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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07173

T. Rowe Price Spectrum Funds II, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 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

November

30,

2023

Semiannual

Report

T.

ROWE

PRICE

Spectrum

Allocation

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

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

1

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

2

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

3

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

4

SPECTRUM

MODERATE

GROWTH

ALLOCATION

FUND

SECURITY

DIVERSIFICATION

Spectrum

Moderate

Growth

Allocation

Fund

*

Includes

the

cash

underlying

futures

positions.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

5

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

6

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

7

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

November

30,

2023

SemiAnnual

Report

|

Financial

Statements

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

TRPBX

Spectrum

Moderate

Allocation

Fund

–

.

TPPAX

Spectrum

Moderate

Allocation

Fund–

.

I Class

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

10

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

$

21

.67‌

$

23

.44‌

$

28

.39‌

$

23

.21‌

$

22

.82‌

$

24

.33‌

Investment

activities

Net

investment

income

(1)(2)

0

.20‌

0

.41‌

0

.31‌

0

.29‌

0

.35‌

0

.45‌

Net

realized

and

unrealized

gain/loss

0

.85‌

(

0

.62‌

)

(

2

.69‌

)

6

.17‌

0

.86‌

(

0

.04‌

)

Total

from

investment

activities

1

.05‌

(

0

.21‌

)

(

2

.38‌

)

6

.46‌

1

.21‌

0

.41‌

Distributions

Net

investment

income

(

0

.26‌

)

(

0

.41‌

)

(

0

.29‌

)

(

0

.30‌

)

(

0

.38‌

)

(

0

.48‌

)

Net

realized

gain

—‌

(

1

.15‌

)

(

2

.28‌

)

(

0

.98‌

)

(

0

.44‌

)

(

1

.44‌

)

Total

distributions

(

0

.26‌

)

(

1

.56‌

)

(

2

.57‌

)

(

1

.28‌

)

(

0

.82‌

)

(

1

.92‌

)

NET

ASSET

VALUE

End

of

period

$

22

.46‌

$

21

.67‌

$

23

.44‌

$

28

.39‌

$

23

.21‌

$

22

.82‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

11

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)

4

.87‌

%

(

0

.56‌

)

%

(

9

.42‌

)

%

28

.47‌

%

(4)

5

.27‌

%

2

.07‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.71‌

%

(5)

0

.71‌

%

0

.68‌

%

0

.66‌

%

0

.67‌

%

0

.68‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.54‌

%

(5)

0

.52‌

%

0

.51‌

%

0

.52‌

%

0

.53‌

%

0

.54‌

%

Net

investment

income

1

.80‌

%

(5)

1

.87‌

%

1

.15‌

%

1

.11‌

%

1

.50‌

%

1

.95‌

%

Portfolio

turnover

rate

26

.6‌

%

65

.5‌

%

80

.3‌

%

60

.2‌

%

71

.0‌

%

62

.6‌

%

Net

assets,

end

of

period

(in

millions)

$1,032

$1,089

$1,295

$2,254

$1,886

$1,972

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

28.42%.

(5)

Annualized

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

12

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

$

21

.66‌

$

23

.43‌

$

28

.40‌

$

23

.21‌

$

22

.82‌

$

24

.34‌

Investment

activities

Net

investment

income

(1)(2)

0

.21‌

0

.44‌

0

.37‌

0

.32‌

0

.37‌

0

.49‌

Net

realized

and

unrealized

gain/loss

0

.84‌

(

0

.62‌

)

(

2

.71‌

)

6

.17‌

0

.87‌

(

0

.07‌

)

Total

from

investment

activities

1

.05‌

(

0

.18‌

)

(

2

.34‌

)

6

.49‌

1

.24‌

0

.42‌

Distributions

Net

investment

income

(

0

.27‌

)

(

0

.44‌

)

(

0

.35‌

)

(

0

.32‌

)

(

0

.41‌

)

(

0

.50‌

)

Net

realized

gain

—‌

(

1

.15‌

)

(

2

.28‌

)

(

0

.98‌

)

(

0

.44‌

)

(

1

.44‌

)

Total

distributions

(

0

.27‌

)

(

1

.59‌

)

(

2

.63‌

)

(

1

.30‌

)

(

0

.85‌

)

(

1

.94‌

)

NET

ASSET

VALUE

End

of

period

$

22

.44‌

$

21

.66‌

$

23

.43‌

$

28

.40‌

$

23

.21‌

$

22

.82‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Financial

Highlights

13

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)

4

.89‌

%

(

0

.43‌

)

%

(

9

.29‌

)

%

28

.61‌

%

(4)

5

.41‌

%

2

.11‌

%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0

.58‌

%

(5)

0

.58‌

%

0

.56‌

%

0

.56‌

%

0

.57‌

%

0

.57‌

%

Net

expenses

after

waivers/payments

by

Price

Associates

0

.40‌

%

(5)

0

.39‌

%

0

.39‌

%

0

.41‌

%

0

.42‌

%

0

.43‌

%

Net

investment

income

1

.93‌

%

(5)

2

.01‌

%

1

.40‌

%

1

.21‌

%

1

.59‌

%

2

.09‌

%

Portfolio

turnover

rate

26

.6‌

%

65

.5‌

%

80

.3‌

%

60

.2‌

%

71

.0‌

%

62

.6‌

%

Net

assets,

end

of

period

(in

thousands)

$941,642

$979,573

$1,077,411

$604,872

$428,391

$348,307

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

28.57%.

(5)

Annualized

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

November

30,

2023

(Unaudited)

14

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

0.9%

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

7.244%,

4/15/35  (1)

340,000‌

333‌

AGL

Series 2022-17A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.33%,

6.742%,

1/21/35  (1)

470,000‌

466‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

345,000‌

323‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26 

194,000‌

179‌

AmeriCredit

Automobile

Receivables

Trust

Series 2023-1,

Class

C

5.80%,

12/18/28 

310,000‌

306‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28  (1)

205,000‌

188‌

Applebee's

Funding

Series 2023-1A,

Class

A2

7.824%,

3/5/53  (1)

195,000‌

196‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

6.714%,

4/15/35  (1)

615,000‌

609‌

CarMax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26 

395,000‌

390‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

810,000‌

756‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28 

210,000‌

192‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.402%,

6.795%,

7/15/36  (1)

400,000‌

399‌

Dell

Equipment

Finance

Trust

Series 2023-3,

Class

A3

5.93%,

4/23/29  (1)

270,000‌

272‌

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)

193,500‌

174‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

15

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)

390,000‌

387‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38  (1)

225,379‌

227‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38  (1)

110,292‌

111‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

610,000‌

595‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

385,000‌

381‌

Exeter

Automobile

Receivables

Trust

Series 2023-1A,

Class

D

6.69%,

6/15/29 

65,000‌

64‌

Ford

Credit

Auto

Lease

Trust

Series 2023-A,

Class

C

5.54%,

12/15/26 

700,000‌

690‌

Ford

Credit

Auto

Owner

Trust

Series 2022-C,

Class

C

5.22%,

3/15/30 

145,000‌

143‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35  (1)

680,000‌

667‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48  (1)

489,250‌

465‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51  (1)

195,500‌

158‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29  (1)

140,000‌

135‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29  (1)

260,000‌

246‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

B

6.25%,

1/21/31  (1)

100,000‌

100‌

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

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

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)

350,000‌

348‌

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

10/18/33  (1)(2)

295,000‌

295‌

MVW

Series 2023-1A,

Class

A

4.93%,

10/20/40  (1)

493,142‌

484‌

MVW

Series 2023-2A,

Class

A

6.18%,

11/20/40  (1)

395,000‌

398‌

MVW

Series 2023-2A,

Class

B

6.33%,

11/20/40  (1)

100,000‌

101‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68  (1)

350,000‌

285‌

Neuberger

Berman

Loan

Advisers

Series 2019-32A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.252%,

6.648%,

1/20/32  (1)

615,000‌

614‌

Neuberger

Berman

Loan

Advisers

Series 2021-43A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.392%,

6.794%,

7/17/35  (1)

290,000‌

288‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

TSFR

+

1.912%,

7.327%,

7/20/29  (1)

370,000‌

367‌

Octagon

Investment

Partners

Series 2016-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.442%,

6.84%,

1/24/33  (1)

660,000‌

657‌

Octane

Receivables

Trust

Series 2023-1A,

Class

A

5.87%,

5/21/29  (1)

83,353‌

83‌

Octane

Receivables

Trust

Series 2023-3A,

Class

B

6.48%,

7/20/29  (1)

105,000‌

106‌

Octane

Receivables

Trust

Series 2023-3A,

Class

C

6.74%,

8/20/29  (1)

100,000‌

101‌

Octane

Receivables

Trust

Series 2023-3A,

Class

D

7.58%,

9/20/29  (1)

100,000‌

101‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

OZLM

VII

Series 2014-7RA,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.272%,

6.674%,

7/17/29  (1)

150,789‌

151‌

Palmer

Square

Series 2022-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.32%,

6.736%,

4/20/35  (1)

355,000‌

352‌

Progress

Residential

Trust

Series 2023-SFR2,

Class

A

4.50%,

10/17/28  (1)

330,000‌

310‌

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 

225,000‌

211‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28 

235,000‌

229‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-6,

Class

B

4.72%,

6/15/27 

640,000‌

629‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27  (1)

450,000‌

439‌

SCF

Equipment

Leasing

Series 2023-1A,

Class

A2

6.56%,

1/22/30  (1)

170,000‌

170‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51  (1)

412,314‌

348‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53  (1)

375,000‌

342‌

Verizon

Master

Trust

Series 2023-1,

Class

C

4.98%,

1/22/29 

185,000‌

182‌

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.322%,

6.737%,

10/20/29  (1)

169,245‌

169‌

Total

Asset-Backed

Securities

(Cost

$18,072)

17,570‌

BOND

MUTUAL

FUNDS

16.8%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.20%  (3)(4)

6,499,117‌

50,563‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

5.80%  (3)(4)

645‌

6‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.70%  (3)(4)

9,628,812‌

61,721‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.83%  (3)(4)

2,411,623‌

22,621‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.99%  (3)(4)

7,832,148‌

59,603‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.62%  (3)(4)

9,556,250‌

78,839‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

5.65%  (3)(4)

17,251‌

79‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.66%  (3)(4)

7,974,256‌

58,132‌

Total

Bond

Mutual

Funds

(Cost

$401,425)

331,564‌

COMMON

STOCKS

52.7%

COMMUNICATION

SERVICES

3.1%

Diversified

Telecommunication

Services

0.2%

KT

(KRW) 

43,025‌

1,118‌

Nippon

Telegraph

&

Telephone

(JPY) 

3,106,500‌

3,635‌

4,753‌

Entertainment

0.3%

Liberty

Media

Corp-Liberty

Live,

Class

C  (5)

12,016‌

412‌

Netflix  (5)

12,883‌

6,106‌

Sea,

ADR  (5)

10,871‌

394‌

6,912‌

Interactive

Media

&

Services

2.1%

Alphabet,

Class

A  (5)

24,480‌

3,244‌

Alphabet,

Class

C  (5)

177,806‌

23,812‌

LY

(JPY) 

248,400‌

720‌

Meta

Platforms,

Class

A  (5)

37,272‌

12,194‌

NAVER

(KRW) 

5,283‌

849‌

Tencent

Holdings

(HKD) 

12,700‌

529‌

Vimeo  (5)

61,949‌

218‌

41,566‌

Media

0.1%

CyberAgent

(JPY) 

116,900‌

706‌

WPP

(GBP) 

180,463‌

1,613‌

2,319‌

Wireless

Telecommunication

Services

0.4%

T-Mobile

U.S. 

