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, 2023
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Market
Commentary
Portfolio
Summary
Fund
Expense
Example
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Additional
Fund
Information
Spectrum
Allocation
Funds
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
Log
in
to
your
account
at
troweprice.com
for
more
information.
*
An
account
service
fee
will
be
charged
annually
for
each
T.
Rowe
Price
mutual
fund
account
unless
you
meet
criteria
for
a
fee
waiver.
Go
to
troweprice.com/personal-investing/help/fees-and-
minimums.html
to
learn
more
about
this
account
service
fee,
including
other
ways
to
waive
it.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
Market
Commentary
Dear
Shareholder
Major
global
stock
and
bond
indexes
produced
mixed
returns
during
the
first
half
of
your
fund’s
fiscal
year,
the
six-month
period
ended
November
30,
2023.
Nearly
all
equity
benchmarks
finished
the
period
with
positive
results
after
a
strong
rally
in
November;
however,
rising
U.S.
Treasury
yields
left
some
fixed
income
sectors
in
negative
territory.
Within
the
S&P
500
Index,
the
financials
sector
recovered
from
the
failure
of
three
large
regional
banks
earlier
in
the
year and
recorded
the
best
results
for
the
period.
The
information
technology
sector
also
delivered
strong
gains
as
technology
companies
benefited
from
investor
enthusiasm
for
artificial
intelligence
developments.
Outside
the
U.S.,
stocks
in
developed
markets
generally
outpaced
their
counterparts
in
emerging
markets,
although
emerging
Europe
and
Latin
America
produced
very
strong
returns
at
the
regional
level.
The
U.S.
economy
was
the
strongest
among
the
major
markets
during
the
period,
with
gross
domestic
product
growth
coming
in
at
5.2%
in
the
third
quarter’s
revised
estimate,
the
highest
since
the
end
of
2021.
Corporate
fundamentals
were
also
broadly
supportive.
Although
year-over-year
earnings
growth
contracted
in
the
first
and
second
quarters
of
2023,
results
were
better
than
expected,
and
earnings
growth
turned
positive
again
in
the
third
quarter.
Inflation
remained
a
concern
for
both
investors
and
policymakers,
but
lower-
than-expected
inflation
data
in
November
helped
spur
a
rally
late
in
the
period
as
many
investors
concluded
that
the
Federal
Reserve
had
reached
the
end
of
its
hiking
cycle.
The
Fed
raised
its
short-term
lending
benchmark
rate
to
a
target
range
of
5.25%
to
5.50%
in
July,
the
highest
level
since
March
2001,
and
then
held
rates
steady
for
the
remainder
of
the
period.
Despite
a
drop
in
yields
as
investor
sentiment
shifted
in
November,
intermediate-
and
longer-term
U.S.
Treasury
yields
finished
the
period
notably
higher.
After
starting
the
period
at
3.64%,
the
yield
on
the
benchmark
10-year
Treasury
note
briefly
reached
5.00%
in
October
for
the
first
time
since
late
2007
before
falling to
4.37%
by
the
end
of
November.
The
rise
in
yields
led
to
negative
returns
in
some
fixed
income
sectors,
but
both
investment-grade
and
high
yield
corporate
bonds
produced
solid
returns,
supported
by
the
higher
coupons
that
have
become
available
over
the
past
year
as
well
as
by increasing
hopes
that
the
economy
might
be
able
to
avoid
a
recession.
Global
economies
and
markets
showed
surprising
resilience
in
2023,
but
considerable
uncertainty
remains
as
we
look
ahead.
Geopolitical
events,
the
path
of
monetary
policy,
and
the
impact
of
the
Fed’s
rate
hikes
on
the
economy
all
raise
the
potential
for
additional
volatility.
We
believe
this
environment
T.
ROWE
PRICE
Spectrum
Allocation
Funds
makes
skilled
active
management
a
critical
tool
for
identifying
risks
and
opportunities,
and
our
investment
teams
will
continue
to
use
fundamental
research
to
help
identify
securities
that
can
add
value
to
your
portfolio
over
the
long
term.
You
may
notice
that
this
report
no
longer
contains
the
commentary
on
your
fund’s
performance
and
positioning
that
we
previously
included
in
the
semiannual
shareholder
letters.
The
Securities
and
Exchange
Commission
adopted
new
rules
recently
that
will
require
fund
reports
to
transition
to
a
new
format
known
as
a
Tailored
Shareholder
Report.
This
change
will
require
a
much
more
concise
summary
of
performance
rather
than
the
level
of
detail
we
have
provided
historically
while
also
aiming
to
be
more
visually
engaging.
As
we
prepare
to
make
changes
to
the
annual
reports
to
meet
the
new regulatory
requirements
by
mid-2024,
we
felt
the
time
was
right
to
discontinue
the
optional
six-month
semiannual
fund
letter
to
focus
on
the
changes
to
come.
Although
semiannual
fund
letters
will
no
longer
be
produced,
you
may
continue
to
access
current
fund
information
as
well
as
insights
and
perspectives
from
our
investment
team
on
our
personal
investing
website.
Thank
you
for
your
continued
confidence
in
T.
Rowe
Price.
Sincerely,
Robert
Sharps
CEO
and
President
T.
ROWE
PRICE
Spectrum
Allocation
Funds
Portfolio
Summary
SPECTRUM
CONSERVATIVE
ALLOCATION
FUND
SPECTRUM
MODERATE
ALLOCATION
FUND
SECURITY
DIVERSIFICATION
Spectrum
Conservative
Allocation
Fund
*
Includes
the
cash
underlying
futures
positions.
SECURITY
DIVERSIFICATION
Spectrum
Moderate
Allocation
Fund
*
Includes
the
cash
underlying
futures
positions.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
SPECTRUM
MODERATE
GROWTH
ALLOCATION
FUND
SECURITY
DIVERSIFICATION
Spectrum
Moderate
Growth
Allocation
Fund
*
Includes
the
cash
underlying
futures
positions.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
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.
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.
T.
ROWE
PRICE
Spectrum
Allocation
Funds
SPECTRUM
CONSERVATIVE
ALLOCATION
FUND
Beginning
Account
Value
6/1/23
Ending
Account
Value
11/30/23
Expenses
Paid
During
Period*
6/1/23
to
11/30/23
Investor
Class
Actual
$1,000.00
$1,037.60
$1.99
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.05
1.97
I
Class
Actual
1,000.00
1,038.80
1.38
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.65
1.37
*
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
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.39%,
and
the
2
I Class
was
0.27%.
SPECTRUM
MODERATE
ALLOCATION
FUND
Beginning
Account
Value
6/1/23
Ending
Account
Value
11/30/23
Expenses
Paid
During
Period*
6/1/23
to
11/30/23
Investor
Class
Actual
$1,000.00
$1,048.70
$2.77
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.30
2.73
I
Class
Actual
1,000.00
1,048.90
2.05
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,023.00
2.02
*
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
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.54%,
and
the
2
I Class
was
0.40%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
T.
ROWE
PRICE
Spectrum
Allocation
Funds
SPECTRUM
MODERATE
GROWTH
ALLOCATION
FUND
Beginning
Account
Value
6/1/23
Ending
Account
Value
11/30/23
Expenses
Paid
During
Period*
6/1/23
to
11/30/23
Investor
Class
Actual
$1,000.00
$1,061.70
$3.25
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,021.85
3.18
I
Class
Actual
1,000.00
1,062.50
2.48
Hypothetical
(assumes
5%
return
before
expenses)
1,000.00
1,022.60
2.43
*
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
(366)
to
reflect
the
half-year
period.
The
annualized
expense
ratio
of
the
1
Investor
Class
was
0.63%,
and
the
2
I Class
was
0.48%.
FUND
EXPENSE
EXAMPLE
(CONTINUED)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
C11-051
1/24
SemiAnnual
Report
|
Financial
Statements
For
more
insights
from
T.
Rowe
Price
investment
professionals,
go
to
troweprice.com
.
T.
ROWE
PRICE
TRSGX
Spectrum
Moderate
Growth
Allocation
Fund
–
.
TGIPX
Spectrum
Moderate
Growth
Allocation
Fund–
.
I Class
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
NET
ASSET
VALUE
Beginning
of
period
$
33
.70
$
36
.50
$
44
.67
$
33
.61
$
32
.63
$
34
.64
Investment
activities
Net
investment
income
(1)(2)
0
.21
0
.48
0
.36
0
.32
0
.40
0
.52
Net
realized
and
unrealized
gain/loss
1
.87
(
0
.86
)
(
4
.55
)
11
.80
1
.45
(
0
.41
)
Total
from
investment
activities
2
.08
(
0
.38
)
(
4
.19
)
12
.12
1
.85
0
.11
Distributions
Net
investment
income
—
(
0
.44
)
(
0
.30
)
(
0
.34
)
(
0
.48
)
(
0
.48
)
Net
realized
gain
—
(
1
.98
)
(
3
.68
)
(
0
.72
)
(
0
.39
)
(
1
.64
)
Total
distributions
—
(
2
.42
)
(
3
.98
)
(
1
.06
)
(
0
.87
)
(
2
.12
)
NET
ASSET
VALUE
End
of
period
$
35
.78
$
33
.70
$
36
.50
$
44
.67
$
33
.61
$
32
.63
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
6
.17
%
(
0
.62
)
%
(
10
.59
)
%
36
.53
%
(4)
5
.54
%
0
.67
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.77
%
(5)
0
.76
%
0
.74
%
0
.73
%
0
.74
%
0
.75
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.63
%
(5)
0
.62
%
0
.61
%
0
.62
%
0
.63
%
0
.65
%
Net
investment
income
1
.22
%
(5)
1
.42
%
0
.84
%
0
.81
%
1
.17
%
1
.54
%
Portfolio
turnover
rate
23
.8
%
62
.2
%
73
.5
%
55
.0
%
74
.0
%
56
.3
%
Net
assets,
end
of
period
(in
millions)
$1,348
$1,358
$1,677
$3,245
$2,463
$2,048
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)
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.
(4)
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
36.44%.
(5)
Annualized
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
NET
ASSET
VALUE
Beginning
of
period
$
33
.75
$
36
.61
$
44
.82
$
33
.70
$
32
.69
$
34
.68
Investment
activities
Net
investment
income
(1)(2)
0
.24
0
.54
0
.49
0
.37
0
.44
0
.58
Net
realized
and
unrealized
gain/loss
1
.87
(
0
.88
)
(
4
.63
)
11
.84
1
.46
(
0
.43
)
Total
from
investment
activities
2
.11
(
0
.34
)
(
4
.14
)
12
.21
1
.90
0
.15
Distributions
Net
investment
income
—
(
0
.54
)
(
0
.39
)
(
0
.37
)
(
0
.50
)
(
0
.50
)
Net
realized
gain
—
(
1
.98
)
(
3
.68
)
(
0
.72
)
(
0
.39
)
(
1
.64
)
Total
distributions
—
(
2
.52
)
(
4
.07
)
(
1
.09
)
(
0
.89
)
(
2
.14
)
NET
ASSET
VALUE
End
of
period
$
35
.86
$
33
.75
$
36
.61
$
44
.82
$
33
.70
$
32
.69
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/23
..
Year
..
..
Ended
.
5/31/23
5/31/22
5/31/21
5/31/20
5/31/19
Ratios/Supplemental
Data
Total
return
(2)(3)
6
.25
%
(
0
.50
)
%
(
10
.46
)
%
36
.71
%
(4)
5
.69
%
0
.79
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.62
%
(5)
0
.62
%
0
.61
%
0
.61
%
0
.62
%
0
.63
%
Net
expenses
after
waivers/payments
by
Price
Associates
0
.48
%
(5)
0
.47
%
0
.48
%
0
.50
%
0
.51
%
0
.52
%
Net
investment
income
1
.37
%
(5)
1
.59
%
1
.17
%
0
.94
%
1
.29
%
1
.72
%
Portfolio
turnover
rate
23
.8
%
62
.2
%
73
.5
%
55
.0
%
74
.0
%
56
.3
%
Net
assets,
end
of
period
(in
thousands)
$1,731,544
$1,655,328
$1,700,728
$564,680
$407,025
$307,114
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)
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.
(4)
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
36.62%.
