T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
February
28,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.5%
AmeriCredit
Automobile
Receivables
Trust
Series 2016-4,
Class
D
2.74%,
12/8/22
225,000
226
AmeriCredit
Automobile
Receivables
Trust
Series 2018-2,
Class
D
4.01%,
7/18/24
105,000
111
AmeriCredit
Automobile
Receivables
Trust
Series 2018-3,
Class
D
4.04%,
11/18/24
215,000
230
AmeriCredit
Automobile
Receivables
Trust
Series 2019-1,
Class
B
3.13%,
2/18/25
80,000
83
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
110,000
112
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
334,163
344
Ares
LVII
Series 2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.564%,
10/25/31 (1)
300,000
300
Avis
Budget
Rental
Car
Funding
AESOP
Series 2017-1A,
Class
A
3.07%,
9/20/23 (1)
145,000
150
Avis
Budget
Rental
Car
Funding
AESOP
Series 2018-2A,
Class
A
4.00%,
3/20/25 (1)
295,000
322
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-2A,
Class
A
3.35%,
9/22/25 (1)
240,000
260
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-3A,
Class
B
2.65%,
3/20/26 (1)
330,000
345
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
1.741%,
4/15/29 (1)
250,000
248
BlueMountain
Series 2015-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.93%,
1.153%,
7/18/27 (1)
203,603
204
Carlyle
Global
Market
Strategies
Series 2015-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.00%,
1.219%,
7/28/28 (1)
291,950
292
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
500,000
518
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CarMax
Auto
Owner
Trust
Series 2020-3,
Class
B
1.09%,
3/16/26
300,000
304
CIFC
Funding
Series 2015-4A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.374%,
10/20/27 (1)
248,630
249
CIFC
Funding
Series 2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.70%,
1.941%,
7/15/32 (1)
250,000
251
CNH
Equipment
Trust
Series 2017-C,
Class
B
2.54%,
5/15/25
30,000
30
Cole
Park
Series 2015-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.05%,
1.274%,
10/20/28 (1)
376,342
376
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
129,350
136
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
215,000
218
Dryden
Series 2020-86A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1.873%,
7/17/30 (1)
585,000
587
Elara
HGV
Timeshare
Issuer
Series 2014-A,
Class
A
2.53%,
2/25/27 (1)
9,229
9
GM
Financial
Automobile
Leasing
Trust
Series 2020-3,
Class
C
1.11%,
10/21/24
130,000
131
GM
Financial
Consumer
Automobile
Receivables
Trust
Series 2017-3A,
Class
C
2.52%,
3/16/23 (1)
90,000
91
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-1,
Class
C
1.48%,
8/15/25 (1)
305,000
310
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
120,000
121
Golub
Capital
Partners
Series 2018-39A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.374%,
10/20/28 (1)
339,442
340
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
244,375
260
Hilton
Grand
Vacations
Trust
Series 2017-AA,
Class
A
2.66%,
12/26/28 (1)
28,261
29
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Hilton
Grand
Vacations
Trust
Series 2020-AA,
Class
A
2.74%,
2/25/39 (1)
120,818
126
Hyundai
Auto
Receivables
Trust
Series 2016-B,
Class
D
2.68%,
9/15/23
175,000
175
Hyundai
Auto
Receivables
Trust
Series 2020-B,
Class
C
1.60%,
12/15/26
205,000
209
Hyundai
Auto
Receivables
Trust
Series 2020-C,
Class
C
1.08%,
12/15/27
215,000
215
Jack
in
the
Box
Funding
Series 2019-1A,
Class
A2I
3.982%,
8/25/49 (1)
258,050
265
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.33%,
1.571%,
10/15/32 (1)
635,000
638
Madison
Park
Funding
XXXVII
Series 2019-37A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.541%,
7/15/32 (1)
250,000
250
Magnetite
XVIII
Series 2016-18A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.274%,
11/15/28 (1)
250,000
250
Magnetite
XXIII
Series 2019-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.518%,
10/25/32 (1)
465,000
466
Magnetite
XXV
Series 2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.455%,
1/25/32 (1)
250,000
250
MVW
Series 2020-1A,
Class
A
1.74%,
10/20/37 (1)
98,897
101
MVW
Owner
Trust
Series 2014-1A,
Class
A
2.25%,
9/22/31 (1)
10,861
11
MVW
Owner
Trust
Series 2020-1A,
Class
C
4.21%,
10/20/37 (1)
111,796
118
Navient
Private
Education
Loan
Trust
Series 2017-A,
Class
A2A
2.88%,
12/16/58 (1)
63,741
65
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
351,447
362
Navient
Private
Education
Refi
Loan
Trust
Series 2020-DA,
Class
A
1.69%,
5/15/69 (1)
145,641
148
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Navient
Private
Education
Refi
Loan
Trust
Series 2020-GA,
Class
A
1.17%,
9/16/69 (1)
176,241
177
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69 (1)
103,810
105
Navient
Private
Education
Refi
Loan
Trust
Series 2021-A,
Class
A
0.84%,
5/15/69 (1)
155,000
155
Nelnet
Student
Loan
Trust
Series 2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.858%,
3/26/68 (1)
128,781
128
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
1.353%,
10/19/31 (1)
250,000
250
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1/20/32 (1)(2)
570,000
570
Neuberger
Berman
Loan
Advisers
Series 2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.524%,
10/20/32 (1)
290,000
290
Neuberger
Berman
XVI
Series 2017-16SA,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
0.85%,
1.091%,
1/15/28 (1)
263,448
263
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1.874%,
7/20/29 (1)
250,000
250
OCP
Series 2020-19A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.75%,
1.974%,
7/20/31 (1)
250,000
251
Octagon
Investment
Partners
XXIII
Series 2015-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.85%,
1.091%,
7/15/27 (1)
175,783
176
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
1.233%,
7/17/29 (1)
238,635
239
Palmer
Square
Series 2020-2A,
Class
A1A,
CLO,
FRN
3M
USD
LIBOR
+
1.70%,
1.941%,
7/15/31 (1)
260,000
260
Reese
Park
Series 2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.561%,
10/15/32 (1)
265,000
265
Santander
Retail
Auto
Lease
Trust
Series 2019-B,
Class
D
3.31%,
6/20/24 (1)
325,000
337
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
C
3.51%,
7/20/37 (1)
136,419
141
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SMB
Private
Education
Loan
Trust
Series 2015-B,
Class
A2A
2.98%,
7/15/27 (1)
44,013
45
SMB
Private
Education
Loan
Trust
Series 2015-C,
Class
A3,
FRN
1M
USD
LIBOR
+
1.95%,
2.062%,
8/16/32 (1)
240,000
246
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31 (1)
44,331
46
SMB
Private
Education
Loan
Trust
Series 2016-B,
Class
A2A
2.43%,
2/17/32 (1)
387,082
399
SMB
Private
Education
Loan
Trust
Series 2016-C,
Class
A2A
2.34%,
9/15/34 (1)
198,199
204
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
179,300
193
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2B,
FRN
1M
USD
LIBOR
+
0.72%,
0.832%,
1/15/37 (1)
79,689
80
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
215,642
228
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
355,000
350
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
240,000
240
Symphony
XVII
Series 2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
1.121%,
4/15/28 (1)
428,510
428
Symphony
XXIII
Series 2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.487%,
1/15/34 (1)
580,000
582
Symphony
XXVI
Series 2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
4/20/33 (1)(2)
250,000
250
Taco
Bell
Funding
Series 2018-1A,
Class
A2I
4.318%,
11/25/48 (1)
322,575
325
Verizon
Owner
Trust
Series 2018-1A,
Class
C
3.20%,
9/20/22 (1)
195,000
197
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.284%,
10/20/29 (1)
285,000
285
Total
Asset-Backed
Securities
(Cost
$18,524)
18,791
BOND
MUTUAL
FUNDS
6.4%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(0.48)% (3)
(4)
488
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.41% (3)(4)
4,307,637
35,452
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.35% (3)(4)
2,745,714
26,798
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.45% (3)(4)
4,315,990
37,938
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.12% (3)(4)
7,248,629
73,719
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(0.81)% (3)(4)
17,677
93
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.66% (3)(4)
4,563,949
51,938
Total
Bond
Mutual
Funds
(Cost
$231,659)
225,944
COMMON
STOCKS
71.5%
COMMUNICATION
SERVICES
8.8%
Diversified
Telecommunication
Services
0.4%
KT
(KRW)
66,618
1,543
Nippon
Telegraph
&
Telephone
(JPY)
399,700
10,354
Telecom
Italia
(EUR)
2,999,986
1,608
13,505
Entertainment
1.7%
Cinemark
Holdings
32,076
720
Live
Nation
Entertainment (5)
32,425
2,881
Netflix (5)
36,377
19,602
Roku (5)
1,396
552
Sea,
ADR (5)
56,328
13,276
Spotify
Technology (5)
16,701
5,133
Walt
Disney (5)
84,837
16,038
Zynga,
Class
A (5)
124,538
1,389
59,591
Interactive
Media
&
Services
6.1%
Alphabet,
Class
A (5)
5,293
10,702
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Alphabet,
Class
C (5)(6)
51,182
104,251
Facebook,
Class
A (5)(6)
183,807
47,352
Kuaishou
Technology
(HKD) (5)
8,900
354
Match
Group (5)
47,669
7,286
NAVER
(KRW)
10,301
3,430
Pinterest,
Class
A (5)
6,059
488
Snap,
Class
A (5)
154,791
10,164
Tencent
Holdings
(HKD)
307,800
26,778
Z
Holdings
(JPY)
439,000
2,680
213,485
Media
0.4%
Advantage
Solutions (5)
26,198
237
Advantage
Solutions,
Warrants,
12/31/26 (5)
6,549
12
Cable
One
1,126
2,156
Charter
Communications,
Class
A (5)
1,942
1,191
Comcast,
Class
A
37,020
1,952
CyberAgent
(JPY)
57,000
3,442
National
CineMedia
70,920
335
Stroeer
(EUR)
27,068
2,428
WPP
(GBP)
336,532
4,025
15,778
Wireless
Telecommunication
Services
0.2%
SoftBank
Group
(JPY)
37,800
3,528
T-Mobile
US (5)
3,052
366
Vodafone
Group,
ADR
205,214
3,526
7,420
Total
Communication
Services
309,779
CONSUMER
DISCRETIONARY
8.8%
Auto
Components
0.5%
Aptiv
10,629
1,593
Autoliv,
SDR
(SEK)
29,058
2,556
Denso
(JPY)
41,300
2,495
Gentherm (5)
16,005
1,133
Magna
International
69,813
5,878
Stanley
Electric
(JPY)
80,100
2,390
Stoneridge (5)
18,485
567
Sumitomo
Rubber
Industries
(JPY)
88,200
990
17,602
Automobiles
0.7%
General
Motors
213,396
10,954
Honda
Motor
(JPY)
52,400
1,449
Suzuki
Motor
(JPY)
62,500
2,726
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Toyota
Motor
(JPY)
104,100
7,692
22,821
Diversified
Consumer
Services
0.0%
Bright
Horizons
Family
Solutions (5)
7,059
1,127
Strategic
Education
1,817
165
Terminix
Global
Holdings (5)
3,373
152
1,444
Hotels,
Restaurants
&
Leisure
1.3%
BJ's
Restaurants (5)
28,061
1,558
Bloomin'
Brands
13,943
346
Chipotle
Mexican
Grill (5)
3,586
5,171
Chuy's
Holdings (5)
30,044
1,232
Compass
Group
(GBP) (5)
166,852
3,388
Denny's (5)
32,597
572
Domino's
Pizza
498
173
Drive
Shack (5)
69,300
181
Fiesta
Restaurant
Group (5)
51,565
787
Hilton
Worldwide
Holdings
45,845
5,670
Marriott
International,
Class
A
21,433
3,174
McDonald's
20,514
4,229
Papa
John's
International
22,087
1,992
Red
Robin
Gourmet
Burgers (5)
19,825
608
Starbucks
43,335
4,681
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $772 (5)(7)(8)(9)
90,236
772
Yum!