46,338‌

6,972‌

Vodafone

Group,

ADR 

105,619‌

957‌

7,929‌

Total

Communication

Services

63,479‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

DISCRETIONARY

5.4%

Automobile

Components

0.3%

Autoliv,

SDR

(SEK) 

14,954‌

1,550‌

Denso

(JPY) 

100,800‌

1,582‌

Dowlais

Group

(GBP) 

320,408‌

415‌

Magna

International 

29,289‌

1,579‌

Stanley

Electric

(JPY) 

32,100‌

594‌

5,720‌

Automobiles

0.6%

General

Motors 

8,428‌

267‌

Honda

Motor

(JPY) 

61,200‌

626‌

Rivian

Automotive,

Class

A  (5)

19,026‌

319‌

Suzuki

Motor

(JPY) 

28,100‌

1,148‌

Tesla  (5)

23,360‌

5,608‌

Toyota

Motor

(JPY) 

170,300‌

3,233‌

11,201‌

Broadline

Retail

1.6%

Alibaba

Group

Holding,

ADR  (5)

5,191‌

389‌

Amazon.com  (5)

193,545‌

28,275‌

Kohl's 

8,240‌

193‌

Next

(GBP) 

16,228‌

1,629‌

Ollie's

Bargain

Outlet

Holdings  (5)

10,269‌

752‌

Savers

Value

Village  (5)

5,663‌

85‌

31,323‌

Diversified

Consumer

Services

0.2%

Bright

Horizons

Family

Solutions  (5)

7,879‌

689‌

Clear

Secure,

Class

A 

21,246‌

453‌

Duolingo  (5)

2,319‌

492‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $—  (5)(6)(7)

10,622‌

—‌

Service

Corp

International 

13,277‌

813‌

Strategic

Education 

6,660‌

593‌

3,040‌

Hotels,

Restaurants

&

Leisure

1.3%

Amadeus

IT

Group

(EUR) 

18,805‌

1,291‌

BJ's

Restaurants  (5)

13,269‌

397‌

Booking

Holdings  (5)

2,008‌

6,276‌

Cava

Group  (5)

8,562‌

291‌

Cava

Group,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $327  (5)(6)

34,248‌

1,165‌

Chipotle

Mexican

Grill  (5)

966‌

2,127‌

Chuy's

Holdings  (5)

8,961‌

316‌

Compass

Group

(GBP) 

97,475‌

2,468‌

DoorDash,

Class

A  (5)

6,106‌

574‌

Dutch

Bros,

Class

A  (5)

13,602‌

364‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hilton

Worldwide

Holdings 

15,129‌

2,534‌

Jack

in

the

Box 

2,800‌

203‌

McDonald's 

15,708‌

4,427‌

Norwegian

Cruise

Line

Holdings  (5)(8)

28,900‌

441‌

Papa

John's

International 

12,553‌

819‌

Red

Rock

Resorts,

Class

A 

7,183‌

320‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $443  (5)(6)(7)(9)

51,774‌

281‌

Wyndham

Hotels

&

Resorts 

5,693‌

440‌

24,734‌

Household

Durables

0.3%

Installed

Building

Products 

1,800‌

271‌

Panasonic

Holdings

(JPY) 

128,100‌

1,320‌

Persimmon

(GBP) 

51,875‌

822‌

Skyline

Champion  (5)

7,790‌

469‌

Sony

Group

(JPY) 

25,300‌

2,175‌

5,057‌

Specialty

Retail

0.8%

AutoZone (5)

637‌

1,663‌

Bath

&

Body

Works 

8,197‌

267‌

Burlington

Stores  (5)

5,786‌

981‌

Caleres 

11,300‌

343‌

Carvana  (5)

12,316‌

386‌

Five

Below  (5)

2,047‌

386‌

Floor

&

Decor

Holdings,

Class

A  (5)

1,597‌

146‌

Home

Depot 

3,660‌

1,147‌

Kingfisher

(GBP) 

608,964‌

1,690‌

Monro 

11,542‌

334‌

O'Reilly

Automotive  (5)

2,089‌

2,052‌

RH  (5)

729‌

197‌

Ross

Stores 

10,700‌

1,395‌

TJX 

11,077‌

976‌

Tractor

Supply  (8)

900‌

183‌

Ulta

Beauty  (5)

7,482‌

3,187‌

Warby

Parker,

Class

A  (5)

28,705‌

299‌

Zalando

(EUR)  (5)

2,122‌

51‌

15,683‌

Textiles,

Apparel

&

Luxury

Goods

0.3%

Dr.

Martens

(GBP) 

114,031‌

130‌

Kering

(EUR) 

2,851‌

1,226‌

Lululemon

Athletica  (5)

2,593‌

1,159‌

Moncler

(EUR) 

23,967‌

1,328‌

NIKE,

Class

B 

6,014‌

663‌

Samsonite

International

(HKD)  (5)

237,600‌

693‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Skechers

USA,

Class

A  (5)

7,803‌

460‌

5,659‌

Total

Consumer

Discretionary

102,417‌

CONSUMER

STAPLES

3.8%

Beverages

0.6%

Boston

Beer,

Class

A  (5)

2,039‌

723‌

Coca-Cola 

76,512‌

4,471‌

Coca-Cola

Consolidated 

198‌

146‌

Diageo

(GBP) 

55,020‌

1,926‌

Heineken

(EUR) 

21,344‌

1,954‌

Kirin

Holdings

(JPY) 

47,900‌

677‌

PepsiCo 

10,707‌

1,802‌

11,699‌

Consumer

Staples

Distribution

&

Retail

0.5%

Dollar

General 

11,458‌

1,502‌

Seven

&

i

Holdings

(JPY) 

50,500‌

1,939‌

Target 

14,736‌

1,972‌

Walmart 

30,049‌

4,678‌

Welcia

Holdings

(JPY) 

23,200‌

405‌

10,496‌

Food

Products

1.2%

Barry

Callebaut

(CHF) 

604‌

1,007‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $174  (5)(6)(7)

9,408‌

49‌

Hershey 

8,904‌

1,673‌

Kraft

Heinz 

69,496‌

2,440‌

Mondelez

International,

Class

A 

108,659‌

7,721‌

Nestle

(CHF) 

61,965‌

7,051‌

Post

Holdings  (5)

6,137‌

524‌

Simply

Good

Foods  (5)

6,800‌

263‌

TreeHouse

Foods  (5)

6,005‌

245‌

Utz

Brands 

19,943‌

264‌

Wilmar

International

(SGD) 

549,000‌

1,489‌

22,726‌

Household

Products

0.6%

Colgate-Palmolive 

59,153‌

4,659‌

Procter

&

Gamble 

51,822‌

7,956‌

12,615‌

Personal

Care

Products

0.7%

BellRing

Brands  (5)

22,908‌

1,212‌

Kenvue 

250,416‌

5,119‌

L'Oreal

(EUR) 

5,172‌

2,430‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Unilever

(GBP) 

89,050‌

4,248‌

13,009‌

Tobacco

0.2%

Philip

Morris

International 

38,697‌

3,613‌

3,613‌

Total

Consumer

Staples

74,158‌

ENERGY

2.6%

Energy

Equipment

&

Services

0.7%

ChampionX 

17,741‌

520‌

Expro

Group

Holdings  (5)

16,422‌

255‌

Halliburton 

139,242‌

5,156‌

Liberty

Energy,

Class

A 

30,817‌

612‌

NOV 

29,200‌

550‌

Schlumberger 

115,358‌

6,003‌

TechnipFMC 

22,938‌

475‌

Weatherford

International  (5)

5,000‌

454‌

14,025‌

Oil,

Gas

&

Consumable

Fuels

1.9%

Chevron 

26,473‌

3,801‌

ConocoPhillips 

25,107‌

2,902‌

Diamondback

Energy 

22,995‌

3,551‌

EQT 

133,658‌

5,341‌

Equinor

(NOK) 

106,525‌

3,403‌

Exxon

Mobil 

25,526‌

2,622‌

Kimbell

Royalty

Partners 

13,047‌

201‌

Kinder

Morgan 

96,257‌

1,691‌

Magnolia

Oil

&

Gas,

Class

A 

24,329‌

523‌

Pioneer

Natural

Resources 

4,800‌

1,112‌

Range

Resources 

98,359‌

3,197‌

Shell,

ADR 

33,353‌

2,195‌

Southwestern

Energy  (5)

104,500‌

689‌

TotalEnergies

(EUR) 

61,712‌

4,206‌

Williams 

82,659‌

3,041‌

38,475‌

Total

Energy

52,500‌

FINANCIALS

8.8%

Banks

2.8%

ANZ

Group

Holdings

(AUD) 

63,406‌

1,020‌

Bank

of

America 

245,014‌

7,471‌

BankUnited 

12,328‌

340‌

Blue

Foundry

Bancorp  (5)

8,536‌

74‌

BNP

Paribas

(EUR) 

25,882‌

1,627‌

Cadence

Bank 

16,628‌

417‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capitol

Federal

Financial 

37,933‌

205‌

Columbia

Banking

System 

20,100‌

451‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $33  (5)(6)(7)

313‌

24‌

CrossFirst

Bankshares  (5)

15,307‌

172‌

DBS

Group

Holdings

(SGD) 

49,242‌

1,170‌

Dime

Community

Bancshares 

12,009‌

241‌

DNB

Bank

(NOK) 

146,677‌

2,796‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $41  (5)(6)(7)

4,058‌

71‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $20  (5)(6)(7)

1,993‌

35‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $—  (5)(6)(7)

605‌

5‌

East

West

Bancorp 

18,385‌

1,157‌

Eastern

Bankshares 

20,500‌

245‌

Equity

Bancshares,

Class

A 

7,882‌

199‌

Erste

Group

Bank

(EUR) 

17,933‌

725‌

FB

Financial 

10,103‌

339‌

First

Bancshares 

10,327‌

265‌

Five

Star

Bancorp 

7,880‌

180‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $67  (5)(6)(7)

6,708‌

20‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $—  (5)(6)(7)

1,212‌

—‌

HarborOne

Bancorp 

5,389‌

59‌

HDFC

Bank

(INR) 

77,505‌

1,451‌

Heritage

Commerce 

21,809‌

185‌

Home

BancShares 

12,583‌

279‌

ING

Groep

(EUR) 

220,557‌

3,099‌

Intesa

Sanpaolo

(EUR) 

362,293‌

1,044‌

JPMorgan

Chase 

69,094‌

10,784‌

Kearny

Financial 

16,325‌

129‌

Live

Oak

Bancshares 

13,448‌

452‌

Lloyds

Banking

Group

(GBP) 

2,253,110‌

1,242‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

210,600‌

1,795‌

National

Bank

of

Canada

(CAD) 

32,742‌

2,170‌

Origin

Bancorp 

12,774‌

406‌

Pacific

Premier

Bancorp 

11,738‌

264‌

Pinnacle

Financial

Partners 

7,212‌

523‌

PNC

Financial

Services

Group 

12,544‌

1,680‌

Popular 

4,308‌

318‌

SouthState 

7,821‌

579‌

Standard

Chartered

(GBP) 

98,674‌

817‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

17,997‌

677‌

Svenska

Handelsbanken,

Class

A

(SEK) 

179,805‌

1,699‌

Texas

Capital

Bancshares  (5)

5,633‌

309‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

United

Overseas

Bank

(SGD) 

91,000‌

1,857‌

Veritex

Holdings 

12,628‌

242‌

Wells

Fargo 

77,701‌

3,465‌

Western

Alliance

Bancorp 

7,394‌

379‌

55,153‌

Capital

Markets

1.1%

Bridgepoint

Group

(GBP) 

198,786‌

585‌

Brookfield

(CAD)  (8)

38,017‌

1,341‌

Cboe

Global

Markets 

15,493‌

2,823‌

Charles

Schwab 

42,398‌

2,600‌

CME

Group 

8,109‌

1,771‌

Goldman

Sachs

Group 

13,310‌

4,546‌

Julius

Baer

Group

(CHF) 

21,608‌

1,093‌

LPL

Financial

Holdings 

10,360‌

2,303‌

Macquarie

Group

(AUD) 

10,217‌

1,138‌

Morgan

Stanley 

11,690‌

927‌

MSCI 

426‌

222‌

P10,

Class

A 

24,555‌

250‌

S&P

Global 

2,859‌

1,189‌

StepStone

Group,

Class

A 

11,259‌

288‌

TMX

Group

(CAD) 

16,840‌

364‌

XP,

Class

A 

28,000‌

652‌

22,092‌

Consumer

Finance

0.2%

American

Express 

15,367‌

2,624‌

Encore

Capital

Group  (5)

5,973‌

268‌

PRA

Group  (5)

7,091‌

131‌

3,023‌

Financial

Services

2.0%

Adyen

(EUR)  (5)

830‌

970‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $294  (5)(6)(7)

293,381‌

287‌

Berkshire

Hathaway,

Class

B  (5)

22,510‌

8,104‌

Challenger

(AUD) 

111,911‌

438‌

Corebridge

Financial 

35,685‌

750‌

Fiserv  (5)

40,747‌

5,322‌

FleetCor

Technologies  (5)

3,235‌

778‌

Mastercard,

Class

A 

14,310‌

5,922‌

Mitsubishi

HC

Capital

(JPY) 

115,600‌

754‌

PennyMac

Financial

Services 

13,067‌

1,016‌

Toast,

Class

A  (5)

16,525‌

246‌

Visa,

Class

A 

57,923‌

14,868‌

39,455‌

Insurance

2.7%

AIA

Group

(HKD) 

224,400‌

1,929‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Allstate 

29,906‌

4,123‌

Assurant 

4,750‌

798‌

AXA

(EUR) 

117,477‌

3,663‌

Axis

Capital

Holdings 

13,984‌

788‌

Chubb 

29,034‌

6,661‌

Definity

Financial

(CAD) 

21,945‌

598‌

First

American

Financial 

9,134‌

544‌

Hanover

Insurance

Group 

4,765‌

592‌

Hartford

Financial

Services

Group 

13,530‌

1,058‌

Kemper 

3,815‌

169‌

Mandatum

(EUR)  (5)

46,918‌

201‌

Marsh

&

McLennan 

7,503‌

1,496‌

MetLife 

81,883‌

5,210‌

Munich

Re

(EUR) 

10,251‌

4,366‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

77,000‌

353‌

Progressive 

33,305‌

5,463‌

Sampo,

Class

A

(EUR) 

46,918‌

2,052‌

Selective

Insurance

Group 

11,319‌

1,151‌

Storebrand

(NOK) 

163,566‌

1,415‌

Sun

Life

Financial

(CAD) 

37,466‌

1,892‌

Tokio

Marine

Holdings

(JPY) 

91,800‌

2,273‌

Travelers 

24,994‌

4,515‌

White

Mountains

Insurance

Group 

230‌

352‌

Zurich

Insurance

Group

(CHF) 

4,958‌

2,484‌

54,146‌

Total

Financials

173,869‌

HEALTH

CARE

7.6%

Biotechnology

0.9%

Agios

Pharmaceuticals  (5)

