T. Rowe Price Spectrum Funds II N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07173

T. Rowe Price Spectrum Funds II, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code:  (410) 345-2000

Date of fiscal year end:  May 31

Date of reporting period:  November 30, 2022

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

November

30,

2022

Semiannual

Report

T.

ROWE

PRICE

Spectrum

Allocation

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

HIGHLIGHTS

The

Spectrum

Allocation

Funds

trailed

their

respective

combined

index

benchmarks

over

the

six-month

period

ended

November

30,

2022,

against

a

backdrop

of

heightened

volatility.

While

equities

have

rallied

late

in

the

period,

uncertainty

around

corporate

fundamentals

suggests

limited

near-term

upside,

particularly

as

earnings

estimates

remain

elevated

against

a

slowing

growth

outlook.

Other

key

risks

to

global

markets

include

central

bank

missteps,

persistent

inflation,

potential

for

a

sharper

slowdown

in

global

growth,

China’s

balance

between

containing

the

coronavirus

and

economic

growth,

and

geopolitical

tensions.

We

are

underweight

stocks,

remaining

cautious

on

the

weakening

outlook

for

growth

and

earnings

amid

still

elevated

inflation

and

continued

policy

tightening

by

central

banks.

We

remain

modestly

overweight

cash

relative

to

bonds

given

attractive

short-term

yields,

and

it

also

provides

a

source

of

liquidity

in

the

context

of

potential

market

opportunities.

We

believe

that

the

funds’

diversification

and

flexibility

to

identify

investment

opportunities

across

sectors

and

regions

should

allow

us

to

generate

solid

long-

term

returns

in

a

variety

of

market

environments.

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

Certain

mutual

fund

accounts

that

are

assessed

an

annual

account

service

fee

can

also

save

money

by

switching

to

e-delivery.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

Market

Commentary

1

Dear

Shareholder

Global

stock

markets

generally

produced

negative

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

November

30,

2022,

while

rising

bond

yields

weighed

on

returns

for

fixed

income

investors.

Investors

contended

with

tightening

financial

conditions

and

slowing

economic

and

corporate

earnings

growth,

but

hopes

that

persistently

high

inflation

might

be

easing

helped

spark

a

rally

late

in

the

period

that

partially

offset

earlier

losses.

In

the

U.S.,

equity

results

were

mixed.

The

Dow

Jones

Industrial

Average

recorded

positive

results

and

mid-cap

growth

stocks

also

performed

well,

while

most

other

benchmarks

finished

in

negative

territory.

The

S&P

500

Index

was

modestly

negative

for

the

period,

but

results

varied

widely

at

the

sector

level,

with

industrials

and

energy

shares

delivering

strong

gains

while

communication

services

stocks

struggled.

Outside

the

U.S.,

most

major

country

and

regional

benchmarks

lost

ground.

Emerging

markets

stocks

generally

underperformed

shares

in

developed

markets.

Meanwhile,

the

U.S.

dollar

strengthened

versus

most

currencies

during

the

period,

which

weighed

on

returns

for

U.S.

investors

in

international

securities.

Elevated

inflation

remained

a

leading

concern

for

investors

throughout

the

period,

although

hopes

that

inflation

may

have

peaked

led

to

rallies

during

the

summer

and

again

in

November.

The

October

consumer

price

index

report,

which

was

released

in

mid-November,

was

better

than

expected

and

showed

price

increases

easing

from

recent

40-year

highs.

However,

the

7.7%

year-over-

year

increase

in

the

headline

inflation

number

remained

well

above

the

Fed’s

2%

target.

In

response

to

the

high

inflation

readings,

global

central

banks

continued

to

tighten

monetary

policy,

and

investors

focused

on

communications

from

central

bank

officials

on

how

high

rates

would

have

to

go.

The

Federal

Reserve

delivered

four

historically

large

75-basis-point

(0.75

percentage

point)

rate

hikes

during

the

period,

which

lifted

its

short-term

lending

benchmark

to

a

target

range

of

3.75%

to

4.00%

by

early

November,

the

highest

level

since

2008.

As

our

reporting

period

came

to

an

end,

Fed

officials

signaled

that

they

were

likely

to

dial

back

the

pace

of

rate

increases.

Bond

yields

increased

considerably

across

the

Treasury

yield

curve

as

the

Fed

tightened

monetary

policy,

with

the

yield

on

the

benchmark

10-year

U.S.

Treasury

note

climbing

from

2.85%

at

the

start

of

the

period

to

3.68%

at

the

end

of

November.

Significant

inversions

in

the

Treasury

curve,

which

are

often

considered

a

warning

sign

of

a

coming

recession,

occurred

during

the

period

T.

ROWE

PRICE

Spectrum

Allocation

Funds

2

as

shorter-maturity

Treasuries

experienced

the

largest

yield

increases.

The

sharp

increase

in

yields

led

to

generally

negative

results

across

the

fixed

income

market

as

bond

prices

and

yields

move

in

opposite

directions.

On

a

positive

note,

the

U.S.

jobs

market

remained

resilient

during

the

period,

and

overall

economic

growth

turned

positive

in

the

third

quarter

after

two

slightly

negative

quarters.

However,

recession

fears

also

grew

as

corporate

earnings

slowed

and

manufacturing

gauges

drifted

toward

contraction

levels.

In

addition,

the

housing

market

began

to

weaken

as

mortgage

rates

climbed

to

the

highest

level

in

more

than

20

years.

The

past

year

has

been

a

trying

time

for

investors

as

few

sectors

remained

untouched

by

the

broad

headwinds

that

markets

faced,

and

volatility

may

continue

in

the

near

term

as

central

banks

tighten

policy

amid

slowing

economic

growth.

However,

in

our

view,

valuations

have

become

more

attractive

across

many

market

sectors

during

the

downturn,

which

provides

potential

opportunities

for

selective

investors

focused

on

fundamentals.

We

believe

this

environment

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Spectrum

Allocation

Funds

Management’s

Discussion

of

Fund

Performance

3

INVESTMENT

OBJECTIVE

FOR

SPECTRUM

CONSERVATIVE

ALLOCATION

FUND 

The

fund

seeks

the

highest

total

return

over

time consistent

with

a

primary

emphasis

on

income

and

a

secondary

emphasis

on

capital

growth.

How

did

the

fund

perform

in

the

past six

months?

The

Spectrum

Conservative

Allocation

Fund

returned

-2.53%

for

the

six

months

ended

November

30,

2022.

The

fund

underperformed

its

combined

index

benchmark

but

outperformed

the

Lipper

Mixed-Asset

Target

Allocation

Conservative

Funds

Index.

(The

return

for

I

Class

shares

reflects

a

different

fee

structure.

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Security

selection

within

the

fund’s

underlying

investments

hurt

relative

performance.

Our

U.S.

large-cap

growth

equity

allocation

detracted,

trailing

its

style-specific

benchmark.

Within

the

allocation,

an

unfavorable

overweight

and

security

selection

in

the

communication

services

sector

hampered

relative

results.

The

U.S.

large-

cap

value

equity

and

U.S.

investment-grade

bond

strategies

also

trailed

their

respective

benchmarks

for

the

period.

Within

international

equities,

selection

among

emerging

markets

equities

bolstered

results,

although

selection

within

international

developed

markets

equities

partially

offset

the

impact.

The

fund’s

allocation

to

alternative

investments

through

a

conservative,

diversified

hedge

fund

of

funds

also

contributed

to

relative

returns

due

to

favorable

security

selection.

Tactical

decisions

to

overweight

and

underweight

various

asset

classes

had

a

modest

positive

impact

for

the

period.

Floating

rate

notes

delivered

positive

returns

for

the

six-month

period,

outperforming

investment-grade

issues,

and

an

overweight

allocation

to

the

sector

was

beneficial.

An

overweight

to

cash

relative

to

bonds

also

added

value

as

money

market

yields

rose

but

fixed

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

Spectrum

Conservative

Allocation

Fund

–

.

-2.53‌%

Spectrum

Conservative

Allocation

Fund–

.

I  Class

-2.47‌

Morningstar

Moderately

Conservative

Target

Risk

Index

-2.90‌

Combined

Index

Benchmark

-1.83‌

Lipper

Mixed-Asset

Target

Allocation

Conservative

Funds

Index

-2.91‌

For

definitions

of

the

benchmarks,

please

see

the

Benchmark

Information

section.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

4

income

markets

fell

for

the

six-month

period.

Conversely,

an

overweight

to

emerging

markets

equities,

which

trailed

developed

markets

equities,

weighed

on

performance

amid

several

challenges,

including

slowing

growth

in

China

due

to

its

zero-COVID

policy

as

well

as

the

geopolitical

conflict

in

Ukraine.

Among

diversifying

fixed

income

sectors,

the

inclusion

of

U.S.

dollar-hedged

international

bonds

lifted

relative

performance,

as

the

sector

outperformed

investment-grade

issues

for

the

period.

The

inclusion

of

high

yield

bonds

and

floating

rate

notes

also

worked

in

our

favor.

Conversely,

the

inclusion

of

long-term

U.S.

Treasuries,

which

trailed

the

broader

investment-grade

market,

detracted.

Out-of-

benchmark

exposure

to

real

assets

equities

weighed

on

performance,

although

favorable

security

selection

helped

moderate

the

impact.

*

Includes

the

cash

underlying

futures

positions,

such

as

the

Russell

2000

futures.

SECURITY

DIVERSIFICATION

Spectrum

Conservative

Allocation

Fund

T.

ROWE

PRICE

Spectrum

Allocation

Funds

5

INVESTMENT

OBJECTIVE

FOR

SPECTRUM

MODERATE ALLOCATION

FUND 

The

fund

seeks

the

highest

total

return

over

time consistent

with

an

emphasis

on

both capital

growth

and

income.

How

did

the

fund

perform

in

the

past six

months?

The

Spectrum

Moderate

Allocation

Fund

returned

-2.77%

for

the

six

months

ended

November

30,

2022.

The

fund

underperformed

its

combined

index

benchmark

and

the

Lipper

Mixed-Asset

Target

Allocation

Moderate

Funds

Index.

(The

return

for

I

Class

shares

reflects

a

different

fee

structure.

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Security

selection

within

the

fund’s

underlying

investments

hurt

relative

performance.

Our

U.S.

large-cap

growth

equity

allocation

detracted,

trailing

its

style-specific

benchmark.

Within

the

allocation,

an

unfavorable

overweight

and

security

selection

in

the

communication

services

sector

hampered

relative

results.

The

U.S.

large-cap

value

equity

and

U.S.

investment-grade

bond

strategies

also

trailed

their

respective

benchmarks

for

the

period.

Within

international

equities,

selection

among

emerging

markets

equities

bolstered

results,

although

selection

within

international

developed

markets

equities

partially

offset

the

impact.

The

fund’s

allocation

to

alternative

investments

through

a

conservative,

diversified

hedge

fund

of

funds

also

contributed

to

relative

returns

due

to

favorable

security

selection.

Tactical

decisions

to

overweight

and

underweight

various

asset

classes

contributed

for

the

period.

Our

positioning

between

stocks,

bonds,

and

cash

was

beneficial.

Equity

and

fixed

income

markets

fell

for

the

six-month

period,

and

an

underweight

allocation

coupled

with

an

overweight

to

cash

amid

rising

money

market

yields

added

value.

An

overweight

to

floating

rate

notes

also

lifted

relative

returns.

Conversely,

an

overweight

to

emerging

markets

equities,

which

trailed

developed

markets

equities,

weighed

on

performance

amid

several

challenges,

including

slowing

growth

in

China

due

to

its

zero-COVID

policy

as

well

as

the

geopolitical

conflict

in

Ukraine.

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

Spectrum

Moderate

Allocation

Fund

–

.

-2.77‌%

Spectrum

Moderate

Allocation

Fund–

.

I  Class

-2.71‌

Morningstar

Moderate

Target

Risk

Index

-2.73‌

Combined

Index

Benchmark

-1.89‌

Lipper

Mixed-Asset

Target

Allocation

Moderate

Funds

Index

-1.80‌

For

definitions

of

the

benchmarks,

please

see

the

Benchmark

Information

section.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

6

Among

diversifying

fixed

income

sectors,

the

inclusion

of

U.S.

dollar-hedged

international

bonds

lifted

relative

performance,

as

the

sector

outperformed

investment-grade

issues

for

the

period.

The

inclusion

of

high

yield

bonds

and

floating

rate

notes

also

worked

in

our

favor.

Conversely,

the

inclusion

of

long-term

U.S.

Treasuries,

which

trailed

the

broader

investment-grade

market,

detracted.

Out-of-

benchmark

exposure

to

real

assets

equities

weighed

on

performance,

although

favorable

security

selection

helped

moderate

the

impact.

*

Includes

the

cash

underlying

futures

positions,

such

as

the

Russell

2000

futures.

SECURITY

DIVERSIFICATION

Spectrum

Moderate

Allocation

Fund

T.

ROWE

PRICE

Spectrum

Allocation

Funds

7

INVESTMENT

OBJECTIVE

FOR

SPECTRUM

MODERATE

GROWTH ALLOCATION

FUND 

The

fund

seeks

the

highest

total

return

over

time consistent

with

a

primary

emphasis

on

capital

growth and

a

secondary

emphasis

on

income.

How

did

the

fund

perform

in

the

past six

months?

The

Spectrum

Moderate

Growth

Allocation

Fund

returned

-2.85%

for

the

six

months

ended

November

30,

2022.

The

fund

underperformed

its

combined

index

benchmark

and

the

Lipper

Mixed-Asset

Target

Allocation

Growth

Funds

Index.

(The

return

for

I

Class

shares

reflects

a

different

fee

structure.

Past

performance

cannot

guarantee

future

results

.)

What

factors

influenced

the

fund’s

performance?

Security

selection

within

the

fund’s

underlying

investments

hurt

relative

performance.

Our

U.S.

large-cap

growth

equity

allocation

detracted,

trailing

its

style-specific

benchmark.

Within

the

allocation,

an

unfavorable

overweight

and

security

selection

in

the

communication

services

sector

hampered

relative

results.

The

U.S.

large-cap

value

equity

and

U.S.

investment-grade

bond

strategies

also

trailed

their

respective

benchmarks

for

the

period.

Within

international

equities,

selection

among

emerging

markets

equities

bolstered

results,

although

selection

within

international

developed

markets

equities

partially

offset

the

impact.

The

fund’s

allocation

to

alternative

investments

through

a

conservative,

diversified

hedge

fund

of

funds

also

modestly

contributed

to

relative

returns

due

to

favorable

security

selection.

Tactical

decisions

to

overweight

and

underweight

various

asset

classes

had

a

modest

positive

impact

for

the

period.

Our

positioning

between

stocks,

bonds,

and

cash

was

beneficial.

Equity

and

fixed

income

markets

fell

for

the

six-month

period,

and

an

underweight

allocation

coupled

with

an

overweight

to

cash

amid

rising

money

market

yields

added

value.

Conversely,

an

overweight

to

emerging

markets

equities,

which

trailed

developed

markets

equities,

weighed

on

performance

amid

several

challenges,

including

slowing

growth

in

China

due

to

its

zero-COVID

policy

as

well

as

the

geopolitical

conflict

in

Ukraine.

PERFORMANCE

COMPARISON

Six-Month

Period

Ended

11/30/22

Total

Return

Spectrum

Moderate

Growth

Allocation

Fund

–

.

-2.85‌%

Spectrum

Moderate

Growth

Allocation

Fund–

.

I  Class

-2.79‌

Morningstar

Moderately

Aggressive

Target

Risk

Index

-2.22‌

Combined

Index

Benchmark

-2.05‌

Lipper

Mixed-Asset

Target

Allocation

Growth

Funds

Index

-1.92‌

For

definitions

of

the

benchmarks,

please

see

the

Benchmark

Information

section.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

8

Among

diversifying

fixed

income

sectors,

the

inclusion

of

U.S.

dollar-hedged

international

bonds

lifted

relative

performance,

as

the

sector

outperformed

investment-grade

issues

for

the

period.

The

inclusion

of

high

yield

bonds

and

floating

rate

notes

also

worked

in

our

favor.

Conversely,

the

inclusion

of

long-term

U.S.

Treasuries,

which

trailed

the

broader

investment-grade

market,

detracted.

Out-of-

benchmark

exposure

to

real

assets

equities

weighed

on

performance,

although

favorable

security

selection

helped

moderate

the

impact.

*

Includes

the

cash

underlying

futures

positions,

such

as

the

Russell

2000

futures.

SECURITY

DIVERSIFICATION

Spectrum

Moderate

Growth

Allocation

Fund

T.

ROWE

PRICE

Spectrum

Allocation

Funds

9

How

are

the

Spectrum

Allocation

Funds

positioned?

As

of

November

30,

2022,

we

are

underweight

stocks,

remaining

cautious

on

the

weakening

outlook

for

growth

and

earnings

amid

still

elevated

inflation

and

continued

policy

tightening

by

central

banks.

However,

valuations

for

stocks

have

become

more

reasonable,

and

we

modestly

trimmed

our

underweight

to

stocks

late

in

the

period.

We

remain

modestly

overweight

cash

relative

to

bonds

given

attractive

short-term

yields,

and

it

also

provides

a

source

of

liquidity

in

the

context

of

potential

market

opportunities.

Stocks

On

a

regional

basis,

we

are

modestly

overweight

to

international

stocks,

with

a

tilt

toward

emerging

markets,

relative

to

U.S.

stocks.

We

believe

non-U.S.

valuations

are

attractive

on

a

relative

basis.

However,

inflation

concerns,

tighter

central

bank

policy,

an

energy

crisis

in

Europe,

and

the

continued

strength

of

the

U.S.

dollar

are

notable

headwinds.

Within

emerging

markets,

valuations

and

currencies

are

attractive

as

central

bank

tightening

in

some

countries

may

have

peaked.

However,

the

near-term

outlook

in

China

has

deteriorated

due

to

ongoing

COVID

lockdowns,

housing

market

concerns,

and

geopolitical

uncertainty.

In

our

view,

U.S.

equities

remain

expensive

on

a

relative

basis,

although

the

U.S.

economy

appears

to

be

on

stronger

footing

than

the

rest

of

the

world,

and

its

less

cyclical

nature

could

provide

support

as

global

growth

weakens.

In

the

U.S.,

we

are

nearly

balanced

between

value-

and

growth-oriented

equities.

The

slowing

growth

backdrop

is

unfavorable

for

cyclicals,

while

higher

rates

could

weigh

on

growth

stocks.

During

the

period,

we

introduced

a

tactical

allocation

to

large-cap

core

equities

that

generally

have

a

higher-quality

profile

and

are

less

cyclical

or

have

less

interest

rate

sensitivity

than

value

or

growth

styles,

respectively.

We

are

overweight

to

small-cap

stocks,

which

we

believe

offer

relatively

more

attractive

valuations

than

their

large‐cap

counterparts

and

appear

to

have

more

fully

priced

in

the

probability

of

a

recession.

We

are

neutral

to

inflation-sensitive

real

assets

equities,

which

we

believe

may

provide

a

hedge

should

inflationary

pressures

persist

longer

than

expected.

However,

commodity

prices

may

face

further

pressure

due

to

economic

concerns

and

waning

demand—particularly

from

China.

Bonds

We

remain

overweight

to

below

investment-grade

bonds,

including

high

yield

bonds

and

floating

rate

loans.

We

believe

high

yield

credit

fundamentals

remain

generally

supportive

and

attractive

valuations

offer

reasonable

compensation

for

risks.

Default

rates

are

expected

to

rise

from

today’s

historically

low

levels

toward

longer-run

averages,

with

higher

yields

potentially

providing

a

buffer

should

credit

spreads

widen.

However,

credit

spread

T.

ROWE

PRICE

Spectrum

Allocation

Funds

10

volatility

is

expected

to

continue

due

to

geopolitical,

inflationary,

and

growth

concerns.

We

are

overweight

to

floating

rate

loans

as

the

short

duration

profile

of

loans

is

attractive

in

a

rising

rate

regime,

but

that

benefit

may

be

waning.