Brands
113,988
11,801
46,335
Household
Durables
0.4%
Cavco
Industries (5)
2,546
537
Lennar,
Class
A
19,886
1,650
Panasonic
(JPY)
262,800
3,398
Persimmon
(GBP)
79,557
2,883
Skyline
Champion (5)
23,468
1,038
Sony
(JPY)
47,500
5,016
TRI
Pointe
Group (5)
23,900
454
14,976
Internet
&
Direct
Marketing
Retail
3.8%
A
Place
for
Rover,
Acquisition
Date:
5/25/18,
Cost $6 (5)(8)
848
8
Alibaba
Group
Holding,
ADR (5)
107,729
25,614
Amazon.com (5)(6)
27,578
85,297
ASOS
(GBP) (5)
73,379
5,746
Booking
Holdings (5)
2,816
6,557
DoorDash,
Class
A (5)
3,604
611
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Etsy (5)
9,525
2,098
JD.com,
ADR (5)
14,368
1,349
Pinduoduo,
ADR (5)
9,961
1,705
Poshmark,
Class
A (5)
3,421
198
RealReal (5)
23,400
597
THG
(GBP) (5)
73,278
722
Zalando
(EUR) (5)
44,867
4,613
135,115
Multiline
Retail
0.4%
Dollar
General
39,671
7,497
Dollar
Tree (5)
1,233
121
Next
(GBP) (5)
31,651
3,353
Ollie's
Bargain
Outlet
Holdings (5)
23,025
1,904
12,875
Specialty
Retail
1.0%
Burlington
Stores (5)
10,186
2,636
Carvana (5)
11,349
3,217
Five
Below (5)
3,100
577
Home
Depot
21,996
5,682
Kingfisher
(GBP) (5)
1,012,207
3,752
L
Brands
16,745
915
Michaels (5)
53,582
804
Monro
19,132
1,186
Petco
Health
&
Wellness (5)
14,499
289
RH (5)
1,977
969
Ross
Stores
66,784
7,790
TJX
112,738
7,440
Vroom (5)
11,633
515
35,772
Textiles,
Apparel
&
Luxury
Goods
0.7%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $107 (5)(7)
(8)
9,780
113
Capri
Holdings (5)
18,700
872
EssilorLuxottica
(EUR)
21,564
3,518
Kering
(EUR)
4,468
2,826
Lululemon
Athletica (5)
15,987
4,983
Moncler
(EUR) (5)
63,551
3,930
NIKE,
Class
B
53,063
7,152
Samsonite
International
(HKD) (5)
682,200
1,326
Steven
Madden
6,700
248
VF
5,423
429
25,397
Total
Consumer
Discretionary
312,337
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
CONSUMER
STAPLES
2.1%
Beverages
0.3%
Boston
Beer,
Class
A (5)
3,814
3,924
Diageo
(GBP)
112,262
4,416
Kirin
Holdings
(JPY)
87,500
1,724
10,064
Food
&
Staples
Retailing
0.2%
Seven
&
i
Holdings
(JPY) (10)
119,300
4,547
Welcia
Holdings
(JPY) (10)
37,200
1,185
5,732
Food
Products
1.0%
Barry
Callebaut
(CHF)
1,170
2,531
Cal-Maine
Foods (5)
25,380
967
Darling
Ingredients (5)
36,861
2,324
Mondelez
International,
Class
A
26,032
1,384
Nestle
(CHF)
158,656
16,559
Nomad
Foods (5)
33,535
792
Post
Holdings (5)
13,343
1,282
Sanderson
Farms
6,624
1,010
TreeHouse
Foods (5)
28,256
1,413
Utz
Brands
43,100
1,089
Wilmar
International
(SGD)
1,036,400
4,080
33,431
Household
Products
0.1%
Procter
&
Gamble
21,186
2,617
2,617
Personal
Products
0.5%
BellRing
Brands,
Class
A (5)
13,881
315
Estee
Lauder,
Class
A
1,997
571
L'Oreal
(EUR)
16,585
6,053
Pola
Orbis
Holdings
(JPY)
37,700
864
Unilever
(GBP)
209,489
10,920
18,723
Total
Consumer
Staples
70,567
ENERGY
0.9%
Energy
Equipment
&
Services
0.2%
Cactus,
Class
A
13,400
427
Computer
Modelling
Group
(CAD)
38,800
174
Dril-Quip (5)
9,200
312
Halliburton
60,223
1,315
Liberty
Oilfield
Services,
Class
A
76,234
891
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
NexTier
Oilfield
Solutions (5)
119,301
555
Worley
(AUD)
340,758
2,901
6,575
Oil,
Gas
&
Consumable
Fuels
0.7%
Chevron
13,306
1,331
Devon
Energy
37,572
809
Diamondback
Energy
22,444
1,555
Equinor
(NOK) (10)
255,470
4,845
Magnolia
Oil
&
Gas,
Class
A (5)
85,189
1,027
Royal
Dutch
Shell,
Class
B,
ADR
60,592
2,356
Seven
Generations
Energy,
Class
A
(CAD) (5)
28,600
189
TOTAL
(EUR)
175,162
8,168
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $21 (5)(7)(8)
7
39
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $279 (5)(7)(8)
77
428
Williams
191,616
4,376
25,123
Total
Energy
31,698
FINANCIALS
10.3%
Banks
3.5%
Atlantic
Capital
Bancshares (5)
16,268
331
Australia
&
New
Zealand
Banking
Group
(AUD)
156,998
3,153
Bank
of
America
332,135
11,528
BankUnited
48,034
1,931
BNP
Paribas
(EUR) (5)
90,536
5,382
Citizens
Financial
Group
28,690
1,246
Close
Brothers
Group
(GBP)
52,116
1,132
Columbia
Banking
System
13,037
577
CrossFirst
Bankshares (5)
30,306
405
DBS
Group
Holdings
(SGD)
107,856
2,137
Dime
Community
Bancshares
15,085
444
DNB
(NOK) (10)
326,479
6,343
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $56 (5)(7)(8)
5,570
67
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $27 (5)(7)(8)
2,736
33
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(7)(8)
831
3
East
West
Bancorp
20,906
1,509
Equity
Bancshares,
Class
A (5)
14,634
380
Erste
Group
Bank
(EUR) (5)
67,018
2,201
FB
Financial
24,874
1,055
First
Bancshares
18,696
600
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $93 (5)(7)(8)
9,254
63
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(7)(8)
1,736
4
Heritage
Commerce
56,230
535
Heritage
Financial
20,509
531
Home
BancShares
54,266
1,326
ING
Groep
(EUR)
417,310
4,571
Intesa
Sanpaolo
(EUR) (5)
846,648
2,177
Investors
Bancorp
53,598
715
JPMorgan
Chase
106,928
15,737
Live
Oak
Bancshares
22,886
1,261
Lloyds
Banking
Group
(GBP) (5)
5,438,055
2,963
Mitsubishi
UFJ
Financial
Group
(JPY)
505,900
2,661
National
Bank
of
Canada
(CAD)
86,601
5,455
Origin
Bancorp
21,370
732
Pacific
Premier
Bancorp
30,931
1,247
Pinnacle
Financial
Partners
26,393
2,142
PNC
Financial
Services
Group
33,532
5,645
Popular
11,410
762
Professional
Holding,
Class
A (5)
11,709
187
Prosperity
Bancshares
12,232
899
Sandy
Spring
Bancorp
16,758
630
Seacoast
Banking (5)
37,166
1,336
Signature
Bank
9,751
2,129
South
State
17,762
1,401
Standard
Chartered
(GBP)
191,463
1,239
Sumitomo
Mitsui
Trust
Holdings
(JPY)
60,558
1,999
Svenska
Handelsbanken,
Class
A
(SEK) (5)
348,338
3,672
United
Overseas
Bank
(SGD)
191,400
3,515
Webster
Financial
18,417
1,019
Wells
Fargo
363,434
13,145
Western
Alliance
Bancorp
27,222
2,491
122,646
Capital
Markets
2.7%
Altimeter
Growth (5)
27,930
377
Bluescape
Opportunities
Acquisition (5)
35,704
419
Cboe
Global
Markets
16,990
1,681
Charles
Schwab
295,334
18,228
dMY
Technology
Group
II,
Class
A (5)
8,600
164
Goldman
Sachs
Group
64,468
20,596
Intercontinental
Exchange
27,787
3,065
Macquarie
Group
(AUD)
28,909
3,164
Morgan
Stanley (6)
518,655
39,869
MSCI
548
227
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
S&P
Global
15,775
5,196
StepStone
Group,
Class
A (5)
27,373
986
XP,
Class
A (5)
12,086
534
94,506
Consumer
Finance
0.2%
Capital
One
Financial
21,429
2,576
Encore
Capital
Group (5)
20,558
687
PRA
Group (5)
22,011
811
PROG
Holdings
24,508
1,226
SLM
42,835
676
5,976
Diversified
Financial
Services
0.5%
Challenger
(AUD)
274,699
1,360
Element
Fleet
Management
(CAD)
387,488
3,800
Equitable
Holdings
380,854
11,262
Mitsubishi
UFJ
Lease
&
Finance
(JPY)
282,700
1,525
17,947
Insurance
3.2%
AIA
Group
(HKD)
179,400
2,262
American
International
Group (6)
343,102
15,079
Assurant
12,059
1,486
Aviva
(GBP)
485,786
2,461
AXA
(EUR)
314,277
7,903
Axis
Capital
Holdings
24,755
1,251
Chubb
72,294
11,754
Direct
Line
Insurance
Group
(GBP)
269,904
1,207
Hanover
Insurance
Group
9,412
1,086
Hartford
Financial
Services
Group
76,551
3,880
Loews
13,140
628
Marsh
&
McLennan
43,004
4,955
MetLife
192,030
11,061
Munich
Re
(EUR)
27,617
8,124
PICC
Property
&
Casualty,
Class
H
(HKD)
2,800,000
2,118
Ping
An
Insurance
Group,
Class
H
(HKD)
215,000
2,661
Principal
Financial
Group
20,172
1,141
Safety
Insurance
Group
4,207
333
Sampo,
Class
A
(EUR)
120,760
5,375
Selective
Insurance
Group
25,445
1,726
Selectquote (5)
15,091
460
State
Auto
Financial
11,937
224
Storebrand
(NOK) (5)
432,179
3,684
Sun
Life
Financial
(CAD) (10)
115,180
5,543
Tokio
Marine
Holdings
(JPY)
96,200
4,779
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Travelers
34,856
5,072
Willis
Towers
Watson
546
120
Zurich
Insurance
Group
(CHF)
10,741
4,385
110,758
Thrifts
&
Mortgage
Finance
0.2%
Capitol
Federal
Financial
35,086
467
Essent
Group
24,043
991
Housing
Development
Finance
(INR)
78,611
2,721
Meridian
Bancorp
44,119
739
PennyMac
Financial
Services
23,551
1,395
Sterling
Bancorp
34,240
176
6,489
Total
Financials
358,322
HEALTH
CARE
9.1%
Biotechnology
1.0%
AbbVie
62,680
6,753
Abcam,
ADR (5)
14,306
341
ACADIA
Pharmaceuticals (5)
7,026
344
Acceleron
Pharma (5)
8,410
1,145
Agios
Pharmaceuticals (5)
11,088
526
Allogene
Therapeutics (5)
4,612
160
Apellis
Pharmaceuticals (5)
3,800
183
Arcutis
Biotherapeutics (5)
2,929
100
Argenx,
ADR (5)
6,693
2,213
Ascendis
Pharma,
ADR (5)
10,315
1,599
Avidity
Biosciences (5)
3,236
78
Blueprint
Medicines (5)
10,988
1,079
Cerevel
Therapeutics
Holdings (5)
7,085
107
CRISPR
Therapeutics (5)
2,053
258
Enanta
Pharmaceuticals (5)
1,100
54
Exact
Sciences (5)
870
118
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $53 (5)(7)(8)
8,157
53
G1
Therapeutics (5)
6,798
150
Generation
Bio (5)
19,143
669
Global
Blood
Therapeutics (5)
19,042
811
Homology
Medicines (5)
10,656
114
IGM
Biosciences (5)
5,061
443
Incyte (5)
22,187
1,745
Insmed (5)
33,258
1,190
Intellia
Therapeutics (5)
4,770
288
Iovance
Biotherapeutics (5)
4,528
169
Kodiak
Sciences (5)
14,182
1,830
Legend
Biotech,
ADR (5)
1,496
41
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
MeiraGTx
Holdings (5)
5,759
86
Orchard
Therapeutics,
ADR (5)
14,507
101
PTC
Therapeutics (5)
2,900
166
Radius
Health (5)
51,854
965
RAPT
Therapeutics (5)
6,800
123
Replimune
Group (5)
3,157
109
Scholar
Rock
Holding (5)
18,068
978
Seagen (5)
4,723
714
TG
Therapeutics (5)
1,811
79
Turning
Point
Therapeutics (5)
6,264
739
Ultragenyx
Pharmaceutical (5)
14,690
2,079
Vertex
Pharmaceuticals (5)
19,342
4,111
Xencor (5)
16,750
825
Zentalis
Pharmaceuticals (5)
3,056
129
33,765
Health
Care
Equipment
&
Supplies
2.7%
Abbott
Laboratories
37,201
4,456
Alcon
(CHF) (5)
21,836
1,504
Align
Technology (5)
1,823
1,034
AtriCure (5)
13,562
885
Avanos
Medical (5)
21,880
1,006
Axonics
Modulation
Technologies (5)
5,429
273
Becton
Dickinson
&
Company
1,350
325
Danaher
111,871
24,575
DENTSPLY
SIRONA
7,311
388
Elekta,
Class
B
(SEK)
207,382
2,796
ICU
Medical (5)
4,419
917
Intuitive
Surgical (5)
13,471
9,925
iRhythm
Technologies (5)
8,862
1,426
JAND,
Class
A,
Acquisition
Date:
3/9/18,
Cost $114 (5)(7)(8)
7,265
178
Koninklijke
Philips
(EUR) (5)
197,827
10,801
Medtronic
82,476
9,647
Mesa
Laboratories
1,269
345
Nevro (5)
5,729
946
NuVasive (5)
9,443
570
Outset
Medical (5)
1,924
96
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264 (5)(7)(8)
70,144
118
Penumbra (5)
2,774
789
Pulmonx (5)
1,758
100
Quidel (5)
11,891
1,953
Siemens
Healthineers
(EUR)
67,385
3,734
Stryker
68,857
16,711
Zimmer
Biomet
Holdings
6,097
994
96,492
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Health
Care
Providers
&
Services
2.1%
Accolade (5)
5,676
252
Alignment
Healthcare
Partners,
Acquisition
Date:
2/28/20,
Cost $204 (5)(7)(8)
16,862
207
Amedisys (5)
6,876
1,744
Anthem
35,971
10,906
Centene (5)
71,405
4,180
Cigna
38,673
8,118
Cross
Country
Healthcare (5)
29,368
326
Fresenius
(EUR)
91,468
3,919
Hanger (5)
42,561
936
HCA
Healthcare
92,804
15,965
Humana
5,261
1,997
ModivCare (5)
6,705
860
Molina
Healthcare (5)
12,555
2,721
Oak
Street
Health (5)
2,403
127
Option
Care
Health (5)
14,275
274
Pennant
Group (5)
11,861
626
U.S.