5,153‌

115‌

Amgen 

15,558‌

4,195‌

Apellis

Pharmaceuticals  (5)

13,155‌

709‌

Arcellx  (5)

4,600‌

242‌

Argenx,

ADR  (5)

1,511‌

681‌

Ascendis

Pharma,

ADR  (5)

5,748‌

577‌

Avid

Bioservices  (5)

23,336‌

119‌

BioMarin

Pharmaceutical  (5)

5,200‌

474‌

Blueprint

Medicines  (5)

8,334‌

580‌

Cerevel

Therapeutics

Holdings  (5)

6,726‌

174‌

Crinetics

Pharmaceuticals  (5)

8,276‌

263‌

CRISPR

Therapeutics  (5)

3,514‌

235‌

Cytokinetics  (5)

7,000‌

234‌

Genmab

(DKK)  (5)

2,943‌

926‌

HilleVax  (5)

4,620‌

63‌

Icosavax  (5)

10,808‌

109‌

Immatics  (5)

8,954‌

79‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Insmed  (5)

20,225‌

506‌

Ionis

Pharmaceuticals  (5)

8,949‌

443‌

Karuna

Therapeutics  (5)

2,805‌

536‌

Kymera

Therapeutics  (5)

3,062‌

64‌

Leap

Therapeutics,

Acquisition

Date:

9/28/20,

Cost $3  (5)(6)

200‌

—‌

MacroGenics  (5)

15,859‌

130‌

MoonLake

Immunotherapeutics  (5)

4,885‌

215‌

MorphoSys,

ADR  (5)

20,626‌

141‌

Prothena  (5)

4,039‌

132‌

RAPT

Therapeutics  (5)

5,668‌

82‌

Regeneron

Pharmaceuticals  (5)

3,693‌

3,042‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $—  (5)(6)

1,127‌

9‌

Vaxcyte  (5)

5,820‌

301‌

Vertex

Pharmaceuticals  (5)

6,416‌

2,277‌

Verve

Therapeutics  (5)

9,664‌

109‌

Xencor  (5)

6,799‌

125‌

Zentalis

Pharmaceuticals  (5)

6,256‌

70‌

17,957‌

Health

Care

Equipment

&

Supplies

1.0%

Alcon

(CHF) 

13,095‌

988‌

Align

Technology  (5)

611‌

131‌

Becton

Dickinson

&

Company 

4,144‌

979‌

Elekta,

Class

B

(SEK) 

114,098‌

890‌

EssilorLuxottica

(EUR) 

8,002‌

1,528‌

GE

HealthCare

Technologies 

28,059‌

1,921‌

ICU

Medical  (5)

3,504‌

307‌

Intuitive

Surgical  (5)

10,304‌

3,203‌

Koninklijke

Philips

(EUR)  (5)

67,200‌

1,379‌

Masimo  (5)

5,948‌

558‌

Medtronic 

15,912‌

1,261‌

Neogen  (5)

25,119‌

426‌

Outset

Medical  (5)

18,061‌

95‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $192  (5)(6)(7)

51,080‌

20‌

Penumbra  (5)

379‌

84‌

PROCEPT

BioRobotics  (5)

18,697‌

693‌

QuidelOrtho  (5)

6,072‌

417‌

Siemens

Healthineers

(EUR) 

39,089‌

2,256‌

STERIS 

7,518‌

1,511‌

Stryker 

4,491‌

1,331‌

Teleflex 

1,252‌

283‌

20,261‌

Health

Care

Providers

&

Services

2.4%

Alignment

Healthcare  (5)

35,573‌

267‌

Cencora 

38,614‌

7,853‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Elevance

Health 

24,054‌

11,534‌

Fresenius

(EUR) 

43,313‌

1,375‌

Guardant

Health  (5)

8,233‌

207‌

HCA

Healthcare 

7,254‌

1,817‌

Humana 

5,035‌

2,441‌

Molina

Healthcare  (5)

10,141‌

3,707‌

NeoGenomics  (5)

33,172‌

603‌

Privia

Health

Group  (5)

25,347‌

524‌

Quest

Diagnostics 

16,775‌

2,302‌

Tenet

Healthcare  (5)

16,736‌

1,155‌

U.S.

Physical

Therapy 

3,762‌

320‌

UnitedHealth

Group 

24,031‌

13,288‌

47,393‌

Health

Care

Technology

0.0%

Certara (5)

14,001‌

202‌

Veeva

Systems,

Class

A  (5)

2,666‌

465‌

667‌

Life

Sciences

Tools

&

Services

0.8%

10X

Genomics,

Class

A  (5)

5,000‌

218‌

Agilent

Technologies 

19,563‌

2,500‌

Bruker 

10,624‌

692‌

Danaher 

13,502‌

3,015‌

Evotec

(EUR)  (5)

25,518‌

517‌

Pacific

Biosciences

of

California  (5)

38,437‌

326‌

Repligen  (5)

1,663‌

262‌

Thermo

Fisher

Scientific 

18,516‌

9,179‌

16,709‌

Pharmaceuticals

2.5%

Astellas

Pharma

(JPY) 

185,700‌

2,263‌

AstraZeneca,

ADR 

95,784‌

6,187‌

Bayer

(EUR) 

34,067‌

1,166‌

Catalent  (5)

8,818‌

343‌

Eli

Lilly 

17,168‌

10,147‌

GSK,

ADR 

34,646‌

1,247‌

Johnson

&

Johnson 

16,368‌

2,531‌

Merck 

53,240‌

5,456‌

Novartis

(CHF) 

37,347‌

3,645‌

Novo

Nordisk,

Class

B

(DKK) 

33,950‌

3,469‌

Otsuka

Holdings

(JPY) 

30,300‌

1,169‌

Pfizer 

82,486‌

2,513‌

Roche

Holding

(CHF) 

13,119‌

3,529‌

Sanofi

(EUR) 

39,983‌

3,729‌

Structure

Therapeutics,

ADR  (5)

5,348‌

298‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zoetis 

7,003‌

1,237‌

48,929‌

Total

Health

Care

151,916‌

INDUSTRIALS

&

BUSINESS

SERVICES

5.9%

Aerospace

&

Defense

0.7%

Bombardier,

Class

B

(CAD)  (5)(8)

4,400‌

152‌

Cadre

Holdings 

5,513‌

177‌

General

Dynamics 

21,076‌

5,205‌

L3Harris

Technologies 

10,186‌

1,944‌

Leonardo

DRS  (5)

17,285‌

319‌

Melrose

Industries

(GBP) 

259,744‌

1,705‌

Northrop

Grumman 

1,866‌

887‌

Safran

(EUR) 

11,460‌

2,015‌

TransDigm

Group 

608‌

585‌

12,989‌

Building

Products

0.2%

AZZ 

14,231‌

700‌

Carrier

Global 

57,463‌

2,986‌

CSW

Industrials 

3,150‌

558‌

Zurn

Elkay

Water

Solutions 

16,179‌

476‌

4,720‌

Commercial

Services

&

Supplies

0.3%

Casella

Waste

Systems,

Class

A  (5)

6,061‌

490‌

Cintas 

724‌

401‌

Element

Fleet

Management

(CAD) 

137,023‌

2,207‌

Rentokil

Initial

(GBP) 

79,149‌

430‌

Stericycle  (5)

8,059‌

378‌

Tetra

Tech 

2,302‌

364‌

Veralto  (5)

11,558‌

893‌

VSE 

6,105‌

369‌

5,532‌

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings  (5)

9,021‌

376‌

Worley

(AUD) 

131,355‌

1,470‌

1,846‌

Electrical

Equipment

0.7%

ABB

(CHF) 

67,009‌

2,665‌

AMETEK 

29,955‌

4,650‌

Legrand

(EUR) 

19,986‌

1,928‌

Mitsubishi

Electric

(JPY) 

156,600‌

2,121‌

Prysmian

(EUR) 

43,136‌

1,664‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Thermon

Group

Holdings  (5)

5,888‌

177‌

13,205‌

Ground

Transportation

0.8%

Central

Japan

Railway

(JPY) 

33,000‌

792‌

Convoy,

Warrants,

3/15/33,

Acquisition

Date:

3/24/23,

Cost $—  (5)

(6)(7)

1,199‌

—‌

CSX 

205,636‌

6,642‌

Landstar

System 

2,222‌

384‌

Norfolk

Southern 

6,182‌

1,349‌

Old

Dominion

Freight

Line 

7,091‌

2,759‌

Saia  (5)

2,370‌

925‌

Union

Pacific 

13,160‌

2,964‌

15,815‌

Industrial

Conglomerates

0.9%

DCC

(GBP) 

17,476‌

1,182‌

General

Electric 

37,491‌

4,566‌

Honeywell

International 

16,201‌

3,174‌

Roper

Technologies 

3,173‌

1,708‌

Siemens

(EUR) 

46,173‌

7,756‌

18,386‌

Machinery

1.3%

Caterpillar 

2,149‌

539‌

Crane 

3,300‌

349‌

Cummins 

21,528‌

4,826‌

Deere 

2,351‌

857‌

Dover 

3,316‌

468‌

Enerpac

Tool

Group 

18,606‌

508‌

Enpro

Industries 

2,817‌

362‌

Esab 

4,899‌

378‌

ESCO

Technologies 

4,241‌

445‌

Federal

Signal 

13,105‌

903‌

Graco 

6,167‌

498‌

Helios

Technologies 

6,877‌

264‌

IDEX 

14,751‌

2,975‌

Ingersoll

Rand 

20,520‌

1,466‌

John

Bean

Technologies 

4,918‌

508‌

KION

Group

(EUR) 

20,661‌

753‌

Marel

(ISK) 

25,415‌

78‌

Mueller

Water

Products,

Class

A 

33,787‌

449‌

RBC

Bearings  (5)

3,645‌

939‌

Sandvik

(SEK) 

69,106‌

1,366‌

SMC

(JPY) 

1,300‌

655‌

SPX

Technologies  (5)

8,759‌

747‌

THK

(JPY)  (8)

31,400‌

629‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Toro 

3,785‌

314‌

Westinghouse

Air

Brake

Technologies 

40,833‌

4,760‌

26,036‌

Passenger

Airlines

0.0%

Allegiant

Travel 

3,302‌

226‌

226‌

Professional

Services

0.5%

ASGN (5)

2,100‌

187‌

Booz

Allen

Hamilton

Holding 

19,665‌

2,461‌

Broadridge

Financial

Solutions 

10,445‌

2,025‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $60  (5)(6)(7)

7,797‌

42‌

Clarivate  (5)

39,736‌

308‌

Legalzoom.com  (5)

18,396‌

212‌

Parsons  (5)

12,542‌

781‌

Paycor

HCM  (5)

22,183‌

471‌

Recruit

Holdings

(JPY) 

40,900‌

1,511‌

TechnoPro

Holdings

(JPY) 

46,600‌

1,084‌

Teleperformance

(EUR) 

5,672‌

796‌

9,878‌

Trading

Companies

&

Distributors

0.4%

Ashtead

Group

(GBP) 

26,838‌

1,622‌

Beacon

Roofing

Supply  (5)

7,609‌

611‌

Bunzl

(GBP) 

30,725‌

1,166‌

Mitsubishi

(JPY) 

28,700‌

1,338‌

Rush

Enterprises,

Class

A 

10,399‌

413‌

SiteOne

Landscape

Supply  (5)

5,223‌

736‌

Sumitomo

(JPY) 

77,700‌

1,629‌

7,515‌

Total

Industrials

&

Business

Services

116,148‌

INFORMATION

TECHNOLOGY

11.6%

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK) 

271,835‌

1,344‌

1,344‌

Electronic

Equipment,

Instruments

&

Components

0.7%

Amphenol,

Class

A 

41,824‌

3,806‌

CTS 

9,160‌

355‌

Hamamatsu

Photonics

(JPY) 

24,600‌

973‌

Largan

Precision

(TWD) 

6,000‌

458‌

Littelfuse 

2,297‌

535‌

Mirion

Technologies  (5)

64,260‌

574‌

Murata

Manufacturing

(JPY) 

73,200‌

1,422‌

Napco

Security

Technologies 

8,460‌

259‌

Novanta  (5)

2,963‌

428‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Omron

(JPY) 

14,100‌

591‌

PAR

Technology  (5)

22,381‌

824‌

TE

Connectivity 

13,756‌

1,802‌

Teledyne

Technologies  (5)

2,090‌

842‌

Vontier 

14,595‌

492‌

13,361‌

IT

Services

0.4%

Accenture,

Class

A 

5,378‌

1,792‌

MongoDB  (5)

3,345‌

1,391‌

NTT

Data

Group

(JPY) 

165,200‌

2,007‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $13  (5)(6)

(7)

302‌

22‌

Shopify,

Class

A  (5)

19,453‌

1,417‌

Snowflake,

Class

A  (5)

2,735‌

513‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $34  (5)(6)(7)

1,500‌

29‌

7,171‌

Semiconductors

&

Semiconductor

Equipment

4.3%

Advanced

Micro

Devices  (5)

10,977‌

1,330‌

Analog

Devices 

19,657‌

3,605‌

Applied

Materials 

37,253‌

5,580‌

ASML

Holding

(EUR) 

6,365‌

4,338‌

ASML

Holding 

3,550‌

2,427‌

Broadcom 

3,331‌

3,084‌

Entegris 

8,014‌

837‌

Intel 

33,900‌

1,515‌

KLA 

6,322‌

3,443‌

Lam

Research 

3,756‌

2,689‌

Lattice

Semiconductor  (5)

