T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
August
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.3%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
445,000
451
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
330,000
331
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
764,225
777
Ares
LVII
Series 2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.564%,
10/25/31 (1)
610,000
610
Ballyrock
Series 2021-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.226%,
4/15/34 (1)
635,000
635
Barings
Series 2016-2A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.214%,
7/20/28 (1)
415,600
416
Benefit
Street
Partners
Series 2015-VIBR,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.19%,
1.315%,
7/20/34 (1)
720,000
721
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
1.626%,
4/15/29 (1)
280,000
278
Benefit
Street
Partners
XX
Series 2020-20A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.313%,
7/15/34 (1)
400,000
400
BlueMountain
Series 2015-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.93%,
1.064%,
7/18/27 (1)
276,145
276
Capital
One
Multi-Asset
Execution
Trust
Series 2005-B3,
Class
B3,
FRN
3M
USD
LIBOR
+
0.55%,
0.676%,
5/15/28
615,000
611
Carlyle
Global
Market
Strategies
Series 2015-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.00%,
1.132%,
7/28/28 (1)
372,415
372
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
735,000
758
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,050,000
1,048
CIFC
Funding
Series 2020-3A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.35%,
1.484%,
10/20/31 (1)
560,000
560
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
1.288%,
7/15/36 (1)
505,000
504
Driven
Brands
Funding
Series 2019-1A,
Class
A2
4.641%,
4/20/49 (1)
277,875
300
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
262,350
277
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.234%,
7/17/34 (1)
490,000
489
Ford
Credit
Floorplan
Master
Owner
Trust
Series 2020-2,
Class
B
1.32%,
9/15/27
225,000
226
GM
Financial
Automobile
Leasing
Trust
Series 2020-3,
Class
C
1.11%,
10/21/24
250,000
252
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
240,000
242
Golub
Capital
Partners
Series 2018-39A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.284%,
10/20/28 (1)
444,222
444
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
534,875
572
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
240,000
244
Hilton
Grand
Vacations
Trust
Series 2017-AA,
Class
A
2.66%,
12/26/28 (1)
31,232
32
Jack
in
the
Box
Funding
Series 2019-1A,
Class
A2I
3.982%,
8/25/49 (1)
560,763
573
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.33%,
1.456%,
10/15/32 (1)
805,000
807
Magnetite
XVIII
Series 2016-18A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.205%,
11/15/28 (1)
510,000
510
Magnetite
XXV
Series 2020-25A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.55%,
1.455%,
1/25/32 (1)
255,000
255
Navient
Private
Education
Loan
Trust
Series 2017-A,
Class
A2A
2.88%,
12/16/58 (1)
84,221
85
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Navient
Private
Education
Loan
Trust
Series 2018-BA,
Class
A2A
3.61%,
12/15/59 (1)
341,367
356
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
513,287
525
Navient
Private
Education
Refi
Loan
Trust
Series 2020-BA,
Class
A2
2.12%,
1/15/69 (1)
350,605
356
Navient
Private
Education
Refi
Loan
Trust
Series 2020-CA,
Class
B
2.83%,
11/15/68 (1)
450,000
460
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69 (1)
256,114
258
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
1.264%,
10/19/31 (1)
470,000
471
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.124%,
1/20/32 (1)
1,190,000
1,190
Neuberger
Berman
Loan
Advisers
Series 2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.434%,
10/20/32 (1)
590,000
591
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
1.241%,
7/17/35 (1)
370,000
370
Neuberger
Berman
XVI
Series 2017-16SA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.04%,
1.166%,
4/15/34 (1)
630,000
628
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
1.254%,
7/20/29 (1)
830,000
830
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1.784%,
7/20/29 (1)
475,000
475
OCP
Series 2020-19A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.75%,
1.884%,
7/20/31 (1)
535,000
536
OCP
Series 2020-19A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
10/20/34 (1)(2)
810,000
810
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.18%,
1.305%,
1/24/33 (1)
825,000
827
OHA
Credit
Funding
3
Series 2019-3A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
1.288%,
7/2/35 (1)
505,000
504
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OHA
Credit
Partners
XVI
Series 2021-16A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
10/18/34 (1)(2)
375,000
375
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
1.144%,
7/17/29 (1)
606,132
606
OZLM
VIII
Series 2014-8A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.304%,
10/17/29 (1)
476,252
476
Palmer
Square
Series 2020-2A,
Class
A1A,
CLO,
FRN
3M
USD
LIBOR
+
1.70%,
1.826%,
7/15/31 (1)
505,000
506
Palmer
Square
Series 2021-2A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.256%,
7/15/34 (1)
600,000
600
Peace
Park
Series 2021-1A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
10/20/34 (1)(2)
550,000
550
Reese
Park
Series 2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.446%,
10/15/32 (1)
570,000
570
Santander
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
D
1.33%,
9/15/27
285,000
286
Santander
Retail
Auto
Lease
Trust
Series 2019-B,
Class
D
3.31%,
6/20/24 (1)
715,000
733
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
590,000
590
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
590,000
590
Sierra
Timeshare
Receivables
Funding
Series 2019-1A,
Class
A
3.20%,
1/20/36 (1)
129,833
134
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
C
3.51%,
7/20/37 (1)
215,336
222
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
B
1.34%,
11/20/37 (1)
393,718
395
SMB
Private
Education
Loan
Trust
Series 2015-B,
Class
A2A
2.98%,
7/15/27 (1)
49,990
50
SMB
Private
Education
Loan
Trust
Series 2015-C,
Class
A3,
FRN
1M
USD
LIBOR
+
1.95%,
2.046%,
8/16/32 (1)
555,000
565
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31 (1)
67,864
69
SMB
Private
Education
Loan
Trust
Series 2016-B,
Class
A2A
2.43%,
2/17/32 (1)
175,468
180
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
546,361
579
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
431,388
454
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
528,896
525
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
490,000
499
Symphony
XVII
Series 2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
1.006%,
4/15/28 (1)
798,585
797
Symphony
XXIII
Series 2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.446%,
1/15/34 (1)
1,190,000
1,192
Symphony
XXVI
Series 2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.214%,
4/20/33 (1)
355,000
355
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.194%,
10/20/29 (1)
655,000
654
Total
Asset-Backed
Securities
(Cost
$35,506)
35,795
BOND
MUTUAL
FUNDS
24.8%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
3.64% (3)(4)
17,048,716
167,418
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.21% (3)(4)
602
8
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
3.94% (3)(4)
15,114,955
127,570
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.43% (3)(4)
7,312,398
71,296
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.82% (3)(4)
13,611,979
121,147
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.00% (3)(4)
15,400,004
157,080
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.59% (3)(4)
3,936,759
21,613
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.69% (3)(4)
834,010
9,850
Total
Bond
Mutual
Funds
(Cost
$665,611)
675,982
COMMON
STOCKS
34.6%
COMMUNICATION
SERVICES
4.9%
Diversified
Telecommunication
Services
0.2%
KT
(KRW)
22,576
638
Nippon
Telegraph
&
Telephone
(JPY)
132,900
3,541
Telecom
Italia
(EUR)
1,003,523
485
4,664
Entertainment
0.7%
Cinemark
Holdings (5)
9,500
169
Netflix (5)
9,144
5,204
Roku (5)
1,126
397
Sea,
ADR (5)
19,735
6,677
Spotify
Technology (5)
3,874
908
Walt
Disney (5)
31,438
5,700
Zynga,
Class
A (5)
36,298
321
19,376
Interactive
Media
&
Services
3.5%
Alphabet,
Class
A (5)
1,724
4,989
Alphabet,
Class
C (5)(6)
17,468
50,819
Facebook,
Class
A (5)(6)
62,008
23,525
Genius
Sports (5)
3,300
68
Match
Group (5)
5,669
779
NAVER
(KRW)
3,661
1,386
Pinterest,
Class
A (5)
38,568
2,143
Snap,
Class
A (5)
79,268
6,033
Tencent
Holdings
(HKD)
55,590
3,433
Vimeo (5)
3,808
145
Z
Holdings
(JPY)
144,800
942
94,262
Media
0.2%
Advantage
Solutions (5)
7,918
69
Advantage
Solutions,
Warrants,
12/31/26 (5)
2,460
4
Cable
One
419
880
Comcast,
Class
A
11,280
684
CyberAgent
(JPY)
89,400
1,637
National
CineMedia
8,422
22
Stroeer
(EUR)
8,326
686
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
WPP
(GBP)
109,022
1,478
5,460
Wireless
Telecommunication
Services
0.3%
SoftBank
Group
(JPY)
13,700
772
T-Mobile
U.S. (5)
35,075
4,806
Vodafone
Group,
ADR
74,362
1,269
6,847
Total
Communication
Services
130,609
CONSUMER
DISCRETIONARY
4.3%
Auto
Components
0.2%
Autoliv,
SDR
(SEK)
9,000
802
Denso
(JPY)
14,100
987
Gentherm (5)
4,760
409
Magna
International
24,844
1,960
Stanley
Electric
(JPY)
27,200
679
Stoneridge (5)
6,393
149
Sumitomo
Rubber
Industries
(JPY)
30,700
368
5,354
Automobiles
0.2%
Honda
Motor
(JPY)
17,000
515
Suzuki
Motor
(JPY)
22,400
968
Toyota
Motor
(JPY)
35,700
3,109
4,592
Diversified
Consumer
Services
0.1%
Alclear
Holdings,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $137 (5)(7)
18,325
809
Bright
Horizons
Family
Solutions (5)
3,304
482
Duolingo (5)
305
39
Rover
Group,
Acquisition
Date:
5/11/18
-
5/25/18,
Cost $46 (5)(7)
6,383
70
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(7)
6,383
3
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(7)
6,383
3
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(7)
6,383
1
1,407
Hotels,
Restaurants
&
Leisure
1.0%
Bally's (5)
1,522
77
BJ's
Restaurants (5)
9,147
391
Booking
Holdings (5)
1,019
2,343
Chipotle
Mexican
Grill (5)
1,240
2,360
Chuy's
Holdings (5)
7,994
258
Compass
Group
(GBP) (5)
72,879
1,506
Denny's (5)
11,500
190
Drive
Shack (5)
17,941
49
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fiesta
Restaurant
Group (5)
19,184
230
Hilton
Worldwide
Holdings (5)
25,257
3,154
Marriott
International,
Class
A (5)
20,929
2,828
McDonald's
1,328
315
MGM
Resorts
International
35,357
1,507
Papa
John's
International
7,726
985
Red
Robin
Gourmet
Burgers (5)
6,071
149
Ruth's
Hospitality
Group (5)
7,651
157
Starbucks
34,266
4,026
Vail
Resorts (5)
1,861
567
Yum!
Brands
37,213
4,876
25,968
Household
Durables
0.2%
Cavco
Industries (5)
940
240
Panasonic
(JPY)
94,200
1,126
Persimmon
(GBP)
31,393
1,271
Skyline
Champion (5)
8,199
514
Sony
Group
(JPY)
16,600
1,716
4,867
Internet
&
Direct
Marketing
Retail
1.5%
1stDibs.com,
Acquisition
Date:
2/7/19,
Cost $44 (5)(7)
2,937
46
Alibaba
Group
Holding,
ADR (5)
10,502
1,754
Altimeter
Growth (5)
10,543
119
Altimeter
Growth
Corp.