(5)
Annualized
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2023
(Unaudited)
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.4%
AGL
Series 2022-17A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.33%,
6.742%,
1/21/35 (1)
310,000
308
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
225,000
210
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
122,000
113
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
215,000
212
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
135,000
124
Applebee's
Funding
Series 2023-1A,
Class
A2
7.824%,
3/5/53 (1)
205,000
206
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
6.714%,
4/15/35 (1)
410,000
406
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
140,000
128
Carvana
Auto
Receivables
Trust
Series 2022-P1,
Class
C
3.30%,
4/10/28
200,000
182
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.412%,
6.805%,
7/15/36 (1)
280,000
279
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.402%,
6.795%,
7/15/36 (1)
260,000
259
Dell
Equipment
Finance
Trust
Series 2023-3,
Class
A3
5.93%,
4/23/29 (1)
210,000
211
Dell
Equipment
Finance
Trust
Series 2023-3,
Class
C
6.17%,
4/23/29 (1)
100,000
101
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
125,775
113
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
209,088
182
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.362%,
6.764%,
7/17/34 (1)
265,000
263
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
177,426
179
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
95,906
96
Exeter
Automobile
Receivables
Trust
Series 2022-1A,
Class
D
3.02%,
6/15/28
390,000
365
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
425,000
414
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
275,000
272
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
45,000
45
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
500,000
493
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
110,000
108
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
465,000
456
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
289,750
275
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
131,963
106
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
160,000
154
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
175,000
166
HPEFS
Equipment
Trust
Series 2022-3A,
Class
C
6.13%,
8/20/29 (1)
325,000
324
HPEFS
Equipment
Trust
Series 2023-2A,
Class
B
6.25%,
1/21/31 (1)
100,000
101
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HPEFS
Equipment
Trust
Series 2023-2A,
Class
C
6.48%,
1/21/31 (1)
100,000
101
HPEFS
Equipment
Trust
Series 2023-2A,
Class
D
6.97%,
7/21/31 (1)
100,000
101
HPS
Loan
Management
Series 2021-16A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.402%,
6.814%,
1/23/35 (1)
250,000
248
Kubota
Credit
Owner
Trust
Series 2023-1A,
Class
A4
5.07%,
2/15/29 (1)
50,000
49
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
6.684%,
10/15/32 (1)
250,000
248
MidOcean
Credit
XI
Series 2022-11A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.73%,
10/18/33 (1)(2)
250,000
250
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
355,920
349
MVW
Series 2023-2A,
Class
A
6.18%,
11/20/40 (1)
305,000
307
MVW
Series 2023-2A,
Class
B
6.33%,
11/20/40 (1)
100,000
101
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
TSFR
+
1.392%,
6.788%,
10/19/31 (1)
250,000
250
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.252%,
6.648%,
1/20/32 (1)
320,000
320
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.392%,
6.794%,
7/17/35 (1)
250,000
248
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
TSFR
+
1.912%,
7.327%,
7/20/29 (1)
250,000
248
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.442%,
6.84%,
1/24/33 (1)
250,000
249
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
66,683
66
Octane
Receivables
Trust
Series 2023-3A,
Class
B
6.48%,
7/20/29 (1)
100,000
101
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Octane
Receivables
Trust
Series 2023-3A,
Class
C
6.74%,
8/20/29 (1)
100,000
101
Octane
Receivables
Trust
Series 2023-3A,
Class
D
7.58%,
9/20/29 (1)
100,000
101
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.272%,
6.674%,
7/17/29 (1)
78,536
78
Palmer
Square
Series 2022-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.32%,
6.736%,
4/20/35 (1)
250,000
248
Progress
Residential
Trust
Series 2023-SFR2,
Class
A
4.50%,
10/17/28 (1)
245,000
230
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31 (1)
59,116
58
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
155,000
145
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
140,000
137
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
440,000
433
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
305,000
298
SCF
Equipment
Leasing
Series 2023-1A,
Class
A2
6.56%,
1/22/30 (1)
135,000
135
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
279,171
236
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
240,000
219
Symphony
XXXI
Series 2022-31A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
7.262%,
4/22/35 (1)
250,000
245
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
130,000
128
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.322%,
6.737%,
10/20/29 (1)
98,438
98
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
World
Omni
Auto
Receivables
Trust
Series 2023-A,
Class
B
5.03%,
5/15/29
210,000
207
Total
Asset-Backed
Securities
(Cost
$13,507)
13,184
BOND
MUTUAL
FUNDS
7.3%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
5.80% (3)(4)
583
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.70% (3)(4)
5,987,072
38,377
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.83% (3)(4)
1,585,720
14,874
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.99% (3)(4)
5,205,485
39,614
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.62% (3)(4)
7,985,483
65,880
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
5.65% (3)(4)
19,206
88
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.66% (3)(4)
9,069,007
66,113
Total
Bond
Mutual
Funds
(Cost
$283,603)
224,952
COMMON
STOCKS
69.7%
COMMUNICATION
SERVICES
4.3%
Diversified
Telecommunication
Services
0.3%
KT
(KRW)
82,241
2,136
Nippon
Telegraph
&
Telephone
(JPY)
6,412,900
7,505
9,641
Entertainment
0.5%
Liberty
Media
Corp-Liberty
Live,
Class
C (5)
24,982
856
Netflix (5)
26,803
12,704
Sea,
ADR (5)
22,320
808
14,368
Interactive
Media
&
Services
2.8%
Alphabet,
Class
A (5)
50,668
6,715
Alphabet,
Class
C (5)
368,745
49,382
LY
(JPY)
468,500
1,357
Meta
Platforms,
Class
A (5)
77,576
25,379
NAVER
(KRW)
10,624
1,708
Tencent
Holdings
(HKD)
23,000
958
Vimeo (5)
118,967
419
85,918
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Media
0.2%
CyberAgent
(JPY)
253,000
1,527
WPP
(GBP)
358,785
3,207
4,734
Wireless
Telecommunication
Services
0.5%
T-Mobile
U.S.
95,223
14,326
Vodafone
Group,
ADR
212,155
1,922
16,248
Total
Communication
Services
130,909
CONSUMER
DISCRETIONARY
7.0%
Automobile
Components
0.4%
Autoliv,
SDR
(SEK)
31,083
3,222
Denso
(JPY)
203,200
3,189
Dowlais
Group
(GBP)
643,354
834
Magna
International
58,856
3,173
Stanley
Electric
(JPY)
64,300
1,189
11,607
Automobiles
0.8%
General
Motors
17,057
539
Honda
Motor
(JPY)
122,400
1,252
Rivian
Automotive,
Class
A (5)
41,799
700
Suzuki
Motor
(JPY)
56,200
2,297
Tesla (5)
48,616
11,672
Toyota
Motor
(JPY)
353,700
6,715
23,175
Broadline
Retail
2.1%
Alibaba
Group
Holding,
ADR (5)
11,589
868
Amazon.com (5)
401,833
58,704
Kohl's
15,808
371
Next
(GBP)
34,370
3,449
Ollie's
Bargain
Outlet
Holdings (5)
21,313
1,562
Savers
Value
Village (5)
11,800
177
65,131
Diversified
Consumer
Services
0.2%
Bright
Horizons
Family
Solutions (5)
16,369
1,431
Clear
Secure,
Class
A
43,961
938
Duolingo (5)
4,849
1,030
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(6)(7)
13,478
—
Service
Corp
International
27,647
1,694
Strategic
Education
13,379
1,190
6,283
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hotels,
Restaurants
&
Leisure
1.7%
Amadeus
IT
Group,
Class
A
(EUR)
39,909
2,740
BJ's
Restaurants (5)
26,960
807
Booking
Holdings (5)
4,137
12,931
Cava
Group (5)
16,668
567
Cava
Group,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $563 (5)(7)
58,616
1,994
Chipotle
Mexican
Grill (5)
2,032
4,475
Chuy's
Holdings (5)
19,019
669
Compass
Group
(GBP)
199,463
5,050
DoorDash,
Class
A (5)
13,193
1,240
Dutch
Bros,
Class
A (5)
29,087
777
Hilton
Worldwide
Holdings
31,350
5,252
Jack
in
the
Box
6,497
470
McDonald's
32,536
9,170
Norwegian
Cruise
Line
Holdings (5)(8)
58,600
895
Papa
John's
International
27,010
1,762
Red
Rock
Resorts,
Class
A
14,962
666
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $771 (5)(6)(7)(9)
90,236
489
Wyndham
Hotels
&
Resorts
11,432
884
50,838
Household
Durables
0.3%
Installed
Building
Products
3,600
542
Panasonic
Holdings
(JPY)
257,200
2,650
Persimmon
(GBP)
114,169
1,809
Skyline
Champion (5)
16,761
1,009
Sony
Group
(JPY)
51,800
4,454
10,464
Specialty
Retail
1.1%
AutoZone (5)
1,300
3,393
Bath
&
Body
Works
17,400
568
Burlington
Stores (5)
12,452
2,112
Caleres
22,972
697
Carvana (5)
24,900
780
Five
Below (5)
4,018
757
Floor
&
Decor
Holdings,
Class
A (5)
3,100
284
Home
Depot
7,521
2,358
Kingfisher
(GBP)
1,289,198
3,579
Monro
24,879
720
O'Reilly
Automotive (5)
4,359
4,282
RH (5)
1,601
432
Ross
Stores
22,507
2,934
TJX
23,377
2,060
Tractor
Supply (8)
1,800
365
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ulta
Beauty (5)
15,326
6,529
Warby
Parker,
Class
A (5)
58,471
609
Zalando
(EUR) (5)
4,458
106
32,565
Textiles,
Apparel
&
Luxury
Goods
0.4%
Dr.
Martens
(GBP)
191,226
219
Kering
(EUR)
5,995
2,579
Lululemon
Athletica (5)
5,464
2,441
Moncler
(EUR)
48,158
2,669
NIKE,
Class
B
12,987
1,432
Samsonite
International
(HKD) (5)
502,800
1,466
Skechers
USA,
Class
A (5)
16,427
968
11,774
Total
Consumer
Discretionary
211,837
CONSUMER
STAPLES
4.9%
Beverages
0.8%
Boston
Beer,
Class
A (5)
4,388
1,557
Coca-Cola
155,497
9,087
Coca-Cola
Consolidated
406
298
Diageo
(GBP)
115,482
4,042
Heineken
(EUR)
44,543
4,078
Kirin
Holdings
(JPY)
103,800
1,467
PepsiCo
21,662
3,646
24,175
Consumer
Staples
Distribution
&
Retail
0.7%
Dollar
General
23,158
3,037
Seven
&
i
Holdings
(JPY)
102,900
3,951
Target
30,366
4,063
Walmart
62,016
9,655
Welcia
Holdings
(JPY)
44,600
778
21,484
Food
Products
1.5%
Barry
Callebaut
(CHF)
1,278
2,130
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $220 (5)(6)(7)
11,919
62
Hershey
18,475
3,472
Kraft
Heinz
142,024
4,986
Mondelez
International,
Class
A
223,502
15,882
Nestle
(CHF)
128,233
14,591
Post
Holdings (5)
12,680
1,083
Simply
Good
Foods (5)
14,164
549
TreeHouse
Foods (5)
12,201
497
Utz
Brands
41,432
547
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wilmar
International
(SGD)
1,103,100
2,993
46,792
Household
Products
0.8%
Colgate-Palmolive
121,446
9,566
Procter
&
Gamble
106,011
16,275
25,841
Personal
Care
Products
0.9%
BellRing
Brands (5)
47,540
2,515
Kenvue
513,416
10,494
L'Oreal
(EUR)
10,535
4,950
Unilever
(GBP)
182,255
8,695
26,654
Tobacco
0.2%
Philip
Morris
International
78,592
7,337
7,337
Total
Consumer
Staples
152,283
ENERGY
3.5%
Energy
Equipment
&
Services
0.9%
ChampionX
36,835
1,080
Expro
Group
Holdings (5)
34,006
529
Halliburton
284,082
10,519
Liberty
Energy,
Class
A
61,243
1,216
NOV
60,004
1,129
Schlumberger
238,118
12,392
TechnipFMC
47,586
986
Weatherford
International (5)
11,364
1,030
28,881
Oil,
Gas
&
Consumable
Fuels
2.6%
Chevron
53,851
7,733
ConocoPhillips
51,036
5,898
Diamondback
Energy
47,132
7,278
EQT
271,025
10,830
Equinor
(NOK)
224,547
7,174
Exxon
Mobil
51,726
5,314
Kimbell
Royalty
Partners
26,989
415
Kinder
Morgan
197,924
3,478
Magnolia
Oil
&
Gas,
Class
A
54,108
1,163
Pioneer
Natural
Resources
9,770