11,773‌

689‌

MACOM

Technology

Solutions

Holdings  (5)

7,470‌

627‌

Micron

Technology 

63,072‌

4,801‌

Monolithic

Power

Systems 

2,189‌

1,201‌

NVIDIA 

49,700‌

23,245‌

NXP

Semiconductors 

39,168‌

7,993‌

Onto

Innovation  (5)

6,115‌

862‌

QUALCOMM 

31,081‌

4,011‌

Renesas

Electronics

(JPY)  (5)

62,200‌

1,084‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

256,759‌

4,697‌

Taiwan

Semiconductor

Manufacturing,

ADR 

7,358‌

716‌

Texas

Instruments 

24,232‌

3,701‌

Tokyo

Electron

(JPY) 

11,800‌

1,896‌

84,371‌

Software

4.1%

Adobe (5)

553‌

338‌

Agilysys  (5)

4,724‌

407‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Amplitude,

Class

A  (5)

31,556‌

336‌

Atlassian,

Class

A  (5)

3,580‌

684‌

BILL

Holdings  (5)

6,361‌

416‌

Braze,

Class

A  (5)

3,200‌

176‌

Cadence

Design

Systems  (5)

8,600‌

2,350‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $459  (5)(6)(7)

269‌

287‌

Confluent,

Class

A  (5)

11,960‌

254‌

Crowdstrike

Holdings,

Class

A  (5)

1,968‌

466‌

Datadog,

Class

A  (5)

4,081‌

476‌

Descartes

Systems

Group  (5)

10,165‌

824‌

DoubleVerify

Holdings  (5)

23,195‌

770‌

Envestnet  (5)

7,287‌

277‌

Five9  (5)

8,226‌

627‌

Fortinet  (5)

2,561‌

135‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $148  (5)(6)(7)

5,153‌

79‌

Intuit 

4,437‌

2,535‌

Manhattan

Associates  (5)

1,909‌

426‌

Microsoft 

144,264‌

54,663‌

Salesforce  (5)

4,300‌

1,083‌

SAP

(EUR) 

19,821‌

3,153‌

ServiceNow  (5)

8,066‌

5,531‌

Socure,

Acquisition

Date:

12/22/21,

Cost $26  (5)(6)(7)

1,599‌

9‌

Synopsys  (5)

5,501‌

2,988‌

Workiva  (5)

7,125‌

685‌

79,975‌

Technology

Hardware,

Storage

&

Peripherals

2.0%

Apple 

187,752‌

35,664‌

Samsung

Electronics

(KRW) 

53,026‌

2,990‌

38,654‌

Total

Information

Technology

224,876‌

MATERIALS

1.7%

Chemicals

0.9%

Air

Liquide

(EUR) 

12,227‌

2,318‌

Akzo

Nobel

(EUR) 

18,339‌

1,412‌

Asahi

Kasei

(JPY) 

121,600‌

844‌

BASF

(EUR) 

23,790‌

1,107‌

Covestro

(EUR)  (5)

24,616‌

1,294‌

Element

Solutions 

54,962‌

1,152‌

HB

Fuller 

3,823‌

289‌

Johnson

Matthey

(GBP) 

44,561‌

873‌

Linde 

14,664‌

6,068‌

Nutrien 

13,646‌

730‌

Quaker

Chemical 

2,913‌

521‌

Sherwin-Williams 

3,544‌

988‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Tosoh

(JPY) 

9,500‌

126‌

Umicore

(EUR) 

36,527‌

976‌

18,698‌

Construction

Materials

0.0%

Martin

Marietta

Materials 

1,370‌

637‌

637‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD) 

48,451‌

459‌

459‌

Metals

&

Mining

0.7%

Antofagasta

(GBP) 

74,633‌

1,325‌

BHP

Group

(AUD) 

40,193‌

1,224‌

BHP

Group

(GBP) 

55,492‌

1,686‌

Constellium  (5)

38,971‌

678‌

ERO

Copper

(CAD)  (5)(8)

16,612‌

205‌

Franco-Nevada 

6,000‌

673‌

Freeport-McMoRan 

50,684‌

1,891‌

Haynes

International 

8,394‌

412‌

IGO

(AUD) 

145,741‌

820‌

Pilbara

Minerals

(AUD) 

478,363‌

1,144‌

South32

(AUD) 

359,264‌

722‌

Southern

Copper 

29,506‌

2,122‌

Wheaton

Precious

Metals 

22,500‌

1,100‌

14,002‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

97,405‌

1,266‌

West

Fraser

Timber

(CAD) 

2,981‌

216‌

1,482‌

Total

Materials

35,278‌

REAL

ESTATE

1.0%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Community

Healthcare

Trust,

REIT 

5,027‌

136‌

136‌

Industrial

Real

Estate

Investment

Trusts

0.2%

EastGroup

Properties,

REIT 

6,472‌

1,125‌

Prologis,

REIT 

12,237‌

1,406‌

Rexford

Industrial

Realty,

REIT 

11,973‌

589‌

Terreno

Realty,

REIT 

5,203‌

297‌

3,417‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

111,003‌

537‌

537‌

Real

Estate

Management

&

Development

0.2%

Colliers

International

Group 

3,400‌

354‌

DigitalBridge

Group 

13,222‌

228‌

FirstService 

7,805‌

1,225‌

Mitsui

Fudosan

(JPY) 

89,800‌

2,111‌

Tricon

Residential 

44,952‌

354‌

4,272‌

Residential

Real

Estate

Investment

Trusts

0.2%

Equity

LifeStyle

Properties,

REIT 

44,327‌

3,152‌

Flagship

Communities

REIT 

8,582‌

128‌

Independence

Realty

Trust,

REIT 

27,171‌

370‌

3,650‌

Retail

Real

Estate

Investment

Trusts

0.1%

Scentre

Group

(AUD) 

709,231‌

1,240‌

1,240‌

Specialized

Real

Estate

Investment

Trusts

0.3%

CubeSmart,

REIT 

15,375‌

611‌

Extra

Space

Storage,

REIT 

5,388‌

701‌

Public

Storage,

REIT 

14,986‌

3,878‌

Weyerhaeuser,

REIT 

43,533‌

1,365‌

6,555‌

Total

Real

Estate

19,807‌

UTILITIES

1.0%

Electric

Utilities

0.6%

Constellation

Energy 

51,951‌

6,288‌

Evergy 

7,898‌

403‌

FirstEnergy 

11,980‌

443‌

IDACORP 

6,702‌

647‌

MGE

Energy 

3,784‌

279‌

NextEra

Energy 

43,625‌

2,552‌

NRG

Energy 

11,700‌

560‌

Southern 

17,336‌

1,230‌

12,402‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

118,500‌

393‌

Chesapeake

Utilities 

7,677‌

734‌

ONE

Gas 

3,635‌

210‌

Southwest

Gas

Holdings 

10,495‌

620‌

1,957‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Independent

Power

&

Renewable

Electricity

Producers

0.0%

Electric

Power

Development

(JPY) 

54,700‌

850‌

850‌

Multi-Utilities

0.3%

Ameren 

4,055‌

315‌

Engie

(EUR) 

181,611‌

3,151‌

National

Grid

(GBP) 

151,099‌

1,960‌

5,426‌

Water

Utilities

0.0%

California

Water

Service

Group 

8,281‌

419‌

419‌

Total

Utilities

21,054‌

Total

Miscellaneous

Common

Stocks

 0.2%  (10)

4,780‌

Total

Common

Stocks

(Cost

$628,201)

1,040,282‌

CONVERTIBLE

BONDS

0.0%

Convoy,

15.00%,

9/30/26,

Acquisition

Date:

3/24/23,

Cost $8  (5)

(6)(7)

8,319‌

—‌

Total

Convertible

Bonds

(Cost

$8)

—‌

CONVERTIBLE

PREFERRED

STOCKS

0.2%

CONSUMER

DISCRETIONARY

0.0%

Hotels,

Restaurants

&

Leisure

0.0%

Torchys

Holdings,

Series

D,

Acquisition

Date:

11/13/20,

Cost $91  (5)(6)(7)(9)

10,166‌

55‌

55‌

Specialty

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $134  (5)(6)(7)

22,936‌

25‌

25‌

Total

Consumer

Discretionary

80‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $1  (5)(6)(7)

25‌

—‌

Total

Consumer

Staples

—‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $116  (5)(6)

(7)

1,101‌

85‌

Total

Financials

85‌

HEALTH

CARE

0.1%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $64  (5)(6)(7)

23,170‌

84‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $99  (5)(6)(7)

12,283‌

45‌

129‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $70  (5)(6)(7)

68,919‌

70‌

70‌

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $132  (5)(6)(7)

54,988‌

64‌

64‌

Life

Sciences

Tools

&

Services

0.1%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $63  (5)(6)(7)

5,327‌

48‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $73  (5)(6)(7)

8,237‌

24‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $96  (5)(6)(7)

7,007‌

425‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $144  (5)(6)(7)

3,255‌

198‌

695‌

Total

Health

Care

958‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $74  (5)(6)(7)

1,636‌

52‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $146  (5)(6)(7)

26,194‌

132‌

184‌

Air

Freight

&

Logistics

0.0%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $68  (5)(6)(7)

5,632‌

43‌

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $39  (5)(6)(7)

1,899‌

15‌

58‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $72  (5)(6)(7)

3,445‌

10‌

10‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ground

Transportation

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $103  (5)(6)(7)

14,525‌

—‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $142  (5)(6)(7)

10,496‌

—‌

—‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $53  (5)(6)(7)

11,613‌

63‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $166  (5)(6)(7)

16,497‌

89‌

152‌

Total

Industrials

&

Business

Services

404‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $58  (5)(6)(7)

3,986‌

28‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $23  (5)(6)(7)

1,224‌

9‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $—  (5)

(6)(7)

5‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $61  (5)(6)

(7)

2,321‌

169‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $12  (5)(6)

(7)

116‌

8‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $8  (5)(6)(7)

340‌

7‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $1  (5)(6)(7)

30‌

1‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $1  (5)

(6)(7)

40‌

1‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $96  (5)(6)(7)

4,280‌

84‌

307‌

Software

0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $27  (5)(6)(7)

16‌

17‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $2  (5)(6)(7)

1‌

1‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $147  (5)(6)(7)

2,493‌

183‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $433  (5)(6)

(7)

5,892‌

433‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $44  (5)(6)(7)

593‌

44‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $219  (5)(6)(7)

7,205‌

111‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $157  (5)

(6)(7)

12,058‌

75‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $69  (5)(6)(7)

3,303‌

20‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $68  (5)(6)(7)

13,365‌

68‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $88  (5)(6)(7)

14,030‌

101‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $10  (5)(6)(7)

1,110‌

8‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $31  (5)(6)(7)

1,943‌

11‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $26  (5)(6)(7)

1,595‌

9‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $1  (5)(6)(7)

29‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $59  (5)(6)(7)

3,698‌

20‌

1,101‌

Total

Information

Technology

1,408‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $88  (5)(6)(7)

1,853‌

88‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $123  (5)(6)(7)

2,982‌

61‌

149‌

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $75  (5)

(6)(7)

2,736‌

117‌

117‌

Total

Materials

266‌

Total

Convertible

Preferred

Stocks

(Cost

$3,873)

3,201‌

CORPORATE

BONDS

3.8%

AbbVie,

3.20%,

11/21/29 

275,000‌

249‌

AbbVie,

4.05%,

11/21/39 

320,000‌

275‌

AbbVie,

4.25%,

11/21/49 

295,000‌

248‌

AbbVie,

4.70%,

5/14/45 

520,000‌

466‌

AbbVie,

4.875%,

11/14/48 

390,000‌

358‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

360,000‌

328‌

AerCap

Ireland

Capital,

3.30%,

1/30/32 

595,000‌

493‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

380,000‌

379‌

AES,

5.45%,

6/1/28 

65,000‌

64‌

AIB

Group,

VR,

6.608%,

9/13/29  (1)(11)

200,000‌

204‌

Ally

Financial,

4.75%,

6/9/27 

290,000‌

273‌

Ally

Financial,

Series C,

VR,

4.70%  (11)(12)

211,000‌

136‌

American

Airlines

PTT,

Series 2013-1,

Class

A,

4.00%,

7/15/25 

1‌

—‌

American

Honda

Finance,

5.65%,

11/15/28 

255,000‌

260‌

American

Tower,

5.25%,

7/15/28 

65,000‌

65‌

Anheuser-Busch

InBev

Worldwide,

4.50%,

6/1/50 

37,000‌

33‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

305,000‌

311‌

Aon,

2.80%,

5/15/30 

110,000‌

95‌

AT&T,

3.50%,

9/15/53 

445,000‌

295‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Baltimore

Gas

&

Electric,

5.40%,

6/1/53 

150,000‌

145‌

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR)  (11)

255,000‌

290‌

Banco

Santander,

6.921%,

8/8/33 

200,000‌

199‌

Bank

of

America,

VR,

1.898%,

7/23/31  (11)

1,220,000‌

948‌

Bank

of

America,

VR,

1.922%,

10/24/31  (11)

690,000‌

537‌

Bank

of

America,

VR,

2.496%,

2/13/31  (11)

750,000‌

620‌

Bank

of

America,

VR,

2.592%,

4/29/31  (11)

75,000‌

62‌

Bank

of

America,

VR,

3.419%,

12/20/28  (11)

70,000‌

64‌

Bank

of

America,

VR,

3.559%,

4/23/27  (11)

180,000‌

171‌

Bank

of

America,

VR,

4.271%,

7/23/29  (11)

715,000‌

671‌

Bank

of

America,

VR,

5.819%,

9/15/29  (11)

610,000‌

616‌

Bank

of

Montreal,

5.717%,

9/25/28 

60,000‌

61‌

Bank

of

New

York

Mellon,

VR,

6.317%,

10/25/29  (11)

290,000‌

300‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34  (11)

335,000‌

354‌

Barclays,

VR,

5.501%,

8/9/28  (11)

200,000‌

196‌

Barclays,

VR,

6.224%,

5/9/34  (11)

230,000‌

226‌

Barclays,

VR,

6.692%,

9/13/34  (11)

475,000‌

483‌

Barclays,

VR,

9.625%  (11)(12)

240,000‌

242‌

BAT

Capital,

2.259%,

3/25/28 

100,000‌

87‌

BAT

Capital,

7.079%,

8/2/43 

150,000‌

152‌

BAT

Capital,

7.081%,

8/2/53 

235,000‌

239‌

BAT

International

Finance,

1.668%,

3/25/26 

60,000‌

55‌

Bayer

U.S.