SPAC
/
Grab
Holdings
PIPE (5)(8)
9,760
94
Amazon.com (5)(6)
8,965
31,116
ASOS
(GBP) (5)
25,361
1,353
Big
Sky
Growth
Partners (5)
9,637
95
Coupang (5)
23,461
703
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $144
(GBP) (5)(7)
81,200
369
Delivery
Hero
(EUR) (5)
3,381
491
DoorDash,
Class
A (5)
12,279
2,350
Poshmark,
Class
A (5)
1,244
36
RealReal (5)
11,600
144
THG
(GBP) (5)
50,409
426
ThredUp,
Class
A (5)
5,451
104
Xometry,
Acquisition
Date:
7/20/20
-
9/4/20,
Cost $53 (5)(7)
5,224
361
Xometry,
Class
A (5)
868
63
Zalando
(EUR) (5)
15,482
1,717
41,341
Multiline
Retail
0.1%
Dollar
General
8,654
1,929
Next
(GBP)
11,123
1,210
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ollie's
Bargain
Outlet
Holdings (5)
9,033
654
3,793
Specialty
Retail
0.6%
AutoZone (5)
459
711
Burlington
Stores (5)
3,525
1,056
Carvana (5)
12,055
3,955
Five
Below (5)
737
157
Home
Depot
7,030
2,293
Kingfisher
(GBP)
391,431
1,885
Monro
6,667
379
Petco
Health
&
Wellness (5)
5,773
124
RH (5)
551
386
Ross
Stores
19,003
2,250
TJX
44,872
3,263
16,459
Textiles,
Apparel
&
Luxury
Goods
0.4%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $49 (5)(7)(9)
4,500
52
Capri
Holdings (5)
7,800
441
Dr.
Martens
(GBP) (5)
119,183
695
EssilorLuxottica
(EUR)
7,128
1,401
Kering
(EUR)
1,468
1,169
Lululemon
Athletica (5)
5,683
2,274
Moncler
(EUR)
21,048
1,348
NIKE,
Class
B
14,727
2,426
Samsonite
International
(HKD) (5)
218,100
457
Skechers
USA,
Class
A (5)
7,400
373
Steven
Madden
2,300
93
10,729
Total
Consumer
Discretionary
114,510
CONSUMER
STAPLES
0.9%
Beverages
0.1%
Boston
Beer,
Class
A (5)
1,409
803
Coca-Cola
571
32
Diageo
(GBP)
37,172
1,787
Kirin
Holdings
(JPY)
38,300
694
3,316
Food
&
Staples
Retailing
0.1%
Seven
&
i
Holdings
(JPY) (10)
39,600
1,728
Walmart
9,119
1,350
Welcia
Holdings
(JPY) (10)
17,200
607
3,685
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Food
Products
0.4%
Barry
Callebaut
(CHF)
375
955
Cal-Maine
Foods
7,935
287
Nestle
(CHF)
53,548
6,762
Nomad
Foods (5)
10,982
290
Post
Holdings (5)
4,644
520
Post
Holdings
Partnering (5)
6,329
64
Sanderson
Farms
1,414
278
TreeHouse
Foods (5)
9,548
358
Utz
Brands
16,282
316
Wilmar
International
(SGD)
381,500
1,172
11,002
Personal
Products
0.3%
BellRing
Brands,
Class
A (5)
4,153
140
L'Oreal
(EUR)
5,265
2,470
Pola
Orbis
Holdings
(JPY) (10)
12,400
271
Unilever
(GBP)
73,243
4,078
6,959
Total
Consumer
Staples
24,962
ENERGY
0.3%
Energy
Equipment
&
Services
0.1%
Cactus,
Class
A
4,045
152
Dril-Quip (5)
2,800
68
Halliburton
18,954
379
Liberty
Oilfield
Services,
Class
A (5)
25,046
256
NexTier
Oilfield
Solutions (5)
38,214
137
Worley
(AUD)
119,645
909
1,901
Oil,
Gas
&
Consumable
Fuels
0.2%
Devon
Energy
12,243
362
Diamondback
Energy
7,567
583
Equinor
(NOK)
85,259
1,807
Magnolia
Oil
&
Gas,
Class
A
30,006
470
Royal
Dutch
Shell,
Class
B,
ADR
20,191
795
TotalEnergies
(EUR)
44,148
1,953
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $9 (5)(7)(9)
3
14
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $134 (5)(7)(9)
37
170
6,154
Total
Energy
8,055
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FINANCIALS
4.9%
Banks
1.6%
Atlantic
Capital
Bancshares (5)
6,186
150
Australia
&
New
Zealand
Banking
Group
(AUD)
50,504
1,022
Bank
of
America
141,005
5,887
BankUnited
15,659
658
BNP
Paribas
(EUR)
20,966
1,328
Citigroup
28,679
2,062
Close
Brothers
Group
(GBP)
18,549
393
CrossFirst
Bankshares (5)
9,849
130
DBS
Group
Holdings
(SGD)
35,267
782
Dime
Community
Bancshares
7,576
250
DNB
Bank
(NOK)
110,278
2,328
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $24 (5)(7)(9)
2,412
29
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $12 (5)(7)(9)
1,185
14
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(7)(9)
360
1
East
West
Bancorp
7,474
548
Equity
Bancshares,
Class
A (5)
5,410
174
Erste
Group
Bank
(EUR)
24,117
963
FB
Financial
8,766
361
First
Bancshares
6,598
267
Five
Star
Bancorp
3,760
90
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $41 (5)(7)(9)
4,129
19
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(7)(9)
803
—
Heritage
Commerce
21,334
240
Heritage
Financial
6,634
169
Home
BancShares
16,074
356
ING
Groep
(EUR)
167,536
2,311
Intesa
Sanpaolo
(EUR)
289,721
820
JPMorgan
Chase
3,678
588
Live
Oak
Bancshares
7,953
487
Lloyds
Banking
Group
(GBP)
1,778,383
1,065
Mitsubishi
UFJ
Financial
Group
(JPY)
167,000
906
National
Bank
of
Canada
(CAD)
28,084
2,229
Origin
Bancorp
7,565
311
Pacific
Premier
Bancorp
9,367
374
Pinnacle
Financial
Partners
8,946
867
Popular
3,722
283
Professional
Holding,
Class
A (5)
4,068
78
Sandy
Spring
Bancorp
6,645
290
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Seacoast
Banking
11,139
356
Signature
Bank
3,434
891
SouthState
4,654
319
Standard
Chartered
(GBP)
74,602
465
Sumitomo
Mitsui
Trust
Holdings
(JPY)
20,689
676
Svenska
Handelsbanken,
Class
A
(SEK)
113,921
1,280
United
Overseas
Bank
(SGD)
74,700
1,414
Webster
Financial
6,432
325
Wells
Fargo
189,940
8,680
Western
Alliance
Bancorp
9,230
901
44,137
Capital
Markets
1.5%
Apollo
Global
Management
12,907
772
Bridgepoint
Group
(GBP) (5)
102,142
711
Cboe
Global
Markets
5,783
730
Charles
Schwab
116,080
8,456
Goldman
Sachs
Group
20,033
8,284
Julius
Baer
Group
(CHF)
19,075
1,302
Macquarie
Group
(AUD)
8,882
1,078
Morgan
Stanley
145,937
15,240
MSCI
576
365
S&P
Global
4,311
1,913
StepStone
Group,
Class
A
11,151
534
XP,
Class
A (5)
8,950
435
39,820
Consumer
Finance
0.0%
Encore
Capital
Group (5)
7,190
354
PRA
Group (5)
7,197
302
PROG
Holdings
8,560
405
1,061
Diversified
Financial
Services
0.2%
Challenger
(AUD)
99,289
466
Element
Fleet
Management
(CAD) (10)
126,232
1,392
Equitable
Holdings
74,718
2,317
Mitsubishi
HC
Capital
(JPY)
97,600
523
4,698
Insurance
1.5%
AIA
Group
(HKD) (10)
59,600
712
American
International
Group
151,138
8,246
Assurant
4,176
710
Aviva
(GBP)
169,548
942
AXA
(EUR)
102,694
2,885
Axis
Capital
Holdings
9,632
493
Bright
Health
Group (5)
2,617
24
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bright
Health
Group,
Acquisition
Date:
9/16/20,
Cost $111 (5)(7)
16,251
143
Chubb
22,199
4,083
Direct
Line
Insurance
Group
(GBP)
140,216
595
Hanover
Insurance
Group
3,347
473
Hartford
Financial
Services
Group
37,845
2,544
Marsh
&
McLennan
9,725
1,529
MetLife
44,505
2,759
Munich
Re
(EUR)
10,371
3,027
PICC
Property
&
Casualty,
Class
H
(HKD)
936,000
846
Ping
An
Insurance
Group,
Class
H
(HKD)
72,000
558
Sampo,
Class
A
(EUR)
40,174
2,076
Selective
Insurance
Group
9,117
762
Selectquote (5)
6,571
63
Storebrand
(NOK)
145,494
1,292
Sun
Life
Financial
(CAD) (10)
41,308
2,127
Tokio
Marine
Holdings
(JPY)
31,100
1,522
Travelers
11,200
1,789
Zurich
Insurance
Group
(CHF)
3,431
1,505
41,705
Thrifts
&
Mortgage
Finance
0.1%
Blue
Foundry
Bancorp (5)
2,698
36
Capitol
Federal
Financial
13,317
154
Essent
Group
8,546
402
Housing
Development
Finance
(INR)
27,221
1,038
Meridian
Bancorp
8,375
174
PennyMac
Financial
Services
8,588
572
Sterling
Bancorp (5)
9,904
53
2,429
Total
Financials
133,850
HEALTH
CARE
4.9%
Biotechnology
0.3%
AbbVie
13,427
1,622
Abcam,
ADR (5)
4,398
93
ACADIA
Pharmaceuticals (5)
2,094
37
Acceleron
Pharma (5)
3,051
408
Agios
Pharmaceuticals (5)
3,748
167
Allogene
Therapeutics (5)
1,602
38
Apellis
Pharmaceuticals (5)
2,368
156
Arcutis
Biotherapeutics (5)
1,080
23
Argenx,
ADR (5)
2,398
794
Ascendis
Pharma,
ADR (5)
3,577
561
Avidity
Biosciences (5)
3,202
73
Blueprint
Medicines (5)
3,715
346
Cerevel
Therapeutics
Holdings (5)
4,824
153
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CRISPR
Therapeutics (5)
640
80
Exact
Sciences (5)
334
35
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $20 (5)(7)(9)
3,075
20
G1
Therapeutics (5)
1,642
25
Generation
Bio (5)
8,004
200
Global
Blood
Therapeutics (5)
6,923
199
Homology
Medicines (5)
2,750
20
Icosavax (5)
2,424
91
IGM
Biosciences (5)
1,713
122
Insmed (5)
15,965
448
Intellia
Therapeutics (5)
1,937
311
Iovance
Biotherapeutics (5)
1,214
29
Karuna
Therapeutics (5)
638
76
Kodiak
Sciences (5)
5,130
483
Kymera
Therapeutics (5)
1,052
65
MeiraGTx
Holdings (5)
2,103
26
Monte
Rosa
Therapeutics (5)
1,043
37
Morphic
Holding (5)
323
20
Nurix
Therapeutics (5)
1,482
48
Orchard
Therapeutics,
ADR (5)
5,431
15
Prothena (5)
7,278
488
PTC
Therapeutics (5)
852
37
Radius
Health (5)
17,908
248
RAPT
Therapeutics (5)
3,951
129
Repare
Therapeutics (5)
3,200
109
Replimune
Group (5)
1,844
59
Scholar
Rock
Holding (5)
6,547
259
Seagen (5)
1,656
277
Tenaya
Therapeutics (5)
968
20
TG
Therapeutics (5)
689
19
Turning
Point
Therapeutics (5)
2,272
175
Ultragenyx
Pharmaceutical (5)
5,583
538
Xencor (5)
5,866
199
Zentalis
Pharmaceuticals (5)
1,934
132
9,510
Health
Care
Equipment
&
Supplies
1.5%
Abbott
Laboratories
12,237
1,546
Alcon
(CHF)
7,109
586
Align
Technology (5)
667
473
AtriCure (5)
4,551
335
Avanos
Medical (5)
7,654
253
Axonics (5)
1,503
113
Becton
Dickinson
&
Company
7,934
1,997
CVRx (5)
2,207
42
Danaher
38,907
12,612
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DENTSPLY
SIRONA
11,039
681
Elekta,
Class
B
(SEK) (10)
68,863
863
ICU
Medical (5)
1,547
308
Intuitive
Surgical (5)
4,624
4,872
JAND,
Class
A,
Acquisition
Date:
3/9/18,
Cost $54 (5)(7)(9)
3,441
112
Koninklijke
Philips
(EUR)
46,683
2,151
Medtronic
38,226
5,102
Mesa
Laboratories
407
109
Nevro (5)
2,417
295
NuVasive (5)
3,209
199
Outset
Medical (5)
2,013
99
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $114 (5)(7)(9)
30,352
39
Penumbra (5)
959
264
Pulmonx (5)
663
27
Quidel (5)
4,140
534
Siemens
Healthineers
(EUR)
25,776
1,793
Stryker
11,476
3,180
Teleflex
5,807
2,296
Zimmer
Biomet
Holdings
2,974
447
41,328
Health
Care
Providers
&
Services
1.0%
Accolade (5)
2,896
137
Alignment
Healthcare (5)
3,376
60
Alignment
Healthcare,
Acquisition
Date:
2/28/20
-
3/31/21,
Cost $75 (5)(7)
9,352
157
Amedisys (5)
2,388
438
Anthem
9,982
3,745
Centene (5)
25,444
1,602
Cigna
2,478
524
dentalcorp
Holdings
(CAD) (5)(10)
10,468
132
Fresenius
(EUR)
32,957
1,714
Hanger (5)
15,047
359
HCA
Healthcare
24,956
6,313
Humana
2,035
825
Innovage
Holding (5)
1,453
22
ModivCare (5)
2,345
463
Molina
Healthcare (5)
4,147
1,115
Oak
Street
Health (5)
911
43
Option
Care
Health (5)
10,807
289
Pennant
Group (5)
4,441
136
Privia
Health
Group (5)
2,393
71
U.S.
