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, 2024
Item 1. Reports to Shareholders
(a) Report pursuant to Rule 30e-1
Semi-Annual Shareholder Report
November 30, 2024
Spectrum Moderate Allocation Fund
This semi-annual shareholder report contains important information about Spectrum Moderate Allocation Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Spectrum Moderate Allocation Fund - Investor Class | $28 | 0.54% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $2,093,676 |
|---|
| Number of Portfolio Holdings | 1,842 |
|---|
| |
|---|
| Portfolio Turnover Rate | 23.7% |
|---|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
| Common Stocks | 52.9% |
| Bond Mutual Funds | 16.9 |
| Equity Mutual Funds | 11.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 4.5 |
| Private Investment Companies | 3.9 |
| Corporate Bonds | 3.8 |
| U.S. Government & Agency Mortgage-Backed Securities | 3.6 |
| Asset-Backed Securities | 1.3 |
| Short-Term and Other | 1.9 |
Top Ten Holdings (as a % of Net Assets)
| T. Rowe Price International Bond Fund (USD Hedged) - I Class | 4.2% |
| T. Rowe Price Real Assets Fund - I Class | 4.1 |
| T. Rowe Price Institutional Emerging Markets Equity Fund | 4.1 |
| Blackstone Partners Offshore Fund | 3.9 |
| T. Rowe Price Institutional High Yield Fund - Institutional Class | 3.1 |
| T. Rowe Price Multi-Strategy Total Return Fund - I Class | 3.0 |
| T. Rowe Price Emerging Markets Bond Fund - I Class | 3.0 |
| U.S. Treasury Notes | 2.9 |
| T. Rowe Price Dynamic Global Bond Fund - I Class | 2.7 |
| T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class | 2.4 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Spectrum Moderate Allocation Fund
Investor Class (TRPBX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
Semi-Annual Shareholder Report
November 30, 2024
Spectrum Moderate Allocation Fund
This semi-annual shareholder report contains important information about Spectrum Moderate Allocation Fund (the "fund") for the period of June 1, 2024 to November 30, 2024. You can find the fund’s prospectus, financial information on Form N‑CSR (which includes required tax information for dividends), holdings, proxy voting information, and other information atwww.troweprice.com/prospectus. You can also request this information without charge by contacting T. Rowe Price at 1‑800‑638‑5660 or info@troweprice.com or contacting your intermediary.
What were the fund costs for the last six months? (based on a hypothetical $10,000 investment)
| | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
|---|
| Spectrum Moderate Allocation Fund - I Class | $21 | 0.41% |
|---|
What are some fund statistics?
| Total Net Assets (000s) | $2,093,676 |
|---|
| Number of Portfolio Holdings | 1,842 |
|---|
| |
|---|
| Portfolio Turnover Rate | 23.7% |
|---|
What did the fund invest in?
Security Allocation (as a % of Net Assets)
| Common Stocks | 52.9% |
| Bond Mutual Funds | 16.9 |
| Equity Mutual Funds | 11.2 |
| U.S. Government Agency Obligations (Excluding Mortgage-Backed) | 4.5 |
| Private Investment Companies | 3.9 |
| Corporate Bonds | 3.8 |
| U.S. Government & Agency Mortgage-Backed Securities | 3.6 |
| Asset-Backed Securities | 1.3 |
| Short-Term and Other | 1.9 |
Top Ten Holdings (as a % of Net Assets)
| T. Rowe Price International Bond Fund (USD Hedged) - I Class | 4.2% |
| T. Rowe Price Real Assets Fund - I Class | 4.1 |
| T. Rowe Price Institutional Emerging Markets Equity Fund | 4.1 |
| Blackstone Partners Offshore Fund | 3.9 |
| T. Rowe Price Institutional High Yield Fund - Institutional Class | 3.1 |
| T. Rowe Price Multi-Strategy Total Return Fund - I Class | 3.0 |
| T. Rowe Price Emerging Markets Bond Fund - I Class | 3.0 |
| U.S. Treasury Notes | 2.9 |
| T. Rowe Price Dynamic Global Bond Fund - I Class | 2.7 |
| T. Rowe Price U.S. Treasury Long-Term Index Fund - I Class | 2.4 |
If you invest directly with T. Rowe Price, you can elect to receive future shareholder reports or other important documents through electronic delivery by enrolling at www.troweprice.com/paperless. If you invest through a financial intermediary such as an investment advisor, a bank, retirement plan sponsor or a brokerage firm, please contact that organization and ask if it can provide electronic delivery.
Visit www.troweprice.com/en/us/market-data-disclosures for additional legal notices & disclaimers.
Spectrum Moderate Allocation Fund
I Class (TPPAX)
T. Rowe Price Investment Services, Inc.
100 East Pratt Street
Baltimore, MD 21202
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 7 of this Form N-CSR.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
(a – b) Report pursuant to Regulation S-X.
Financial
Highlights
Portfolio
of
Investments
Financial
Statements
and
Notes
Financial
Statements
and
Other
Information
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)
For
a
share
outstanding
throughout
each
period
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
24
.29
$
21
.67
$
23
.44
$
28
.39
$
23
.21
$
22
.82
Investment
activities
Net
investment
income
(1)(2)
0
.22
0
.51
0
.41
0
.31
0
.29
0
.35
Net
realized
and
unrealized
gain/
loss
1
.49
2
.85
(
0
.62
)
(
2
.69
)
6
.17
0
.86
Total
from
investment
activities
1
.71
3
.36
(
0
.21
)
(
2
.38
)
6
.46
1
.21
Distributions
Net
investment
income
(
0
.25
)
(
0
.67
)
(
0
.41
)
(
0
.29
)
(
0
.30
)
(
0
.38
)
Net
realized
gain
—
(
0
.07
)
(
1
.15
)
(
2
.28
)
(
0
.98
)
(
0
.44
)
Total
distributions
(
0
.25
)
(
0
.74
)
(
1
.56
)
(
2
.57
)
(
1
.28
)
(
0
.82
)
NET
ASSET
VALUE
End
of
period
$
25
.75
$
24
.29
$
21
.67
$
23
.44
$
28
.39
$
23
.21
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Investor
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
7
.07
%
15
.78
%
(
0
.56
)
%
(
9
.42
)
%
28
.47
%
(4)
5
.27
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.71
%
(5)
0
.71
%
0
.71
%
0
.68
%
0
.66
%
0
.67
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.54
%
(5)
0
.53
%
0
.52
%
0
.51
%
0
.52
%
0
.53
%
Net
investment
income
1
.75
%
(5)
2
.23
%
1
.87
%
1
.15
%
1
.11
%
1
.50
%
Portfolio
turnover
rate
23
.7
%
46
.9
%
65
.5
%
80
.3
%
60
.2
%
71
.0
%
Net
assets,
end
of
period
(in
millions)
$1,020
$1,048
$1,089
$1,295
$2,254
$1,886
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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)
For
a
share
outstanding
throughout
each
period
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
NET
ASSET
VALUE
Beginning
of
period
$
24
.26
$
21
.66
$
23
.43
$
28
.40
$
23
.21
$
22
.82
Investment
activities
Net
investment
income
(1)(2)
0
.24
0
.54
0
.44
0
.37
0
.32
0
.37
Net
realized
and
unrealized
gain/
loss
1
.48
2
.84
(
0
.62
)
(
2
.71
)
6
.17
0
.87
Total
from
investment
activities
1
.72
3
.38
(
0
.18
)
(
2
.34
)
6
.49
1
.24
Distributions
Net
investment
income
(
0
.26
)
(
0
.71
)
(
0
.44
)
(
0
.35
)
(
0
.32
)
(
0
.41
)
Net
realized
gain
—
(
0
.07
)
(
1
.15
)
(
2
.28
)
(
0
.98
)
(
0
.44
)
Total
distributions
(
0
.26
)
(
0
.78
)
(
1
.59
)
(
2
.63
)
(
1
.30
)
(
0
.85
)
NET
ASSET
VALUE
End
of
period
$
25
.72
$
24
.26
$
21
.66
$
23
.43
$
28
.40
$
23
.21
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Unaudited)
For
a
share
outstanding
throughout
each
period
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
I
Class
6
Months
.
Ended
11/30/24
..
Year
..
..
Ended
.
5/31/24
5/31/23
5/31/22
5/31/21
5/31/20
Ratios/Supplemental
Data
Total
return
(2)(3)
7
.13
%
15
.89
%
(
0
.43
)
%
(
9
.29
)
%
28
.61
%
(4)
5
.41
%
Ratios
to
average
net
assets:
(2)
Gross
expenses
before
waivers/
payments
by
Price
Associates
0
.58
%
(5)
0
.58
%
0
.58
%
0
.56
%
0
.56
%
0
.57
%
Net
expenses
after
waivers/
payments
by
Price
Associates
0
.41
%
(5)
0
.40
%
0
.39
%
0
.39
%
0
.41
%
0
.42
%
Net
investment
income
1
.89
%
(5)
2
.36
%
2
.01
%
1
.40
%
1
.21
%
1
.59
%
Portfolio
turnover
rate
23
.7
%
46
.9
%
65
.5
%
80
.3
%
60
.2
%
71
.0
%
Net
assets,
end
of
period
(in
millions)
$1,074
$951
$980
$1,077
$605
$428
0
%
0
%
0
%
0
%
0
%
0
%
(1)
Per
share
amounts
calculated
using
average
shares
outstanding
method.
(2)
Includes
the
impact
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,
2024
(Unaudited)
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.3%
522
Funding
Series 2019-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.85%,
6.506%,
4/15/35 (1)
340,000
340
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
345,000
340
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
194,000
190
AmeriCredit
Automobile
Receivables
Trust
Series 2023-1,
Class
C
5.80%,
12/18/28
310,000
316
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
205,000
201
Amur
Equipment
Finance
Receivables
XIII
Series 2024-1A,
Class
A2
5.38%,
1/21/31 (1)
240,453
242
Amur
Equipment
Finance
Receivables
XIV
Series 2024-2A,
Class
A2
5.19%,
7/21/31 (1)
290,000
292
Applebee's
Funding
Series 2023-1A,
Class
A2
7.824%,
3/5/53 (1)
110,000
113
Auxilior
Term
Funding
Series 2024-1A,
Class
A2
5.84%,
3/15/27 (1)
120,000
121
Auxilior
Term
Funding
Series 2024-1A,
Class
A3
5.49%,
7/15/31 (1)
105,000
106
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
A,
FRN
SOFR30A
+
1.10%,
5.834%,
12/26/31 (1)
185,240
186
Bayview
Opportunity
Master
Fund
VII
Series 2024-CAR1,
Class
C,
FRN
SOFR30A
+
1.50%,
6.234%,
12/26/31 (1)
185,240
186
BRE
Grand
Islander
Timeshare
Issuer
Series 2019-A,
Class
A
3.28%,
9/26/33 (1)
67,508
66
CarMax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
810,000
800
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
210,000
203
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CarMax
Auto
Owner
Trust
Series 2024-1,
Class
B
5.17%,
8/15/29
50,000
50
CarMax
Auto
Owner
Trust
Series 2024-3,
Class
A3
4.89%,
7/16/29
180,000
181
CarMax
Auto
Owner
Trust
Series 2024-3,
Class
A4
4.85%,
1/15/30
75,000
76
CarMax
Select
Receivables
Trust
Series 2024-A,
Class
A3
5.40%,
11/15/28
90,000
91
CarMax
Select
Receivables
Trust
Series 2024-A,
Class
B
5.35%,
1/15/30
105,000
106
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
A3
5.60%,
3/10/28 (1)
125,000
126
Carvana
Auto
Receivables
Trust
Series 2024-N1,
Class
B
5.63%,
5/10/30 (1)
150,000
152
Carvana
Auto
Receivables
Trust
Series 2024-N2,
Class
A3
5.71%,
7/10/28 (1)
250,000
253
Carvana
Auto
Receivables
Trust
Series 2024-P2,
Class
A4
5.21%,
6/10/30
240,000
244
CCG
Receivables
Trust
Series 2024-1,
Class
A2
4.99%,
3/15/32 (1)
285,000
286
CIFC
Funding
Series 2018-1A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.32%,
1/18/38 (1)(2)
325,000
325
Clarus
Capital
Funding
Series 2024-1A,
Class
A2
4.71%,
8/20/32 (1)
150,000
149
Crossroads
Asset
Trust
Series 2024-A,
Class
A2
5.90%,
8/20/30 (1)
160,000
162
Crown
Point
Series 2018-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.23%,
5.847%,
10/20/31 (1)
291,720
292
CyrusOne
Data
Centers
Issuer
I
Series 2024-2A,
Class
A2
4.50%,
5/20/49 (1)
555,000
534
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CyrusOne
Data
Centers
Issuer
I
Series 2024-3A,
Class
A2
4.65%,
5/20/49 (1)
270,000
255
Dell
Equipment
Finance
Trust
Series 2023-3,
Class
C
6.17%,
4/23/29 (1)
100,000
102
Dell
Equipment
Finance
Trust
Series 2024-2,
Class
A3
4.59%,
8/22/30 (1)
205,000
205
DLLST
Series 2024-1A,
Class
A3
5.05%,
8/20/27 (1)
125,000
125
DLLST
Series 2024-1A,
Class
A4
4.93%,
4/22/30 (1)
30,000
30
Driven
Brands
Funding
Series 2019-1A,
Class
A2
4.641%,
4/20/49 (1)
110,370
109
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
186,879
179
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
A
6.16%,
2/25/38 (1)
91,840
94
Elara
HGV
Timeshare
Issuer
Series 2023-A,
Class
B
6.53%,
2/25/38 (1)
78,234
80
Elmwood
Series 2022-7A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.50%,
6.147%,
1/17/37 (1)
250,000
252
Enterprise
Fleet
Financing
Series 2024-1,
Class
A2
5.23%,
3/20/30 (1)
238,512
240
Enterprise
Fleet
Financing
Series 2024-1,
Class
A3
5.16%,
9/20/30 (1)
185,000
187
Enterprise
Fleet
Financing
Series 2024-3,
Class
A3
4.98%,
8/21/28 (1)
115,000
116
Enterprise
Fleet
Financing
Series 2024-3,
Class
A4
5.06%,
3/20/31 (1)
80,000
81
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
385,000
385
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Exeter
Automobile
Receivables
Trust
Series 2023-1A,
Class
D
6.69%,
6/15/29
65,000
66
Ford
Credit
Auto
Lease
Trust
Series 2023-A,
Class
C
5.54%,
12/15/26
700,000
702
Ford
Credit
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.05%,
6/15/27
80,000
80
Ford
Credit
Auto
Owner
Trust
Series 2022-C,
Class
C
5.22%,
3/15/30
145,000
146
Ford
Credit
Auto
Owner
Trust
Series 2023-1,
Class
A
4.85%,
8/15/35 (1)
680,000
686
Golub
Capital
Partners
Series 2019-43A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.34%,
5.889%,
10/20/37 (1)
250,000
250
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
193,500
173
Hardee's
Funding
Series 2024-1A,
Class
A2
7.253%,
3/20/54 (1)
417,900
427
Highbridge
Loan
Management
Series 5A-2015,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.06%,
6.068%,
10/15/30 (1)
335,000
335
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
54,408
54
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
260,000
257
HPEFS
Equipment
Trust
Series 2023-2A,
Class
B
6.25%,
1/21/31 (1)
100,000
101
HPEFS
Equipment
Trust
Series 2023-2A,
Class
C
6.48%,
1/21/31 (1)
100,000
101
HPEFS
Equipment
Trust
Series 2023-2A,
Class
D
6.97%,
7/21/31 (1)
100,000
102
HPEFS
Equipment
Trust
Series 2024-2A,
Class
A3
5.36%,
10/20/31 (1)
105,000
106
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
HPEFS
Equipment
Trust
Series 2024-2A,
Class
B
5.35%,
10/20/31 (1)
100,000
101
Huntington
Bank
Auto
Credit-Linked
Notes
Series 2024-1,
Class
B1
6.153%,
5/20/32 (1)
203,181
205
Hyundai
Auto
Lease
Securitization
Trust
Series 2024-A,
Class
A4
5.07%,
2/15/28 (1)
100,000
101
Jamestown
XV
Series 2020-15A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.37%,
6.026%,
7/15/35 (1)
320,000
322
Jersey
Mike's
Funding
Series 2019-1A,
Class
A2
4.433%,
2/15/50 (1)
49,625
49
Kubota
Credit
Owner
Trust
Series 2023-1A,
Class
A4
5.07%,
2/15/29 (1)
50,000
50
Kubota
Credit
Owner
Trust
Series 2024-2A,
Class
A3
5.26%,
11/15/28 (1)
195,000
198
Kubota
Credit
Owner
Trust
Series 2024-2A,
Class
A4
5.19%,
5/15/30 (1)
105,000
107
Madison
Park
Funding
LXI
Series 2023-61A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.73%,
6.347%,
1/20/37 (1)
275,000
277
MidOcean
Credit
XI
Series 2022-11A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.73%,
6.362%,
10/18/33 (1)
295,000
296
MMAF
Equipment
Finance
Series 2021-A,
Class
A5
1.19%,
11/13/43 (1)
100,000
96
MMAF
Equipment
Finance
Series 2024-A,
Class
A3
4.95%,
7/14/31 (1)
425,000
429
MVW
Series 2023-1A,
Class
A
4.93%,
10/20/40 (1)
332,584
332
MVW
Series 2023-2A,
Class
A
6.18%,
11/20/40 (1)
82,980
85
MVW
Series 2023-2A,
Class
B
6.33%,
11/20/40 (1)
75,436
77
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Navient
Private
Education
Refi
Loan
Trust
Series 2020-CA,
Class
B
2.83%,
11/15/68 (1)
350,000
301
Navistar
Financial
Dealer
Note
Master
Owner
Trust
Series 2024-1,
Class
A
5.59%,
4/25/29 (1)
190,000
192
Neuberger
Berman
XXI
Series 2016-21A,
Class
A1R3,
CLO,
FRN
3M
TSFR
+
1.32%,
1/20/39 (1)(2)
310,000
310
Nissan
Auto
Lease
Trust
Series 2024-A,
Class
A4
4.97%,
9/15/28
105,000
105
Northwoods
Capital
XIV-B
Series 2018-14BA,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.25%,
5.766%,
11/13/31 (1)
286,234
287
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
TSFR
+
1.912%,
6.529%,
7/20/29 (1)
370,000
371
OCP
Series 2017-13A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.34%,
5.887%,
11/26/37 (1)
250,000
250
OCP
Series 2017-13A,
Class
B1R2,
CLO,
FRN
3M
TSFR
+
1.70%,
6.247%,
11/26/37 (1)
250,000
250
Octane
Receivables
Trust
Series 2023-1A,
Class
A
5.87%,
5/21/29 (1)
38,223
38
Octane
Receivables
Trust
Series 2023-3A,
Class
B
6.48%,
7/20/29 (1)
105,000
107
Octane
Receivables
Trust
Series 2023-3A,
Class
C
6.74%,
8/20/29 (1)
100,000
103
Octane
Receivables
Trust
Series 2024-1A,
Class
A2
5.68%,
5/20/30 (1)
151,311
153
Palmer
Square
Series 2020-3A,
Class
A1R2,
CLO,
FRN
3M
TSFR
+
1.65%,
6.173%,
11/15/36 (1)
315,000
317
Post
Road
Equipment
Finance
Series 2024-1A,
Class
A2
5.59%,
11/15/29 (1)
93,112
94
Progress
Residential
Trust
Series 2021-SFR6,
Class
D
2.225%,
7/17/38 (1)
480,000
460
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Progress
Residential
Trust
Series 2024-SFR5,
Class
A
3.00%,
8/9/29 (1)
390,000
358
Rockford
Tower
Series 2019-2A,
Class
AR2,
CLO,
FRN
3M
TSFR
+
1.13%,
5.651%,
8/20/32 (1)
381,180
380
RR
28
Series 2024-28RA,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.206%,
4/15/37 (1)
465,000
467
RR
34
Series 2024-34RA,
Class
A2AR,
CLO,
FRN
3M
TSFR
+
1.70%,
6.262%,
10/15/39 (1)
260,000
260
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31 (1)
3,803
4
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
220,924
217
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
235,000
235
Santander
Drive
Auto
Receivables
Trust
Series 2022-6,
Class
B
4.72%,
6/15/27
540,687
541
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A3
5.39%,
11/20/26 (1)
115,000
116
SBNA
Auto
Lease
Trust
Series 2024-A,
Class
A4
5.24%,
1/22/29 (1)
110,000
111
SCF
Equipment
Leasing
Series 2024-1A,
Class
A3
5.52%,
1/20/32 (1)
235,000
240
SEB
Funding
Series 2024-1A,
Class
A2
7.386%,
4/30/54 (1)
470,000
482
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
410,159
370
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
A4
4.94%,
1/21/31 (1)
85,000
86
SFS
Auto
Receivables
Securitization
Trust
Series 2024-1A,
Class
C
5.51%,
1/20/32 (1)
45,000
45
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SFS
Auto
Receivables
Securitization
Trust
Series 2024-2A,
Class
A3
5.33%,
11/20/29 (1)
235,000
238
SFS
Auto
Receivables
Securitization
Trust
Series 2024-2A,
Class
B
5.41%,
8/20/30 (1)
50,000
51
Signal
Peak
Series 2018-5A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.55%,
6.176%,
4/25/37 (1)
625,000
628
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
311,873
299
SOUND
POINT
XXII
Series 2019-1A,
Class
BRR,
CLO,
FRN
3M
TSFR
+
1.65%,
1/20/32 (1)(2)
250,000
250
Symphony
XVI
Series 2015-16A,
Class
ARR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.856%,
10/15/31 (1)
595,853
597
THL
Credit
Wind
River
Series 2018-2A,
Class
A1R,
CLO,
FRN
3M
TSFR
+
1.20%,
5.856%,
7/15/30 (1)
260,459
261
Tricon
Residential
Trust
Series 2024-SFR2,
Class
A
4.75%,
6/17/40 (1)
409,745
406
Tricon
Residential
Trust
Series 2024-SFR3,
Class
A
4.50%,
8/17/41 (1)
330,000
323
Trinitas
IX
Series 2018-9A,
Class
ARRR,
CLO,
FRN
3M
TSFR
+
1.20%,
5.817%,
1/20/32 (1)
282,017
282
U.S.