Finance,

6.125%,

11/21/26  (1)

200,000‌

201‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

190,000‌

164‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

225,000‌

214‌

Becton

Dickinson

&

Company,

4.298%,

8/22/32 

95,000‌

88‌

Bimbo

Bakeries

USA,

6.40%,

1/15/34  (1)

200,000‌

213‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

255,000‌

221‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

43,000‌

41‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

495,000‌

498‌

Boeing,

3.25%,

2/1/28 

70,000‌

65‌

Boeing,

5.04%,

5/1/27 

445,000‌

441‌

Boeing,

5.805%,

5/1/50 

240,000‌

234‌

Booz

Allen

Hamilton,

5.95%,

8/4/33 

135,000‌

137‌

Boston

Gas,

6.119%,

7/20/53  (1)

105,000‌

103‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

335,000‌

314‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

93,000‌

84‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

798,000‌

731‌

Broadcom,

3.875%,

1/15/27 

60,000‌

57‌

CaixaBank,

VR,

6.208%,

1/18/29  (1)(11)

380,000‌

377‌

CaixaBank,

VR,

6.684%,

9/13/27  (1)(11)

295,000‌

297‌

CaixaBank,

VR,

6.84%,

9/13/34  (1)(11)

355,000‌

357‌

Capital

One

Financial,

3.65%,

5/11/27 

740,000‌

683‌

Capital

One

Financial,

3.75%,

3/9/27 

65,000‌

60‌

Capital

One

Financial,

VR,

2.359%,

7/29/32  (11)

510,000‌

361‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capital

One

Financial,

VR,

3.273%,

3/1/30  (11)

190,000‌

162‌

Capital

One

Financial,

VR,

5.247%,

7/26/30  (11)

100,000‌

94‌

Capital

One

Financial,

VR,

5.468%,

2/1/29  (11)

595,000‌

569‌

Carrier

Global,

2.493%,

2/15/27 

65,000‌

60‌

Carrier

Global,

5.80%,

11/30/25  (1)

85,000‌

85‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK)  (1)(13)

144,000‌

113‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK)  (1)(13)

216,000‌

169‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK)  (1)(13)

255,000‌

200‌

CBRE

Services,

5.95%,

8/15/34 

300,000‌

298‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

51,000‌

51‌

Celanese

U.S.

Holdings,

6.165%,

7/15/27 

65,000‌

65‌

Centene,

2.50%,

3/1/31 

370,000‌

294‌

Centene,

2.625%,

8/1/31 

940,000‌

750‌

Centene,

4.25%,

12/15/27 

60,000‌

57‌

Charter

Communications

Operating,

3.75%,

2/15/28 

100,000‌

93‌

Charter

Communications

Operating,

5.75%,

4/1/48 

105,000‌

89‌

Charter

Communications

Operating,

6.484%,

10/23/45 

90,000‌

83‌

Charter

Communications

Operating,

6.65%,

2/1/34 

360,000‌

368‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

175,000‌

173‌

Cheniere

Energy,

4.625%,

10/15/28 

65,000‌

62‌

Citigroup,

4.45%,

9/29/27 

95,000‌

91‌

Citigroup,

VR,

3.106%,

4/8/26  (11)

185,000‌

178‌

Citigroup,

VR,

4.658%,

5/24/28  (11)

90,000‌

87‌

Citigroup,

VR,

5.61%,

9/29/26  (11)

430,000‌

429‌

Citigroup,

VR,

6.174%,

5/25/34  (11)

255,000‌

253‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28  (11)

405,000‌

376‌

CNO

Financial

Group,

5.25%,

5/30/25 

152,000‌

150‌

Columbia

Pipelines

Holding,

6.042%,

8/15/28  (1)

205,000‌

207‌

Comcast,

3.25%,

11/1/39 

445,000‌

337‌

Corebridge

Financial,

3.65%,

4/5/27 

65,000‌

61‌

Corebridge

Financial,

3.90%,

4/5/32 

110,000‌

96‌

Crown

Castle,

2.25%,

1/15/31 

860,000‌

689‌

Crown

Castle,

3.80%,

2/15/28 

65,000‌

61‌

Crown

Castle

Towers,

3.663%,

5/15/25  (1)

725,000‌

699‌

CVS

Health,

3.25%,

8/15/29 

100,000‌

90‌

CVS

Health,

4.30%,

3/25/28 

65,000‌

63‌

CVS

Health,

5.05%,

3/25/48 

549,000‌

480‌

CVS

Health,

5.625%,

2/21/53 

335,000‌

316‌

CVS

Health,

5.875%,

6/1/53 

175,000‌

170‌

Daimler

Truck

Finance

North

America,

5.125%,

1/19/28  (1)

150,000‌

148‌

Danske

Bank,

VR,

3.244%,

12/20/25  (1)(11)

205,000‌

198‌

Danske

Bank,

VR,

3.773%,

3/28/25  (1)(11)

255,000‌

253‌

Diamondback

Energy,

6.25%,

3/15/53 

150,000‌

152‌

Dollar

General,

3.875%,

4/15/27 

65,000‌

62‌

Dollar

General,

5.45%,

7/5/33 

266,000‌

259‌

DTE

Energy,

4.875%,

6/1/28 

60,000‌

59‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Duke

Energy,

5.00%,

8/15/52 

460,000‌

400‌

Duke

Energy,

6.10%,

9/15/53 

430,000‌

435‌

Edison

International,

4.95%,

4/15/25 

25,000‌

25‌

EDP

Finance,

6.30%,

10/11/27  (1)

200,000‌

206‌

Elevance

Health,

5.125%,

2/15/53 

165,000‌

152‌

Enbridge,

4.25%,

12/1/26 

60,000‌

58‌

Enbridge,

6.20%,

11/15/30 

95,000‌

99‌

Enbridge,

6.70%,

11/15/53 

150,000‌

164‌

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 

140,000‌

134‌

Energy

Transfer,

6.40%,

12/1/30 

150,000‌

156‌

Energy

Transfer,

6.55%,

12/1/33 

100,000‌

105‌

Equifax,

5.10%,

12/15/27 

120,000‌

119‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/26  (1)

295,000‌

266‌

Equitable

Holdings,

4.35%,

4/20/28 

880,000‌

837‌

Exelon,

5.15%,

3/15/28 

60,000‌

60‌

Exelon,

5.60%,

3/15/53 

235,000‌

224‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

65,000‌

62‌

Fifth

Third

Bancorp,

2.55%,

5/5/27 

40,000‌

36‌

Fifth

Third

Bancorp,

3.95%,

3/14/28 

75,000‌

70‌

Fifth

Third

Bancorp,

VR,

4.772%,

7/28/30  (11)

100,000‌

93‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29  (11)

170,000‌

172‌

Fiserv,

4.20%,

10/1/28 

60,000‌

57‌

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 

30,000‌

28‌

Freeport-McMoRan,

5.00%,

9/1/27 

3,000‌

3‌

Freeport-McMoRan,

5.45%,

3/15/43 

180,000‌

161‌

General

Motors

Financial,

4.00%,

10/6/26 

60,000‌

57‌

General

Motors

Financial,

5.80%,

6/23/28 

60,000‌

60‌

Georgia

Power,

4.95%,

5/17/33 

330,000‌

319‌

GLP

Capital,

3.35%,

9/1/24 

100,000‌

98‌

Goldman

Sachs

Group,

3.50%,

11/16/26 

145,000‌

138‌

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27  (11)

410,000‌

364‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28  (11)

390,000‌

367‌

Goldman

Sachs

Group,

VR,

3.691%,

6/5/28  (11)

125,000‌

117‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28  (11)

395,000‌

381‌

Hasbro,

3.55%,

11/19/26 

69,000‌

65‌

HCA,

2.375%,

7/15/31 

140,000‌

111‌

HCA,

3.125%,

3/15/27 

165,000‌

153‌

HCA,

3.375%,

3/15/29 

65,000‌

58‌

HCA,

3.50%,

9/1/30 

278,000‌

244‌

HCA,

4.50%,

2/15/27 

60,000‌

58‌

HCA,

5.375%,

9/1/26 

130,000‌

129‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HCA,

5.875%,

2/15/26 

120,000‌

120‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

150,000‌

111‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

440,000‌

399‌

HSBC

Holdings,

VR,

4.755%,

6/9/28  (11)

480,000‌

464‌

HSBC

Holdings,

VR,

5.21%,

8/11/28  (11)

335,000‌

329‌

HSBC

Holdings,

VR,

6.254%,

3/9/34  (8)(11)

545,000‌

554‌

HSBC

Holdings,

VR,

7.399%,

11/13/34  (11)

320,000‌

332‌

Humana,

4.875%,

4/1/30 

310,000‌

301‌

Humana,

5.50%,

3/15/53 

325,000‌

310‌

Humana,

5.95%,

3/15/34 

175,000‌

179‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25  (11)

250,000‌

244‌

Hyundai

Capital

America,

5.50%,

3/30/26  (1)

100,000‌

99‌

Hyundai

Capital

America,

6.50%,

1/16/29  (1)

60,000‌

61‌

Indiana

Michigan

Power,

5.625%,

4/1/53 

30,000‌

29‌

ING

Groep,

VR,

6.114%,

9/11/34  (11)

200,000‌

200‌

Intercontinental

Exchange,

2.65%,

9/15/40 

90,000‌

63‌

Intercontinental

Exchange,

4.35%,

6/15/29 

350,000‌

337‌

Interpublic

Group,

4.65%,

10/1/28 

140,000‌

134‌

Intesa

Sanpaolo,

7.20%,

11/28/33  (1)

375,000‌

380‌

Intesa

Sanpaolo,

7.80%,

11/28/53  (1)

450,000‌

456‌

Intuit,

5.50%,

9/15/53 

170,000‌

175‌

IQVIA,

6.25%,

2/1/29  (1)

190,000‌

192‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27  (11)

1,340,000‌

1,213‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28  (11)

510,000‌

457‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31  (11)

475,000‌

398‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30  (11)

195,000‌

168‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31  (11)

260,000‌

220‌

JPMorgan

Chase,

VR,

3.96%,

1/29/27  (11)

90,000‌

87‌

JPMorgan

Chase,

VR,

6.254%,

10/23/34  (11)

245,000‌

255‌

KBC

Group,

VR,

5.796%,

1/19/29  (1)(11)

640,000‌

634‌

KBC

Group,

VR,

6.324%,

9/21/34  (1)(11)

345,000‌

346‌

Kinder

Morgan,

4.30%,

3/1/28 

65,000‌

63‌

Las

Vegas

Sands,

3.50%,

8/18/26 

170,000‌

160‌

Lowe's,

4.25%,

4/1/52 

205,000‌

161‌

Lowe's,

5.625%,

4/15/53 

120,000‌

117‌

Lowe's,

5.75%,

7/1/53 

110,000‌

108‌

LSEGA

Financing,

2.00%,

4/6/28  (1)

1,020,000‌

881‌

LSEGA

Financing,

2.50%,

4/6/31  (1)

285,000‌

235‌

LSEGA

Financing,

3.20%,

4/6/41  (1)

200,000‌

146‌

Marathon

Oil,

4.40%,

7/15/27 

60,000‌

57‌

Marriott

International,

5.00%,

10/15/27 

245,000‌

244‌

Mars,

4.75%,

4/20/33  (1)

310,000‌

301‌

Marsh

&

McLennan,

2.25%,

11/15/30 

140,000‌

116‌

Marsh

&

McLennan,

5.70%,

9/15/53 

375,000‌

382‌

Mattel,

5.875%,

12/15/27  (1)

300,000‌

295‌

Meta

Platforms,

5.60%,

5/15/53 

555,000‌

564‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Metropolitan

Life

Global

Funding

I,

5.15%,

3/28/33  (1)

180,000‌

175‌

Micron

Technology,

4.185%,

2/15/27 

90,000‌

87‌

Micron

Technology,

5.327%,

2/6/29 

180,000‌

178‌

Micron

Technology,

6.75%,

11/1/29 

160,000‌

167‌

MidAmerican

Energy,

5.85%,

9/15/54 

125,000‌

128‌

Morgan

Stanley,

VR,

4.431%,

1/23/30  (11)