Physical
Therapy
2,854
335
UnitedHealth
Group
19,970
8,313
26,793
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Technology
0.0%
Certara (5)
2,042
69
Doximity,
Class
A (5)
1,480
136
Sophia
Genetics (5)
3,762
74
Veeva
Systems,
Class
A (5)
3,008
999
1,278
Life
Sciences
Tools
&
Services
0.6%
Adaptive
Biotechnologies (5)
2,564
93
Agilent
Technologies
25,297
4,439
Bruker
10,255
905
Evotec
(EUR) (5)
17,437
867
Olink
Holding,
ADR (5)
4,995
160
PerkinElmer
5,664
1,047
Quanterix (5)
1,315
67
Rapid
Micro
Biosystems,
Class
A (5)
3,914
74
Seer (5)
3,518
141
Thermo
Fisher
Scientific
14,545
8,072
15,865
Pharmaceuticals
1.5%
Arvinas (5)
665
57
Astellas
Pharma
(JPY)
167,600
2,824
AstraZeneca,
ADR
102,375
5,966
Atea
Pharmaceuticals (5)
1,179
35
Bausch
Health (5)
20,021
583
Bayer
(EUR)
30,218
1,681
Catalent (5)
7,286
950
Elanco
Animal
Health (5)
67,546
2,255
Eli
Lilly
29,495
7,618
GlaxoSmithKline,
ADR
34,316
1,398
Ipsen
(EUR)
6,754
676
Novartis
(CHF)
34,684
3,208
Otsuka
Holdings
(JPY)
27,300
1,162
Pfizer
33,927
1,563
Reata
Pharmaceuticals,
Class
A (5)
1,894
202
Roche
Holding
(CHF)
10,947
4,396
Sanofi
(EUR)
31,660
3,281
Takeda
Pharmaceutical,
ADR
27,701
460
TherapeuticsMD (5)
22,936
18
Zoetis
8,122
1,662
39,995
Total
Health
Care
134,769
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INDUSTRIALS
&
BUSINESS
SERVICES
3.1%
Aerospace
&
Defense
0.1%
BWX
Technologies
2,208
127
Meggitt
(GBP) (5)
117,213
1,338
Parsons (5)
3,510
124
Safran
(EUR)
7,744
971
2,560
Air
Freight
&
Logistics
0.1%
FedEx
4,143
1,101
United
Parcel
Service,
Class
B
14,800
2,895
3,996
Airlines
0.0%
Sun
Country
Airlines
Holdings (5)
3,099
100
100
Building
Products
0.0%
CSW
Industrials
1,197
159
Gibraltar
Industries (5)
7,302
545
PGT
Innovations (5)
9,964
212
916
Commercial
Services
&
Supplies
0.2%
ADT
35,256
302
Brink's
4,186
327
Cintas
728
288
Copart (5)
5,127
740
Heritage-Crystal
Clean (5)
6,194
183
MSA
Safety
1,828
298
Rentokil
Initial
(GBP)
55,255
442
Republic
Services
17,927
2,225
Tetra
Tech
1,628
234
5,039
Electrical
Equipment
0.4%
ABB
(CHF)
57,448
2,125
AZZ
9,682
518
Hubbell
10,867
2,240
Legrand
(EUR)
9,927
1,139
Mitsubishi
Electric
(JPY)
144,200
1,971
Prysmian
(EUR)
37,945
1,429
Schneider
Electric
(EUR)
5,967
1,066
Shoals
Technologies
Group,
Class
A (5)
8,505
277
Thermon
Group
Holdings (5)
3,810
64
10,829
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Industrial
Conglomerates
0.9%
DCC
(GBP)
11,619
988
General
Electric
108,216
11,407
Honeywell
International
13,646
3,164
Melrose
Industries
(GBP)
601,982
1,390
Roper
Technologies
2,700
1,305
Siemens
(EUR)
39,758
6,596
24,850
Machinery
0.5%
Caterpillar
12,555
2,648
Chart
Industries (5)
1,598
301
Deere
1,180
446
Enerpac
Tool
Group
18,060
454
ESCO
Technologies
5,302
478
Federal
Signal
7,333
298
Fortive
21,265
1,571
Graco
6,068
476
Helios
Technologies
4,746
387
Ingersoll
Rand (5)
13,908
737
John
Bean
Technologies
4,805
701
KION
Group
(EUR)
16,683
1,785
Knorr-Bremse
(EUR)
6,105
733
Marel
(ISK)
16,278
126
Meritor (5)
13,242
314
Mueller
Water
Products,
Class
A
21,390
356
SMC
(JPY)
900
576
SPX (5)
6,861
429
THK
(JPY)
19,800
458
Toro
3,449
379
13,653
Marine
0.0%
Matson
5,675
449
449
Professional
Services
0.4%
Booz
Allen
Hamilton
Holding
4,746
389
Clarivate (5)
27,525
693
CoStar
Group (5)
14,028
1,189
Equifax
1,286
350
Huron
Consulting
Group (5)
2,800
138
Jacobs
Engineering
Group
20,389
2,752
Legalzoom.com (5)
916
31
Recruit
Holdings
(JPY)
30,000
1,766
TechnoPro
Holdings
(JPY)
43,300
1,159
Teleperformance
(EUR)
2,662
1,178
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
TransUnion
3,748
455
Upwork (5)
17,167
768
10,868
Road
&
Rail
0.3%
Central
Japan
Railway
(JPY)
6,500
951
CSX
56,197
1,828
Knight-Swift
Transportation
Holdings
6,347
330
Landstar
System
1,608
270
Norfolk
Southern
13,621
3,454
Saia (5)
1,535
369
Union
Pacific
6,398
1,387
8,589
Trading
Companies
&
Distributors
0.2%
Air
Lease
4,806
191
Ashtead
Group
(GBP)
23,997
1,876
Bunzl
(GBP)
20,737
751
Mitsubishi
(JPY)
32,000
963
Rush
Enterprises,
Class
A
5,906
261
SiteOne
Landscape
Supply (5)
5,089
1,018
Sumitomo
(JPY)
70,300
991
United
Rentals (5)
1,673
590
6,641
Total
Industrials
&
Business
Services
88,490
INFORMATION
TECHNOLOGY
7.7%
Communications
Equipment
0.1%
Infinera (5)
4,000
34
Telefonaktiebolaget
LM
Ericsson,
Class
B
(SEK)
175,085
2,074
2,108
Electronic
Equipment,
Instruments
&
Components
0.3%
CTS
11,659
409
Hamamatsu
Photonics
(JPY)
17,500
1,020
Largan
Precision
(TWD)
5,000
482
Littelfuse
1,717
490
Murata
Manufacturing
(JPY)
18,700
1,542
National
Instruments
9,885
413
Novanta (5)
5,558
852
Omron
(JPY)
9,300
876
PAR
Technology (5)
7,454
506
TE
Connectivity
3,431
515
Teledyne
Technologies (5)
2,023
938
8,043
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
IT
Services
1.7%
Affirm
Holdings (5)
13,181
1,270
Amadeus
IT
Group,
A
Shares
(EUR) (5)
10,518
642
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $481 (5)
(7)(9)
85,814
605
Euronet
Worldwide (5)
2,902
387
Fidelity
National
Information
Services
5,902
754
Fiserv (5)
40,306
4,748
Flywire (5)
1,108
49
Global
Payments
16,577
2,696
Kratos
Defense
&
Security
Solutions (5)
11,574
286
Mastercard,
Class
A
15,610
5,405
MongoDB (5)
3,748
1,468
NTT
Data
(JPY)
118,400
2,131
Payoneer
Global (5)
25,200
259
PayPal
Holdings (5)
23,432
6,764
Repay
Holdings (5)
8,131
187
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $9 (5)(7)(9)
204
24
Shopify,
Class
A (5)
1,413
2,154
Snowflake,
Class
A (5)
1,647
501
Square,
Class
A (5)
10,070
2,699
StoneCo,
Class
A (5)
2,332
108
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $22 (5)(7)(9)
960
22
Twilio,
Class
A (5)
1,498
535
Visa,
Class
A
50,235
11,509
45,203
Semiconductors
&
Semiconductor
Equipment
2.0%
Advanced
Micro
Devices (5)
24,105
2,669
Analog
Devices
21,309
3,472
Applied
Materials
40,171
5,428
ASML
Holding
(EUR)
4,874
4,065
ASML
Holding
6,406
5,336
Broadcom
10,982
5,460
Entegris
8,708
1,046
KLA
4,102
1,395
Lattice
Semiconductor (5)
20,132
1,251
Marvell
Technology
18,146
1,110
Microchip
Technology
6,346
999
Micron
Technology (5)
1,827
135
Monolithic
Power
Systems
1,916
948
NVIDIA
21,953
4,914
NXP
Semiconductors
18,868
4,059
QUALCOMM
15,185
2,227
Renesas
Electronics
(JPY) (5)
57,200
613
Semtech (5)
2,290
160
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Taiwan
Semiconductor
Manufacturing
(TWD)
223,719
4,907
Taiwan
Semiconductor
Manufacturing,
ADR
8,077
961
Texas
Instruments
12,470
2,381
Tokyo
Electron
(JPY)
3,300
1,414
54,950
Software
2.9%
Atlassian,
Class
A (5)
3,385
1,242
Bill.com
Holdings (5)
4,018
1,103
Canva,
Acquisition
Date:
8/16/21,
Cost $82 (5)(7)(9)
48
82
Ceridian
HCM
Holding (5)
6,463
726
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $36 (5)(7)(9)
1,585
86
Coupa
Software (5)
3,963
970
Crowdstrike
Holdings,
Class
A (5)
1,327
373
Datadog,
Class
A (5)
4,287
591
Descartes
Systems
Group (5)
10,985
861
DocuSign (5)
5,862
1,737
DoubleVerify
Holdings (5)
1,183
43
Duck
Creek
Technologies (5)
729
34
Five9 (5)
2,912
461
Fortinet (5)
5,506
1,735
Intuit
10,618
6,011
Manhattan
Associates (5)
1,856
303
Microsoft (6)
136,799
41,297
nCino (5)
4,979
309
Paycom
Software (5)
1,548
757
Paycor
HCM (5)
2,867
106
salesforce.com (5)
15,891
4,215
SAP
(EUR)
13,449
2,020
ServiceNow (5)
10,766
6,929
SS&C
Technologies
Holdings
10,047
760
Synopsys (5)
8,377
2,783
Toast,
Acquisition
Date:
9/14/18,
Cost $— (5)(7)(9)
9
1
Workiva (5)
2,982
418
Zendesk (5)
976
121
Zoom
Video
Communications,
Class
A (5)
7,898
2,286
78,360
Technology
Hardware,
Storage
&
Peripherals
0.7%
Apple (6)
100,703
15,290
Samsung
Electronics
(KRW)
46,921
3,097
18,387
Total
Information
Technology
207,051
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
MATERIALS
1.9%
Chemicals
0.9%
Air
Liquide
(EUR)
8,496
1,523
Akzo
Nobel
(EUR)
12,723
1,568
Asahi
Kasei
(JPY)
105,000
1,083
BASF
(EUR)
17,273
1,336
Covestro
(EUR)
14,092
913
Element
Solutions
38,582
877
International
Flavors
&
Fragrances
8,532
1,293
Johnson
Matthey
(GBP)
38,276
1,548
Linde
20,230
6,364
Minerals
Technologies
4,870
383
PPG
Industries
16,026
2,557
Quaker
Chemical
1,745
452
Sherwin-Williams
9,083
2,758
Tosoh
(JPY)
10,700
194
Umicore
(EUR)
18,452
1,214
24,063
Construction
Materials
0.0%
Martin
Marietta
Materials
1,704
650
650
Containers
&
Packaging
0.6%
Amcor,
CDI
(AUD)
63,920
816
Avery
Dennison
5,010
1,129
International
Paper
97,725
5,872
Packaging
Corp.