2,263
Range
Resources
200,646
6,521
Shell,
ADR
68,798
4,527
Southwestern
Energy (5)
218,387
1,439
TotalEnergies
(EUR)
127,974
8,723
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Williams
172,794
6,357
79,113
Total
Energy
107,994
FINANCIALS
11.6%
Banks
3.7%
ANZ
Group
Holdings
(AUD)
127,380
2,049
Bank
of
America
502,522
15,322
BankUnited
25,175
695
Blue
Foundry
Bancorp (5)
16,017
139
BNP
Paribas
(EUR)
54,818
3,446
Cadence
Bank
33,436
837
Capitol
Federal
Financial
81,570
440
Columbia
Banking
System
40,703
913
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $64 (5)(6)(7)
605
47
CrossFirst
Bankshares (5)
33,234
373
DBS
Group
Holdings
(SGD)
103,356
2,455
Dime
Community
Bancshares
24,014
483
DNB
Bank
(NOK)
292,434
5,575
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $56 (5)(6)(7)
5,570
98
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $27 (5)(6)(7)
2,736
48
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(6)(7)
831
6
East
West
Bancorp
36,987
2,327
Eastern
Bankshares
39,500
472
Equity
Bancshares,
Class
A
15,184
383
Erste
Group
Bank
(EUR)
36,057
1,458
FB
Financial
23,032
773
First
Bancshares
22,435
575
Five
Star
Bancorp
15,178
347
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $93 (5)(6)(7)
9,254
28
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(6)(7)
1,736
—
HarborOne
Bancorp
13,245
146
HDFC
Bank
(INR)
155,352
2,908
Heritage
Commerce
50,073
425
Home
BancShares
29,298
650
ING
Groep
(EUR)
465,197
6,535
Intesa
Sanpaolo
(EUR)
728,548
2,100
JPMorgan
Chase
141,617
22,104
Kearny
Financial
32,148
254
Live
Oak
Bancshares
25,948
872
Lloyds
Banking
Group
(GBP)
4,785,838
2,638
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Mitsubishi
UFJ
Financial
Group
(JPY)
445,700
3,798
National
Bank
of
Canada
(CAD)
68,623
4,547
Origin
Bancorp
26,009
826
Pacific
Premier
Bancorp
22,807
514
Pinnacle
Financial
Partners
15,518
1,126
PNC
Financial
Services
Group
26,057
3,491
Popular
8,453
624
SouthState
16,580
1,228
Standard
Chartered
(GBP)
211,475
1,751
Sumitomo
Mitsui
Trust
Holdings
(JPY)
38,758
1,459
Svenska
Handelsbanken,
Class
A
(SEK)
380,577
3,596
Texas
Capital
Bancshares (5)
11,531
633
United
Overseas
Bank
(SGD)
185,400
3,784
Veritex
Holdings
24,172
463
Wells
Fargo
158,885
7,085
Western
Alliance
Bancorp
14,915
764
113,610
Capital
Markets
1.5%
Bridgepoint
Group
(GBP)
423,310
1,245
Brookfield
(CAD) (8)
79,762
2,813
Cboe
Global
Markets
32,782
5,973
Charles
Schwab
87,860
5,388
CME
Group
16,500
3,603
Goldman
Sachs
Group
27,368
9,347
Julius
Baer
Group
(CHF)
47,015
2,379
LPL
Financial
Holdings
21,369
4,750
Macquarie
Group
(AUD)
21,938
2,444
Morgan
Stanley
24,306
1,928
MSCI
1,006
524
P10,
Class
A
49,882
509
S&P
Global
6,020
2,503
StepStone
Group,
Class
A
22,610
579
TMX
Group
(CAD)
34,235
739
XP,
Class
A
54,265
1,264
45,988
Consumer
Finance
0.2%
American
Express
31,491
5,378
Encore
Capital
Group (5)
11,847
531
PRA
Group (5)
14,389
266
6,175
Financial
Services
2.6%
Adyen
(EUR) (5)
1,741
2,036
ANT
Group,
Acquisition
Date:
8/14/23,
Cost $370 (5)(6)(7)
370,385
363
Berkshire
Hathaway,
Class
B (5)
45,691
16,449
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Challenger
(AUD)
216,063
845
Corebridge
Financial
74,800
1,573
Fiserv (5)
83,213
10,868
FleetCor
Technologies (5)
6,515
1,567
Mastercard,
Class
A
29,779
12,323
Mitsubishi
HC
Capital
(JPY)
233,400
1,522
PennyMac
Financial
Services
27,395
2,131
Toast,
Class
A (5)
35,881
534
Visa,
Class
A
120,037
30,811
81,022
Insurance
3.6%
AIA
Group
(HKD)
467,400
4,018
Allstate
61,518
8,482
Assurant
9,957
1,673
AXA
(EUR)
243,853
7,603
Axis
Capital
Holdings
28,989
1,633
Chubb
60,171
13,805
Definity
Financial
(CAD)
46,618
1,270
First
American
Financial
19,047
1,135
Hanover
Insurance
Group
9,882
1,228
Hartford
Financial
Services
Group
27,375
2,140
Kemper
7,849
347
Mandatum
(EUR) (5)
94,835
406
Marsh
&
McLennan
15,780
3,147
MetLife
168,032
10,692
Munich
Re
(EUR)
21,592
9,197
Ping
An
Insurance
Group,
Class
H
(HKD)
165,000
757
Progressive
68,300
11,203
Sampo,
Class
A
(EUR)
98,562
4,310
Selective
Insurance
Group
23,422
2,382
Storebrand
(NOK)
328,634
2,842
Sun
Life
Financial
(CAD)
77,704
3,924
Tokio
Marine
Holdings
(JPY)
189,100
4,683
Travelers
51,253
9,257
White
Mountains
Insurance
Group
461
706
Zurich
Insurance
Group
(CHF)
9,964
4,992
111,832
Total
Financials
358,627
HEALTH
CARE
10.2%
Biotechnology
1.2%
Agios
Pharmaceuticals (5)
10,146
226
Amgen
32,054
8,643
Apellis
Pharmaceuticals (5)
27,421
1,477
Arcellx (5)
9,100
478
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Argenx,
ADR (5)
3,061
1,379
Ascendis
Pharma,
ADR (5)
12,370
1,242
Avid
Bioservices (5)
51,285
261
BioMarin
Pharmaceutical (5)
10,600
965
Blueprint
Medicines (5)
16,597
1,156
Cerevel
Therapeutics
Holdings (5)
12,958
336
Crinetics
Pharmaceuticals (5)
19,769
628
CRISPR
Therapeutics (5)
6,845
457
Cytokinetics (5)
14,600
489
Genmab
(DKK) (5)
6,287
1,977
HilleVax (5)
8,797
121
Icosavax (5)
20,956
212
Immatics (5)
17,227
152
Insmed (5)
41,832
1,047
Ionis
Pharmaceuticals (5)
18,823
931
Karuna
Therapeutics (5)
6,052
1,157
Kymera
Therapeutics (5)
5,864
122
Leap
Therapeutics,
Acquisition
Date:
9/28/20,
Cost $5 (5)(7)
400
1
MacroGenics (5)
30,511
251
MoonLake
Immunotherapeutics (5)
9,844
432
MorphoSys,
ADR (5)
43,626
298
Prothena (5)
7,731
252
RAPT
Therapeutics (5)
11,166
162
Regeneron
Pharmaceuticals (5)
7,636
6,291
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (5)(7)
2,126
17
Vaxcyte (5)
12,418
643
Vertex
Pharmaceuticals (5)
13,268
4,708
Verve
Therapeutics (5)
18,993
214
Xencor (5)
15,111
277
Zentalis
Pharmaceuticals (5)
11,791
133
37,135
Health
Care
Equipment
&
Supplies
1.4%
Alcon
(CHF)
29,164
2,200
Align
Technology (5)
1,290
276
Becton
Dickinson
&
Company
8,456
1,997
Elekta,
Class
B
(SEK)
242,321
1,891
EssilorLuxottica
(EUR)
16,079
3,070
GE
HealthCare
Technologies
57,599
3,943
ICU
Medical (5)
7,293
640
Intuitive
Surgical (5)
21,433
6,662
Koninklijke
Philips
(EUR) (5)
143,894
2,953
Masimo (5)
12,435
1,166
Medtronic
32,300
2,561
Neogen (5)
54,812
930
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Outset
Medical (5)
35,503
186
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264 (5)(6)(7)
70,144
28
Penumbra (5)
710
158
PROCEPT
BioRobotics (5)
38,109
1,413
QuidelOrtho (5)
12,336
848
Siemens
Healthineers
(EUR)
80,269
4,633
STERIS
15,198
3,054
Stryker
9,095
2,695
Teleflex
2,446
552
41,856
Health
Care
Providers
&
Services
3.2%
Alignment
Healthcare (5)
73,352
550
Cencora
79,209
16,109
Elevance
Health
49,744
23,852
Fresenius
(EUR)
87,024
2,763
Guardant
Health (5)
17,193
433
HCA
Healthcare
14,789
3,704
Humana
10,443
5,063
Molina
Healthcare (5)
20,644
7,547
NeoGenomics (5)
73,997
1,345
Privia
Health
Group (5)
54,538
1,127
Quest
Diagnostics
34,390
4,719
Tenet
Healthcare (5)
34,697
2,394
U.S.
Physical
Therapy
8,013
681
UnitedHealth
Group
49,707
27,487
97,774
Health
Care
Technology
0.0%
Certara (5)
27,021
389
Veeva
Systems,
Class
A (5)
5,405
942
1,331
Life
Sciences
Tools
&
Services
1.1%
10X
Genomics,
Class
A (5)
11,554
503
Agilent
Technologies
39,904
5,100
Bruker
22,859
1,488
Danaher
27,931
6,237
Evotec
(EUR) (5)
51,237
1,039
Pacific
Biosciences
of
California (5)
82,158
696
Repligen (5)
3,786
595
Thermo
Fisher
Scientific
38,510
19,092
34,750
Pharmaceuticals
3.3%
Astellas
Pharma
(JPY)
369,100
4,499
AstraZeneca,
ADR
195,637
12,636
Bayer
(EUR)
68,466
2,343
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Catalent (5)
17,302
672
Eli
Lilly
35,650
21,071
GSK,
ADR
69,605
2,505
Johnson
&
Johnson
33,523
5,185
Merck
108,928
11,163
Novartis
(CHF)
77,457
7,560
Novo
Nordisk,
Class
B
(DKK)
67,496
6,896
Otsuka
Holdings
(JPY)
60,700
2,342
Pfizer
167,310
5,098
Roche
Holding
(CHF)
27,220
7,323
Sanofi
(EUR)
82,047
7,652
Structure
Therapeutics,
ADR (5)
11,064
616
Zoetis
14,594
2,578
100,139
Total
Health
Care
312,985
INDUSTRIALS
&
BUSINESS
SERVICES
7.8%
Aerospace
&
Defense
0.9%
Bombardier,
Class
B
(CAD) (5)(8)
8,400
290
Cadre
Holdings
11,333
365
General
Dynamics
43,183
10,665
L3Harris
Technologies
20,912
3,990
Leonardo
DRS (5)
35,869
661
Melrose
Industries
(GBP)
521,933
3,427
Northrop
Grumman
3,856
1,832
Safran
(EUR)
23,028
4,049
TransDigm
Group
1,275
1,228
26,507
Building
Products
0.3%
AZZ
27,409
1,348
Carrier
Global
118,218
6,142
CSW
Industrials
6,778
1,202
Zurn
Elkay
Water
Solutions
32,508
957
9,649
Commercial
Services
&
Supplies
0.4%
Casella
Waste
Systems,
Class
A (5)
13,746
1,112
Cintas
1,665
921
Element
Fleet
Management
(CAD)
286,928
4,622
Rentokil
Initial
(GBP)
152,421
828
Stericycle (5)
16,725
786
Tetra
Tech
4,876
771
Veralto (5)
23,520
1,817
VSE
13,056
789
11,646
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Construction
&
Engineering
0.1%
WillScot
Mobile
Mini
Holdings (5)
18,792
784
Worley
(AUD)
263,928
2,952
3,736
Electrical
Equipment
0.9%
ABB
(CHF)
137,189
5,456
AMETEK
61,427
9,535
Legrand
(EUR)
42,265
4,077
Mitsubishi
Electric
(JPY)
324,700
4,398
Prysmian
(EUR)
92,039
3,550
Thermon
Group
Holdings (5)
11,597
350
27,366
Ground
Transportation
1.1%
Central
Japan
Railway
(JPY)
71,000
1,703
Convoy,
Warrants,
3/15/33,
Acquisition
Date:
3/24/23,
Cost $— (5)
(6)(7)
2,317
—
CSX
420,873
13,594
Landstar
System
4,368
754
Norfolk
Southern
12,507
2,729
Old
Dominion
Freight
Line
14,586
5,675
Saia (5)
5,099
1,991
Union
Pacific
26,733
6,022
32,468
Industrial
Conglomerates
1.2%
DCC
(GBP)
36,556
2,471
General
Electric
76,072
9,266
Honeywell
International
33,344
6,533
Roper
Technologies
6,668
3,589
Siemens
(EUR)
94,629
15,896
37,755
Machinery
1.7%
Caterpillar
4,500
1,128
Crane
6,850
724
Cummins
43,694
9,795
Deere
4,700
1,713
Dover
6,573
928
Enerpac
Tool
Group
37,590
1,026
EnPro
Industries
5,716
734
Esab
10,250
791
ESCO
Technologies
8,939
938
Federal
Signal
28,198
1,944
Graco
13,167
1,064
Helios
Technologies
14,652
562
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IDEX
29,893
6,029
Ingersoll
Rand
43,305
3,093
John
Bean
Technologies
10,583
1,093
KION
Group
(EUR)
43,218
1,576
Marel
(ISK)
51,164
158
Mueller
Water
Products,
Class
A
68,657
913
RBC
Bearings (5)
7,905
2,037
Sandvik
(SEK)
149,519
2,955
SMC
(JPY)
2,700
1,360
SPX
Technologies (5)
17,681
1,508
THK
(JPY) (8)
67,300
1,348
Toro
8,146
676
Westinghouse
Air
Brake
Technologies
84,103
9,803
53,896
Passenger
Airlines
0.0%
Allegiant
Travel
6,574
450
450
Professional
Services
0.7%
ASGN (5)
4,743
423
Booz
Allen
Hamilton
Holding
40,373
5,052
Broadridge
Financial
Solutions
21,621
4,191
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93 (5)(6)(7)
11,790
64
Clarivate (5)
80,732
626
Legalzoom.com (5)
37,140
428
Parsons (5)
26,986
1,681
Paycor
HCM (5)
46,976
996
Recruit
Holdings
(JPY)
82,100
3,034
TechnoPro
Holdings
(JPY)
93,600
2,177
Teleperformance
(EUR)
11,391
1,599
20,271
Trading
Companies
&
Distributors
0.5%
Ashtead
Group
(GBP)
56,257
3,399
Beacon
Roofing
Supply (5)
16,372
1,316
Bunzl
(GBP)
64,360
2,443
Mitsubishi
(JPY)
59,800
2,788
Rush
Enterprises,
Class
A
20,161
800
SiteOne
Landscape
Supply (5)
11,237
1,582
Sumitomo
(JPY)
155,900
3,269
15,597
Total
Industrials
&
Business
Services
239,341
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
15.2%
Communications
Equipment
0.1%
LM
Ericsson,
Class
B
(SEK)
546,155
2,701
2,701
Electronic
Equipment,
Instruments
&
Components
0.9%
Amphenol,
Class
A
86,262
7,849
CTS
18,427
714
Hamamatsu
Photonics
(JPY)
49,600
1,961
Largan
Precision
(TWD)
12,000
917
Littelfuse
4,974
1,158
Mirion
Technologies (5)
134,639
1,202
Murata
Manufacturing
(JPY)
146,700
2,851
Napco
Security
Technologies
19,078
584
Novanta (5)
6,015
869
Omron
(JPY)
30,800
1,291
PAR
Technology (5)
46,395
1,709
TE
Connectivity
28,495
3,733
Teledyne
Technologies (5)
4,490
1,809
Vontier
29,288
988