150,000‌

142‌

Morgan

Stanley,

VR,

5.123%,

2/1/29  (11)

830,000‌

819‌

MPLX,

4.125%,

3/1/27 

60,000‌

58‌

Mylan,

4.55%,

4/15/28 

65,000‌

61‌

Netflix,

4.625%,

5/15/29

(EUR) 

500,000‌

564‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

305,000‌

245‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52 

287,000‌

178‌

NextEra

Energy

Capital

Holdings,

5.25%,

2/28/53 

135,000‌

122‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

210,000‌

210‌

NiSource,

3.49%,

5/15/27 

70,000‌

66‌

NiSource,

5.25%,

3/30/28 

65,000‌

65‌

Nissan

Motor

Acceptance,

1.85%,

9/16/26  (1)

125,000‌

110‌

NRG

Energy,

4.45%,

6/15/29  (1)

155,000‌

141‌

Occidental

Petroleum,

6.375%,

9/1/28 

85,000‌

87‌

Occidental

Petroleum,

8.875%,

7/15/30 

655,000‌

748‌

ONEOK,

5.65%,

11/1/28 

60,000‌

60‌

ONEOK,

5.80%,

11/1/30 

120,000‌

121‌

ONEOK,

6.05%,

9/1/33 

175,000‌

178‌

O'Reilly

Automotive,

5.75%,

11/20/26 

90,000‌

91‌

Ovintiv,

5.65%,

5/15/28 

65,000‌

65‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

142,000‌

125‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

340,000‌

271‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

305,000‌

280‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

110,000‌

108‌

Pacific

Gas

&

Electric,

6.70%,

4/1/53 

110,000‌

111‌

Pacific

Gas

&

Electric,

6.95%,

3/15/34 

175,000‌

185‌

Palomino

Funding

Trust

I,

7.233%,

5/17/28  (1)

630,000‌

647‌

Pfizer

Investment

Enterprises,

4.75%,

5/19/33 

205,000‌

199‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53 

205,000‌

199‌

Pfizer

Investment

Enterprises,

5.34%,

5/19/63 

310,000‌

297‌

Philip

Morris

International,

5.125%,

2/15/30 

215,000‌

212‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

110,000‌

109‌

PNC

Financial

Services

Group,

2.55%,

1/22/30 

110,000‌

93‌

PNC

Financial

Services

Group,

VR,

6.037%,

10/28/33  (11)

365,000‌

364‌

PNC

Financial

Services

Group,

VR,

6.615%,

10/20/27  (11)

60,000‌

61‌

PNC

Financial

Services

Group,

Series T,

VR,

3.40%  (11)(12)

17,000‌

13‌

Public

Service

Enterprise

Group,

5.875%,

10/15/28 

65,000‌

66‌

Public

Storage

Operating,

5.35%,

8/1/53 

70,000‌

67‌

Regency

Centers,

3.60%,

2/1/27 

300,000‌

284‌

Revvity,

1.90%,

9/15/28 

280,000‌

236‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Revvity,

2.25%,

9/15/31 

150,000‌

117‌

Revvity,

3.30%,

9/15/29 

105,000‌

92‌

Reynolds

American,

4.45%,

6/12/25 

53,000‌

52‌

Rogers

Communications,

3.20%,

3/15/27 

200,000‌

186‌

Rogers

Communications,

3.80%,

3/15/32 

210,000‌

182‌

Rogers

Communications,

4.35%,

5/1/49 

30,000‌

23‌

Rogers

Communications,

4.55%,

3/15/52 

950,000‌

748‌

Ross

Stores,

1.875%,

4/15/31 

365,000‌

286‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

65,000‌

62‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (11)

190,000‌

170‌

Santander

Holdings

USA,

VR,

6.499%,

3/9/29  (11)

80,000‌

80‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26  (11)

930,000‌

854‌

SBA

Tower

Trust,

1.84%,

4/15/27  (1)

440,000‌

383‌

SBA

Tower

Trust,

2.328%,

1/15/28  (1)

75,000‌

64‌

SBA

Tower

Trust,

2.593%,

10/15/31  (1)

360,000‌

280‌

Sempra,

3.40%,

2/1/28 

65,000‌

60‌

Sempra,

3.70%,

4/1/29 

105,000‌

97‌

Southern,

5.20%,

6/15/33 

495,000‌

485‌

Southern,

5.70%,

3/15/34 

230,000‌

234‌

Southern

California

Edison,

5.70%,

3/1/53 

170,000‌

164‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27 

235,000‌

231‌

Sprint

Capital,

6.875%,

11/15/28 

405,000‌

428‌

Sprint

Capital,

8.75%,

3/15/32 

245,000‌

293‌

Standard

Chartered,

VR,

1.456%,

1/14/27  (1)(11)

210,000‌

190‌

Standard

Chartered,

VR,

2.608%,

1/12/28  (1)(11)

935,000‌

839‌

Standard

Chartered,

VR,

3.971%,

3/30/26  (1)(11)

205,000‌

199‌

Sutter

Health,

5.164%,

8/15/33 

100,000‌

98‌

T-Mobile

USA,

5.75%,

1/15/54 

620,000‌

612‌

T-Mobile

USA,

6.00%,

6/15/54 

130,000‌

133‌

Targa

Resources

Partners,

5.00%,

1/15/28 

60,000‌

58‌

Targa

Resources

Partners,

5.50%,

3/1/30 

450,000‌

435‌

Targa

Resources

Partners,

6.875%,

1/15/29 

74,000‌

75‌

Thermo

Fisher

Scientific,

5.20%,

1/31/34 

140,000‌

140‌

Toronto-Dominion

Bank,

5.523%,

7/17/28 

65,000‌

65‌

Truist

Financial,

VR,

4.123%,

6/6/28  (11)

107,000‌

101‌

U.S.

Bancorp,

VR,

3.70%  (11)(12)

40,000‌

30‌

U.S.

Bancorp,

VR,

6.787%,

10/26/27  (11)

60,000‌

62‌

UBS

Group,

3.75%,

3/26/25 

640,000‌

621‌

UBS

Group,

VR,

5.959%,

1/12/34  (1)(11)

315,000‌

310‌

UBS

Group,

VR,

6.301%,

9/22/34  (1)(11)

225,000‌

227‌

UBS

Group,

VR,

9.25%  (1)(11)(12)

200,000‌

212‌

UBS

Group,

VR,

9.25%  (1)(11)(12)

200,000‌

209‌

UnitedHealth

Group,

2.75%,

5/15/40 

70,000‌

50‌

UnitedHealth

Group,

4.50%,

4/15/33 

310,000‌

297‌

UnitedHealth

Group,

5.05%,

4/15/53 

465,000‌

436‌

UnitedHealth

Group,

5.875%,

2/15/53 

270,000‌

287‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Utah

Acquisition

Sub,

3.95%,

6/15/26 

851,000‌

810‌

Utah

Acquisition

Sub,

5.25%,

6/15/46 

30,000‌

23‌

VF,

2.95%,

4/23/30 

180,000‌

146‌

Viatris,

3.85%,

6/22/40 

283,000‌

194‌

Viatris,

4.00%,

6/22/50 

155,000‌

100‌

Vistra

Operations,

5.125%,

5/13/25  (1)

355,000‌

349‌

Vistra

Operations,

6.95%,

10/15/33  (1)

130,000‌

133‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26  (1)

600,000‌

562‌

Walt

Disney,

3.60%,

1/13/51 

175,000‌

132‌

Warnermedia

Holdings,

3.755%,

3/15/27 

520,000‌

489‌

Wells

Fargo,

4.30%,

7/22/27 

290,000‌

278‌

Wells

Fargo,

VR,

2.393%,

6/2/28  (11)

1,860,000‌

1,662‌

Wells

Fargo,

VR,

2.572%,

2/11/31  (11)

1,645,000‌

1,376‌

Wells

Fargo,

VR,

2.879%,

10/30/30  (11)

850,000‌

727‌

Wells

Fargo,

VR,

3.196%,

6/17/27  (11)

95,000‌

90‌

Wells

Fargo,

VR,

6.491%,

10/23/34  (11)

275,000‌

287‌

Western

Midstream

Operating,

4.50%,

3/1/28 

60,000‌

57‌

Westlake,

1.625%,

7/17/29

(EUR) 

177,000‌

166‌

Williams,

3.75%,

6/15/27 

60,000‌

57‌

Xcel

Energy,

3.40%,

6/1/30 

360,000‌

323‌

Total

Corporate

Bonds

(Cost

$80,585)

75,743‌

EQUITY

MUTUAL

FUNDS

11.3%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund  (3)

2,673,944‌

84,229‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class  (3)

6,676,912‌

65,300‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class  (3)

5,445,592‌

73,298‌

Total

Equity

Mutual

Funds

(Cost

$205,601)

222,827‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.0%

Republic

of

Bulgaria,

4.375%,

5/13/31

(EUR) 

225,000‌

249‌

Republic

of

Bulgaria,

4.875%,

5/13/36

(EUR) 

254,000‌

280‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$504)

529‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.5%

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

TSFR

+

1.297%,

6.62%,

9/15/32  (1)

190,000‌

187‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-4,

Class

A20,

CMO,

ARM,

2.50%,

10/25/51  (1)

392,138‌

296‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.597%,

11/15/34  (1)

195,000‌

69‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56  (1)

190,645‌

160‌

BX

Commercial

Mortgage

Trust,

Series 2019-IMC,

Class

A,

ARM,

1M

TSFR

+

1.046%,

6.369%,

4/15/34  (1)

535,000‌

531‌

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

8.464%,

6/15/27  (1)

345,000‌

344‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

TSFR

+

1.411%,

6.734%,

10/15/36  (1)

330,000‌

317‌

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51  (1)

390,832‌

295‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51  (1)

150,592‌

118‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65  (1)

44,259‌

42‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

293,500‌

282‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

SOFR30A

+

1.114%,

6.443%,

2/25/30 

56,487‌

56‌

Credit

Suisse

Mortgage

Trust,

Series 2020-NET,

Class

A,

2.257%,

8/15/37  (1)

202,666‌

185‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.174%,

9/15/45  (1)

430,000‌

250‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

6.00%,

3/25/50  (1)

61,339‌

56‌

Flagstar

Mortgage

Trust,

Series 2021-3INV,

Class

A16,

CMO,

ARM,

2.50%,

6/25/51  (1)

325,069‌

245‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50  (1)

77,440‌

69‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (1)

25,852‌

23‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58  (1)

19,047‌

17‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

A,

ARM,

1M

TSFR

+

1.148%,

6.471%,

12/15/36  (1)

370,000‌

367‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

7.07%,

12/15/36  (1)

335,000‌

331‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

4.154%,

7/25/44  (1)

5,940‌

6‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.925%,

10/25/50  (1)

168,889‌

136‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51  (1)

296,617‌

224‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR2,

Class

A4,

CMO,

ARM,

2.50%,

2/25/52  (1)

301,556‌

227‌

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56  (1)

132,314‌

102‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33  (1)

145,000‌

126‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (1)

67,518‌

58‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (1)

78,040‌

67‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.574%,

12/25/50  (1)

231,380‌

186‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50  (1)

65,771‌

56‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50  (1)

6,476‌

6‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50  (1)

14,246‌

14‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.264%,

6/25/50  (1)

237,920‌

195‌

KIND

Trust,

Series 2021-KIND,

Class

B,

ARM,

1M

TSFR

+

1.464%,

6.787%,

8/15/38  (1)

680,085‌

638‌

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)

244,998‌

185‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60  (1)

171,614‌

148‌

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)

430,000‌

429‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.437%,

4/25/43 

135,494‌

125‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.779%,

8/25/47  (1)

197,208‌

175‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47  (1)

41,527‌

37‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48  (1)

9,639‌

8‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48  (1)

29,783‌

27‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (1)

7,458‌

7‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

7.628%,

8/25/33  (1)

165,115‌

166‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2023-HQA3,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.85%,

7.172%,

11/25/43  (1)

125,000‌

126‌

Towd

Point

Mortgage

Trust,

Series 2019-HY3,

Class

A1A,

CMO,

ARM,

1M

TSFR

+

1.114%,

6.457%,

10/25/59  (1)

72,572‌

73‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51  (1)

310,157‌

234‌

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)

178,779‌

139‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2016-C35,

Class

AS,

3.184%,

7/15/48 

695,000‌

630‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

1,165,000‌

994‌

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

$11,796)

10,155‌

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

14,566‌

1,334‌

Total

Consumer

Discretionary

1,334‌

Total

Preferred

Stocks

(Cost

$1,238)

1,334‌

PRIVATE

INVESTMENT

COMPANIES

4.3%

Blackstone

Partners

Offshore

Fund  (5)(7)

36,840‌

85,302‌

Total

Private

Investment

Companies

(Cost

$57,296)

85,302‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

4.0%

U.S.