In

our

view,

the

asset

class

is

still

supported

by

solid

fundamentals,

although

liquidity

and

recession

concerns

remain

risks.

We

took

advantage

of

higher

yields

and

are

now

overweight

to

long-term

U.S.

Treasury

bonds,

which

can

help

provide

ballast

to

equity

volatility,

in

our

view.

We

are

neutral

to

inflation-linked

securities.

While

further

evidence

of

slowing

inflation

could

be

a

headwind

for

inflation-linked

bonds,

this

sector

may

offer

relative

support

if

inflation

should

prove

to

be

more

resilient.

Within

international

fixed

income,

we

are

underweight

to

U.S.

dollar-hedged

international

bonds

as

yields

could

remain

volatile

amid

global

central

banks

balancing

elevated

inflation

versus

slower

growth.

We

believe

a

more

moderate

pace

of

hiking

by

the

Federal

Reserve

(Fed)

should

narrow

interest

rate

differentials,

softening

U.S.

dollar

strength.

We

are

overweight

to

dollar-

denominated

emerging

markets

bonds,

as

yield

levels

look

attractive

but

also

seem

reflective

of

elevated

global

growth

concerns.

Additionally,

some

emerging

markets

are

nearing

the

peak

of

central

bank

tightening,

and

moderating

inflation

should

be

supportive.

What

is

portfolio

management’s

outlook

for

the

Spectrum

Allocation

Funds?

Global

equity

and

bond

markets

were

gripped

with

volatility

throughout

the

reporting

period,

with

most

major

indexes

trending

lower.

Uncertainty

persists

for

the

global

economic

outlook

as

hawkish

central

banks

battle

with

high

inflation

in

the

face

of

weakening

growth

expectations.

The

Fed

has

signaled

a

potential

shift

to

a

more

moderate

pace

of

tightening

but

remains

committed

to

taming

inflation,

acknowledging

the

potential

for

a

higher-for-longer

terminal

fed

funds

target

rate.

While

equities

have

rallied

late

in

the

period,

uncertainty

around

corporate

fundamentals

suggests

limited

near-term

upside,

particularly

as

earnings

estimates

remain

elevated

against

a

slowing

growth

outlook.

Other

key

risks

to

global

markets

include

central

bank

missteps,

persistent

inflation,

potential

for

a

sharper

slowdown

in

global

growth,

China’s

balance

between

containing

the

coronavirus

and

economic

growth,

and

geopolitical

tensions.

Given

the

range

of

potential

paths

for

growth

and

inflation,

our

positioning

remains

cautious.

On

the

one

hand,

we

expect

that

a

firm

commitment

from

major

central

banks

to

bring

down

inflation

will

result

in

a

low

ceiling

for

stocks

in

the

near

term.

On

the

other

hand,

the

peaking

of

inflationary

pressures

in

key

markets

along

with

a

softening

of

a

hawkish

central

bank

tone

may

cause

risk

markets

to

realize

economic

fundamentals.

We

continue

to

assess

when

to

add

to

equities

T.

ROWE

PRICE

Spectrum

Allocation

Funds

11

and

other

risk

assets

as

we

evaluate

long‐term

valuations

and

early

indications

of

stabilization

or

improvement

in

macroeconomic

conditions.

In

our

view,

these

conditions

contribute

to

a

less

compelling

risk/reward

trade-off

between

stocks

and

bonds

or

cash

in

the

near

term,

and

we

believe

that

a

more

modest

allocation

to

equities

may

be

prudent.

The

elevated

levels

of

volatility

and

uncertainty

in

global

markets

underscore

the

value

of

our

thoughtful

strategic

investing

approach.

Given

the

uncertain

impact

of

forces

driving

global

financial

markets,

we

believe

that

the

broad

diversification

of

the

Spectrum

Allocation

Funds,

combined

with

our

strength

in

fundamental

research,

can

add

value

over

the

long

term

and

help

mitigate

downside

risk

in

an

uncertain

market

environment.

The

views

expressed

reflect

the

opinions

of

T.

Rowe

Price

as

of

the

date

of

this

report

and

are

subject

to

change

based

on

changes

in

market,

economic,

or

other

conditions.

These

views

are

not

intended

to

be

a

forecast

of

future

events

and

are

no

guarantee

of

future

results.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

12

Risks

of

Investing

Stocks

generally

fluctuate

in

value

more

than

bonds

and

may

decline

significantly

over

short

time

periods.

There

is

a

chance

that

stock

prices

overall

will

decline

because

stock

markets

tend

to

move

in

cycles,

with

periods

of

rising

and

falling

prices.

The

value

of

stocks

held

by

the

fund

may

decline

due

to

general

weakness

or

volatility

in

the

stock

markets

in

which

the

fund

invests

or

because

of

factors

that

affect

a

particular

company

or

industry.

Investing

in

the

securities

of

non-U.S.

issuers

involves

special

risks

not

typically

associated

with

investing

in

U.S.

issuers.

Risks

can

result

from

varying

stages

of

economic

and

political

development;

differing

regulatory

environments,

trading

days,

and

accounting

standards;

and

higher

transaction

costs

of

non-U.S.

markets.

Non-U.S.

investments

are

also

subject

to

currency

risk,

or

a

decline

in

the

value

of

a

foreign

currency

versus

the

U.S.

dollar,

which

reduces

the

dollar

value

of

securities

denominated

in

that

currency.

The

risks

of

investing

outside

the

U.S.

are

heightened

for

any

investments

in

emerging

markets,

which

are

susceptible

to

greater

volatility

than

investments

in

developed

markets.

Fixed

income

markets

can

be

adversely

affected

by

economic

and

other

market

developments.

Fixed

income

securities

are

subject

to

interest

rate

risk,

the

decline

in

bond

prices

that

usually

accompanies

a

rise

in

interest

rates.

Longer-

maturity

bonds

typically

decline

more

than

shorter

maturities.

Funds

that

invest

in

bonds

are

also

subject

to

credit

risk,

the

chance

that

any

fund

holding

could

have

its

credit

rating

downgraded

or

that

a

bond

issuer

will

default

(fail

to

make

timely

payments

of

interest

or

principal),

potentially

reducing

the

fund’s

income

level

and

share

price.

The

fund’s

exposure

to

alternative

investments

may

be

more

correlated

to

the

broad

markets

than

anticipated

and

thus

may

not

realize

the

intended

benefits

of

such

investments.

A

hedge

fund

is

considered

an

illiquid

asset

by

the

fund,

is

not

subject

to

the

same

regulatory

requirements

as

mutual

funds,

and

could

underperform

comparable

hedge

funds.

Hedge

funds

often

engage

in

leveraging,

short

selling,

commodities

investing,

and

other

speculative

investment

practices

that

are

not

fully

disclosed

and

may

increase

the

risk

of

investment

loss.

Their

underlying

holdings

are

not

as

transparent

to

investors

as

those

of

traditional

mutual

funds,

and

the

redemption

rights

of

an

investor,

such

as

the

fund,

are

typically

limited.

These

factors

make

alternative

investments

more

difficult

to

value

and

monitor

when

compared

with

more

traditional

investments

and

increase

the

fund’s

overall

liquidity

risks.

These

are

some

of

the

principal

risks

of

investing

in

the

Spectrum

Allocation

Funds.

For

a

more

thorough

discussion

of

risks,

please

see

the

prospectus.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

13

BENCHMARK

INFORMATION

Combined

index

benchmarks:

Unmanaged

blended

index

benchmarks

composed

of

the

following

underlying

indexes

as

of

November

30,

2022:

Spectrum

Conservative

Allocation

—40%

stocks

(28%

Russell

3000

Index,

12%

MSCI

All

Country

World

Index

ex

USA),

40%

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index),

and

20%

money

market

securities

(FTSE

3-Month

Treasury

Bill

Index).

Spectrum

Moderate

Allocation

—60%

stocks

(42%

Russell

3000

Index,

18%

MSCI

All

Country

World

Index

ex

USA),

30%

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index),

and

10%

money

market

securities

(FTSE

3-Month

Treasury

Bill

Index).

Spectrum

Moderate

Growth

Allocation

—80%

stocks

(56%

Russell

3000

Index,

24%

MSCI

All

Country

World

Index

ex

USA)

and

20%

bonds

(Bloomberg

U.S.

Aggregate

Bond

Index).

Note:

Bloomberg

®

and the

Bloomberg

U.S.

Aggregate

Bond

Index

are

service

marks

of

Bloomberg

Finance

L.P.

and

its

affiliates,

including

Bloomberg

Index

Services

Limited

(“BISL”),

the

administrator

of

the

index

(collectively,

“Bloomberg”)

and

have

been

licensed

for

use

for

certain

purposes

by

T.

Rowe

Price.

Bloomberg

is

not

affiliated

with

T.

Rowe

Price,

and

Bloomberg

does

not

approve,

endorse,

review,

or

recommend

its

products.

Bloomberg

does

not

guarantee

the

timeliness,

accurateness,

or

completeness

of

any

data

or

information

relating

to

its

products. 

Note:

FTSE

is

a

trade

mark

of

the

LSE

Group

and

is

used

by

FTSE

International

Limited

("FTSE")

under

license.

"NAREIT"

is

a

trade

mark

of

the

Nareit.

All

rights

in

the

FTSE

3-Month

Treasury

Bill

Index

(the

“Index”)

vest

in

FTSE

and

Nareit.

Neither

FTSE,

nor

the

LSE

Group,

nor

Nareit

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

FTSE

or

Nareit

is

permitted

without

the

relevant

FTSE’s

express

written

consent.

FTSE,

the

LSE

Group,

and

Nareit

do

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

Note:

Portions

of

the

mutual

fund

information

contained

in

this

report

were

supplied

by

Lipper,

a

Refinitiv

Company,

subject

to

the

following:

Copyright

2022

©

Refinitiv.

All

rights

reserved.

Any

copying,

republication

or

redistribution

of

Lipper

content

is

expressly

prohibited

without

the

prior

written

consent

of

Lipper.

Lipper

shall

not

be

liable

for

any

errors

or

delays

in

the

content,

or

for

any

actions

taken

in

reliance

thereon.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

14

Note:

©2022

Morningstar,

Inc.

All

rights

reserved.

The

information

contained

therein:

(1)

is

proprietary

to

Morningstar

and/or

its

content

providers;

(2)

may

not

be

copied

or

distributed;

and

(3)

is

not

warranted

to

be

accurate,

complete,

or

timely.

Neither

Morningstar

nor

its

content

providers

are

responsible

for

any

damages

or

losses

arising

from

any

use

of

this

information.

Past

performance

is

no

guarantee

of

future

results.

Note:

MSCI

and

its

affiliates

and

third-party

sources

and

providers

(collectively,

“MSCI”)

makes

no

express

or

implied

warranties

or

representations

and

shall

have

no

liability

whatsoever

with

respect

to

any

MSCI

data

contained

herein.

The

MSCI

data

may

not

be

further

redistributed

or

used

as

a

basis

for

other

indices

or

any

securities

or

financial

products.

This

report

is

not

approved,

reviewed,

or

produced

by

MSCI.

Historical

MSCI

data

and

analysis

should

not

be

taken

as

an

indication

or

guarantee

of

any

future

performance

analysis,

forecast

or

prediction.

None

of

the

MSCI

data

is

intended

to

constitute

investment

advice

or

a

recommendation

to

make

(or

refrain

from

making)

any

kind

of

investment

decision

and

may

not

be

relied

on

as

such.

Note:

London

Stock

Exchange

Group

plc

and

its

group

undertakings

(collectively,

the

“LSE

Group”).

©

LSE

Group

2022.

FTSE

Russell

is

a

trading

name

of

certain

of

the

LSE

Group

companies.  Russell

®

is

a

trademark

of

the

relevant

LSE

Group

companies

and

is

used

by

any

other

LSE

Group

company

under

license.

All

rights

in

the

FTSE

Russell

indexes

or

data

vest

in

the

relevant

LSE

Group

company

which

owns

the

index

or

the

data.

Neither

LSE

Group

nor

its

licensors

accept

any

liability

for

any

errors

or

omissions

in

the

indexes

or

data

and

no

party

may

rely

on

any

indexes

or

data

contained

in

this

communication.

No

further

distribution

of

data

from

the

LSE

Group

is

permitted

without

the

relevant

LSE

Group

company’s

express

written

consent.

The

LSE

Group

does

not

promote,

sponsor

or

endorse

the

content

of

this

communication.

The

LSE

Group

is

not

responsible

for

the

formatting

or

configuration

of

this

material

or

for

any

inaccuracy

in

T.

Rowe

Price’s

presentation

thereof.

BENCHMARK

INFORMATION

(continued)

T.

ROWE

PRICE

Spectrum

Allocation

Funds

15

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

SPECTRUM

CONSERVATIVE

ALLOCATION

FUND

Note:

Performance

for

the

I

Class share

will

vary

due

to

its differing

fee

structure.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Spectrum

Conservative

Allocation

Fund

–

.

-10.82‌%

3.38‌%

5.24‌%

–‌

–

Spectrum

Conservative

Allocation

Fund–

.

I  Class

-10.68‌

3.49‌

–‌

5.25‌%

3/23/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

16

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

SPECTRUM

MODERATE

ALLOCATION

FUND

Note:

Performance

for

the

I

Class share

will

vary

due

to

its differing

fee

structure.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Spectrum

Moderate

Allocation

Fund

–

.

-13.00‌%

4.35‌%

6.93‌%

–‌

–

Spectrum

Moderate

Allocation

Fund–

.

I  Class

-12.89‌

4.48‌

–‌

6.86‌%

3/23/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

17

GROWTH

OF

$10,000 

This

chart

shows

the

value

of

a

hypothetical

$10,000

investment

in

the

fund

over

the

past

10

fiscal

year

periods

or

since

inception

(for funds

lacking

10-year

records).

The

result

is

compared

with

benchmarks,

which

include

a

broad-based

market

index

and

may

also

include

a

peer

group

average

or

index.

Market

indexes

do

not

include

expenses,

which

are

deducted

from

fund

returns

as

well

as

mutual fund

averages

and

indexes. 

SPECTRUM

MODERATE

GROWTH

ALLOCATION

FUND

Note:

Performance

for

the

I

Class share

will

vary

due

to

its differing

fee

structure.

See

the

Average

Annual

Compound

Total

Return

table. 

AVERAGE

ANNUAL

COMPOUND

TOTAL

RETURN

Periods

Ended

11/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Spectrum

Moderate

Growth

Allocation

Fund

–

.

-14.48‌%

5.28‌%

8.53‌%

–‌

–

Spectrum

Moderate

Growth

Allocation

Fund–

.

I  Class

-14.35‌

5.41‌

–‌

8.40‌%

3/23/16

This

table

shows

how

the

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

Past

performance

cannot

guarantee

future

results.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

18

EXPENSE

RATIOS

FUND

EXPENSE

EXAMPLE 

As

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

"Expenses

Paid

During

Period"

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Spectrum

Conservative

Allocation

Fund

0.80‌%

Spectrum

Conservative

Allocation

Fund–I

Class

0.71‌ 

Spectrum

Moderate

Allocation

Fund

0.88‌ 

Spectrum

Moderate

Allocation

Fund–I

Class

0.76‌ 

Spectrum

Moderate

Growth

Allocation

Fund

0.89‌ 

Spectrum

Moderate

Growth

Allocation

Fund–I

Class

0.76‌ 

The

expense

ratios

shown

are

as

of

the

funds’

most

recent

prospectus.

These

numbers

may

vary

from

the

expense

ratios

shown

elsewhere

in

this

report

because

they

are

based

on

a

different

time

period

and,

if

applicable,

include

acquired

fund

fees

and

expenses

but

do

not

include

fee

or

expense

waivers.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

19

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

SPECTRUM

CONSERVATIVE

ALLOCATION

FUND

Beginning

Account

Value

6/1/22

Ending

Account

Value

11/30/22

Expenses

Paid

During

Period*

6/1/22

to

11/30/22

Investor

Class

Actual

$1,000.00

$974.70

$1.93

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.11

  1.98

I

Class

Actual

  1,000.00

  975.30

  1.29

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.76

  1.32

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.39%,

and

the

2

I Class

was

0.26%.

FUND

EXPENSE

EXAMPLE 

(CONTINUED)

T.

ROWE

PRICE

Spectrum

Allocation

Funds

20

SPECTRUM

MODERATE

ALLOCATION

FUND

Beginning

Account

Value

6/1/22

Ending

Account

Value

11/30/22

Expenses

Paid

During

Period*

6/1/22

to

11/30/22

Investor

Class

Actual

$1,000.00

$972.30

$2.62

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.41

  2.69

I

Class

Actual

  1,000.00

  972.90

  1.98

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.06

  2.03

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.53%,

and

the

2

I Class

was

0.40%.

SPECTRUM

MODERATE

GROWTH

ALLOCATION

FUND

Beginning

Account

Value

6/1/22

Ending

Account

Value

11/30/22

Expenses

Paid

During

Period*

6/1/22

to

11/30/22

Investor

Class

Actual

$1,000.00

$971.50

$3.11

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.91

  3.19

I

Class

Actual

  1,000.00

  972.10

  2.32

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.71

  2.38

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(365)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.63%,

and

the

2

I Class

was

0.47%.

FUND

EXPENSE

EXAMPLE 

(CONTINUED)

T.

ROWE

PRICE

Spectrum

Allocation

Funds

21

QUARTER-END

RETURNS

Periods

Ended

9/30/22

1

Year

5

Years

10

Years

Since

Inception

Inception

Date

Spectrum

Conservative

Allocation

Fund

–

.

-15.77‌%

2.54‌%

4.67‌%

–‌

–

Spectrum

Conservative

Allocation

Fund–

.

I  Class

-15.70‌ 

2.64‌ 

–‌

4.42‌%

3/23/16

Spectrum

Moderate

Allocation

Fund

–

.

-19.25‌ 

3.25‌ 

6.12‌ 

–‌

–

Spectrum

Moderate

Allocation

Fund–

.

I  Class

-19.16‌ 

3.36‌ 

–‌

5.71‌ 

3/23/16

Spectrum

Moderate

Growth

Allocation

Fund

–

.

-22.04‌ 

3.87‌ 

7.45‌ 

–‌

–

Spectrum

Moderate

Growth

Allocation

Fund–

.

I  Class

-21.93‌ 

4.01‌ 

–‌

6.90‌ 

3/23/16

The

funds’

performance

information

represents

only

past

performance

and

is

not

necessarily

an

indication

of

future

results.

Current

performance

may

be

lower

or

higher

than

the

performance

data

cited.

Share

price,

principal

value,

and

return

will

vary,

and

you

may

have

a

gain

or

loss

when

you

sell

your

shares.

For

the

most

recent

month-end

performance,

please

visit

our

website

(troweprice.com)

or

contact

a

T.

Rowe

Price

representative

at

1

-

800

-

225

-

5132

or,

for

2

I

Class

shares,

1-800-638-8790

.

This

table

provides

returns

through

the

most

recent

calendar

quarter-end

rather

than

through

the

end

of

the

funds’

fiscal

period.

It

shows

how

each

fund

would

have

performed

each

year

if

its

actual

(or

cumulative)

returns

for

the

periods

shown

had

been

earned

at

a

constant

rate.

Average

annual

total

return

figures

include

changes

in

principal

value,

reinvested

dividends,

and

capital

gain

distributions.

Returns

do

not

reflect

taxes

that

the

shareholder

may

pay

on

fund

distributions

or

the

redemption

of

fund

shares.

When

assessing

performance,

investors

should

consider

both

short-

and

long-term

returns.

T.

Rowe

Price

Investment

Services,

Inc.

|

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Pratt

Street

|

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MD

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Call

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to

request

a

prospectus

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summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

All

mutual

funds

are

subject

to

market

risk,

including

possible

loss

of

principal.

Investing

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the

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Advisers

Act

of

1940.

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are

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Services,

Inc.,

member

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Brokerage

accounts

are

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Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

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Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

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Inc.,

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companies.

2

Brokerage

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Brokerage

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Company,

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NYSE/FINRA/SIPC.