of
America
21,739
3,298
Ranpak
Holdings,
Class
A (5)
3,687
113
Westrock
116,505
6,063
17,291
Metals
&
Mining
0.3%
Antofagasta
(GBP)
63,550
1,273
BHP
Group
(AUD)
19,281
638
BHP
Group
(GBP)
55,957
1,740
Constellium (5)
28,428
575
ERO
Copper
(CAD) (5)
21,500
407
Franco-Nevada
(CAD)
1,711
250
Haynes
International
5,257
206
IGO
(AUD)
271,423
1,896
Northern
Star
Resources
(AUD)
42,980
306
Rio
Tinto
(AUD)
6,624
539
South32
(AUD)
315,279
719
8,549
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
61,990
1,216
West
Fraser
Timber
(CAD)
3,086
238
1,454
Total
Materials
52,007
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Bluescape
Opportunities
Acquisition (5)
13,492
137
Conyers
Park
III
Acquisition (5)
9,327
96
KKR
Acquisition
Holdings
I (5)
14,993
148
Total
Miscellaneous
381
REAL
ESTATE
0.8%
Equity
Real
Estate
Investment
Trusts
0.7%
Alexandria
Real
Estate
Equities,
REIT
5,190
1,071
American
Campus
Communities,
REIT
9,016
458
Camden
Property
Trust,
REIT
9,547
1,432
Community
Healthcare
Trust,
REIT
3,554
172
CubeSmart,
REIT
8,784
470
EastGroup
Properties,
REIT
5,226
942
Equinix,
REIT
490
413
Equity
LifeStyle
Properties,
REIT
12,689
1,079
First
Industrial
Realty
Trust,
REIT
4,588
257
Flagship
Communities
REIT
2,635
48
Great
Portland
Estates
(GBP)
96,666
1,039
JBG
SMITH
Properties,
REIT
11,967
361
Prologis,
REIT
54,044
7,278
PS
Business
Parks,
REIT
3,947
621
Rexford
Industrial
Realty,
REIT
8,572
531
Scentre
Group
(AUD)
347,620
723
Welltower,
REIT
34,852
3,051
Weyerhaeuser,
REIT
4,121
148
20,094
Real
Estate
Management
&
Development
0.1%
Altus
Group
(CAD)
2,000
105
FirstService
6,407
1,192
Mitsui
Fudosan
(JPY)
74,100
1,701
2,998
Total
Real
Estate
23,092
UTILITIES
0.9%
Electric
Utilities
0.3%
Evergy
7,524
515
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Eversource
Energy
7,771
705
IDACORP
3,926
414
MGE
Energy
1,846
149
NextEra
Energy
53,620
4,503
Southern
27,977
1,839
8,125
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
114,000
392
Chesapeake
Utilities
3,967
519
ONE
Gas
7,159
514
Southwest
Gas
Holdings
8,366
588
2,013
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES
26,450
631
Electric
Power
Development
(JPY)
34,900
521
NextEra
Energy
Partners
4,238
339
1,491
Multi-Utilities
0.4%
Ameren
2,052
180
CMS
Energy
8,329
534
Dominion
Energy
20,369
1,586
Engie
(EUR)
139,044
1,993
National
Grid
(GBP)
105,391
1,363
NorthWestern
3,637
231
Public
Service
Enterprise
Group
2,916
186
Sempra
Energy
39,602
5,242
WEC
Energy
Group
4,838
457
11,772
Water
Utilities
0.0%
California
Water
Service
Group
4,381
279
Middlesex
Water
2,663
291
SJW
Group
4,630
321
891
Total
Utilities
24,292
Total
Miscellaneous
Common
Stocks
0.0% (5)(11)
547
Total
Common
Stocks
(Cost
$468,098)
942,615
CONVERTIBLE
BONDS
0.0%
Rivian,
7/23/26,
Acquisition
Date:
7/23/21,
Cost $839 (5)(7)(9)
839,044
839
Total
Convertible
Bonds
(Cost
$839)
839
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONVERTIBLE
PREFERRED
STOCKS
0.3%
CONSUMER
DISCRETIONARY
0.1%
Automobiles
0.1%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $108 (5)(7)(9)
10,000
711
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $163 (5)(7)(9)
10,520
747
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $899 (5)(7)(9)
24,401
1,733
3,191
Hotels,
Restaurants
&
Leisure
0.0%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $156 (5)(7)(9)
6,334
238
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $104 (5)(7)
(9)
2,763
104
342
Internet
&
Direct
Marketing
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $85 (5)(7)(9)
14,624
85
85
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $16 (5)(7)(9)
1,470
17
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $3 (5)(7)(9)
260
3
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $27 (5)(7)(9)
2,470
29
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $9 (5)(7)(9)
790
9
58
Total
Consumer
Discretionary
3,676
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $100 (5)(7)(9)
5,409
336
Total
Consumer
Staples
336
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $41 (5)(7)(9)
14,745
120
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $63 (5)(7)(9)
7,833
63
183
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Health
Care
Equipment
&
Supplies
0.0%
JAND,
Series
E,
Acquisition
Date:
3/9/18,
Cost $67 (5)(7)(9)
4,246
139
JAND,
Series
F,
Acquisition
Date:
4/3/20,
Cost $101 (5)(7)(9)
5,187
169
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $45 (5)(7)(9)
44,249
45
353
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $84 (5)(7)(9)
34,928
127
127
Life
Sciences
Tools
&
Services
0.0%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $46 (5)(7)(9)
5,249
46
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $61 (5)(7)(9)
4,451
198
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $92 (5)(7)(9)
2,075
92
336
Total
Health
Care
999
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $47 (5)(7)(9)
1,042
47
47
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $68 (5)(7)(9)
9,621
112
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $85 (5)(7)(9)
6,236
73
185
Total
Industrials
&
Business
Services
232
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $1 (5)(7)
(9)
3
1
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $41 (5)(7)
(9)
1,534
183
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $8 (5)(7)(9)
75
9
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $5 (5)(7)(9)
220
5
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $— (5)(7)(9)
20
—
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $— (5)
(7)(9)
20
—
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $61 (5)(7)(9)
2,730
61
259
Software
0.1%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $32 (5)(7)(9)
2,328
126
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $99 (5)(7)(9)
3,266
176
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $94 (5)(7)(9)
527
116
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $261 (5)(7)
(9)
1,184
261
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $44 (5)(7)(9)
3,599
44
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $132 (5)(7)(9)
4,351
132
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $36 (5)(7)(9)
2,473
36
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $102 (5)
(7)(9)
7,799
102
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $25 (5)(7)(9)
10,891
103
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $43 (5)(7)(9)
2,838
43
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $58 (5)(7)(9)
9,270
134
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $6 (5)
(7)(9)
705
10
Toast,
Series
B,
Acquisition
Date:
9/14/18,
Cost $1 (5)(7)(9)
78
12
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $99 (5)(7)(9)
5,711
857
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $22 (5)(7)(9)
484
72
2,224
Total
Information
Technology
2,483
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $56 (5)(7)(9)
1,182
56
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $79 (5)(7)(9)
1,910
79
Total
Materials
135
UTILITIES
0.1%
Electric
Utilities
0.0%
Southern,
Series
A,
6.75%,
8/1/22
7,519
397
397
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Independent
Power
&
Renewable
Electricity
Producer
0.1%
AES,
6.875%,
2/15/24
7,103
705
705
Total
Utilities
1,102
Total
Convertible
Preferred
Stocks
(Cost
$4,863)
8,963
CORPORATE
BONDS
5.6%
AbbVie,
2.95%,
11/21/26
400,000
431
AbbVie,
3.20%,
11/21/29
765,000
835
AbbVie,
4.05%,
11/21/39
260,000
305
AbbVie,
4.25%,
11/21/49
380,000
462
AbbVie,
4.70%,
5/14/45
600,000
752
AbbVie,
4.875%,
11/14/48
870,000
1,138
Adani
Electricity
Mumbai,
3.949%,
2/12/30
1,200,000
1,219
AerCap
Ireland
Capital,
3.50%,
5/26/22
150,000
153
AerCap
Ireland
Capital,
3.50%,
1/15/25
150,000
158
AerCap
Ireland
Capital,
4.875%,
1/16/24
355,000
385
AerCap
Ireland
Capital,
6.50%,
7/15/25
150,000
175
AIA
Group,
3.90%,
4/6/28 (1)
765,000
865
Aker,
2.875%,
1/15/26 (1)
150,000
158
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
455,000
510
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28
655,000
742
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
105,000
126
American
Campus
Communities
Operating
Partnership,
2.85%,
2/1/30
770,000
799
American
Campus
Communities
Operating
Partnership,
3.30%,
7/15/26
315,000
339
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27
265,000
290
Anglo
American
Capital,
4.125%,
9/27/22 (1)
465,000
481
Anheuser-Busch
InBev
Worldwide,
4.439%,
10/6/48
185,000
224
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50
2,150,000
2,656
APT
Pipelines,
4.25%,
7/15/27 (1)
288,000
328
Arrow
Electronics,
4.00%,
4/1/25
510,000
554
Astrazeneca
Finance,
1.75%,
5/28/28
370,000
375
Astrazeneca
Finance,
2.25%,
5/28/31
120,000
123
AT&T,
1.65%,
2/1/28
150,000
150
AT&T,
2.25%,
2/1/32
420,000
416
AT&T,
2.30%,
6/1/27
425,000
441
AT&T,
2.55%,
12/1/33 (1)
445,000
446
AT&T,
2.75%,
6/1/31
920,000
964
AT&T,
4.30%,
2/15/30
290,000
337
AT&T,
4.35%,
3/1/29
260,000
301
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ausgrid
Finance,
3.85%,
5/1/23 (1)
285,000
297
Ausgrid
Finance,
4.35%,
8/1/28 (1)
440,000
501
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
615,000
642
Avolon
Holdings
Funding,
4.25%,
4/15/26 (1)
125,000
135
Avolon
Holdings
Funding,
4.375%,
5/1/26 (1)
300,000
326
Baidu,
2.875%,
7/6/22
960,000
977
Baidu,
3.625%,
7/6/27
680,000
754
Baidu,
3.875%,
9/29/23
545,000
578
Banco
Santander,
3.49%,
5/28/30
200,000
218
Bank
of
America,
3.248%,
10/21/27
2,120,000
2,314
Bank
of
America,
VR,
1.898%,
7/23/31 (12)