Bank
Series 2023-1,
Class
B
6.789%,
8/25/32 (1)
141,521
143
Verdant
Receivables
Series 2024-1A,
Class
A2
5.68%,
12/12/31 (1)
100,000
101
Verizon
Master
Trust
Series 2023-1,
Class
C
4.98%,
1/22/29
185,000
185
Total
Asset-Backed
Securities
(Cost
$26,447)
26,494
BOND
MUTUAL
FUNDS
16.9%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.06% (3)
(4)
7,376,292
57,093
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
6.15% (3)(4)
6,730,977
62,665
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
3.91% (3)(4)
828,265
8,548
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.45% (3)(4)
2,308,358
21,929
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.66% (3)(4)
8,122,877
64,252
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.65% (3)(4)
10,172,744
87,180
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
3.63% (3)(4)
45,902
213
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.48% (3)(4)
6,785,628
51,096
Total
Bond
Mutual
Funds
(Cost
$393,155)
352,976
COMMON
STOCKS
52.9%
COMMUNICATION
SERVICES
3.5%
Diversified
Telecommunication
Services
0.3%
BT
Group
(GBP) (5)
879,673
1,784
KT
(KRW)
38,591
1,404
Nippon
Telegraph
&
Telephone
(JPY)
2,649,500
2,719
5,907
Entertainment
0.6%
Atlanta
Braves
Holdings,
Class
C (6)
6,795
274
Liberty
Media
Corp-Liberty
Live,
Class
C (6)
24,116
1,761
Netflix (6)
10,481
9,295
Sea,
ADR (6)
7,823
890
12,220
Interactive
Media
&
Services
2.0%
Alphabet,
Class
A
17,266
2,917
Alphabet,
Class
C
122,846
20,944
LY
(JPY)
225,400
622
Meta
Platforms,
Class
A
26,394
15,158
NAVER
(KRW)
7,476
1,113
Reddit,
Class
A (6)
3,809
536
Tencent
Holdings
(HKD)
11,400
589
Vimeo (6)
35,187
230
42,109
Media
0.2%
Comcast,
Class
A
55,780
2,409
CyberAgent
(JPY)
116,700
814
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
WPP
(GBP)
179,826
1,967
5,190
Wireless
Telecommunication
Services
0.4%
T-Mobile
U.S.
33,897
8,371
8,371
Total
Communication
Services
73,797
CONSUMER
DISCRETIONARY
5.6%
Automobile
Components
0.3%
Autoliv,
SDR
(SEK)
14,705
1,455
Denso
(JPY)
109,600
1,569
Dowlais
Group
(GBP)
371,787
280
Magna
International
28,332
1,279
Modine
Manufacturing (6)
3,605
490
Stanley
Electric
(JPY)
32,200
543
5,616
Automobiles
0.5%
Honda
Motor
(JPY)
54,500
470
Suzuki
Motor
(JPY)
109,500
1,165
Tesla (6)
17,361
5,992
Toyota
Motor
(JPY)
164,300
2,807
10,434
Broadline
Retail
1.7%
Alibaba
Group
Holding,
ADR
4,976
435
Amazon.com (6)
154,165
32,049
Isetan
Mitsukoshi
Holdings
(JPY)
72,900
1,040
Next
(GBP)
15,737
2,021
Ollie's
Bargain
Outlet
Holdings (6)
956
95
Savers
Value
Village (6)
12,576
118
35,758
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (6)
6,250
723
Duolingo (6)
495
172
Strategic
Education
3,526
348
1,243
Hotels,
Restaurants
&
Leisure
1.2%
Amadeus
IT
Group
(EUR)
21,605
1,517
Booking
Holdings
1,379
7,174
Caesars
Entertainment (6)
8,340
321
Cava
Group (6)
561
79
Chipotle
Mexican
Grill (6)
36,639
2,254
Compass
Group
(GBP)
94,674
3,244
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DoorDash,
Class
A (6)
5,487
990
Dutch
Bros,
Class
A (6)
8,642
464
Hilton
Worldwide
Holdings
3,189
808
McDonald's
16,845
4,986
Papa
John's
International
6,957
347
Planet
Fitness,
Class
A (6)
10,685
1,064
Red
Rock
Resorts,
Class
A
6,554
328
Shake
Shack,
Class
A (6)
3,991
534
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $443 (6)(7)(8)(9)
51,774
193
Wyndham
Hotels
&
Resorts
3,337
328
24,631
Household
Durables
0.3%
Champion
Homes (6)
5,316
551
Installed
Building
Products
889
203
Panasonic
Holdings
(JPY)
145,300
1,418
Persimmon
(GBP)
49,008
785
Sony
Group
(JPY)
140,500
2,821
5,778
Specialty
Retail
1.3%
AutoZone (6)
816
2,587
Burlington
Stores (6)
1,191
336
Carvana (6)
20,856
5,431
Floor
&
Decor
Holdings,
Class
A (6)
123
14
Home
Depot
4,829
2,072
Kingfisher
(GBP)
491,753
1,551
Lowe's
9,247
2,519
O'Reilly
Automotive (6)
1,595
1,983
RH (6)
885
341
Ross
Stores
29,769
4,610
TJX
29,388
3,694
Tractor
Supply
7,372
2,091
27,229
Textiles,
Apparel
&
Luxury
Goods
0.2%
Cie
Financiere
Richemont,
Class
A
(CHF)
10,821
1,514
Kering
(EUR)
2,949
690
Lululemon
Athletica (6)
1,193
383
Moncler
(EUR)
22,767
1,115
NIKE,
Class
B
1,475
116
Samsonite
International
(HKD)
237,000
644
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Skechers
USA,
Class
A (6)
4,011
256
4,718
Total
Consumer
Discretionary
115,407
CONSUMER
STAPLES
3.2%
Beverages
0.7%
Boston
Beer,
Class
A (6)
1,116
353
Coca-Cola
97,014
6,216
Diageo
(GBP)
50,370
1,505
Heineken
(EUR)
21,740
1,609
Keurig
Dr
Pepper
166,973
5,452
Kirin
Holdings
(JPY)
37,000
517
15,652
Consumer
Staples
Distribution
&
Retail
0.6%
Dollar
General
8,235
636
Dollar
Tree (6)
11,097
791
Seven
&
i
Holdings
(JPY)
151,600
2,633
Walmart
85,211
7,882
Welcia
Holdings
(JPY)
19,900
258
12,200
Food
Products
0.5%
Barry
Callebaut
(CHF) (5)
321
490
Farmers
Business
Network,
Acquisition
Date:
11/3/17,
Cost $174 (6)(8)(9)
9,408
33
Mondelez
International,
Class
A
27,423
1,781
Nestle
(CHF)
62,538
5,431
Post
Holdings (6)
2,947
355
Simply
Good
Foods (6)
13,601
541
Utz
Brands
18,994
331
Wilmar
International
(SGD)
521,300
1,200
10,162
Household
Products
0.6%
Colgate-Palmolive
62,599
6,049
Procter
&
Gamble
39,426
7,067
13,116
Personal
Care
Products
0.8%
BellRing
Brands (6)
4,463
350
Interparfums
3,077
424
Kenvue
380,404
9,160
L'Oreal
(EUR)
5,086
1,770
Olaplex
Holdings (6)
82,984
160
Puig
Brands,
Class
B
(EUR) (6)
26,552
559
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Unilever
(GBP)
88,599
5,305
17,728
Total
Consumer
Staples
68,858
ENERGY
2.5%
Energy
Equipment
&
Services
0.5%
Cactus,
Class
A
4,592
315
Expro
Group
Holdings (6)
21,666
301
Liberty
Energy
6,229
115
Schlumberger
138,709
6,095
TechnipFMC
101,545
3,185
Weatherford
International
4,455
367
10,378
Oil,
Gas
&
Consumable
Fuels
2.0%
Antero
Resources (6)
12,186
398
Chevron
18,775
3,040
ConocoPhillips
57,738
6,255
Diamondback
Energy
21,850
3,880
DT
Midstream
3,806
404
EQT
91,551
4,160
Equinor
(NOK)
112,967
2,738
Expand
Energy
44,512
4,405
Exxon
Mobil
33,593
3,963
Kimbell
Royalty
Partners
11,483
186
Magnolia
Oil
&
Gas,
Class
A
18,427
511
Matador
Resources
150
9
Phillips
66
6,284
842
Range
Resources
108,814
3,889
Shell,
ADR
39,026
2,527
TotalEnergies
(EUR)
59,868
3,480
Viper
Energy
9,570
518
Williams
17,061
998
42,203
Total
Energy
52,581
FINANCIALS
9.2%
Banks
3.0%
ANZ
Group
Holdings
(AUD)
60,828
1,240
Banc
of
California
25,161
434
Bank
of
America
125,109
5,944
Blue
Foundry
Bancorp (6)
7,907
88
BNP
Paribas
(EUR)
20,639
1,234
Cadence
Bank
14,687
561
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Capitol
Federal
Financial
34,284
229
Citigroup
18,588
1,317
Columbia
Banking
System
20,558
638
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $33 (6)(8)(9)
313
20
CrossFirst
Bankshares (6)
7,864
136
DBS
Group
Holdings
(SGD)
53,106
1,685
Dime
Community
Bancshares
10,209
366
DNB
Bank
(NOK)
146,993
3,076
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19
-
4/5/24,
Cost $47 (6)(8)(9)
4,663
74
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $20 (6)(8)(9)
1,993
32
East
West
Bancorp
15,876
1,741
Eastern
Bankshares
18,729
349
Equity
Bancshares,
Class
A
6,731
323
FB
Financial
8,719
492
First
Bancshares
9,427
350
Five
Star
Bancorp
10,312
340
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $67 (6)(8)(9)
6,708
30
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (6)(8)(9)
1,212
1
HarborOne
Bancorp
12,758
164
HDFC
Bank
(INR)
75,751
1,617
Home
BancShares
11,376
361
Huntington
Bancshares
158,451
2,854
ING
Groep
(EUR)
170,578
2,633
Intesa
Sanpaolo
(EUR)
329,182
1,264
JPMorgan
Chase
55,108
13,762
Kearny
Financial
14,663
116
KeyCorp
75,273
1,466
Live
Oak
Bancshares
11,106
526
Mitsubishi
UFJ
Financial
Group
(JPY)
213,800
2,552
National
Bank
of
Canada
(CAD) (5)
25,116
2,488
Origin
Bancorp
7,539
259
Pacific
Premier
Bancorp
11,908
338
Pinnacle
Financial
Partners
6,331
805
Popular
2,436
242
Prosperity
Bancshares
6,000
502
SouthState
7,007
776
Standard
Chartered
(GBP)
164,694
2,036
Sumitomo
Mitsui
Trust
Group
(JPY)
35,994
902
Svenska
Handelsbanken,
Class
A
(SEK)
55,918
582
Texas
Capital
Bancshares (6)
6,789
601
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
UniCredit
(EUR)
37,804
1,452
United
Overseas
Bank
(SGD)
87,700
2,381
Western
Alliance
Bancorp
6,627
620
61,999
Capital
Markets
1.4%
Bridgepoint
Group
(GBP)
211,802
936
Brookfield
(CAD)
31,955
1,964
Cboe
Global
Markets
6,211
1,341
Charles
Schwab
78,361
6,485
CME
Group
16,102
3,832
CVC
Capital
Partners
(EUR) (6)
53,440
1,308
DigitalBridge
Group
27,629
362
Goldman
Sachs
Group
9,020
5,489
Hamilton
Lane,
Class
A
2,126
409
Julius
Baer
Group
(CHF)
26,141
1,731
Macquarie
Group
(AUD)
9,908
1,499
Morgan
Stanley
8,911
1,173
MSCI
346
211
S&P
Global
1,966
1,027
StepStone
Group,
Class
A
4,652
306
Stifel
Financial
3,654
423
TMX
Group
(CAD)
37,121
1,174
29,670
Consumer
Finance
0.3%
American
Express
19,524
5,948
Encore
Capital
Group (6)
6,097
300
6,248
Financial
Services
2.1%
Adyen
(EUR) (6)
751
1,093
Berkshire
Hathaway,
Class
B (6)
19,194
9,271
Challenger
(AUD)
99,578
406
Corebridge
Financial
48,201
1,560
Corpay (6)
4,462
1,701
Edenred
(EUR)
18,390
609
Fiserv (6)
28,030
6,194
Mastercard,
Class
A
11,019
5,872
Mitsubishi
HC
Capital
(JPY)
94,000
634
PennyMac
Financial
Services
9,130
978
Toast,
Class
A (6)
6,060
264
Visa,
Class
A
50,175
15,809
44,391
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Insurance
2.3%
AIA
Group
(HKD)
222,000
1,672
Allstate
22,554
4,677
Assurant
3,885
882
AXA
(EUR)
114,111
3,977
Chubb
12,714
3,671
Definity
Financial
(CAD)
22,559
943
First
American
Financial
1,247
88
Goosehead
Insurance,
Class
A (6)
5,081
641
Great-West
Lifeco
(CAD) (5)
7,483
269
Hanover
Insurance
Group
2,280
376
Mandatum
(EUR)
126,262
568
Marsh
&
McLennan
16,246
3,789
MetLife
24,340
2,148
Muenchener
Rueckversicherungs-Gesellschaft
(EUR)
9,209
4,819
Progressive
17,287
4,648
RLI
2,287
402
Sampo,
Class
A
(EUR)
47,484
2,034
Selective
Insurance
Group
3,073
314
Storebrand
(NOK)
156,522
1,721
Sun
Life
Financial
(CAD) (5)
25,740
1,584
Tokio
Marine
Holdings
(JPY)
90,800
3,386
Travelers
8,783
2,337
TWFG (6)
3,624
128
White
Mountains
Insurance
Group
225
452
Zurich
Insurance
Group
(CHF)
3,199
2,030
47,556
Mortgage
Real
Estate
Investment
Trusts
0.1%
Annaly
Capital
Management,
REIT
66,100
1,317
1,317
Total
Financials
191,181
HEALTH
CARE
6.7%
Biotechnology
0.7%
AbbVie
14,484
2,649
ACELYRIN (6)
29,050
132
Akero
Therapeutics (6)
2,669
86
Arcellx (6)
2,303
203
Argenx,
ADR (6)
2,394
1,476
Arrowhead
Pharmaceuticals (6)
12,678
330
Black
Diamond
Therapeutics (6)
27,943
74
Blueprint
Medicines (6)
3,325
320
Celldex
Therapeutics (6)
5,973
164
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Centessa
Pharmaceuticals,
ADR (6)
10,028
180
Crinetics
Pharmaceuticals (6)
4,655
266
CRISPR
Therapeutics (6)
1,971
101
Cytokinetics (6)
14,679
761
Erasca (6)
39,949
114
Genmab
(DKK) (6)
3,416
736
Immatics (6)
24,837
207
Immunocore
Holdings,
ADR (6)
20,061
657
Immunome (6)
22,328
302
Immunovant (6)
20,506
578
Insmed (6)
7,272
547
Ionis
Pharmaceuticals (6)
10,076
360
Iovance
Biotherapeutics (6)
20,567
192
Merus (6)
2,832
127
Nurix
Therapeutics (6)
5,363
119
Prime
Medicine (6)
8,211
27
Regeneron
Pharmaceuticals (6)
4,453
3,341
Vaxcyte (6)
4,968
469
Vera
Therapeutics (6)
6,012
299
Xenon
Pharmaceuticals (6)
3,456
147
14,964
Health
Care
Equipment
&
Supplies
1.0%
Alcon
(CHF)
13,843
1,232
Becton
Dickinson
&
Company
7,938
1,762
Elekta,
Class
B
(SEK)
112,415
671
EssilorLuxottica
(EUR)
6,726
1,635
GE
HealthCare
Technologies
10,382
864
Haemonetics (6)
8,654
757
Intuitive
Surgical (6)
7,575
4,106
Koninklijke
Philips
(EUR) (6)
81,454
2,228
Lantheus
Holdings (6)
4,051
362
Masimo (6)
8,748
1,509
Neogen (6)
27,137
385
Novocure (6)
8,155
163
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $192 (6)(8)
(9)
51,080
21
Penumbra (6)
1,370
335
PROCEPT
BioRobotics (6)
3,398
325
QuidelOrtho (6)
11,985
491
Siemens
Healthineers
(EUR)
40,653
2,207
Stryker
3,542
1,389
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
West
Affum
DBA
Kestra,
Class
A,
Acquisition
Date:
7/15/24,
Cost $76 (6)(8)(9)
5,191
76
20,518
Health
Care
Providers
&
Services
2.0%
Alignment
Healthcare (6)
19,041
240
Cencora
26,857
6,756
Cigna