202301-2568476

C11-051

1/23

Highlights

and

Market

Commentary

Management’s

Discussion

of

Fund

Performance

Performance

and

Expenses

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

November

30,

2022

Semiannual

Report

|

Financial

Statements

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRPBX

Spectrum

Moderate

Allocation

Fund

–

.

TPPAX

Spectrum

Moderate

Allocation

Fund–

.

I Class

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

24

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

23

.44‌

$

28

.39‌

$

23

.21‌

$

22

.82‌

$

24

.33‌

$

23

.55‌

Investment

activities

Net

investment

income

(1)(2)

0

.15‌

0

.31‌

0

.29‌

0

.35‌

0

.45‌

0

.37‌

Net

realized

and

unrealized

gain/loss

(

0

.79‌

)

(

2

.69‌

)

6

.17‌

0

.86‌

(

0

.04‌

)

1

.82‌

Total

from

investment

activities

(

0

.64‌

)

(

2

.38‌

)

6

.46‌

1

.21‌

0

.41‌

2

.19‌

Distributions

Net

investment

income

(

0

.18‌

)

(

0

.29‌

)

(

0

.30‌

)

(

0

.38‌

)

(

0

.48‌

)

(

0

.37‌

)

Net

realized

gain

—‌

(

2

.28‌

)

(

0

.98‌

)

(

0

.44‌

)

(

1

.44‌

)

(

1

.04‌

)

Total

distributions

(

0

.18‌

)

(

2

.57‌

)

(

1

.28‌

)

(

0

.82‌

)

(

1

.92‌

)

(

1

.41‌

)

NET

ASSET

VALUE

End

of

period

$

22

.62‌

(3)

$

23

.44‌

$

28

.39‌

$

23

.21‌

$

22

.82‌

$

24

.33‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

25

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

(

2

.68‌

)

%

(3)

(

9

.42‌

)

%

28

.47‌

%

(5)

5

.27‌

%

2

.07‌

%

9

.45‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.72‌

%

(6)

0

.68‌

%

0

.66‌

%

0

.67‌

%

0

.68‌

%

0

.69‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.53‌

%

(6)

0

.51‌

%

0

.52‌

%

0

.53‌

%

0

.54‌

%

0

.55‌

%

Net

investment

income

1

.39‌

%

(6)

1

.15‌

%

1

.11‌

%

1

.50‌

%

1

.95‌

%

1

.54‌

%

Portfolio

turnover

rate

35

.5‌

%

80

.3‌

%

60

.2‌

%

71

.0‌

%

62

.6‌

%

59

.8‌

%

Net

assets,

end

of

period

(in

millions)

$1,153

$1,295

$2,254

$1,886

$1,972

$2,203

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Net

asset

value

and

Total

return

include

adjustments

made

in

accordance

with

U.S.

generally

accepted

accounting

principles

for

financial

reporting

purposes

and

may

differ

from

the

net

asset

value

and

total

returns

for

shareholder

transactions.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Total

return

calculated

through

the

fund’s

last

business

day

of

the

fiscal

year,

5/28/21.

Total

return

calculated

as

of

the

close

of

the

reporting

period

is

28.42%.

(6)

Annualized

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

26

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

NET

ASSET

VALUE

Beginning

of

period

$

23

.43‌

$

28

.40‌

$

23

.21‌

$

22

.82‌

$

24

.34‌

$

23

.55‌

Investment

activities

Net

investment

income

(1)(2)

0

.17‌

0

.37‌

0

.32‌

0

.37‌

0

.49‌

0

.41‌

Net

realized

and

unrealized

gain/loss

(

0

.79‌

)

(

2

.71‌

)

6

.17‌

0

.87‌

(

0

.07‌

)

1

.82‌

Total

from

investment

activities

(

0

.62‌

)

(

2

.34‌

)

6

.49‌

1

.24‌

0

.42‌

2

.23‌

Distributions

Net

investment

income

(

0

.20‌

)

(

0

.35‌

)

(

0

.32‌

)

(

0

.41‌

)

(

0

.50‌

)

(

0

.40‌

)

Net

realized

gain

—‌

(

2

.28‌

)

(

0

.98‌

)

(

0

.44‌

)

(

1

.44‌

)

(

1

.04‌

)

Total

distributions

(

0

.20‌

)

(

2

.63‌

)

(

1

.30‌

)

(

0

.85‌

)

(

1

.94‌

)

(

1

.44‌

)

NET

ASSET

VALUE

End

of

period

$

22

.61‌

(3)

$

23

.43‌

$

28

.40‌

$

23

.21‌

$

22

.82‌

$

24

.34‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

27

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/22

..

Year

..

..

Ended

.

5/31/22

5/31/21

5/31/20

5/31/19

5/31/18

Ratios/Supplemental

Data

Total

return

(2)(4)

(

2

.63‌

)

%

(3)

(

9

.29‌

)

%

28

.61‌

%

(5)

5

.41‌

%

2

.11‌

%

9

.63‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.58‌

%

(6)

0

.56‌

%

0

.56‌

%

0

.57‌

%

0

.57‌

%

0

.57‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.40‌

%

(6)

0

.39‌

%

0

.41‌

%

0

.42‌

%

0

.43‌

%

0

.44‌

%

Net

investment

income

1

.52‌

%

(6)

1

.40‌

%

1

.21‌

%

1

.59‌

%

2

.09‌

%

1

.69‌

%

Portfolio

turnover

rate

35

.5‌

%

80

.3‌

%

60

.2‌

%

71

.0‌

%

62

.6‌

%

59

.8‌

%

Net

assets,

end

of

period

(in

thousands)

$1,031,181

$1,077,411

$604,872

$428,391

$348,307

$230,047

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

0‌

%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Net

asset

value

and

Total

return

include

adjustments

made

in

accordance

with

U.S.

generally

accepted

accounting

principles

for

financial

reporting

purposes

and

may

differ

from

the

net

asset

value

and

total

returns

for

shareholder

transactions.

(4)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(5)

Total

return

calculated

through

the

fund’s

last

business

day

of

the

fiscal

year,

5/28/21.

Total

return

calculated

as

of

the

close

of

the

reporting

period

is

28.57%.

(6)

Annualized

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

November

30,

2022

(Unaudited)

28

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

0.8%

522

Funding

Series 2019-5A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.33%,

5.194%,

4/15/35  (1)

600,000‌

577‌

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

5.714%,

4/15/35  (1)

340,000‌

321‌

AGL

Series 2021-14A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

5.428%,

12/2/34  (1)

740,000‌

714‌

AGL

Series 2022-17A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.33%,

5.318%,

1/21/35  (1)

470,000‌

453‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

345,000‌

317‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26 

194,000‌

173‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28  (1)

205,000‌

185‌

Applebee's

Funding

Series 2019-1A,

Class

A2I

4.194%,

6/5/49  (1)

994,950‌

942‌

Benefit

Street

Partners

XI

Series 2017-11A,

Class

A2R,

CLO,

FRN

3M

USD

LIBOR

+

1.50%,

5.579%,

4/15/29  (1)

250,000‌

241‌

Benefit

Street

Partners

XX

Series 2020-20A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.17%,

5.249%,

7/15/34  (1)

325,000‌

314‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

5.184%,

4/15/35  (1)

615,000‌

592‌

Carmax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26 

395,000‌

374‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

810,000‌

720‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28 

210,000‌

184‌

CBAM

Series 2019-9A,

Class

B1,

CLO,

FRN

3M

USD

LIBOR

+

1.90%,

5.979%,

2/12/30  (1)

250,000‌

244‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

28

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cedar

Funding

VIII

Series 2017-8A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

5.229%,

10/17/34  (1)

345,000‌

333‌

CIFC

Funding

Series 2020-3A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.13%,

5.373%,

10/20/34  (1)

435,000‌

420‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.14%,

5.219%,

7/15/36  (1)

400,000‌

387‌

Driven

Brands

Funding

Series 2019-1A,

Class

A2

4.641%,

4/20/49  (1)

211,750‌

191‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50  (1)

195,500‌

169‌

Dryden

Series 2020-86A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.10%,

5.179%,

7/17/34  (1)

390,000‌

377‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

610,000‌

578‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

385,000‌

377‌

GMF

Floorplan

Owner

Revolving

Trust

Series 2020-2,

Class

C

1.31%,

10/15/25  (1)

185,000‌

176‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48  (1)

446,400‌

419‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51  (1)

197,500‌

157‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29  (1)

140,000‌

129‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29  (1)

260,000‌

235‌

HPS

Loan

Management

Series 2021-16A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.14%,

5.465%,

1/23/35  (1)

250,000‌

241‌

Jack

in

the

Box

Funding

Series 2022-1A,

Class

A2I

3.445%,

2/26/52  (1)

300,425‌

261‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

5.154%,

10/15/32  (1)

350,000‌

340‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Navient

Private

Education

Refi

Loan

Trust

Series 2019-FA,

Class

A2

2.60%,

8/15/68  (1)

256,728‌

237‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-BA,

Class

A2

2.12%,

1/15/69  (1)

175,142‌

159‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68  (1)

350,000‌

273‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-DA,

Class

A

1.69%,

5/15/69  (1)

79,791‌

71‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-HA,

Class

A

1.31%,

1/15/69  (1)

115,532‌

104‌

Navient

Private

Education

Refi

Loan

Trust

Series 2022-A,

Class

A

2.23%,

7/15/70  (1)

686,485‌

597‌

Neuberger

Berman

Loan

Advisers

Series 2019-32A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

5.217%,

1/20/32  (1)

915,000‌

893‌

Neuberger

Berman

Loan

Advisers

Series 2021-43A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.13%,

5.209%,

7/17/35  (1)

290,000‌

282‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

USD

LIBOR

+

1.65%,

5.893%,

7/20/29  (1)

370,000‌

354‌

Octagon

Investment

Partners

Series 2016-1A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.18%,

5.505%,

1/24/33  (1)

660,000‌

640‌

OZLM

VII

Series 2014-7RA,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.01%,

5.089%,

7/17/29  (1)

350,005‌

344‌

Palmer

Square

Series 2022-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.32%,

5.283%,

4/20/35  (1)

355,000‌

343‌

Planet

Fitness

Master

Issuer

Series 2022-1A,

Class

A2I

3.251%,

12/5/51  (1)

412,925‌

358‌

Santander

Bank

Series 2021-1A,

Class

B

1.833%,

12/15/31  (1)

138,797‌

133‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-3,

Class

D

1.33%,

9/15/27 

345,000‌

319‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-4,

Class

D

1.67%,

10/15/27 

225,000‌

206‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28 

235,000‌

224‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27  (1)

450,000‌

418‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51  (1)

425,682‌

331‌

SMB

Private

Education

Loan

Trust

Series 2016-A,

Class

A2A

2.70%,

5/15/31  (1)

39,589‌

38‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53  (1)

375,000‌

327‌

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.06%,

5.303%,

10/20/29  (1)

358,433‌

353‌

Total

Asset-Backed

Securities

(Cost

$19,440)

18,145‌

BOND

MUTUAL

FUNDS

17.4%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.72%  (2)(3)

6,604,126‌

63,070‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.55%  (2)(3)

613‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.80%  (2)(3)

10,858,272‌

67,864‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.43%  (2)(3)

3,851,235‌

35,431‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23%  (2)(3)

8,547,427‌

63,678‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.60%  (2)(3)

9,968,571‌

87,524‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.40%  (2)(3)

16,547‌

78‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

3.96%  (2)(3)

7,558,547‌

61,829‌

Total

Bond

Mutual

Funds

(Cost

$443,118)

379,481‌

COMMON

STOCKS

50.3%

COMMUNICATION

SERVICES

3.4%

Diversified

Telecommunication

Services

0.4%

KT

(KRW) 

38,015‌

1,085‌

Nippon

Telegraph

&

Telephone

(JPY) 

184,200‌

5,108‌

Verizon

Communications 

74,722‌

2,913‌

9,106‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Entertainment

0.4%

Cinemark

Holdings  (4)

14,632‌

199‌

Netflix  (4)

10,897‌

3,329‌

Sea,

ADR  (4)

29,405‌

1,717‌

Walt

Disney  (4)

41,531‌

4,065‌

9,310‌

Interactive

Media

&

Services

2.1%

Alphabet,

Class

A  (4)

34,006‌

3,434‌

Alphabet,

Class

C  (4)(5)

337,496‌

34,239‌

Bumble,

Class

A  (4)

11,751‌

286‌

Meta

Platforms,

Class

A  (4)

43,764‌

5,169‌

NAVER

(KRW) 

5,291‌

769‌

Tencent

Holdings

(HKD) 

43,910‌

1,660‌

Vimeo  (4)

28,749‌

123‌

Z

Holdings

(JPY) 

267,000‌

735‌

46,415‌

Media

0.2%

CyberAgent

(JPY) 

126,800‌

1,154‌

Stroeer

(EUR)  (6)

12,062‌

554‌

WPP

(GBP) 

190,216‌

1,999‌

3,707‌

Wireless

Telecommunication

Services

0.3%

SoftBank

Group

(JPY) 

19,000‌

833‌

T-Mobile

U.S.  (4)

23,647‌

3,582‌

Vodafone

Group,

ADR 

126,845‌

1,424‌

5,839‌

Total

Communication

Services

74,377‌

CONSUMER

DISCRETIONARY

5.3%

Auto

Components

0.3%

Autoliv,

SDR

(SEK) 

15,014‌

1,323‌

Denso

(JPY) 

19,700‌

1,087‌

Magna

International 

34,360‌

2,116‌

Stanley

Electric

(JPY) 

38,300‌

787‌

Sumitomo

Rubber

Industries

(JPY) 

45,200‌

394‌

5,707‌

Automobiles

0.7%

Honda

Motor

(JPY) 

24,300‌

592‌

Rivian

Automotive,

Class

A  (4)

31,849‌

1,021‌

Suzuki

Motor

(JPY) 

31,500‌

1,136‌

Tesla  (4)

44,224‌

8,610‌

Toyota

Motor

(JPY) 

247,800‌

3,648‌

15,007‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions  (4)

8,203‌

609‌

Clear

Secure,

Class

A 

28,178‌

876‌

Duolingo  (4)

6,032‌

420‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $—  (4)(7)

10,622‌

—‌

1,905‌

Hotels,

Restaurants

&

Leisure

0.9%

BJ's

Restaurants  (4)

14,104‌

452‌

Booking

Holdings  (4)

1,177‌

2,447‌

Chipotle

Mexican

Grill  (4)

2,172‌

3,534‌

Chuy's

Holdings  (4)

14,199‌

450‌

Compass

Group

(GBP) 

110,133‌

2,511‌

Dutch

Bros,

Class

A  (4)

2,987‌

113‌

Fiesta

Restaurant

Group  (4)

28,048‌

183‌

Marriott

Vacations

Worldwide 

1,991‌

297‌

McDonald's 

23,510‌

6,413‌

Papa

John's

International 

12,966‌

1,079‌

Red

Robin

Gourmet

Burgers  (4)

6,494‌

54‌

Red

Rock

Resorts,

Class

A 

4,234‌

191‌

Ruth's

Hospitality

Group 

11,462‌

201‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $443  (4)(7)(8)(9)

51,774‌

208‌

Wyndham

Hotels

&

Resorts 

5,300‌

388‌

Yum!

Brands 

13,483‌

1,735‌

20,256‌

Household

Durables

0.2%

Cavco

Industries  (4)

1,093‌

251‌

Panasonic

Holdings

(JPY) 

159,900‌

1,493‌

Persimmon

(GBP) 

61,730‌

956‌

Skyline

Champion  (4)

10,683‌

556‌

Sony

Group

(JPY) 

25,700‌

2,129‌

5,385‌

Internet

&

Direct

Marketing

Retail

1.3%

Alibaba

Group

Holding,

ADR  (4)

3,625‌

317‌

Amazon.com  (4)(5)

273,553‌

26,409‌

ASOS

(GBP)  (4)(6)

37,789‌

295‌

Big

Sky

Growth

Partners  (4)

15,110‌

152‌

DoorDash,

Class

A  (4)

13,080‌

762‌

Farfetch,

Class

A  (4)

32,022‌

272‌

Xometry,

Class

A  (4)

8,709‌

368‌

Zalando

(EUR)  (4)

28,726‌

903‌

29,478‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Multiline

Retail

0.4%

Dollar

General 

26,794‌

6,851‌

Next

(GBP) 

19,490‌

1,393‌

Ollie's

Bargain

Outlet

Holdings  (4)

19,788‌

1,205‌

9,449‌

Specialty

Retail

0.9%

Burlington

Stores  (4)

6,386‌

1,250‌

Five

Below  (4)

2,173‌

350‌

Floor

&

Decor

Holdings,

Class

A  (4)

1,700‌

127‌

Home

Depot 

10,882‌

3,526‌

Kingfisher

(GBP) 

622,474‌

1,820‌

KKR

Acquisition

Holdings

I  (4)

23,527‌

237‌

Monro 

13,270‌

603‌

RH  (4)

892‌

256‌

Ross

Stores 

47,492‌

5,588‌

TJX 

33,585‌

2,688‌

Ulta

Beauty  (4)

4,439‌

2,063‌

Warby

Parker,

Class

A  (4)

29,449‌

502‌

19,010‌

Textiles,

Apparel

&

Luxury

Goods

0.5%

Dr.

