

79,360‌

72‌

3.50%,

6/1/42

-

5/1/46 

522,157‌

491‌

4.00%,

11/1/40 

159,983‌

157‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

+

1.87%,

7.811%,

8/1/36 

6,401‌

6‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

939‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

2,075,281‌

1,807‌

2.00%,

5/1/36

-

5/1/52 

21,150,396‌

17,777‌

2.50%,

8/1/30

-

9/1/52 

12,186,940‌

10,618‌

3.00%,

1/1/27

-

4/1/52 

8,267,914‌

7,582‌

3.50%,

2/1/35

-

1/1/52 

4,194,693‌

3,942‌

4.00%,

11/1/40

-

12/1/52 

3,550,010‌

3,423‌

4.50%,

7/1/39

-

8/1/52 

2,463,487‌

2,433‌

5.00%,

3/1/34

-

11/1/53 

3,009,864‌

3,018‌

5.50%,

12/1/34

-

5/1/54 

3,334,635‌

3,371‌

6.00%,

3/1/33

-

8/1/54 

4,693,786‌

4,813‌

6.50%,

7/1/32

-

1/1/54 

1,301,270‌

1,348‌

7.00%,

1/1/31

-

3/1/54 

143,560‌

150‌

UMBS,

TBA (12)

5.00%,

9/1/54 

6,400,000‌

6,354‌

6.00%,

9/1/54 

220,000‌

224‌

6.50%,

9/1/54 

845,000‌

870‌

91,305‌

U.S.

Government

Obligations

 1.3%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

272,889‌

240‌

2.00%,

1/20/51

-

3/20/52 

5,447,328‌

4,588‌

2.50%,

8/20/50

-

3/20/52 

5,576,136‌

4,875‌

3.00%,

7/15/43

-

6/20/52 

4,217,711‌

3,833‌

3.50%,

8/20/42

-

7/20/52 

3,059,042‌

2,883‌

4.00%,

2/20/41

-

10/20/52 

2,861,121‌

2,751‌

4.50%,

11/20/39

-

4/20/53 

1,519,391‌

1,508‌

5.00%,

7/20/39

-

6/20/49 

919,819‌

932‌

5.50%,

1/20/36

-

3/20/49 

469,987‌

483‌

6.00%,

4/15/36

-

12/20/38 

19,731‌

21‌

7.00%,

2/20/27 

853‌

1‌

7.50%,

12/15/25

-

6/15/32 

2,885‌

3‌

8.00%,

10/20/25 

29‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

56,809‌

53‌

3.50%,

10/20/50 

250,000‌

214‌

Government

National

Mortgage

Assn.,

CMO,

IO 

3.50%,

5/20/43 

45,954‌

7‌

4.00%,

2/20/43 

29,669‌

3‌

Government

National

Mortgage

Assn.,

TBA (12)

2.50%,

9/20/54 

575,000‌

503‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

4.50%,

9/20/54 

565,000‌

553‌

5.00%,

9/20/54 

680,000‌

679‌

5.50%,

9/20/54 

2,045,000‌

2,058‌

6.00%,

9/20/54 

155,000‌

157‌

26,345‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$121,974)

117,650‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

 5.9%

U.S.

Treasury

Obligations

 5.9%

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

8,620,000‌

7,626‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

4,330,000‌

4,097‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42 (13)

8,295,000‌

8,002‌

U.S.

Treasury

Bonds,

4.25%,

2/15/54 

3,620,000‌

3,635‌

U.S.

Treasury

Bonds,

4.25%,

8/15/54 

690,000‌

695‌

U.S.

Treasury

Bonds,

4.375%,

8/15/43 

285,000‌

288‌

U.S.

Treasury

Bonds,

4.50%,

2/15/44 

11,300,000‌

11,583‌

U.S.

Treasury

Bonds,

4.75%,

11/15/43 

2,095,000‌

2,221‌

U.S.

Treasury

Inflation-Indexed

Bonds,

2.125%,

2/15/54 

1,756,652‌

1,785‌

U.S.

Treasury

Notes,

0.625%,

12/31/27 

1,100,000‌

993‌

U.S.

Treasury

Notes,

1.50%,

1/31/27 

9,295,000‌

8,795‌

U.S.

Treasury

Notes,

3.25%,

6/30/27 

1,280,000‌

1,261‌

U.S.