Physical
Therapy
8,140
954
UnitedHealth
Group
59,184
19,662
73,774
Health
Care
Technology
0.1%
Certara (5)
3,895
135
Veeva
Systems,
Class
A (5)
6,906
1,934
2,069
Life
Sciences
Tools
&
Services
1.0%
Adaptive
Biotechnologies (5)
7,358
416
Agilent
Technologies
61,181
7,468
Bruker
28,618
1,745
Evotec
(EUR) (5)(10)
52,357
2,025
PPD (5)
18,790
659
Quanterix (5)
3,732
283
Seer (5)
2,734
132
Seer,
Class
A,
Acquisition
Date:
12/8/20,
Cost $93 (5)(8)
4,911
225
Thermo
Fisher
Scientific
46,418
20,892
33,845
Pharmaceuticals
2.2%
Arvinas (5)
1,746
137
Astellas
Pharma
(JPY)
474,000
7,495
AstraZeneca,
ADR
86,300
4,175
Atea
Pharmaceuticals (5)
3,120
235
Bausch
Health (5)
78,680
2,472
Bayer
(EUR)
86,761
5,270
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Cara
Therapeutics (5)
10,157
186
Catalent (5)
21,007
2,389
Elanco
Animal
Health (5)
122,722
4,033
Eli
Lilly
and
Company
34,619
7,093
GlaxoSmithKline,
ADR
108,308
3,640
Ipsen
(EUR)
20,155
1,716
Novartis
(CHF)
104,583
9,007
Novo
Nordisk,
Class
B
(DKK)
27,372
1,953
Otsuka
Holdings
(JPY)
82,200
3,279
Reata
Pharmaceuticals,
Class
A (5)
5,021
614
Roche
Holding
(CHF)
29,875
9,801
Sanofi
(EUR)
88,410
8,113
Takeda
Pharmaceutical,
ADR
85,512
1,429
TherapeuticsMD (5)
188,145
286
Zoetis
20,531
3,187
76,510
Total
Health
Care
316,455
INDUSTRIALS
&
BUSINESS
SERVICES
7.6%
Aerospace
&
Defense
0.3%
BWX
Technologies
9,137
530
Meggitt
(GBP) (5)
656,789
3,894
Parsons (5)
10,246
366
Safran
(EUR) (5)
20,639
2,813
Teledyne
Technologies (5)
5,743
2,131
9,734
Air
Freight
&
Logistics
0.3%
FedEx
23,313
5,933
United
Parcel
Service,
Class
B
38,997
6,155
12,088
Airlines
0.1%
Alclear
Holdings,
Class
B,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $291 (5)(7)(8)(9)
1,942
563
Southwest
Airlines
73,952
4,299
United
Airlines
Holdings (5)
1,308
69
4,931
Building
Products
0.2%
Gibraltar
Industries (5)
21,034
1,837
Johnson
Controls
International
94,050
5,247
PGT
Innovations (5)
32,023
756
7,840
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Commercial
Services
&
Supplies
0.2%
ADT
96,828
737
Brink's
16,099
1,237
Cintas
6,123
1,986
Copart (5)
794
87
Heritage-Crystal
Clean (5)
19,135
502
MSA
Safety
5,208
838
Rentokil
Initial
(GBP) (5)
170,600
1,111
Tetra
Tech
4,393
608
7,106
Electrical
Equipment
0.7%
ABB
(CHF)
176,347
5,077
Array
Technologies (5)
15,797
586
AZZ
27,496
1,405
Hubbell
18,264
3,242
Legrand
(EUR)
30,042
2,612
Mitsubishi
Electric
(JPY)
383,600
5,681
Prysmian
(EUR)
105,972
3,404
Schneider
Electric
(EUR)
18,864
2,789
Shoals
Technologies
Group,
Class
A (5)
24,140
787
Thermon
Group
Holdings (5)
12,860
263
25,846
Industrial
Conglomerates
1.8%
DCC
(GBP)
35,791
2,891
General
Electric
2,160,009
27,087
Honeywell
International
64,607
13,073
Melrose
Industries
(GBP) (5)
1,887,903
4,387
Roper
Technologies
10,580
3,995
Siemens
(EUR)
82,169
12,717
64,150
Machinery
1.8%
Caterpillar
84,182
18,173
Chart
Industries (5)
13,823
1,978
Deere
46,502
16,235
Enerpac
Tool
Group
49,294
1,218
ESCO
Technologies
15,263
1,613
Federal
Signal
14,100
513
Fortive
26,069
1,716
Graco
17,410
1,207
Helios
Technologies
14,453
945
Ingersoll
Rand (5)
39,127
1,813
John
Bean
Technologies
13,839
2,042
KION
Group
(EUR)
44,778
3,784
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Knorr-Bremse
(EUR)
19,299
2,458
Marel
(ISK)
51,853
363
Meritor (5)
42,535
1,292
Mueller
Water
Products,
Class
A
61,051
787
Parker-Hannifin
2,029
582
SMC
(JPY)
2,700
1,601
SPX (5)
17,959
998
Stanley
Black
&
Decker
3,590
628
THK
(JPY)
59,700
1,941
Toro
9,871
995
62,882
Marine
0.0%
Matson
23,120
1,602
1,602
Professional
Services
0.8%
Booz
Allen
Hamilton
Holding
13,598
1,049
Clarivate (5)
96,912
2,205
CoStar
Group (5)
5,106
4,206
Equifax
4,032
653
Huron
Consulting
Group (5)
5,500
280
Jacobs
Engineering
Group
69,088
7,951
Recruit
Holdings
(JPY)
92,400
4,617
TechnoPro
Holdings
(JPY)
37,200
2,716
Teleperformance
(EUR)
8,105
2,871
Upwork (5)
38,516
2,075
28,623
Road
&
Rail
0.7%
Canadian
Pacific
Railway
616
219
Central
Japan
Railway
(JPY)
16,700
2,752
CSX
8,941
819
Kansas
City
Southern
997
212
Knight-Swift
Transportation
Holdings
25,626
1,107
Landstar
System
4,915
787
Norfolk
Southern
50,603
12,755
Saia (5)
4,600
922
Union
Pacific
26,577
5,474
25,047
Trading
Companies
&
Distributors
0.7%
Air
Lease
6,700
307
Ashtead
Group
(GBP)
72,939
3,963
Bunzl
(GBP)
60,328
1,884
Mitsubishi
(JPY)
96,000
2,721
Rush
Enterprises,
Class
A
19,772
839
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SiteOne
Landscape
Supply (5)
15,268
2,420
Sumitomo
(JPY)
217,100
3,164
United
Rentals (5)
32,935
9,794
25,092
Total
Industrials
&
Business
Services
274,941
INFORMATION
TECHNOLOGY
16.0%
Communications
Equipment
0.2%
Infinera (5)
11,300
111
LM
Ericsson,
Class
B
(SEK)
486,650
6,081
6,192
Electronic
Equipment,
Instruments
&
Components
0.6%
CTS
33,373
1,074
Hamamatsu
Photonics
(JPY)
53,500
3,159
Keysight
Technologies (5)
9,615
1,361
Largan
Precision
(TWD)
15,000
1,773
Littelfuse
4,928
1,282
Murata
Manufacturing
(JPY)
56,400
4,835
National
Instruments
31,538
1,400
Novanta (5)
16,017
2,119
Omron
(JPY)
29,000
2,353
TE
Connectivity
15,532
2,020
21,376
IT
Services
3.7%
Amadeus
IT
Group,
A
Shares
(EUR) (5)
26,371
1,841
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,024 (5)(7)(8)
182,540
1,473
Automatic
Data
Processing
2,627
457
Euronet
Worldwide (5)
7,918
1,190
Fidelity
National
Information
Services
25,640
3,538
Fiserv (5)
125,387
14,466
Global
Payments
79,427
15,726
Kratos
Defense
&
Security
Solutions (5)
40,030
1,101
Mastercard,
Class
A
52,316
18,512
MongoDB (5)
4,008
1,547
NTT
Data
(JPY)
338,500
5,197
PayPal
Holdings (5)
92,045
23,918
Repay
Holdings (5)
11,161
243
ServiceTitan,
Acquisition
Date:
11/9/18,
Cost $9 (5)(7)(8)
327
13
Shopify,
Class
A (5)
3,181
4,075
Snowflake,
Class
A (5)
1,140
296
Square,
Class
A (5)
2,049
471
StoneCo,
Class
A (5)
7,872
675
Twilio,
Class
A (5)
3,620
1,422
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Visa,
Class
A
146,697
31,157
Wix.com (5)
11,582
4,037
131,355
Semiconductors
&
Semiconductor
Equipment
5.2%
Advanced
Micro
Devices (5)
68,220
5,765
Analog
Devices
54,786
8,537
Applied
Materials
195,971
23,162
ASML
Holding
(EUR)
14,865
8,430
ASML
Holding
10,874
6,167
Broadcom
43,891
20,623
Entegris
30,040
3,161
KLA
3,725
1,159
Lam
Research
4,235
2,402
Lattice
Semiconductor (5)
59,216
2,849
Marvell
Technology
Group
118,862
5,739
Maxim
Integrated
Products
16,214
1,511
Microchip
Technology
5,364
819
Micron
Technology (5)
65,885
6,030
Monolithic
Power
Systems
3,551
1,330
NVIDIA
26,935
14,776
NXP
Semiconductors
113,371
20,696
PDF
Solutions (5)
24,519
450
QUALCOMM
154,974
21,106
Renesas
Electronics
(JPY) (5)
164,700
1,812
Semtech (5)
6,905
506
Taiwan
Semiconductor
Manufacturing
(TWD)
649,759
14,195
Texas
Instruments
44,153
7,606
Tokyo
Electron
(JPY)
10,100
4,212
183,043
Software
4.9%
Atlassian,
Class
A (5)
7,594
1,805
Ceridian
HCM
Holding (5)
18,579
1,666
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93 (5)(7)(8)
3,930
96
Citrix
Systems
10,990
1,468
Coupa
Software (5)
5,020
1,738
Crowdstrike
Holdings,
Class
A (5)
3,419
739
Descartes
Systems
Group (5)
31,436
1,841
DocuSign (5)
11,258
2,552
Duck
Creek
Technologies (5)
2,960
140
Five9 (5)
12,710
2,354
Fortinet (5)
422
71
Intuit
43,949
17,146
Manhattan
Associates (5)
5,300
652
Microsoft (6)
332,944
77,370
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
nCino (5)
11,050
756
Paycom
Software (5)
5,219
1,953
Proofpoint (5)
9,397
1,136
RingCentral,
Class
A (5)
362
137
salesforce.com (5)
69,617
15,072
SAP
(EUR)
36,126
4,468
ServiceNow (5)
36,221
19,322
Splunk (5)
27,773
3,972
SS&C
Technologies
Holdings
28,266
1,873
Synopsys (5)
35,601
8,730
Toast,
Acquisition
Date:
9/14/18,
Cost $— (5)(7)(8)
19
2
Workday,
Class
A (5)
10,628
2,606
Workiva (5)
5,700
577
Zendesk (5)
2,900
424
Zoom
Video
Communications,
Class
A (5)
7,054
2,635
173,301
Technology
Hardware,
Storage
&
Peripherals
1.4%
Apple (6)
307,124
37,242
Samsung
Electronics
(KRW)
148,090
10,853
48,095
Total
Information
Technology
563,362
MATERIALS
4.2%
Chemicals
1.7%
Air
Liquide
(EUR)
27,835
4,192
Akzo
Nobel
(EUR)
34,824
3,601
Albemarle
6,191
973
Asahi
Kasei
(JPY)
325,100
3,527
BASF
(EUR)
47,247
3,865
Covestro
(EUR)
94,933
6,874
Element
Solutions
109,554
1,978
International
Flavors
&
Fragrances
34,699
4,702
Johnson
Matthey
(GBP)
105,055
4,489
Linde
51,694
12,627
Minerals
Technologies
13,946
994
PPG
Industries
33,503
4,517
Quaker
Chemical
5,294
1,495
Sherwin-Williams
1,825
1,242
Tosoh
(JPY)
27,000
496
Umicore
(EUR)
58,390
3,430
59,002
Containers
&
Packaging
1.1%
Amcor,
CDI
(AUD)
193,318
2,114
Avery
Dennison
22,425
3,929
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Ball
3,888
332
International
Paper
217,125
10,780
Packaging
Corp.