2,225,000
2,175
Bank
of
America,
VR,
2.496%,
2/13/31 (12)
450,000
463
Bank
of
America,
VR,
2.592%,
4/29/31 (12)
600,000
621
Bank
of
America,
VR,
3.419%,
12/20/28 (12)
175,000
192
Bank
of
America,
VR,
3.559%,
4/23/27 (12)
1,195,000
1,312
Bank
of
America,
VR,
4.271%,
7/23/29 (12)
875,000
1,006
Barclays,
VR,
2.852%,
5/7/26 (12)
685,000
723
Barclays,
VR,
3.932%,
5/7/25 (12)
1,010,000
1,087
BAT
Capital,
3.557%,
8/15/27
1,280,000
1,383
BAT
International
Finance,
1.668%,
3/25/26
175,000
175
BBVA
Bancomer,
4.375%,
4/10/24 (1)
550,000
597
Becton
Dickinson
&
Company,
1.957%,
2/11/31
535,000
525
Becton
Dickinson
&
Company,
2.823%,
5/20/30
325,000
344
Becton
Dickinson
&
Company,
3.70%,
6/6/27
1,079,000
1,200
Becton
Dickinson
&
Company,
3.734%,
12/15/24
89,000
97
Becton
Dickinson
&
Company,
3.794%,
5/20/50
390,000
443
Becton
Dickinson
&
Company,
4.669%,
6/6/47
915,000
1,156
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(12)
780,000
770
Boardwalk
Pipelines,
3.40%,
2/15/31
385,000
410
Boardwalk
Pipelines,
4.45%,
7/15/27
175,000
197
Boardwalk
Pipelines,
4.95%,
12/15/24
415,000
461
Boardwalk
Pipelines,
5.95%,
6/1/26
430,000
507
Booking
Holdings,
4.625%,
4/13/30
235,000
281
Boral
Finance,
3.00%,
11/1/22 (1)
70,000
71
Boral
Finance,
3.75%,
5/1/28 (1)
915,000
986
Boston
Properties,
3.25%,
1/30/31
670,000
722
Brixmor
Operating
Partnership,
4.05%,
7/1/30
260,000
294
Brixmor
Operating
Partnership,
4.125%,
5/15/29
940,000
1,070
Cameron
LNG,
2.902%,
7/15/31 (1)
175,000
188
Cameron
LNG,
3.302%,
1/15/35 (1)
190,000
205
Cameron
LNG,
3.701%,
1/15/39 (1)
145,000
160
Capital
One
Financial,
3.65%,
5/11/27
875,000
975
Capital
One
Financial,
3.75%,
3/9/27
210,000
235
Cardinal
Health,
4.50%,
11/15/44
95,000
109
Cardinal
Health,
4.90%,
9/15/45
100,000
122
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
1,100,000
1,202
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Charter
Communications
Operating,
2.30%,
2/1/32
330,000
321
Charter
Communications
Operating,
2.80%,
4/1/31
1,055,000
1,080
Charter
Communications
Operating,
3.75%,
2/15/28
1,015,000
1,122
Charter
Communications
Operating,
4.20%,
3/15/28
425,000
480
Charter
Communications
Operating,
4.80%,
3/1/50
145,000
169
Charter
Communications
Operating,
5.125%,
7/1/49
175,000
210
Charter
Communications
Operating,
5.75%,
4/1/48
35,000
45
Charter
Communications
Operating,
6.484%,
10/23/45
110,000
154
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29
445,000
488
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
135,000
157
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
285,000
324
Cigna,
2.375%,
3/15/31
280,000
288
Cigna,
2.40%,
3/15/30
195,000
200
Cigna,
3.40%,
3/1/27
105,000
116
Citigroup,
VR,
3.106%,
4/8/26 (12)
500,000
535
CNO
Financial
Group,
5.25%,
5/30/25
187,000
211
Comcast,
3.25%,
11/1/39
360,000
391
Country
Garden
Holdings,
5.125%,
1/17/25
200,000
207
Country
Garden
Holdings,
6.15%,
9/17/25
450,000
488
Crown
Castle
International,
4.45%,
2/15/26
780,000
876
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
695,000
734
CVS
Health,
1.30%,
8/21/27
380,000
375
CVS
Health,
1.875%,
2/28/31
330,000
322
CVS
Health,
2.70%,
8/21/40
95,000
93
CVS
Health,
3.625%,
4/1/27
510,000
565
CVS
Health,
4.25%,
4/1/50
520,000
631
CVS
Health,
4.30%,
3/25/28
346,000
399
CVS
Health,
5.05%,
3/25/48
2,165,000
2,868
Daimler
Finance
North
America,
2.45%,
3/2/31 (1)
210,000
217
Danske
Bank,
3.875%,
9/12/23 (1)
5,000
5
Danske
Bank,
5.375%,
1/12/24 (1)
320,000
352
Danske
Bank,
VR,
3.001%,
9/20/22 (1)(12)
200,000
201
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(12)
685,000
728
Diamondback
Energy,
3.25%,
12/1/26
515,000
551
Discover
Financial
Services,
4.10%,
2/9/27
645,000
726
Ecolab,
4.80%,
3/24/30
45,000
55
Edison
International,
4.95%,
4/15/25
30,000
33
Enel
Finance
International,
3.625%,
5/25/27 (1)
1,735,000
1,926
Energy
Transfer,
2.90%,
5/15/25
175,000
184
Energy
Transfer,
3.75%,
5/15/30
675,000
732
Energy
Transfer,
4.20%,
4/15/27
880,000
971
Energy
Transfer,
4.50%,
4/15/24
120,000
130
Energy
Transfer,
4.95%,
6/15/28
180,000
208
Energy
Transfer,
5.00%,
5/15/50
85,000
99
Energy
Transfer,
5.25%,
4/15/29
265,000
312
Energy
Transfer,
5.50%,
6/1/27
80,000
94
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Energy
Transfer,
5.875%,
1/15/24
320,000
352
Energy
Transfer,
6.00%,
6/15/48
345,000
438
Energy
Transfer,
6.25%,
4/15/49
135,000
180
Eni,
Series X-R,
4.75%,
9/12/28 (1)
595,000
698
Equitable
Holdings,
4.35%,
4/20/28
640,000
735
Essex
Portfolio,
3.625%,
5/1/27
580,000
642
Falabella,
4.375%,
1/27/25 (10)
1,100,000
1,187
General
Motors
Financial,
4.00%,
10/6/26
225,000
249
General
Motors
Financial,
4.30%,
7/13/25
465,000
513
General
Motors
Financial,
4.35%,
4/9/25
489,000
539
General
Motors
Financial,
5.10%,
1/17/24
105,000
115
GLP
Capital,
3.35%,
9/1/24
120,000
127
Goldman
Sachs
Group,
3.50%,
11/16/26
540,000
587
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (12)
515,000
518
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (12)
2,925,000
3,017
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
45,000
46
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
145,000
149
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
60,000
64
Hasbro,
3.55%,
11/19/26
240,000
263
Healthcare
Realty
Trust,
2.05%,
3/15/31
190,000
187
Healthcare
Realty
Trust,
3.625%,
1/15/28
575,000
635
Healthpeak
Properties,
2.875%,
1/15/31
75,000
79
Healthpeak
Properties,
3.50%,
7/15/29
75,000
83
Highwoods
Realty,
3.05%,
2/15/30
685,000
723
Highwoods
Realty,
4.125%,
3/15/28
570,000
642
HSBC
Holdings,
3.90%,
5/25/26
415,000
460
HSBC
Holdings,
VR,
1.645%,
4/18/26 (12)
205,000
207
HSBC
Holdings,
VR,
2.099%,
6/4/26 (12)
570,000
586
Humana,
2.15%,
2/3/32
180,000
179
Humana,
4.875%,
4/1/30
392,000
475
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
250,000
253
ING
Groep,
VR,
1.726%,
4/1/27 (12)
225,000
228
Intercontinental
Exchange,
1.85%,
9/15/32
1,340,000
1,291
Intercontinental
Exchange,
2.10%,
6/15/30
1,425,000
1,433
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (12)
1,045,000
1,053
JPMorgan
Chase,
VR,
1.953%,
2/4/32 (12)
1,045,000
1,024
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (12)
680,000
701
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (12)
1,250,000
1,293
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (12)
415,000
437
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (12)
1,695,000
1,789
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (12)
275,000
303
Kookmin
Bank,
4.50%,
2/1/29
650,000
748
Las
Vegas
Sands,
3.20%,
8/8/24
125,000
130
Las
Vegas
Sands,
3.50%,
8/18/26
210,000
220
Longfor
Group
Holdings,
3.95%,
9/16/29
550,000
591
LSEGA
Financing,
2.00%,
4/6/28 (1)
1,050,000
1,068
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
LSEGA
Financing,
2.50%,
4/6/31 (1)
375,000
386
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
212
Marsh
&
McLennan,
2.25%,
11/15/30
185,000
190
Micron
Technology,
4.185%,
2/15/27
615,000
696
Micron
Technology,
5.327%,
2/6/29
226,000
273
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
790,000
858
Morgan
Stanley,
3.625%,
1/20/27
770,000
857
Morgan
Stanley,
VR,
1.593%,
5/4/27 (12)
1,240,000
1,253
Morgan
Stanley,
VR,
1.928%,
4/28/32 (12)
980,000
958
Morgan
Stanley,
VR,
3.217%,
4/22/42 (12)
145,000
155
Morgan
Stanley,
VR,
4.431%,
1/23/30 (12)
185,000
216
Netflix,
4.625%,
5/15/29
(EUR)
655,000
972
NiSource,
1.70%,
2/15/31
315,000
302
NiSource,
3.60%,
5/1/30
365,000
405
NRG
Energy,
4.45%,
6/15/29 (1)
260,000
291
NTT
Finance,
1.591%,
4/3/28 (1)
625,000
625
NTT
Finance,
2.065%,
4/3/31 (1)
200,000
205
NXP,
2.70%,
5/1/25 (1)
50,000
53
NXP,
3.15%,
5/1/27 (1)
95,000
102
NXP,
5.35%,
3/1/26 (1)
205,000
239
Oracle,
2.30%,
3/25/28
305,000
314
Pacific
Gas
&
Electric,
2.10%,
8/1/27
220,000
213
Pacific
Gas
&
Electric,
2.50%,
2/1/31
570,000
536
Pacific
Gas
&
Electric,
3.30%,
8/1/40
480,000
443
Pacific
Gas
&
Electric,
4.55%,
7/1/30
1,330,000
1,414
PerkinElmer,
3.30%,
9/15/29
195,000
212
Perrigo
Finance
Unlimited,
3.15%,
6/15/30
675,000
696
Perrigo
Finance
Unlimited,
3.90%,
12/15/24
440,000
470
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
455,000
496
Prologis,
1.25%,
10/15/30
185,000
176
Regency
Centers,
3.70%,
6/15/30
385,000
431
Reliance
Industries,
3.667%,
11/30/27
1,125,000
1,237
Reynolds
American,
4.45%,
6/12/25
710,000
786
Ross
Stores,
1.875%,
4/15/31
410,000
401
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
95,000
110
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
1,105,000
1,276
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
200,000
223
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
629,000
742
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (12)
1,205,000
1,210
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
270,000
270
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
150,000
157
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
580,000
605
SBA
Tower
Trust,
Series 2014-2A,
Class
C,
3.869%,
10/8/24 (1)
490,000
516
Shinhan
Bank,
4.00%,
4/23/29
500,000
565
Siemens
Financieringsmaatschappij,
1.70%,
3/11/28 (1)
250,000
253
Siemens
Financieringsmaatschappij,
2.15%,
3/11/31 (1)
660,000
672
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Simon
Property
Group,
2.65%,
7/15/30
385,000
401
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
520,000
552
Standard
Chartered,
VR,
2.819%,
1/30/26 (1)(12)
200,000
209
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)(12)
450,000
527
T-Mobile
USA,
2.05%,
2/15/28
260,000
264
T-Mobile
USA,