Treasury

Notes,

3.625%,

8/31/29 

2,640,000‌

2,629‌

U.S.

Treasury

Notes,

3.875%,

11/30/27 

4,545,000‌

4,556‌

U.S.

Treasury

Notes,

3.875%,

8/15/34 

2,675,000‌

2,665‌

U.S.

Treasury

Notes,

4.00%,

7/31/29 

3,650,000‌

3,693‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

2,575,000‌

2,601‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

415,000‌

419‌

U.S.

Treasury

Notes,

4.375%,

7/31/26 

1,200,000‌

1,209‌

U.S.

Treasury

Notes,

4.375%,

5/15/34 

15,090,000‌

15,639‌

U.S.

Treasury

Notes,

4.50%,

7/15/26 

6,550,000‌

6,610‌

U.S.

Treasury

Notes,

4.625%,

10/15/26 (13)

11,890,000‌

12,061‌

U.S.

Treasury

Notes,

4.625%,

9/30/28 

13,375,000‌

13,808‌

116,871‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$115,593)

116,871‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

 3.3%

Money

Market

Funds

 3.3%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.34% (2)(14)

64,574,892‌

64,575‌

Total

Short-Term

Investments

(Cost

$64,575)

64,575‌

SECURITIES

LENDING

COLLATERAL

 0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK 0.1%

Money

Market

Funds 0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.34% (2)(14)

2,235,585‌

2,236‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

2,236‌

Total

Securities

Lending

Collateral

(Cost

$2,236)

2,236‌

Total

Investments

in

Securities

 100.8%

(Cost

$1,678,176)

$

2,002,074‌

Other

Assets

Less

Liabilities

(0.8)%

(16,766‌)

Net

Assets

100.0%

$

1,985,308‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$59,396

and

represents

3.0%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

All

or

a

portion

of

this

security

is

on

loan

at

August

31,

2024.

(5)

Non-income

producing

(6)

Level

3

in

fair

value

hierarchy.

(7)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$2,578

and

represents

0.1%

of

net

assets.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

45

.

.

.

.

.

.

.

.

.

.

(8)

All

or

a

portion

of

the

position

represents

an

unfunded

commitment;

a

liability

to

fund

the

commitment

has

been

recognized.

The

fund's

total

unfunded

commitment

at

August

31,

2024,

was

$119

and

was

valued

at

$113

(0.0%

of

net

assets).

(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)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$11,398

and

represents

0.6%

of

net

assets.

(13)

At

August

31,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(14)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

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

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

GO

General

Obligation

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

OTC

Over-the-counter

PIK

Payment-in-kind

PIPE

Private

Investment

in

Public

Equity

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

46

.

.

.

.

.

.

.

.

.

.

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

SOFR

Secured

overnight

financing

rate

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

SPAC

Special

Purpose

Acquisition

Company

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

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

47

Par

$

Value

(Cost

and

value

in

$000s)

TBA

SALES

COMMITMENTS

 (0.2)%

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

 (0.2)%

U.S.

Government

Agency

Obligations

 (0.2)% 

UMBS,

TBA,

3.50%,

9/1/54 

3,825,000

(3,521‌)

Total

TBA

Sales

Commitments

(Proceeds

$(3,511))

(3,521‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

48

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

 (0.0)%

OTC

Options

Written (0.0)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

9/20/24

@

$77.00

710

5,633

(4‌)

Morgan

Stanley

S&P

500

Index,

Put,

10/18/24

@

$5,575.00

110

62,132

(707‌)

UBS

Investment

Bank

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

10/18/24

@

$77.00

742

5,887

(14‌)

Total

Options

Written

(Premiums

$(767))

$

(725‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

49

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Bought

0.0%

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.AAA-S15,

40

Year

Index),

Pay

0.50%

Monthly,

Receive

upon

credit

default,

11/18/64

4,443

55

114

(59‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

114

(59‌)

Total

Bilateral

Swaps

114

(59‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Freeport-McMoRan,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

716

5

(1)

6‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S42,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

7,178

173

139

34‌

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

(EUR)

12,800

331

268

63‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

50

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/29

*

4,140

(15)

7

(22‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

81‌

Total

Centrally

Cleared

Swaps

81‌

Net

payments

(receipts)

of

variation

margin

to

date

(85‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(4‌)

*

Credit

ratings

as

of

August

31,

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

$22.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

51

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

BNP

Paribas

11/22/24

USD

785‌

EUR

705‌

$

2‌

HSBC

Bank

11/22/24

USD

1,576‌

EUR

1,411‌

10‌

State

Street

11/22/24

USD

787‌

EUR

706‌

4‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

16‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

52

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

22

MSCI

EAFE

Index

contracts

9/24

(2,704)

$

(132‌)

Short,

112

S&P

500

E-Mini

Index

contracts

9/24

(31,702)

5‌

Long,

201

U.S.