Group
3,211
1,085
Concentra
Group
Holdings
Parent
16,080
351
Elevance
Health
16,285
6,627
Fresenius
(EUR) (6)
1,070
38
HCA
Healthcare
1,912
625
Humana
2,355
698
Molina
Healthcare (6)
8,460
2,520
NeoGenomics (6)
33,272
590
Oscar
Health,
Class
A (6)
38,644
670
Privia
Health
Group (6)
14,374
309
Progyny (6)
17,501
272
Quest
Diagnostics
17,181
2,795
RadNet (6)
4,329
354
Select
Medical
Holdings
8,901
188
Tenet
Healthcare (6)
15,539
2,217
UnitedHealth
Group
25,056
15,289
41,624
Health
Care
Technology
0.0%
Doximity,
Class
A (6)
5,696
302
Waystar
Holding (6)
7,546
233
535
Life
Sciences
Tools
&
Services
0.9%
Bruker
11,999
695
Danaher
14,888
3,569
Mettler-Toledo
International (6)
1,597
1,998
Repligen (6)
829
125
Revvity
23,853
2,770
Sotera
Health (6)
31,406
414
Stevanato
Group
17,121
343
Thermo
Fisher
Scientific
16,204
8,582
18,496
Pharmaceuticals
2.1%
Astellas
Pharma
(JPY)
117,500
1,223
AstraZeneca,
ADR
122,599
8,290
Bayer
(EUR)
29,820
612
Chugai
Pharmaceutical
(JPY)
29,300
1,289
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Elanco
Animal
Health (6)
54,421
719
Eli
Lilly
14,290
11,366
Johnson
&
Johnson
22,057
3,419
Neumora
Therapeutics (6)
11,395
113
Novartis
(CHF)
36,256
3,844
Novo
Nordisk,
Class
B
(DKK) (5)
38,410
4,116
Rapport
Therapeutics (6)
3,412
78
Roche
Holding
(CHF)
12,290
3,571
Sanofi
(EUR)
38,891
3,777
Shionogi
(JPY)
34,800
494
Third
Harmonic
Bio (6)
6,473
83
Zoetis
1,584
278
43,272
Total
Health
Care
139,409
INDUSTRIALS
&
BUSINESS
SERVICES
6.4%
Aerospace
&
Defense
0.9%
Boeing (6)
12,305
1,913
Cadre
Holdings
2,930
98
General
Dynamics
13,610
3,865
General
Electric
23,655
4,309
L3Harris
Technologies
8,777
2,161
Leonardo
DRS (6)
12,562
437
Loar
Holdings (6)
1,134
104
Melrose
Industries
(GBP)
294,627
2,156
Northrop
Grumman
2,451
1,200
Safran
(EUR)
10,958
2,557
TransDigm
Group
501
628
19,428
Air
Freight
&
Logistics
0.0%
FedEx
861
261
261
Building
Products
0.1%
AAON
2,724
371
AZZ
9,587
893
CSW
Industrials
556
235
Owens
Corning
4,600
946
Simpson
Manufacturing
485
91
2,536
Commercial
Services
&
Supplies
0.5%
BrightView
Holdings (6)
21,416
366
Casella
Waste
Systems,
Class
A (6)
3,189
361
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cintas
2,815
636
Element
Fleet
Management
(CAD)
127,220
2,699
MSA
Safety
1,622
282
Rentokil
Initial
(GBP)
6,416
32
Republic
Services
18,508
4,040
Tetra
Tech
2,598
108
Veralto
1,641
177
VSE
5,943
697
9,398
Construction
&
Engineering
0.1%
API
Group (6)
14,651
553
Arcosa
5,860
637
MYR
Group (6)
1,090
172
WillScot
Holdings (6)
4,078
156
Worley
(AUD)
125,003
1,135
2,653
Electrical
Equipment
1.0%
ABB
(CHF)
61,509
3,511
AMETEK
34,677
6,741
GE
Vernova (6)
2,013
673
Legrand
(EUR)
20,156
2,022
Mitsubishi
Electric
(JPY)
122,300
2,077
Prysmian
(EUR)
42,388
2,796
Rockwell
Automation
8,716
2,572
Thermon
Group
Holdings (6)
9,855
311
20,703
Ground
Transportation
0.8%
Central
Japan
Railway
(JPY)
42,400
873
CSX
79,493
2,906
Landstar
System
105
20
Norfolk
Southern
12,202
3,366
Old
Dominion
Freight
Line
22,074
4,970
Saia (6)
923
525
Uber
Technologies (6)
26,226
1,887
Union
Pacific
11,364
2,780
17,327
Industrial
Conglomerates
0.5%
DCC
(GBP)
16,783
1,224
Roper
Technologies
2,409
1,364
Siemens
(EUR)
35,962
6,986
9,574
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Machinery
1.4%
AGCO
1,197
121
Crane
3,045
554
Cummins
11,182
4,194
Deere
13,980
6,513
Enerpac
Tool
Group
8,238
398
Enpro
3,361
636
Esab
7,553
975
ESCO
Technologies
2,250
334
Federal
Signal
5,209
507
Graco
4,001
364
Ingersoll
Rand
16,440
1,713
KION
Group
(EUR)
20,564
737
Parker-Hannifin
5,283
3,713
RBC
Bearings (6)
3,215
1,077
Sandvik
(SEK)
75,195
1,392
SMC
(JPY)
1,400
597
Spirax
Group
(GBP)
129
12
SPX
Technologies (6)
4,448
785
THK
(JPY)
30,100
728
Toro
134
12
Westinghouse
Air
Brake
Technologies
20,092
4,031
29,393
Professional
Services
0.6%
Acuren
PIPE,
Acquisition
Date:
7/11/24,
Cost $187 (6)(8)
18,749
178
Booz
Allen
Hamilton
Holding
12,544
1,859
Broadridge
Financial
Solutions
9,278
2,190
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $60 (6)(8)(9)
7,797
34
Equifax
6,923
1,811
FTI
Consulting (6)
1,674
339
Parsons (6)
5,143
493
Paycor
HCM (6)
23,699
428
Paylocity
Holding (6)
1,700
353
Recruit
Holdings
(JPY)
33,300
2,316
TechnoPro
Holdings
(JPY)
51,800
952
Teleperformance
(EUR)
6,176
581
Verra
Mobility (6)
2,230
53
11,587
Trading
Companies
&
Distributors
0.5%
Ashtead
Group
(GBP)
7,959
638
Beacon
Roofing
Supply (6)
4,753
537
Bunzl
(GBP)
35,857
1,624
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Custom
Truck
One
Source (6)
20,820
124
Ferguson
Enterprises
8,283
1,789
FTAI
Aviation
4,879
824
GMS (6)
4,818
483
McGrath
RentCorp
3,111
379
Mitsubishi
(JPY)
61,100
1,035
Rush
Enterprises,
Class
A
5,206
323
SiteOne
Landscape
Supply (6)
6,695
1,026
Sumitomo
(JPY)
82,100
1,762
Transcat (6)
2,440
256
10,800
Total
Industrials
&
Business
Services
133,660
INFORMATION
TECHNOLOGY
11.5%
Communications
Equipment
0.1%
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK)
215,635
1,752
1,752
Electronic
Equipment,
Instruments
&
Components
1.2%
Amphenol,
Class
A
51,311
3,728
CTS
6,568
361
Hamamatsu
Photonics
(JPY)
47,400
564
Insight
Enterprises (6)
3,310
518
Keysight
Technologies (6)
40,396
6,901
Largan
Precision
(TWD)
6,000
453
Mirion
Technologies (6)
62,493
1,054
Murata
Manufacturing
(JPY)
45,700
765
Novanta (6)
3,400
568
Omron
(JPY)
17,600
563
PAR
Technology (6)
18,901
1,534
TE
Connectivity
42,313
6,394
Teledyne
Technologies (6)
1,063
516
Vontier
5,744
225
24,144
IT
Services
0.2%
Globant (6)
1,644
374
MongoDB (6)
2,523
814
Nomura
Research
Institute
(JPY)
38,400
1,176
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $13 (6)
(8)(9)
302
24
Shopify,
Class
A (6)
17,665
2,042
Snowflake,
Class
A (6)
546
95
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $34 (6)(8)(9)
1,500
52
4,577
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Semiconductors
&
Semiconductor
Equipment
4.4%
Advanced
Micro
Devices (6)
22,620
3,103
Analog
Devices
19,873
4,333
ASML
Holding
(EUR)
6,182
4,224
ASML
Holding
2,812
1,931
BE
Semiconductor
Industries
(EUR)
5,817
692
Broadcom
31,588
5,120
Entegris
118
12
KLA
3,434
2,222
Lam
Research
5,052
373
Lattice
Semiconductor (6)
19,554
1,110
MACOM
Technology
Solutions
Holdings (6)
2,609
346
Micron
Technology
9,900
970
Monolithic
Power
Systems
1,657
940
NVIDIA
357,041
49,361
NXP
Semiconductors
8,996
2,063
Onto
Innovation (6)
56
9
Power
Integrations
4,866
319
QUALCOMM
10,446
1,656
Renesas
Electronics
(JPY)
62,600
821
Taiwan
Semiconductor
Manufacturing
(TWD)
213,759
6,661
Taiwan
Semiconductor
Manufacturing,
ADR
5,668
1,047
Texas
Instruments
19,832
3,987
Tokyo
Electron
(JPY)
8,500
1,333
92,633
Software
3.6%
Amplitude,
Class
A (6)
45,764
473
Appfolio,
Class
A (6)
8
2
Atlassian,
Class
A (6)
2,301
607
Aurora
Innovation (6)
87,549
566
Autodesk (6)
6,258
1,827
BILL
Holdings (6)
4,846
437
Braze,
Class
A (6)
10,648
423
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $458 (6)(8)
(9)
269
356
CCC
Intelligent
Solutions
Holdings (6)
52,827
666
Confluent,
Class
A (6)
7,407
228
Crowdstrike
Holdings,
Class
A (6)
1,827
632
Datadog,
Class
A (6)
2,965
453
Descartes
Systems
Group (6)
7,732
904
DoubleVerify
Holdings (6)
3,835
78
Fair
Isaac (6)
949
2,254
Fortinet (6)
1,961
186
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Gusto,
Acquisition
Date:
10/4/21,
Cost $148 (6)(8)(9)
5,153
96
Intapp (6)
11,656
729
Intuit
2,880
1,848
JFrog (6)
7,463
232
Microsoft
103,369
43,773
nCino (6)
8,310
349
Onestream (6)
3,977
119
PTC (6)
9,641
1,929
QXO
52,179
868
Salesforce
7,929
2,616
SAP
(EUR)
17,581
4,175
ServiceNow (6)
5,461
5,731
Socure,
Acquisition
Date:
12/22/21,
Cost $26 (6)(8)(9)
1,599
7
Synopsys (6)
4,063
2,269
Varonis
Systems (6)
5,327
266
Vertex,
Class
A (6)
8,180
444
Workiva (6)
8,079
786
76,329
Technology
Hardware,
Storage
&
Peripherals
2.0%
Apple
172,367
40,908
Samsung
Electronics
(KRW)
43,765
1,721
42,629
Total
Information
Technology
242,064
MATERIALS
2.0%
Chemicals
1.0%
Air
Liquide
(EUR)
13,036
2,168
Akzo
Nobel
(EUR)
17,485
1,021
Asahi
Kasei
(JPY)
95,200
680
BASF
(EUR)
22,406
1,007
Cabot
1,766
194
Covestro
(EUR) (6)
19,060
1,160
Element
Solutions
17,137
492
HB
Fuller
5,508
424
Johnson
Matthey
(GBP)
41,971
726
Linde
10,907
5,028
Mosaic
39,978
1,058
Sherwin-Williams
18,264
7,258
Umicore
(EUR) (5)
33,548
363
21,579
Construction
Materials
0.1%
Martin
Marietta
Materials
2,136
1,282
1,282
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Containers
&
Packaging
0.3%
DS
Smith
(GBP)
112,077
831
International
Paper
103,606
6,095
6,926
Metals
&
Mining
0.5%
Antofagasta
(GBP)
74,153
1,608
BHP
Group
(AUD)
35,217
929
BHP
Group
(GBP) (5)
52,759
1,397
Constellium (6)
50,913
624
ERO
Copper
(CAD) (6)
16,564
253
Franco-Nevada
12,085
1,482
Freeport-McMoRan
14,647
647
Osisko
Gold
Royalties
11,535
224
Royal
Gold
2,293
335
South32
(AUD)
298,491
724
Southern
Copper
6,253
628
Wheaton
Precious
Metals
16,248
1,013
9,864
Paper
&
Forest
Products
0.1%
Louisiana-Pacific
2,990
353
Stora
Enso,
Class
R
(EUR)
77,697
755
West
Fraser
Timber
(CAD)
3,014
296
1,404
Total
Materials
41,055
REAL
ESTATE
0.9%
Hotel
&
Resort
Real
Estate
Investment
Trusts
0.0%
Ryman
Hospitality
Properties,
REIT
1,985
233
233
Industrial
Real
Estate
Investment
Trusts
0.1%
EastGroup
Properties,
REIT
3,073
529
Segro
(GBP)
50,661
503
Terreno
Realty,
REIT
9,438
572
1,604
Office
Real
Estate
Investment
Trusts
0.0%
Great
Portland
Estates
(GBP)
77,710
299
299
Real
Estate
Management
&
Development
0.2%
Colliers
International
Group
1,577
242
FirstService
3,550
689
Howard
Hughes
Holdings (6)
3,448
299
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Landbridge
Company
PIPE,
Class
A,
Acquisition
Date:
11/18/24,
Cost $347 (6)(8)(10)
5,786
396
Mitsui
Fudosan
(JPY)
232,200
1,947
3,573
Residential
Real
Estate
Investment
Trusts
0.2%
AvalonBay
Communities,
REIT
7,758
1,826
Equity
LifeStyle
Properties,
REIT
8,898
635
Flagship
Communities
REIT
11,792
187
Independence
Realty
Trust,
REIT
36,012
787
3,435
Retail
Real
Estate
Investment
Trusts
0.1%
Curbline
Properties,
REIT (6)
14,985
363
Scentre
Group
(AUD)
671,162
1,615
1,978
Specialized
Real
Estate
Investment
Trusts
0.3%
CubeSmart,
REIT
12,287
609
Equinix,
REIT
1,360
1,335
Public
Storage,
REIT
13,927
4,847
6,791
Total
Real
Estate
17,913
UTILITIES
1.2%
Electric
Utilities
0.5%
Constellation
Energy
7,682
1,971
Exelon
59,160
2,340
IDACORP
4,748
562
NextEra
Energy
16,404
1,291
OGE
Energy
12,848
565
TXNM
Energy
14,116
692
Xcel
Energy
53,951
3,915
11,336
Gas
Utilities
0.2%
Atmos
Energy
24,210
3,664
Chesapeake
Utilities
6,477
853
4,517
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Electric
Power
Development
(JPY)
58,100
974
Talen
Energy (6)
49
11
985
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Multi-Utilities
0.5%
Ameren
30,036
2,835
CMS
Energy
34,419
2,399
Engie
(EUR)
139,594
2,225
National
Grid
(GBP)
188,672
2,382
9,841
Water
Utilities
0.0%
California
Water
Service
Group
7,348
376
Middlesex
Water
4,024
263
639
Total
Utilities
27,318
Total
Miscellaneous
Common
Stocks
0.2% (11)
4,496
Total
Common
Stocks
(Cost
$572,374)
1,107,739
CONVERTIBLE
BONDS
0.0%
Kardium,
10.00%,
12/31/26,
Acquisition
Date:
5/31/24,
Cost $51 (6)(8)(9)
51,200
51
Total
Convertible
Bonds
(Cost
$51)
51
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 (6)(7)(8)(9)
10,166
38
38
Specialty
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $134 (6)(8)(9)
22,936
20
20
Total
Consumer
Discretionary
58
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $1 (6)(8)(9)
25
—
Total
Consumer
Staples
—
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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 (6)
(8)(9)
1,101
70
Total
Financials
70
HEALTH
CARE
0.1%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $64 (6)(8)(9)
23,170
114
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $100 (6)(8)(9)
12,283
61
Metsera,
Series
B,
Acquisition
Date:
11/12/24,
Cost $76 (6)(8)
(9)
15,128
76
251
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $70 (6)(8)
(9)
68,919
58
58
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $132 (6)(8)(9)
54,988
94
94
Life
Sciences
Tools
&
Services