27,635
IT
Services
0.5%
Accenture,
Class
A
11,138
3,711
MongoDB (5)
6,779
2,818
NTT
Data
Group
(JPY)
342,500
4,162
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $22 (5)(6)
(7)
458
33
Shopify,
Class
A (5)
41,294
3,007
Snowflake,
Class
A (5)
5,418
1,017
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $61 (5)(6)(7)
2,720
53
14,801
Semiconductors
&
Semiconductor
Equipment
5.7%
Advanced
Micro
Devices (5)
23,298
2,823
Analog
Devices
40,615
7,448
Applied
Materials
76,499
11,458
ASML
Holding
(EUR)
13,091
8,922
ASML
Holding
7,385
5,050
Broadcom
6,891
6,379
Entegris
17,202
1,796
Intel
69,100
3,089
KLA
13,045
7,105
Lam
Research
7,728
5,533
Lattice
Semiconductor (5)
24,443
1,431
MACOM
Technology
Solutions
Holdings (5)
16,074
1,350
Micron
Technology
130,105
9,904
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Monolithic
Power
Systems
4,553
2,498
NVIDIA
103,104
48,222
NXP
Semiconductors
80,376
16,403
Onto
Innovation (5)
13,157
1,855
QUALCOMM
63,475
8,191
Renesas
Electronics
(JPY) (5)
124,800
2,175
Taiwan
Semiconductor
Manufacturing
(TWD)
524,759
9,599
Taiwan
Semiconductor
Manufacturing,
ADR
15,373
1,496
Texas
Instruments
49,771
7,600
Tokyo
Electron
(JPY)
23,600
3,791
174,118
Software
5.4%
Adobe (5)
1,186
725
Agilysys (5)
10,047
865
Amplitude,
Class
A (5)
65,990
703
Atlassian,
Class
A (5)
7,490
1,430
BILL
Holdings (5)
12,855
842
Braze,
Class
A (5)
6,200
341
Cadence
Design
Systems (5)
17,800
4,864
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $818 (5)(6)(7)
480
512
Confluent,
Class
A (5)
24,035
510
Crowdstrike
Holdings,
Class
A (5)
4,085
968
Datadog,
Class
A (5)
8,257
962
Descartes
Systems
Group (5)
21,874
1,773
DoubleVerify
Holdings (5)
50,883
1,689
Envestnet (5)
14,695
559
Five9 (5)
16,426
1,252
Fortinet (5)
5,994
315
Gusto,
Acquisition
Date:
10/4/21,
Cost $265 (5)(6)(7)
9,216
142
Intuit
9,230
5,274
Manhattan
Associates (5)
3,966
885
Microsoft
299,384
113,440
Salesforce (5)
8,700
2,191
SAP
(EUR)
41,203
6,554
ServiceNow (5)
16,677
11,436
Socure,
Acquisition
Date:
12/22/21,
Cost $46 (5)(6)(7)
2,872
16
Synopsys (5)
11,446
6,218
Workiva (5)
14,895
1,432
165,898
Technology
Hardware,
Storage
&
Peripherals
2.6%
Apple
391,494
74,364
Samsung
Electronics
(KRW)
108,391
6,112
80,476
Total
Information
Technology
465,629
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
2.3%
Chemicals
1.3%
Air
Liquide
(EUR)
25,831
4,897
Akzo
Nobel
(EUR)
36,866
2,838
Asahi
Kasei
(JPY)
259,900
1,804
BASF
(EUR)
49,760
2,315
Covestro
(EUR) (5)
49,458
2,601
Element
Solutions
118,259
2,479
HB
Fuller
7,926
600
Johnson
Matthey
(GBP)
92,932
1,821
Linde
30,200
12,496
Nutrien
27,757
1,484
Quaker
Chemical
6,083
1,087
Sherwin-Williams
7,267
2,026
Tosoh
(JPY)
27,000
359
Umicore
(EUR)
73,375
1,961
38,768
Construction
Materials
0.0%
Martin
Marietta
Materials
2,800
1,301
1,301
Containers
&
Packaging
0.0%
Amcor,
CDI
(AUD)
97,971
928
928
Metals
&
Mining
0.9%
Antofagasta
(GBP) (8)
149,973
2,663
BHP
Group
(AUD)
80,794
2,460
BHP
Group
(GBP)
111,512
3,389
Constellium (5)
82,949
1,443
ERO
Copper
(CAD) (5)(8)
34,512
425
Franco-Nevada
12,500
1,401
Freeport-McMoRan
102,900
3,840
Haynes
International
17,055
837
IGO
(AUD)
292,967
1,649
Pilbara
Minerals
(AUD)
961,599
2,299
South32
(AUD)
730,548
1,468
Southern
Copper
60,370
4,342
Wheaton
Precious
Metals
47,150
2,306
28,522
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
195,681
2,543
West
Fraser
Timber
(CAD)
5,658
410
2,953
Total
Materials
72,472
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
REAL
ESTATE
1.2%
Health
Care
Real
Estate
Investment
Trusts
0.0%
Community
Healthcare
Trust,
REIT
10,318
280
280
Industrial
Real
Estate
Investment
Trusts
0.2%
EastGroup
Properties,
REIT
13,927
2,420
Prologis,
REIT
24,866
2,858
Rexford
Industrial
Realty,
REIT
25,762
1,268
Terreno
Realty,
REIT
10,565
603
7,149
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
215,680
1,044
1,044
Real
Estate
Management
&
Development
0.3%
Colliers
International
Group
7,221
752
DigitalBridge
Group
26,006
449
FirstService
16,179
2,539
Mitsui
Fudosan
(JPY)
184,500
4,337
Tricon
Residential
93,190
734
8,811
Residential
Real
Estate
Investment
Trusts
0.2%
Equity
LifeStyle
Properties,
REIT
90,833
6,458
Flagship
Communities
REIT
15,411
230
Independence
Realty
Trust,
REIT
55,331
754
7,442
Retail
Real
Estate
Investment
Trusts
0.1%
Scentre
Group
(AUD)
1,521,426
2,661
2,661
Specialized
Real
Estate
Investment
Trusts
0.4%
CubeSmart,
REIT
33,083
1,315
Extra
Space
Storage,
REIT
10,868
1,415
Public
Storage,
REIT
30,890
7,993
Weyerhaeuser,
REIT
88,616
2,778
13,501
Total
Real
Estate
40,888
UTILITIES
1.4%
Electric
Utilities
0.8%
Constellation
Energy
108,064
13,080
Evergy
16,068
820
FirstEnergy
24,336
899
IDACORP
13,939
1,345
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MGE
Energy
8,028
592
NextEra
Energy
88,382
5,171
NRG
Energy
23,700
1,134
Southern
35,270
2,504
25,545
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
258,000
855
Chesapeake
Utilities
16,350
1,563
ONE
Gas
7,663
442
Southwest
Gas
Holdings
22,197
1,312
4,172
Independent
Power
&
Renewable
Electricity
Producers
0.1%
Electric
Power
Development
(JPY)
111,500
1,732
1,732
Multi-Utilities
0.4%
Ameren
8,120
630
Engie
(EUR)
376,779
6,539
National
Grid
(GBP)
313,453
4,065
11,234
Water
Utilities
0.0%
California
Water
Service
Group
18,004
910
910
Total
Utilities
43,593
Total
Miscellaneous
Common
Stocks
0.3% (10)
10,006
Total
Common
Stocks
(Cost
$1,364,737)
2,146,564
CONVERTIBLE
BONDS
0.0%
Convoy,
15.00%,
9/30/26,
Acquisition
Date:
3/24/23,
Cost $16 (5)
(6)(7)
16,077
—
Total
Convertible
Bonds
(Cost
$16)
—
CONVERTIBLE
PREFERRED
STOCKS
0.2%
CONSUMER
DISCRETIONARY
0.0%
Hotels,
Restaurants
&
Leisure
0.0%
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159 (5)(6)(7)
(9)
17,718
96
96
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $242 (5)(6)(7)
41,545
46
46
Total
Consumer
Discretionary
142
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $1 (5)(6)(7)
32
—
Total
Consumer
Staples
—
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $224 (5)(6)(7)
2,133
165
Total
Financials
165
HEALTH
CARE
0.1%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $107 (5)(6)(7)
38,898
141
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $180 (5)(6)(7)
22,236
81
222
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $120 (5)(6)(7)
118,345
120
120
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223 (5)(6)(7)
92,428
108
108
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $118 (5)(6)(7)
10,046
90
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $128 (5)(6)(7)
14,444
42
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $160 (5)(6)(7)
11,776
715
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $262 (5)(6)(7)
5,896
358
1,205
Total
Health
Care
1,655
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $129 (5)(6)(7)
2,868
92
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $283 (5)(6)(7)
50,717
255
347
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119 (5)(6)(7)
9,815
76
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $75 (5)(6)(7)
3,669
28
104
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $139 (5)(6)(7)
6,676
19
19
Ground
Transportation
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $148 (5)(6)(7)
20,804
—
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $223 (5)(6)(7)
16,522
—
—
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67 (5)(6)(7)
14,736
79
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263 (5)(6)(7)
26,046
141
220
Total
Industrials
&
Business
Services
690
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $98 (5)(6)(7)
6,732
48
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $45 (5)(6)(7)
2,367
17
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (5)
(6)(7)
7
1
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $87 (5)(6)
(7)
3,321
242
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $22 (5)(6)
(7)
204
15
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $14 (5)(6)(7)
610
12
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (5)(6)(7)
60
1
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $2 (5)
(6)(7)
70
1
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $174 (5)(6)(7)
7,740
151
488
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $51 (5)(6)(7)
30
32
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $3 (5)(6)(7)
2
2
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260 (5)(6)(7)
4,398
323
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $765 (5)(6)
(7)
10,416
766
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $88 (5)(6)(7)
1,201
88
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $381 (5)(6)(7)
12,516
193
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $271 (5)
(6)(7)
20,748
129
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $124 (5)(6)(7)
5,932
37
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $118 (5)(6)(7)
23,436
120
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $127 (5)(6)(7)
20,060
144
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $17 (5)(6)(7)
1,875
13
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $56 (5)(6)(7)
3,491
19
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $46 (5)(6)(7)
2,865
16
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $1 (5)(6)(7)
52
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $107 (5)(6)(7)
6,640
36
1,918
Total
Information
Technology
2,406
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $159 (5)(6)(7)
3,356
160
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217 (5)(6)(7)
5,247
107
267
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $144 (5)(6)(7)
5,255
225
225
Total
Materials
492
Total
Convertible
Preferred
Stocks
(Cost
$6,748)
5,550
CORPORATE
BONDS
1.9%
AbbVie,
3.20%,
11/21/29
1,105,000
1,001
AbbVie,
4.05%,
11/21/39
355,000
305
AbbVie,
4.875%,
11/14/48
292,000
268
AerCap
Ireland
Capital,
2.45%,
10/29/26
240,000
219
AerCap
Ireland
Capital,
3.30%,
1/30/32
365,000
302
AerCap
Ireland
Capital,
4.875%,
1/16/24
435,000
434
AES,
5.45%,
6/1/28
50,000
50
AIB
Group,
VR,
6.608%,
9/13/29 (1)(11)
200,000
204
Ally
Financial,
4.75%,
6/9/27
240,000
226
Ally
Financial,
Series C,
VR,
4.70% (11)(12)
164,000
106
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25
1
—
American
Honda
Finance,
5.65%,
11/15/28
200,000
204
American
Tower,
5.25%,
7/15/28
50,000
50
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50
234,000
207
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
335,000
342
Aon,
2.80%,
5/15/30
80,000
69
AT&T,
3.50%,
9/15/53
350,000
232
Baltimore
Gas
&
Electric,
5.40%,
6/1/53
105,000
101
Banca
Transilvania,
VR,
8.875%,
4/27/27
(EUR) (11)
185,000
210
Banco
Santander,
6.921%,
8/8/33
200,000
199
Bank
of
America,
VR,
1.898%,
7/23/31 (11)
1,635,000
1,271
Bank
of
America,
VR,
1.922%,
10/24/31 (11)
460,000
358
Bank
of
America,
VR,
2.592%,
4/29/31 (11)
10,000
8
Bank
of
America,
VR,
3.419%,
12/20/28 (11)
25,000
23
Bank
of
America,
VR,
3.559%,
4/23/27 (11)
90,000
86
Bank
of
America,
VR,
4.271%,
7/23/29 (11)
330,000
310
Bank
of
America,
VR,
5.819%,
9/15/29 (11)
830,000
838
Bank
of
Montreal,
5.717%,
9/25/28
45,000
46
Bank
of
New
York
Mellon,
VR,
6.317%,
10/25/29 (11)
230,000
238
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (11)
260,000
275
Barclays,
VR,
5.501%,
8/9/28 (11)
200,000
196
Barclays,
VR,
6.224%,
5/9/34 (11)
200,000
197
Barclays,
VR,
6.692%,
9/13/34 (11)
365,000
371
Barclays,
VR,
9.625% (11)(12)
200,000
201
BAT
Capital,
2.259%,
3/25/28
80,000
70
BAT
Capital,
7.079%,
8/2/43
110,000
112
BAT
Capital,
7.081%,
8/2/53
170,000
173
BAT
International
Finance,
1.668%,
3/25/26
35,000
32
Bayer
U.S.