Martens

(GBP) 

175,013‌

435‌

Kering

(EUR) 

3,032‌

1,822‌

Lululemon

Athletica  (4)

7,400‌

2,814‌

Moncler

(EUR) 

30,645‌

1,597‌

NIKE,

Class

B 

25,465‌

2,793‌

Samsonite

International

(HKD)  (4)

305,100‌

827‌

Skechers

USA,

Class

A  (4)

14,909‌

629‌

10,917‌

Total

Consumer

Discretionary

117,114‌

CONSUMER

STAPLES

3.3%

Beverages

0.4%

Boston

Beer,

Class

A  (4)

2,803‌

1,077‌

Coca-Cola 

25,912‌

1,648‌

Coca-Cola

Consolidated 

637‌

313‌

Diageo

(GBP) 

59,372‌

2,742‌

Keurig

Dr

Pepper 

65,497‌

2,533‌

Kirin

Holdings

(JPY) 

59,400‌

938‌

9,251‌

Food

&

Staples

Retailing

0.5%

Fresh

Market,

EC  (4)(8)

7,200‌

—‌

Seven

&

i

Holdings

(JPY) 

63,700‌

2,592‌

Walmart 

43,235‌

6,590‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Welcia

Holdings

(JPY) 

29,400‌

648‌

9,830‌

Food

Products

1.2%

Barry

Callebaut

(CHF) 

630‌

1,287‌

Cal-Maine

Foods 

1,891‌

110‌

Kraft

Heinz 

96,872‌

3,812‌

Mondelez

International,

Class

A 

97,926‌

6,621‌

Nestle

(CHF) 

75,372‌

8,971‌

Nomad

Foods  (4)

24,649‌

431‌

Post

Holdings  (4)

6,906‌

647‌

Post

Holdings

Partnering  (4)

9,926‌

99‌

Simply

Good

Foods  (4)

6,500‌

259‌

TreeHouse

Foods  (4)

6,369‌

315‌

Utz

Brands 

24,973‌

476‌

Wilmar

International

(SGD) 

689,700‌

2,092‌

25,120‌

Household

Products

0.4%

Kimberly-Clark 

10,953‌

1,485‌

Procter

&

Gamble 

42,034‌

6,270‌

7,755‌

Personal

Products

0.4%

BellRing

Brands  (4)

27,978‌

697‌

Haleon,

ADR  (4)

53,220‌

367‌

L'Oreal

(EUR) 

6,939‌

2,606‌

Unilever

(GBP) 

93,860‌

4,693‌

8,363‌

Tobacco

0.4%

Philip

Morris

International 

88,475‌

8,818‌

8,818‌

Total

Consumer

Staples

69,137‌

ENERGY

1.9%

Energy

Equipment

&

Services

0.2%

Cactus,

Class

A 

6,686‌

363‌

Liberty

Energy  (4)

37,622‌

622‌

NexTier

Oilfield

Solutions  (4)

58,953‌

601‌

Worley

(AUD) 

168,801‌

1,712‌

3,298‌

Oil,

Gas

&

Consumable

Fuels

1.7%

Chevron 

32,556‌

5,968‌

ConocoPhillips 

6,869‌

848‌

Devon

Energy 

11,359‌

778‌

Diamondback

Energy 

6,687‌

990‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Equinor

(NOK) 

118,070‌

4,547‌

Exxon

Mobil 

98,091‌

10,922‌

Kimbell

Royalty

Partners 

5,979‌

103‌

Kinder

Morgan 

198,281‌

3,791‌

Magnolia

Oil

&

Gas,

Class

A 

44,798‌

1,168‌

Shell,

ADR 

34,889‌

2,040‌

TC

Energy 

13,716‌

610‌

TotalEnergies

(EUR) 

71,006‌

4,438‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $18  (4)(7)(8)

6‌

89‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $232  (4)(7)(8)

64‌

947‌

Woodside

Energy

Group

(GBP) 

11,828‌

293‌

37,532‌

Total

Energy

40,830‌

FINANCIALS

8.1%

Banks

3.3%

Australia

&

New

Zealand

Banking

Group

(AUD) 

81,672‌

1,379‌

Bank

of

America 

332,405‌

12,582‌

BankUnited 

17,653‌

648‌

BNP

Paribas

(EUR) 

31,637‌

1,778‌

Cadence

Bank 

19,270‌

556‌

Citigroup 

37,280‌

1,805‌

Close

Brothers

Group

(GBP) 

27,287‌

354‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $33  (4)(7)(8)

313‌

33‌

CrossFirst

Bankshares  (4)

16,311‌

226‌

DBS

Group

Holdings

(SGD) 

50,542‌

1,318‌

Dime

Community

Bancshares 

13,635‌

486‌

DNB

Bank

(NOK) 

154,132‌

3,010‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $41  (4)(7)(8)

4,058‌

73‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $20  (4)(7)(8)

1,993‌

36‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $—  (4)(7)(8)

605‌

5‌

East

West

Bancorp 

10,966‌

770‌

Equity

Bancshares,

Class

A 

8,459‌

309‌

Erste

Group

Bank

(EUR) 

22,959‌

719‌

FB

Financial 

13,779‌

590‌

First

Bancshares 

10,570‌

361‌

Five

Star

Bancorp 

8,736‌

236‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $67  (4)(7)(8)

6,708‌

27‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $—  (4)(7)(8)

1,212‌

1‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Heritage

Commerce 

33,322‌

473‌

Home

BancShares 

19,023‌

484‌

ING

Groep

(EUR) 

272,075‌

3,299‌

Intesa

Sanpaolo

(EUR) 

394,882‌

877‌

JPMorgan

Chase 

65,527‌

9,055‌

Live

Oak

Bancshares 

13,582‌

453‌

Lloyds

Banking

Group

(GBP) 

2,524,199‌

1,440‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

233,600‌

1,274‌

National

Bank

of

Canada

(CAD) 

38,772‌

2,765‌

Origin

Bancorp 

11,060‌

453‌

Pacific

Premier

Bancorp 

13,483‌

498‌

Pinnacle

Financial

Partners 

8,014‌

672‌

Popular 

4,579‌

334‌

Sandy

Spring

Bancorp 

3,627‌

126‌

Signature

Bank 

4,688‌

654‌

SouthState 

7,087‌

623‌

Standard

Chartered

(GBP) 

114,376‌

852‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

28,097‌

901‌

Svenska

Handelsbanken,

Class

A

(SEK) 

195,106‌

1,982‌

Texas

Capital

Bancshares  (4)

8,784‌

527‌

U.S.

Bancorp 

65,818‌

2,987‌

United

Overseas

Bank

(SGD) 

107,300‌

2,474‌

Veritex

Holdings 

12,683‌

414‌

Wells

Fargo 

194,390‌

9,321‌

Western

Alliance

Bancorp 

13,280‌

910‌

71,150‌

Capital

Markets

0.9%

Bridgepoint

Group

(GBP) 

259,795‌

622‌

Cboe

Global

Markets 

5,377‌

682‌

Charles

Schwab 

35,847‌

2,959‌

Goldman

Sachs

Group 

20,155‌

7,783‌

Julius

Baer

Group

(CHF) 

32,230‌

1,856‌

Macquarie

Group

(AUD) 

12,226‌

1,504‌

MSCI 

1,193‌

606‌

P10,

Class

A 

23,008‌

235‌

S&P

Global 

6,527‌

2,303‌

StepStone

Group,

Class

A 

15,587‌

467‌

TMX

Group

(CAD) 

3,766‌

395‌

XP,

Class

A  (4)

33,729‌

591‌

20,003‌

Consumer

Finance

0.0%

Encore

Capital

Group  (4)

6,054‌

305‌

PRA

Group  (4)

11,425‌

393‌

698‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Diversified

Financial

Services

0.5%

Berkshire

Hathaway,

Class

B  (4)

12,014‌

3,827‌

Challenger

(AUD) 

136,819‌

684‌

Conyers

Park

III

Acquisition  (4)

14,651‌

146‌

Corebridge

Financial 

49,963‌

1,111‌

Element

Fleet

Management

(CAD) 

174,588‌

2,474‌

Housing

Development

Finance

(INR) 

46,808‌

1,557‌

Mitsubishi

HC

Capital

(JPY) 

147,700‌

705‌

10,504‌

Insurance

3.3%

AIA

Group

(HKD) 

80,000‌

812‌

Allstate 

22,323‌

2,989‌

American

International

Group 

40,019‌

2,526‌

Assurant 

6,237‌

800‌

AXA

(EUR) 

149,947‌

4,239‌

Axis

Capital

Holdings 

15,667‌

902‌

Chubb 

49,270‌

10,819‌

Definity

Financial

(CAD) 

17,720‌

525‌

Direct

Line

Insurance

Group

(GBP) 

276,007‌

699‌

First

American

Financial 

5,600‌

306‌

Hanover

Insurance

Group 

4,893‌

721‌

Hartford

Financial

Services

Group 

31,051‌

2,371‌

Kemper 

7,357‌

419‌

Manulife

Financial

(CAD) 

78,497‌

1,414‌

Marsh

&

McLennan 

11,877‌

2,057‌

MetLife 

82,897‌

6,358‌

Munich

Re

(EUR) 

12,367‌

3,906‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

1,312,000‌

1,329‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

96,500‌

596‌

Progressive 

49,647‌

6,561‌

Sampo,

Class

A

(EUR) 

61,155‌

3,097‌

Selective

Insurance

Group 

13,604‌

1,308‌

Storebrand

(NOK) 

205,974‌

1,853‌

Sun

Life

Financial

(CAD) 

57,179‌

2,709‌

Tokio

Marine

Holdings

(JPY) 

130,000‌

2,682‌

Travelers 

42,213‌

8,012‌

Zurich

Insurance

Group

(CHF) 

6,016‌

2,890‌

72,900‌

Thrifts

&

Mortgage

Finance

0.1%

Blue

Foundry

Bancorp  (4)

9,450‌

123‌

Capitol

Federal

Financial 

21,904‌

183‌

Essent

Group 

6,585‌

264‌

Kearny

Financial 

18,080‌

175‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PennyMac

Financial

Services 

16,001‌

955‌

1,700‌

Total

Financials

176,955‌

HEALTH

CARE

8.6%

Biotechnology

0.7%

AbbVie 

34,649‌

5,585‌

Abcam,

ADR  (4)

34,685‌

556‌

Agios

Pharmaceuticals  (4)

5,799‌

175‌

Amgen 

4,330‌

1,240‌

Apellis

Pharmaceuticals  (4)

12,813‌

640‌

Argenx,

ADR  (4)

3,426‌

1,364‌

Ascendis

Pharma,

ADR  (4)

6,390‌

786‌

Avid

Bioservices  (4)

19,642‌

308‌

Avidity

Biosciences  (4)

1,656‌

19‌

Blueprint

Medicines  (4)

8,880‌

424‌

Cerevel

Therapeutics

Holdings  (4)

7,913‌

229‌

CRISPR

Therapeutics  (4)

2,938‌

161‌

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $32  (4)(7)(8)

4,842‌

22‌

Generation

Bio  (4)

13,207‌

70‌

Genmab

(DKK)  (4)

2,193‌

1,016‌

HilleVax  (4)

3,520‌

70‌

Icosavax  (4)

10,300‌

35‌

Insmed  (4)

27,870‌

515‌

Intellia

Therapeutics  (4)

3,106‌

160‌

Ionis

Pharmaceuticals  (4)

8,100‌

330‌

Karuna

Therapeutics  (4)

2,096‌

493‌

Kura

Oncology  (4)

8,773‌

138‌

Kymera

Therapeutics  (4)

2,775‌

81‌

Monte

Rosa

Therapeutics  (4)

6,671‌

57‌

Morphic

Holding  (4)

4,027‌

111‌

MorphoSys,

ADR  (4)

14,148‌

58‌

Nkarta  (4)

8,708‌

74‌

Nurix

Therapeutics  (4)

3,618‌

45‌

Prometheus

Biosciences  (4)

2,100‌

86‌

Prothena  (4)

3,233‌

202‌

RAPT

Therapeutics  (4)

6,415‌

114‌

Relay

Therapeutics  (4)

5,027‌

94‌

Repare

Therapeutics  (4)

5,671‌

91‌

Replimune

Group  (4)

3,269‌

67‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $—  (4)(7)

1,127‌

5‌

Scholar

Rock

Holding  (4)

14,753‌

115‌

Tenaya

Therapeutics  (4)

3,165‌

8‌

Ultragenyx

Pharmaceutical  (4)

3,533‌

128‌

Vaxcyte  (4)

2,643‌

122‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Verve

Therapeutics  (4)

4,981‌

116‌

Xencor  (4)

9,938‌

295‌

Zentalis

Pharmaceuticals  (4)

6,230‌

138‌

16,343‌

Health

Care

Equipment

&

Supplies

1.5%

Alcon

(CHF) 

11,875‌

819‌

Align

Technology  (4)

1,784‌

351‌

AtriCure  (4)

6,967‌

317‌

Becton

Dickinson

&

Company 

48,846‌

12,179‌

CVRx  (4)

4,535‌

61‌

Elekta,

Class

B

(SEK) 

145,256‌

865‌

Embecta 

7,486‌

246‌

EssilorLuxottica

(EUR) 

11,462‌

2,140‌

ICU

Medical  (4)

3,974‌

633‌

Intuitive

Surgical  (4)

23,326‌

6,307‌

Koninklijke

Philips

(EUR) 

78,327‌

1,174‌

Masimo  (4)

2,800‌

406‌

Outset

Medical  (4)

19,128‌

403‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $192  (4)(7)(8)

51,080‌

34‌

Penumbra  (4)

2,330‌

488‌

PROCEPT

BioRobotics  (4)

14,815‌

636‌

QuidelOrtho  (4)

6,384‌

559‌

Siemens

Healthineers

(EUR) 

42,954‌

2,289‌

Stryker 

10,891‌

2,547‌

Teleflex 

2,343‌

549‌

33,003‌

Health

Care

Providers

&

Services

2.6%

Alignment

Healthcare  (4)

22,045‌

293‌

AmerisourceBergen 

3,378‌

577‌

Centene  (4)

70,792‌

6,162‌

Cigna 

5,079‌

1,670‌

dentalcorp

Holdings

(CAD)  (4)(6)

17,422‌

117‌

Elevance

Health 

30,349‌

16,174‌

Fresenius

(EUR) 

47,748‌

1,330‌

HCA

Healthcare 

17,083‌

4,104‌

Humana 

11,307‌

6,218‌

ModivCare  (4)

6,390‌

492‌

Molina

Healthcare  (4)

4,031‌

1,358‌

Option

Care

Health  (4)

17,513‌

527‌

Pennant

Group  (4)

10,911‌

113‌

Privia

Health

Group  (4)

16,005‌

383‌

U.S.

Physical

Therapy 

4,573‌

395‌

UnitedHealth

Group 

32,150‌

17,611‌

57,524‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Health

Care

Technology

0.1%

Certara (4)

3,401‌

58‌

Definitive

Healthcare  (4)

7,526‌

85‌

Doximity,

Class

A  (4)

7,551‌

257‌

Veeva

Systems,

Class

A  (4)

5,578‌

1,062‌

1,462‌

Life

Sciences

Tools

&

Services

0.9%

Adaptive

Biotechnologies  (4)

4,364‌

38‌

Bruker 

14,396‌

970‌

Danaher 

27,374‌

7,484‌

Evotec

(EUR)  (4)

32,768‌

586‌

NeoGenomics  (4)

16,900‌

190‌

Olink

Holding,

ADR  (4)

10,843‌

258‌

Pacific

Biosciences

of

California  (4)

28,182‌

303‌

PerkinElmer 

11,341‌

1,585‌

Rapid

Micro

Biosystems,

Class

A  (4)

17,133‌

35‌

Seer  (4)

7,101‌

46‌

Thermo

Fisher

Scientific 

13,570‌

7,602‌

19,097‌

Pharmaceuticals

2.8%

Arvinas (4)

2,946‌

121‌

Astellas

Pharma

(JPY) 

205,200‌

3,183‌

AstraZeneca,

ADR  (5)

155,635‌

10,579‌

Bayer

(EUR) 

44,325‌

2,573‌

Catalent  (4)

10,953‌

549‌

Eli

Lilly 

21,667‌

8,040‌

GSK,

ADR 

37,254‌

1,289‌

Ipsen

(EUR) 

5,291‌

591‌

Johnson

&

Johnson 

68,375‌

12,171‌

Merck 

19,973‌

2,199‌

Novartis

(CHF) 

49,307‌

4,386‌

Otsuka

Holdings

(JPY)  (6)

38,000‌

1,302‌

Reata

Pharmaceuticals,

Class

A  (4)

3,253‌

129‌

Roche

Holding

(CHF) 

16,172‌

5,282‌

Sanofi

(EUR) 

51,173‌

4,622‌

Sanofi,

ADR 

28,694‌

1,301‌

Zoetis 

13,620‌

2,099‌

60,416‌

Total

Health

Care

187,845‌

INDUSTRIALS

&

BUSINESS

SERVICES

4.6%

Aerospace

&

Defense

0.5%

Cadre

Holdings 

7,383‌

192‌

L3Harris

Technologies 

28,995‌

6,584‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Northrop

Grumman 

3,717‌

1,982‌

Parsons  (4)

13,959‌

691‌

Safran

(EUR) 

12,515‌

1,547‌

10,996‌

Airlines

0.0%

Allegiant

Travel  (4)

4,773‌

394‌

394‌

Building

Products

0.0%

CSW

Industrials 

3,330‌

403‌

Gibraltar

Industries  (4)

8,349‌

422‌

825‌

Commercial

Services

&

Supplies

0.2%

Cintas 

1,440‌

665‌

IAA  (4)

9,577‌

358‌

MSA

Safety 

1,381‌

195‌

Rentokil

Initial

(GBP) 

83,246‌

548‌

Republic

Services 

11,782‌

1,641‌

Stericycle  (4)

11,425‌

595‌

Tetra

Tech 

2,340‌

362‌

4,364‌

Construction

&

Engineering

0.0%

WillScot

Mobile

Mini

Holdings  (4)

4,600‌

222‌

222‌

Electrical

Equipment

0.9%

ABB

(CHF) 

85,373‌

2,683‌

AMETEK 

3,487‌

497‌

AZZ 

14,934‌

622‌

Eaton 

36,245‌

5,924‌

Hubbell 

9,752‌

2,478‌

Legrand

(EUR) 

24,109‌

1,964‌

Mitsubishi

Electric

(JPY) 

204,000‌

2,044‌

Prysmian

(EUR) 

55,446‌

1,954‌

Shoals

Technologies

Group,

Class

A  (4)

10,630‌

308‌

Thermon

Group

Holdings  (4)

6,788‌

138‌

18,612‌

Industrial

Conglomerates

1.2%

DCC

(GBP) 

23,765‌

1,265‌

General

Electric 

98,417‌

8,461‌

Honeywell

International 

16,755‌

3,679‌

Melrose

Industries

(GBP) 

946,856‌

1,532‌

Roper

Technologies 

6,149‌

2,699‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Siemens

(EUR) 

61,060‌

8,468‌

26,104‌

Machinery

0.5%

Cummins 

1,513‌

380‌

Dover 

4,660‌

661‌

Enerpac

Tool

Group 

26,853‌

672‌

EnPro

Industries 

2,000‌

238‌

Esab 

5,062‌

240‌

ESCO

Technologies 

7,959‌

748‌

Federal

Signal 

13,711‌

666‌

Graco 

7,941‌

556‌

Helios

Technologies 

7,635‌

403‌

Ingersoll

Rand 

26,035‌

1,405‌

John

Bean

Technologies 

5,553‌

510‌

KION

Group

(EUR) 

27,421‌

784‌

Marel

(ISK) 

28,555‌

112‌

Mueller

Water

Products,

Class

A 

33,678‌

393‌

RBC

Bearings  (4)

2,079‌

493‌

SMC

(JPY) 

1,500‌

684‌

SPX

Technologies  (4)

11,575‌

774‌

THK

(JPY) 

30,400‌

600‌

Toro 

4,612‌

512‌

10,831‌

Professional

Services

0.3%

Booz

Allen

Hamilton

Holding 

4,399‌

468‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $60  (4)(7)(8)

7,797‌

60‌

Clarivate  (4)

41,802‌

409‌

Huron

Consulting

Group  (4)

4,310‌

335‌

Legalzoom.com  (4)

12,495‌

111‌

Recruit

Holdings

(JPY) 

55,100‌

1,783‌

TechnoPro

Holdings

(JPY) 

60,100‌

1,684‌

Teleperformance

(EUR) 

5,952‌

1,359‌

TransUnion 

7,488‌

472‌

Upwork  (4)

11,106‌

136‌

6,817‌

Road

&

Rail

0.6%

Central

Japan

Railway

(JPY) 

8,500‌

1,030‌

CSX 

122,782‌

4,014‌

Landstar

System 

2,332‌

403‌

Norfolk

Southern 

11,225‌

2,879‌

Old

Dominion

Freight

Line 

4,235‌

1,282‌

Saia  (4)

3,067‌

747‌

Union

Pacific 

9,543‌

2,075‌

12,430‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Trading

Companies

&

Distributors

0.4%

Air

Lease 

11,347‌

438‌

Ashtead

Group

(GBP) 

36,523‌

2,229‌

Beacon

Roofing

Supply  (4)

8,000‌

467‌

Bunzl

(GBP) 

31,734‌

1,174‌

Mitsubishi

(JPY) 

45,400‌

1,529‌

Rush

Enterprises,

Class

A 

7,575‌

391‌

SiteOne

Landscape

Supply  (4)

6,224‌

781‌

Sumitomo

(JPY) 

99,500‌

1,631‌

8,640‌

Total

Industrials

&

Business

Services

100,235‌

INFORMATION

TECHNOLOGY

10.8%

Communications

Equipment

0.1%

Infinera (4)

8,433‌

57‌

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK) 

352,016‌

2,222‌

2,279‌

Electronic

Equipment,

Instruments

&

Components

0.4%

CTS 

16,793‌

714‌

Hamamatsu

Photonics

(JPY) 

26,300‌

1,389‌

Largan

Precision

(TWD) 

8,000‌

603‌

Littelfuse 

2,590‌

638‌

Murata

Manufacturing

(JPY) 

31,300‌

1,717‌

Novanta  (4)

3,257‌

514‌

Omron

(JPY) 

13,100‌

681‌

PAR

Technology  (4)

13,281‌

324‌

TE

Connectivity 

15,029‌

1,895‌

Teledyne

Technologies  (4)

3,013‌

1,266‌

9,741‌

IT

Services

2.0%

Accenture,

Class

A 

4,335‌

1,305‌

Adyen

(EUR)  (4)

996‌

1,569‌

Affirm

Holdings  (4)

15,903‌

221‌

Amadeus

IT

Group

(EUR)  (4)