3.75%,
4/15/27
1,260,000
1,395
Tengizchevroil
Finance
International,
4.00%,
8/15/26
900,000
978
Transcontinental
Gas
Pipe
Line,
3.25%,
5/15/30
100,000
108
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28
430,000
486
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
270,000
329
Transurban
Finance,
2.45%,
3/16/31 (1)
270,000
275
Transurban
Finance,
3.375%,
3/22/27 (1)
145,000
158
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28
148,131
148
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32
96,111
96
UnitedHealth
Group,
2.00%,
5/15/30
1,235,000
1,253
Valero
Energy,
2.15%,
9/15/27
180,000
183
Vanke
Real
Estate
Hong
Kong,
5.35%,
3/11/24
1,100,000
1,202
VEREIT
Operating
Partnership,
2.20%,
6/15/28
100,000
102
VEREIT
Operating
Partnership,
2.85%,
12/15/32
480,000
508
VEREIT
Operating
Partnership,
3.40%,
1/15/28
95,000
103
VEREIT
Operating
Partnership,
3.95%,
8/15/27
934,000
1,052
Verizon
Communications,
1.75%,
1/20/31
1,060,000
1,024
Verizon
Communications,
2.10%,
3/22/28
315,000
324
Verizon
Communications,
2.55%,
3/21/31
485,000
499
Verizon
Communications,
2.65%,
11/20/40
440,000
428
Verizon
Communications,
2.875%,
11/20/50
495,000
476
Verizon
Communications,
2.987%,
10/30/56
880,000
848
Verizon
Communications,
4.329%,
9/21/28
855,000
995
Verizon
Communications,
4.522%,
9/15/48
405,000
508
Verizon
Communications,
4.75%,
11/1/41
155,000
194
Verizon
Communications,
4.862%,
8/21/46
100,000
130
Vistra
Operations,
3.55%,
7/15/24 (1)
870,000
918
Vodafone
Group,
4.375%,
5/30/28
255,000
296
Vodafone
Group,
4.875%,
6/19/49
615,000
787
Vodafone
Group,
5.25%,
5/30/48
915,000
1,217
Volkswagen
Bank,
2.50%,
7/31/26
(EUR)
400,000
525
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27 (1)
200,000
200
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
970,000
1,048
Wells
Fargo,
4.30%,
7/22/27
370,000
425
Wells
Fargo,
VR,
2.393%,
6/2/28 (12)
2,740,000
2,852
Wells
Fargo,
VR,
2.572%,
2/11/31 (12)
2,800,000
2,902
Wells
Fargo,
VR,
2.879%,
10/30/30 (12)
1,150,000
1,223
Westlake
Chemical,
1.625%,
7/17/29
(EUR)
215,000
269
Williams,
3.75%,
6/15/27
1,005,000
1,113
Williams,
5.10%,
9/15/45
465,000
578
Woodside
Finance,
3.65%,
3/5/25 (1)
1,345,000
1,438
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Woodside
Finance,
3.70%,
9/15/26 (1)
438,000
477
Woodside
Finance,
3.70%,
3/15/28 (1)
750,000
812
Yili
Holding
Investment,
1.625%,
11/19/25
1,490,000
1,493
Total
Corporate
Bonds
(Cost
$146,434)
153,454
EQUITY
MUTUAL
FUNDS
8.0%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
1,685,585
81,818
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (3)
9,969,907
108,472
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
1,923,833
28,358
Total
Equity
Mutual
Funds
(Cost
$173,513)
218,648
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.2%
Equate
Petrochemical,
4.25%,
11/3/26
850,000
946
NBN,
2.625%,
5/5/31 (1)
410,000
424
QNB
Finance,
2.75%,
2/12/27
700,000
737
Saudi
Arabian
Oil,
3.50%,
4/16/29 (1)
700,000
763
Saudi
Electricity
Global
Sukuk,
4.723%,
9/27/28
650,000
766
TNB
Global
Ventures
Capital,
3.244%,
10/19/26
700,000
751
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$4,280)
4,387
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.7%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
0.976%,
9/15/34 (1)
369,560
370
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A2,
CMO,
ARM,
3.136%,
5/25/59 (1)
157,980
159
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.238%,
5/25/59 (1)
165,444
166
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
148,115
149
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A3,
CMO,
ARM,
1.775%,
5/25/65 (1)
405,737
407
Angel
Oak
Mortgage
Trust
I,
Series 2019-1,
Class
A2,
CMO,
ARM,
4.022%,
11/25/48 (1)
69,893
71
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49 (1)
222,171
224
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.346%,
9/15/32 (1)
235,000
234
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
D,
ARM,
1M
USD
LIBOR
+
1.80%,
1.896%,
9/15/32 (1)
285,000
283
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BAMLL
Commercial
Mortgage
Securities
Trust,
Series 2021-JACX,
Class
B,
ARM,
1M
USD
LIBOR
+
1.45%,
1.55%,
9/15/38 (1)
290,000
290
Bayview
Mortgage
Fund
IVc
Trust,
Series 2017-RT3,
Class
A,
CMO,
ARM,
3.50%,
1/28/58 (1)
168,858
171
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-2,
Class
A20,
CMO,
ARM,
2.50%,
6/25/51 (1)
901,304
918
Bayview
Opportunity
Master
Fund
IVa
Trust,
Series 2017-RT1,
Class
A1,
CMO,
ARM,
3.00%,
3/28/57 (1)
25,525
26
Bayview
Opportunity
Master
Fund
IVb
Trust,
Series 2017-SPL4,
Class
A,
CMO,
ARM,
3.50%,
1/28/55 (1)
41,098
42
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.256%,
11/15/34 (1)
235,000
228
Benchmark
Mortgage
Trust,
Series 2018-B1,
Class
AM,
ARM,
3.878%,
1/15/51
295,000
330
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.54%,
1.636%,
10/15/34 (1)
750,000
748
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF2,
Class
C,
ARM,
3.793%,
11/15/52
280,000
294
CIM
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
8/25/49 (1)
114,990
117
CIM
Trust,
Series 2020-INV1,
Class
A2,
CMO,
ARM,
2.50%,
4/25/50 (1)
509,292
520
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
594,036
604
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
375,000
400
Citigroup
Commercial
Mortgage
Trust,
Series 2015-GC27,
Class
A5,
3.137%,
2/10/48
270,000
288
Citigroup
Commercial
Mortgage
Trust,
Series 2015-GC27,
Class
AS,
3.571%,
2/10/48
135,000
143
Citigroup
Commercial
Mortgage
Trust,
Series 2017-C4,
Class
AS,
3.764%,
10/12/50
505,000
556
Citigroup
Commercial
Mortgage
Trust,
Series 2017-P7,
Class
AS,
3.915%,
4/14/50
230,000
255
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
A,
2.647%,
12/10/41 (1)
950,000
998
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
1.746%,
11/15/37 (1)
231,003
232
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65 (1)
136,893
137
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
216,093
217
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
A5,
3.696%,
8/10/48
1,005,000
1,099
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48
265,000
290
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
B,
ARM,
4.478%,
7/10/48
435,000
475
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
A4,
3.762%,
2/10/49
525,000
580
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
289,898
309
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.434%,
9/25/29
582,227
586
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.184%,
11/25/29
707,965
699
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
1M2B,
CMO,
ARM,
1M
USD
LIBOR
+
2.65%,
2.734%,
2/25/30
500,000
504
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
1.084%,
2/25/30
344,312
343
Connecticut
Avenue
Securities,
Series 2018-C01,
Class
1ED2,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
0.934%,
7/25/30
592,173
592
Connecticut
Avenue
Securities,
Series 2018-C02,
Class
2EB2,
CMO,
ARM,
1M
USD
LIBOR
+
0.90%,
0.984%,
8/25/30
298,629
294
CSAIL
Commercial
Mortgage
Trust,
Series 2016-C6,
Class
A5,
3.09%,
1/15/49
345,000
370
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
AS,
3.278%,
9/15/52
280,000
304
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
B,
3.48%,
9/15/52
325,000
344
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
1M
USD
LIBOR
+
0.70%,
0.796%,
6/15/34 (1)
360,000
360
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45 (1)
510,000
516
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.209%,
4/25/66 (1)
232,524
232
Eleven
Madison
Mortgage
Trust,
Series 2015-11MD,
Class
A,
ARM,
3.673%,
9/10/35 (1)
205,000
223
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A1,
CMO,
ARM,
2.739%,
11/25/59 (1)
220,211
224
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.085%,
6/25/66 (1)
431,611
432
FirstKey
Mortgage
Trust,
Series 2014-1,
Class
B2,
CMO,
ARM,
3.905%,
11/25/44 (1)
122,411
123
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
0.934%,
3/25/50 (1)
138,940
139
FREMF
Mortgage
Trust,
Series 2018-K731,
Class
B,
ARM,
4.065%,
2/25/25 (1)
705,000
764
FREMF
Mortgage
Trust,
Series 2019-K100,
Class
B,
ARM,
3.61%,
11/25/52 (1)
730,000
793
FREMF
Mortgage
Trust,
Series 2019-K92,
Class
B,
ARM,
4.337%,
5/25/52 (1)
245,000
279
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
FREMF
Mortgage
Trust,
Series 2019-K94,
Class
B,
ARM,
4.101%,
7/25/52 (1)
300,000
337
FREMF
Mortgage
Trust,
Series 2019-K98,
Class
B,
ARM,
3.861%,
10/25/52 (1)
505,000
559
FWD
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
2.44%,
1/25/50 (1)
269,659
271
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
95,525
97
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
105,841
108
Galton
Funding
Mortgage
Trust,
Series 2019-2,
Class
A42,
CMO,
ARM,
3.50%,
6/25/59 (1)
12,506
13
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A1,
CMO,
ARM,
2.657%,
10/25/59 (1)
82,273
83
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
463,434
467
Galton
Funding
Mortgage
Trust,
Series 2020-H1,
Class
A1,
CMO,
ARM,
2.31%,
1/25/60 (1)
177,753
181
Goldman
Sachs
Mortgage
Securities
Trust,
Series 2013-GC16,
Class
B,
ARM,
5.161%,
11/10/46
1,280,000
1,357
Goldman
Sachs
Mortgage
Securities
Trust,
Series 2015-GC28,
Class
AS,
3.759%,
2/10/48
415,000
447
Goldman
Sachs
Mortgage
Securities
Trust,
Series 2017-GS8,
Class
C,
ARM,
4.48%,
11/10/50
720,000
785
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
1.729%,
12/15/36 (1)
425,000
424
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