Finance,
6.125%,
11/21/26 (1)
200,000
201
Becton
Dickinson
&
Company,
2.823%,
5/20/30
115,000
99
Becton
Dickinson
&
Company,
3.70%,
6/6/27
140,000
133
Becton
Dickinson
&
Company,
4.298%,
8/22/32
70,000
65
Bimbo
Bakeries
USA,
6.40%,
1/15/34 (1)
200,000
213
Boardwalk
Pipelines,
3.40%,
2/15/31
200,000
173
Boardwalk
Pipelines,
4.45%,
7/15/27
20,000
19
Boardwalk
Pipelines,
5.95%,
6/1/26
250,000
251
Boeing,
3.25%,
2/1/28
55,000
51
Boeing,
5.04%,
5/1/27
320,000
317
Boeing,
5.805%,
5/1/50
175,000
171
Booz
Allen
Hamilton,
5.95%,
8/4/33
95,000
96
Boston
Gas,
6.119%,
7/20/53 (1)
75,000
74
Brixmor
Operating
Partnership,
4.05%,
7/1/30
57,000
51
Brixmor
Operating
Partnership,
4.125%,
5/15/29
504,000
461
Broadcom,
3.875%,
1/15/27
50,000
48
CaixaBank,
VR,
6.208%,
1/18/29 (1)(11)
260,000
258
CaixaBank,
VR,
6.684%,
9/13/27 (1)(11)
225,000
227
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CaixaBank,
VR,
6.84%,
9/13/34 (1)(11)
265,000
266
Capital
One
Financial,
3.65%,
5/11/27
55,000
51
Capital
One
Financial,
3.75%,
3/9/27
50,000
46
Capital
One
Financial,
VR,
2.359%,
7/29/32 (11)
345,000
244
Capital
One
Financial,
VR,
3.273%,
3/1/30 (11)
130,000
111
Capital
One
Financial,
VR,
5.247%,
7/26/30 (11)
75,000
70
Capital
One
Financial,
VR,
5.468%,
2/1/29 (11)
410,000
392
Carrier
Global,
2.493%,
2/15/27
50,000
46
Carrier
Global,
5.80%,
11/30/25 (1)
65,000
65
Carvana,
12.00%,
12/1/28,
(12.00%
PIK) (1)(13)
270,000
212
Carvana,
13.00%,
6/1/30,
(13.00%
PIK) (1)(13)
405,000
317
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (1)(13)
480,000
377
CBRE
Services,
5.95%,
8/15/34
220,000
218
Celanese
U.S.
Holdings,
6.05%,
3/15/25
36,000
36
Celanese
U.S.
Holdings,
6.165%,
7/15/27
50,000
50
Centene,
2.50%,
3/1/31
260,000
207
Centene,
2.625%,
8/1/31
685,000
546
Centene,
4.25%,
12/15/27
50,000
47
Charter
Communications
Operating,
3.75%,
2/15/28
80,000
74
Charter
Communications
Operating,
5.125%,
7/1/49
85,000
66
Charter
Communications
Operating,
5.75%,
4/1/48
80,000
68
Charter
Communications
Operating,
6.484%,
10/23/45
50,000
46
Charter
Communications
Operating,
6.65%,
2/1/34
290,000
296
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
120,000
119
Cheniere
Energy,
4.625%,
10/15/28
50,000
48
Citigroup,
4.45%,
9/29/27
75,000
72
Citigroup,
VR,
3.07%,
2/24/28 (11)
280,000
260
Citigroup,
VR,
3.106%,
4/8/26 (11)
110,000
106
Citigroup,
VR,
4.658%,
5/24/28 (11)
70,000
68
Citigroup,
VR,
5.61%,
9/29/26 (11)
315,000
314
Citigroup,
VR,
6.174%,
5/25/34 (11)
100,000
99
CNO
Financial
Group,
5.25%,
5/30/25
79,000
78
Columbia
Pipelines
Holding,
6.042%,
8/15/28 (1)
150,000
151
Comcast,
3.25%,
11/1/39
300,000
227
Corebridge
Financial,
3.65%,
4/5/27
50,000
47
Corebridge
Financial,
3.90%,
4/5/32
80,000
70
Crown
Castle,
2.25%,
1/15/31
585,000
469
Crown
Castle,
3.80%,
2/15/28
50,000
47
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
355,000
342
CVS
Health,
3.25%,
8/15/29
75,000
67
CVS
Health,
4.30%,
3/25/28
55,000
53
CVS
Health,
5.05%,
3/25/48
491,000
429
CVS
Health,
5.625%,
2/21/53
225,000
212
CVS
Health,
5.875%,
6/1/53
125,000
121
Daimler
Truck
Finance
North
America,
5.125%,
1/19/28 (1)
150,000
148
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(11)
260,000
251
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(11)
200,000
198
Diamondback
Energy,
6.25%,
3/15/53
115,000
116
Dollar
General,
3.875%,
4/15/27
55,000
53
Dollar
General,
5.45%,
7/5/33
206,000
201
DTE
Energy,
4.875%,
6/1/28
45,000
44
Duke
Energy,
5.00%,
8/15/52
295,000
256
Duke
Energy,
6.10%,
9/15/53
310,000
314
Edison
International,
4.95%,
4/15/25
15,000
15
EDP
Finance,
6.30%,
10/11/27 (1)
200,000
206
Elevance
Health,
5.125%,
2/15/53
115,000
106
Enbridge,
4.25%,
12/1/26
45,000
44
Enbridge,
6.20%,
11/15/30
75,000
78
Enbridge,
6.70%,
11/15/53
120,000
131
Enel
Finance
America,
7.10%,
10/14/27 (1)
200,000
209
Enel
Finance
International,
6.80%,
10/14/25 (1)
200,000
203
Energy
Transfer,
2.90%,
5/15/25
465,000
447
Energy
Transfer,
6.40%,
12/1/30
115,000
119
Energy
Transfer,
6.55%,
12/1/33
80,000
84
Equifax,
5.10%,
12/15/27
89,000
88
Equitable
Financial
Life
Global
Funding,
1.00%,
1/9/26 (1)
225,000
203
Equitable
Holdings,
4.35%,
4/20/28
525,000
499
Exelon,
5.15%,
3/15/28
45,000
45
Exelon,
5.60%,
3/15/53
170,000
162
Fifth
Third
Bancorp,
2.375%,
1/28/25
50,000
48
Fifth
Third
Bancorp,
2.55%,
5/5/27
25,000
23
Fifth
Third
Bancorp,
3.95%,
3/14/28
81,000
76
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30 (11)
75,000
70
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (11)
120,000
121
Fiserv,
4.20%,
10/1/28
50,000
48
Ford
Motor
Credit,
6.798%,
11/7/28
200,000
204
Ford
Motor
Credit,
7.122%,
11/7/33
200,000
208
Freeport-McMoRan,
4.375%,
8/1/28
24,000
23
Freeport-McMoRan,
5.00%,
9/1/27
2,000
2
Freeport-McMoRan,
5.45%,
3/15/43
140,000
125
General
Motors
Financial,
4.00%,
10/6/26
50,000
48
General
Motors
Financial,
5.80%,
6/23/28
45,000
45
Georgia
Power,
4.95%,
5/17/33
240,000
232
GLP
Capital,
3.35%,
9/1/24
60,000
59
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (11)
780,000
629
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (11)
275,000
259
Goldman
Sachs
Group,
VR,
3.691%,
6/5/28 (11)
100,000
93
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (11)
315,000
304
Hasbro,
3.55%,
11/19/26
42,000
39
HCA,
2.375%,
7/15/31
100,000
80
HCA,
3.125%,
3/15/27
115,000
106
HCA,
3.375%,
3/15/29
45,000
40
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HCA,
3.50%,
9/1/30
199,000
175
HCA,
4.50%,
2/15/27
50,000
49
HCA,
5.375%,
9/1/26
95,000
94
HCA,
5.875%,
2/15/26
85,000
85
Healthcare
Realty
Holdings,
2.05%,
3/15/31
95,000
71
Healthcare
Realty
Holdings,
3.625%,
1/15/28
260,000
236
HSBC
Holdings,
VR,
4.755%,
6/9/28 (11)
285,000
275
HSBC
Holdings,
VR,
5.21%,
8/11/28 (11)
245,000
241
HSBC
Holdings,
VR,
6.254%,
3/9/34 (11)
380,000
386
HSBC
Holdings,
VR,
7.399%,
11/13/34 (11)
255,000
265
Humana,
4.875%,
4/1/30
230,000
224
Humana,
5.50%,
3/15/53
265,000
252
Humana,
5.95%,
3/15/34
135,000
138
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
70,000
69
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
50,000
51
Indiana
Michigan
Power,
5.625%,
4/1/53
20,000
20
ING
Groep,
VR,
6.114%,
9/11/34 (11)
400,000
400
Intercontinental
Exchange,
4.35%,
6/15/29
250,000
240
Interpublic
Group,
4.65%,
10/1/28
110,000
106
Intesa
Sanpaolo,
7.20%,
11/28/33 (1)
290,000
294
Intesa
Sanpaolo,
7.80%,
11/28/53 (1)
350,000
355
Intuit,
5.50%,
9/15/53
130,000
134
IQVIA,
6.25%,
2/1/29 (1)
150,000
152
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (11)
210,000
190
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (11)
295,000
264
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (11)
70,000
59
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (11)
110,000
95
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (11)
430,000
364
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (11)
120,000
112
JPMorgan
Chase,
VR,
3.96%,
1/29/27 (11)
70,000
67
JPMorgan
Chase,
VR,
6.254%,
10/23/34 (11)
195,000
203
KBC
Group,
VR,
5.796%,
1/19/29 (1)(11)
460,000
456
KBC
Group,
VR,
6.324%,
9/21/34 (1)(11)
255,000
255
Kilroy
Realty,
3.45%,
12/15/24
470,000
455
Kinder
Morgan,
4.30%,
3/1/28
55,000
53
Las
Vegas
Sands,
3.50%,
8/18/26
95,000
89
Lowe's,
4.25%,
4/1/52
140,000
110
Lowe's,
5.625%,
4/15/53
80,000
78
Lowe's,
5.75%,
7/1/53
80,000
78
LSEGA
Financing,
2.00%,
4/6/28 (1)
750,000
648
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000
165
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
146
Marathon
Oil,
4.40%,
7/15/27
50,000
48
Marriott
International,
5.00%,
10/15/27
178,000
177
Mars,
4.75%,
4/20/33 (1)
220,000
213
Marsh
&
McLennan,
2.25%,
11/15/30
85,000
71
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Marsh
&
McLennan,
5.70%,
9/15/53
285,000
290
Mattel,
5.875%,
12/15/27 (1)
215,000
211
Meta
Platforms,
5.60%,
5/15/53
310,000
315
Metropolitan
Life
Global
Funding
I,
5.15%,
3/28/33 (1)
150,000
146
Micron
Technology,
4.185%,
2/15/27
70,000
67
Micron
Technology,
5.327%,
2/6/29
115,000
114
Micron
Technology,
6.75%,
11/1/29
110,000
115
MidAmerican
Energy,
5.85%,
9/15/54
90,000
92
Morgan
Stanley,
VR,
4.431%,
1/23/30 (11)
95,000
90
Morgan
Stanley,
VR,
5.123%,
2/1/29 (11)
345,000
340
MPLX,
4.125%,
3/1/27
50,000
48
Mylan,
4.55%,
4/15/28
50,000
47
Netflix,
4.625%,
5/15/29
(EUR)
290,000
327
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
205,000
165
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
193,000
120
NextEra
Energy
Capital
Holdings,
5.25%,
2/28/53
95,000
86
NextEra
Energy
Capital
Holdings,
5.749%,
9/1/25
150,000
150
NiSource,
3.49%,
5/15/27
55,000
52
NiSource,
5.25%,
3/30/28
45,000
45
Nissan
Motor
Acceptance,
1.85%,
9/16/26 (1)
85,000
75
NRG
Energy,
4.45%,
6/15/29 (1)
85,000
77
Occidental
Petroleum,
6.20%,
3/15/40
115,000
113
Occidental
Petroleum,
6.375%,
9/1/28
65,000
67
Occidental
Petroleum,
6.625%,
9/1/30
265,000
274
Occidental
Petroleum,
8.875%,
7/15/30
500,000
571
ONEOK,
5.65%,
11/1/28
45,000
45
ONEOK,
5.80%,
11/1/30
85,000
86
ONEOK,
6.05%,
9/1/33
130,000
132
O'Reilly
Automotive,
5.75%,
11/20/26
70,000
71
Ovintiv,
5.65%,
5/15/28
50,000
50
Pacific
Gas
&
Electric,
2.10%,
8/1/27
85,000
75
Pacific
Gas
&
Electric,
2.50%,
2/1/31
205,000
163
Pacific
Gas
&
Electric,
4.55%,
7/1/30
195,000
179
Pacific
Gas
&
Electric,
5.90%,
6/15/32
80,000
79
Pacific
Gas
&
Electric,
6.70%,
4/1/53
80,000
81
Pacific
Gas
&
Electric,
6.95%,
3/15/34
135,000
142
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
540,000
554
Pfizer
Investment
Enterprises,
4.75%,
5/19/33
150,000
146
Pfizer
Investment
Enterprises,
5.30%,
5/19/53
145,000
141
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
220,000
211
Philip
Morris
International,
5.125%,
2/15/30
150,000
148
Pioneer
Natural
Resources,
5.10%,
3/29/26
75,000
75
PNC
Financial
Services
Group,
2.55%,
1/22/30
80,000
68
PNC
Financial
Services
Group,
VR,
6.037%,
10/28/33 (11)
245,000
244
PNC
Financial
Services
Group,
VR,
6.615%,
10/20/27 (11)
50,000
51
PNC
Financial
Services
Group,
Series T,
VR,
3.40% (11)(12)
14,000
11
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Public
Service
Enterprise
Group,
5.875%,
10/15/28
50,000
51
Public
Storage
Operating,
5.35%,
8/1/53
50,000
48
Regency
Centers,
3.60%,
2/1/27
660,000
625
Revvity,
1.90%,
9/15/28
185,000
156
Revvity,
2.25%,
9/15/31
100,000
78
Revvity,
3.30%,
9/15/29
59,000
52
Reynolds
American,
4.45%,
6/12/25
23,000
23
Rogers
Communications,
3.20%,
3/15/27
149,000
138
Rogers
Communications,
3.80%,
3/15/32
150,000
130
Rogers
Communications,
4.35%,
5/1/49
20,000
16
Rogers
Communications,
4.55%,
3/15/52
720,000
567
Ross
Stores,
1.875%,
4/15/31
260,000
204
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
55,000
53
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (11)
135,000
121
Santander
Holdings
USA,
VR,
6.499%,
3/9/29 (11)
55,000
55
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (11)
545,000
501
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
290,000
252
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
40,000
34
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
235,000
183
Sempra,
3.40%,
2/1/28
50,000
46
Sempra,
3.70%,
4/1/29
75,000
69
Southern,
5.20%,
6/15/33
355,000
348
Southern,
5.70%,
3/15/34
165,000
168
Southern
California
Edison,
5.70%,
3/1/53
115,000
111
Southern
California
Edison,
Series D,
4.70%,
6/1/27
170,000
167
Sprint
Capital,
6.875%,
11/15/28
305,000
322
Sprint
Capital,
8.75%,
3/15/32
175,000
209
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(11)
615,000
552
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(11)
200,000
194
Sutter
Health,
5.164%,
8/15/33
75,000
73
T-Mobile
USA,
5.75%,
1/15/54
465,000
459
T-Mobile
USA,
6.00%,
6/15/54
275,000
281
Targa
Resources
Partners,
5.00%,
1/15/28
45,000
44
Targa
Resources
Partners,
5.50%,
3/1/30
320,000
309
Targa
Resources
Partners,
6.875%,
1/15/29
57,000
58
Thermo
Fisher
Scientific,
5.20%,
1/31/34
110,000
110
Toronto-Dominion
Bank,
5.523%,
7/17/28
50,000
50
Truist
Financial,
VR,
4.123%,
6/6/28 (11)
77,000
72
U.S.