22,376‌

1,210‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $811  (4)

(7)(8)

212,821‌

302‌

Block (4)

18,832‌

1,276‌

Fiserv  (4)

52,937‌

5,525‌

Mastercard,

Class

A 

28,151‌

10,033‌

MongoDB  (4)

6,998‌

1,069‌

NTT

Data

(JPY) 

183,700‌

2,842‌

Payoneer

Global  (4)

82,790‌

447‌

PayPal

Holdings  (4)

10,860‌

852‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $14  (4)(7)

(8)

311‌

21‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Shopify,

Class

A  (4)

40,071‌

1,638‌

Snowflake,

Class

A  (4)

5,026‌

718‌

SS&C

Technologies

Holdings 

12,567‌

676‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $34  (4)(7)(8)

1,500‌

30‌

Toast,

Class

A  (4)

38,741‌

711‌

Visa,

Class

A 

56,490‌

12,258‌

42,703‌

Semiconductors

&

Semiconductor

Equipment

3.0%

Advanced

Micro

Devices  (4)

42,662‌

3,312‌

Applied

Materials 

16,002‌

1,754‌

ASML

Holding

(EUR) 

7,335‌

4,478‌

ASML

Holding 

8,154‌

4,959‌

Broadcom 

15,966‌

8,798‌

Entegris 

12,030‌

930‌

KLA 

14,672‌

5,768‌

Lam

Research 

6,149‌

2,905‌

Lattice

Semiconductor  (4)

23,668‌

1,724‌

Marvell

Technology 

29,899‌

1,391‌

Micron

Technology 

18,797‌

1,084‌

Monolithic

Power

Systems 

4,883‌

1,865‌

NVIDIA 

58,662‌

9,927‌

NXP

Semiconductors 

14,202‌

2,497‌

Onto

Innovation  (4)

6,824‌

545‌

Renesas

Electronics

(JPY)  (4)

78,100‌

766‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

323,759‌

5,199‌

Taiwan

Semiconductor

Manufacturing,

ADR 

14,303‌

1,187‌

Texas

Instruments 

32,285‌

5,826‌

Tokyo

Electron

(JPY) 

4,700‌

1,595‌

66,510‌

Software

3.5%

Agilysys (4)

4,800‌

319‌

Amplitude,

Class

A  (4)

12,756‌

183‌

Atlassian,

Class

A  (4)

9,552‌

1,257‌

Bill.com

Holdings  (4)

11,689‌

1,408‌

Blackline  (4)

6,857‌

464‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $458  (4)(7)(8)

269‌

148‌

Ceridian

HCM

Holding  (4)

1,389‌

95‌

Clearwater

Analytics

Holdings,

Class

A  (4)

7,388‌

139‌

Confluent,

Class

A  (4)

16,673‌

384‌

Coupa

Software  (4)

3,872‌

245‌

Crowdstrike

Holdings,

Class

A  (4)

3,990‌

469‌

Datadog,

Class

A  (4)

7,750‌

587‌

Descartes

Systems

Group  (4)

11,392‌

791‌

DoubleVerify

Holdings  (4)

29,210‌

765‌

Five9  (4)

7,739‌

496‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fortinet  (4)

8,797‌

468‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $148  (4)(7)(8)

5,153‌

97‌

Intuit 

13,833‌

5,638‌

Manhattan

Associates  (4)

4,207‌

530‌

Microsoft  (5)

180,662‌

46,094‌

nCino  (4)

2,646‌

69‌

Paycom

Software  (4)

1,822‌

618‌

Paycor

HCM  (4)

15,797‌

457‌

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $4  (4)(7)(8)

3,788‌

4‌

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $1  (4)(7)(8)

541‌

—‌

SAP

(EUR) 

25,240‌

2,801‌

ServiceNow  (4)

18,723‌

7,794‌

Socure,

Acquisition

Date:

12/22/21,

Cost $26  (4)(7)(8)

1,599‌

12‌

Synopsys  (4)

11,937‌

4,053‌

Workiva  (4)

8,166‌

658‌

77,043‌

Technology

Hardware,

Storage

&

Peripherals

1.8%

Apple (5)

237,439‌

35,148‌

Samsung

Electronics

(KRW) 

67,031‌

3,221‌

38,369‌

Total

Information

Technology

236,645‌

MATERIALS

1.7%

Chemicals

1.1%

Air

Liquide

(EUR) 

14,804‌

2,155‌

Akzo

Nobel

(EUR) 

22,230‌

1,599‌

Asahi

Kasei

(JPY) 

154,200‌

1,146‌

BASF

(EUR) 

27,369‌

1,394‌

Covestro

(EUR) 

29,150‌

1,172‌

Element

Solutions 

59,349‌

1,161‌

HB

Fuller 

2,300‌

185‌

International

Flavors

&

Fragrances 

17,507‌

1,853‌

Johnson

Matthey

(GBP) 

53,970‌

1,370‌

Linde 

6,202‌

2,087‌

Nutrien 

49,256‌

3,960‌

Quaker

Chemical 

3,640‌

716‌

Sherwin-Williams 

12,609‌

3,142‌

Tosoh

(JPY) 

14,400‌

171‌

Umicore

(EUR) 

35,951‌

1,297‌

23,408‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD) 

81,425‌

1,000‌

1,000‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Metals

&

Mining

0.5%

Antofagasta

(GBP) 

95,546‌

1,653‌

BHP

Group

(AUD) 

27,664‌

859‌

BHP

Group

(GBP) 

69,634‌

2,214‌

Constellium  (4)

43,322‌

539‌

ERO

Copper

(CAD)  (4)

12,801‌

162‌

Franco-Nevada

(CAD) 

872‌

127‌

Haynes

International 

8,908‌

445‌

IGO

(AUD) 

378,774‌

4,045‌

Rio

Tinto

(AUD) 

9,020‌

674‌

South32

(AUD) 

424,396‌

1,179‌

11,897‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

109,696‌

1,614‌

West

Fraser

Timber

(CAD) 

2,921‌

228‌

1,842‌

Total

Materials

38,147‌

REAL

ESTATE

0.8%

Equity

Real

Estate

Investment

Trusts

0.6%

Boston

Properties,

REIT 

2,442‌

176‌

Community

Healthcare

Trust,

REIT 

6,371‌

225‌

CubeSmart,

REIT 

17,295‌

716‌

EastGroup

Properties,

REIT 

8,035‌

1,247‌

Equity

LifeStyle

Properties,

REIT 

7,882‌

523‌

First

Industrial

Realty

Trust,

REIT 

6,812‌

344‌

Flagship

Communities

REIT 

5,798‌

94‌

Great

Portland

Estates

(GBP) 

134,659‌

813‌

Independence

Realty

Trust,

REIT 

24,235‌

439‌

Prologis,

REIT 

32,496‌

3,828‌

Rexford

Industrial

Realty,

REIT 

13,250‌

733‌

Scentre

Group

(AUD) 

626,464‌

1,278‌

Terreno

Realty,

REIT 

4,907‌

288‌

Weyerhaeuser,

REIT 

55,680‌

1,821‌

12,525‌

Real

Estate

Management

&

Development

0.2%

Altus

Group

(CAD) 

3,229‌

128‌

DigitalBridge

Group 

14,367‌

207‌

FirstService 

9,481‌

1,227‌

Mitsui

Fudosan

(JPY) 

106,400‌

2,157‌

Tricon

Residential 

44,933‌

385‌

4,104‌

Total

Real

Estate

16,629‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UTILITIES

1.8%

Electric

Utilities

0.8%

American

Electric

Power 

24,765‌

2,397‌

Exelon 

30,676‌

1,269‌

FirstEnergy 

47,038‌

1,940‌

IDACORP 

6,981‌

772‌

MGE

Energy 

3,746‌

270‌

Southern 

158,727‌

10,736‌

Xcel

Energy 

14,538‌

1,021‌

18,405‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

151,000‌

480‌

Chesapeake

Utilities 

5,997‌

718‌

ONE

Gas 

3,672‌

319‌

Southwest

Gas

Holdings 

12,539‌

859‌

2,376‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) 

60,800‌

938‌

NextEra

Energy

Partners 

6,316‌

508‌

1,446‌

Multi-Utilities

0.8%

Ameren 

16,216‌

1,448‌

Dominion

Energy 

64,041‌

3,914‌

DTE

Energy 

12,014‌

1,394‌

Engie

(EUR) 

211,675‌

3,218‌

National

Grid

(GBP) 

157,468‌

1,937‌

NiSource 

3,474‌

97‌

Sempra

Energy 

23,247‌

3,863‌

WEC

Energy

Group 

5,571‌

552‌

16,423‌

Water

Utilities

0.0%

California

Water

Service

Group 

6,591‌

428‌

SJW

Group 

6,970‌

521‌

949‌

Total

Utilities

39,599‌

Total

Miscellaneous

Common

Stocks

 0.0%  (10)

464‌

Total

Common

Stocks

(Cost

$703,698)

1,097,977‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONVERTIBLE

PREFERRED

STOCKS

0.3%

CONSUMER

DISCRETIONARY

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $246  (4)(7)(8)

9,932‌

581‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $163  (4)(7)

(8)

4,338‌

253‌

Torchys

Holdings,

Series

D,

Acquisition

Date:

11/13/20,

Cost $91  (4)(7)(8)(9)

10,166‌

41‌

875‌

Internet

&

Direct

Marketing

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $134  (4)(7)(8)

22,936‌

42‌

42‌

Total

Consumer

Discretionary

917‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $174  (4)(7)(8)

9,433‌

586‌

Total

Consumer

Staples

586‌

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Series

D,

0.10%,

Acquisition

Date:

1/28/22,

Cost $116  (4)(7)(8)

1,101‌

116‌

Total

Financials

116‌

HEALTH

CARE

0.1%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $64  (4)(7)(8)

23,170‌

152‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $100  (4)(7)(8)

12,283‌

81‌

233‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $70  (4)(7)(8)

68,919‌

70‌

70‌

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $132  (4)(7)(8)

54,988‌

159‌

159‌

Life

Sciences

Tools

&

Services

0.1%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $63  (4)(7)(8)

5,327‌

63‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $73  (4)(7)(8)

8,237‌

46‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $96  (4)(7)(8)

7,007‌

425‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $144  (4)(7)(8)

3,255‌

198‌

732‌

Total

Health

Care

1,194‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $74  (4)(7)(8)

1,636‌

112‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $146  (4)(7)(8)

26,194‌

146‌

258‌

Air

Freight

&

Logistics

0.0%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $68  (4)(7)(8)

5,632‌

115‌

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $39  (4)(7)(8)

1,899‌

39‌

154‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $72  (4)(7)(8)

3,445‌

72‌

72‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $53  (4)(7)(8)

11,613‌

89‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $166  (4)(7)(8)

16,497‌

127‌

216‌

Road

&

Rail

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $103  (4)(7)(8)

14,525‌

75‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $142  (4)(7)(8)

10,496‌

55‌

130‌

Total

Industrials

&

Business

Services

830‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $58  (4)(7)(8)

3,986‌

75‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $23  (4)(7)(8)

1,224‌

23‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $—  (4)

(7)(8)

5‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $61  (4)(7)

(8)

2,321‌

160‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $12  (4)(7)

(8)

116‌

8‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $8  (4)(7)(8)

340‌

7‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $1  (4)(7)(8)

30‌

1‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $1  (4)

(7)(8)

40‌

1‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $96  (4)(7)(8)

4,280‌

87‌

362‌

Software

0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $27  (4)(7)(8)

16‌

9‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $2  (4)(7)(8)

1‌

1‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $147  (4)(7)(8)

2,493‌

116‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $433  (4)(7)

(8)

5,892‌

275‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $219  (4)(7)(8)

7,205‌

136‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $157  (4)

(7)(8)

12,058‌

167‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $69  (4)(7)(8)

3,303‌

46‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $68  (4)(7)(8)

13,365‌

65‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $88  (4)(7)(8)

14,030‌

145‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $10  (4)(7)(8)

1,110‌

11‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $31  (4)(7)(8)

1,943‌

15‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $26  (4)(7)(8)

1,595‌

12‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $1  (4)(7)(8)

29‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $59  (4)(7)(8)

3,698‌

28‌

1,026‌

Total

Information

Technology

1,388‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $88  (4)(7)(8)

1,853‌

144‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $123  (4)(7)(8)

2,982‌

93‌

237‌

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $75  (4)

(7)(8)

2,736‌

75‌

75‌

Total

Materials

312‌

Total

Convertible

Preferred

Stocks

(Cost

$4,412)

5,343‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

52

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CORPORATE

BONDS

4.0%

AbbVie,

2.95%,

11/21/26 

145,000‌

135‌

AbbVie,

3.20%,

11/21/29 

275,000‌

252‌

AbbVie,

4.05%,

11/21/39 

320,000‌

280‌

AbbVie,

4.25%,

11/21/49 

295,000‌

252‌

AbbVie,

4.70%,

5/14/45 

520,000‌

476‌

AbbVie,

4.875%,

11/14/48 

390,000‌

365‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

360,000‌

316‌

AerCap

Ireland

Capital,

3.00%,

10/29/28 

180,000‌

151‌

AerCap

Ireland

Capital,

3.50%,

1/15/25 

150,000‌

143‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

380,000‌

374‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

265,000‌

268‌

AIA

Group,

3.90%,

4/6/28  (1)

665,000‌

626‌

Aker

BP,

2.875%,

1/15/26  (1)

150,000‌

139‌

Alexandria

Real

Estate

Equities,

3.375%,

8/15/31 

360,000‌

312‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/28 

595,000‌

557‌

Alexandria

Real

Estate

Equities,

4.70%,

7/1/30 

85,000‌

81‌

Ally

Financial,

4.75%,

6/9/27 

795,000‌

753‌

American

Airlines

PTT,

Series 2013-1,

Class

A,

4.00%,

7/15/25 

1‌

—‌

Anheuser-Busch

InBev

Worldwide,

4.50%,

6/1/50 

37,000‌

34‌

Aon,

2.80%,

5/15/30 

110,000‌

94‌

APA

Pipelines,

4.25%,

7/15/27  (1)

210,000‌

198‌

Aptiv,

3.10%,

12/1/51 

10,000‌

6‌

Arrow

Electronics,

4.00%,

4/1/25 

395,000‌

382‌

Astrazeneca

Finance,

1.75%,

5/28/28 

295,000‌

257‌

AT&T,

2.30%,

6/1/27 

90,000‌

81‌

Ausgrid

Finance,

3.85%,

5/1/23  (1)

245,000‌

243‌

Ausgrid

Finance,

4.35%,

8/1/28  (1)

385,000‌

358‌

AutoZone,

4.75%,

8/1/32 

100,000‌

98‌

Banco

Bilbao

Vizcaya

Argentaria,

VR,

5.862%,

9/14/26  (6)(11)

400,000‌

398‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

167‌

Banco

Santander,

VR,

1.722%,

9/14/27  (11)

600,000‌

513‌

Bank

of

America,

3.248%,

10/21/27 

1,885,000‌

1,739‌

Bank

of

America,

VR,

1.898%,

7/23/31  (11)

1,100,000‌

860‌

Bank

of

America,

VR,

1.922%,

10/24/31  (11)

885,000‌

686‌

Bank

of

America,

VR,

2.496%,

2/13/31  (11)

750,000‌

616‌

Bank

of

America,

VR,

2.592%,

4/29/31  (11)

445,000‌

366‌

Bank

of

America,

VR,

3.419%,

12/20/28  (11)

70,000‌

63‌

Bank

of

America,

VR,

3.559%,

4/23/27  (11)

190,000‌

179‌

Bank

of

America,

VR,

4.271%,

7/23/29  (11)

715,000‌

666‌

Bank

of

Ireland

Group,

VR,

6.253%,

9/16/26  (1)(11)

270,000‌

267‌

Barclays,

VR,

2.279%,

11/24/27  (11)

210,000‌

180‌

Barclays,

VR,

2.852%,

5/7/26  (11)

515,000‌

474‌

Barclays,

VR,

3.932%,

5/7/25  (11)

380,000‌

366‌

Barclays,

VR,

5.501%,

8/9/28  (11)

200,000‌

193‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

53

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BAT

Capital,

3.557%,

8/15/27 

1,025,000‌

933‌

BAT

Capital,

4.742%,

3/16/32 

105,000‌

94‌

BAT

International

Finance,

1.668%,

3/25/26  (6)

135,000‌

119‌

Becton

Dickinson

&

Company,

1.957%,

2/11/31 

520,000‌

417‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

190,000‌

165‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

515,000‌

491‌

Becton

Dickinson

&

Company,

4.298%,

8/22/32 

95,000‌

90‌

Berkshire

Hathaway

Finance,

2.50%,

1/15/51 

270,000‌

171‌

BNP

Paribas,

VR,

1.323%,

1/13/27  (1)(11)

790,000‌

686‌

BNP

Paribas,

VR,

2.591%,

1/20/28  (1)(11)

505,000‌

442‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

285,000‌

239‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

85,000‌

81‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

250,000‌

247‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

495,000‌

505‌

Booking

Holdings,

4.625%,

4/13/30 

170,000‌

166‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

335,000‌

307‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

195,000‌

168‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

798,000‌

706‌

Broadcom,

4.11%,

9/15/28 

105,000‌

98‌

Capital

One

Financial,

3.65%,

5/11/27 

670,000‌

626‌

Capital

One

Financial,

VR,

2.359%,

7/29/32  (11)

1,295,000‌

944‌

Capital

One

Financial,

VR,

3.273%,

3/1/30  (11)

190,000‌

163‌

Capital

One

Financial,

VR,

5.247%,

7/26/30  (11)

100,000‌

96‌

Cardinal

Health,

4.50%,

11/15/44 

75,000‌

61‌

Carvana,

10.25%,

5/1/30  (1)

827,000‌

347‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

205,000‌

203‌

Celanese

U.S.