Treasury

Notes

five

year

contracts

12/24

21,989

(65‌)

Long,

45

U.S.

Treasury

Notes

ten

year

contracts

12/24

5,110

(25‌)

Long,

13

U.S.

Treasury

Notes

two

year

contracts

12/24

2,698

(3‌)

Long,

51

Ultra

U.S.

Treasury

Bonds

contracts

12/24

6,729

(78‌)

Short,

180

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/24

(21,139)

166‌

Long,

159

Three

Month

SOFR

Futures

contracts

3/25

38,059

(15‌)

Short,

159

Three

Month

SOFR

Futures

contracts

3/26

(38,488)

21‌

Net

payments

(receipts)

of

variation

margin

to

date

(183‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(309‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

53

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

three

months

ended

August

31,

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,

4.54% 

$

—‌

$

(1,099‌)

$

1,499‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

2.18% 

—‌

298‌

22‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

5.86% 

—‌

2,867‌

1,459‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

—‌

1,900‌

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.46% 

(131‌)

47‌

864‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.66% 

—‌

2,263‌

1,581‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.34% 

—‌

1,884‌

884‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.15% 

—‌

97‌

6‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

—‌

(833‌)

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

2,064‌

—‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.25% 

—‌

1,940‌

306‌

T.

Rowe

Price

Government

Reserve

Fund,

5.34%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.34%

—‌

—‌

859‌

Totals

$

(131‌)#

$

11,428‌

$

7,480‌+

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

54

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/24

Purchase

Cost

Sales

Cost

Value

08/31/24

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.54% 

$

108,358‌

$

5,492‌

$

—‌

$

112,751‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

2.18% 

6,650‌

4,022‌

—‌

10,970‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

5.86% 

99,653‌

1,460‌

—‌

103,980‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

51,474‌

—‌

—‌

53,374‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.46% 

39,798‌

863‌

4,466‌

36,242‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

6.66% 

91,243‌

1,581‌

—‌

95,087‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.34% 

104,461‌

3,287‌

—‌

109,632‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

2.15% 

4,541‌

7‌

—‌

4,645‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

110,316‌

4,500‌

—‌

113,983‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

53,664‌

—‌

—‌

55,728‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.25% 

29,835‌

307‌

—‌

32,082‌

T.

Rowe

Price

Government

Reserve

Fund,

5.34%

3,275‌

 ¤

 ¤

2,236‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.34%

46,522‌

 ¤

 ¤

64,575‌

Total

$

795,285‌^

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

55

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

$7,480

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

$844,204.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

Unaudited

Notes

to

Portfolio

of

Investments

56

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)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

57

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-

counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

58

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

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

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

59

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

60

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

August

31,

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

$

—‌

$

381,011‌

$

—‌

$

381,011‌

Bond

Mutual

Funds

505,389‌

—‌

—‌

505,389‌

Common

Stocks

543,478‌

163,296‌

501‌

707,275‌

Convertible

Bonds

—‌

—‌

33‌

33‌

Convertible

Preferred

Stocks

—‌

—‌

1,929‌

1,929‌

Equity

Mutual

Funds

223,085‌

—‌

—‌

223,085‌

Preferred

Stocks

—‌

719‌

—‌

719‌

Private

Investment

Companies

—‌

—‌

115,822‌

115,822‌

Short-Term

Investments

64,575‌

—‌

—‌

64,575‌

Securities

Lending

Collateral

2,236‌

—‌

—‌

2,236‌

Total

Securities

1,338,763‌

545,026‌

118,285‌

2,002,074‌

Swaps*

—‌

158‌

—‌

158‌

Forward

Currency

Exchange

Contracts

—‌

16‌

—‌

16‌

Futures

Contracts*

192‌

—‌

—‌

192‌

Total

$

1,338,955‌

$

545,200‌

$

118,285‌

$

2,002,440‌

Liabilities

TBA

Sales

Commitments

$

—‌

$

3,521‌

$

—‌

$

3,521‌

Options

Written

—‌

725‌

—‌

725‌

Swaps*

—‌

22‌

—‌

22‌

Futures

Contracts*

318‌

—‌

—‌

318‌

Total

$

318‌

$

4,268‌

$

—‌

$

4,586‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

61

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

August

31,

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

August

31,

2024,

totaled $(110,000) for

the

period ended

August

31,

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

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Municipal

Securities,

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

5/31/24

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

8/31/24

Investment

in

Securities

Common

Stocks

$

616‌

$

11‌

$

48‌

$

(174‌)