Bancorp,
VR,
3.70% (11)(12)
30,000
23
U.S.
Bancorp,
VR,
6.787%,
10/26/27 (11)
50,000
51
UBS
Group,
3.75%,
3/26/25
500,000
485
UBS
Group,
VR,
5.959%,
1/12/34 (1)(11)
240,000
236
UBS
Group,
VR,
6.301%,
9/22/34 (1)(11)
200,000
202
UBS
Group,
VR,
9.25% (1)(11)(12)
200,000
212
UBS
Group,
VR,
9.25% (1)(11)(12)
200,000
209
UnitedHealth
Group,
4.50%,
4/15/33
225,000
215
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UnitedHealth
Group,
5.05%,
4/15/53
460,000
431
UnitedHealth
Group,
5.875%,
2/15/53
185,000
197
Utah
Acquisition
Sub,
3.95%,
6/15/26
616,000
586
Utah
Acquisition
Sub,
5.25%,
6/15/46
25,000
19
VF,
2.95%,
4/23/30
145,000
117
Viatris,
3.85%,
6/22/40
175,000
120
Viatris,
4.00%,
6/22/50
115,000
74
Vistra
Operations,
5.125%,
5/13/25 (1)
250,000
246
Vistra
Operations,
6.95%,
10/15/33 (1)
100,000
102
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
785,000
735
Walt
Disney,
3.60%,
1/13/51
135,000
102
Warnermedia
Holdings,
3.755%,
3/15/27
365,000
344
Wells
Fargo,
4.30%,
7/22/27
175,000
168
Wells
Fargo,
VR,
2.393%,
6/2/28 (11)
670,000
599
Wells
Fargo,
VR,
2.572%,
2/11/31 (11)
1,840,000
1,539
Wells
Fargo,
VR,
2.879%,
10/30/30 (11)
500,000
427
Wells
Fargo,
VR,
3.196%,
6/17/27 (11)
75,000
71
Wells
Fargo,
VR,
6.491%,
10/23/34 (11)
215,000
225
Western
Midstream
Operating,
4.50%,
3/1/28
50,000
47
Westlake,
1.625%,
7/17/29
(EUR)
100,000
94
Williams,
3.75%,
6/15/27
50,000
47
Xcel
Energy,
3.40%,
6/1/30
255,000
229
Total
Corporate
Bonds
(Cost
$60,832)
57,332
EQUITY
MUTUAL
FUNDS
12.6%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
5,389,460
169,768
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (3)
6,661,382
65,148
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
11,417,572
153,681
Total
Equity
Mutual
Funds
(Cost
$390,810)
388,597
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.0%
Republic
of
Bulgaria,
4.375%,
5/13/31
(EUR)
178,000
197
Republic
of
Bulgaria,
4.875%,
5/13/36
(EUR)
198,000
218
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$396)
415
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.2%
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51 (1)
258,951
195
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
7.597%,
11/15/34 (1)
135,000
47
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
127,097
106
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
TSFR
+
1.046%,
6.369%,
4/15/34 (1)
305,000
303
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
8.464%,
6/15/27 (1)
205,000
205
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
TSFR
+
1.411%,
6.734%,
10/15/36 (1)
150,000
144
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
259,183
196
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41 (1)
120,000
95
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41 (1)
100,000
77
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
107,566
85
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
27,109
26
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
122,657
118
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
480,000
431
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
B,
ARM,
3.527%,
10/10/29 (1)
170,000
147
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
SOFR30A
+
1.114%,
6.443%,
2/25/30
41,424
41
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
120,634
110
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
PRIME
+
0.00%,
8.50%,
6/15/34 (1)
360,000
360
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45 (1)
285,000
166
Finance
of
America
HECM
Buyout,
Series 2022-HB2,
Class
A1A,
ARM,
4.00%,
8/1/32 (1)
142,429
138
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
6.00%,
3/25/50 (1)
39,034
36
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
14,050
12
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
54,513
48
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
10,409
9
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
TSFR
+
1.148%,
6.471%,
12/15/36 (1)
225,000
223
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
4.154%,
7/25/44 (1)
2,546
3
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.925%,
10/25/50 (1)
158,519
128
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
199,099
150
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
198,283
150
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
88,209
68
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
80,000
70
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
43,843
37
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
50,857
43
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.574%,
12/25/50 (1)
157,338
127
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
4,029
4
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
9,066
9
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.264%,
6/25/50 (1)
158,613
130
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
TSFR
+
1.464%,
6.787%,
8/15/38 (1)
446,771
419
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
ARM,
2.75%,
7/25/59 (1)
1,476
1
Morgan
Stanley
Residential
Mortgage
Loan
Trust,
Series 2023-
NQM1,
Class
A2,
CMO,
STEP,
7.53%,
9/25/68 (1)
98,920
100
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
161,948
122
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
112,157
97
OBX
Trust,
Series 2023-NQM9,
Class
A2,
CMO,
STEP,
7.513%,
10/25/63 (1)
98,944
100
SCG
Mortgage
Trust,
Series 2023-NASH,
Class
A,
ARM,
1M
TSFR
+
2.391%,
7.722%,
12/15/40 (1)
335,000
334
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.437%,
4/25/43
71,409
66
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.779%,
8/25/47 (1)
104,641
93
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
22,089
19
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
5,190
5
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
15,865
14
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A3,
CMO,
ARM,
4.00%,
6/25/48 (1)
47,708
43
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
4,671
5
Structured
Agency
Credit
Remic
Trust,
Series 2023-HQA3,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.85%,
7.172%,
11/25/43 (1)
100,000
101
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
7.628%,
8/25/33 (1)
111,564
112
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
ARM,
1M
TSFR
+
1.114%,
6.457%,
10/25/59 (1)
50,663
51
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
208,188
157
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
95
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
118,062
92
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
370,000
335
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
615,000
525
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2020-RR1,
Class
A17,
CMO,
ARM,
3.00%,
5/25/50 (1)
21,148
17
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
100,000
76
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$8,351)
7,216
PREFERRED
STOCKS
0.1%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
30,199
2,767
Total
Consumer
Discretionary
2,767
Total
Preferred
Stocks
(Cost
$2,547)
2,767
PRIVATE
INVESTMENT
COMPANIES
2.0%
Blackstone
Partners
Offshore
Fund (5)(6)
27,065
62,668
Total
Private
Investment
Companies
(Cost
$42,103)
62,668
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
2.0%
U.S.
Government
Agency
Obligations
1.5%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
52,957
50
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.00%,
12/1/42
-
2/1/47
281,559
248
3.50%,
8/1/42
-
3/1/46
461,700
419
4.00%,
10/1/40
-
12/1/41
99,432
92
4.50%,
6/1/39
-
5/1/42
137,201
134
5.00%,
1/1/24
-
8/1/40
38,743
39
5.50%,
1/1/40
83
—
6.00%,
3/1/33
-
8/1/38
39,138
41
6.50%,
9/1/32
1,991
2
7.00%,
6/1/32
392
—
Federal
Home
Loan
Mortgage,
ARM
RFUCCT1Y
+
1.725%,
5.975%,
7/1/35
431
—
RFUCCT1Y
+
1.785%,
4.035%,
2/1/37
357
—
RFUCCT1Y
+
1.842%,
4.091%,
1/1/37
3,798
4
RFUCCT1Y
+
1.918%,
4.292%,
2/1/37
3,227
3
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
99,484
20
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
44,158
38
2.00%,
8/1/36
-
9/1/52
3,913,396
3,080
2.50%,
7/1/37
-
5/1/52
4,088,244
3,358
3.00%,
5/1/31
-
6/1/52
2,156,564
1,863
3.50%,
6/1/47
-
8/1/52
756,294
677
4.00%,
8/1/37
-
5/1/52
392,843
368
4.50%,
5/1/50
-
11/1/52
772,560
724
5.00%,
5/1/53
57,014
55
5.50%,
8/1/53
557,687
550
6.00%,
9/1/53
131,190
132
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
39,162
34
3.50%,
6/1/42
-
5/1/46
310,596
283
4.00%,
11/1/40
98,531
93
Federal
National
Mortgage
Assn.,
ARM
RFUCCT1Y
+
1.77%,
4.145%,
12/1/35
654
1
RFUCCT1Y
+
1.892%,
4.779%,
12/1/35
1,684
2
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
607
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
1,269,321
1,059
2.00%,
5/1/36
-
6/1/52
12,597,168
10,000
2.50%,
8/1/30
-
5/1/52
7,774,395
6,439
3.00%,
1/1/27
-
4/1/52
4,779,900
4,168
3.50%,
2/1/35
-
8/1/52
2,346,865
2,128
4.00%,
7/1/35
-
11/1/52
2,374,557
2,207
4.50%,
7/1/39
-
8/1/52
1,570,718
1,497
5.00%,
3/1/25
-
9/1/53
1,128,462
1,104
5.50%,
9/1/34
-
10/1/53
512,809
512
6.00%,
2/1/33
-
9/1/53
1,308,156
1,325
6.50%,
7/1/32
-
5/1/40
62,354
66
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UMBS,
TBA (14)
2.00%,
12/1/38
735,000
642
2.50%,
12/1/53
250,000
202
3.50%,
12/1/53
365,000
320
5.00%,
12/1/53
685,000
659
5.50%,
12/1/53
485,000
478
6.00%,
12/1/53
255,000
256
6.50%,
12/1/53
485,000
493
45,865
U.S.
Government
Obligations
0.5%
Government
National
Mortgage
Assn.
1.50%,
12/20/36
-
5/20/37
238,858
201
2.00%,
3/20/51
-
3/20/52
3,191,352
2,577
2.50%,
8/20/50
-
3/20/52
3,206,232
2,678
3.00%,
9/15/42
-
6/20/52
2,813,228
2,442
3.50%,
12/20/42
-
7/20/52
1,785,071
1,620
4.00%,
7/20/42
-
10/20/52
1,720,378
1,595
4.50%,
11/20/39
-
10/20/52
1,059,132
1,009
5.00%,
7/20/39
-
6/20/49
502,372
499
5.50%,
1/20/36
-
3/20/49
266,566
271
6.00%,
12/20/38
14,813
15
6.50%,
3/15/26
120
—
7.00%,
8/20/53
-
9/20/53
174,398
179
8.00%,
10/20/25
18
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
26,209
24
3.50%,
10/20/50
135,000
107
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
22,706
3
4.00%,
2/20/43
12,697
2
Government
National
Mortgage
Assn.,
TBA (14)
2.00%,
12/20/53
205,000
165
4.50%,
12/20/53
150,000
142
5.00%,
12/20/53
495,000
481
5.50%,
12/20/53
1,135,000
1,127
6.00%,
12/20/53
400,000
403
6.50%,
12/20/53
315,000
320
15,860
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$67,156)
61,725
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
2.6%
U.S.
Treasury
Obligations
2.6%
U.S.
Treasury
Bonds,
1.875%,
2/15/41
500,000
333
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Bonds,
3.00%,
8/15/52 (15)
4,900,000
3,696
U.S.
Treasury
Bonds,
3.375%,
8/15/42 (15)(16)
6,125,000
5,095
U.S.
Treasury
Bonds,
3.625%,
2/15/53
4,330,000
3,695
U.S.
Treasury
Bonds,
3.625%,
5/15/53
294,900
252
U.S.
Treasury
Bonds,
3.875%,
2/15/43
2,195,000
1,958
U.S.
Treasury
Bonds,
4.00%,
11/15/42 (15)(16)
4,305,000
3,914
U.S.
Treasury
Bonds,
4.00%,
11/15/52
2,840,000
2,596
U.S.
Treasury
Bonds,
4.75%,
11/15/53
1,400,000
1,456
U.S.
Treasury
Notes,
0.625%,
12/31/27
3,335,000
2,872
U.S.
Treasury
Notes,
0.625%,
8/15/30 (16)
4,035,000
3,166
U.S.
Treasury
Notes,
1.50%,
1/31/27
2,950,000
2,697
U.S.
Treasury
Notes,
2.25%,
1/31/24 (15)(16)
7,400,000
7,362
U.S.
Treasury
Notes,
3.25%,
6/30/27
4,905,000
4,720
U.S.
Treasury
Notes,
3.875%,
11/30/27
1,930,000
1,895
U.S.
Treasury
Notes,
3.875%,
11/30/29
2,130,000
2,074
U.S.
Treasury
Notes,
4.125%,
6/15/26
6,590,000
6,524
U.S.
Treasury
Notes,
4.125%,
9/30/27
3,070,000
3,041
U.S.
Treasury
Notes,
4.125%,
8/31/30
1,745,000
1,720
U.S.
Treasury
Notes,
4.125%,
11/15/32
5,645,000
5,543
U.S.
Treasury
Notes,
4.625%,
9/15/26 (16)
10,732,500
10,769
U.S.