Holdings,

6.165%,

7/15/27 

215,000‌

211‌

Centene,

2.625%,

8/1/31 

940,000‌

738‌

Charter

Communications

Operating,

2.25%,

1/15/29 

245,000‌

200‌

Charter

Communications

Operating,

2.80%,

4/1/31 

66,000‌

52‌

Charter

Communications

Operating,

3.75%,

2/15/28 

645,000‌

590‌

Charter

Communications

Operating,

4.20%,

3/15/28 

335,000‌

311‌

Charter

Communications

Operating,

6.484%,

10/23/45 

90,000‌

85‌

Cheniere

Corpus

Christi

Holdings,

3.70%,

11/15/29 

365,000‌

332‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

110,000‌

109‌

Citigroup,

VR,

3.106%,

4/8/26  (11)

365,000‌

346‌

Citigroup,

VR,

5.61%,

9/29/26  (11)

480,000‌

481‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28  (11)

405,000‌

367‌

CNO

Financial

Group,

5.25%,

5/30/25 

152,000‌

150‌

Comcast,

1.95%,

1/15/31 

95,000‌

77‌

Comcast,

3.25%,

11/1/39 

445,000‌

353‌

Corebridge

Financial,

3.90%,

4/5/32  (1)

110,000‌

97‌

Crown

Castle,

2.10%,

4/1/31 

120,000‌

95‌

Crown

Castle,

2.25%,

1/15/31 

860,000‌

697‌

Crown

Castle,

2.90%,

3/15/27 

95,000‌

87‌

Crown

Castle

Towers,

3.663%,

5/15/25  (1)

725,000‌

690‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

54

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CSL

Finance,

4.05%,

4/27/29  (1)

190,000‌

180‌

CSL

Finance,

4.25%,

4/27/32  (1)

170,000‌

161‌

CVS

Health,

1.75%,

8/21/30 

400,000‌

320‌

CVS

Health,

3.25%,

8/15/29 

100,000‌

91‌

CVS

Health,

5.05%,

3/25/48 

549,000‌

507‌

Danske

Bank,

5.375%,

1/12/24  (1)

510,000‌

505‌

Danske

Bank,

VR,

3.244%,

12/20/25  (1)(11)

205,000‌

191‌

Danske

Bank,

VR,

3.773%,

3/28/25  (1)(11)

255,000‌

245‌

Discover

Financial

Services,

4.10%,

2/9/27 

480,000‌

449‌

Duke

Energy,

4.50%,

8/15/32 

725,000‌

685‌

Ecolab,

4.80%,

3/24/30 

20,000‌

20‌

Edison

International,

4.95%,

4/15/25 

25,000‌

25‌

EDP

Finance,

6.30%,

10/11/27  (1)

200,000‌

205‌

Enel

Finance

America,

7.10%,

10/14/27  (1)

200,000‌

208‌

Enel

Finance

International,

6.80%,

10/14/25  (1)

200,000‌

206‌

Energy

Transfer,

2.90%,

5/15/25 

140,000‌

132‌

Energy

Transfer,

4.50%,

4/15/24 

55,000‌

54‌

Energy

Transfer,

5.875%,

1/15/24 

160,000‌

160‌

Energy

Transfer,

6.00%,

6/15/48 

379,000‌

348‌

Energy

Transfer,

6.25%,

4/15/49 

95,000‌

90‌

Eni,

Series X-R,

4.75%,

9/12/28  (1)

450,000‌

436‌

Enterprise

Products

Operating,

2.80%,

1/31/30 

110,000‌

95‌

Equifax,

5.10%,

12/15/27 

235,000‌

232‌

Equitable

Holdings,

4.35%,

4/20/28 

880,000‌

838‌

Extra

Space

Storage,

2.35%,

3/15/32 

530,000‌

399‌

FedEx,

2.40%,

5/15/31 

351,000‌

286‌

Fifth

Third

Bancorp,

VR,

4.772%,

7/28/30  (11)

100,000‌

94‌

Fiserv,

3.50%,

7/1/29 

110,000‌

99‌

General

Motors,

4.20%,

10/1/27 

330,000‌

314‌

General

Motors,

5.60%,

10/15/32 

105,000‌

101‌

General

Motors

Financial,

3.60%,

6/21/30 

365,000‌

310‌

General

Motors

Financial,

4.00%,

10/6/26 

175,000‌

165‌

General

Motors

Financial,

4.30%,

7/13/25 

385,000‌

374‌

General

Motors

Financial,

4.35%,

4/9/25 

170,000‌

166‌

General

Motors

Financial,

5.10%,

1/17/24 

270,000‌

268‌

GLP

Capital,

3.35%,

9/1/24 

100,000‌

95‌

Goldman

Sachs

Group,

3.50%,

11/16/26 

145,000‌

138‌

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27  (11)

410,000‌

355‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32  (11)

890,000‌

715‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28  (11)

390,000‌

363‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28  (11)

255,000‌

244‌

Gray

Oak

Pipeline,

2.00%,

9/15/23  (1)

35,000‌

34‌

Gray

Oak

Pipeline,

2.60%,

10/15/25  (1)

115,000‌

104‌

Gray

Oak

Pipeline,

3.45%,

10/15/27  (1)

45,000‌

40‌

Hasbro,

3.55%,

11/19/26 

190,000‌

179‌

HCA,

2.375%,

7/15/31 

140,000‌

110‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

55

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HCA,

3.125%,

3/15/27  (1)

165,000‌

150‌

HCA,

3.375%,

3/15/29  (1)

65,000‌

57‌

HCA,

3.50%,

9/1/30 

278,000‌

238‌

HCA,

5.375%,

9/1/26 

130,000‌

129‌

HCA,

5.875%,

2/15/26 

475,000‌

477‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

150,000‌

109‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

440,000‌

389‌

Highwoods

Realty,

3.05%,

2/15/30 

560,000‌

449‌

Highwoods

Realty,

4.125%,

3/15/28 

430,000‌

390‌

HSBC

Holdings,

VR,

1.645%,

4/18/26  (11)

205,000‌

184‌

HSBC

Holdings,

VR,

2.099%,

6/4/26  (11)

435,000‌

393‌

HSBC

Holdings,

VR,

2.999%,

3/10/26  (11)

395,000‌

368‌

HSBC

Holdings,

VR,

4.755%,

6/9/28  (11)

680,000‌

641‌

HSBC

Holdings,

VR,

5.21%,

8/11/28  (11)

335,000‌

322‌

Humana,

3.70%,

3/23/29 

120,000‌

111‌

Humana,

4.875%,

4/1/30 

365,000‌

357‌

Hyundai

Capital

America,

1.80%,

10/15/25  (1)

195,000‌

176‌

Hyundai

Capital

America,

2.10%,

9/15/28  (1)

325,000‌

263‌

ING

Groep,

VR,

1.726%,

4/1/27  (11)

200,000‌

175‌

Intercontinental

Exchange,

2.65%,

9/15/40 

90,000‌

64‌

Intercontinental

Exchange,

4.35%,

6/15/29 

350,000‌

344‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27  (11)

1,810,000‌

1,587‌

JPMorgan

Chase,

VR,

1.953%,

2/4/32  (11)

595,000‌

463‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28  (11)

510,000‌

447‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31  (11)

425,000‌

352‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30  (11)

320,000‌

272‌

JPMorgan

Chase,

VR,

2.947%,

2/24/28  (11)

405,000‌

369‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31  (11)

600,000‌

498‌

JPMorgan

Chase,

VR,

4.586%,

4/26/33  (11)

75,000‌

70‌

JPMorgan

Chase,

VR,

4.912%,

7/25/33  (11)

320,000‌

305‌

JPMorgan

Chase,

VR,

5.717%,

9/14/33  (11)

255,000‌

251‌

Kookmin

Bank,

4.50%,

2/1/29 

500,000‌

468‌

Las

Vegas

Sands,

3.50%,

8/18/26 

170,000‌

154‌

Lowe's,

3.75%,

4/1/32 

250,000‌

227‌

LSEGA

Financing,

2.00%,

4/6/28  (1)

1,020,000‌

873‌

LSEGA

Financing,

2.50%,

4/6/31  (1)

285,000‌

240‌

LSEGA

Financing,

3.20%,

4/6/41  (1)

200,000‌

150‌

Marriott

International,

5.00%,

10/15/27 

255,000‌

253‌

Marriott

International,

Series HH,

2.85%,

4/15/31 

120,000‌

98‌

Marsh

&

McLennan,

2.25%,

11/15/30 

140,000‌

115‌

Martin

Marietta

Materials,

2.40%,

7/15/31 

115,000‌

93‌

Micron

Technology,

4.185%,

2/15/27 

95,000‌

91‌

Micron

Technology,

5.327%,

2/6/29 

180,000‌

175‌

Mileage

Plus

Holdings,

6.50%,

6/20/27  (1)

361,000‌

359‌

Mitsubishi

UFJ

Financial

Group,

VR,

5.354%,

9/13/28  (11)

325,000‌

324‌

Morgan

Stanley,

VR,

1.593%,

5/4/27  (11)

2,565,000‌

2,257‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

56

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Morgan

Stanley,

VR,

3.217%,

4/22/42  (11)

110,000‌

83‌

Morgan

Stanley,

VR,

4.431%,

1/23/30  (11)

150,000‌

141‌

Morgan

Stanley,

VR,

4.679%,

7/17/26  (11)

165,000‌

163‌

Morgan

Stanley,

VR,

4.889%,

7/20/33  (11)

75,000‌

71‌

MPLX,

4.95%,

9/1/32 

395,000‌

373‌

NatWest

Group,

VR,

7.472%,

11/10/26  (6)(11)

200,000‌

208‌

Netflix,

4.625%,

5/15/29

(EUR) 

500,000‌

520‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

420,000‌

341‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52 

305,000‌

209‌

NextEra

Energy

Capital

Holdings,

5.00%,

7/15/32 

100,000‌

99‌

Nordea

Bank,

5.375%,

9/22/27  (1)

245,000‌

245‌

NRG

Energy,

4.45%,

6/15/29  (1)

205,000‌

186‌

NTT

Finance,

1.591%,

4/3/28  (1)

475,000‌

402‌

NTT

Finance,

2.065%,

4/3/31  (1)

200,000‌

162‌

Nucor,

3.125%,

4/1/32 

115,000‌

98‌

NXP,

2.70%,

5/1/25 

35,000‌

33‌

NXP,

3.15%,

5/1/27 

75,000‌

68‌

NXP,

5.35%,

3/1/26 

170,000‌

170‌

Oracle,

2.30%,

3/25/28 

235,000‌

203‌

Oracle,

6.25%,

11/9/32 

75,000‌

79‌

O'Reilly

Automotive,

4.70%,

6/15/32 

100,000‌

98‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

175,000‌

149‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

340,000‌

267‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

305,000‌

279‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

110,000‌

107‌

Parker-Hannifin,

4.25%,

9/15/27 

120,000‌

117‌

Parker-Hannifin,

4.50%,

9/15/29 

130,000‌

126‌

PerkinElmer,

1.90%,

9/15/28 

280,000‌

231‌

PerkinElmer,

2.25%,

9/15/31 

150,000‌

118‌

PerkinElmer,

3.30%,

9/15/29 

165,000‌

144‌

Philip

Morris

International,

5.625%,

11/17/29 

95,000‌

97‌

PNC

Financial

Services

Group,

2.55%,

1/22/30 

110,000‌

94‌

Realty

Income,

3.95%,

8/15/27 

139,000‌

132‌

Regency

Centers,

3.60%,

2/1/27 

300,000‌

282‌

Reynolds

American,

4.45%,

6/12/25 

330,000‌

324‌

Rogers

Communications,

3.20%,

3/15/27  (1)

135,000‌

126‌

Rogers

Communications,

3.80%,

3/15/32  (1)

210,000‌

186‌

Rogers

Communications,

4.55%,

3/15/52  (1)

105,000‌

85‌

Ross

Stores,

1.875%,

4/15/31 

365,000‌

288‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

70,000‌

66‌

Sabine

Pass

Liquefaction,

5.00%,

3/15/27 

910,000‌

892‌

Sabine

Pass

Liquefaction,

5.875%,

6/30/26 

210,000‌

213‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (11)

260,000‌

226‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26  (11)

930,000‌

816‌

SBA

Tower

Trust,

1.84%,

4/15/27  (1)

440,000‌

369‌

SBA

Tower

Trust,

2.328%,

1/15/28  (1)

75,000‌

62‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

57

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SBA

Tower

Trust,

2.593%,

10/15/31  (1)

360,000‌

284‌

Sempra

Energy,

3.70%,

4/1/29 

105,000‌

96‌

Sherwin-Williams,

2.95%,

8/15/29 

400,000‌

353‌

SMBC

Aviation

Capital

Finance,

3.55%,

4/15/24  (1)

200,000‌

193‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27 

235,000‌

231‌

Standard

Chartered,

VR,

1.456%,

1/14/27  (1)(11)

210,000‌

180‌

Standard

Chartered,

VR,

2.608%,

1/12/28  (1)(11)

935,000‌

802‌

Standard

Chartered,

VR,

3.971%,

3/30/26  (1)(11)

205,000‌

194‌

Standard

Chartered,

VR,

4.644%,

4/1/31  (1)(11)

320,000‌

287‌

T-Mobile

USA,

2.05%,

2/15/28 

410,000‌

353‌

T-Mobile

USA,

3.75%,

4/15/27 

1,500,000‌

1,419‌

Targa

Resources

Partners,

5.50%,

3/1/30 

450,000‌

430‌

Targa

Resources

Partners,

6.875%,

1/15/29 

120,000‌

122‌

Toronto-Dominion

Bank,

4.456%,

6/8/32 

95,000‌

91‌

Transcontinental

Gas

Pipe

Line,

4.00%,

3/15/28 

545,000‌

514‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

95,000‌

81‌

Transurban

Finance,

2.45%,

3/16/31  (1)

210,000‌

166‌

Transurban

Finance,

3.375%,

3/22/27  (1)

540,000‌

495‌

Trinity

Acquisition,

4.40%,

3/15/26 

335,000‌

327‌

Truist

Financial,

VR,

4.123%,

6/6/28  (11)

370,000‌

353‌

UBS

Group,

VR,

4.751%,

5/12/28  (1)(11)

200,000‌

192‌

United

Airlines

PTT,

Series 2019-2,

Class

A,

2.90%,

5/1/28 

114,255‌

92‌

United

Airlines

PTT,

Series 2019-2,

Class

AA,

2.70%,

5/1/32 

70,762‌

58‌

UnitedHealth

Group,

2.00%,

5/15/30 

945,000‌

790‌

UnitedHealth

Group,

2.75%,

5/15/40 

70,000‌

52‌

Utah

Acquisition

Sub,

3.95%,

6/15/26 

520,000‌

487‌

Verizon

Communications,

2.10%,

3/22/28 

240,000‌

210‌

Verizon

Communications,

2.355%,

3/15/32 

642,000‌

513‌

Verizon

Communications,

2.55%,

3/21/31 

670,000‌

557‌

Verizon

Communications,

2.65%,

11/20/40 

340,000‌

233‌

Vistra

Operations,

3.55%,

7/15/24  (1)

705,000‌

673‌

Vistra

Operations,

5.125%,

5/13/25  (1)

355,000‌

347‌

Vodafone

Group,

4.375%,

5/30/28 

255,000‌

252‌

Vodafone

Group,

5.25%,

5/30/48 

390,000‌

350‌

Volkswagen

Bank,

2.50%,

7/31/26

(EUR) 

300,000‌

297‌

Volkswagen

Group

of

America

Finance,

1.625%,

11/24/27  (1)

385,000‌

324‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26  (1)

600,000‌

560‌

Volkswagen

Group

of

America

Finance,

4.60%,

6/8/29  (1)

200,000‌

190‌

Warnermedia

Holdings,

3.755%,

3/15/27  (1)

520,000‌

473‌

Warnermedia

Holdings,

4.054%,

3/15/29  (1)

180,000‌

157‌

Warnermedia

Holdings,

4.279%,

3/15/32  (1)

110,000‌

93‌

Wells

Fargo,

4.30%,

7/22/27 

290,000‌

279‌

Wells

Fargo,

VR,

2.393%,

6/2/28  (11)

1,860,000‌

1,637‌

Wells

Fargo,

VR,

2.572%,

2/11/31  (11)

1,645,000‌

1,371‌

Wells

Fargo,

VR,

2.879%,

10/30/30  (11)

850,000‌

734‌

Westlake,

1.625%,

7/17/29

(EUR) 

177,000‌

154‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

58

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Woodside

Finance,

3.65%,

3/5/25  (1)

470,000‌

451‌

Woodside

Finance,

3.70%,

9/15/26  (1)

439,000‌

411‌

Woodside

Finance,

3.70%,

3/15/28  (1)(6)

520,000‌

468‌

Workday,

3.70%,

4/1/29 

80,000‌

74‌

Xcel

Energy,

3.40%,

6/1/30 

360,000‌

322‌

Xcel

Energy,

4.60%,

6/1/32 

160,000‌

153‌

Total

Corporate

Bonds

(Cost

$97,502)

86,883‌

EQUITY

MUTUAL

FUNDS

12.6%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund  (2)

2,880,978‌

98,068‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class  (2)

8,063,789‌

77,090‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class  (2)

4,615,762‌

65,867‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class  (2)

1,086,930‌

34,793‌

Total

Equity

Mutual

Funds

(Cost

$256,112)

275,818‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.0%

NBN,

2.625%,

5/5/31  (1)

315,000‌

254‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$315)

254‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

1.0%

280

Park

Avenue

Mortgage

Trust,

Series 2017-280P,

Class

A,

ARM,

1M

USD

LIBOR

+

0.88%,

4.736%,

9/15/34  (1)

317,821‌

309‌

Angel

Oak

Mortgage

Trust,

Series 2020-5,

Class

A3,

CMO,

ARM,

2.041%,

5/25/65  (1)

46,197‌

41‌

Angel

Oak

Mortgage

Trust

I,

Series 2019-1,

Class

A2,

CMO,

ARM,

4.022%,

11/25/48  (1)

2,650‌

3‌

Angel

Oak

Mortgage

Trust

I,

Series 2019-4,

Class

A3,

CMO,

ARM,

3.301%,

7/26/49  (1)

13,956‌

14‌

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

USD

LIBOR

+

1.25%,

5.125%,

9/15/32  (1)

190,000‌

183‌

BAMLL

Commercial

Mortgage

Securities

Trust,

Series 2021-JACX,

Class

B,

ARM,

1M

USD

LIBOR

+

1.45%,

5.325%,

9/15/38  (1)

235,000‌

222‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-2,

Class

A20,

CMO,

ARM,

2.50%,

6/25/51  (1)

618,442‌

483‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-4,

Class

A20,

CMO,

ARM,

2.50%,

10/25/51  (1)

418,788‌

327‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

6.035%,

11/15/34  (1)

195,000‌

170‌

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56  (1)

217,442‌

188‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

59

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BX

Commercial

Mortgage

Trust,

Series 2019-IMC,

Class

A,

ARM,

1M

USD

LIBOR

+

1.00%,

4.873%,

4/15/34  (1)

535,000‌

521‌

BX

Commercial

Mortgage

Trust,

Series 2021-21M,

Class

C,

ARM,

1M

USD

LIBOR

+

1.177%,

5.052%,

10/15/36  (1)

167,628‌

156‌

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

6.935%,

6/15/27  (1)

475,000‌

469‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

USD

LIBOR

+

1.297%,

5.172%,

10/15/36  (1)

330,000‌

308‌

BX

Trust,

Series 2021-ARIA,

Class

C,

ARM,

1M

USD

LIBOR

+

1.646%,

5.521%,

10/15/36  (1)

335,000‌

310‌

BX

Trust,

Series 2021-LGCY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.004%,

4.879%,

10/15/36  (1)

275,000‌

255‌

BX

Trust,

Series 2022-IND,

Class

C,

ARM,

1M

TSFR

+

2.29%,

6.101%,

4/15/37  (1)

507,969‌

480‌

BXSC

Commercial

Mortgage

Trust,

Series 2022-WSS,

Class

B,

ARM,

1M

TSFR

+

2.092%,

5.887%,

3/15/35  (1)

655,000‌

625‌

BXSC

Commercial

Mortgage

Trust,

Series 2022-WSS,

Class

C,

ARM,

1M

TSFR

+

2.391%,

6.186%,

3/15/35  (1)

125,000‌

119‌

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51  (1)

414,170‌

326‌

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

380,000‌

363‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51  (1)

160,061‌

130‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

5.525%,

11/15/37  (1)

181,853‌

175‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A1,

CMO,

ARM,

1.506%,

4/27/65  (1)

36,472‌

34‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65  (1)

58,671‌

55‌

Commercial

Mortgage

Trust,

Series 2015-CR24,

Class

AM,

ARM,

4.028%,

8/10/48 

230,000‌

217‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

300,282‌

280‌

Connecticut

Avenue

Securities,

Series 2017-C02,

Class

2ED3,

CMO,

ARM,

1M

USD

LIBOR

+

1.35%,

5.366%,

9/25/29 

20,935‌

21‌

Connecticut

Avenue

Securities,

Series 2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

5.116%,

11/25/29 

354,836‌

346‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

1M

USD

LIBOR

+

1.00%,

5.016%,

2/25/30 

146,032‌

144‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

4.521%,

12/25/41  (1)

93,343‌

92‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

1.20%,

4.721%,

1/25/42  (1)

694,304‌

680‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R03,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.10%,

5.621%,

3/25/42  (1)

449,128‌

444‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

60

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Connecticut

Avenue

Securities

Trust,

Series 2022-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.00%,

5.521%,

3/25/42  (1)

289,582‌

286‌

Credit

Suisse

Mortgage

Trust,

Series 2020-NET,

Class

A,

2.257%,

8/15/37  (1)

205,237‌

183‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.174%,

9/15/45  (1)

430,000‌

306‌

Deephaven

Residential

Mortgage

Trust,

Series 2021-2,

Class

A2,

CMO,

ARM,

1.209%,

4/25/66  (1)

112,368‌

92‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.85%,

4.436%,

3/25/50  (1)