of
America
80,317
10,603
Westrock
244,197
10,645
38,403
Metals
&
Mining
1.2%
Alcoa (5)
28,900
710
Antofagasta
(GBP)
214,834
5,362
BHP
Group
(AUD)
156,085
5,900
BHP
Group
(GBP)
161,855
5,141
Constellium (5)
77,590
1,027
ERO
Copper
(CAD) (5)
59,925
1,057
Franco-Nevada
(CAD)
5,157
552
Freeport-McMoRan (5)
289,810
9,827
Haynes
International
16,630
465
IGO
(AUD)
821,493
4,431
Northern
Star
Resources
(AUD)
119,059
922
Rio
Tinto
(AUD)
19,906
1,953
South32
(AUD)
918,716
1,952
Southern
Copper
43,274
3,087
42,386
Paper
&
Forest
Products
0.2%
Domtar
17,264
640
Stora
Enso,
Class
R
(EUR)
189,264
3,728
West
Fraser
Timber
(CAD)
13,094
895
5,263
Total
Materials
145,054
REAL
ESTATE
1.6%
Equity
Real
Estate
Investment
Trusts
1.4%
American
Campus
Communities,
REIT
25,830
1,058
Community
Healthcare
Trust,
REIT
8,426
369
CubeSmart,
REIT
25,028
925
EastGroup
Properties,
REIT
14,614
1,989
First
Industrial
Realty
Trust,
REIT
13,479
576
Flagship
Communities,
REIT
6,984
105
Great
Portland
Estates
(GBP)
300,554
2,841
JBG
SMITH
Properties,
REIT
34,285
1,089
Prologis,
REIT
217,867
21,584
PS
Business
Parks,
REIT
10,926
1,583
Regency
Centers,
REIT
5,940
325
Rexford
Industrial
Realty,
REIT
24,597
1,174
Scentre
Group
(AUD)
847,656
1,877
Welltower,
REIT
81,528
5,536
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Weyerhaeuser,
REIT
275,948
9,346
50,377
Real
Estate
Management
&
Development
0.2%
Altus
Group
(CAD)
616
27
FirstService
18,418
2,786
Mitsui
Fudosan
(JPY)
216,800
4,931
7,744
Total
Real
Estate
58,121
UTILITIES
2.1%
Electric
Utilities
0.8%
American
Electric
Power
4,477
335
Evergy
2,360
126
FirstEnergy
44,496
1,475
IDACORP
11,200
966
MGE
Energy
6,039
385
NextEra
Energy
207,753
15,266
Southern
172,169
9,765
Xcel
Energy
4,171
244
28,562
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
336,500
1,165
Chesapeake
Utilities
11,226
1,187
ONE
Gas
19,939
1,335
Southwest
Gas
Holdings
23,758
1,481
5,168
Independent
Power
&
Renewable
Electricity
Producers
0.2%
AES
96,017
2,550
Electric
Power
Development
(JPY) (10)
110,800
1,812
NextEra
Energy
Partners
11,992
871
5,233
Multi-Utilities
0.9%
Ameren
42,864
3,012
Dominion
Energy
7,970
544
DTE
Energy
3,549
418
Engie
(EUR) (5)
362,626
5,280
National
Grid
(GBP)
329,006
3,699
NorthWestern
5,600
327
Public
Service
Enterprise
Group
115,692
6,228
Sempra
Energy
94,766
10,991
WEC
Energy
Group
6,953
561
31,060
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Water
Utilities
0.1%
California
Water
Service
Group
13,371
735
Middlesex
Water
8,994
618
SJW
Group
13,202
827
2,180
Total
Utilities
72,203
Total
Miscellaneous
Common
Stocks
0.0% (11)
758
Total
Common
Stocks
(Cost
$1,377,833)
2,513,597
CONVERTIBLE
PREFERRED
STOCKS
0.4%
CONSUMER
DISCRETIONARY
0.2%
Automobiles
0.2%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $287 (5)(7)(8)
26,722
985
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $430 (5)(7)(8)
27,772
1,023
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $2,493 (5)(7)(8)
67,655
2,493
4,501
Diversified
Consumer
Services
0.0%
1stdibs.com,
Series
D,
Acquisition
Date:
2/7/19,
Cost $100 (5)(7)
(8)
19,927
166
166
Hotels,
Restaurants
&
Leisure
0.0%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20,
Cost $327 (5)(7)
(8)
14,422
327
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159 (5)(7)(8)
(9)
17,718
159
486
Internet
&
Direct
Marketing
Retail
0.0%
A
Place
for
Rover,
Series
G,
Acquisition
Date:
5/11/18,
Cost $91 (5)(8)
12,138
120
Roofoods,
Series
F,
Acquisition
Date:
9/12/17,
Cost $303 (5)(7)(8)
857
752
Roofoods,
Series
G,
Acquisition
Date:
5/16/19,
Cost $13 (5)(7)(8)
30
26
898
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $35 (5)(7)(8)
3,180
37
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $6 (5)(7)(8)
560
6
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $58 (5)(7)(8)
5,340
62
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $19 (5)(7)
(8)
1,710
20
125
Total
Consumer
Discretionary
6,176
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $221 (5)(7)(8)
11,951
395
Total
Consumer
Staples
395
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $107 (5)(7)(8)
38,898
107
107
Health
Care
Equipment
&
Supplies
0.0%
JAND,
Series
E,
Acquisition
Date:
3/9/18,
Cost $141 (5)(7)(8)
8,963
220
JAND,
Series
F,
Acquisition
Date:
4/3/20,
Cost $257 (5)(7)(8)
13,191
324
Kardium,
Series
D6,
Acquisition
Date:
1/8/21,
Cost $120 (5)(7)(8)
118,345
120
664
Health
Care
Providers
&
Services
0.0%
Bright
Health,
Series
E,
Acquisition
Date:
9/16/20,
Cost $293 (5)
(7)(8)
14,370
293
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223 (5)(7)(8)
92,428
223
516
Life
Sciences
Tools
&
Services
0.0%
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $161 (5)(7)(8)
11,776
161
161
Total
Health
Care
1,448
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Machinery
0.0%
Xometry,
Series
A-2,
Acquisition
Date:
7/20/20,
Cost $20 (5)(7)(8)
2,098
20
Xometry,
Series
B,
Acquisition
Date:
7/20/20,
Cost $7 (5)(7)(8)
720
7
Xometry,
Series
C,
Acquisition
Date:
7/20/20,
Cost $7 (5)(7)(8)
748
7
Xometry,
Series
D,
Acquisition
Date:
7/20/20,
Cost $6 (5)(7)(8)
581
6
Xometry,
Series
E,
Acquisition
Date:
7/20/20,
Cost $57 (5)(7)(8)
4,201
57
Xometry,
Series
Seed-1,
Acquisition
Date:
9/4/20,
Cost $31 (5)(7)
(8)
3,825
31
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Xometry,
Series
Seed-2,
Acquisition
Date:
9/4/20,
Cost $13 (5)(7)
(8)
1,683
13
141
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $148 (5)(7)(8)
20,804
242
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $223 (5)(7)(8)
16,522
193
435
Total
Industrials
&
Business
Services
576
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (5)
(7)(8)
7
—
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $88 (5)(7)
(8)
3,321
129
129
Software
0.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67 (5)(7)(8)
4,912
120
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263 (5)(7)(8)
8,682
213
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260 (5)(7)(8)
1,466
260
Flexe,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119 (5)(7)(8)
9,815
119
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20,
Cost $70 (5)(7)(8)
4,790
70
Nuro,
Series
C,
Acquisition
Date:
10/30/20,
Cost $175 (5)(7)(8)
13,371
175
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $54 (5)(7)(8)
23,742
86
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $126 (5)(7)(8)
4,012
176
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $16 (5)(7)(8)
375
16
Toast,
Series
B,
Acquisition
Date:
9/14/18,
Cost $3 (5)(7)(8)
169
22
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $214 (5)(7)(8)
12,364
1,588
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $60 (5)(7)(8)
1,312
169
3,014
Total
Information
Technology
3,143
MATERIALS
0.0%
Chemicals
0.0%
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217 (5)(7)(8)
5,247
217
Total
Materials
217
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
UTILITIES
0.1%
Electric
Utilities
0.1%
Southern,
Series
A,
6.75%,
8/1/22
19,032
918
Total
Utilities
918
Total
Convertible
Preferred
Stocks
(Cost
$9,040)
12,873
CORPORATE
BONDS
2.1%
AbbVie,
2.95%,
11/21/26
535,000
580
AbbVie,
4.05%,
11/21/39
355,000
408
AbbVie,
4.875%,
11/14/48
412,000
527
Adani
Electricity
Mumbai,
3.949%,
2/12/30
550,000
567
AerCap
Ireland
Capital,
3.50%,
5/26/22
150,000
154
AerCap
Ireland
Capital,
4.875%,
1/16/24
435,000
475
AerCap
Ireland
Capital,
6.50%,
7/15/25
155,000
182
AIA
Group,
3.90%,
4/6/28 (1)
490,000
548
AIB
Group,
VR,
4.263%,
4/10/25 (1)(12)
210,000
230
Aker,
2.875%,
1/15/26 (1)
240,000
249
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28
280,000
316
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
50,000
60
American
Airlines
PTT,
Series 2013-1,
Class
A,
4.00%,
7/15/25
1
—
American
Campus
Communities
Operating
Partnership,
2.85%,
2/1/30
390,000
400
American
Campus
Communities
Operating
Partnership,
3.30%,
7/15/26
95,000
104
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
215,000
238
APT
Pipelines,
4.25%,
7/15/27 (1)
520,000
589
Arrow
Electronics,
4.00%,
4/1/25
230,000
250
AT&T,
2.25%,
2/1/32
300,000
287
AT&T,
2.30%,
6/1/27
190,000
197
AT&T,
2.55%,
12/1/33 (1)
220,000
211
AT&T,
2.75%,
6/1/31
720,000
731
AT&T,
3.80%,
12/1/57 (1)
392,000
373
AT&T,
4.30%,
2/15/30
135,000
155
Ausgrid
Finance,
3.85%,
5/1/23 (1)(10)
135,000
142
Ausgrid
Finance,
4.35%,
8/1/28 (1)
205,000
232
Avnet,
3.75%,
12/1/21
270,000
276
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
445,000
466
Avolon
Holdings
Funding,
4.25%,
4/15/26 (1)
60,000
63
Avolon
Holdings
Funding,
4.375%,
5/1/26 (1)
130,000
138
Baidu,
2.875%,
7/6/22
460,000
471
Baidu,
3.625%,
7/6/27
450,000
496
Baidu,
3.875%,
9/29/23
255,000
275
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Banco
Santander,
3.49%,
5/28/30
200,000
216
Bank
of
America,
3.248%,
10/21/27
475,000
519
Bank
of
America,
VR,
1.898%,
7/23/31 (12)
225,000
217
Bank
of
America,
VR,
2.496%,
2/13/31 (12)
250,000
256
Bank
of
America,
VR,
2.592%,
4/29/31 (12)
265,000
273
Bank
of
America,
VR,
3.419%,
12/20/28 (12)
25,000
28
Bank
of
America,
VR,
3.559%,
4/23/27 (12)
95,000
105
Bank
of
America,
VR,
4.271%,
7/23/29 (12)
330,000
382
Bank
of
America,
Series L,
3.95%,
4/21/25
635,000
702
Barclays,
VR,
2.852%,
5/7/26 (12)
300,000
316
Barclays,
VR,
3.932%,
5/7/25 (12)
235,000
256
BAT
Capital,
3.557%,
8/15/27
665,000
721
BAT
International
Finance,
1.668%,
3/25/26
85,000
85
BBVA
Bancomer,
4.375%,
4/10/24 (1)(10)
700,000
763
Becton
Dickinson
&
Company,
1.957%,
2/11/31
255,000
251
Becton
Dickinson
&
Company,
2.823%,
5/20/30
150,000
157
Becton
Dickinson
&
Company,
3.70%,
6/6/27
615,000
688
Becton
Dickinson
&
Company,
3.794%,
5/20/50
175,000
193
Becton
Dickinson
&
Company,
4.669%,
6/6/47
170,000
210
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(12)
200,000
199
BNP
Paribas,
VR,
3.052%,
1/13/31 (1)(12)
375,000
396
Boardwalk
Pipelines,
3.40%,
2/15/31
235,000
242
Boardwalk
Pipelines,
4.45%,
7/15/27
40,000
45
Boardwalk
Pipelines,
4.95%,
12/15/24
175,000
198
Boardwalk
Pipelines,
5.95%,
6/1/26
250,000
295
Booking
Holdings,
4.10%,
4/13/25
85,000
95
Booking
Holdings,
4.50%,
4/13/27
90,000
105
Booking
Holdings,
4.625%,
4/13/30
100,000
119
Boral
Finance,
3.00%,
11/1/22 (1)
30,000
31
Boral
Finance,
3.75%,
5/1/28 (1)
855,000
904
Boston
Properties,
3.25%,
1/30/31
100,000
106
Brixmor
Operating
Partnership,
3.65%,
6/15/24
134,000
145
Brixmor
Operating
Partnership,
3.85%,
2/1/25
285,000
310
Brixmor
Operating
Partnership,
4.05%,
7/1/30
70,000
77
Brixmor
Operating
Partnership,
4.125%,
5/15/29
445,000
495
Cameron
LNG,
2.902%,
7/15/31 (1)
90,000
95
Cameron
LNG,
3.302%,
1/15/35 (1)
95,000
103
Cameron
LNG,
3.701%,
1/15/39 (1)
75,000
82
Capital
One
Financial,
3.75%,
3/9/27
775,000
868
Cardinal
Health,
3.75%,
9/15/25
205,000
226
Cardinal
Health,
4.50%,
11/15/44
50,000
55
Cardinal
Health,
4.90%,
9/15/45
50,000
58
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
550,000
595
Charter
Communications
Operating,
2.30%,
2/1/32
275,000
269
Charter
Communications
Operating,
2.80%,
4/1/31
495,000
502
Charter
Communications
Operating,
3.75%,
2/15/28
175,000
192
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Charter
Communications
Operating,
4.20%,
3/15/28
310,000
347
Charter
Communications
Operating,
4.80%,
3/1/50
75,000
82
Charter
Communications
Operating,
5.125%,
7/1/49
85,000
98
Charter
Communications
Operating,
5.75%,
4/1/48
15,000
18
Charter
Communications
Operating,
6.484%,
10/23/45
50,000
67
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29
225,000
243
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
70,000
81
Cigna,
3.40%,
3/15/50
495,000
505
Cigna,
4.50%,
2/25/26
235,000
269
Citigroup,
VR,
3.106%,
4/8/26 (12)
215,000
231
CNO
Financial
Group,
5.25%,
5/30/25
124,000
142
Comcast,
3.25%,
11/1/39
300,000
318
Country
Garden
Holdings,
5.125%,
1/17/25
200,000
210
Country
Garden
Holdings,
6.15%,
9/17/25
300,000
334
Credit
Suisse
Group,
VR,
2.193%,
6/5/26 (1)(12)
310,000
321
Credit
Suisse
Group,
VR,
2.593%,
9/11/25 (1)(12)
385,000
405
Credit
Suisse
Group,
VR,
4.194%,
4/1/31 (1)(12)
295,000
334
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
355,000
380
CVS
Health,
1.30%,
8/21/27
180,000
176
CVS
Health,
1.875%,
2/28/31
165,000
159
CVS
Health,
2.70%,
8/21/40
70,000
66
CVS
Health,
3.625%,
4/1/27
45,000
50
CVS
Health,
4.25%,
4/1/50
515,000
597
CVS
Health,
5.05%,
3/25/48
135,000
171
CVS
Health,
5.125%,
7/20/45
10,000
13
Daimler
Finance
North
America,
1.45%,
3/2/26 (1)
270,000
271
Daimler
Finance
North
America,
2.45%,
3/2/31 (1)
150,000
152
Danske
Bank,
VR,
3.001%,
9/20/22 (1)(12)
260,000