Government

Agency

Obligations

3.0%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

91,624‌

86‌

3.00%,

12/1/42

-

2/1/47 

896,727‌

791‌

3.50%,

8/1/42

-

3/1/46 

851,262‌

777‌

4.00%,

8/1/40

-

12/1/41 

352,208‌

331‌

4.50%,

6/1/39

-

10/1/41 

258,729‌

251‌

5.00%,

1/1/24

-

8/1/40 

91,110‌

89‌

6.00%,

10/1/32

-

8/1/38 

69,055‌

71‌

6.50%,

11/1/29

-

10/1/32 

7,043‌

8‌

7.00%,

10/1/25

-

6/1/32 

4,426‌

4‌

Federal

Home

Loan

Mortgage,

ARM 

RFUCCT1Y

+

1.725%,

5.975%,

7/1/35 

1,292‌

1‌

RFUCCT1Y

+

1.75%,

4.125%,

2/1/35 

5,397‌

5‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

RFUCCT1Y

+

1.842%,

4.091%,

1/1/37 

10,283‌

10‌

RFUCCT1Y

+

1.918%,

4.292%,

2/1/37 

8,821‌

9‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

171,451‌

34‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36

-

4/1/37 

133,092‌

113‌

2.00%,

8/1/36

-

9/1/52 

5,642,780‌

4,439‌

2.50%,

6/1/37

-

5/1/52 

6,423,385‌

5,302‌

3.00%,

5/1/31

-

6/1/52 

2,850,271‌

2,453‌

3.50%,

6/1/47

-

9/1/52 

927,183‌

830‌

4.00%,

8/1/37

-

9/1/52 

612,840‌

574‌

4.50%,

9/1/37

-

11/1/52 

974,692‌

914‌

5.00%,

10/1/52

-

5/1/53 

191,415‌

184‌

5.50%,

8/1/53 

712,869‌

703‌

Federal

National

Mortgage

Assn. 

3.00%,

6/1/33

-

8/1/46 

90,561‌

79‌

3.50%,

6/1/42

-

5/1/46 

460,090‌

419‌

4.00%,

11/1/40 

163,799‌

155‌

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

+

1.869%,

6.119%,

8/1/36 

12,147‌

12‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

2,221‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

1,693,493‌

1,412‌

2.00%,

5/1/36

-

4/1/52 

15,815,667‌

12,594‌

2.50%,

1/1/32

-

4/1/52 

8,498,596‌

7,004‌

3.00%,

8/1/27

-

4/1/52 

5,692,631‌

4,991‌

3.50%,

2/1/35

-

1/1/52 

3,326,804‌

3,011‌

4.00%,

7/1/35

-

12/1/49 

2,717,567‌

2,544‌

4.50%,

7/1/39

-

8/1/52 

1,772,537‌

1,691‌

5.00%,

7/1/33

-

9/1/53 

1,530,315‌

1,500‌

5.50%,

11/1/34

-

10/1/53 

758,546‌

761‌

6.00%,

3/1/33

-

9/1/53 

1,470,982‌

1,492‌

6.50%,

7/1/32

-

5/1/40 

187,850‌

193‌

7.00%,

9/1/30

-

4/1/32 

2,705‌

3‌

UMBS,

TBA  (14)

2.00%,

12/1/38 

470,000‌

410‌

5.00%,

12/1/53 

760,000‌

731‌

5.50%,

12/1/53 

395,000‌

389‌

6.00%,

12/1/53 

320,000‌

321‌

6.50%,

12/1/53 

490,000‌

498‌

58,189‌

U.S.

Government

Obligations

1.0%

Government

National

Mortgage

Assn. 

1.50%,

9/20/36

-

2/20/37 

343,175‌

289‌

2.00%,

3/20/51

-

3/20/52 

4,044,907‌

3,265‌

2.50%,

8/20/50

-

3/20/52 

4,020,211‌

3,359‌

3.00%,

9/15/42

-

6/20/52 

3,574,421‌

3,104‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

3.50%,

11/20/42

-

7/20/52 

2,167,822‌

1,966‌

4.00%,

2/20/41

-

10/20/52 

2,100,376‌

1,950‌

4.50%,

11/20/39

-

10/20/52 

1,526,230‌

1,457‌

5.00%,

7/20/39

-

6/20/48 

753,171‌

748‌

5.50%,

10/20/32

-

3/20/49 

410,145‌

418‌

6.00%,

8/20/34

-

12/20/38 

172,880‌

181‌

6.50%,

2/15/29 

1,038‌

1‌

7.00%,

9/20/27

-

9/20/53 

259,601‌

268‌

7.50%,

1/15/30 

2,488‌

3‌

8.00%,

8/15/24

-

10/20/25 

59‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

49,599‌

44‌

3.50%,

10/20/50 

190,000‌

151‌

Government

National

Mortgage

Assn.,

CMO,

IO 

3.50%,

5/20/43 

105,273‌

16‌

4.00%,

2/20/43 

41,053‌

5‌

Government

National

Mortgage

Assn.,

TBA  (14)

2.00%,

12/20/53 

285,000‌

230‌

4.50%,

12/20/53 

190,000‌

180‌

5.00%,

12/20/53 

365,000‌

355‌

5.50%,

12/20/53 

1,395,000‌

1,385‌

6.00%,

12/20/53 

725,000‌

730‌

6.50%,

12/20/53 

425,000‌

432‌

20,537‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$86,422)

78,726‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

4.9%

U.S.

Treasury

Obligations

4.9%

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

320,000‌

213‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52  (15)

6,745,000‌

5,088‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42  (15)

8,640,000‌

7,187‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

5,945,000‌

5,073‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

366,100‌

313‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

2,165,000‌

1,932‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42 

6,045,000‌

5,496‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

3,900,000‌

3,565‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

1,425,000‌

1,482‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

7,455,000‌

5,849‌

U.S.

Treasury

Notes,

1.50%,

1/31/27 

6,515,000‌

5,956‌

U.S.

Treasury

Notes,

2.25%,

1/31/24 

8,025,000‌

7,984‌

U.S.

Treasury

Notes,

3.875%,

11/30/29 

2,680,000‌

2,610‌

U.S.

Treasury

Notes,

4.125%,

6/15/26 

10,150,000‌

10,048‌

U.S.

Treasury

Notes,

4.125%,

8/31/30 

5,895,000‌

5,811‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

4.125%,

11/15/32 

6,015,000‌

5,906‌

U.S.

Treasury

Notes,

4.625%,

9/15/26 

12,725,500‌

12,769‌

U.S.

Treasury

Notes,

4.625%,

10/15/26  (16)

8,685,000‌

8,718‌

96,000‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$100,458)

96,000‌

SHORT-TERM

INVESTMENTS

1.2%

Money

Market

Funds

1.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.41%  (3)(17)

23,859,448‌

23,859‌

Total

Short-Term

Investments

(Cost

$23,859)

23,859‌

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (3)(17)

2,284,935‌

2,285‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

2,285‌

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

STATE

STREET

BANK

AND

TRUST

COMPANY

0.0%

Money

Market

Funds

0.0%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (3

)(17)

499,640‌

500‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

State

Street

Bank

and

Trust

Company

500‌

Total

Securities

Lending

Collateral

(Cost

$2,785)

2,785‌

(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)

102‌

11,199‌

95‌

Total

Options

Purchased

(Cost

$91)

95‌

Total

Investments

in

Securities

100.8%

of

Net

Assets

(Cost

$1,622,214)

$

1,989,972‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

52

‡

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

$34,132

and

represents

1.7%

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)

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

$5,635

and

represents

0.3%

of

net

assets.

(7)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(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

$5,661

and

represents

0.3%

of

net

assets.

(15)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

November

30,

2023.

(16)

At

November

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(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. 

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

53

.

.

.

.

.

.

.

.

.

.

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

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

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

Allocation

Fund

54

(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

195

89,072

(1,701‌)

Total

Options

Written

(Premiums

$(1,466))

$

(1,701‌)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

55

(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

7,800

193

207

(14‌)

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

444

11

10

1‌

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

444

13

13

—‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

230

(13‌)

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)

*

88

1

1

—‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

1

—‌

Total

Bilateral

Swaps

231

(13‌)

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

*

2,198

107

6

101‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

14,332

269

181

88‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

56

(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

*

1,762

4

(18)

22‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

211‌

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)

16,858

94

—

94‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.111%

Annually,

Pay

Variable

4.076%

(6M

EURIBOR)

Semi-Annually,

11/17/28

(EUR)

14,721

126

—

126‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.843%

Annually,

Receive

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

11/20/53

(EUR)

3,614

(77)

—

(77‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.898%

Annually,

Receive

Variable

4.076%

(6M

EURIBOR)

Semi-Annually,

11/17/53

(EUR)

3,425

(113)

—

(113‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

30‌

Total

Centrally

Cleared

Swaps

241‌

Net

payments

(receipts)

of

variation

margin

to

date

(250‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(9‌)

*

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

$22.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

57

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

1/19/24

CAD

3,945‌

USD

2,910‌

$

—‌

Bank

of

America

1/19/24

JPY

321,358‌

USD

2,168‌

17‌

Bank

of

America

1/19/24

NZD

1,215‌

USD

729‌

19‌

Bank

of

America

1/19/24

USD

479‌

CAD

660‌

(8‌)

Canadian

Imperial

Bank

of

Commerce

1/19/24

USD

472‌

CAD

650‌

(7‌)

Citibank

12/8/23

THB

25,740‌

USD

728‌

4‌

Citibank

1/17/24

USD

736‌

KRW

975,215‌

(17‌)

Citibank

1/19/24

AUD

2,280‌

USD

1,459‌

50‌

Citibank

1/19/24

USD

479‌

CAD

660‌

(8‌)

Citibank

1/19/24

USD

717‌

NZD

1,215‌

(31‌)

Deutsche

Bank

1/17/24

USD

727‌

KRW

972,470‌

(22‌)

Deutsche

Bank

1/19/24

JPY

321,358‌

USD

2,169‌

16‌

Deutsche

Bank

1/19/24

USD

1,438‌

AUD

2,280‌

(71‌)

Goldman

Sachs

1/19/24

USD

949‌

JPY

140,186‌

(4‌)

HSBC

Bank

12/7/23

PHP

40,586‌

USD

728‌

3‌

HSBC

Bank

1/19/24

USD

1,425‌

CAD

1,975‌

(31‌)

JPMorgan

Chase

1/19/24

USD

1,898‌

JPY

280,414‌

(9‌)

Morgan

Stanley

12/8/23

USD

712‌

THB

25,740‌

(20‌)

Standard

Chartered

1/17/24

KRW

1,947,685‌

USD

1,496‌

6‌

State

Street

1/19/24

USD

1,488‌

JPY

222,115‌

(23‌)

UBS

Investment

Bank

12/7/23

PHP

40,749‌

USD

731‌

4‌

UBS

Investment

Bank

12/7/23

USD

1,428‌

PHP

81,335‌

(37‌)

UBS

Investment

Bank

2/23/24

USD

1,556‌

EUR

1,426‌

(2‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(171‌)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

58

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

80

MSCI

EAFE

Index

contracts

12/23

(8,506)

$

(83‌)

Long,

117

S&P

500

E-Mini

Index

contracts

12/23

26,774

770‌

Long,

429

U.S.

Treasury

Notes

five

year

contracts

3/24

45,839

334‌

Long,

358

U.S.

Treasury

Notes

two

year

contracts

3/24

73,197

11‌

Short,

74

Ultra

U.S.

Treasury

Bonds

contracts

3/24

(9,102)

(146‌)

Short,

19

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/24

(2,157)

3‌

Net

payments

(receipts)

of

variation

margin

to

date

(966‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(77‌)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

59

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

Dynamic

Global

Bond

Fund

-

I

Class,

5.20% 

$

(1,775‌)

$

(1,106‌)

$

1,121‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

5.80% 

—‌

(1‌)

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.70% 

(1,999‌)

3,675‌

1,830‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

(390‌)

(621‌)

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.83% 

(328‌)

840‌

1,109‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.99% 

(808‌)

2,265‌

2,099‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.62% 

(1,940‌)

3,080‌

1,209‌

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 

(1,695‌)

3,840‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

2,599‌

—‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.66% 

(2,045‌)

(4,908‌)

1,140‌

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.41%

—‌

—‌

1,201‌

Totals

$

(10,980‌)#

$

9,661‌

$

9,712‌+

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

60

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

11/30/23

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.20% 

$

59,822‌

$

1,622‌

$

9,775‌

$

50,563‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

5.80% 

7‌

—‌

—‌

6‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.70% 

64,066‌

1,829‌

7,849‌

61,721‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

86,490‌

—‌

1,640‌

84,229‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.83% 

27,850‌

1,109‌

7,178‌

22,621‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.99% 

60,296‌

3,100‌

6,058‌

59,603‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.62% 

84,741‌

1,208‌

10,190‌

78,839‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

5.65% 

78‌

3‌

—‌

79‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

77,155‌

—‌

15,695‌

65,300‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

54,489‌

16,210‌

—‌

73,298‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.66% 

65,095‌

1,990‌

4,045‌

58,132‌

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

817‌

  ¤

  ¤

2,785‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.41%

54,980‌

  ¤

  ¤

23,859‌

Total

$

581,035‌^

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

61

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

$9,712

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

$633,670.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

62

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$1,622,214)

$

1,989,972‌

Receivable

for

investment

securities

sold

11,928‌

Interest

and

dividends

receivable

3,642‌

Receivable

for

shares

sold

495‌

Foreign

currency

(cost

$335)

334‌

Bilateral

swap

premiums

paid

231‌

Unrealized

gain

on

forward

currency

exchange

contracts

119‌

Cash

48‌

Unrealized

gain

on

bilateral

swaps

1‌

Other

assets

3,383‌

Total

assets

2,010,153‌

Liabilities

Payable

for

investment

securities

purchased

15,318‌

Payable

for

shares

redeemed

7,540‌

Obligation

to

return

securities

lending

collateral

2,785‌

Options

written

(premiums

$1,466)