68,491‌

63‌

Flagstar

Mortgage

Trust,

Series 2021-3INV,

Class

A16,

CMO,

ARM,

2.50%,

6/25/51  (1)

344,759‌

271‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50  (1)

90,319‌

80‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (1)

33,470‌

30‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58  (1)

22,178‌

21‌

Galton

Funding

Mortgage

Trust,

Series 2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59  (1)

271,691‌

263‌

GCAT

Trust,

Series 2021-NQM4,

Class

A3,

CMO,

ARM,

1.556%,

8/25/66  (1)

146,396‌

108‌

Goldman

Sachs

Mortgage

Securities

Trust,

Series 2021-STAR,

Class

C,

ARM,

1M

USD

LIBOR

+

1.60%,

5.475%,

12/15/36  (1)

665,000‌

629‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

A,

ARM,

1M

USD

LIBOR

+

1.034%,

4.909%,

12/15/36  (1)

370,000‌

357‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

USD

LIBOR

+

1.633%,

5.508%,

12/15/36  (1)

335,000‌

319‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

2.175%,

7/25/44  (1)

8,069‌

8‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.932%,

10/25/50  (1)

184,309‌

156‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51  (1)

315,890‌

250‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR2,

Class

A4,

CMO,

ARM,

2.50%,

2/25/52  (1)

320,253‌

252‌

Hundred

Acre

Wood

Trust,

Series 2021-INV1,

Class

A27,

CMO,

ARM,

2.50%,

7/25/51  (1)

604,780‌

466‌

Hundred

Acre

Wood

Trust,

Series 2021-INV2,

Class

A27,

CMO,

ARM,

2.50%,

10/25/51  (1)

185,422‌

147‌

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56  (1)

147,823‌

113‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33  (1)

145,000‌

136‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (1)

79,680‌

68‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

61

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (1)

92,097‌

83‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.588%,

12/25/50  (1)

237,331‌

189‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50  (1)

75,161‌

67‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50  (1)

10,432‌

10‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50  (1)

22,949‌

22‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.279%,

6/25/50  (1)

242,943‌

203‌

KIND

Trust,

Series 2021-KIND,

Class

B,

ARM,

1M

USD

LIBOR

+

1.35%,

5.225%,

8/15/38  (1)

680,085‌

625‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series  2014-

C18,

Class

300A,

3.749%,

8/15/31 

225,000‌

209‌

New

Economy

Assets

Phase

1

Sponsor,

Series 2021-1,

Class

A1,

1.91%,

10/20/61  (1)

204,910‌

173‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51  (1)

261,584‌

207‌

OBX

Trust,

Series 2019-EXP2,

Class

1A3,

CMO,

ARM,

4.00%,

6/25/59  (1)

71,058‌

65‌

OBX

Trust,

Series 2019-EXP3,

Class

1A8,

CMO,

ARM,

3.50%,

10/25/59  (1)

46,389‌

43‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60  (1)

193,171‌

171‌

OBX

Trust,

Series 2021-NQM3,

Class

A1,

CMO,

ARM,

1.054%,

7/25/61  (1)

221,161‌

166‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.442%,

4/25/43 

163,081‌

151‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.794%,

8/25/47  (1)

210,774‌

180‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47  (1)

47,208‌

44‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48  (1)

13,190‌

12‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48  (1)

33,285‌

31‌

Sequoia

Mortgage

Trust,

Series 2018-CH4,

Class

A2,

CMO,

ARM,

4.00%,

10/25/48  (1)

4,494‌

4‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (1)

13,390‌

13‌

SMRT,

Series 2022-MINI,

Class

C,

ARM,

1M

TSFR

+

1.55%,

5.345%,

1/15/39  (1)

430,000‌

405‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

5.821%,

8/25/33  (1)

185,000‌

179‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

62

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA1,

Class

M1B,

CMO,

ARM,

SOFR30A

+

1.85%,

5.371%,

1/25/42  (1)

400,000‌

366‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

5.521%,

4/25/42  (1)

569,506‌

562‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA5,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.95%,

6.471%,

6/25/42  (1)

549,755‌

554‌

Toorak

Mortgage,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

1.153%,

7/25/56  (1)

211,180‌

171‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56  (1)

10,364‌

10‌

Towd

Point

Mortgage

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

4/25/57  (1)

11,360‌

11‌

Towd

Point

Mortgage

Trust,

Series 2017-5,

Class

A1,

CMO,

ARM,

1M

USD

LIBOR

+

0.60%,

3.512%,

2/25/57  (1)

33,462‌

33‌

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51  (1)

329,961‌

261‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59  (1)

39,250‌

37‌

Verus

Securitization

Trust,

Series 2019-INV2,

Class

A2,

CMO,

ARM,

3.117%,

7/25/59  (1)

165,257‌

159‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.889%,

3/25/60  (1)

100,000‌

91‌

Verus

Securitization

Trust,

Series 2021-5,

Class

A2,

CMO,

ARM,

1.218%,

9/25/66  (1)

201,931‌

157‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2016-C35,

Class

AS,

3.184%,

7/15/48 

695,000‌

623‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

1,165,000‌

1,037‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-C54,

Class

B,

3.671%,

12/15/52 

200,000‌

166‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-JWDR,

Class

A,

ARM,

2.584%,

9/15/31  (1)

570,000‌

494‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series 2021-RR1,

Class

A17,

CMO,

ARM,

2.50%,

12/25/50  (1)

576,638‌

457‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C22,

Class

AS,

ARM,

4.069%,

9/15/57 

430,000‌

409‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36  (1)

100,000‌

86‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$24,671)

22,030‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

63

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR)  (4)

16,272‌

1,842‌

Total

Consumer

Discretionary

1,842‌

Total

Preferred

Stocks

(Cost

$1,311)

1,842‌

PRIVATE

INVESTMENT

COMPANIES

4.1%

Blackstone

Partners

Offshore

Fund  (4)(8)

41,804‌

90,399‌

Total

Private

Investment

Companies

(Cost

$65,016)

90,399‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

3.9%

U.S.

Government

Agency

Obligations

3.3%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

118,312‌

112‌

3.00%,

12/1/42

-

2/1/47 

995,192‌

913‌

3.50%,

8/1/42

-

3/1/46 

947,036‌

890‌

4.00%,

8/1/40

-

12/1/41 

394,273‌

386‌

4.50%,

6/1/39

-

10/1/41 

295,088‌

296‌

5.00%,

1/1/24

-

8/1/40 

105,591‌

109‌

6.00%,

4/1/24

-

8/1/38 

85,539‌

90‌

6.50%,

11/1/29

-

10/1/32 

9,286‌

9‌

7.00%,

10/1/25

-

6/1/32 

5,017‌

5‌

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.725%,

3.975%,

7/1/35 

1,371‌

1‌

12M

USD

LIBOR

+

1.75%,

2.127%,

2/1/35 

5,891‌

6‌

12M

USD

LIBOR

+

1.828%,

2.203%,

2/1/37 

14,265‌

14‌

12M

USD

LIBOR

+

1.842%,

2.091%,

1/1/37 

10,837‌

11‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

195,283‌

31‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

4/1/37 

71,938‌

63‌

2.00%,

3/1/42

-

6/1/52 

7,645,604‌

6,325‌

2.50%,

6/1/37

-

5/1/52 

7,040,358‌

6,148‌

3.00%,

5/1/31

-

8/1/52 

2,714,695‌

2,469‌

3.50%,

6/1/47

-

11/1/50 

888,805‌

831‌

4.00%,

8/1/37

-

9/1/52 

672,759‌

648‌

4.50%,

9/1/37

-

5/1/50 

69,795‌

69‌

5.00%,

10/1/52 

124,784‌

124‌

Federal

National

Mortgage

Assn. 

3.00%,

6/1/33

-

8/1/46 

98,408‌

89‌

3.50%,

6/1/42

-

5/1/46 

509,548‌

480‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

64

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

4.00%,

11/1/40 

184,021‌

176‌

Federal

National

Mortgage

Assn.,

ARM,

12M

USD

LIBOR

+

1.881%,

4.131%,

8/1/36 

14,340‌

14‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

2,658‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

1,767,499‌

1,525‌

2.00%,

4/1/42

-

4/1/52 

12,630,077‌

10,446‌

2.50%,

1/1/32

-

4/1/52 

9,184,934‌

7,940‌

3.00%,

8/1/27

-

4/1/51 

6,088,815‌

5,557‌

3.50%,

2/1/35

-

1/1/52 

3,743,692‌

3,512‌

4.00%,

7/1/35

-

8/1/52 

3,524,575‌

3,412‌

4.50%,

7/1/39

-

8/1/52 

2,415,817‌

2,387‌

5.00%,

9/1/23

-

10/1/52 

1,371,451‌

1,389‌

5.50%,

11/1/34

-

9/1/41 

432,669‌

451‌

6.00%,

3/1/33

-

1/1/41 

289,424‌

302‌

6.50%,

8/1/23

-

5/1/40 

218,045‌

227‌

7.00%,

9/1/30

-

4/1/32 

3,374‌

3‌

Government

National

Mortgage

Assn. 

2.00%,

3/20/51

-

7/20/51 

1,860,016‌

1,590‌

2.50%,

9/20/51

-

3/20/52 

466,182‌

411‌

3.00%,

10/20/51

-

6/20/52 

1,181,494‌

1,068‌

3.50%,

3/20/43

-

10/20/49 

806,070‌

766‌

4.00%,

9/20/48

-

10/20/52 

1,110,568‌

1,062‌

4.50%,

11/20/41

-

10/20/52 

1,472,008‌

1,448‌

Government

National

Mortgage

Assn.,

TBA  (12)

3.00%,

12/20/52 

145,000‌

131‌

5.50%,

12/20/52 

2,665,000‌

2,697‌

6.00%,

12/20/52 

885,000‌

903‌

UMBS,

TBA  (12)

2.00%,

12/1/52 

785,000‌

647‌

2.50%,

12/1/52 

85,000‌

73‌

3.00%,

12/1/52 

1,175,000‌

1,040‌

3.50%,

12/1/52 

205,000‌

188‌

4.50%,

12/1/52 

125,000‌

122‌

6.00%,

12/1/52 

2,035,000‌

2,081‌

71,687‌

U.S.

Government

Obligations

0.6%

Government

National

Mortgage

Assn. 

2.00%,

8/20/51

-

5/20/52 

2,936,785‌

2,507‌

2.50%,

8/20/50

-

12/20/51 

4,109,020‌

3,621‌

3.00%,

9/15/42

-

7/20/51 

2,686,211‌

2,452‌

3.50%,

11/20/42

-

4/20/48 

2,523,160‌

2,386‌

4.00%,

2/20/41

-

10/20/50 

992,501‌

958‌

4.50%,

11/20/39

-

1/20/47 

393,561‌

396‌

5.00%,

7/20/39

-

6/20/48 

795,039‌

810‌

5.50%,

10/20/32

-

3/20/49 

478,486‌

494‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

65

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

6.00%,

8/20/34

-

12/20/38 

198,188‌

210‌

6.50%,

10/15/27

-

2/15/29 

2,016‌

2‌

7.00%,

9/20/27 

701‌

1‌

7.50%,

1/15/30 

2,828‌

3‌

8.00%,

8/15/24

-

10/20/25 

115‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

56,080‌

52‌

3.50%,

10/20/50 

190,000‌

163‌

Government

National

Mortgage

Assn.,

CMO,

IO 

3.50%,

5/20/43 

118,067‌

19‌

4.00%,

5/20/37

-

2/20/43 

63,619‌

7‌

Government

National

Mortgage

Assn.,

TBA,

2.50%,

12/20/52  (12)

180,000‌

158‌

14,239‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$91,891)

85,926‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

3.4%

U.S.

Treasury

Obligations

3.4%

U.S.

Treasury

Bonds,

2.875%,

5/15/52 

6,860,000‌

5,701‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

6,745,000‌

5,773‌

U.S.

Treasury

Bonds,

3.25%,

5/15/42 

5,035,000‌

4,520‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42 

8,640,000‌

7,905‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42 

4,650,000‌

4,671‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,100,000‌

3,222‌

U.S.

Treasury

Notes,

0.375%,

9/15/24 

890,000‌

828‌

U.S.

Treasury

Notes,

0.625%,

10/15/24 

6,880,000‌

6,417‌

U.S.

Treasury

Notes,

1.00%,

12/15/24 

4,315,000‌

4,035‌

U.S.

Treasury

Notes,

1.125%,

1/15/25 

8,075,000‌

7,553‌

U.S.

Treasury

Notes,

1.75%,

3/15/25 

2,960,000‌

2,799‌

U.S.

Treasury

Notes,

3.00%,

7/15/25  (13)

9,620,000‌

9,342‌

U.S.

Treasury

Notes,

3.125%,

8/31/27 

3,030,000‌

2,938‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

7,360,000‌

7,450‌

73,154‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$76,700)

73,154‌

SHORT-TERM

INVESTMENTS

2.1%

Money

Market

Funds

2.1%

T.

Rowe

Price

Treasury

Reserve

Fund,

3.81%  (2)(14)

45,862,524‌

45,863‌

Total

Short-Term

Investments

(Cost

$45,863)

45,863‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

66

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

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,

3.86%  (2)(14)

1,954,461‌

1,954‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,954‌

Total

Securities

Lending

Collateral

(Cost

$1,954)

1,954‌

Total

Investments

in

Securities

100.1%

of

Net

Assets

(Cost

$1,832,003)

$

2,185,069‌

‡

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

$50,630

and

represents

2.3%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

November

30,

2022.

(6)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

November

30,

2022.

(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

$7,497

and

represents

0.3%

of

net

assets.

(8)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(9)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(10)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(11)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

67

.

.

.

.

.

.

.

.

.

.

(12)

See

Note

4

.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$8,040

and

represents

0.4%

of

net

assets.

(13)

At

November

30,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(14)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

ISK

Iceland

Krona

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

68

.

.

.

.

.

.

.

.

.

.

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

69

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

Exchange-Traded

Options

Written

(0.2)%

Description

Contracts

Notional

Amount

$

Value

S&P

500

Index,

Call,

1/20/23

@

$3,950.00

252

102,819

(

3,323‌

)

Total

Options

Written

(Premiums

$(3,323))

$

(

3,323‌

)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

70

(Amounts

in

000s)

SWAPS

(0.0)%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Barclays

Bank,

A*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(EUR)

88

—

1

(

1‌

)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

1

(

1‌

)

Total

Bilateral

Swaps

1

(

1‌

)

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:

Republic

of

Indonesia,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

1,570

9

(21)

30‌

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/27

*

3,920

(42)

(137)

95‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

125‌

Total

Centrally

Cleared

Swaps

125‌

Net

payments

(receipts)

of

variation

margin

to

date

(

118‌

)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

7‌

*

Credit

ratings

as

of

November

30,

2022.

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

less

than

$1.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

71

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Morgan

Stanley

2/24/23

USD

361‌

EUR

346‌

$

(

2‌

)

State

Street

2/24/23

USD

733‌

EUR

704‌

(

4‌

)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(

6‌

)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

72

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

80

MSCI

EAFE

Index

contracts

12/22

(7,919)

$

(

564‌

)

Long,

213

S&P

500

E-Mini

Index

contracts

12/22

43,465

1,047‌

Short,

26

Long

Gilt

ten

year

contracts

3/23

(3,290)

5‌

Long,

48

U.S.

Treasury

Notes

ten

year

contracts

3/23

5,448

6‌

Long,

53

U.S.

Treasury

Notes

two

year

contracts

3/23

10,884

35‌

Long,

59

Ultra

U.S.

Treasury

Bonds

contracts

3/23

8,041

109‌

Long,

69

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/23

8,256

62‌

Net

payments

(receipts)

of

variation

margin

to

date

288‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

988‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

73

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

six

months

ended

November

30,

2022.

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,

5.72% 

$

215‌

$

(

1,592‌

)

$

743‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.55% 

—‌

—‌

1‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.80% 

—‌

(

4,938‌

)

1,824‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

—‌

(

6,108‌

)

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.43% 

(

1,432‌

)

626‌

1,292‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% 

(

817‌

)

(

3,154‌

)

2,317‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.60% 

(

1,613‌

)

(

2,897‌

)

830‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.40% 

(

687‌

)

377‌

11‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

—‌

(

323‌

)

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

(

2,472‌

)

—‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

—‌

518‌

—‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

3.96% 

—‌

(

7,574‌

)

912‌

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

—‌

—‌

—‌

++

T.

Rowe

Price

Treasury

Reserve

Fund,

3.81%

—‌

—‌

646‌

Totals

$

(

4,334‌

)

#

$

(

27,537‌

)

$

8,576‌

+

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

74

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

11/30/22

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.72% 

$

62,710‌

$

9,737‌

$

7,785‌

$

63,070‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

4.55% 

7‌

—‌

—‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.80% 

68,988‌

3,814‌

—‌

67,864‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

104,176‌

—‌

—‌

98,068‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

7.43% 

52,471‌

1,271‌

18,937‌

35,431‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

8.23% 

65,219‌

7,380‌

5,767‌

63,678‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.60% 

99,308‌

3,826‌

12,713‌

87,524‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

4.40% 

27,982‌

5‌

28,286‌

78‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

77,413‌

—‌

—‌

77,090‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

59,339‌

9,000‌

—‌

65,867‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class 

—‌

34,275‌

—‌

34,793‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

3.96% 

63,522‌

5,881‌

—‌

61,829‌

T.

Rowe

Price

Government

Reserve

Fund,

3.86%

5,416‌

¤

¤

1,954‌

T.

Rowe

Price

Treasury

Reserve

Fund,

3.81%

22,759‌

¤

¤

45,863‌

Total

$

703,116‌

^

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

75

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

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

as

described

in

Note

4

.

+

Investment

income

comprised

$8,576

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

$747,047.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

76

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$1,832,003)

$

2,185,069‌

Receivable

for

investment

securities

sold

17,942‌

Dividends

and

interest

receivable

3,514‌

Variation

margin

receivable

on

futures

contracts

988‌

Foreign

currency

(cost

$367)

369‌

Receivable

for

shares

sold

233‌

Variation

margin

receivable

on

centrally

cleared

swaps

7‌

Bilateral

swap

premiums

paid

1‌

Other

assets

5,334‌

Total

assets

2,213,457‌

Liabilities

Payable

for

investment

securities

purchased

18,731‌

Options

written

(premiums

$3,323)

3,323‌

Obligation

to

return

securities

lending

collateral

1,954‌

Payable

for

shares

redeemed

1,383‌

Investment

management

fees

payable

606‌

Due

to

affiliates

113‌

Unrealized

loss

on

forward

currency

exchange

contracts

6‌

Payable

to

directors

1‌

Unrealized

loss

on

bilateral

swaps

1‌

Other

liabilities

3,569‌

Total

liabilities

29,687‌

NET

ASSETS

$

2,183,770‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

November

30,

2022

(Unaudited)

Statement

of

Assets

and

Liabilities

77

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

351,144‌

Paid-in

capital

applicable

to

96,572,579

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

of

the

Corporation

authorized

1,832,626‌

NET

ASSETS

$

2,183,770‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

($1,152,589,665

/

50,956,181

shares

outstanding)

$

22.62‌

I

Class

($1,031,180,681

/

45,616,398

shares

outstanding)

$

22.61‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Operations

78

($000s)

6

Months

Ended

11/30/22

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$241)

$

17,041‌

    Interest

4,074‌

Total

income

21,115‌

Expenses

Investment

management

5,898‌

Shareholder

servicing

Investor

Class

$

881‌

I

Class

97‌

978‌

Prospectus

and

shareholder

reports

Investor

Class

39‌

I

Class

5‌

44‌

Custody

and

accounting

177‌

Legal

and

audit

33‌

Registration

25‌

Directors

3‌

Miscellaneous

24‌

Waived

/

paid

by

Price

Associates

(

2,007‌

)

Total

expenses

5,175‌

Net

investment

income

15,940‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Operations

79

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$4)

(

26,634‌

)

Futures

(

6,679‌

)

Swaps

(

425‌

)

Options

written

4,537‌

Forward

currency

exchange

contracts

24‌

Foreign

currency

transactions

(

344‌

)

Net

realized

loss

(

29,521‌

)

Change

in

net

unrealized

gain

/

loss

Securities

(

55,221‌

)

Futures

1,193‌

Swaps

132‌

Options

written

(

52‌

)

Forward

currency

exchange

contracts

25‌

Other

assets

and

liabilities

denominated

in

foreign

currencies

41‌

Change

in

net

unrealized

gain

/

loss

(

53,882‌

)

Net

realized

and

unrealized

gain

/

loss

(

83,403‌

)

DECREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

(

67,463‌

)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

80

($000s)

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

15,940‌

$

33,860‌

Net

realized

gain

(loss)

(

29,521‌

)

175,496‌

Change

in

net

unrealized

gain

/

loss

(

53,882‌

)

(

456,575‌

)

Decrease

in

net

assets

from

operations

(

67,463‌

)

(

247,219‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

9,791‌

)

(

195,000‌

)

I

Class

(

9,013‌

)

(

65,669‌

)

Decrease

in

net

assets

from

distributions

(

18,804‌

)

(

260,669‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

43,196‌

216,426‌

I

Class

51,985‌

680,814‌

Distributions

reinvested

Investor

Class

9,424‌

187,056‌

I

Class

8,730‌

64,313‌

Shares

redeemed

Investor

Class

(

147,241‌

)

(

1,005,568‌

)

I

Class

(

68,639‌

)

(

121,833‌

)

Increase

(decrease)

in

net

assets

from

capital

share

transactions

(

102,545‌

)

21,208‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

81

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/22

Year

Ended

5/31/22

Net

Assets

Decrease

during

period

(

188,812‌

)

(

486,680‌

)

Beginning

of

period

2,372,582‌

2,859,262‌

End

of

period

$

2,183,770‌

$

2,372,582‌

*Share

information

(000s)

Shares

sold

Investor

Class

1,944‌

7,927‌

I

Class

2,334‌

26,906‌

Distributions

reinvested

Investor

Class

433‌

7,044‌

I

Class

402‌

2,426‌

Shares

redeemed

Investor

Class

(

6,668‌

)

(

39,138‌

)

I

Class

(

3,109‌

)

(

4,644‌

)

Increase

(decrease)

in

shares

outstanding

(

4,664‌

)

521‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

82

T.