0.1%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $63 (6)(8)(9)
5,327
63
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $73 (6)(8)(9)
8,237
15
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $96 (6)(8)(9)
7,007
326
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $144 (6)(8)(9)
3,255
151
555
Total
Health
Care
958
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Spcae
Systems,
Series
A-8,
Acquisition
Date:
3/24/21,
Cost $74 (6)(8)(9)
1,856
1
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $146 (6)(8)
(9)
26,194
128
129
Air
Freight
&
Logistics
0.0%
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $68 (6)(8)(9)
5,632
43
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Flexe,
Series
D,
Acquisition
Date:
4/7/22,
Cost $39 (6)(8)(9)
1,899
15
58
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $72 (6)(8)
(9)
3,445
7
7
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $53 (6)(8)(9)
11,613
50
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $166 (6)(8)(9)
16,497
71
121
Total
Industrials
&
Business
Services
315
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $58 (6)(8)(9)
3,986
18
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $23 (6)(8)
(9)
1,224
6
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (6)
(8)(9)
5
—
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $61 (6)
(8)(9)
2,321
183
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $12 (6)
(8)(9)
116
9
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $8 (6)(8)(9)
340
12
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (6)(8)(9)
30
1
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $1 (6)(8)(9)
40
1
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $27 (6)(8)(9)
1,206
42
272
Semiconductors
&
Semiconductor
Equipment
0.0%
Lightmatter,
Series
D,
Acquisition
Date:
10/11/24,
Cost $103 (6)
(8)(9)
1,283
103
103
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $27 (6)(8)(9)
16
21
Canva,
Series
A-3,
Acquisition
Date:
12/17/21,
Cost $2 (6)(8)(9)
1
1
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $147 (6)
(8)(9)
2,493
231
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $433 (6)
(8)(9)
5,892
545
Databricks,
Series
I,
Acquisition
Date:
9/14/23,
Cost $44 (6)(8)
(9)
593
55
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $219 (6)(8)(9)
7,205
134
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $157 (6)(8)(9)
12,058
49
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $69 (6)(8)(9)
3,303
14
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $68 (6)(8)(9)
13,365
70
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $31 (6)(8)(9)
1,943
8
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $26 (6)(8)
(9)
1,595
7
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (6)(8)(9)
29
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $59 (6)(8)(9)
3,698
15
1,150
Total
Information
Technology
1,525
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $88 (6)(8)(9)
1,853
96
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $123 (6)(8)
(9)
2,982
58
154
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $75 (6)(8)(9)
2,736
233
Kobold
Metals,
Series
C-1,
Acquisition
Date:
9/20/24,
Cost $101 (6)(8)(9)
1,194
101
334
Total
Materials
488
Total
Convertible
Preferred
Stocks
(Cost
$3,741)
3,414
CORPORATE
BONDS
3.8%
AbbVie,
4.05%,
11/21/39
320,000
282
AbbVie,
4.50%,
5/14/35
384,000
368
AbbVie,
5.05%,
3/15/34
430,000
435
AerCap
Ireland
Capital,
3.30%,
1/30/32
595,000
527
AGCO,
5.80%,
3/21/34
75,000
77
AIA
Group,
4.95%,
3/30/35 (1)
200,000
199
Aker
BP,
4.00%,
5/29/32
(EUR)
100,000
108
Alexandria
Real
Estate
Equities,
5.25%,
5/15/36
50,000
50
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Alibaba
Group
Holding,
5.25%,
5/26/35 (1)
250,000
251
Alibaba
Group
Holding,
5.625%,
11/26/54 (1)
200,000
205
American
Electric
Power,
5.20%,
1/15/29
132,000
134
American
Tower,
5.45%,
2/15/34
335,000
342
Anheuser-Busch
InBev
Worldwide,
5.55%,
1/23/49
305,000
318
APA
Infrastructure,
0.75%,
3/15/29
(EUR)
155,000
148
APA
Infrastructure,
5.125%,
9/16/34 (1)
60,000
59
APA
Infrastructure,
5.75%,
9/16/44 (1)
80,000
81
Appalachian
Power,
5.65%,
4/1/34
76,000
78
AppLovin,
5.375%,
12/1/31
100,000
101
Aptiv,
4.65%,
9/13/29
200,000
195
Arthur
J
Gallagher,
5.75%,
7/15/54
60,000
61
Arthur
J
Gallagher,
6.75%,
2/15/54
370,000
428
Astrazeneca
Finance,
5.00%,
2/26/34
440,000
442
Athene
Global
Funding,
5.526%,
7/11/31 (1)
315,000
321
Athene
Global
Funding,
5.684%,
2/23/26 (1)
425,000
428
Atlassian,
5.25%,
5/15/29
90,000
91
Autoliv,
3.625%,
8/7/29
(EUR)
135,000
145
Autostrade
per
l'Italia,
2.00%,
12/4/28
(EUR)
430,000
436
Autostrade
per
l'Italia,
2.00%,
1/15/30
(EUR)
320,000
318
BAE
Systems,
5.30%,
3/26/34 (1)
200,000
204
Banco
de
Sabadell,
VR,
4.25%,
9/13/30
(EUR) (5)(12)
500,000
551
Bank
of
America,
VR,
1.898%,
7/23/31 (12)
1,295,000
1,103
Bank
of
America,
VR,
5.518%,
10/25/35 (12)
455,000
455
Bank
of
America,
VR,
5.819%,
9/15/29 (12)
457,000
473
Bank
of
New
York
Mellon,
VR,
6.474%,
10/25/34 (12)
335,000
369
BAT
Capital,
4.39%,
8/15/37
200,000
178
BAT
Capital,
4.54%,
8/15/47
76,000
63
BAT
Capital,
7.081%,
8/2/53
345,000
393
Bayer
U.S.
Finance,
6.375%,
11/21/30 (1)
405,000
420
Becton
Dickinson
&
Company,
2.823%,
5/20/30
190,000
172
Becton
Dickinson
&
Company,
4.298%,
8/22/32
95,000
91
Becton
Dickinson
Euro
Finance,
3.553%,
9/13/29
(EUR)
270,000
294
Bimbo
Bakeries
USA,
5.375%,
1/9/36 (1)
200,000
197
Bimbo
Bakeries
USA,
6.40%,
1/15/34 (1)
200,000
213
Boardwalk
Pipelines,
3.40%,
2/15/31
255,000
231
Boeing,
2.196%,
2/4/26
84,000
81
Boeing,
2.75%,
2/1/26
91,000
89
Boeing,
3.25%,
2/1/28
70,000
66
Boeing,
3.75%,
2/1/50
169,000
119
Boeing,
5.04%,
5/1/27
445,000
444
Boeing,
6.388%,
5/1/31 (1)
150,000
157
Boeing,
6.528%,
5/1/34 (1)
118,000
125
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Boeing,
6.858%,
5/1/54 (1)
554,000
599
Booz
Allen
Hamilton,
5.95%,
8/4/33
125,000
129
Boston
Gas,
6.119%,
7/20/53 (1)
105,000
108
Brixmor
Operating
Partnership,
3.90%,
3/15/27
335,000
328
Brixmor
Operating
Partnership,
4.05%,
7/1/30
93,000
88
Brixmor
Operating
Partnership,
4.125%,
5/15/29
798,000
771
Broadcom,
3.419%,
4/15/33 (1)
307,000
274
Broadcom,
4.35%,
2/15/30
385,000
377
Broadcom,
4.55%,
2/15/32
145,000
142
Broadcom,
5.15%,
11/15/31
230,000
234
Burlington
Northern
Santa
Fe,
5.50%,
3/15/55
255,000
264
Cadence
Design
Systems,
4.30%,
9/10/29
140,000
138
Cadence
Design
Systems,
4.70%,
9/10/34
85,000
83
CaixaBank,
VR,
6.037%,
6/15/35 (1)(12)
270,000
277
CaixaBank,
VR,
6.208%,
1/18/29 (1)(12)
380,000
390
CaixaBank,
VR,
6.684%,
9/13/27 (1)(12)
295,000
303
Capital
One
Financial,
3.75%,
3/9/27
65,000
63
Capital
One
Financial,
VR,
5.468%,
2/1/29 (12)
595,000
603
Capital
One
Financial,
VR,
6.051%,
2/1/35 (12)
170,000
178
Capital
One
Financial,
VR,
7.624%,
10/30/31 (12)
55,000
62
Carvana,
12.00%,
12/1/28,
(9.00%
Cash
or
12.00%
PIK) (1)
(13)
160,983
171
Carvana,
13.00%,
6/1/30,
(11.00%
Cash
or
13.00%
PIK) (1)(13)
243,662
267
Carvana,
14.00%,
6/1/31,
(14.00%
PIK) (1)(13)
290,252
346
CDW,
5.10%,
3/1/30
75,000
75
Celanese
U.S.
Holdings,
6.33%,
7/15/29
78,000
81
Celanese
U.S.
Holdings,
6.379%,
7/15/32
252,000
262
Celanese
U.S.
Holdings,
6.80%,
11/15/30
94,000
98
Cellnex
Finance,
2.00%,
2/15/33
(EUR)
100,000
95
Cellnex
Telecom,
1.75%,
10/23/30
(EUR) (5)
700,000
685
Centene,
2.50%,
3/1/31
370,000
310
Centene,
2.625%,
8/1/31
940,000
784
Centene,
4.25%,
12/15/27
60,000
58
Centene,
4.625%,
12/15/29
295,000
282
Ceska
sporitelna,
VR,
4.57%,
7/3/31
(EUR) (12)
500,000
553
Charter
Communications
Operating,
2.80%,
4/1/31
375,000
321
Charter
Communications
Operating,
3.75%,
2/15/28
165,000
158
Charter
Communications
Operating,
5.25%,
4/1/53
37,000
31
Charter
Communications
Operating,
6.384%,
10/23/35
120,000
123
Charter
Communications
Operating,
6.55%,
6/1/34
76,000
80
Charter
Communications
Operating,
6.65%,
2/1/34
360,000
379
Cheniere
Energy,
4.625%,
10/15/28
130,000
129
Cheniere
Energy,
5.65%,
4/15/34
300,000
307
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cheniere
Energy
Partners,
4.50%,
10/1/29
82,000
80
Cheniere
Energy
Partners,
5.75%,
8/15/34 (1)
440,000
448
Cheniere
Energy
Partners,
5.95%,
6/30/33
240,000
249
Chile
Electricity
Mpc
II,
5.58%,
10/20/35 (1)
200,000
197
Citigroup,
4.45%,
9/29/27
95,000
94
Citigroup,
VR,
5.827%,
2/13/35 (12)
1,070,000
1,089
CNO
Financial
Group,
5.25%,
5/30/25
152,000
152
CNO
Global
Funding,
4.95%,
9/9/29 (1)
70,000
70
Columbia
Pipelines
Holding,
5.681%,
1/15/34 (1)
305,000
309
Comcast,
3.25%,
11/1/39
445,000
351
Comcast,
5.65%,
6/1/54
385,000
396
Constellation
Energy
Generation,
5.75%,
3/15/54
141,000
144
Continental
Resources,
4.375%,
1/15/28
65,000
63
Corebridge
Financial,
3.85%,
4/5/29
65,000
63
Corebridge
Financial,
3.90%,
4/5/32
320,000
296
Corebridge
Global
Funding,
5.20%,
1/12/29 (1)
60,000
61
Cox
Communications,
5.70%,
6/15/33 (1)
153,000
155
Cox
Communications,
5.80%,
12/15/53 (1)
325,000
312
Crown
Castle,
5.80%,
3/1/34
155,000
160
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
725,000
719
CVS
Health,
5.05%,
3/25/48
549,000
485
CVS
Health,
5.625%,
2/21/53
335,000
318
CVS
Health,
5.70%,
6/1/34
480,000
488
CVS
Health,
5.875%,
6/1/53
175,000
173
Daimler
Truck
Finance
North
America,
5.375%,
1/18/34 (1)
150,000
153
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(12)
205,000
205
Danske
Bank,
VR,
4.613%,
10/2/30 (1)(12)
280,000
275
Danske
Bank,
VR,
5.705%,
3/1/30 (1)(12)
230,000
235
Deutsche
Bank,
VR,
4.999%,
9/11/30 (12)
155,000
153
Devon
Energy,
5.20%,
9/15/34
780,000
759
Diamondback
Energy,
5.15%,
1/30/30
100,000
101
Diamondback
Energy,
5.40%,
4/18/34
460,000
464
Diamondback
Energy,
5.75%,
4/18/54
190,000
189
Diamondback
Energy,
5.90%,
4/18/64
195,000
194
Diamondback
Energy,
6.25%,
3/15/53
150,000
158
DTE
Energy,
4.875%,
6/1/28
60,000
60
DTE
Energy,
5.10%,
3/1/29
430,000
435
Elevance
Health,
4.75%,
2/15/30
125,000
125
Elevance
Health,
4.95%,
11/1/31
165,000
165
Elevance
Health,
5.125%,
2/15/53
165,000
154
Eli
Lilly,
4.70%,
2/9/34
455,000
451
Enbridge,
5.625%,
4/5/34
245,000
252
Enbridge,
6.70%,
11/15/53
150,000
171
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Energy
Transfer,
5.55%,
5/15/34
165,000
168
Energy
Transfer,
5.95%,
5/15/54
110,000
111
Energy
Transfer,
6.40%,
12/1/30
205,000
219
Energy
Transfer,
6.55%,
12/1/33
100,000
108
Engie,
5.25%,
4/10/29 (1)
200,000
203
Engie,
5.625%,
4/10/34 (1)
200,000
206
Eni,
5.50%,
5/15/34 (1)
225,000
227
Eni,
5.95%,
5/15/54 (1)
275,000
279
Eversource
Energy,
5.85%,
4/15/31
230,000
240
Eversource
Energy,
5.95%,
7/15/34
445,000
467
Exelon,
5.60%,
3/15/53
152,000
153
Expand
Energy,
4.75%,
2/1/32
190,000
181
Expand
Energy,
5.375%,
2/1/29
186,000
183
Expand
Energy,
5.375%,
3/15/30
218,000
217
Ferguson
Enterprises,
5.00%,
10/3/34
40,000
39
Fifth
Third
Bancorp,
3.95%,
3/14/28
75,000
73
Fifth
Third
Bancorp,
VR,
4.895%,
9/6/30 (12)
125,000
124
Fifth
Third
Bancorp,
VR,
5.631%,
1/29/32 (12)
100,000
103
Fifth
Third
Bancorp,
VR,
6.339%,
7/27/29 (12)
230,000
241
First
American
Financial,
2.40%,
8/15/31
366,000
304
FirstEnergy,
2.65%,
3/1/30
268,000
239
FirstEnergy,
Series B,
2.25%,
9/1/30
50,000
43
FirstEnergy,
Series C,
3.40%,
3/1/50
350,000
250
FirstEnergy
Transmission,
4.55%,
1/15/30 (1)
65,000
64
FirstEnergy
Transmission,
5.00%,
1/15/35 (1)
100,000
99
Ford
Motor,
9.625%,
4/22/30
50,000
59
Ford
Motor
Credit,
5.80%,
3/5/27
305,000
308
Ford
Motor
Credit,
6.054%,
11/5/31
245,000
249
Ford
Motor
Credit,
6.798%,
11/7/28
200,000
210
Ford
Motor
Credit,
7.122%,
11/7/33
200,000
214
Freeport-McMoRan,
4.25%,
3/1/30
132,000
128
Freeport-McMoRan,
4.375%,
8/1/28
121,000
119
Freeport-McMoRan,
4.625%,
8/1/30
50,000
49
Freeport-McMoRan,
5.00%,
9/1/27
29,000
29
Freeport-McMoRan,
5.45%,
3/15/43
130,000
126
General
Motors
Financial,
4.90%,
10/6/29
230,000
229
General
Motors
Financial,
5.55%,
7/15/29
230,000
235
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (12)
390,000
380
Goldman
Sachs
Group,
VR,
3.691%,
6/5/28 (12)
125,000
122
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (12)
395,000
392
Goldman
Sachs
Group,
VR,
4.692%,
10/23/30 (12)
305,000
302
Goldman
Sachs
Group,
VR,
5.016%,
10/23/35 (12)
335,000
323
Goodman
U.S.