$

501‌

Convertible

Bonds

33‌

—‌

—‌

—‌

33‌

Convertible

Preferred

Stocks

2,053‌

(57‌)

—‌

(67‌)

1,929‌

Private

Investment

Companies

120,265‌

2,558‌

—‌

(7,001‌)

115,822‌

Total

$

122,967‌

$

2,512‌

$

48‌

$

(7,242‌)

$

118,285‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

62

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

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

Stocks

$

501‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

2.2x

–

11.6x

8.5x

Increase

Projected

enterprise

value

to

sales

multiple

8.5x

–9.7x

9.1x

Increase

Sales

growth

rate

1%

–

37%

30%

Increase

Enterprise

value

to

gross

profit

multiple

5.0x

–14.2x

11.1x

Increase

Projected

enterprise

value

to

gross

profit

multiple

12.6x

–14.4x

13.5x

Increase

Gross

profit

growth

rate

17%

-

39%

35%

Increase

Price

to

tangible

book

value

multiple

1.4x

–

2.7x

1.7x

Increase

Tangible

book

value

growth

rate

3%

-

15%

13%

Increase

Premium

to

public

company

multiples

25%

25%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

63

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**

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

4%

4%

Increase

Volatility

42%

42%

Increase

Convertible

Bonds

$

33‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Convertible

Preferred

Stocks

$

1,929‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Conversion

ratio

—#

—#

—#

Premium

for

liquidation

preference

—#

—#

—#

Probability

for

potential

outcome

20%

-

80%

46%

Increase

Enterprise

value

to

sales

multiple

1.1x

–

15.4x

9.6x

Increase

Projected

enterprise

value

to

sales

multiple

2.6x

-

17.6x

8.5x

Increase

Sales

growth

rate

1%

-

124%

53%

Increase

Enterprise

value

to

gross

profit

multiple

1.6x

–

21.6x

15.8x

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

64

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**

Projected

enterprise

value

to

gross

profit

multiple

6.8x

-

21.6x

16.6x

Increase

Gross

profit

growth

rate

17%

-

171%

66%

Increase

Enterprise

value

to

EBITDA

multiple

11.5x

-

16.1x

13.8x

Increase

Projected

enterprise

value

to

EBITDA

multiple

15.1x

-

37.6x

34.7x

Increase

EBITDA

growth

rate

56%

56%

Increase

Price

to

tangible

book

value

multiple

2.1x

–

2.7x

2.4x

Increase

Tangible

book

value

growth

rate

3%

-

7%

5%

Increase

Price

to

net

asset

value

multiple

0.9x

0.9x

Increase

Premium

to

public

company

multiples

15%

-

147%

51%

Increase

Discount

to

public

company

multiples

25%

-

50%

38%

Decrease

Discount

rate

for

cost

of

capital

10%

-

40%

16%

Decrease

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

65

+

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 environmental,

political,

social

and

economic

events,

including

but

not

limited

to,

environmental

or

natural

disasters,

war

and

conflict

(including

Russia’s

military

invasion

of

Ukraine

and

the

conflict

in

Israel,

Gaza

and

surrounding

areas),

terrorism,

geopolitical

developments

(including

trading

and

tariff

arrangements,

sanctions

and

cybersecurity

attacks),

and

public

health

epidemics

(including

the

global

outbreak

of

COVID-19)

and

similar

public

health

threats,

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

The

extent

and

duration

of

such

events

and

resulting

market

disruptions

cannot

be

predicted.

These

and

other

similar

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

fund’s

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**

Discount

for

uncertainty

80%

-

100%

89%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

115,822‌

Rollforward

of

Investee

NAV

Estimated

return

0.75%

0.75%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

66

performance

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

or

such

events.

Management

actively

monitors

the

risks

and

financial

impacts

arising

from

such

events.

F101-054Q1

08/24