1.66%,
7/25/44 (1)
11,482
12
GS
Mortgage-Backed
Securities
Trust,
Series 2019-PJ1,
Class
A8,
CMO,
ARM,
4.00%,
8/25/49 (1)
171,152
173
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.983%,
10/25/50 (1)
361,144
368
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
448,564
455
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
460,000
467
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.031%,
11/25/59 (1)
274,134
279
Homeward
Opportunities
Fund
I
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.657%,
5/25/65 (1)
243,554
245
Hundred
Acre
Wood
Trust,
Series 2021-INV1,
Class
A27,
CMO,
ARM,
2.50%,
7/25/51 (1)
856,886
870
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
245,000
245
Independence
Plaza
Trust,
Series 2018-INDP,
Class
C,
4.158%,
7/10/35 (1)
895,000
938
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
190,000
201
JPMorgan
Mortgage
Trust,
Series 2019-INV2,
Class
A3,
CMO,
ARM,
3.50%,
2/25/50 (1)
108,565
110
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
189,729
193
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
219,687
224
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
174,338
178
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
77,050
78
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
180,268
184
MetLife
Securitization
Trust,
Series 2018-1A,
Class
A,
CMO,
ARM,
3.75%,
3/25/57 (1)
315,919
327
MFA
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.029%,
11/25/64 (1)
323,131
323
Mill
City
Mortgage
Loan
Trust,
Series 2016-1,
Class
A1,
CMO,
ARM,
2.50%,
4/25/57 (1)
20,121
20
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
7/25/59 (1)
89,711
91
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C18,
Class
300A,
3.749%,
8/15/31
255,000
270
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C24,
Class
AS,
ARM,
4.036%,
5/15/48
125,000
137
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47
375,000
412
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
AS,
ARM,
4.166%,
5/15/48
45,000
49
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
426,732
432
New
Residential
Mortgage
Loan
Trust,
Series 2020-NQM1,
Class
A1,
CMO,
ARM,
2.464%,
1/26/60 (1)
247,789
250
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59 (1)
187,613
194
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59 (1)
136,514
139
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
392,413
403
OBX
Trust,
Series 2020-EXP1,
Class
2A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.834%,
2/25/60 (1)
67,331
67
OBX
Trust,
Series 2020-EXP2,
Class
A8,
CMO,
ARM,
3.00%,
5/25/60 (1)
479,687
486
OBX
Trust,
Series 2021-NQM3,
Class
A1,
CMO,
ARM,
1.054%,
7/25/61 (1)
370,000
370
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Seasoned
Credit
Risk
Transfer
Trust,
Series 2016-1,
Class
M1,
CMO,
ARM,
3.00%,
9/25/55 (1)
10,238
10
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.472%,
4/25/43
296,598
302
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.831%,
8/25/47 (1)
256,944
265
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
127,677
129
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
2/25/48 (1)
38,412
39
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
99,105
100
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48 (1)
96,398
97
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
89,851
90
Starwood
Mortgage
Residential
Trust,
Series 2018-IMC2,
Class
A1,
CMO,
ARM,
4.121%,
10/25/48 (1)
260,221
263
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2015-DNA3,
Class
M3,
CMO,
ARM,
1M
USD
LIBOR
+
4.70%,
4.784%,
4/25/28
234,159
240
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2016-HQA3,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.434%,
3/25/29
8,290
8
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2017-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.20%,
1.284%,
10/25/29
40,083
40
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA1,
Class
M2AT,
CMO,
ARM,
1M
USD
LIBOR
+
1.05%,
1.134%,
7/25/30
439,298
438
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.80%,
0.884%,
12/25/30 (1)
112,423
112
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA3,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.834%,
9/25/48 (1)
484
—
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HQA1,
Class
M2AS,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.184%,
9/25/30
312,690
313
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HRP2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.25%,
1.334%,
2/25/47 (1)
372,913
373
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.80%,
2.85%,
10/25/50 (1)
540,000
546
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA5,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
1.15%,
11/25/50 (1)
83,429
84
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.65%,
1.70%,
1/25/34 (1)
245,000
247
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Toorak
Mortgage,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
1.153%,
7/25/56 (1)
377,503
378
Towd
Point
Mortgage
Trust,
Series 2015-4,
Class
M1,
CMO,
ARM,
3.75%,
4/25/55 (1)
610,000
623
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A1B,
CMO,
ARM,
2.75%,
2/25/55 (1)
6,919
7
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A3B,
CMO,
ARM,
3.00%,
2/25/55 (1)
54,824
55
Towd
Point
Mortgage
Trust,
Series 2016-2,
Class
A1A,
CMO,
ARM,
2.75%,
8/25/55 (1)
38,276
38
Towd
Point
Mortgage
Trust,
Series 2016-4,
Class
A1,
CMO,
ARM,
2.25%,
7/25/56 (1)
56,767
57
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
77,105
78
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
4/25/57 (1)
27,706
28
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.60%,
0.684%,
2/25/57 (1)
79,399
79
Towd
Point
Mortgage
Trust,
Series 2018-3,
Class
A1,
ARM,
3.75%,
5/25/58 (1)
353,916
369
Verus
Securitization
Trust,
Series 2019-3,
Class
A3,
CMO,
STEP,
3.04%,
7/25/59 (1)
247,210
248
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
156,669
159
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59 (1)
532,911
539
Verus
Securitization
Trust,
Series 2019-INV3,
Class
A1,
CMO,
ARM,
2.692%,
11/25/59 (1)
601,195
610
Verus
Securitization
Trust,
Series 2020-1,
Class
A3,
CMO,
STEP,
2.724%,
1/25/60 (1)
422,661
428
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)
161,498
162
Vista
Point
Securitization
Trust,
Series 2020-2,
Class
M1,
CMO,
ARM,
3.401%,
4/25/65 (1)
305,000
314
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2015-NXS2,
Class
C,
ARM,
4.435%,
7/15/58
70,000
75
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
1,335,000
1,467
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31 (1)
695,000
707
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2021-SAVE,
Class
C,
ARM,
1M
USD
LIBOR
+
1.80%,
1.896%,
2/15/40 (1)
299,977
302
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2021-RR1,
Class
A17,
CMO,
ARM,
2.50%,
12/25/50 (1)
916,376
928
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C22,
Class
AS,
ARM,
4.069%,
9/15/57
525,000
567
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
485,000
532
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$46,304)
47,320
PRIVATE
INVESTMENT
COMPANIES
5.8%
Blackstone
Partners
Offshore
Fund (5)(9)
117,190
156,419
Total
Private
Investment
Companies
(Cost
$125,482)
156,419
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
4.2%
U.S.
Government
Agency
Obligations
2.8%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
225,725
237
3.00%,
12/1/42
-
4/1/47
1,026,281
1,096
3.50%,
8/1/42
-
3/1/44
648,078
703
4.00%,
8/1/40
-
9/1/45
544,910
598
4.50%,
9/1/23
-
10/1/41
412,578
461
5.00%,
7/1/25
-
8/1/40
270,091
307
5.50%,
11/1/21
-
10/1/38
86,038
100
6.00%,
8/1/22
-
8/1/38
73,184
86
6.50%,
3/1/32
-
9/1/34
26,178
30
7.00%,
4/1/32
-
6/1/32
2,424
2
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
1.975%,
7/1/35
1,524
2
12M
USD
LIBOR
+
1.785%,
2.16%,
2/1/37
7,067
7
12M
USD
LIBOR
+
1.785%,
2.285%,
9/1/32
338
—
12M
USD
LIBOR
+
1.829%,
2.203%,
2/1/37
8,806
9
12M
USD
LIBOR
+
1.842%,
2.216%,
1/1/37
6,418
6
12M
USD
LIBOR
+
1.929%,
2.314%,
12/1/36
5,048
5
12M
USD
LIBOR
+
2.029%,
2.448%,
11/1/36
8,054
8
12M
USD
LIBOR
+
2.162%,
2.537%,
2/1/37
11,341
12
1Y
CMT
+
2.25%,
2.326%,
10/1/36
3,128
3
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
350,051
57
Federal
Home
Loan
Mortgage,
UMBS
2.00%,
1/1/36
-
9/1/36
1,789,856
1,857
2.50%,
5/1/51
-
8/1/51
574,891
601
3.00%,
5/1/31
-
12/1/50
812,740
864
3.50%,
11/1/47
-
11/1/50
1,162,763
1,253
4.00%,
12/1/49
-
2/1/50
923,706
996
4.50%,
5/1/50
100,449
109
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
125,828
134
3.50%,
6/1/42
-
5/1/46
1,337,122
1,450
4.00%,
11/1/40
409,978
449
Federal
National
Mortgage
Assn.,
ARM,
12M
USD
LIBOR
+
1.873%,
2.123%,
8/1/36
9,562
10
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44
48,862
49
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
1,752
—
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
5/1/36
-
6/1/36
1,204,752
1,251
2.50%,
8/1/30
-
8/1/51
2,056,197
2,149
3.00%,
1/1/27
-
4/1/51
13,710,341
14,621
3.50%,
11/1/32
-
7/1/50
6,767,499
7,268
4.00%,
11/1/40
-
12/1/49
4,639,597
5,049
4.50%,
10/1/26
-
5/1/50
2,943,418
3,267
5.00%,
9/1/23
-
12/1/47
616,013
699
5.50%,
12/1/34
-
9/1/41
647,533
748
6.00%,
2/1/22
-
1/1/41
567,474
665
6.50%,
7/1/32
-
5/1/40
198,933
232
7.00%,
1/1/31
-
7/1/32
3,318
4
UMBS,
TBA(13)
2.00%,
9/1/51
13,510,000
13,695
2.50%,
9/1/51
10,265,000
10,661
3.00%,
9/1/51
2,245,000
2,348
4.00%,
9/1/51
1,590,000
1,704
4.50%,
9/1/51
1,530,000
1,655
77,517
U.S.