Rowe

Price

Spectrum

Funds

II,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Spectrum

Moderate

Allocation

Fund

(the

fund)

is a

diversified,

open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

the

highest

total

return

over

time

consistent

with

an

emphasis

on

both

capital

growth

and

income.

The

fund

has

two classes

of

shares:

the

Spectrum

Moderate

Allocation

Fund

(Investor

Class)

and

the

Spectrum

Moderate

Allocation

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts.

Prior

to

November

15,

2021,

the

initial

investment

minimum

was

$1

million

and

was

generally

waived

for

financial

intermediaries,

eligible

retirement

plans,

and

other

certain

accounts.

As

a

result

of

the

reduction

in

the

I

Class

minimum,

certain

assets

transferred

from

the

Investor

Class

to

the

I

Class.

This

transfer

of

shares

from

Investor

Class

to

I

Class

is

reflected

in

the

Statement

of

Changes

in

Net

Assets

within

the

Capital

shares

transactions

as

Shares

redeemed

and

Shares

sold,

respectively. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both

classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis.

Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes.

Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income.

Inflation

adjustments

to

the

principal

amount

of

inflation-indexed

bonds

are

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

83

reflected

as

interest

income.

Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense.

Dividends

received

from

mutual

fund

investments

are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss.

Dividend

income

and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date.

Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings.

Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

for

tax

purposes,

are

reclassified

when

such

information

becomes

available.

Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received.

Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities.

Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date.

Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly.

A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

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.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to all classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

84

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

early

adoption

is

permitted.

Management

expects

that

the

adoption

of

the

guidance

will

not

have

a

material

impact

on

the fund's

financial  statements.

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

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:

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

85

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

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 the

fund’s

portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

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

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

86

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

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

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.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

87

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2022

(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

$

—‌

$

286,392‌

$

—‌

$

286,392‌

Bond

Mutual

Funds

379,481‌

—‌

—‌

379,481‌

Common

Stocks

823,975‌

271,853‌

2,149‌

1,097,977‌

Convertible

Preferred

Stocks

—‌

—‌

5,343‌

5,343‌

Equity

Mutual

Funds

275,818‌

—‌

—‌

275,818‌

Preferred

Stocks

—‌

1,842‌

—‌

1,842‌

Private

Investment

Companies

—‌

—‌

90,399‌

90,399‌

Short-Term

Investments

45,863‌

—‌

—‌

45,863‌

Securities

Lending

Collateral

1,954‌

—‌

—‌

1,954‌

Total

Securities

1,527,091‌

560,087‌

97,891‌

2,185,069‌

Swaps*

—‌

125‌

—‌

125‌

Futures

Contracts*

1,264‌

—‌

—‌

1,264‌

Total

$

1,528,355‌

$

560,212‌

$

97,891‌

$

2,186,458‌

Liabilities

Options

Written

$

—‌

$

3,323‌

$

—‌

$

3,323‌

Forward

Currency

Exchange

Contracts

—‌

6‌

—‌

6‌

Futures

Contracts*

564‌

—‌

—‌

564‌

Total

$

564‌

$

3,329‌

$

—‌

$

3,893‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

88

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

six

months ended

November

30,

2022.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

November

30,

2022,

totaled $(8,261,000) for

the

six

months ended

November

30,

2022.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

5/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

11/30/22

Investment

in

Securities

Common

Stocks

$

2,064‌

$

85‌

$

—‌

$

—‌

$

2,149‌

Convertible

Preferred

Stocks

6,179‌

(899‌)

63‌

—‌

5,343‌

Private

Investment

Companies

123,413‌

1,986‌

—‌

(35,000‌)

90,399‌

Total

$

131,656‌

$

1,172‌

$

63‌

$

(35,000‌)

$

97,891‌

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

$

2,149‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

89

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

2%

–

100%

5%

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

1.5x

–

14.3x

6.1x

Increase

Sales

growth

rate

18%

–

75%

32%

Increase

Projected

enterprise

value

to

EBITDA

multiple

14.0x

14.0x

Increase

Enterprise

value

to

gross

profit

multiple

6.0x

–

18.4x

11.3x

Increase

Gross

profit

growth

rate

21%

–

53%

29%

Increase

Enterprise

value

to

EBITDA

multiple

10.1x

–

26.9x

11.7x

Increase

EBITDA

growth

rate

23%

23%

Increase

Price-

to-

earnings

multiple

7.0x

–

16.1x

11.6x

Increase

Probability

for

alternate

outcome

20%

–

40%

30%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

3%

3%

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

90

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**

Volatility

38%

–

41%

38%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Expected

present

value

Discount

rate

for

cost

of

capital

13%

13%

Decrease

Convertible

Preferred

Stocks

$

5,343‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

0.8x

–

18.8x

7.1x

Increase

Sales

growth

rate

18%

–

266%

42%

Increase

Projected

enterprise

value

to

sales

multiple

0.8x

0.8x

Increase

Enterprise

value

to

gross

profit

multiple

2.3x

–

26.0x

13.5x

Increase

Gross

profit

growth

rate

21%

–

57%

41%

Increase

Enterprise

value

to

EBITDA

multiple

16.3x

–

26.9x

21.5x

Increase

EBITDA

growth

rate

23%

23%

Increase

Projected

enterprise

value

to

EBITDA

multiple

4.3x

4.3x

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

91

+

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.

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**

Enterprise

value

to

gross

merchandise

value

multiple

0.5x

–

0.6x

0.6x

Increase

Gross

merchandise

value

growth

rate

30%

30%

Increase

Discount

rate

for

cost

of

capital

30%

30%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Discounted

cash

flow

Long-term

free

cash

flow

margin

27%

27%

Increase

Long-term

free

cash

flow

growth

rate

3%

3%

Increase

Discount

rate

for

cost

of

capital

25%

25%

Decrease

Private

Investment

Companies

$

90,399‌

Rollforward

of

Investee

NAV

Estimated

return

0.04

%

0.04%

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

92

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2022,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

93

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Futures

$

217‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

125‌

Equity

derivatives

Futures

1,047‌

*

Total

$

1,389‌

*

Liabilities

Foreign

exchange

derivatives

Forwards

$

6‌

Equity

derivatives

Futures

,

Options

Written

3,887‌

Total

$

3,893‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

94

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2022,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

(4,215‌)

$

—‌

$

—‌

$

(4,215‌)

Foreign

exchange

derivatives

—‌

—‌

24‌

—‌

24‌

Credit

derivatives

—‌

—‌

—‌

(425‌)

(425‌)

Equity

derivatives

4,537‌

(2,464‌)

—‌

—‌

2,073‌

Total

$

4,537‌

$

(6,679‌)

$

24‌

$

(425‌)

$

(2,543‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

—‌

$

759‌

$

—‌

$

—‌

$

759‌

Foreign

exchange

derivatives

—‌

—‌

25‌

—‌

25‌

Credit

derivatives

—‌

—‌

—‌

132‌

132‌

Equity

derivatives

(52‌)

434‌

—‌

—‌

382‌

Total

$

(52‌)

$

1,193‌

$

25‌

$

132‌

$

1,298‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

95

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

96

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2022,

no

collateral

was

pledged

by

either

the

fund

or

counterparties for

bilateral

derivatives. As

of

November

30,

2022,

securities

valued

at $6,656,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

97

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

3%

and

5%

of

net

assets.

Options 

 The

fund

is

subject

to equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risk.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

4%

and

5%

of

net

assets.

Swaps

 The

fund

is

subject

to

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risk.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

98

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

in

the

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

November

30,

2022,

the

notional

amount

of

protection

sold

by

the

fund

totaled $5,581,000

(0.3%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

99

During

the

six

months ended

November

30,

2022,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

2%

of

net

assets.

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund’s

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

100

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

The

fund

also

invests

in

stripped

MBS,

created

when

a

traditional

MBS

is

split

into

an

interest-only

(IO)

and

a

principal-

only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

IOs

also

risk

loss

of

invested

principal

from

faster-

than-anticipated

prepayments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

 The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

Until

settlement,

the

fund

maintains

liquid

assets

sufficient

to

settle

its

commitment

to

purchase

a

TBA

or,

in

the

case

of

a

sale

commitment,

the

fund

maintains

an

entitlement

to

the

security

to

be

sold. 

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

counterparty. As

of

November

30,

2022,

no

collateral

was

pledged

by

the

fund

or

counterparties

for

MSFTA

Transactions.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

101

Investment

in

Blackstone

Partners

Offshore

Fund

 The

fund

invested

in

Blackstone

Partners

Offshore

Fund

Ltd.

(Blackstone

Partners),

a

multi-strategy

hedge

fund-of-funds

offered

by

Blackstone

Alternative

Asset

Management

(BAAM),

a

unit

of

Blackstone

Group

L.P.

(Blackstone).

Blackstone

Partners

provides

the

fund

exposure

to

alternative

investments

primarily

through

Blackstone

Partners’

investments

in

underlying

private

investment

funds,

and

the

underlying

funds

are

mostly

managed

by

investment

managers

unaffiliated

with

BAAM

or

Blackstone.

Blackstone

Partners

and

the

underlying

funds

may

use

leverage,

engage

in

short-selling,

and

invest

in

commodities

or

other

speculative

investments,

which

may

increase

the

risk

of

investment

loss.

Blackstone

Partners

and

the

underlying

funds

are

not

subject

to

the

same

regulatory

requirements

as

open-end

mutual

funds,

and,

therefore,

their

investments

and

related

valuations

may

not

be

as

transparent.

Ownership

interests

in

Blackstone

Partners

are

not

transferable

and

are

subject

to

various

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

In

addition,

Blackstone

Partners’

ownership

in

the

underlying

funds

may

also

be

subject

to

transfer

and

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

All

of

these

restrictions

are

subject

to

change

at

the

sole

discretion

of

Blackstone

Partners

or

an

underlying

fund’s

management.

As

of

November

30,

2022,

the

fund’s

investment

in

Blackstone

Partners

is

subject

to

semi-annual

redemption

with

95

days

prior

written

notice

and

is

considered

an

illiquid

asset. 

LIBOR

Transition

 The fund

may

invest

in

instruments

that

are

tied

to

reference

rates,

including

LIBOR.

Over

the

course

of

the

last

several

years,

global

regulators

have

indicated

an

intent

to

phase

out

the

use

of

LIBOR

and

similar

interbank

offered

rates

(IBOR).

While

publication

for

most

LIBOR

currencies

and

lesser-used

USD

LIBOR

settings

ceased

immediately

after

December

31,

2021,

remaining

USD

LIBOR

settings

will

continue

to

be

published

until

June

30,

2023.

There

remains

uncertainty

regarding

the

future

utilization

of

LIBOR

and

the

nature

of

any

replacement

rate.

Any

potential

effects

of

the

transition

away

from

LIBOR

on

the fund,

or

on

certain

instruments

in

which

the fund

invests,

cannot

yet

be

determined.

The

transition

process

may

result

in,

among

other

things,

an

increase

in

volatility

or

illiquidity

of

markets

for

instruments

that

currently

rely

on

LIBOR,

a

reduction

in

the

value

of

certain

instruments

held

by

the fund,

or

a

reduction

in

the

effectiveness

of

related

fund

transactions

such

as

hedges.

Any

such

effects

could

have

an

adverse

impact

on

the fund's

performance.

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

102

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

November

30,

2022,

the

value

of

loaned

securities

was

$1,909,000;

the

value

of

cash

collateral

and

related

investments

was

$1,954,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $514,701,000 and

$648,272,000,

respectively,

for

the

six

months ended

November

30,

2022.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$251,233,000 and

$251,059,000,

respectively,

for

the

six

months ended

November

30,

2022.

NOTE

5

-

FEDERAL

INCOME

TAXES

No

provision

for

federal

income

taxes

is

required

since the fund

intends

to

continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its

taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report.

At

November

30,

2022,

the

cost

of

investments

(including

derivatives,

if

any) for

federal

income

tax

purposes

was

$1,855,701,000.

Net

unrealized

gain

aggregated

$326,658,000

at

period-end,

of

which

$487,329,000

related

to

appreciated

investments

and

$160,671,000

related

to

depreciated

investments.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

103

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.25%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

November

30,

2022,

the

effective

annual

group

fee

rate

was

0.29%.

The

I

Class

is

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

104

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

this

agreement,

expenses

were waived/paid

by

and/or

repaid

to

Price

Associates

during

the six

months

ended November

30,

2022 as

indicated

in

the

table

below.

At

November

30,

2022,

there

were

no

amounts

subject

to

repayment

by

the

fund.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months ended

November

30,

2022,

expenses

incurred

pursuant

to

these

service

agreements

were

$50,000 for

Price

Associates;

$410,000 for

T.

Rowe

Price

Services,

Inc.;

and

$30,000 for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds (together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

I

Class

Expense

limitation/I

Class

Limit

0.05%

Expense

limitation

date

09/30/24

(Waived)/repaid

during

the

period

($000s)

$—

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

105

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’s

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund’s

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

six

months

ended

November

30,

2022,

are

as

follows:

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.48%

$

151‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class

0.17%

‌-

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

0.70%

228‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

1.00%

524‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

117‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

157‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.48%

217‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class

0.25%

6‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

0.99%

350‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

0.63%

193‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund

-

I

Class

0.53%

45‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class

0.06%

19‌

Total

Management

Fee

Waived

$

2,007‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

106

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$1,078,000

and

$929,000 for

the

Investor

Class

and

I

Class,

respectively,

for

the

six

months ended

November

30,

2022.

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months ended

November

30,

2022,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades

and

for

the

cost

of

brokerage

commissions

embedded

in

the

cost

of

the

fund’s

foreign

currency

transactions.

These

agreements

may

be

rescinded

at

any

time.

For

the

six

months ended

November

30,

2022,

these

reimbursements

amounted

to

$6,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

107

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund’s

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

108

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

109

APPROVAL

OF

SUBADVISORY

AGREEMENT

At

a

meeting

held

on

July

25,

2022

(Meeting),

the

fund’s

Board

of

Directors

(Board)

considered

the

initial

approval

of

an

investment

subadvisory

agreement

(Subadvisory

Contract)

that

T.

Rowe

Price

Associates,

Inc.

(Adviser),

entered

into

with

T.

Rowe

Price

International

Ltd

(Subadviser)

on

behalf

of

the

fund.

The

Subadvisory

Contract

authorizes

the

Subadviser

to

have

investment

discretion

with

respect

to

all

or

a

portion

of

the

fund’s

portfolio.

The

Board

noted

that

the

Subadvisory

Contract

will

be

substantially

similar

to

other

subadvisory

agreements

that

are

in

place

for

other

T.

Rowe

Price

funds

that

delegate

investment

management

responsibilities

to

affiliated

investment

advisers

and

that

the

Adviser

will

retain

oversight

responsibilities

with

respect

to

the

fund.

The

Board

also

noted

that

the

new

subadvisory

arrangement

will

not

change

the

total

advisory

fees

paid

by

the

fund.

However,

under

the

Subadvisory

Contract,

the

Adviser

may

pay

the

Subadviser

up

to

60%

of

the

advisory

fees

that

the

Adviser

receives

from

the

fund.

At

the

Meeting,

the

Board

reviewed

materials

relevant

to

its

consideration

of

the

proposed

Subadvisory

Contract.

Each

year,

the

Board

considers

the

continuation

of

the

investment

management

agreement

(Advisory

Contract)

between

the

fund

and

the

Adviser.

The

fund’s

Advisory

Contract

was

most

recently

approved

by

the

Board

at

a

meeting

held

on

March

7–8,

2022

(March

Meeting).

A

discussion

of

the

basis

for

the

Board’s

approval

of

the

Advisory

Contract

is

included

in

the

fund’s

annual

shareholder

report

for

the

period

ended

May

31,

2022.

The

factors

considered

by

the

Board

at

the

Meeting

in

connection

with

approval

of

the

proposed

Subadvisory

Contract

were

substantially

similar

to

the

factors

considered

at

the

March

Meeting

in

connection

with

the

approval

to

continue

the

Advisory

Contract.

The

independent

directors

were

assisted

in

their

evaluation

of

the

Subadvisory

Contract

by

independent

legal

counsel

from

whom

they

received

separate

legal

advice

and

with

whom

they

met

separately.

Following

discussion

at

the

Meeting,

the

Board,

including

all

of

the

fund’s

independent

directors,

approved

the

Subadvisory

Contract

between

the

Adviser

and

Subadviser

on

behalf

of

the

fund.

No

single

factor

was

considered

in

isolation

or

to

be

determinative

to

the

decision.

Rather,

the

Board

concluded,

in

light

of

a

weighting

and

balancing

of

all

factors

considered,

that

it

was

in

the

best

interests

of

the

fund

and

its

shareholders

for

the

Board

to

approve

the

Subadvisory

Contract

effective

September

1,

2022.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

110

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In

accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

25,

2022,

the

Board

was

presented

with

an

annual

assessment

prepared

by

the

LRC,

on

behalf

of

the

Adviser,

that

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

111

For

the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2021,

through

March

31,

2022.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

T.

Rowe

Price

Investment

Services,

Inc.

|

100

East

Pratt

Street

|

Baltimore,

MD

21202-1009

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All

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Investing

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Price

Advisory

Services,

Inc.,

a

registered

investment

adviser

under

the

Investment

Advisers

Act

of

1940.

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

T.

Rowe

Price

Advisory

Services,

Inc.,

and

T.

Rowe

Price

Investment

Services,

Inc.,

are

affiliated

companies.

2

Brokerage

services

are

provided

by

T.

Rowe

Price

Investment

Services,

Inc.,

member

FINRA/SIPC.

Brokerage

accounts

are

carried

by

Pershing

LLC,

a

BNY

Mellon

Company,

member

NYSE/FINRA/SIPC.

F102-051

1/23

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)  The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)  The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Spectrum Funds II, Inc.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2023

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 19, 2023