Finance
Six,
5.125%,
10/7/34 (1)
80,000
79
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Greensaif
Pipelines
Bidco,
5.853%,
2/23/36 (1)
220,000
221
HA
Sustainable
Infrastructure
Capital,
6.375%,
7/1/34 (1)
630,000
631
HCA,
2.375%,
7/15/31
140,000
118
HCA,
3.50%,
9/1/30
343,000
316
HCA,
5.45%,
9/15/34
150,000
150
Health
Care
Service
A
Mutual
Legal
Reserve,
5.20%,
6/15/29 (1)
120,000
122
Health
Care
Service
A
Mutual
Legal
Reserve,
5.45%,
6/15/34 (1)
150,000
152
Health
Care
Service
A
Mutual
Legal
Reserve,
5.875%,
6/15/54 (1)
315,000
320
Healthcare
Realty
Holdings,
2.05%,
3/15/31
150,000
123
Healthcare
Realty
Holdings,
3.625%,
1/15/28
440,000
420
Home
Depot,
4.95%,
6/25/34
305,000
308
Humana,
4.875%,
4/1/30
310,000
308
Humana,
5.375%,
4/15/31
202,000
203
Huntington
Ingalls
Industries,
5.353%,
1/15/30
40,000
40
Huntington
Ingalls
Industries,
5.749%,
1/15/35
70,000
71
Hyatt
Hotels,
5.375%,
12/15/31
210,000
212
Hyundai
Capital
America,
4.55%,
9/26/29 (1)
195,000
191
Hyundai
Capital
America,
4.75%,
9/26/31 (1)
130,000
127
Hyundai
Capital
America,
5.35%,
3/19/29 (1)
100,000
102
Hyundai
Capital
America,
5.40%,
1/8/31 (1)
60,000
61
Hyundai
Capital
America,
5.50%,
3/30/26 (1)
100,000
101
Hyundai
Capital
America,
6.50%,
1/16/29 (1)
115,000
121
Icon
Investments
Six,
5.849%,
5/8/29
200,000
206
Icon
Investments
Six,
6.00%,
5/8/34
200,000
206
Indianapolis
Power
&
Light,
5.70%,
4/1/54 (1)
100,000
103
Ingersoll
Rand,
5.314%,
6/15/31
145,000
148
Ingersoll
Rand,
5.45%,
6/15/34
120,000
123
Intel,
3.25%,
11/15/49
577,000
376
Intercontinental
Exchange,
2.65%,
9/15/40
90,000
66
Interpublic
Group,
4.65%,
10/1/28
140,000
139
Invitation
Homes
Operating
Partnership,
2.00%,
8/15/31
70,000
58
Invitation
Homes
Operating
Partnership,
4.875%,
2/1/35
170,000
165
Invitation
Homes
Operating
Partnership,
5.45%,
8/15/30
81,000
83
IPALCO
Enterprises,
5.75%,
4/1/34
170,000
174
IQVIA,
6.25%,
2/1/29
250,000
261
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (12)
475,000
423
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (12)
195,000
177
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (12)
330,000
298
JPMorgan
Chase,
VR,
4.603%,
10/22/30 (12)
305,000
302
JPMorgan
Chase,
VR,
4.946%,
10/22/35 (12)
225,000
223
JPMorgan
Chase,
VR,
5.04%,
1/23/28 (12)
180,000
181
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
5.336%,
1/23/35 (12)
165,000
168
Kroger,
5.50%,
9/15/54
260,000
258
Las
Vegas
Sands,
3.50%,
8/18/26
170,000
165
Las
Vegas
Sands,
5.90%,
6/1/27
65,000
66
Lowe's,
4.25%,
4/1/52
87,000
71
Lowe's,
5.75%,
7/1/53
110,000
113
LSEGA
Financing,
2.50%,
4/6/31 (1)
285,000
247
M&T
Bank,
VR,
6.082%,
3/13/32 (12)
290,000
299
Mars,
4.75%,
4/20/33 (1)
310,000
306
Mattel,
5.875%,
12/15/27 (1)
300,000
302
Meta
Platforms,
5.40%,
8/15/54
85,000
87
Meta
Platforms,
5.60%,
5/15/53
555,000
583
Micron
Technology,
5.327%,
2/6/29
180,000
183
Micron
Technology,
6.75%,
11/1/29
215,000
231
Morgan
Stanley,
VR,
5.123%,
2/1/29 (12)
830,000
838
Morgan
Stanley,
VR,
5.173%,
1/16/30 (12)
285,000
289
Motorola
Solutions,
5.40%,
4/15/34
140,000
143
Netflix,
4.625%,
5/15/29
(EUR)
500,000
568
Niagara
Mohawk
Power,
5.664%,
1/17/54 (1)
170,000
172
NiSource,
5.25%,
3/30/28
65,000
66
NRG
Energy,
4.45%,
6/15/29 (1)
155,000
150
Occidental
Petroleum,
5.55%,
10/1/34
140,000
140
Occidental
Petroleum,
6.05%,
10/1/54
120,000
119
Occidental
Petroleum,
6.125%,
1/1/31
266,000
276
Occidental
Petroleum,
6.375%,
9/1/28
85,000
89
Occidental
Petroleum,
6.625%,
9/1/30
55,000
58
Occidental
Petroleum,
7.50%,
5/1/31
235,000
263
Occidental
Petroleum,
8.875%,
7/15/30
705,000
813
ONEOK,
4.40%,
10/15/29
155,000
152
ONEOK,
4.75%,
10/15/31
205,000
202
ONEOK,
5.05%,
11/1/34
245,000
241
ONEOK,
5.65%,
11/1/28
60,000
62
ONEOK,
5.80%,
11/1/30
180,000
188
ONEOK,
6.05%,
9/1/33
175,000
185
Oracle,
3.60%,
4/1/50
216,000
159
Oracle,
3.95%,
3/25/51
238,000
186
Owens
Corning,
5.70%,
6/15/34
160,000
166
Owens
Corning,
5.95%,
6/15/54
160,000
168
Pacific
Gas
&
Electric,
2.10%,
8/1/27
124,000
116
Pacific
Gas
&
Electric,
2.50%,
2/1/31
340,000
294
Pacific
Gas
&
Electric,
3.50%,
8/1/50
155,000
111
Pacific
Gas
&
Electric,
5.80%,
5/15/34
235,000
244
Pacific
Gas
&
Electric,
5.90%,
6/15/32
110,000
115
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pacific
Gas
&
Electric,
6.70%,
4/1/53
110,000
124
Pacific
Gas
&
Electric,
6.75%,
1/15/53
245,000
274
Pacific
Gas
&
Electric,
6.95%,
3/15/34
175,000
196
Palomino
Funding
Trust
I,
7.233%,
5/17/28 (1)
630,000
665
Pfizer
Investment
Enterprises,
5.34%,
5/19/63
310,000
299
Praemia
Healthcare
SACA,
0.875%,
11/4/29
(EUR)
200,000
187
Raizen
Fuels
Finance,
5.70%,
1/17/35 (1)
250,000
241
Raizen
Fuels
Finance,
6.45%,
3/5/34 (1)
200,000
205
Raizen
Fuels
Finance,
6.95%,
3/5/54 (1)
200,000
207
RCI
Banque,
3.875%,
1/12/29
(EUR)
25,000
27
Regal
Rexnord,
6.05%,
4/15/28
295,000
303
Regions
Financial,
VR,
5.722%,
6/6/30 (12)
145,000
148
Revvity,
1.90%,
9/15/28
280,000
252
Revvity,
2.25%,
9/15/31
150,000
125
Revvity,
3.30%,
9/15/29
170,000
158
Rogers
Communications,
3.80%,
3/15/32
210,000
193
Rogers
Communications,
4.35%,
5/1/49
30,000
25
Rogers
Communications,
4.55%,
3/15/52
250,000
211
Rogers
Communications,
5.00%,
2/15/29
342,000
343
Rogers
Communications,
5.30%,
2/15/34
385,000
385
Ross
Stores,
1.875%,
4/15/31
365,000
305
Sabine
Pass
Liquefaction,
4.20%,
3/15/28
65,000
64
Santander
Holdings
USA,
VR,
6.342%,
5/31/35 (12)
470,000
485
Sartorius
Finance,
4.375%,
9/14/29
(EUR)
300,000
334
Sartorius
Finance,
4.875%,
9/14/35
(EUR)
300,000
345
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
440,000
406
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
75,000
68
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
360,000
300
SBA
Tower
Trust,
4.831%,
10/15/29 (1)
325,000
316
Segro
Capital,
1.875%,
3/23/30
(EUR)
150,000
150
Sempra,
3.40%,
2/1/28
65,000
62
Sitios
Latinoamerica,
5.375%,
4/4/32
200,000
191
Smurfit
Westrock
Financing,
5.418%,
1/15/35 (1)
200,000
203
Sociedad
Quimica
y
Minera
de
Chile,
5.50%,
9/10/34 (1)
260,000
251
Societe
Generale,
VR,
5.519%,
1/19/28 (1)(12)
230,000
231
Solventum,
5.40%,
3/1/29 (1)
290,000
294
Solventum,
5.60%,
3/23/34 (1)
335,000
340
South
Bow
USA
Infrastructure
Holdings,
5.026%,
10/1/29 (1)
70,000
69
South
Bow
USA
Infrastructure
Holdings,
5.584%,
10/1/34 (1)
85,000
85
Southern,
5.20%,
6/15/33
495,000
501
Southern,
5.70%,
3/15/34
380,000
398
Sprint
Capital,
6.875%,
11/15/28
405,000
434
Sprint
Capital,
8.75%,
3/15/32
295,000
356
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Standard
Chartered,
VR,
1.456%,
1/14/27 (1)(12)
210,000
202
Standard
Chartered,
VR,
5.905%,
5/14/35 (1)(12)
505,000
519
Stanley
Black
&
Decker,
2.75%,
11/15/50
163,000
99
Sutter
Health,
5.164%,
8/15/33
100,000
101
Targa
Resources,
6.15%,
3/1/29
115,000
121
Targa
Resources
Partners,
5.00%,
1/15/28
60,000
60
Targa
Resources
Partners,
5.50%,
3/1/30
450,000
454
Targa
Resources
Partners,
6.875%,
1/15/29
74,000
76
Time
Warner
Cable,
6.75%,
6/15/39
68,000
69
Time
Warner
Cable,
7.30%,
7/1/38
38,000
40
U.S.
Bancorp,
VR,
5.384%,
1/23/30 (12)
125,000
127
U.S.
Bancorp,
VR,
5.678%,
1/23/35 (12)
142,000
147
U.S.
Bancorp,
VR,
5.85%,
10/21/33 (12)
140,000
146
Uber
Technologies,
4.30%,
1/15/30
350,000
342
Uber
Technologies,
4.50%,
8/15/29 (1)
317,000
310
Uber
Technologies,
4.80%,
9/15/34
115,000
113
Uber
Technologies,
5.35%,
9/15/54
80,000
78
UBS
Group,
VR,
2.875%,
4/2/32
(EUR) (12)
280,000
291
UBS
Group,
VR,
3.091%,
5/14/32 (1)(12)
385,000
340
UBS
Group,
VR,
6.537%,
8/12/33 (1)(12)
615,000
664
UnitedHealth
Group,
4.50%,
4/15/33
310,000
301
UnitedHealth
Group,
5.00%,
4/15/34
405,000
407
Var
Energi,
5.50%,
5/4/29
(EUR)
250,000
285
VF,
2.95%,
4/23/30
295,000
254
Videotron,
5.70%,
1/15/35 (1)
300,000
304
Vistra
Operations,
6.00%,
4/15/34 (1)
105,000
109
Vistra
Operations,
6.95%,
10/15/33 (1)
130,000
143
Volkswagen
Group
of
America
Finance,
4.95%,
8/15/29 (1)
200,000
197
Volkswagen
Leasing,
3.875%,
10/11/28
(EUR)
55,000
59
Wells
Fargo,
VR,
4.611%,
4/25/53 (12)
340,000
306
Western
Midstream
Operating,
4.50%,
3/1/28
60,000
59
Western
Midstream
Operating,
6.35%,
1/15/29
60,000
63
Westlake,
1.625%,
7/17/29
(EUR)
382,000
379
Williams,
5.15%,
3/15/34
110,000
109
Wintershall
Dea
Finance,
1.332%,
9/25/28
(EUR)
300,000
294
Xcel
Energy,
3.40%,
6/1/30
360,000
334
Total
Corporate
Bonds
(Cost
$80,433)
80,227
EQUITY
MUTUAL
FUNDS
11.2%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
2,676,510
85,113
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (3)
6,552,238
63,229
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
5,574,890
85,742
Total
Equity
Mutual
Funds
(Cost
$204,945)
234,084
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.2%
Comision
Federal
de
Electricidad,
5.70%,
1/24/30 (1)
200,000
196
Comision
Federal
de
Electricidad,
6.45%,
1/24/35 (1)
510,000
491
Corp.
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53
255,000
257
Corp.
Nacional
del
Cobre
de
Chile,
6.30%,
9/8/53 (1)
200,000
202
Corp.
Nacional
del
Cobre
de
Chile,
6.44%,
1/26/36 (1)
200,000
209
FIEMEX
Energia
-
Banco
Actinver
Institucion
de
Banca
Multiple,
7.25%,
1/31/41 (1)
205,000
205
Freeport
Indonesia,
5.315%,
4/14/32
315,000
314
Gaci
First
Investment,
4.875%,
2/14/35 (5)
315,000
305
Gaci
First
Investment,
5.125%,
2/14/53
525,000
462
Logicor
Financing,
0.875%,
1/14/31
(EUR)
330,000
298
Orsted,
3.75%,
3/1/30
(EUR)
315,000
344
Petroleos
Mexicanos,
6.84%,
1/23/30
335,000
311
Petroleos
Mexicanos,
8.75%,
6/2/29
615,000
624
Republic
of
Panama,
7.50%,
3/1/31
565,000
597
Republic
of
Peru,
5.375%,
2/8/35
170,000
168
Saudi
Arabian
Oil,
5.75%,
7/17/54 (1)
230,000
225
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$5,181)
5,208
MUNICIPAL
SECURITIES
0.0%
California
0.0%
Los
Angeles
Dept.
of
Airports,
Build
America,
6.582%,
5/15/39
55,000
60
60
Illinois
0.0%
Illinois,
Build
America,
GO,
7.35%,
7/1/35
55,000
60
60
Total
Municipal
Securities
(Cost
$116)
120
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.4%
BANK5,
Series 2024-5YR12,
Class
A3,
ARM,
5.902%,
12/15/57
150,000
156
BANK5,
Series 2024-5YR8,
Class
A3,
5.884%,
8/15/57
265,000
275
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
TSFR
+
2.274%,
6.883%,
11/15/34 (1)
195,000
3
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BBCMS
Mortgage
Trust,
Series 2024-5C27,
Class
A3,
6.014%,
7/15/57
85,000
88
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
160,136
141
BMO
Mortgage
Trust,
Series 2024-5C5,
Class
A3,
5.857%,
2/15/57
705,000
729
BX
Commercial
Mortgage
Trust,
Series 2024-MDHS,
Class
A,
ARM,
1M
TSFR
+
1.641%,
6.251%,
5/15/41 (1)
629,019
631
Chase
Home
Lending
Mortgage
Trust,
Series 2024-RPL4,
Class
A1B,
CMO,
ARM,
3.375%,
12/25/64 (1)
49,216
44
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
141,021
119
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
26,829
26
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
286,436
286
CONE
Trust,
Series 2024-DFW1,
Class
A,
ARM,
1M
TSFR
+
1.642%,
6.251%,
8/15/41 (1)
305,000
305
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
106,667
103
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
TSFR
+
0.964%,
5.552%,
3/25/50 (1)
101,594
96
Flagstar
Mortgage
Trust,
Series 2021-3INV,
Class
A16,
CMO,
ARM,
2.50%,
6/25/51 (1)
306,835
250
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
23,771
21
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
15,316
14
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
5.896%,
7/25/44 (1)
4,835
5
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.913%,
10/25/50 (1)
154,130
132
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
116,644
96
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
145,000
136
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
59,192
53
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
68,417
61
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.57%,
12/25/50 (1)
225,159
195
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
58,875
53
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
3,696
4
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
8,131
8
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.256%,
6/25/50 (1)
232,880
200
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
TSFR
+
1.464%,
6.074%,
8/15/38 (1)
679,421
670
MED
Commercial
Mortgage
Trust,
Series 2024-MOB,
Class
A,
ARM,
1M
TSFR
+
1.592%,
6.201%,
5/15/41 (1)
375,000
374
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
227,267
186
NXPT
Commercial
Mortgage
Trust,
Series 2024-STOR,
Class
A,
ARM,
4.455%,
11/5/41 (1)
135,000
130
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
157,904
140
SDR
Commercial
Mortgage
Trust,
Series 2024-DSNY,
Class
A,
ARM,
1M
TSFR
+
1.392%,
6.001%,
5/15/39 (1)
440,000
438
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.436%,
4/25/43
119,119
114
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.787%,
8/25/47 (1)
185,346
172
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
27,916
26
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
7,148
7
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
24,883
23
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
1,604
2
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2024-DNA2,
Class
A1,
CMO,
ARM,
SOFR30A
+
1.25%,
5.984%,
5/25/44 (1)
207,085
207
Towd
Point
Mortgage
Trust,
Series 2019-HY3,
Class
A1A,
CMO,
ARM,
1M
TSFR
+
1.114%,
5.702%,
10/25/59 (1)
126,935
129
TX
Trust,
Series 2024-HOU,
Class
A,
ARM,
1M
TSFR
+
1.591%,
6.201%,
6/15/39 (1)
140,000
140
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
291,445
237
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
157,465
134
WB
Commercial
Mortgage
Trust,
Series 2024-HQ,
Class
A,
ARM,
6.134%,
3/15/40 (1)
215,000
217
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
695,000
669
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
100,000
68
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$8,976)
8,313
PREFERRED
STOCKS
0.0%
CONSUMER
DISCRETIONARY
0.0%
Automobiles
0.0%
Dr.