Treasury
Notes,
4.625%,
10/15/26
4,430,000
4,447
79,825
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$83,100)
79,825
SHORT-TERM
INVESTMENTS
1.7%
Money
Market
Funds
1.7%
T.
Rowe
Price
Treasury
Reserve
Fund,
5.41% (3)(17)
51,803,378
51,803
Total
Short-Term
Investments
(Cost
$51,803)
51,803
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (3)(17)
4,060,047
4,060
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
4,060
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
STATE
STREET
BANK
AND
TRUST
COMPANY
0.1%
Money
Market
Funds
0.1%
T.
Rowe
Price
Government
Reserve
Fund,
5.42% (3)(17)
1,009,040
1,009
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
State
Street
Bank
and
Trust
Company
1,009
Total
Securities
Lending
Collateral
(Cost
$5,069)
5,069
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED
0.0%
Exchange-Traded
Options
Purchased
0
.0
%
Description
Contracts
Notional
Amount
$
Value
U.S.
Treasury
10-Year
Notes
Futures,
Put,
12/22/23
@
$110.00 (5)
80
8,784
75
OTC
Options
Purchased
0
.0
%
Counterparty
Description
Contracts
Notional
Amount
$
Value
JPMorgan
Chase
USD
/
EUR
Call,
12/14/23
@
EUR1.09 (5)
1
6,000
34
Total
Options
Purchased
(Cost
$116)
109
Total
Investments
in
Securities
100.9%
of
Net
Assets
(Cost
$2,380,894)
$
3,107,776
‡
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
$27,072
and
represents
0.9%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2023.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Affiliated
Companies
(4)
SEC
30-day
yield
(5)
Non-income
producing
(6)
See
Note
2.
Level
3
in
fair
value
hierarchy.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
(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
$9,551
and
represents
0.3%
of
net
assets.
(8)
See
Note
4
.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2023.
(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.
(12)
Perpetual
security
with
no
stated
maturity
date.
(13)
Security
has
the
ability
to
pay
in-kind
or
pay
in
cash.
When
applicable,
separate
rates
of
such
payments
are
disclosed.
(14)
See
Note
4
.
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$5,688
and
represents
0.2%
of
net
assets.
(15)
At
November
30,
2023,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(16)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
November
30,
2023.
(17)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
6M
EURIBOR
Six
month
EURIBOR
(Euro
interbank
offered
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
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
NZD
New
Zealand
Dollar
OTC
Over-the-counter
PHP
Philippines
Peso
PIK
Payment-in-kind
PRIME
Prime
rate
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RFUCCT1Y
Twelve
month
Refinitiv
USD
IBOR
Consumer
Cash
Fallback
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
THB
Thai
Baht
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
OTC
Options
Written
(0.1)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
S&P
500
Index,
Call,
1/19/24
@
$4,575.00
415
189,564
(
3,621
)
Total
Options
Written
(Premiums
$(3,121))
$
(
3,621
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Bought
0.0%
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.AAA-S15,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
11/18/64
5,710
141
151
(
10
)
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.AAA-S15,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
11/18/64
349
9
9
—
Morgan
Stanley,
Protection
Bought
(Relevant
Credit:
Markit
CMBX.
NA.AAA-S16,
40
Year
Index),
Pay
0.50%
Monthly,
Receive
upon
credit
default,
4/17/65
349
11
11
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Bought
171
(
10
)
Credit
Default
Swaps,
Protection
Sold
0.0%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
47
—
—
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
—
—
Total
Bilateral
Swaps
171
(
10
)
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S41,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
1,676
82
5
77
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S41,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
11,056
208
148
60
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/28
*
1,383
3
(14)
17
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
154
Interest
Rate
Swaps
0.0%
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.049%
Annually,
Pay
Variable
4.071%
(6M
EURIBOR)
Semi-Annually,
11/20/28
(EUR)
13,226
73
—
73
5
Year
Interest
Rate
Swap,
Receive
Fixed
3.111%
Annually,
Pay
Variable
4.076%
(6M
EURIBOR)
Semi-Annually,
11/17/28
(EUR)
11,549
99
—
99
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.843%
Annually,
Receive
Variable
4.071%
(6M
EURIBOR)
Semi-Annually,
11/20/53
(EUR)
2,835
(60)
—
(
60
)
30
Year
Interest
Rate
Swap,
Pay
Fixed
2.898%
Annually,
Receive
Variable
4.076%
(6M
EURIBOR)
Semi-Annually,
11/17/53
(EUR)
2,687
(89)
—
(
89
)
Total
Centrally
Cleared
Interest
Rate
Swaps
23
Total
Centrally
Cleared
Swaps
177
Net
payments
(receipts)
of
variation
margin
to
date
(
184
)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(
7
)
*
Credit
ratings
as
of
November
30,
2023.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$18.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
1/19/24
CAD
3,095
USD
2,283
$
—
Bank
of
America
1/19/24
JPY
252,192
USD
1,701
13
Bank
of
America
1/19/24
NZD
955
USD
573
15
Bank
of
America
1/19/24
USD
376
CAD
518
(
6
)
Canadian
Imperial
Bank
of
Commerce
1/19/24
USD
370
CAD
510
(
6
)
Citibank
12/8/23
THB
20,205
USD
572
3
Citibank
1/17/24
USD
577
KRW
765,140
(
13
)
Citibank
1/19/24
AUD
1,790
USD
1,145
39
Citibank
1/19/24
USD
376
CAD
518
(
6
)
Citibank
1/19/24
USD
564
NZD
955
(
24
)
Deutsche
Bank
1/17/24
USD
571
KRW
762,955
(
18
)
Deutsche
Bank
1/19/24
JPY
252,192
USD
1,702
13
Deutsche
Bank
1/19/24
USD
1,129
AUD
1,790
(
56
)
Goldman
Sachs
1/19/24
USD
745
JPY
110,012
(
3
)
HSBC
Bank
12/7/23
PHP
31,851
USD
571
3
HSBC
Bank
1/19/24
USD
1,118
CAD
1,550
(
25
)
JPMorgan
Chase
1/19/24
USD
1,489
JPY
220,058
(
7
)
Morgan
Stanley
12/8/23
USD
559
THB
20,205
(
16
)
Standard
Chartered
1/17/24
KRW
1,528,095
USD
1,174
5
State
Street
1/19/24
USD
1,168
JPY
174,315
(
18
)
UBS
Investment
Bank
12/7/23
PHP
31,979
USD
573
3
UBS
Investment
Bank
12/7/23
USD
1,121
PHP
63,830
(
29
)
UBS
Investment
Bank
2/23/24
USD
1,043
EUR
956
(
1
)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(
134
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
158
MSCI
EAFE
Index
contracts
12/23
(16,800)
$
(
165
)
Long,
242
S&P
500
E-Mini
Index
contracts
12/23
55,379
1,557
Long,
401
U.S.
Treasury
Notes
five
year
contracts
3/24
42,847
313
Long,
290
U.S.
Treasury
Notes
two
year
contracts
3/24
59,294
10
Short,
58
Ultra
U.S.
Treasury
Bonds
contracts
3/24
(7,134)
(
109
)
Short,
37
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/24
(4,200)
6
Net
payments
(receipts)
of
variation
margin
to
date
(
1,624
)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(
12
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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,
2023.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
5.80%
$
—
$
(
1
)
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.70%
(
363
)
1,430
1,088
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
(
866
)
(
1,190
)
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.83%
(
194
)
514
709
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.99%
(
178
)
1,158
1,344
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.62%
—
1,039
941
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
5.65%
—
(
2
)
3
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
(
1,210
)
3,292
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
5,423
—
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.66%
—
(
7,554
)
1,259
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
—
—
—
++
T.
Rowe
Price
Treasury
Reserve
Fund,
5.41%
—
—
1,977
Totals
$
(
2,811
)
#
$
4,109
$
7,321
+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/23
Purchase
Cost
Sales
Cost
Value
11/30/23
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
5.80%
$
6
$
1
$
—
$
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.70%
37,222
1,088
1,363
38,377
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
172,824
1,000
2,866
169,768
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
8.83%
17,585
709
3,934
14,874
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.99%
38,290
1,344
1,178
39,614
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
3.62%
63,900
941
—
65,880
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
5.65%
87
3
—
88
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
73,067
—
11,211
65,148
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
113,343
34,915
—
153,681
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.66%
71,408
2,259
—
66,113
T.
Rowe
Price
Government
Reserve
Fund,
5.42%
394
¤
¤
5,069
T.
Rowe
Price
Treasury
Reserve
Fund,
5.41%
74,736
¤
¤
51,803
Total
$
670,421
^
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
$7,321
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
$731,285.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$2,380,894)
$
3,107,776
Receivable
for
investment
securities
sold
11,250
Dividends
and
interest
receivable
5,031
Receivable
for
shares
sold
1,210
Foreign
currency
(cost
$624)
624
Bilateral
swap
premiums
paid
171
Cash
141
Unrealized
gain
on
forward
currency
exchange
contracts
94
Other
assets
6,128
Total
assets
3,132,425
Liabilities
Payable
for
investment
securities
purchased
15,768
Payable
for
shares
redeemed
10,938
Obligation
to
return
securities
lending
collateral
5,069
Options
written
(premiums
$3,121)
3,621
Investment
management
fees
payable
1,105
Unrealized
loss
on
forward
currency
exchange
contracts
228
Due
to
affiliates
112
Variation
margin
payable
on
futures
contracts
12
Unrealized
loss
on
bilateral
swaps
10
Variation
margin
payable
on
centrally
cleared
swaps
7
Payable
to
directors
2
Other
liabilities
15,515
Total
liabilities
52,387
NET
ASSETS
$
3,080,038
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
November
30,
2023
(Unaudited)
Statement
of
Assets
and
Liabilities
($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)
$
698,628
Paid-in
capital
applicable
to
85,979,261
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
2,381,410
NET
ASSETS
$
3,080,038
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,348,494;
Shares
outstanding:
37,691,707)
$
35.78
I
Class
(Net
assets:
$1,731,544;
Shares
outstanding:
48,287,554)
$
35.86
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
6
Months
Ended
11/30/23
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$455)
$
23,886
Interest
4,207
Securities
lending
11
Total
income
28,104
Expenses
Investment
management
8,923
Shareholder
servicing
Investor
Class
$
1,026
I
Class
84
1,110
Prospectus
and
shareholder
reports
Investor
Class
46
I
Class
9
55
Custody
and
accounting
207
Legal
and
audit
33
Proxy
and
annual
meeting
31
Registration
31
Directors
6
Miscellaneous
107
Waived
/
paid
by
Price
Associates
(
2,139
)
Total
expenses
8,364
Net
investment
income
19,740
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
63,160
Futures
6,811
Swaps
95
Options
written
(
12,481
)
Forward
currency
exchange
contracts
111
Foreign
currency
transactions
5
Net
realized
gain
57,701
Change
in
net
unrealized
gain
/
loss
Securities
104,900
Futures
2,346
Swaps
90
Options
written
(
319
)
Forward
currency
exchange
contracts
(
96
)
Other
assets
and
liabilities
denominated
in
foreign
currencies
142
Change
in
net
unrealized
gain
/
loss
107,063
Net
realized
and
unrealized
gain
/
loss
164,764
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
184,504
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
6
Months
Ended
11/30/23
Year
Ended
5/31/23
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
19,740
$
46,207
Net
realized
gain
(loss)
57,701
(
21,607
)
Change
in
net
unrealized
gain
/
loss
107,063
(
64,108
)
Increase
(decrease)
in
net
assets
from
operations
184,504
(
39,508
)
Distributions
to
shareholders
Net
earnings
Investor
Class
–
(
95,888
)
I
Class
–
(
115,051
)
Decrease
in
net
assets
from
distributions
–
(
210,939
)
Capital
share
transactions
*
Shares
sold
Investor
Class
40,894
124,944
I
Class
108,246
241,711
Distributions
reinvested
Investor
Class
–
93,496
I
Class
–
112,982
Shares
redeemed
Investor
Class
(
131,558
)
(
410,984
)
I
Class
(
135,093
)
(
276,767
)
Decrease
in
net
assets
from
capital
share
transactions
(
117,511
)
(
114,618
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/23
Year
Ended
5/31/23
Net
Assets
Increase
(decrease)
during
period
66,993
(
365,065
)
Beginning
of
period
3,013,045
3,378,110
End
of
period
$
3,080,038
$
3,013,045
*Share
information
(000s)
Shares
sold
Investor
Class
1,173
3,696
I
Class
3,109
7,278
Distributions
reinvested
Investor
Class
–
2,955
I
Class
–
3,568
Shares
redeemed
Investor
Class
(
3,773
)
(
12,312
)
I
Class
(
3,869
)
(
8,256
)
Decrease
in
shares
outstanding
(
3,360
)
(
3,071
)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Spectrum
Funds
II,
Inc.
(the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Spectrum
Moderate
Growth
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
a
primary
emphasis
on
capital
growth
and
a
secondary
emphasis
on
income.
The
fund
has
two classes
of
shares:
the
Spectrum
Moderate
Growth
Allocation
Fund
(Investor
Class)
and
the
Spectrum
Moderate
Growth
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. 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. Income
tax-related
interest
and
penalties,
if
incurred,
are
recorded
as
income
tax
expense. Dividends
received
from other
investment
companies 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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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 annually. 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
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,
the
fund
opted
to
early
adopt,
as
permitted,
effective
December
1,
2022. Adoption
of
the
guidance
did not
have
a
material
impact
on
the fund's
financial statements.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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.
In
December
2022,
FASB
issued
ASU
2022-06
which
defers
the
sunset
date
of
Topic
848
from
December
31,
2022
to
December
31,
2024,
after
which
entities
will
no
longer
be
permitted
to
apply
the
relief
in
Topic
848.