263
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(12)
260,000
279
Diamondback
Energy,
3.25%,
12/1/26
260,000
274
Discover
Financial
Services,
3.75%,
3/4/25
320,000
349
Discover
Financial
Services,
4.10%,
2/9/27
225,000
254
Ecolab,
4.80%,
3/24/30
20,000
24
Edison
International,
4.95%,
4/15/25
15,000
17
Energy
Transfer
Operating,
2.90%,
5/15/25
90,000
95
Energy
Transfer
Operating,
4.50%,
4/15/24
50,000
55
Energy
Transfer
Operating,
4.95%,
6/15/28
80,000
90
Energy
Transfer
Operating,
5.00%,
5/15/50
45,000
47
Energy
Transfer
Operating,
5.25%,
4/15/29
115,000
133
Energy
Transfer
Operating,
5.50%,
6/1/27
35,000
41
Energy
Transfer
Operating,
5.875%,
1/15/24
465,000
520
Energy
Transfer
Operating,
6.00%,
6/15/48
145,000
165
Energy
Transfer
Operating,
6.25%,
4/15/49
320,000
375
Eni,
Series X-R,
4.75%,
9/12/28 (1)
360,000
420
Essex
Portfolio,
3.375%,
4/15/26
170,000
187
Falabella,
4.375%,
1/27/25 (10)
500,000
550
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
GE
Capital
Funding,
4.05%,
5/15/27 (1)
210,000
237
GE
Capital
International
Funding,
3.373%,
11/15/25
535,000
583
General
Motors
Financial,
3.20%,
7/6/21
30,000
30
General
Motors
Financial,
4.00%,
10/6/26
100,000
111
General
Motors
Financial,
4.35%,
4/9/25
165,000
182
General
Motors
Financial,
5.10%,
1/17/24
285,000
317
GLP
Capital,
3.35%,
9/1/24
60,000
64
Goldman
Sachs
Group,
3.50%,
11/16/26
230,000
253
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
25,000
25
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
70,000
71
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
30,000
31
Hasbro,
3.55%,
11/19/26
120,000
131
Healthcare
Realty
Trust,
2.05%,
3/15/31
95,000
91
Healthcare
Realty
Trust,
3.625%,
1/15/28
260,000
283
Healthpeak
Properties,
2.875%,
1/15/31
35,000
36
Healthpeak
Properties,
3.25%,
7/15/26
30,000
33
Healthpeak
Properties,
3.50%,
7/15/29
35,000
39
Heathrow
Funding,
4.875%,
7/15/21 (1)
175,000
178
Highwoods
Realty,
3.05%,
2/15/30
350,000
360
Highwoods
Realty,
4.125%,
3/15/28
110,000
122
HSBC
Holdings,
3.90%,
5/25/26
310,000
346
HSBC
Holdings,
VR,
2.099%,
6/4/26 (12)
390,000
403
Humana,
4.875%,
4/1/30
265,000
318
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
120,000
121
Hyundai
Capital
America,
2.375%,
2/10/23 (1)
245,000
253
Intercontinental
Exchange,
1.85%,
9/15/32
650,000
617
Intercontinental
Exchange,
2.10%,
6/15/30
330,000
329
JPMorgan
Chase,
VR,
1.764%,
11/19/31 (12)
735,000
705
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (12)
295,000
304
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (12)
185,000
194
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (12)
1,000,000
1,044
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (12)
120,000
134
Keysight
Technologies,
4.60%,
4/6/27
68,000
80
Kilroy
Realty,
3.45%,
12/15/24
470,000
507
Kookmin
Bank,
4.50%,
2/1/29
350,000
401
Las
Vegas
Sands,
3.20%,
8/8/24
60,000
63
Las
Vegas
Sands,
3.50%,
8/18/26
95,000
101
Longfor
Group
Holdings,
3.95%,
9/16/29
375,000
406
Marsh
&
McLennan,
2.25%,
11/15/30
85,000
86
Micron
Technology,
4.185%,
2/15/27
185,000
210
Micron
Technology,
4.64%,
2/6/24
380,000
418
Micron
Technology,
4.975%,
2/6/26
200,000
230
Micron
Technology,
5.327%,
2/6/29
115,000
138
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
380,000
413
Morgan
Stanley,
3.75%,
2/25/23
530,000
564
Morgan
Stanley,
4.00%,
7/23/25
1,035,000
1,163
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Morgan
Stanley,
VR,
1.794%,
2/13/32 (12)
245,000
234
Morgan
Stanley,
VR,
1.928%,
4/28/32 (12)
85,000
82
Morgan
Stanley,
VR,
4.431%,
1/23/30 (12)
95,000
111
Natwest
Group,
5.125%,
5/28/24
100,000
112
Netflix,
4.625%,
5/15/29
(EUR)
290,000
434
NiSource,
1.70%,
2/15/31
150,000
143
NiSource,
3.60%,
5/1/30
155,000
172
NRG
Energy,
4.45%,
6/15/29 (1)
115,000
127
NTT
Finance,
1.591%,
4/3/28 (1)
295,000
293
NTT
Finance,
2.065%,
4/3/31 (1)
200,000
199
NXP,
2.70%,
5/1/25 (1)
20,000
21
NXP,
3.15%,
5/1/27 (1)
40,000
43
NXP,
5.35%,
3/1/26 (1)
105,000
124
Occidental
Petroleum,
2.90%,
8/15/24
650,000
633
Pacific
Gas
&
Electric,
2.10%,
8/1/27
235,000
234
Pacific
Gas
&
Electric,
2.50%,
2/1/31
265,000
257
Pacific
Gas
&
Electric,
3.30%,
8/1/40
225,000
214
Pacific
Gas
&
Electric,
3.95%,
12/1/47
155,000
150
Pacific
Gas
&
Electric,
4.55%,
7/1/30
585,000
651
PerkinElmer,
3.30%,
9/15/29
99,000
106
Perrigo
Finance
Unlimited,
3.15%,
6/15/30
235,000
242
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
400,000
450
Prologis,
1.25%,
10/15/30
85,000
80
Regency
Centers,
3.60%,
2/1/27
660,000
722
Regency
Centers,
3.70%,
6/15/30
70,000
77
Reynolds
American,
4.45%,
6/12/25
175,000
195
Ross
Stores,
1.875%,
4/15/31
205,000
197
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
40,000
46
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
545,000
630
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
15,000
18
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (12)
335,000
337
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
40,000
41
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
340,000
362
SBA
Tower
Trust,
3.168%,
4/11/22 (1)
230,000
231
SBA
Tower
Trust,
3.448%,
3/15/23 (1)
100,000
106
SBA
Tower
Trust,
Series 2014-2A,
Class
C,
STEP,
3.869%,
10/15/49 (1)
265,000
279
Sempra
Energy,
3.40%,
2/1/28
430,000
472
Shinhan
Bank,
4.00%,
4/23/29
375,000
416
Simon
Property
Group,
2.65%,
7/15/30
185,000
188
Simon
Property
Group,
3.30%,
1/15/26
40,000
43
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
210,000
223
SMBC
Aviation
Capital
Finance,
4.125%,
7/15/23 (1)
245,000
262
Southern,
3.25%,
7/1/26
260,000
282
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)(12)
690,000
804
Synchrony
Financial,
4.25%,
8/15/24
45,000
49
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Synchrony
Financial,
4.375%,
3/19/24
65,000
71
T-Mobile
USA,
2.05%,
2/15/28 (1)
120,000
120
T-Mobile
USA,
3.75%,
4/15/27 (1)
750,000
827
Tengizchevroil
Finance
International,
4.00%,
8/15/26
525,000
571
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28
90,000
101
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
130,000
149
Transurban
Finance,
2.45%,
3/16/31 (1)
135,000
137
Transurban
Finance,
3.375%,
3/22/27 (1)
255,000
280
Transurban
Finance,
4.125%,
2/2/26 (1)
55,000
62
Trinity
Acquisition,
4.40%,
3/15/26
195,000
222
U.S.
Airways
PTT,
Series 2013-1,
Class
A,
3.95%,
11/15/25
72,572
71
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28
78,503
76
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32
49,262
49
UnitedHealth
Group,
2.00%,
5/15/30
285,000
285
Valero
Energy,
2.15%,
9/15/27
90,000
90
Vanke
Real
Estate
Hong
Kong,
5.35%,
3/11/24
500,000
558
VEREIT
Operating
Partnership,
2.20%,
6/15/28
50,000
50
VEREIT
Operating
Partnership,
2.85%,
12/15/32
240,000
239
VEREIT
Operating
Partnership,
3.40%,
1/15/28
180,000
194
VEREIT
Operating
Partnership,
3.95%,
8/15/27
230,000
259
VEREIT
Operating
Partnership,
4.60%,
2/6/24
385,000
423
VEREIT
Operating
Partnership,
4.625%,
11/1/25
320,000
364
VEREIT
Operating
Partnership,
4.875%,
6/1/26
250,000
290
Verizon
Communications,
2.65%,
11/20/40
220,000
205
Verizon
Communications,
2.987%,
10/30/56 (1)
1,250,000
1,130
Verizon
Communications,
4.329%,
9/21/28
205,000
237
Verizon
Communications,
4.522%,
9/15/48
150,000
177
Verizon
Communications,
4.75%,
11/1/41
55,000
67
Vistra
Operations,
3.55%,
7/15/24 (1)
405,000
434
Vodafone
Group,
4.125%,
5/30/25
230,000
258
Vodafone
Group,
4.875%,
6/19/49
270,000
326
Vodafone
Group,
5.25%,
5/30/48
500,000
647
Volkswagen
Bank,
2.50%,
7/31/26
(EUR)
100,000
133
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27 (1)
245,000
243
Volkswagen
Group
of
America
Finance,
2.85%,
9/26/24 (1)
250,000
266
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
785,000
853
Wells
Fargo,
4.30%,
7/22/27
175,000
202
Wells
Fargo,
VR,
2.188%,
4/30/26 (12)
150,000
156
Wells
Fargo,
VR,
2.393%,
6/2/28 (12)
670,000
696
Wells
Fargo,
VR,
2.572%,
2/11/31 (12)
800,000
825
Wells
Fargo,
VR,
2.879%,
10/30/30 (12)
500,000
528
Westlake
Chemical,
1.625%,
7/17/29
(EUR)
100,000
124
Williams,
3.90%,
1/15/25
490,000
534
Williams,
4.00%,
9/15/25
495,000
547
Williams,
4.55%,
6/24/24
335,000
372
Williams,
5.10%,
9/15/45
230,000
269
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Woodside
Finance,
3.65%,
3/5/25 (1)
240,000
256
Woodside
Finance,
3.70%,
9/15/26 (1)
195,000
212
Woodside
Finance,
3.70%,
3/15/28 (1)(10)
515,000
542
WPP
Finance
2010,
3.75%,
9/19/24
530,000
583
Total
Corporate
Bonds
(Cost
$70,497)
73,840
EQUITY
MUTUAL
FUNDS
8.4%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
4,382,149
224,278
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
5,449,838
70,358
Total
Equity
Mutual
Funds
(Cost
$193,279)
294,636
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.0%
Equate
Petrochemical,
4.25%,
11/3/26
525,000
572
Perusahaan
Listrik
Negara,
4.125%,
5/15/27 (1)
375,000
408
Saudi
Arabian
Oil,
3.50%,
4/16/29 (1)
550,000
601
Syngenta
Finance,
3.933%,
4/23/21 (1)
395,000
396
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$1,941)
1,977
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.8%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
0.992%,
9/15/34 (1)
167,534
168
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A2,
CMO,
ARM,
3.136%,
5/25/59 (1)
122,419
123
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.238%,
5/25/59 (1)
120,308
121
Angel
Oak
Mortgage
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.691%,
4/25/65 (1)
193,323
195
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
96,444
97
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A3,
CMO,
ARM,
1.775%,
5/25/65 (1)
301,628
305
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49 (1)
190,622
193
Ashford
Hospitality
Trust,
Series 2018-ASHF,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.356%,
4/15/35 (1)
180,000
179
Atrium
Hotel
Portfolio
Trust,
Series 2017-ATRM,
Class
A,
ARM,
1M
USD
LIBOR
+
0.93%,
1.043%,
12/15/36 (1)
420,000
420
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.362%,
9/15/32 (1)
120,000
120
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
D,
ARM,
1M
USD
LIBOR
+
1.80%,
1.912%,
9/15/32 (1)
145,000
143
Barclays
Commercial
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.266%,
11/15/34 (1)
135,000
133
Bayview
Mortgage
Fund
IVc
Trust,
Series 2017-RT3,
Class
A,
CMO,
ARM,
3.50%,
1/28/58 (1)
91,997
93
Bayview
Opportunity
Master
Fund
IVa
Trust,
Series 2017-RT1,
Class
A1,
CMO,
ARM,
3.00%,
3/28/57 (1)
33,139
34
Bayview
Opportunity
Master
Fund
IVb
Trust,
Series 2017-SPL4,
Class
A,
CMO,
ARM,
3.50%,
1/28/55 (1)
121,710
125
BBCCRE
Trust,
Series 2015-GTP,
Class
C,
ARM,
4.548%,
8/10/33 (1)
340,000
347
Benchmark
Mortgage
Trust,
Series 2018-B1,
Class
AM,
ARM,
3.878%,
1/15/51
130,000
145
BX
Commercial
Mortgage
Trust,
Series 2019-IMC,
Class
A,
ARM,
1M
USD
LIBOR
+
1.00%,
1.112%,
4/15/34 (1)
305,000
305
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF2,
Class
C,
ARM,
3.662%,
11/15/52
145,000
150
CIM
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
8/25/49 (1)
95,616
98
CIM
Trust,
Series 2020-INV1,
Class
A2,
CMO,
ARM,
2.50%,
4/25/50 (1)
402,712
414
Citigroup
Commercial
Mortgage
Trust,
Series 2015-GC27,
Class
AS,
3.571%,
2/10/48
55,000
59
Citigroup
Commercial
Mortgage
Trust,
Series 2017-C4,
Class
AS,
3.764%,
10/12/50
260,000
288
Citigroup
Commercial
Mortgage
Trust,
Series 2017-P7,
Class
AS,
3.915%,
4/14/50
260,000
289
Citigroup
Commercial
Mortgage
Trust,
Series 2018-B2,
Class
C,
ARM,
4.672%,
3/10/51
145,000
147
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41 (1)
120,000
120
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41 (1)
100,000
98
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
1.762%,
11/15/37 (1)
113,044
113
COLT
Mortgage
Loan
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.764%,
8/25/49 (1)
119,895
121
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65 (1)
118,263
119
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
186,980
190
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48
120,000
132
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
B,
ARM,
4.335%,
7/10/48
210,000
227
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Commercial
Mortgage
Trust,
Series 2015-PC1,
Class
B,
ARM,
4.325%,
7/10/50
105,000
112
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
130,161
140
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
480,000
502
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
B,
ARM,
3.413%,
10/10/29 (1)
170,000
178
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.468%,
9/25/29
305,677
306