Ing.
h.c.
F.
Porsche
(EUR)
14,842
930
Total
Consumer
Discretionary
930
Total
Preferred
Stocks
(Cost
$1,234)
930
PRIVATE
INVESTMENT
COMPANIES
3.9%
Blackstone
Partners
Offshore
Fund (6)(9)
31,705
81,433
Total
Private
Investment
Companies
(Cost
$49,310)
81,433
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
3.6%
U.S.
Government
Agency
Obligations
2.7%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
69,930
67
3.00%,
12/1/42
-
4/1/43
680,518
617
3.50%,
8/1/42
-
3/1/46
770,251
716
4.00%,
8/1/40
-
12/1/41
314,106
303
4.50%,
6/1/39
-
10/1/41
231,637
229
5.00%,
7/1/25
-
8/1/40
83,848
86
6.00%,
10/1/32
-
8/1/38
57,843
60
6.50%,
11/1/29
-
10/1/32
6,242
6
7.00%,
10/1/25
-
6/1/32
3,907
4
Federal
Home
Loan
Mortgage,
ARM
RFUCCT1Y
+
1.75%,
6.125%,
2/1/35
5,062
5
RFUCCT1Y
+
1.842%,
6.091%,
1/1/37
9,730
10
RFUCCT1Y
+
1.916%,
6.291%,
2/1/37
8,135
8
Federal
Home
Loan
Mortgage,
CMO,
IO,
2.00%,
2/25/51
816,536
107
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
2/1/36
59,438
52
2.00%,
8/1/36
-
9/1/52
4,424,452
3,612
2.50%,
6/1/37
-
5/1/52
5,409,222
4,616
3.00%,
5/1/31
-
1/1/52
1,472,586
1,325
3.50%,
11/1/47
-
11/1/50
477,770
442
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
4.00%,
8/1/37
-
9/1/52
545,437
521
4.50%,
9/1/37
-
11/1/52
850,778
820
5.00%,
10/1/52
-
7/1/54
521,089
513
5.50%,
8/1/53
-
9/1/54
1,423,802
1,428
6.00%,
6/1/54
-
7/1/54
445,512
453
6.50%,
1/1/54
28,853
30
7.00%,
6/1/54
105,248
110
Federal
National
Mortgage
Assn.
3.00%,
8/1/43
-
8/1/46
80,590
72
3.50%,
6/1/42
-
5/1/46
413,077
383
4.00%,
11/1/40
144,441
140
Federal
National
Mortgage
Assn.,
ARM,
RFUCCT1Y
+
1.871%,
7.812%,
8/1/36
11,113
11
Federal
National
Mortgage
Assn.,
CMO,
IO
2.00%,
4/25/52
297,785
37
6.50%,
2/25/32
1,873
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
5/1/37
-
1/1/42
1,076,476
918
2.00%,
5/1/36
-
4/1/52
15,385,743
12,698
2.50%,
1/1/32
-
6/1/52
7,231,561
6,169
3.00%,
8/1/27
-
4/1/52
4,908,671
4,442
3.50%,
2/1/35
-
1/1/52
2,806,668
2,607
4.00%,
7/1/35
-
12/1/52
2,337,108
2,236
4.50%,
7/1/39
-
7/1/52
1,563,400
1,526
5.00%,
7/1/33
-
11/1/53
1,777,271
1,763
5.50%,
11/1/34
-
5/1/54
2,234,679
2,246
6.00%,
3/1/33
-
8/1/54
3,433,390
3,498
6.50%,
7/1/32
-
5/1/54
1,302,416
1,342
7.00%,
9/1/30
-
3/1/54
105,348
110
UMBS,
TBA (14)
5.00%,
12/1/54
625,000
613
5.50%,
12/1/54
55,000
55
6.50%,
12/1/54
840,000
860
57,866
U.S.
Government
Obligations
0.9%
Government
National
Mortgage
Assn.
1.50%,
9/20/36
-
1/20/37
190,461
168
2.00%,
1/20/51
-
3/20/52
3,527,076
2,899
2.50%,
8/20/50
-
3/20/52
4,114,087
3,517
3.00%,
9/15/42
-
6/20/52
2,902,993
2,586
3.50%,
11/20/42
-
7/20/52
2,204,227
2,043
4.00%,
2/20/41
-
10/20/52
1,753,778
1,662
4.50%,
11/20/39
-
4/20/53
1,281,400
1,252
5.00%,
7/20/39
-
6/20/48
667,728
670
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
5.50%,
10/20/32
-
3/20/49
357,856
365
6.00%,
8/20/34
-
11/20/52
569,058
582
6.50%,
2/15/29
666
1
7.00%,
9/20/27
278
—
7.50%,
1/15/30
2,116
2
8.00%,
10/20/25
11
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
46,221
43
3.50%,
10/20/50
190,000
160
Government
National
Mortgage
Assn.,
CMO,
IO
2.00%,
12/20/50
861,798
104
3.50%,
5/20/43
95,087
14
4.00%,
2/20/43
36,886
4
Government
National
Mortgage
Assn.,
TBA (14)
2.50%,
12/20/54
285,000
243
5.00%,
12/20/54
515,000
508
5.50%,
12/20/54
1,525,000
1,526
18,349
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$80,769)
76,215
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
4.5%
U.S.
Treasury
Obligations
4.5%
U.S.
Treasury
Bonds,
1.125%,
5/15/40
665,000
422
U.S.
Treasury
Bonds,
3.375%,
8/15/42
6,240,000
5,415
U.S.
Treasury
Bonds,
3.875%,
2/15/43
2,165,000
2,007
U.S.
Treasury
Bonds,
4.00%,
11/15/42
6,045,000
5,714
U.S.
Treasury
Bonds,
4.25%,
2/15/54
3,580,000
3,496
U.S.
Treasury
Bonds,
4.25%,
8/15/54
4,045,000
3,957
U.S.
Treasury
Bonds,
4.375%,
8/15/43
210,000
208
U.S.
Treasury
Bonds,
4.50%,
2/15/44
8,695,000
8,717
U.S.
Treasury
Bonds,
4.75%,
11/15/43
2,390,000
2,479
U.S.
Treasury
Notes,
1.50%,
1/31/27
6,515,000
6,157
U.S.
Treasury
Notes,
3.50%,
9/30/29
650,000
633
U.S.
Treasury
Notes,
3.625%,
8/31/29
3,995,000
3,916
U.S.
Treasury
Notes,
3.875%,
8/15/34
3,160,000
3,079
U.S.
Treasury
Notes,
4.00%,
7/31/29
3,015,000
3,003
U.S.
Treasury
Notes,
4.00%,
10/31/29
475,000
473
U.S.
Treasury
Notes,
4.125%,
6/15/26 (15)
7,695,000
7,679
U.S.
Treasury
Notes,
4.125%,
10/31/29
5,445,000
5,453
U.S.
Treasury
Notes,
4.375%,
5/15/34
10,020,000
10,158
U.S.
Treasury
Notes,
4.50%,
7/15/26
5,605,000
5,627
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
U.S.
Treasury
Notes,
4.625%,
9/15/26
4,760,500
4,793
U.S.
Treasury
Notes,
4.625%,
10/15/26
8,510,000
8,572
U.S.
Treasury
Notes,
4.625%,
9/30/28
1,945,000
1,979
93,937
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$94,437)
93,937
SHORT-TERM
INVESTMENTS
1.2%
Money
Market
Funds
1.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
4.66% (3)(16)
25,371,944
25,372
Total
Short-Term
Investments
(Cost
$25,372)
25,372
SECURITIES
LENDING
COLLATERAL
0.5%
TOTAL
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK 0.5%
Money
Market
Funds 0.5%
T.
Rowe
Price
Government
Reserve
Fund,
4.67% (3)(16)
10,181,735
10,182
Total
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
10,182
Total
Securities
Lending
Collateral
(Cost
$10,182)
10,182
(Amounts
in
000s,
except
for
contracts)
OPTIONS
PURCHASED 0.0%
OTC
Options
Purchased 0.0%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
10
Year
Interest
Rate
Swap,
3/28/35
Pay
Fixed
4.00%
Annually,
Receive
Variable
4.59%
(SOFR)
Annually,
3/26/25
@
4.00%* (6)
1
6,200
53
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Amounts
in
000s,
except
for
contracts)
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
30
Year
Interest
Rate
Swap,
3/17/55
Pay
Fixed
4.00%
Annually,
Receive
Variable
4.59%
(SOFR)
Annually,
3/13/25
@
4.00%* (6)
1
3,100
30
Total
Options
Purchased
(Cost
$59)
83
Total
Investments
in
Securities
100.6%
of
Net
Assets
(Cost
$1,556,782)
$
2,106,778
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
*
Exercise
Spread
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$48,748
and
represents
2.3%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
November
30,
2024.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Affiliated
Companies
(4)
SEC
30-day
yield
(5)
See
Note
4.
All
or
a
portion
of
this
security
is
on
loan
at
November
30,
2024.
(6)
Non-income
producing
(7)
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.
(8)
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
$5,088
and
represents
0.2%
of
net
assets.
(9)
See
Note
2.
Level
3
in
fair
value
hierarchy.
(10)
All
or
a
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
November
30,
2024,
was
$347
and
was
valued
at
$396
(0.0%
of
net
assets).
(11)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
(12)
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.
(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
$3,805
and
represents
0.2%
of
net
assets.
(15)
At
November
30,
2024,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/or
margin
deposit
to
cover
future
funding
obligations.
(16)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
ETF
Exchange-Traded
Fund
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
GO
General
Obligation
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
OTC
Over-the-counter
PIK
Payment-in-kind
PIPE
Private
Investment
in
Public
Equity
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
.
.
.
.
.
.
.
.
.
.
SOFR
Secured
overnight
financing
rate
SOFR30A
30-day
Average
SOFR
(Secured
overnight
financing
rate)
SONIA
Sterling
Overnight
Index
Average
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.0)%
OTC
Options
Written (0.0)%
Counterparty
Description
Contracts
Notional
Amount
$
Value
Morgan
Stanley
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
12/20/24
@
$78.00
806
6,451
(9)
Morgan
Stanley
S&P
500
Index,
Put,
12/20/24
@
$5,750.00
169
101,947
(165)
UBS
Investment
Bank
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
12/20/24
@
$79.00
587
4,698
(61)
UBS
Investment
Bank
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
12/20/24
@
$79.00
587
4,698
(11)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Call,
12/20/24
@
$79.00
1,577
12,622
(163)
Wells
Fargo
iShares
iBoxx
High
Yield
Corporate
Bond
ETF,
Put,
12/20/24
@
$79.00
1,577
12,622
(31)
Total
Options
Written
(Premiums
$(1,920))
$
(440)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Total
Return
Swaps
0.0%
JPMorgan
Chase,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
High
Yield
Index
at
Maturity,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
800
5
(4)
9
Morgan
Stanley,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
High
Yield
Index
at
Maturity,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
800
4
(5)
9
Morgan
Stanley,
Receive
Underlying
Reference:
iBoxx
USD
Liquid
Investment
Grade
Index
at
Maturity,
Pay
Variable
4.823%
(SOFR
+
0.00%)
at
Maturity,
12/20/24
1,641
5
(10)
15
Total
Bilateral
Total
Return
Swaps
(19)
33
Total
Bilateral
Swaps
(19)
33
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Freeport-McMoRan,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/29
*
470
5
(1)
6
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S43,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
21,967
569
515
54
Protection
Sold
(Relevant
Credit:
Markit
iTraxx
Europe-S42,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/29
(EUR)
2,773
67
66
1
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
61
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Interest
Rate
Swaps
0.0%
2
Year
Interest
Rate
Swap,
Receive
Fixed
4.253%
Annually,
Pay
Variable
4.707%
(GBP
SONIA)
Annually,
11/9/26
(GBP)
6,198
14
—
14
Total
Centrally
Cleared
Interest
Rate
Swaps
14
Total
Centrally
Cleared
Swaps
75
Net
payments
(receipts)
of
variation
margin
to
date
(62)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
13
*
Credit
ratings
as
of
November
30,
2024.
Ratings
shown
are
from
Moody’s
Investors
Service
and
if
Moody’s
does
not
rate
a
security,
then
Standard
&
Poor’s
(S&P)
is
used.
Fitch
is
used
for
securities
that
are
not
rated
by
either
Moody’s
or
S&P.
**
Includes
interest
purchased
or
sold
but
not
yet
collected
of
$5.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Deutsche
Bank
2/21/25
USD
6,997
EUR
6,607
$
(11)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(11)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
46
Euro
BOBL
contracts
12/24
(5,826)
$
(68)
Short,
5
Euro
BUND
contracts
12/24
(712)
(15)
Short,
35
MSCI
EAFE
Index
contracts
12/24
(4,080)
187
Short,
70
S&P
500
E-Mini
Index
contracts
12/24
(21,180)
(683)
Short,
2
U.S.
Treasury
Long
Bond
contracts
3/25
(239)
(3)
Long,
182
U.S.
Treasury
Notes
five
year
contracts
3/25
19,583
153
Long,
102
U.S.
Treasury
Notes
ten
year
contracts
3/25
11,341
84
Long,
27
U.S.
Treasury
Notes
two
year
contracts
3/25
5,565
17
Long,
65
Ultra
U.S.
Treasury
Bonds
contracts
3/25
8,267
132
Short,
109
Ultra
U.S.
Treasury
Notes
ten
year
contracts
3/25
(12,513)
(210)
Net
payments
(receipts)
of
variation
margin
to
date
210
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(196)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
six
months
ended
November
30,
2024.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.06%
$
—
$
(244)
$
1,415
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
6.15% ^^
8,857
10,659
1,897
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
3.91%
—
(64)
321
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
—
1,661
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.45%
93
134
954
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.66%
75
1,677
2,129
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.65%
—
2,185
1,385
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
3.63%
180
(49)
21
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
368
427
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
187
4,792
—
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.48%
1,600
3,725
1,027
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
4.66%
—
—
814
Totals
$
11,360#
$
24,903
$
9,963+
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
5/31/24
Purchase
Cost
Sales
Cost
Value
11/30/24
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
4.06%
$
52,932
$
4,405
$
—
$
57,093
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class,
6.15% ^^
63,010
68,504
79,508
62,665
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
3.91%
5,291
3,321
—
8,548
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
81,452
2,000
—
85,113
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
7.45%
24,156
947
3,308
21,929
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
6.66%
61,282
2,118
825
64,252
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.65%
81,017
3,978
—
87,180
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
3.63%
4,491
21
4,250
213
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
66,170
—
3,368
63,229
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
81,762
4,001
4,813
85,742
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
4.48%
51,150
1,021
4,800
51,096
T.
Rowe
Price
Government
Reserve
Fund,
4.67%
3,973
¤
¤
10,182
T.
Rowe
Price
Treasury
Reserve
Fund,
4.66%
19,131
¤
¤
25,372
Total
$
622,614^
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees
as
described
in
Note
4.
+
Investment
income
comprised
$9,963
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
$633,654.
^^
Includes
previously
reported
affiliate
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund
acquired
through
a
corporate
action.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
Assets
Investments
in
securities,
at
value
(cost
$1,556,782)
$
2,106,778
Receivable
for
investment
securities
sold
8,063
Interest
and
dividends
receivable
3,520
Receivable
for
shares
sold
607
Foreign
currency
(cost
$302)
305
Unrealized
gain
on
bilateral
swaps
33
Variation
margin
receivable
on
centrally
cleared
swaps
13
Other
assets
2,094
Total
assets
2,121,413
Liabilities
Payable
for
investment
securities
purchased
13,125
Obligation
to
return
securities
lending
collateral
10,182
Payable
for
shares
redeemed
2,867
Investment
management
fees
payable
610
Options
written
(premiums
$1,920)
440
Variation
margin
payable
on
futures
contracts
196
Due
to
affiliates
96
Bilateral
swap
premiums
received
19
Unrealized
loss
on
forward
currency
exchange
contracts
11
Payable
to
directors
1
Other
liabilities
190
Total
liabilities
27,737
NET
ASSETS
$
2,093,676
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
November
30,
2024
(Unaudited)
Statement
of
Assets
and
Liabilities
($000s,
except
shares
and
per
share
amounts)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
Net
Assets
Consist
of:
Total
distributable
earnings
(loss)
$
605,195
Paid-in
capital
applicable
to
81,353,693
shares
of
$0.0001
par
value
capital
stock
outstanding;
1,000,000,000
shares
of
the
Corporation
authorized
1,488,481
NET
ASSETS
$
2,093,676
NET
ASSET
VALUE
PER
SHARE
Investor
Class
(Net
assets:
$1,019,932;
Shares
outstanding:
39,612,938)
$
25.75
I
Class
(Net
assets:
$1,073,744;
Shares
outstanding:
41,740,755)
$
25.72
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Unaudited)
6
Months
Ended
11/30/24
Investment
Income
(Loss)
Income
Dividend
(net
of
foreign
taxes
of
$122)
$
17,202
.
Interest
6,695
Securities
lending
11
Other
1
Total
income
23,909
Expenses
Investment
management
5,567
Shareholder
servicing
Investor
Class
$
767
I
Class
94
861
Prospectus
and
shareholder
reports
Investor
Class
16
I
Class
3
19
Custody
and
accounting
197
Legal
and
audit
62
Registration
31
Directors
3
Miscellaneous
12
Waived
/
paid
by
Price
Associates
(
1,831
)
Total
expenses
4,921
Net
investment
income
18,988
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Unaudited)
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Realized
and
Unrealized
Gain
/
Loss
–
Net
realized
gain
(loss)
Securities
44,508
Futures
(
1,234
)
Swaps
(
6
)
Options
written
(
1,976
)
Forward
currency
exchange
contracts
366
Foreign
currency
transactions
(
3
)
Net
realized
gain
41,655
Change
in
net
unrealized
gain
/
loss
Securities
79,395
Futures
(
360
)
Swaps
103
Options
written
2,647
Forward
currency
exchange
contracts
(
15
)
Other
assets
and
liabilities
denominated
in
foreign
currencies
10
Change
in
net
unrealized
gain
/
loss
81,780
Net
realized
and
unrealized
gain
/
loss
123,435
INCREASE
IN
NET
ASSETS
FROM
OPERATIONS
$
142,423
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
(Unaudited)
Statement
of
Changes
in
Net
Assets
The
accompanying
notes
are
an
integral
part
of
these
financial
statements.