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.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
the
quoted
prices
of
portfolio
securities
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value
by
reviewing
a
variety
of
factors,
including
developments
in
foreign
markets,
the
performance
of
U.S.
securities
markets,
and
the
performance
of
instruments
trading
in
U.S.
markets
that
represent
foreign
securities
and
baskets
of
foreign
securities. The Valuation
Designee
uses
outside
pricing
services
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The Valuation
Designee
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
factors
such
as,
but
not
limited
to,
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2023
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
219,697
$
—
$
219,697
Bond
Mutual
Funds
224,952
—
—
224,952
Common
Stocks
1,656,137
488,438
1,989
2,146,564
Convertible
Bonds
—
—
—
—
Convertible
Preferred
Stocks
—
—
5,550
5,550
Equity
Mutual
Funds
388,597
—
—
388,597
Preferred
Stocks
—
2,767
—
2,767
Private
Investment
Companies
—
—
62,668
62,668
Short-Term
Investments
51,803
—
—
51,803
Securities
Lending
Collateral
5,069
—
—
5,069
Options
Purchased
75
34
—
109
Total
Securities
2,326,633
710,936
70,207
3,107,776
Swaps*
—
487
—
487
Forward
Currency
Exchange
Contracts
—
94
—
94
Futures
Contracts*
1,886
—
—
1,886
Total
$
2,328,519
$
711,517
$
70,207
$
3,110,243
Liabilities
Options
Written
$
—
$
3,621
$
—
$
3,621
Swaps*
—
149
—
149
Forward
Currency
Exchange
Contracts
—
228
—
228
Futures
Contracts*
274
—
—
274
Total
$
274
$
3,998
$
—
$
4,272
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
six
months ended
November
30,
2023.
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,
2023,
totaled $1,645,000 for
the
six
months ended
November
30,
2023.
NOTE
3
-
DERIVATIVE
INSTRUMENTS
During
the
six
months ended
November
30,
2023,
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
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
5/31/23
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
11/30/23
Investment
in
Securities
Common
Stocks
$
3,405
$
47
$
591
$
(2,054)
$
1,989
Convertible
Bonds
16
(16)
—
—
—
Convertible
Preferred
Stocks
7,902
(1,517)
88
(923)
5,550
Private
Investment
Companies
60,217
2,451
—
—
62,668
Total
$
71,540
$
965
$
679
$
(2,977)
$
70,207
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Assets
and
Liabilities,
presented
by
primary
underlying
risk
exposure:
($000s)
Location
on
Statement
of
Assets
and
Liabilities
Fair
Value*
Assets
Interest
rate
derivatives
Centrally
Cleared
Swaps
,
Futures
,
Securities^
$
576
Foreign
exchange
derivatives
Forwards
,
Securities^
128
Credit
derivatives
Bilateral
Swaps
and
Premiums
,
Centrally
Cleared
Swaps
315
Equity
derivatives
Futures
1,557
^
,*
Total
$
2,576
^
,*
Liabilities
Interest
rate
derivatives
Centrally
Cleared
Swaps,
Futures
$
258
Foreign
exchange
derivatives
Forwards
228
Equity
derivatives
Futures
,
Options
Written
3,786
Total
$
4,272
*
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.
^
Options
purchased
are
reported
as
securities
and
are
reflected
in
the
accompanying
Portfolio
of
Investments.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2023,
and
the
related
location
on
the
accompanying
Statement
of
Operations
is
summarized
in
the
following
table
by
primary
underlying
risk
exposure:
($000s)
Location
of
Gain
(Loss)
on
Statement
of
Operations
Securities^
Options
Written
Futures
Forward
Currency
Exchange
Contracts
Swaps
Total
Realized
Gain
(Loss)
Interest
rate
derivatives
$
2
$
—
$
(1,520)
$
—
$
(42)
$
(1,560)
Foreign
exchange
derivatives
(99)
—
—
111
—
12
Credit
derivatives
(4)
—
—
—
137
133
Equity
derivatives
—
(12,481)
8,331
—
—
(4,150)
Total
$
(101)
$
(12,481)
$
6,811
$
111
$
95
$
(5,565)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
4
$
—
$
319
$
—
$
23
$
346
Foreign
exchange
derivatives
37
—
—
(96)
—
(59)
Credit
derivatives
—
—
—
—
67
67
Equity
derivatives
—
(319)
2,027
—
—
1,708
Total
$
41
$
(319)
$
2,346
$
(96)
$
90
$
2,062
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
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
non-cleared 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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
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,
2023,
securities
valued
at $16,224,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2023,
no
collateral
was
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives. As
of
November
30,
2023,
securities
valued
at $10,727,000
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.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
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,
2023,
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
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.
When
a
contract
is
closed,
a
realized
gain
or
loss
is
recorded
on
the
accompanying
Statement
of
Operations.
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,
2023,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
3%
and
6%
of
net
assets.
Options
The
fund
is
subject
to interest
rate
risk,
foreign
currency
exchange
rate
risk,
credit
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
options
to
help
manage
such
risks.
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.
The
fund
may
buy
or
sell
options
that
can
be
settled
either
directly
with
the
counterparty
(OTC
option)
or
through
a
central
clearinghouse
(exchange-traded
option).
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
on
the
accompanying
Statement
of
Operations;
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
on
the
accompanying
Statement
of
Operations.
In
return
for
a
premium
paid,
currency
options
give
the
holder
the
right,
but
not
the
obligation,
to
buy
and
sell
currency
at
a
specified
exchange
rate;
although
certain
currency
options
may
be
settled
by
exchanging
only
the
net
gain
or
loss
on
the
contract.
In
return
for
a
premium
paid,
call
and
put
options
on
futures
give
the
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
holder
the
right,
but
not
the
obligation,
to
purchase
or
sell,
respectively,
a
position
in
a
particular
futures
contract
at
a
specified
exercise
price.
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.
In
return
for
a
premium
paid,
options
on
swaps
give
the
holder
the
right,
but
not
the
obligation,
to
enter
a
specified
swap
contract
on
predefined
terms.
The
exercise
price
of
an
option
on
a
credit
default
swap
is
stated
in
terms
of
a
specified
spread
that
represents
the
cost
of
credit
protection
on
the
reference
asset,
including
both
the
upfront
premium
to
open
the
position
and
future
periodic
payments.
The
exercise
price
of
an
interest
rate
swap
is
stated
in
terms
of
a
fixed
interest
rate;
generally,
there
is
no
upfront
payment
to
open
the
position.
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,
interest
rates,
currency
values
and
credit
ratings;
and,
for
options
written,
the
potential
for
losses
to
exceed
any
premium
received
by
the
fund.
During
the
six
months ended
November
30,
2023,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
7%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk
and
credit
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
swap
contracts
to
help
manage
such
risks.
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).
Fluctuations
in
the
fair
value
of
a
contract
are
reflected
in
unrealized
gain
or
loss
and
are
reclassified
to
realized
gain
or
loss
on
the
accompanying
Statement
of
Operations 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
on
the
accompanying
Statement
of
Operations.
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
on
the
accompanying
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).
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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.
Interest
rate
swaps
are
agreements
to
exchange
cash
flows
based
on
the
difference
between
specified
interest
rates
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
interest
rate
swaps
include
the
potential
for
unanticipated
movements
in
interest
or
currency
rates,
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.
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,
2023,
the
notional
amount
of
protection
sold
by
the
fund
totaled $14,167,000
(0.5%
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.
During
the
six
months ended
November
30,
2023,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
0%
and
2%
of
net
assets.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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.
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,
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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.
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,
2023,
securities
valued
at
$73,000 had
been
posted
by
the
fund
to
counterparties
for
MSFTA
Transactions. No
collateral
was
pledged
by
counterparties
to
the
fund
for
MSFTA
Transactions
as
of
November
30,
2023.
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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,
2023,
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.
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
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,
2023,
the
value
of
loaned
securities
was
$4,856,000;
the
value
of
cash
collateral
and
related
investments
was
$5,069,000.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Other
Purchases
and
sales
of
portfolio
securities
other
than
short-term and
U.S.
government
securities
aggregated $487,669,000 and
$563,921,000,
respectively,
for
the
six
months ended
November
30,
2023.
Purchases
and
sales
of
U.S.
government
securities
aggregated
$222,816,000 and
$213,072,000,
respectively,
for
the
six
months ended
November
30,
2023.
NOTE
5
-
FEDERAL
INCOME
TAXES
Generally,
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.
The
fund
intends
to
retain
realized
gains
to
the
extent
of
available
capital
loss
carryforwards.
Net
realized
capital
losses
may
be
carried
forward
indefinitely
to
offset
future
realized
capital
gains.
As
of
May
31,
2023,
the
fund
had
$64,324,000
of
available
capital
loss
carryforwards.
At
November
30,
2023,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$2,420,380,000.
Net
unrealized
gain
aggregated
$685,802,000
at
period-end,
of
which
$865,386,000
related
to
appreciated
investments
and
$179,584,000
related
to
depreciated
investments.
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
0.30%
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,
2023,
the
effective
annual
group
fee
rate
was
0.29%.
Effective
November
1,
2023,
the Investor Class
is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
Prior
to
November
1,
2023,
the
Investor Class
was
not
subject
to
a
contractual
expense
limitation.
During
the
limitation
period,
Price
Associates
is required
to
waive
its
management
fee
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary expenses;
and
acquired
fund
fees
and
expenses) that
would
otherwise
cause
the
class’s
ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the
class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
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
these
agreements,
expenses
were
waived/paid
by
and/or
repaid
to
Price
Associates
during
the
six
months ended November
30,
2023
as
indicated
in
the
table
below.
At
November
30,
2023,
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,
2023,
expenses
incurred
pursuant
to
these
service
agreements
were
$56,000
for
Price
Associates;
$471,000
for
T.
Rowe
Price
Services,
Inc.;
and
$31,000
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.
T.
Rowe
Price
Investment
Services,
Inc.
(Investment
Services)
serves
as
distributor
to
the
fund.
Pursuant
to
an
underwriting
agreement,
no
compensation
for
any
distribution
services
provided
is
paid
to
Investment
Services
by
the
fund
(except
for
12b-1
fees
under
a
Board-approved
Rule
12b-1
plan).
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.94%
0.05%
Expense
limitation
date
09/30/25
09/30/24
(Waived)/repaid
during
the
period
($000s)
$—
$—
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
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,
2023,
are
as
follows:
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$956,000
and
$1,183,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
six
months ended
November
30,
2023.
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,
2023,
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,
2023,
these
reimbursements
amounted
to
$22,000,
which
is
included
in
Net
realized
gain
(loss)
on
Securities
in
the
Statement
of
Operations.
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund
0.70%
131
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
1.00%
946
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
44
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
98
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.49%
155
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
—
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
1.00%
309
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.64%
436
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class
0.06%
20
Total
Management
Fee
Waived
$
2,1
39
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
NOTE
8
-
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war
and
conflict,
terrorism,
geopolitical
events,
and
public
health
epidemics and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
the fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
global
outbreak
of
COVID-19
and
the
related
governmental
and
public
responses
have
led
and
may
continue
to
lead
to
increased
market
volatility
and
the
potential
for
illiquidity
in
certain
classes
of
securities
and
sectors
of
the
market
either
in
specific
countries
or
worldwide.
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions imposed
on
Russia
that
target certain
of
its
citizens
and
issuers
and
sectors
of
the
Russian
economy,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
In
March
2023,
the
banking
industry
experienced
heightened
volatility,
which
sparked
concerns
of
potential
broader
adverse
market
conditions.
The
extent
of
impact
of
these
events
on
the
US
and
global
markets
is
highly
uncertain.
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
Growth
Allocation
Fund
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.
RESULTS
OF
PROXY
VOTING
A
Special
Meeting
of
Shareholders
was
held
on
July
24,
2023
for
shareholders
of
record
on
April
7,
2023,
to
elect
the
following
director-nominees
to
serve
on
the
Board
of
all
Price
Funds.
The
newly
elected
Directors
took
office
effective
July
24,
2023.
The
results
of
the
voting
were
as
follows:
Teresa
Bryce
Bazemore,
Bruce
W.
Duncan,
Robert
J.
Gerrard,
Jr.,
Paul
F.
McBride
and
David
Oestreicher
continue
to
serve
as
Directors
on
the
Board
of
all
Price
Funds.
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
.
Votes
For
Votes
Withheld
Melody
Bianchetto
153,732,655
10,630,075
Mark
J.
Parrell
154,658,927
9,656,483
Kellye
L.
Walker
154,019,917
10,398,997
Eric
L.
Veiel
153,657,119
10,668,080
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
TAILORED
SHAREHOLDER
REPORTS
FOR
MUTUAL
FUNDS
AND
EXCHANGE
TRADED
FUNDS
In
October
2022,
the
Securities
and
Exchange
Commission
(SEC)
adopted
rule
and
form
amendments
requiring
Mutual
Funds
and
Exchange-Traded
Funds
to
transmit
concise
and
visually
engaging
streamlined
annual
and
semiannual
reports
that
highlight
key
information
to
shareholders.
Other
information,
including
financial
statements,
will
no
longer
appear
in
the
funds’
shareholder
reports
but
will
be
available
online,
delivered
free
of
charge
upon
request,
and
filed
on
a
semiannual
basis
on
Form
N-CSR.
The
rule
and
form
amendments
have
a
compliance
date
of
July
24,
2024.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
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
24,
2023,
the
Board
was
presented
with
an
annual
assessment
that
was
prepared
by
the
LRC
on
behalf
of
the
Adviser
and
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
Growth
Allocation
Fund
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,
2022,
through
March
31,
2023.
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)
100
East
Pratt
Street
Baltimore,
MD
21202
T.
Rowe
Price
Investment
Services,
Inc.
Call
1-800-225-5132
to
request
a
prospectus
or
summary
prospectus;
each
includes
investment
objectives,
risks,
fees,
expenses,
and
other
information
that
you
should
read
and
consider
carefully
before
investing.
F103-051
1/24
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.
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, 2024 | | |
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, 2024 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | January 19, 2024 | | |