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.218%,
11/25/29
369,975
365
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
1.118%,
2/25/30
210,185
208
Connecticut
Avenue
Securities,
Series 2018-C02,
Class
2EB2,
CMO,
ARM,
1M
USD
LIBOR
+
0.90%,
1.018%,
8/25/30
156,423
153
Connecticut
Avenue
Securities
Trust,
Series 2020-R02,
Class
2M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
1/25/40 (1)
61,049
61
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
125,000
128
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
AS,
3.278%,
9/15/52
140,000
151
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
B,
3.48%,
9/15/52
165,000
172
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
1M
USD
LIBOR
+
0.70%,
0.812%,
6/15/34 (1)
360,000
360
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.072%,
9/15/45 (1)
285,000
279
Deephaven
Residential
Mortgage
Trust,
Series 2019-2A,
Class
A1,
CMO,
ARM,
3.558%,
4/25/59 (1)
91,483
92
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A1,
CMO,
ARM,
2.739%,
11/25/59 (1)
148,919
152
FirstKey
Mortgage
Trust,
Series 2014-1,
Class
B2,
CMO,
ARM,
3.985%,
11/25/44 (1)
72,764
74
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
0.968%,
3/25/50 (1)
96,548
97
FREMF
Mortgage
Trust,
Series 2018-K731,
Class
B,
ARM,
3.932%,
2/25/25 (1)
345,000
374
FREMF
Mortgage
Trust,
Series 2019-K100,
Class
B,
ARM,
3.49%,
11/25/52 (1)
245,000
262
FREMF
Mortgage
Trust,
Series 2019-K736,
Class
B,
ARM,
3.758%,
7/25/26 (1)
295,000
320
FREMF
Mortgage
Trust,
Series 2019-K92,
Class
B,
ARM,
4.193%,
5/25/52 (1)
105,000
118
FREMF
Mortgage
Trust,
Series 2019-K98,
Class
B,
ARM,
3.737%,
10/25/52 (1)
170,000
185
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
75,645
78
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
293,504
300
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
83,318
86
Galton
Funding
Mortgage
Trust,
Series 2019-2,
Class
A42,
CMO,
ARM,
3.50%,
6/25/59 (1)
40,721
41
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A1,
CMO,
ARM,
2.657%,
10/25/59 (1)
139,174
142
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
240,699
244
Galton
Funding
Mortgage
Trust,
Series 2020-H1,
Class
A1,
CMO,
ARM,
2.31%,
1/25/60 (1)
205,858
210
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
USD
LIBOR
+
1.034%,
1.14%,
12/15/36 (1)
225,000
225
Great
Wolf
Trust,
Series 2019-WOLF,
Class
D,
ARM,
1M
USD
LIBOR
+
1.933%,
2.039%,
12/15/36 (1)
190,000
186
GS
Mortgage
Securities
Trust,
Series 2015-GC28,
Class
AS,
3.759%,
2/10/48
180,000
196
GS
Mortgage
Securities
Trust,
Series 2017-GS8,
Class
C,
ARM,
4.336%,
11/10/50
480,000
509
GS
Mortgage
Securities
Trust,
Series 2019-GSA1,
Class
B,
3.511%,
11/10/52
390,000
413
GS
Mortgage
Securities
Trust,
Series 2019-SOHO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.30%,
1.42%,
6/15/36 (1)
355,000
355
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
1.964%,
7/25/44 (1)
8,139
8
GS
Mortgage-Backed
Securities
Trust,
Series 2019-PJ1,
Class
A8,
CMO,
ARM,
4.00%,
8/25/49 (1)
137,798
142
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
3.00%,
10/25/50 (1)
376,760
385
Hilton
Orlando
Trust,
Series 2018-ORL,
Class
A,
ARM,
1M
USD
LIBOR
+
0.92%,
1.026%,
12/15/34 (1)
289,000
289
Homeward
Opportunities
Fund
I
Trust,
Series 2019-1,
Class
A1,
CMO,
ARM,
3.454%,
1/25/59 (1)
123,958
125
Homeward
Opportunities
Fund
I
Trust,
Series 2019-1,
Class
A2,
CMO,
ARM,
3.556%,
1/25/59 (1)
107,995
109
Homeward
Opportunities
Fund
I
Trust,
Series 2019-1,
Class
A3,
CMO,
ARM,
3.606%,
1/25/59 (1)
188,991
191
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.675%,
11/25/59 (1)
112,031
114
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.031%,
11/25/59 (1)
168,829
172
Homeward
Opportunities
Fund
I
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.657%,
5/25/65 (1)
173,046
175
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
InTown
Hotel
Portfolio
Trust,
Series 2018-STAY,
Class
A,
ARM,
1M
USD
LIBOR
+
0.95%,
1.063%,
1/15/33 (1)
125,000
125
InTown
Hotel
Portfolio
Trust,
Series 2018-STAY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.50%,
1.613%,
1/15/33 (1)
375,000
371
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2016-JP2,
Class
AS,
3.056%,
8/15/49
165,000
174
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
80,000
85
JPMorgan
Mortgage
Trust,
Series 2019-INV2,
Class
A3,
CMO,
ARM,
3.50%,
2/25/50 (1)
88,963
92
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
148,915
153
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
172,741
178
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
83,204
85
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
187,208
192
Mill
City
Mortgage
Loan
Trust,
Series 2016-1,
Class
A1,
CMO,
ARM,
2.50%,
4/25/57 (1)
19,425
20
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
7/25/59 (1)
75,665
77
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C18,
Class
300A,
3.749%,
8/15/31
125,000
132
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
55,000
61
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
175,000
194
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
AS,
ARM,
4.031%,
5/15/48
25,000
28
Morgan
Stanley
Capital
I
Trust,
Series 2017-ASHF,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.356%,
11/15/34 (1)
240,000
239
MSCG
Trust,
Series 2018-SELF,
Class
A,
ARM,
1M
USD
LIBOR
+
0.90%,
1.012%,
10/15/37 (1)
235,000
235
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM2,
Class
A1,
CMO,
ARM,
3.60%,
4/25/49 (1)
119,745
121
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM2,
Class
A2,
CMO,
ARM,
3.701%,
4/25/49 (1)
66,960
68
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
317,275
326
New
Residential
Mortgage
Loan
Trust,
Series 2020-NQM1,
Class
A1,
CMO,
ARM,
2.464%,
1/26/60 (1)
183,176
187
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59 (1)
125,734
131
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59 (1)
106,673
109
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
127,422
131
OBX
Trust,
Series 2020-EXP1,
Class
2A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
2/25/60 (1)
66,405
67
OBX
Trust,
Series 2020-EXP2,
Class
A8,
CMO,
ARM,
3.00%,
5/25/60 (1)
320,962
330
OBX
Trust,
Series 2020-EXP3,
Class
1A8,
CMO,
ARM,
3.00%,
1/25/60 (1)
289,720
299
Palisades
Center
Trust,
Series 2016-PLSD,
Class
A,
2.713%,
4/13/33 (1)
131,000
121
Seasoned
Credit
Risk
Transfer
Trust,
Series 2016-1,
Class
M1,
CMO,
ARM,
3.00%,
9/25/55 (1)
31,063
31
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.48%,
4/25/43
199,681
206
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.826%,
8/25/47 (1)
118,918
126
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
100,717
103
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
2/25/48 (1)
29,235
30
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
81,302
83
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48 (1)
67,139
69
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
120,645
123
Starwood
Mortgage
Residential
Trust,
Series 2018-IMC2,
Class
A1,
CMO,
ARM,
4.121%,
10/25/48 (1)
102,222
106
Starwood
Mortgage
Residential
Trust,
Series 2019-1,
Class
A1,
CMO,
ARM,
2.941%,
6/25/49 (1)
128,981
131
Starwood
Mortgage
Residential
Trust,
Series 2019-1,
Class
A2,
CMO,
ARM,
3.146%,
6/25/49 (1)
159,192
162
Starwood
Mortgage
Residential
Trust,
Series 2019-IMC1,
Class
A1,
CMO,
ARM,
3.468%,
2/25/49 (1)
97,277
98
Starwood
Mortgage
Residential
Trust,
Series 2019-INV1,
Class
A1,
CMO,
ARM,
2.61%,
9/27/49 (1)
200,730
205
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2015-DNA3,
Class
M3,
CMO,
ARM,
1M
USD
LIBOR
+
4.70%,
4.818%,
4/25/28
231,570
241
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2016-HQA3,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.468%,
3/25/29
15,013
15
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2017-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.20%,
1.318%,
10/25/29
166,154
167
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2017-DNA3,
Class
M2AS,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.218%,
3/25/30
380,000
383
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA1,
Class
M2AT,
CMO,
ARM,
1M
USD
LIBOR
+
1.05%,
1.168%,
7/25/30
234,323
233
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.80%,
0.918%,
12/25/30 (1)
48,880
49
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA3,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.868%,
9/25/48 (1)
213
—
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HQA1,
Class
M2AS,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.218%,
9/25/30
168,191
168
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HRP2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.25%,
1.368%,
2/25/47 (1)
173,138
174
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA4,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.50%,
1.618%,
8/25/50 (1)
102,874
103
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.80%,
2.845%,
10/25/50 (1)
265,000
267
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA3,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.55%,
1.668%,
7/25/50 (1)
22,647
23
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA4,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.30%,
1.418%,
9/25/50 (1)
93,000
93
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA5,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
1.145%,
11/25/50 (1)
133,194
133
Towd
Point
Mortgage
Trust,
Series 2015-3,
Class
A1B,
CMO,
ARM,
3.00%,
3/25/54 (1)
4,090
4
Towd
Point
Mortgage
Trust,
Series 2015-4,
Class
A1B,
CMO,
ARM,
2.75%,
4/25/55 (1)
9,759
10
Towd
Point
Mortgage
Trust,
Series 2015-4,
Class
M1,
CMO,
ARM,
3.75%,
4/25/55 (1)
150,000
157
Towd
Point
Mortgage
Trust,
Series 2015-5,
Class
A1B,
CMO,
ARM,
2.75%,
5/25/55 (1)
12,282
12
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A1B,
CMO,
ARM,
2.75%,
2/25/55 (1)
20,902
21
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A3B,
CMO,
ARM,
3.00%,
2/25/55 (1)
43,748
45
Towd
Point
Mortgage
Trust,
Series 2016-2,
Class
A1A,
CMO,
ARM,
2.75%,
8/25/55 (1)
76,376
77
Towd
Point
Mortgage
Trust,
Series 2016-4,
Class
A1,
CMO,
ARM,
2.25%,
7/25/56 (1)
42,937
43
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
31,977
33
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
4/25/57 (1)
33,383
34
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.60%,
0.718%,
2/25/57 (1)
49,818
50
Towd
Point
Mortgage
Trust,
Series 2018-SJ1,
Class
A1,
CMO,
ARM,
4.00%,
10/25/58 (1)
31,329
31
Verus
Securitization
Trust,
Series 2019-1,
Class
A1,
CMO,
ARM,
3.836%,
2/25/59 (1)
129,630
130
Verus
Securitization
Trust,
Series 2019-2,
Class
A3,
CMO,
ARM,
3.448%,
5/25/59 (1)
349,104
350
Verus
Securitization
Trust,
Series 2019-3,
Class
A3,
CMO,
STEP,
3.04%,
7/25/59 (1)
118,070
121
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
149,243
152
Verus
Securitization
Trust,
Series 2019-INV1,
Class
A1,
CMO,
ARM,
3.402%,
12/25/59 (1)
114,314
116
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59 (1)
248,149
254
Verus
Securitization
Trust,
Series 2020-1,
Class
A3,
CMO,
STEP,
2.724%,
1/25/60 (1)
299,187
304
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
104
Vista
Point
Securitization
Trust,
Series 2020-1,
Class
A1,
CMO,
ARM,
1.763%,
3/25/65 (1)
135,716
137
Vista
Point
Securitization
Trust,
Series 2020-2,
Class
M1,
CMO,
ARM,
3.401%,
4/25/65 (1)
145,000
148
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2015-C29,
Class
C,
ARM,
4.209%,
6/15/48
460,000
498
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2015-NXS2,
Class
C,
ARM,
4.293%,
7/15/58
40,000
43
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48
370,000
396
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C38,
Class
B,
ARM,
3.917%,
7/15/50
425,000
459
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
615,000
671
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.501%,
9/15/31 (1)
365,000
373
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2020-C55,
Class
B,
3.139%,
2/15/53
195,757
206
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2020-RR1,
Class
A17,
CMO,
ARM,
3.00%,
5/25/50 (1)
74,870
76
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C22,
Class
AS,
ARM,
4.069%,
9/15/57
230,000
251
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
230,000
252
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$28,115)
28,706
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
PRIVATE
INVESTMENT
COMPANIES
4.0%
Blackstone
Partners
Offshore
Fund (5)(7)
107,873
139,602
Total
Private
Investment
Companies
(Cost
$114,042)
139,602
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
1.2%
U.S.