6
Months
Ended
11/30/24
Year
Ended
5/31/24
Increase
(Decrease)
in
Net
Assets
Operations
Net
investment
income
$
18,988
$
46,327
Net
realized
gain
41,655
114,401
Change
in
net
unrealized
gain
/
loss
81,780
135,571
Increase
in
net
assets
from
operations
142,423
296,299
Distributions
to
shareholders
Net
earnings
Investor
Class
(
10,502
)
(
34,260
)
I
Class
(
10,997
)
(
32,783
)
Decrease
in
net
assets
from
distributions
(
21,499
)
(
67,043
)
Capital
share
transactions
*
Shares
sold
Investor
Class
51,799
90,582
I
Class
162,563
96,775
Distributions
reinvested
Investor
Class
10,200
33,155
I
Class
10,688
31,889
Shares
redeemed
Investor
Class
(
149,257
)
(
285,553
)
I
Class
(
111,602
)
(
266,647
)
Decrease
in
net
assets
from
capital
share
transactions
(
25,609
)
(
299,799
)
Net
Assets
Increase
(decrease)
during
period
95,315
(
70,543
)
Beginning
of
period
1,998,361
2,068,904
End
of
period
$
2,093,676
$
1,998,361
*Share
information
(000s)
Shares
sold
Investor
Class
2,067
3,977
I
Class
6,590
4,250
Distributions
reinvested
Investor
Class
411
1,465
I
Class
431
1,410
Shares
redeemed
Investor
Class
(
5,988
)
(
12,586
)
I
Class
(
4,463
)
(
11,702
)
Decrease
in
shares
outstanding
(
952
)
(
13,186
)
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Unaudited
NOTES
TO
FINANCIAL
STATEMENTS
T.
Rowe
Price
Spectrum
Funds
II,
Inc. (the
corporation) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act).
The
Spectrum
Moderate
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. Inflation
adjustments
to
the
principal
amount
of
inflation-indexed
bonds
are
reflected
as
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
are
recorded
on
the
ex-dividend
date. Earnings
on
investments
recognized
as
partnerships
for
federal
income
tax
purposes
reflect
the
tax
character
of
such
earnings. Distributions
from
REITs
are
initially
recorded
as
dividend
income
and,
to
the
extent
such
represent
a
return
of
capital
or
capital
gain
for
tax
purposes,
are
reclassified
when
such
information
becomes
available. Non-cash
dividends,
if
any,
are
recorded
at
the
fair
market
value
of
the
asset
received. Proceeds
from
litigation
payments,
if
any,
are
included
in
either
net
realized
gain
(loss)
or
change
in
net
unrealized
gain/loss
from
securities. Distributions
to
shareholders
are
recorded
on
the
ex-dividend
date. Income
distributions,
if
any,
are
declared
and
paid
by
each
class quarterly. A
capital
gain
distribution,
if
any, may
also
be
declared
and
paid
by
the
fund
annually.
Currency
Translation
Assets,
including
investments,
and
liabilities
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
Purchases
and
sales
of
securities,
income,
and
expenses
are
translated
into
U.S.
dollars
at
the
prevailing
exchange
rate
on
the
respective
date
of
such
transaction.
The
effect
of
changes
in
foreign
currency
exchange
rates
on
realized
and
unrealized
security
gains
and
losses
is
not
bifurcated
from
the
portion
attributable
to
changes
in
market
prices.
Class
Accounting
Shareholder
servicing,
prospectus,
and
shareholder
report
expenses
incurred
by
each
class
are
charged
directly
to
the
class
to
which
they
relate.
Expenses
common
to
all
classes,
investment
income,
and
realized
and
unrealized
gains
and
losses
are
allocated
to
the
classes
based
upon
the
relative
daily
net
assets
of
each
class.
Capital
Transactions
Each
investor’s
interest
in
the
net
assets
of the
fund
is
represented
by
fund
shares. The
fund’s
net
asset
value
(NAV)
per
share
is
computed
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
Eastern
time,
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
November
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-07,
Segment
Reporting
(Topic
280)
–
Improvements
to
Reportable
Segment
Disclosures,
which
improves
reportable
segment
disclosure
requirements,
primarily
through
enhanced
disclosures
about
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
segment
expenses.
In
addition,
the
ASU
clarifies
that
a
public
entity
with
a
single
reportable
segment
provide
all
disclosures
required
by
the
ASU
and
all
existing
segment
disclosures
in
Topic
280.
The
amendments
under
this
ASU
are
effective
for
fiscal
years
beginning
after
December
15,
2023.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
In December
2023,
the
FASB
issued
Accounting
Standards
Update
(ASU),
ASU
2023-09,
Income
Taxes
(Topic
740)
–
Improvements
to
Income
Taxes
Disclosures,
which
enhances
the
transparency
of
income
tax
disclosures.
The
ASU
requires
public
entities,
on
an
annual
basis,
to
provide
disclosure
of
specific
categories
in
the
rate
reconciliation,
as
well
as
disclosure
of
income
taxes
paid
disaggregated
by
jurisdiction.
The
amendments
under
this
ASU
are
required
to
be
applied
prospectively
and
are
effective
for
fiscal
years
beginning
after
December
15,
2024.
Management
expects
that
adoption
of
the
guidance
will
not
have
a
material
impact
on
the
fund’s
financial
statements.
Indemnification
In
the
normal
course
of
business, the
fund
may
provide
indemnification
in
connection
with
its
officers
and
directors,
service
providers,
and/or
private
company
investments. The
fund’s
maximum
exposure
under
these
arrangements
is
unknown;
however,
the
risk
of
material
loss
is
currently
considered
to
be
remote.
NOTE
2
-
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
NYSE
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The fund’s
Board
of
Directors
(the
Board)
has
designated
T.
Rowe
Price
Associates,
Inc.
as
the
fund’s
valuation
designee
(Valuation
Designee).
Subject
to
oversight
by
the
Board,
the
Valuation
Designee
performs
the
following
functions
in
performing
fair
value
determinations:
assesses
and
manages
valuation
risks;
establishes
and
applies
fair
value
methodologies;
tests
fair
value
methodologies;
and
evaluates
pricing
vendors
and
pricing
agents.
The
duties
and
responsibilities
of
the
Valuation
Designee
are
performed
by
its
Valuation
Committee. The
Valuation
Designee provides
periodic
reporting
to
the
Board
on
valuation
matters.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
instruments
in
active
markets,
quoted
prices
for
identical
or
similar
financial
instruments
in
inactive
markets,
interest
rates
and
yield
curves,
implied
volatilities,
and
credit
spreads)
Level
3
–
unobservable
inputs
(including
the Valuation
Designee’s assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-
counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
for
determining
the
fair
value
of
investments
for
which
market
quotations
are
not
readily
available
or
deemed
unreliable,
including
the
use
of
other
pricing
sources.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Designee typically
will
afford
greatest
weight
to
actual
prices
in
arm’s
length
transactions,
to
the
extent
they
represent
orderly
transactions
between
market
participants,
transaction
information
can
be
reliably
obtained,
and
prices
are
deemed
representative
of
fair
value.
However,
the
Valuation
Designee may
also
consider
other
valuation
methods
such
as
market-based
valuation
multiples;
a
discount
or
premium
from
market
value
of
a
similar,
freely
traded
security
of
the
same
issuer;
discounted
cash
flows;
yield
to
maturity;
or
some
combination.
Fair
value
determinations
are
reviewed
on
a
regular
basis.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions. Fair
value
prices
determined
by
the
Valuation
Designee could
differ
from
those
of
other
market
participants,
and
it
is
possible
that
the
fair
value
determined
for
a
security
may
be
materially
different
from
the
value
that
could
be
realized
upon
the
sale
of
that
security.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
November
30,
2024
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
290,514
$
—
$
290,514
Bond
Mutual
Funds
352,976
—
—
352,976
Common
Stocks
863,942
242,748
1,049
1,107,739
Convertible
Bonds
—
—
51
51
Convertible
Preferred
Stocks
—
—
3,414
3,414
Equity
Mutual
Funds
234,084
—
—
234,084
Preferred
Stocks
—
930
—
930
Private
Investment
Companies
—
—
81,433
81,433
Short-Term
Investments
25,372
—
—
25,372
Securities
Lending
Collateral
10,182
—
—
10,182
Options
Purchased
—
83
—
83
Total
Securities
1,486,556
534,275
85,947
2,106,778
Swaps*
—
89
—
89
Futures
Contracts*
573
—
—
573
Total
$
1,487,129
$
534,364
$
85,947
$
2,107,440
Liabilities
Options
Written
$
—
$
440
$
—
$
440
Forward
Currency
Exchange
Contracts
—
11
—
11
Futures
Contracts*
979
—
—
979
Total
$
979
$
451
$
—
$
1,430
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Municipal
Securities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
six
months ended
November
30,
2024.
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,
2024,
totaled $3,922,000 for
the
six
months ended
November
30,
2024.
In
accordance
with
GAAP,
the
following
table
provides
quantitative
information
about
significant
unobservable
inputs
used
to
determine
the
fair
valuations
of
the
fund’s
Level
3
assets,
by
class
of
financial
instrument.
Because
the
Valuation
Designee considers
a
wide
variety
of
factors
and
inputs,
both
observable
and
unobservable,
in
determining
fair
values,
the
unobservable
inputs
presented
do
not
reflect
all
inputs
significant
to
the
fair
value
determination.
($000s)
Beginning
Balance
5/31/24
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
11/30/24
Investment
in
Securities
Common
Stocks
$
1,241
$
24
$
77
$
(293)
$
1,049
Convertible
Bonds
51
—
—
—
51
Convertible
Preferred
Stocks
3,295
42
354
(277)
3,414
Private
Investment
Companies
77,514
3,919
—
—
81,433
Total
$
82,101
$
3,985
$
431
$
(570)
$
85,947
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
$
1,049
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
1.9x
–
10.8x
6.6x
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Projected
enterprise
value
to
sales
multiple
8.5x
–
9.7x
9.1x
Increase
Sales
growth
rate
5%
–
29%
26%
Increase
Enterprise
value
to
gross
profit
multiple
5.0x
–
13.3x
10.7x
Increase
Projected
enterprise
value
to
gross
profit
multiple
12.6x
–
14.4x
13.5x
Increase
Gross
profit
growth
rate
25%
–
29%
29%
Increase
Enterprise
value
to
EBITDA
multiple
20.4x
20.4x
Increase
Price
to
tangible
book
value
multiple
2.0x
–
2.3x
2.2x
Increase
Tangible
book
value
growth
rate
7%
7%
Increase
Premium
to
public
company
multiples
25%
25%
Increase
Discount
for
dilution
43%
43%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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
4%
4%
Increase
Volatility
42%
42%
Increase
Convertible
Bonds
$
51
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Convertible
Preferred
Stocks
$
3,414
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Premium
for
liquidation
preference
—#
—#
—#
Probability
for
potential
outcome
25%
–
50%
33%
Increase
Enterprise
value
to
sales
multiple
1.1x
–
13.4x
7.3x
Increase
Projected
enterprise
value
to
sales
multiple
2.6x
–
17.6x
8.7x
Increase
Sales
growth
rate
0%
–
124%
53%
Increase
Enterprise
value
to
gross
profit
multiple
1.6x
–
21.6x
14.9x
Increase
Projected
enterprise
value
to
gross
profit
multiple
8.1x
–
21.6x
16.6x
Increase
Gross
profit
growth
rate
0%
–
171%
80%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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
11.5x
–
20.4x
15.7x
Increase
Projected
enterprise
value
to
EBITDA
multiple
25.0x
–
37.6x
35.5x
Increase
EBITDA
growth
rate
56%
56%
Increase
Price
to
tangible
book
value
multiple
2.0x
–
2.3x
2.2x
Increase
Tangible
book
value
growth
rate
7%
7%
Increase
Premium
to
public
company
multiples
25%
–
147%
87%
Increase
Discount
for
dilution
43%
43%
Decrease
Discount
rate
for
cost
of
capital
10%
–
30%
14%
Decrease
Discount
for
uncertainty
80%
–
100%
86%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
+
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,
2024,
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
or
delivery
of
cash
or
other
assets.
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
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
$
81,433
Rollforward
of
Investee
NAV
Estimated
return
1.65%
1.65%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
value
of
derivative
liabilities
against
the
fair
value
of
derivative
assets
on
its
financial
statements,
nor
does
it
offset
the
fair
value
of
derivative
instruments
against
the
right
to
reclaim
or
obligation
to
return
collateral.
The
following
table
summarizes
the
fair
value
of
the
fund’s
derivative
instruments
held
as
of
November
30,
2024,
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^
$
483
Credit
derivatives
Bilateral
Swaps
and
Premiums,
Centrally
Cleared
Swaps
75
Equity
derivatives
Futures
187
^
,*
Total
$
745
^
,*
Liabilities
Interest
rate
derivatives
Futures
$
296
Foreign
exchange
derivatives
Forwards
11
Credit
derivatives
Options
Written
275
Equity
derivatives
Futures,
Options
Written
848
Total
$
1,430
*
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
Additionally,
the
amount
of
gains
and
losses
on
derivative
instruments
recognized
in
fund
earnings
during
the
six
months ended
November
30,
2024,
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)
Inflation
derivatives
$
—
$
—
$
—
$
—
$
24
$
24
Interest
rate
derivatives
(511)
184
(437)
—
—
(764)
Foreign
exchange
derivatives
—
—
—
366
—
366
Credit
derivatives
(43)
295
—
—
(30)
222
Equity
derivatives
—
(2,455)
(797)
—
—
(3,252)
Total
$
(554)
$
(1,976)
$
(1,234)
$
366
$
(6)
$
(3,404)
Change
in
Unrealized
Gain
(Loss)
Interest
rate
derivatives
$
65
$
584
$
184
$
—
$
14
$
847
Foreign
exchange
derivatives
—
—
—
(15)
—
(15)
Credit
derivatives
—
(148)
—
—
89
(59)
Equity
derivatives
—
2,211
(544)
—
—
1,667
Total
$
65
$
2,647
$
(360)
$
(15)
$
103
$
2,440
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Counterparty
Risk
and
Collateral
The
fund
invests
in
derivatives
in
various
markets,
which
expose
it
to
differing
levels
of
counterparty
risk.
Counterparty
risk
on
exchange-traded
and
centrally
cleared
derivative
contracts,
such
as
futures,
exchange-traded
options,
and
centrally
cleared
swaps,
is
minimal
because
the
clearinghouse
provides
protection
against
counterparty
defaults.
For
futures
and
centrally
cleared
swaps,
the
fund
is
required
to
deposit
collateral
in
an
amount
specified
by
the
clearinghouse
and
the
clearing
firm
(margin
requirement),
and
the
margin
requirement
must
be
maintained
over
the
life
of
the
contract.
Each
clearinghouse
and
clearing
firm,
in
its
sole
discretion,
may
adjust
the
margin
requirements
applicable
to
the
fund.
Derivatives,
such
as
non-cleared bilateral
swaps,
forward
currency
exchange
contracts,
and
OTC
options,
that
are
transacted
and
settle
directly
with
a
counterparty
(bilateral
derivatives)
may
expose
the
fund
to
greater
counterparty
risk.
To
mitigate
this
risk,
the
fund
has
entered
into
master
netting
arrangements
(MNAs)
with
certain
counterparties
that
permit
net
settlement
under
specified
conditions
and,
for
certain
counterparties,
also
require
the
exchange
of
collateral
to
cover
mark-to-market
exposure.
MNAs
may
be
in
the
form
of
International
Swaps
and
Derivatives
Association
master
agreements
(ISDAs)
or
foreign
exchange
letter
agreements
(FX
letters).
MNAs
provide
the
ability
to
offset
amounts
the
fund
owes
a
counterparty
against
amounts
the
counterparty
owes
the
fund
(net
settlement).
Both
ISDAs
and
FX
letters
generally
allow
termination
of
transactions
and
net
settlement
upon
the
occurrence
of
contractually
specified
events,
such
as
failure
to
pay
or
bankruptcy.
In
addition,
ISDAs
specify
other
events,
the
occurrence
of
which
would
allow
one
of
the
parties
to
terminate.
For
example,
a
downgrade
in
credit
rating
of
a
counterparty
below
a
specified
rating
would
allow
the
fund
to
terminate,
while
a
decline
in
the
fund’s
net
assets
of
more
than
a
specified
percentage
would
allow
the
counterparty
to
terminate.
Upon
termination,
all
transactions
with
that
counterparty
would
be
liquidated
and
a
net
termination
amount
settled.
ISDAs
typically
include
collateral
agreements
whereas
FX
letters
do
not.
Collateral
requirements
are
determined
daily
based
on
the
net
aggregate
unrealized
gain
or
loss
on
all
bilateral
derivatives
with
a
counterparty,
subject
to
minimum
transfer
amounts
that
typically
range
from
$100,000
to
$250,000.
Any
additional
collateral
required
due
to
changes
in
security
values
is
typically
transferred
the
next
business
day.
^
Options
purchased
are
reported
as
securities.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Collateral
may
be
in
the
form
of
cash
or
debt
securities
issued
by
the
U.S.
government
or
related
agencies,
although
other
securities
may
be
used
depending
on
the
terms
outlined
in
the
applicable
MNA.
Cash
posted
by
the
fund
is
reflected
as
cash
deposits
in
the
accompanying
financial
statements
and
generally
is
restricted
from
withdrawal
by
the
fund;
securities
posted
by
the
fund
are
so
noted
in
the
accompanying
Portfolio
of
Investments;
both
remain
in
the
fund’s
assets.