Government
Obligations
1.4%
Government
National
Mortgage
Assn.
2.50%,
6/20/51
-
7/20/51
3,889,785
4,036
3.00%,
7/15/43
-
7/20/51
5,852,347
6,148
3.50%,
8/20/42
-
1/20/49
4,636,010
4,962
4.00%,
2/20/41
-
10/20/50
2,071,899
2,220
4.50%,
11/20/39
-
9/20/47
915,788
1,013
5.00%,
7/20/39
-
8/20/48
1,187,597
1,318
5.50%,
1/20/36
-
3/20/49
1,053,188
1,176
6.00%,
4/15/36
-
12/20/38
32,563
38
6.50%,
12/20/33
1,215
1
7.00%,
2/20/27
-
7/20/27
3,211
3
7.50%,
11/15/25
-
6/15/32
5,408
6
8.00%,
10/20/25
209
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
151,461
156
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
4/20/39
-
5/20/43
86,078
12
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
4.00%,
5/20/37
-
2/20/43
133,867
8
4.50%,
12/20/39
4,174
—
Government
National
Mortgage
Assn.,
TBA(13)
2.00%,
10/20/51
6,295,000
6,415
2.50%,
9/20/51
6,536,000
6,778
3.50%,
9/20/51
2,420,000
2,547
36,837
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$112,719)
114,354
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
4.9%
U.S.
Treasury
Obligations
4.9%
U.S.
Treasury
Bonds,
1.875%,
2/15/41
8,540,000
8,608
U.S.
Treasury
Bonds,
1.875%,
2/15/51 (14)
7,780,000
7,686
U.S.
Treasury
Bonds,
2.00%,
8/15/51
5,225,000
5,319
U.S.
Treasury
Bonds,
2.25%,
5/15/41
11,760,000
12,585
U.S.
Treasury
Bonds,
2.375%,
5/15/51
4,350,000
4,805
U.S.
Treasury
Notes,
0.125%,
5/15/23
3,510,000
3,508
U.S.
Treasury
Notes,
0.125%,
6/30/23
12,075,000
12,066
U.S.
Treasury
Notes,
0.125%,
1/15/24 (14)
14,840,000
14,784
U.S.
Treasury
Notes,
0.125%,
2/15/24
4,265,000
4,248
U.S.
Treasury
Notes,
0.25%,
3/15/24
13,305,000
13,284
U.S.
Treasury
Notes,
0.25%,
5/15/24
1,530,000
1,526
U.S.
Treasury
Notes,
0.25%,
6/15/24
3,300,000
3,290
U.S.
Treasury
Notes,
0.375%,
7/15/24
4,530,000
4,529
U.S.
Treasury
Notes,
0.625%,
7/31/26
11,490,000
11,411
U.S.
Treasury
Notes,
0.75%,
4/30/26
5,910,000
5,915
U.S.
Treasury
Notes,
0.75%,
5/31/26
13,535,000
13,539
U.S.
Treasury
Notes,
0.75%,
8/31/26
5,941,600
5,934
133,037
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$130,839)
133,037
SHORT-TERM
INVESTMENTS
10.2%
Money
Market
Funds
10.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (3)(15)
278,694,400
278,694
Total
Short-Term
Investments
(Cost
$278,694)
278,694
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
44
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Short-Term
Funds
0.2%
T.
Rowe
Price
Short-Term
Fund,
0.07% (3)(15)
578,785
5,788
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,788
Total
Securities
Lending
Collateral
(Cost
$5,788)
5,788
Total
Investments
in
Securities
101.8%
(Cost
$2,198,970)
$
2,776,295
Other
Assets
Less
Liabilities
(1.8)%
(50,144)
Net
Assets
100.0%
$
2,726,151
‡
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
$91,234
and
represents
3.3%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
August
31,
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
August
31,
2021.
(7)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
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
$11,952
and
represents
0.4%
of
net
assets.
(8)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
August
31,
2021,
was
$98
and
was
valued
at
$94
(0.0%
of
net
assets).
(9)
Level
3
in
fair
value
hierarchy.
(10)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
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
Conservative
Allocation
Fund
45
.
.
.
.
.
.
.
.
.
.
(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)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$45,803
and
represents
1.7%
of
net
assets.
(14)
At
August
31,
2021,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(15)
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)
1Y
CMT
One
year
U.S.
Treasury
note
constant
maturity
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
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
PIPE
Private
Investment
in
Public
Equity
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
Overnight
Financing
Rate)
SPAC
Special
Purpose
Acquisition
Company
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
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
46
.
.
.
.
.
.
.
.
.
.
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
Conservative
Allocation
Fund
47
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
Exchange-Traded
Options
Written
(0.1)%
Description
Contracts
Notional
Amount
$
Value
S&P
500
Index,
Call,
10/15/21
@
$4,525.00
186
84,122
(1,402)
Total
Options
Written
(Premiums
$(1,573))
$
(1,402)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
48
(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%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
2,320
46
50
(4)
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
1,627
14
(3)
17
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
980
19
20
(1)
Citibank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
762
7
(1)
8
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
2,530
43
16
27
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
A*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
113
3
1
2
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
136
1
—
1
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
83
50
Total
Bilateral
Swaps
83
50
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-S36,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
4,753
516
407
109
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
49
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
12,672
348
302
46
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
2,782
47
30
17
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
8,111
70
19
51
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
223
Total
Centrally
Cleared
Swaps
223
Net
payments
(receipts)
of
variation
margin
to
date
(220)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
3
*
Credit
ratings
as
of
August
31,
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
$2.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
50
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
11/19/21
USD
607
EUR
514
$
(2)
Citibank
11/19/21
USD
298
EUR
253
(1)
Morgan
Stanley
11/19/21
USD
906
EUR
768
(1)
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(4)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
51
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
53
MSCI
EAFE
Index
contracts
9/21
(6,231)
$
33
Long,
120
S&P
500
E-Mini
Index
contracts
9/21
27,123
649
Long,
77
U.S.
Treasury
Long
Bond
contracts
12/21
12,549
45
Short,
229
U.S.
Treasury
Notes
five
year
contracts
12/21
(28,332)
(20)
Short,
79
U.S.
Treasury
Notes
ten
year
contracts
12/21
(10,543)
(4)
Long,
59
U.S.
Treasury
Notes
two
year
contracts
12/21
12,999
—
Long,
160
Ultra
U.S.
Treasury
Bonds
contracts
12/21
31,565
215
Long,
63
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/21
9,325
(4)
Net
payments
(receipts)
of
variation
margin
to
date
(1,147)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(233)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
52
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
three
months
ended
August
31,
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
Dynamic
Global
Bond
Fund
-
I
Class,
3.64%
$
(861)
$
(5,228)
$
1,557
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.21%
—
—
4
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
3.94%
—
1,054
1,408
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
—
(4,310)
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.43%
—
(145)
696
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.82%
—
928
1,503
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.00%
—
772
588
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.59%
57
239
—
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
797
—
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
233
(160)
—
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.69%
—
615
45
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
—
—
23
T.
Rowe
Price
Short-Term
Fund,
0.07%
—
—
—++
Totals
$
(571)#
$
(5,438)
$
5,824+
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
53
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
08/31/21
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
3.64%
$
214,949
$
1,558
$
43,861
$
167,418
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.21%
8
—
—
8
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
3.94%
125,108
1,408
—
127,570
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
80,578
5,550
—
81,818
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.43%
70,171
1,270
—
71,296
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.82%
115,716
4,503
—
121,147
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.00%
154,219
2,089
—
157,080
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.59%
28,067
—
6,693
21,613
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
107,675
—
108,472
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
30,285
—
1,767
28,358
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.69%
8,190
1,045
—
9,850
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
322,038
¤
¤
278,694
T.
Rowe
Price
Short-Term
Fund,
0.07%
7,472
¤
¤
5,788
Total
$
1,179,112^
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
54
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$5,824
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
$1,123,606.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
55
T.
Rowe
Price
Spectrum
Conservative
Allocation
Fund (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
Conservative
Allocation
Fund
56
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
Conservative
Allocation
Fund
57
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
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
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
58
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
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
August
31,
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
$
—
$
488,347
$
—
$
488,347
Bond
Mutual
Funds
675,982
—
—
675,982
Common
Stocks
721,013
220,312
1,290
942,615
Convertible
Bonds
—
—
839
839
Convertible
Preferred
Stocks
—
1,102
7,861
8,963
Equity
Mutual
Funds
218,648
—
—
218,648
Private
Investment
Companies
—
—
156,419
156,419
Short-Term
Investments
278,694
—
—
278,694
Securities
Lending
Collateral
5,788
—
—
5,788
Total
Securities
1,900,125
709,761
166,409
2,776,295
Swaps*
—
356
—
356
Futures
Contracts*
942
—
—
942
Total
$
1,901,067
$
710,117
$
166,409
$
2,777,593
Liabilities
Options
Written
$
—
$
1,402
$
—
$
1,402
Forward
Currency
Exchange
Contracts
—
4
—
4
Futures
Contracts*
28
—
—
28
Total
$
28
$
1,406
$
—
$
1,434
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
59
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
August
31,
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
August
31,
2021,
totaled $3,973,000 for
the
period ended
August
31,
2021.
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
5/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
8/31/21
Investment
in
Securities
Common
Stocks
$
1,446
$
(101)
$
82
$
(137)
$
1,290
Convertible
Bonds
—
—
839
—
839
Convertible
Preferred
Stocks
5,336
2,247
486
(208)
7,861
Private
Investment
Companies
130,748
1,671
24,000
—
156,419
Total
$
137,530
$
3,817
$
25,407
$
(345)
$
166,409
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
60
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.
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Common
Stock
$
1,290
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Rate
of
return
15%
15%
Increase
Market
comparable
Enterprise
value
to
sales
multiple
4.8x
–
6.8x
6.0x
Increase
Sales
growth
rate
11%
–
27%
23%
Increase
Projected
enterprise
value
to
EBITDA
multiple
12.7x
12.7x
Increase
Enterprise
value
to
gross
profit
multiple
8.8x
–15.4x
10.4x
Increase
Gross
profit
growth
rate
13%
-
27%
23%
Increase
Enterprise
value
to
EBITDA
multiple
10.8x
10.8x
Increase
Price
to
tangible
book
value
multiple
1.7x
–
1.9x
1.8x
Increase
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
61
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Tangible
book
value
growth
rate
36%
36%
Increase
Segment-
based
price-
to-earnings
multiple
11.5x
–
36.4x
23.5x
Increase
Whole
company
price-to-
earnings
multiple
21.3x
21.3x
Increase
Discount
for
lack
of
collectability
100%
100%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
Risk-free
rate
3%
3%
Increase
Volatility
38%
38%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
20%
20%
Decrease
Convertible
Preferred
Stocks
$
7,861
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Discount
for
uncertainty
5%
5%
Decrease
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
62
#
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.
F101-054Q1
08/21
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Market
comparable
Enterprise
value
to
sales
multiple
5.7x
–
6.8x
6.3x
Increase
Sales
growth
rate
27%
27%
Increase
Enterprise
value
to
gross
profit
multiple
8.8x
–
10.5x
9.7x
Increase
Gross
profit
growth
rate
27%
27%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Convertible
Bond
$
839
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Private
Investment
Companies
$
156,419
Rollforward
of
Investee
NAV
Estimated
return
-0.19%
-0.19%
Increase