Government
Agency
Obligations
0.9%
(13)
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
181,356
28
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
115,500
122
3.00%,
12/1/42
-
2/1/47
746,010
798
3.50%,
8/1/42
-
3/1/46
853,651
930
4.00%,
10/1/40
-
12/1/41
202,945
225
4.50%,
9/1/23
-
5/1/42
293,697
331
5.00%,
1/1/24
-
8/1/40
81,946
95
5.50%,
11/1/21
-
1/1/40
153
—
6.00%,
10/1/21
-
8/1/38
58,472
69
6.50%,
3/1/32
-
9/1/32
25,083
29
7.00%,
6/1/32
475
1
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
2.725%,
7/1/35
939
1
12M
USD
LIBOR
+
1.735%,
2.109%,
2/1/37
8,862
9
12M
USD
LIBOR
+
1.78%,
2.16%,
2/1/37
5,117
5
12M
USD
LIBOR
+
1.78%,
2.285%,
9/1/32
159
—
12M
USD
LIBOR
+
1.831%,
2.205%,
1/1/37
5,342
5
Federal
Home
Loan
Mortgage,
UMBS
3.00%,
5/1/31
-
12/1/50
1,291,201
1,371
3.50%,
6/1/33
92,368
99
4.00%,
1/1/50
-
2/1/50
618,457
664
4.50%,
5/1/50
67,632
74
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
75,534
77
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
1,108
—
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
68,610
72
3.50%,
6/1/42
-
5/1/46
809,006
885
4.00%,
11/1/40
235,391
258
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35
783
1
12M
USD
LIBOR
+
1.892%,
2.307%,
12/1/35
1,982
2
Federal
National
Mortgage
Assn.,
UMBS
2.50%,
8/1/30
-
12/1/50
2,183,801
2,275
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
3.00%,
1/1/27
-
7/1/50
5,513,181
5,900
3.50%,
4/1/31
-
7/1/50
2,846,126
3,055
4.00%,
11/1/40
-
1/1/50
1,952,869
2,134
4.50%,
7/1/39
-
5/1/50
1,079,111
1,204
5.00%,
9/1/23
-
12/1/47
596,132
690
5.50%,
9/1/23
-
9/1/41
405,011
471
6.00%,
6/1/21
-
1/1/41
348,005
415
6.50%,
7/1/32
-
5/1/40
113,946
132
UMBS,
TBA(14)
2.00%,
4/1/36
-
3/1/51
4,035,000
4,095
2.50%,
3/1/36
-
3/1/51
2,625,000
2,722
3.00%,
3/1/51
1,665,000
1,743
4.00%,
3/1/51
440,000
473
4.50%,
3/1/51
1,010,000
1,099
5.00%,
3/1/51
105,000
116
32,675
U.S.
Government
Obligations
0.3%
Government
National
Mortgage
Assn.
2.50%,
1/20/51
713,162
741
3.00%,
9/15/42
-
7/20/50
2,143,682
2,243
3.50%,
12/20/42
-
4/20/48
2,392,956
2,593
4.00%,
7/20/42
-
1/20/48
919,082
1,001
4.50%,
11/20/39
-
1/20/47
336,047
376
5.00%,
7/20/39
-
7/20/48
609,761
691
5.50%,
1/20/36
-
3/20/49
371,414
421
6.00%,
12/20/38
25,144
30
6.50%,
3/15/26
-
12/20/33
1,129
2
8.00%,
4/15/22
-
10/20/25
365
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
110,529
115
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
4/20/39
-
5/20/43
57,658
6
4.00%,
5/20/37
-
2/20/43
80,828
5
4.50%,
12/20/39
4,519
—
Government
National
Mortgage
Assn.,
TBA(14)
2.00%,
3/20/51
255,000
259
2.50%,
3/20/51
1,070,000
1,111
3.00%,
4/20/51
335,000
349
4.00%,
3/20/51
705,000
754
10,697
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$42,501)
43,372
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
1.4%
U.S.
Treasury
Obligations
1.4%
U.S.
Treasury
Bonds,
1.375%,
11/15/40
2,465,000
2,206
U.S.
Treasury
Bonds,
1.625%,
11/15/50
2,495,000
2,220
U.S.
Treasury
Bonds,
1.875%,
2/15/41
735,000
719
U.S.
Treasury
Bonds,
1.875%,
2/15/51
150,000
142
U.S.
Treasury
Inflation-Indexed
Bonds,
0.25%,
2/15/50
755,802
813
U.S.
Treasury
Inflation-Indexed
Notes,
0.125%,
1/15/31
2,121,293
2,313
U.S.
Treasury
Notes,
0.125%,
5/15/23 (15)
5,255,000
5,250
U.S.
Treasury
Notes,
0.125%,
1/15/24
4,000,000
3,984
U.S.
Treasury
Notes,
0.125%,
2/15/24
2,365,000
2,355
U.S.
Treasury
Notes,
0.375%,
12/31/25
3,375,000
3,324
U.S.
Treasury
Notes,
0.375%,
1/31/26
6,900,000
6,789
U.S.
Treasury
Notes,
0.375%,
9/30/27
10,400,000
9,951
U.S.
Treasury
Notes,
1.625%,
11/15/22 (15)
1,185,000
1,215
U.S.
Treasury
Notes,
1.625%,
12/15/22 (15)
7,780,000
7,988
49,269
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$49,866)
49,269
SHORT-TERM
INVESTMENTS
3.8%
Money
Market
Funds
3.8%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05% (3)(16)
133,049,305
133,049
Total
Short-Term
Investments
(Cost
$133,049)
133,049
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
45
Shares/Par
$
Value
(Cost
and
value
in
$000s)
SECURITIES
LENDING
COLLATERAL
0.5%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.5%
Short-Term
Funds
0.5%
T.
Rowe
Price
Short-Term
Fund,
0.10% (3)(16)
1,847,641
18,476
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
18,476
Total
Securities
Lending
Collateral
(Cost
$18,476)
18,476
Total
Investments
in
Securities
101.0%
(Cost
$2,288,822)
$
3,554,132
Other
Assets
Less
Liabilities
(1.0)%
(36,634)
Net
Assets
100.0%
$
3,517,498
‡
Shares/Par
and
Notional
Amount
are
denominated
in
U.S.
dollars
unless
otherwise
noted.
(1)
Security
was
purchased
pursuant
to
Rule
144A
under
the
Securities
Act
of
1933
and
may
be
resold
in
transactions
exempt
from
registration
only
to
qualified
institutional
buyers.
Total
value
of
such
securities
at
period-end
amounts
to
$56,910
and
represents
1.6%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
February
28,
2021.
The
interest
rate
for
unsettled
loans
will
be
determined
upon
settlement
after
period
end.
(3)
Affiliated
Companies
(4)
SEC
30-day
yield
(5)
Non-income
producing
(6)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
February
28,
2021.
(7)
Level
3
in
fair
value
hierarchy.
(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
has
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$16,413
and
represents
0.5%
of
net
assets.
(9)
Investment
in
a
partnership
held
indirectly
through
a
limited
liability
company
that
is
owned
by
the
fund
and
treated
as
a
corporation
for
U.S.
tax
purposes.
(10)
All
or
a
portion
of
this
security
is
on
loan
at
February
28,
2021.
(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
Growth
Allocation
Fund
46
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
(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
is
provided
if
the
rate
is
currently
floating.
(13)
Issuer
operates
under
a
Congressional
charter;
its
securities
are
neither
issued
nor
guaranteed
by
the
U.S.
government.
The
Federal
National
Mortgage
Association
and
the
Federal
Home
Loan
Mortgage
Corporation,
including
UMBS,
currently
operate
under
a
federal
conservatorship.
(14)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$12,721
and
represents
0.4%
of
net
assets.
(15)
At
February
28,
2021,
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
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
USD
LIBOR
Three
month
USD
LIBOR
(London
interbank
offered
rate)
12M
USD
LIBOR
Twelve
month
USD
LIBOR
(London
interbank
offered
rate)
ADR
American
Depositary
Receipts
ARM
Adjustable
Rate
Mortgage
(ARM);
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
ARMs
are
not
based
on
a
published
reference
rate
and
spread
but
may
be
determined
using
a
formula
based
on
the
rates
of
the
underlying
loans.
AUD
Australian
Dollar
CAD
Canadian
Dollar
CDI
CHESS
or
CREST
Depositary
Interest
CHF
Swiss
Franc
CLO
Collateralized
Loan
Obligation
CMO
Collateralized
Mortgage
Obligation
DKK
Danish
Krone
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
IDR
Indonesian
Rupiah
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
MXN
Mexican
Peso
NOK
Norwegian
Krone
NZD
New
Zealand
Dollar
PEN
Peruvian
New
Sol
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
RUB
Russian
Ruble
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
47
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
.
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
Overnight
Financing
Rate)
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
48
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.2)%
Exchange-Traded
Options
Written
(0.2)%
Description
Contracts
Notional
Amount
$
Value
S&P
500
Index,
Call,
4/16/21
@
$3,825.00
566
215,711
(6,082)
Total
Options
Written
(Premiums
$(6,932))
$
(6,082)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
49
(Amounts
in
000s)
SWAPS
0.0%
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)
**
Unrealized
$
Gain/(Loss)
BILATERAL
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Bank
of
America,
Protection
Sold
(Relevant
Credit:
Boeing,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/21
520
4
3
1
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
25
—
—
—
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
902
21
12
9
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
215
3
1
2
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
913
(3)
4
(7)
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
498
11
8
3
Citibank,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
55
—
(1)
1
Citibank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
257
—
2
(2)
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
933
11
1
10
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
A*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
47
1
—
1
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
50
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Upfront
Payments/
$
(Receipts)**
Unrealized
$
Gain/(Loss)
Morgan
Stanley,
Protection
Sold
(Relevant
Credit:
Devon
Energy,
Ba1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/24
30
—
—
—
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
30
18
Total
Bilateral
Swaps
30
18
Description
Notional
Amount
$
Value
Initial
$
Value
**
Unrealized
$
Gain/(Loss)
CENTRALLY
CLEARED
SWAPS
0.0%
Credit
Default
Swaps,
Protection
Sold
0.0%
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.HY-S35,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
*
2,445
227
237
(10)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S35,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
12/20/25
4,684
107
98
9
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(1)
Total
Centrally
Cleared
Swaps
(1)
Net
payments
(receipts)
of
variation
margin
to
date
7
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
6
*
Credit
ratings
as
of
February
28,
2021.
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
$21.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
51
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
Bank
of
America
4/9/21
IDR
1,673,895
USD
118
$
(3)
Bank
of
America
4/9/21
INR
4,370
USD
59
—
Bank
of
America
4/16/21
MXN
2,345
USD
116
(5)
Bank
of
America
4/23/21
CAD
150
USD
117
1
Barclays
Bank
4/9/21
USD
233
PEN
850
—
Canadian
Imperial
Bank
of
Commerce
4/23/21
CAD
725
USD
575
(5)
Citibank
4/16/21
USD
229
MXN
4,700
6
Citibank
4/23/21
AUD
930
USD
714
2
Citibank
4/23/21
AUD
410
USD
319
(4)
Citibank
4/23/21
JPY
49,289
USD
475
(12)
Citibank
4/23/21
USD
578
NOK
4,905
13
Citibank
4/23/21
USD
594
NZD
825
(2)
Credit
Suisse
4/9/21
RUB
8,680
USD
117
(1)
Credit
Suisse
4/9/21
USD
236
INR
17,420
2
Credit
Suisse
4/23/21
NOK
4,850
USD
569
(10)
Deutsche
Bank
4/9/21
IDR
491,794
USD
35
(1)
Deutsche
Bank
4/9/21
USD
236
IDR
3,340,430
6
Goldman
Sachs
4/9/21
INR
4,370
USD
59
—
Goldman
Sachs
4/16/21
MXN
2,355
USD
118
(6)
HSBC
Bank
4/23/21
CAD
755
USD
592
2
HSBC
Bank
4/23/21
CAD
430
USD
340
(2)
HSBC
Bank
4/23/21
USD
603
CAD
765
1
HSBC
Bank
5/21/21
USD
239
EUR
197
1
JPMorgan
Chase
4/9/21
INR
8,680
USD
118
(1)
JPMorgan
Chase
4/23/21
NOK
3,985
USD
467
(8)
JPMorgan
Chase
4/23/21
NZD
1,640
USD
1,178
7
JPMorgan
Chase
4/23/21
USD
612
AUD
790
4
JPMorgan
Chase
4/23/21
USD
618
NOK
5,215
16
JPMorgan
Chase
5/21/21
GBP
425
USD
583
9
JPMorgan
Chase
5/21/21
USD
611
GBP
440
(2)
Morgan
Stanley
4/9/21
PEN
638
USD
176
(2)
Morgan
Stanley
4/23/21
NOK
6,225
USD
735
(17)
RBC
Dominion
Securities
4/23/21
CAD
915
USD
719
—
State
Street
4/9/21
PEN
213
USD
59
—
State
Street
5/21/21
GBP
860
USD
1,197
2
UBS
Investment
Bank
4/9/21
IDR
1,174,741
USD
82
(1)
UBS
Investment
Bank
4/9/21
RUB
8,790
USD
117
—
UBS
Investment
Bank
4/9/21
USD
228
RUB
17,470
(5)
UBS
Investment
Bank
4/23/21
AUD
960
USD
740
(1)
UBS
Investment
Bank
4/23/21
JPY
60,656
USD
585
(16)
UBS
Investment
Bank
4/23/21
NZD
810
USD
585
—
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
52
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
(CONTINUED)
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
UBS
Investment
Bank
4/23/21
USD
1,041
JPY
109,945
$
9
UBS
Investment
Bank
5/21/21
USD
473
EUR
390
1
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(22)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
53
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
136
MSCI
EAFE
Index
contracts
3/21
(14,715)
$
(452)
Long,
368
S&P
500
E-Mini
Index
contracts
3/21
70,089
(908)
Long,
71
U.S.