Collateral
pledged
by
counterparties
is
not
included
in
the
fund’s
assets
because
the
fund
does
not
obtain
effective
control
over
those
assets.
For
bilateral
derivatives,
collateral
posted
or
received
by
the
fund
is
held
in
a
segregated
account
at
the
fund’s
custodian.
While
typically
not
sold
in
the
same
manner
as
equity
or
fixed
income
securities,
exchange-traded
or
centrally
cleared
derivatives
may
be
closed
out
only
on
the
exchange
or
clearinghouse
where
the
contracts
were
cleared,
and
OTC
and
bilateral
derivatives
may
be
unwound
with
counterparties
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,
2024,
securities
valued
at $128,000 had
been
pledged
or
posted
by
the
fund
to
counterparties
for
bilateral
derivatives. As
of
November
30,
2024,
no
collateral
was
pledged
by
counterparties
to
the
fund
for
bilateral
derivatives. As
of
November
30,
2024,
securities
valued
at $3,289,000
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
2024,
the
volume
of
the
fund’s
activity
in
forwards,
based
on
underlying
notional
amounts,
was
generally
less
than
1%
of
net
assets.
Futures
Contracts
The
fund
is
subject
to interest
rate
risk
and
equity
price
risk in
the
normal
course
of
pursuing
its
investment
objectives
and
uses
futures
contracts
to
help
manage
such
risks.
The fund
may
enter
into
futures
contracts
to
manage
exposure
to
interest
rates,
security
prices,
and
foreign
currencies;
as
an
efficient
means
of
adjusting
exposure
to
all
or
part
of
a
target
market;
or
as
a
cash
management
tool. 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,
2024,
the
volume
of
the
fund’s
activity
in
futures,
based
on
underlying
notional
amounts,
was
generally
between
3%
and
7%
of
net
assets.
Options
The
fund
is
subject
to interest
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
call
and
put
options
on
futures
give
the
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
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,
2024,
the
volume
of
the
fund’s
activity
in
options,
based
on
underlying
notional
amounts,
was
generally
between
5%
and
14%
of
net
assets.
Swaps
The
fund
is
subject
to
interest
rate
risk,
credit
risk
and
inflation
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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).
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
2024,
the
notional
amount
of
protection
sold
by
the
fund
totaled $25,367,000
(1.2%
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.
Zero-coupon
inflation
swaps
are
agreements
to
exchange
cash
flows,
on
the
contract’s
maturity
date,
based
on
the
difference
between
a
predetermined
fixed
rate
and
the
cumulative
change
in
the
consumer
price
index,
both
applied
to
a
notional
principal
amount
for
a
specified
period
of
time.
Risks
related
to
the
use
of
zero-coupon
inflation
swaps
include
the
potential
for
unanticipated
movements
in
inflation
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.
Total
return
swaps
are
agreements
in
which
one
party
makes
payments
based
on
a
set
rate,
either
fixed
or
variable,
while
the
other
party
makes
payments
based
on
the
return
of
an
underlying
asset
(reference
asset),
such
as
an
index,
equity
security,
fixed
income
security
or
commodity-based
exchange-
traded
fund,
which
includes
both
the
income
it
generates
and
any
change
in
its
value.
Risks
related
to
the
use
of
total
return
swaps
include
the
potential
for
unfavorable
changes
in
the
reference
asset,
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,
2024,
the
volume
of
the
fund’s
activity
in
swaps,
based
on
underlying
notional
amounts,
was
generally
between
1%
and
2%
of
net
assets.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
NOTE
4
-
OTHER
INVESTMENT
TRANSACTIONS
Consistent
with
its
investment
objective, the
fund
engages
in
the
following
practices
to
manage
exposure
to
certain
risks
and/or
to
enhance
performance.
The
investment
objective,
policies,
program,
and
risk
factors
of the
fund
are
described
more
fully
in the
fund’s prospectus
and
Statement
of
Additional
Information.
Emerging
and
Frontier
Markets
The fund
invests,
either
directly
or
through
investments
in
other
T.
Rowe
Price
funds,
in
securities
of
companies
located
in,
issued
by
governments
of,
or
denominated
in
or
linked
to
the
currencies
of
emerging
and
frontier
market
countries.
Emerging
markets,
and
to
a
greater
extent
frontier
markets, tend
to
have
economic
structures
that
are
less
diverse
and
mature,
less
developed
legal
and
regulatory
regimes,
and
political
systems
that
are
less
stable,
than
those
of
developed
countries.
These
markets
may
be
subject
to
greater
political,
economic,
and
social
uncertainty
and
differing
accounting
standards
and
regulatory
environments
that
may
potentially
impact
the
fund’s
ability
to
buy
or
sell
certain
securities
or
repatriate
proceeds
to
U.S.
dollars.
Emerging
markets
securities
exchanges
are
more
likely
to
experience
delays
with
the
clearing
and
settling
of
trades,
as
well
as
the
custody
of
holdings
by
local
banks,
agents,
and
depositories.
Such
securities
are
often
subject
to
greater
price
volatility,
less
liquidity,
and
higher
rates
of
inflation
than
U.S.
securities.
Investing
in
frontier
markets
is
typically
significantly
riskier
than
investing
in
other
countries,
including
emerging
markets.
Restricted
Securities
The
fund
invests
in
securities
that
are
subject
to
legal
or
contractual
restrictions
on
resale.
Prompt
sale
of
such
securities
at
an
acceptable
price
may
be
difficult
and
may
involve
substantial
delays
and
additional
costs.
Collateralized
Loan
Obligations
The
fund
invests
in
collateralized
loan
obligations
(CLOs)
which
are
entities
backed
by
a
diversified
pool
of
syndicated
bank
loans.
The
cash
flows
of
the
CLO
can
be
split
into
multiple
segments,
called
“tranches”
or
“classes”,
which
will
vary
in
risk
profile
and
yield.
The
riskiest
segments,
which
are
the
subordinate
or
“equity”
tranches,
bear
the
greatest
risk
of
loss
from
defaults
in
the
underlying
assets
of
the
CLO
and
serve
to
protect
the
other,
more
senior,
tranches.
Senior
tranches
will
typically
have
higher
credit
ratings
and
lower
yields
than
the
securities
underlying
the
CLO.
Despite
the
protection
from
the
more
junior
tranches,
senior
tranches
can
experience
substantial
losses.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Mortgage-Backed
Securities
The
fund
invests
in
mortgage-backed
securities
(MBS
or
pass-through
certificates)
that
represent
an
interest
in
a
pool
of
specific
underlying
mortgage
loans
and
entitle
the
fund
to
the
periodic
payments
of
principal
and
interest
from
those
mortgages.
MBS
may
be
issued
by
government
agencies
or
corporations,
or
private
issuers.
Most
MBS
issued
by
government
agencies
are
guaranteed;
however,
the
degree
of
protection
differs
based
on
the
issuer.
The
fund
also
invests
in
stripped
MBS,
created
when
a
traditional
MBS
is
split
into
an
interest-only
(IO)
and
a
principal-only
(PO)
strip.
MBS,
including
IOs
and
POs, are
sensitive
to
changes
in
economic
conditions
that
affect
the
rate
of
prepayments
and
defaults
on
the
underlying
mortgages;
accordingly,
the
value,
income,
and
related
cash
flows
from
MBS
may
be
more
volatile
than
other
debt
instruments.
IOs
also
risk
loss
of
invested
principal
from
faster-than-anticipated
prepayments.
TBA
Purchase,
Sale
Commitments
and
Forward
Settling
Mortgage
Obligations
The
fund
enters
into
to-be-announced
(TBA)
purchase
or
sale
commitments
(collectively,
TBA
transactions),
pursuant
to
which
it
agrees
to
purchase
or
sell,
respectively,
mortgage-backed
securities
for
a
fixed
unit
price,
with
payment
and
delivery
at
a
scheduled
future
date
beyond
the
customary
settlement
period
for
such
securities.
With
TBA
transactions,
the
particular
securities
to
be
received
or
delivered
by
the
fund
are
not
identified
at
the
trade
date;
however,
the
securities
must
meet
specified
terms,
including
rate
and
mortgage
term,
and
be
within
industry-accepted
“good
delivery”
standards.
The
fund
may
enter
into
TBA
transactions
with
the
intention
of
taking
possession
of
or
relinquishing
the
underlying
securities,
may
elect
to
extend
the
settlement
by
“rolling”
the
transaction,
and/or
may
use
TBA
transactions
to
gain
or
reduce
interim
exposure
to
underlying
securities.
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,
2024,
no
collateral
was
pledged
by
the
fund
or
counterparties
for
MSFTA
Transactions.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Private
Investments
Issued
by
Special
Purpose
Acquisition
Companies
Special purpose
acquisition
companies
(SPACs)
are
shell
companies
that
have
no
operations
but
are
formed
to
raise
capital
with
the
intention
of
merging
with
or
acquiring
a
company
with
the
proceeds
of
the
SPAC’s
initial
public
offering
(IPO).
The
fund
may
enter
into
a
contingent
commitment
with
a
SPAC
to
purchase
private
investments
in
public
equity
(PIPE)
if
and
when
the
SPAC
completes
its
merger
or
acquisition.
The
fund
maintains
liquid
assets
sufficient
to
settle
its
commitment
to
purchase
the
PIPE.
However,
if
the
commitment
expires,
then
no
shares
are
purchased.
Purchased
PIPE
shares
will
be
restricted
from
trading
until
the
registration
statement
for
the
shares
is
declared
effective.
Upon
registration,
the
shares
can
be
freely
sold;
however,
in
certain
circumstances,
the
issuer
may
have
the
right
to
temporarily
suspend
trading
of
the
shares
in
the
first
year
after
the
merger
or
acquisition.
The
securities
issued
by
a
SPAC
may
be
considered
illiquid,
more
difficult
to
value,
and/or
be
subject
to
restrictions
on
resale.
Investment
in
Blackstone
Partners
Offshore
Fund
The
fund
invested
in
Blackstone
Partners
Offshore
Fund
Ltd.
(Blackstone
Partners),
a
multi-strategy
hedge
fund-of-funds
offered
by
Blackstone
Alternative
Asset
Management
(BAAM),
a
unit
of
Blackstone
Group
L.P.
(Blackstone).
Blackstone
Partners
provides
the
fund
exposure
to
alternative
investments
primarily
through
Blackstone
Partners’
investments
in
underlying
private
investment
funds,
and
the
underlying
funds
are
mostly
managed
by
investment
managers
unaffiliated
with
BAAM
or
Blackstone.
Blackstone
Partners
and
the
underlying
funds
may
use
leverage,
engage
in
short-selling,
and
invest
in
commodities
or
other
speculative
investments,
which
may
increase
the
risk
of
investment
loss.
Blackstone
Partners
and
the
underlying
funds
are
not
subject
to
the
same
regulatory
requirements
as
open-end
mutual
funds,
and,
therefore,
their
investments
and
related
valuations
may
not
be
as
transparent.
Ownership
interests
in
Blackstone
Partners
are
not
transferable
and
are
subject
to
various
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
In
addition,
Blackstone
Partners’
ownership
in
the
underlying
funds
may
also
be
subject
to
transfer
and
redemption
restrictions,
such
as
advance
notice
requirements,
limited
redemption
dates,
and
possible
suspension
of
redemption
rights.
All
of
these
restrictions
are
subject
to
change
at
the
sole
discretion
of
Blackstone
Partners
or
an
underlying
fund’s
management.
As
of
November
30,
2024,
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.
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
2024,
the
value
of
loaned
securities
was
$9,749,000;
the
value
of
cash
collateral
and
related
investments
was
$10,182,000.
Other
Purchases
and
sales
of
portfolio
securities
other
than
in-kind
transactions,
if
any, short-term
and
U.S.
government securities
aggregated $369,707,000 and
$406,751,000,
respectively,
for
the
six
months ended
November
30,
2024. Purchases
and
sales
of
U.S.
government
securities
aggregated $117,715,000 and
$119,543,000,
respectively,
for
the
six
months ended
November
30,
2024.
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
character
of
tax-basis
distributions
and
composition
of
net
assets
are
finalized
at
fiscal
year-end;
accordingly,
tax-basis
balances
have
not
been
determined
as
of
the
date
of
this
report.
At
November
30,
2024,
the
cost
of
investments
(including
derivatives,
if
any)
for
federal
income
tax
purposes
was
$1,573,125,000.
Net
unrealized
gain
aggregated
$533,471,000
at
period-end,
of
which
$620,978,000
related
to
appreciated
investments
and
$87,507,000
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.
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
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
2024,
the
effective
annual
group
fee
rate
was
0.28%.
The Investor
Class is
subject
to
a
contractual
expense
limitation
through
the
expense
limitation
date
indicated
in
the
table
below.
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.
During
the
limitation
period,
Price
Associates
is required
to
waive
or
pay
any
expenses
(excluding
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage;
non-recurring,
extraordinary
expenses;
and
acquired
fund
fees
and
expenses)
that
would
otherwise
cause
the class’s ratio
of
annualized
total
expenses
to
average
net
assets
(net
expense
ratio)
to
exceed
its
expense
limitation.
The
class
is
required
to
repay
Price
Associates
for
expenses
previously
waived/paid
to
the
extent
the
class’s net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the class’s net
expense
ratio
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
expense
limitation
in
place
at
the
time
such
amounts
were
waived;
or
(2)
the class’s
current
expense
limitation.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
The
I
Class
is
also
subject
to
an
operating
expense
limitation
(I
Class
Limit)
pursuant
to
which
Price
Associates
is
contractually
required
to
pay
all
operating
expenses
of
the
I
Class,
excluding
management
fees;
interest;
expenses
related
to
borrowings,
taxes,
and
brokerage; non-recurring,
extraordinary expenses; and
acquired
fund
fees
and
expenses, to
the
extent
such
operating
expenses,
on
an
annualized
basis,
exceed
the
I
Class
Limit. This
agreement
will
continue
through
the
expense
limitation
date
indicated
in
the
table
below,
and
may
be
renewed,
revised,
or
revoked
only
with
approval
of
the
fund’s
Board.
The
I
Class
is
required
to
repay
Price
Associates
for
expenses
previously
paid
to
the
extent
the
class’s
net
assets
grow
or
expenses
decline
sufficiently
to
allow
repayment
without
causing
the
class’s
operating
expenses
(after
the
repayment
is
taken
into
account)
to
exceed
the
lesser
of:
(1)
the
I
Class
Limit
in
place
at
the
time
such
amounts
were
paid;
or
(2)
the
current
I
Class
Limit.
However,
no
repayment
will
be
made
more
than
three
years
after
the
date
of
a
payment
or
waiver.
Pursuant
to
these
agreements,
expenses
were waived/paid
by
and/or
repaid
to
Price
Associates
during
the six
months
ended November
30,
2024 as
indicated
in
the
table
below. At
November
30,
2024,
there
were
no
amounts
subject
to
repayment
by
the
fund.
Any
repayment
of
expenses
previously
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
2024,
expenses
incurred
pursuant
to
these
service
agreements
were
$65,000
for
Price
Associates;
$416,000
for
T.
Rowe
Price
Services,
Inc.;
and
$40,000
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
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.
Investor
Class
I
Class
Expense
limitation/I
Class
Limit
0.89%
0.05%
Expense
limitation
date
09/30/25
07/31/27
(Waived)/repaid
during
the
period
($000s)
$—
$—
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
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,
2024,
are
as
follows:
($000s)
Effective
Management
Fee
Rate
Management
Fee
Waived
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class
0.49%
$
135
T.
Rowe
Price
Emerging
Markets
Bond
Fund
-
I
Class
0.70%
222
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class
0.17%
4
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
1.00%
478
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class
0.55%
63
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class
0.50%
158
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class
0.49%
202
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class
0.25%
6
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
1.00%
274
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
0.64%
273
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class
0.06%
16
Total
Management
Fee
Waived
$
1,831
T.
ROWE
PRICE
Spectrum
Moderate
Allocation
Fund
Total
management
fee
waived
was
allocated
ratably
in
the
amounts
of
$909,000
and
$922,000 for
the
Investor
Class
and
I
Class,
respectively,
for
the
six
months ended
November
30,
2024.
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,
2024,
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
brokerage
commissions
embedded
in
the
cost
of
the
fund’s
foreign
currency
transactions. This
agreement
may
be
rescinded
at
any
time. For
the
six
months ended
November
30,
2024,
this
reimbursement
amounted
to
less
than
$1,000.
NOTE
8
-
OTHER
MATTERS
Unpredictable environmental,
political,
social
and
economic
events,
including
but
not
limited
to,
environmental
or
natural
disasters,
war
and
conflict
(including
Russia’s
military
invasion
of
Ukraine
and
the
conflict
in
Israel,
Gaza
and
surrounding
areas),
terrorism,
geopolitical
developments
(including
trading
and
tariff
arrangements,
sanctions
and
cybersecurity
attacks),
and
public
health
epidemics
(including
the
global
outbreak
of
COVID-19)
and
similar
public
health
threats,
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
The
extent
and
duration
of
such
events
and
resulting
market
disruptions
cannot
be
predicted.
These
and
other
similar
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
The
fund’s
performance
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
or
such
events.
Management
actively
monitors
the
risks
and
financial
impacts
arising
from
such
events.
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
1/25
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Not applicable.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in Item 7 of this Form N-CSR.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
If applicable, see Item 7.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. 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 16. 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable.
Item 19. Exhibits.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| | | | |
| T. Rowe Price Spectrum Funds II, Inc. |
| | |
| By | | /s/ David Oestreicher | | |
| | David Oestreicher | | |
| | Principal Executive Officer | | |
| | |
| Date | | January 17, 2025 | | |
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 17, 2025 | | |
| | | | |
| By | | /s/ Alan S. Dupski | | |
| | Alan S. Dupski | | |
| | Principal Financial Officer | | |
| | |
| Date | | January 17, 2025 | | |