1,701‌

Investment

management

fees

payable

577‌

Unrealized

loss

on

forward

currency

exchange

contracts

290‌

Due

to

affiliates

96‌

Variation

margin

payable

on

futures

contracts

77‌

Unrealized

loss

on

bilateral

swaps

14‌

Variation

margin

payable

on

centrally

cleared

swaps

9‌

Payable

to

directors

1‌

Other

liabilities

7,631‌

Total

liabilities

36,039‌

NET

ASSETS

$

1,974,114‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

63

($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)

$

336,232‌

Paid-in

capital

applicable

to

87,939,254

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

of

the

Corporation

authorized

1,637,882‌

NET

ASSETS

$

1,974,114‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,032,472;

Shares

outstanding:

45,976,551)

$

22.46‌

I

Class

(Net

assets:

$941,642;

Shares

outstanding:

41,962,703)

$

22.44‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Operations

64

($000s)

6

Months

Ended

11/30/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$160)

$

18,035‌

    Interest

5,588‌

Securities

lending

7‌

Total

income

23,630‌

Expenses

Investment

management

5,431‌

Shareholder

servicing

Investor

Class

$

767‌

I

Class

78‌

845‌

Prospectus

and

shareholder

reports

Investor

Class

27‌

I

Class

6‌

33‌

Custody

and

accounting

177‌

Legal

and

audit

31‌

Registration

30‌

Proxy

and

annual

meeting

17‌

Directors

4‌

Miscellaneous

55‌

Waived

/

paid

by

Price

Associates

(

1,808‌

)

Total

expenses

4,815‌

Net

investment

income

18,815‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Operations

65

($000s)

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

46,213‌

Futures

2,043‌

Swaps

146‌

Options

written

(

6,246‌

)

Forward

currency

exchange

contracts

153‌

Foreign

currency

transactions

31‌

Net

realized

gain

42,340‌

Change

in

net

unrealized

gain

/

loss

Securities

33,428‌

Futures

1,323‌

Swaps

119‌

Options

written

(

142‌

)

Forward

currency

exchange

contracts

(

121‌

)

Other

assets

and

liabilities

denominated

in

foreign

currencies

85‌

Change

in

net

unrealized

gain

/

loss

34,692‌

Net

realized

and

unrealized

gain

/

loss

77,032‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

95,847‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

66

($000s)

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

18,815‌

$

41,599‌

Net

realized

gain

42,340‌

11,156‌

Change

in

net

unrealized

gain

/

loss

34,692‌

(

73,895‌

)

Increase

(decrease)

in

net

assets

from

operations

95,847‌

(

21,140‌

)

Distributions

to

shareholders

Net

earnings

Investor

Class

(

12,463‌

)

(

79,353‌

)

I

Class

(

11,881‌

)

(

72,189‌

)

Decrease

in

net

assets

from

distributions

(

24,344‌

)

(

151,542‌

)

Capital

share

transactions

*

Shares

sold

Investor

Class

40,610‌

92,706‌

I

Class

38,027‌

105,387‌

Distributions

reinvested

Investor

Class

12,069‌

76,585‌

I

Class

11,556‌

70,489‌

Shares

redeemed

Investor

Class

(

147,036‌

)

(

280,786‌

)

I

Class

(

121,519‌

)

(

195,377‌

)

Decrease

in

net

assets

from

capital

share

transactions

(

166,293‌

)

(

130,996‌

)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

67

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Net

Assets

Decrease

during

period

(

94,790‌

)

(

303,678‌

)

Beginning

of

period

2,068,904‌

2,372,582‌

End

of

period

$

1,974,114‌

$

2,068,904‌

*Share

information

(000s)

Shares

sold

Investor

Class

1,843‌

4,243‌

I

Class

1,745‌

4,819‌

Distributions

reinvested

Investor

Class

554‌

3,673‌

I

Class

531‌

3,384‌

Shares

redeemed

Investor

Class

(

6,687‌

)

(

12,897‌

)

I

Class

(

5,538‌

)

(

8,967‌

)

Decrease

in

shares

outstanding

(

7,552‌

)

(

5,745‌

)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

68

T.

Rowe

Price

Spectrum

Funds

II,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Spectrum

Moderate

Allocation

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

the

highest

total

return

over

time

consistent

with

an

emphasis

on

both

capital

growth

and

income.

The

fund

has

two classes

of

shares:

the

Spectrum

Moderate

Allocation

Fund

(Investor

Class)

and

the

Spectrum

Moderate

Allocation

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. 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

Allocation

Fund

69

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

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

Allocation

Fund

70

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.

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

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

71

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

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

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

72

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

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

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

73

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

Allocation

Fund

74

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

$

—‌

$

278,723‌

$

—‌

$

278,723‌

Bond

Mutual

Funds

331,564‌

—‌

—‌

331,564‌

Common

Stocks

801,716‌

237,306‌

1,260‌

1,040,282‌

Convertible

Bonds

—‌

—‌

—‌

—‌

Convertible

Preferred

Stocks

—‌

—‌

3,201‌

3,201‌

Equity

Mutual

Funds

222,827‌

—‌

—‌

222,827‌

Preferred

Stocks

—‌

1,334‌

—‌

1,334‌

Private

Investment

Companies

—‌

—‌

85,302‌

85,302‌

Short-Term

Investments

23,859‌

—‌

—‌

23,859‌

Securities

Lending

Collateral

2,785‌

—‌

—‌

2,785‌

Options

Purchased

95‌

—‌

—‌

95‌

Total

Securities

1,382,846‌

517,363‌

89,763‌

1,989,972‌

Swaps*

—‌

649‌

—‌

649‌

Forward

Currency

Exchange

Contracts

—‌

119‌

—‌

119‌

Futures

Contracts*

1,118‌

—‌

—‌

1,118‌

Total

$

1,383,964‌

$

518,131‌

$

89,763‌

$

1,991,858‌

Liabilities

Options

Written

$

—‌

$

1,701‌

$

—‌

$

1,701‌

Swaps*

—‌

190‌

—‌

190‌

Forward

Currency

Exchange

Contracts

—‌

290‌

—‌

290‌

Futures

Contracts*

229‌

—‌

—‌

229‌

Total

$

229‌

$

2,181‌

$

—‌

$

2,410‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

75

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 $1,247,000 for

the

six

months ended

November

30,

2023.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

5/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

11/30/23

Investment

in

Securities

Common

Stocks

$

2,499‌

$

(16‌)

$

467‌

$

(1,690‌)

$

1,260‌

Convertible

Bonds

8‌

(8‌)

—‌

—‌

—‌

Convertible

Preferred

Stocks

4,718‌

(977‌)

43‌

(583‌)

3,201‌

Private

Investment

Companies

86,906‌

3,396‌

—‌

(5,000‌)

85,302‌

Total

$

94,131‌

$

2,395‌

$

510‌

$

(7,273‌)

$

89,763‌

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

1,260‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

76

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Relative

value

—#

—#

—#

Enterprise

value

to

sales

multiple

1.7x

–

9.8x

3.5x

Increase

Sales

growth

rate

7%

–

55%

22%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–

13.1x

9.1x

Increase

Gross

profit

growth

rate

24%

–

37%

25%

Increase

Enterprise

value

to

EBITDA

multiple

19.3x

19.3x

Increase

Price-

to-

earnings

multiple

8.4x

–

11.9x

10.3x

Increase

Price-

to-

earnings

growth

rate

0%

–

85%

43%

Increase

Price

to

tangible

book

value

multiple

1.4x

–

1.6x

1.5x

Increase

Tangible

book

value

growth

rate

6%

6%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

77

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Risk-free

rate

5%

5%

Increase

Volatility

35%

–

41%

35%

Increase

Convertible

Bonds

$

-‌

Recent

comparable

transaction

price(s)

Discount

for

uncertainty

100%

100%

Decrease

Convertible

Preferred

Stocks

$

3,201‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Probability

for

potential

outcome

25%

–

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.0x

–

9.8x

4.9x

Increase

Sales

growth

rate

7%

–

129%

32%

Increase

Projected

enterprise

value

to

sales

multiple

3.6x

–

5.1x

4.7x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

–

8.4x

7.6x

Increase

Enterprise

value

to

gross

profit

multiple

1.6x

–

14.6x

8.7x

Increase

Gross

profit

growth

rate

16%

–

46%

26%

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

78

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Enterprise

value

to

EBITDA

multiple

7.5x

–

19.3x

13.5x

Increase

EBITDA

growth

rate

65%

65%

Increase

Projected

enterprise

value

to

EBITDA

multiple

15.1x

15.1x

Increase

Enterprise

value

to

gross

merchandise

value

multiple

0.3x

0.3x

Increase

Price-

to-

earnings

multiple

8.4x

–

11.9x

10.3x

Increase

Price-

to-

earnings

growth

rate

0%

–

85%

43%

Increase

Rate

of

return

40%

40%

Decrease

Discount

rate

for

cost

of

capital

15%

–

40%

22%

Decrease

Discount

for

uncertainty

70%

–

100%

74%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

79

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

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

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

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Private

Investment

Companies

$

85,302‌

Rollforward

of

Investee

NAV

Estimated

return

0.82

%

0.82%

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

80

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^

$

663‌

Foreign

exchange

derivatives

Forwards

119‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

429‌

Equity

derivatives

Futures

770‌

^

,*

Total

$

1,981‌

^

,*

Liabilities

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

336‌

Foreign

exchange

derivatives

Forwards

290‌

Equity

derivatives

Futures

,

Options

Written

1,784‌

Total

$

2,410‌

*

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

Allocation

Fund

81

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

$

—‌

$

(1,986‌)

$

—‌

$

(54‌)

$

(2,038‌)

Foreign

exchange

derivatives

(137‌)

—‌

—‌

153‌

—‌

16‌

Credit

derivatives

(5‌)

—‌

—‌

—‌

200‌

195‌

Equity

derivatives

—‌

(6,246‌)

4,029‌

—‌

—‌

(2,217‌)

Total

$

(140‌)

$

(6,246‌)

$

2,043‌

$

153‌

$

146‌

$

(4,044‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

4‌

$

—‌

$

311‌

$

—‌

$

30‌

$

345‌

Foreign

exchange

derivatives

65‌

—‌

—‌

(121‌)

—‌

(56‌)

Credit

derivatives

—‌

—‌

—‌

—‌

89‌

89‌

Equity

derivatives

—‌

(142‌)

1,012‌

—‌

—‌

870‌

Total

$

69‌

$

(142‌)

$

1,323‌

$

(121‌)

$

119‌

$

1,248‌

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

82

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

Allocation

Fund

83

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 $7,888,000 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 $6,597,000

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

Allocation

Fund

84

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

4%

and

9%

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

Allocation

Fund

85

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

4%

and

6%

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

Allocation

Fund

86

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 $18,387,000

(0.9%

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

4%

of

net

assets.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

87

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

Allocation

Fund

88

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,

no

collateral

was

pledged

by

the

fund

or

counterparties

for

MSFTA

Transactions.

Investment

in

Blackstone

Partners

Offshore

Fund

 The

fund

invested

in

Blackstone

Partners

Offshore

Fund

Ltd.

(Blackstone

Partners),

a

multi-strategy

hedge

fund-of-funds

offered

by

Blackstone

Alternative

Asset

Management

(BAAM),

a

unit

of

Blackstone

Group

L.P.

(Blackstone).

Blackstone

Partners

provides

the

fund

exposure

to

alternative

investments

primarily

through

Blackstone

Partners’

investments

in

underlying

private

investment

funds,

and

the

underlying

funds

are

mostly

managed

by

investment

managers

unaffiliated

with

BAAM

or

Blackstone.

Blackstone

Partners

and

the

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

89

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

$2,686,000;

the

value

of

cash

collateral

and

related

investments

was

$2,785,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $267,929,000 and

$416,571,000,

respectively,

for

the

six

months ended

November

30,

2023.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$260,940,000 and

$262,685,000,

respectively,

for

the

six

months ended

November

30,

2023.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

90

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

$31,075,000

of

available

capital

loss

carryforwards.

At

November

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$1,649,028,000.

Net

unrealized

gain

aggregated

$340,634,000

at

period-end,

of

which

$487,663,000

related

to

appreciated

investments

and

$147,029,000

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

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.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

91

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.25%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

November

30,

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.

Each

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

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

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

92

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;

$362,000

for

T.

Rowe

Price

Services,

Inc.;

and

$47,000

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).

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

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

0.89%

0.05%

Expense

limitation

date

09/30/25

09/30/24

(Waived)/repaid

during

the

period

($000s)

$—

$—

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

93

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:

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.49%

$

140‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class

0.17%

‌-

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

0.70%

220‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

1.00%

474‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

68‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

153‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.49%

199‌

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%

323‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

0.64%

213‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class

0.06%

18‌

Total

Management

Fee

Waived

$

1,808‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

94

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$949,000

and

$859,000 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

$11,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

NOTE

8

-

OTHER

MATTERS

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

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.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

95

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

Allocation

Fund

96

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

Allocation

Fund

97

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

Allocation

Fund

98

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

Allocation

Fund

99

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.

F102-051

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.

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

SIGNATURES

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

T. Rowe Price Spectrum Funds II, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 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