Treasury
Long
Bond
contracts
6/21
11,305
(102)
Short,
81
U.S.
Treasury
Notes
five
year
contracts
6/21
(10,041)
82
Short,
16
U.S.
Treasury
Notes
ten
year
contracts
6/21
(2,124)
26
Long,
201
U.S.
Treasury
Notes
two
year
contracts
6/21
44,374
(36)
Long,
70
Ultra
U.S.
Treasury
Bonds
contracts
6/21
13,234
(38)
Short,
82
Ultra
U.S.
Treasury
Notes
ten
year
contracts
6/21
(12,082)
88
Net
payments
(receipts)
of
variation
margin
to
date
1,463
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
123
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
54
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
nine
months
ended
February
28,
2021.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(0.48)%
$
—
$
—
$
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.41%
—
2,567
1,227
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
975
70,155
979
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.35%
(137)
1,088
632
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.45%
2
2,309
1,412
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.12%
272
852
689
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(0.81)%
1
5
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
(224)
14,307
1,161
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.66%
7,778
(14,222)
553
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
—
—
80
T.
Rowe
Price
Short-Term
Fund,
0.10%
—
—
—++
Totals
$
8,667#
$
77,061
$
6,733+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
55
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/20
Purchase
Cost
Sales
Cost
Value
02/28/21
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
(0.48)%
$
6
$
—
$
—
$
6
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
4.41%
30,160
2,724
—
35,452
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
169,570
1,246
16,692
224,278
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.35%
18,441
9,361
2,092
26,798
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.45%
30,330
7,372
2,073
37,938
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.12%
52,157
20,710
—
73,719
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
(0.81)%
88
1
—
93
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
53,612
6,161
3,724
70,358
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.66%
29,081
37,079
—
51,938
T.
Rowe
Price
Treasury
Reserve
Fund,
0.05%
54,644
¤
¤
133,049
T.
Rowe
Price
Short-Term
Fund,
0.10%
7,560
¤
¤
18,476
Total
$
672,105^
#
Capital
gain
distributions
from
mutual
funds
represented
$8,318
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$6,733
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
$576,463.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
56
T.
Rowe
Price
Spectrum
Moderate
Growth
Allocation (the
fund) is
registered
under
the
Investment
Company
Act
of
1940
(the
1940
Act)
as
an
open-end
management
investment
company
and
follows
accounting
and
reporting
guidance
of
the
Financial
Accounting
Standards
Board
Accounting
Standards
Codification
Topic
946.
The
accompanying
Portfolio
of
Investments
was
prepared
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
(GAAP).
For
additional
information
on
the
fund’s
significant
accounting
policies
and
investment
related
disclosures,
please
refer
to
the
fund’s most
recent
semiannual
or
annual
shareholder
report
and
its
prospectus.
VALUATION
Fair
Value
The
fund’s
financial
instruments
are
valued
at
the
close
of
the
New
York
Stock
Exchange
(NYSE),
normally
4
p.m.
ET,
each
day
the
NYSE
is
open
for
business,
and
are
reported
at
fair
value,
which
GAAP
defines
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date. The
T.
Rowe
Price
Valuation
Committee
(the
Valuation
Committee)
is
an
internal
committee
that
has
been
delegated
certain
responsibilities
by
the
fund’s
Board
of
Directors
(the
Board)
to
ensure
that
financial
instruments
are
appropriately
priced
at
fair
value
in
accordance
with
GAAP
and
the
1940
Act.
Subject
to
oversight
by
the
Board,
the
Valuation
Committee
develops
and
oversees
pricing-related
policies
and
procedures
and
approves
all
fair
value
determinations.
Specifically,
the
Valuation
Committee
establishes
policies
and
procedures
used
in
valuing
financial
instruments,
including
those
which
cannot
be
valued
in
accordance
with
normal
procedures
or
using
pricing
vendors;
determines
pricing
techniques,
sources,
and
persons
eligible
to
effect
fair
value
pricing
actions;
evaluates
the
services
and
performance
of
the
pricing
vendors;
oversees
the
pricing
process
to
ensure
policies
and
procedures
are
being
followed;
and
provides
guidance
on
internal
controls
and
valuation-related
matters.
The
Valuation
Committee
provides
periodic
reporting
to
the
Board
on
valuation
matters.
Various
valuation
techniques
and
inputs
are
used
to
determine
the
fair
value
of
financial
instruments.
GAAP
establishes
the
following
fair
value
hierarchy
that
categorizes
the
inputs
used
to
measure
fair
value:
Level
1
–
quoted
prices
(unadjusted)
in
active
markets
for
identical
financial
instruments
that
the
fund
can
access
at
the
reporting
date
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
57
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
fund's
own
assumptions
in
determining
fair
value)
Observable
inputs
are
developed
using
market
data,
such
as
publicly
available
information
about
actual
events
or
transactions,
and
reflect
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
Unobservable
inputs
are
those
for
which
market
data
are
not
available
and
are
developed
using
the
best
information
available
about
the
assumptions
that
market
participants
would
use
to
price
the
financial
instrument.
GAAP
requires
valuation
techniques
to
maximize
the
use
of
relevant
observable
inputs
and
minimize
the
use
of
unobservable
inputs.
When
multiple
inputs
are
used
to
derive
fair
value,
the
financial
instrument
is
assigned
to
the
level
within
the
fair
value
hierarchy
based
on
the
lowest-level
input
that
is
significant
to
the
fair
value
of
the
financial
instrument.
Input
levels
are
not
necessarily
an
indication
of
the
risk
or
liquidity
associated
with
financial
instruments
at
that
level
but
rather
the
degree
of
judgment
used
in
determining
those
values.
Valuation
Techniques
Equity
securities,
including
exchange-traded
funds, listed
or
regularly
traded
on
a
securities
exchange
or
in
the
over-the-counter
(OTC)
market
are
valued
at
the
last
quoted
sale
price
or,
for
certain
markets,
the
official
closing
price
at
the
time
the
valuations
are
made.
OTC
Bulletin
Board
securities
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices.
A
security
that
is
listed
or
traded
on
more
than
one
exchange
is
valued
at
the
quotation
on
the
exchange
determined
to
be
the
primary
market
for
such
security.
Listed
securities
not
traded
on
a
particular
day
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
for
domestic
securities
and
the
last
quoted
sale
or
closing
price
for
international
securities.
The
last
quoted
prices
of
non-U.S.
equity
securities
may
be
adjusted
to
reflect
the
fair
value
of
such
securities
at
the
close
of
the
NYSE,
if
the
fund
determines
that
developments
between
the
close
of
a
foreign
market
and
the
close
of
the
NYSE
will
affect
the
value
of
some
or
all
of
its
portfolio
securities.
Each
business
day,
the
fund
uses
information
from
outside
pricing
services
to
evaluate
and,
if
appropriate,
decide whether
it
is
necessary
to
adjust
quoted
prices
to
reflect
fair
value,
by
reviewing
a
variety
of
factors,
including
developments
in
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
fund
uses
outside
pricing
services
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
58
to
provide
it
with
quoted
prices
and
information
to
evaluate
or
adjust
those
prices.
The
fund
cannot
predict
how
often
it
will
use
quoted
prices
and
how
often
it
will
determine
it
necessary
to
adjust
those
prices
to
reflect
fair
value.
Debt
securities
generally
are
traded
in
the over-the-counter
(OTC)
market
and
are
valued
at
prices
furnished
by
independent
pricing
services
or
by
broker
dealers
who
make
markets
in
such
securities.
When
valuing
securities,
the
independent
pricing
services
consider
the
yield
or
price
of
bonds
of
comparable
quality,
coupon,
maturity,
and
type,
as
well
as
prices
quoted
by
dealers
who
make
markets
in
such
securities.
Investments
in
mutual
funds
are
valued
at
the
mutual
fund’s
closing
NAV
per
share
on
the
day
of
valuation.
Investments
in
private
investment
companies
are
valued
at
the
investee’s
NAV
per
share
as
of
the
valuation
date,
if
available.
If
the
investee’s
NAV
is
not
available
as
of
the
valuation
date
or
is
not
calculated
in
accordance
with
GAAP,
the
Valuation
Committee
may
adjust
the
investee’s
NAV
to
reflect
fair
value
at
the
valuation
date.
Listed
options,
and
OTC
options
with
a
listed
equivalent,
are
valued
at
the
mean
of
the
closing
bid
and
asked
prices
and
exchange-traded
options
on
futures
contracts
are
valued
at
closing
settlement
prices.
Futures
contracts
are
valued
at
closing
settlement
prices.
Forward
currency
exchange
contracts
are
valued
using
the
prevailing
forward
exchange
rate.
Swaps
are
valued
at
prices
furnished
by
an
independent
pricing
service
or
independent
swap
dealers.
Investments
for
which
market
quotations
or
market-based
valuations
are
not
readily
available
or
deemed
unreliable
are
valued
at
fair
value
as
determined
in
good
faith
by
the
Valuation
Committee,
in
accordance
with
fair
valuation
policies
and
procedures.
The
objective
of
any
fair
value
pricing
determination
is
to
arrive
at
a
price
that
could
reasonably
be
expected
from
a
current
sale.
Financial
instruments
fair
valued
by
the
Valuation
Committee
are
primarily
private
placements,
restricted
securities,
warrants,
rights,
and
other
securities
that
are
not
publicly
traded.
Factors
used
in
determining
fair
value
vary
by
type
of
investment
and
may
include
market
or
investment
specific
considerations.
The
Valuation
Committee
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
Committee
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
and
updated
as
information
becomes
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
59
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
February
28,
2021
(for
further
detail
by
category,
please
refer
to
the
accompanying
Portfolio
of
Investments):
($000s)
Level
1
Level
2
Level
3
Total
Value
Assets
Fixed
Income
Securities
1
$
—
$
215,955
$
—
$
215,955
Bond
Mutual
Funds
225,944
—
—
225,944
Common
Stocks
1,894,321
615,051
4,225
2,513,597
Convertible
Preferred
Stocks
—
1,038
11,835
12,873
Equity
Mutual
Funds
294,636
—
—
294,636
Private
Investment
Companies
—
—
139,602
139,602
Short-Term
Investments
133,049
—
—
133,049
Securities
Lending
Collateral
18,476
—
—
18,476
Total
Securities
2,566,426
832,044
155,662
3,554,132
Swaps*
—
60
—
60
Forward
Currency
Exchange
Contracts
—
82
—
82
Futures
Contracts*
196
—
—
196
Total
$
2,566,622
$
832,186
$
155,662
$
3,554,470
Liabilities
Options
Written
$
—
$
6,082
$
—
$
6,082
Swaps*
—
13
—
13
Forward
Currency
Exchange
Contracts
—
104
—
104
Futures
Contracts*
1,536
—
—
1,536
Total
$
1,536
$
6,199
$
—
$
7,735
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
60
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
February
28,
2021.
Gain
(loss)
reflects
both
realized
and
change
in
unrealized
gain/loss
on
Level
3
holdings
during
the
period,
if
any.
The
change
in
unrealized
gain/loss
on
Level
3
instruments
held
at
February
28,
2021,
totaled $20,206,000 for
the
period ended
February
28,
2021.
During
the
period,
transfers
out
of
Level
3
were
because
observable
market
data
became
available
for
the
security.
1
Includes
Corporate
Bonds,
Asset-Backed
Securities,
Non-U.S.
Government
Mortgage-
Backed
Securities,
Foreign
Government
Obligations
&
Municipalities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
6/1/20
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Transfer
Out
of
Level
3
Ending
Balance
2/28/21
Investment
in
Securities
Common
Stocks
$
2,979
$
624
$
825
$
—
$
(203)
$
4,225
Convertible
Preferred
Stocks
3,399
3,649
5,242
—
(455)
11,835
Private
Investment
Companies
118,531
15,821
12,250
(7,000)
—
139,602
Total
$
124,909
$
20,094
$
18,317
$
(7,000)
$
(658)
$
155,662
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
61
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
Committee
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)
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**
Investments
in
Securities
Common
Stock
$
4,225
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
Return
15%
15%
Increase
Market
comparable
Enterprise
Value
to
Sales
Multiple
1.1x
–
20.0x
2.9x
Increase
Sales
Growth
Rate
19%
19%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Projected
Enterprise
Value
to
EBITDA
Multiple
12.0x
12.0x
Increase
Enterprise
Value
to
Gross
Profit
Multiple
5.2x
–
36.3x
10.0x
Increase
Gross
Profit
Growth
Rate
21%
21%
Increase
Enterprise
Value
to
EBITDA
Multiple
10.0x
10.0x
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
62
($000s)
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**
Price
to
Tangible
Book
Value
Multiple
0.9x
–
1.0x
1.0x
Increase
Tangible
Book
Value
Growth
Rate
23%
23%
Increase
Options
Pricing
Model
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Risk-Free
Rate
3%
3%
Increase
Volatility
38%
–
43%
41%
Increase
Private
Company
Valuation
—#
—#
—#
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
Convertible
Preferred
Stocks
$
11,835
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
Comparable
Enterprise
Value
to
Sales
Multiple
5.7x
–
20.0x
12.2x
Increase
Sales
Growth
Rate
12%
–
29%
23%
Increase
Discount
for
Lack
of
Marketability
10%
10%
Decrease
Enterprise
Value
to
Gross
Profit
Multiple
8.3x
–
36.3x
18.4x
Increase
Gross
Profit
Rate
15%
–
29%
24%
Increase
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
63
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
*
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.
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
F103-054Q3
02/21
($000s)
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
$
139,602
Rollforward
of
Investee
NAV
Estimated
return
0.90%
0.90%
Increase