T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
August
31,
2022
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
1.3%
522
Funding
Series 2019-5A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.33%,
3.658%,
4/15/35 (1)
770,000
751
522
Funding
Series 2019-5A,
Class
BR,
CLO,
FRN
3M
TSFR
+
1.85%,
4.178%,
4/15/35 (1)
440,000
417
AGL
Series 2021-14A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
3.882%,
12/2/34 (1)
470,000
459
AGL
Series 2022-17A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.33%,
3.803%,
1/21/35 (1)
590,000
576
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26
445,000
418
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26
330,000
308
Amur
Equipment
Finance
Receivables
X
Series 2022-1A,
Class
D
2.91%,
8/21/28 (1)
250,000
228
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/5/49 (1)
1,267,200
1,217
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
4.012%,
4/15/29 (1)
280,000
273
Benefit
Street
Partners
XX
Series 2020-20A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
3.682%,
7/15/34 (1)
400,000
390
Carlyle
U.S.
Series 2019-4A,
Class
A11R,
CLO,
FRN
3M
TSFR
+
1.32%,
3.648%,
4/15/35 (1)
770,000
751
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26
735,000
710
Carmax
Auto
Owner
Trust
Series 2021-1,
Class
D
1.28%,
7/15/27
1,050,000
959
CarMax
Auto
Owner
Trust
Series 2022-1,
Class
D
2.47%,
7/17/28
260,000
240
Cedar
Funding
VIII
Series 2017-8A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
3.89%,
10/17/34 (1)
435,000
424
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
1
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CIFC
Funding
Series 2020-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
3.84%,
10/20/34 (1)
555,000
542
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
3.652%,
7/15/36 (1)
505,000
494
Driven
Brands
Funding
Series 2019-1A,
Class
A2
4.641%,
4/20/49 (1)
275,025
261
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
259,700
234
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
3.84%,
7/17/34 (1)
490,000
479
Exeter
Automobile
Receivables
Trust
Series 2022-2A,
Class
C
3.85%,
7/17/28
800,000
775
Exeter
Automobile
Receivables
Trust
Series 2022-3A,
Class
C
5.30%,
9/15/27
505,000
504
GMF
Floorplan
Owner
Revolving
Trust
Series 2020-2,
Class
C
1.31%,
10/15/25 (1)
240,000
230
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
529,375
511
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
237,600
198
HPEFS
Equipment
Trust
Series 2022-1A,
Class
C
1.96%,
5/21/29 (1)
305,000
287
HPEFS
Equipment
Trust
Series 2022-1A,
Class
D
2.40%,
11/20/29 (1)
330,000
307
Jack
in
the
Box
Funding
Series 2022-1A,
Class
A2I
3.445%,
2/26/52 (1)
570,240
516
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
AR,
CLO,
FRN
3M
TSFR
+
1.29%,
3.618%,
10/15/32 (1)
435,000
426
Morgan
Stanley
Eaton
Vance
Series 2021-1A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
4.433%,
10/20/34 (1)
375,000
359
Navient
Private
Education
Loan
Trust
Series 2018-BA,
Class
A2A
3.61%,
12/15/59 (1)
240,435
236
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
330,981
313
Navient
Private
Education
Refi
Loan
Trust
Series 2020-BA,
Class
A2
2.12%,
1/15/69 (1)
228,071
213
Navient
Private
Education
Refi
Loan
Trust
Series 2020-CA,
Class
B
2.83%,
11/15/68 (1)
450,000
381
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69 (1)
160,720
148
Navient
Private
Education
Refi
Loan
Trust
Series 2022-A,
Class
A
2.23%,
7/15/70 (1)
924,943
843
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
3.868%,
10/19/31 (1)
470,000
464
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
3.728%,
1/20/32 (1)
1,190,000
1,168
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
3.87%,
7/17/35 (1)
370,000
363
OCP
Series 2014-7A,
Class
A1RR,
CLO,
FRN
3M
USD
LIBOR
+
1.12%,
3.83%,
7/20/29 (1)
794,654
787
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
4.36%,
7/20/29 (1)
475,000
467
Octagon
Investment
Partners
Series 2016-1A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.18%,
3.963%,
1/24/33 (1)
825,000
809
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
3.75%,
7/17/29 (1)
487,012
483
Palmer
Square
Series 2022-1A,
Class
A,
CLO,
FRN
3M
TSFR
+
1.32%,
1.786%,
4/20/35 (1)
445,000
433
Planet
Fitness
Master
Issuer
Series 2022-1A,
Class
A2I
3.251%,
12/5/51 (1)
518,700
466
Regatta
XIX
Funding
Series 2022-1A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
2.929%,
4/20/35 (1)
395,000
374
Santander
Bank
Series 2021-1A,
Class
B
1.833%,
12/15/31 (1)
164,067
159
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Santander
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
D
1.33%,
9/15/27
285,000
270
Santander
Drive
Auto
Receivables
Trust
Series 2021-4,
Class
D
1.67%,
10/15/27
285,000
265
Santander
Drive
Auto
Receivables
Trust
Series 2022-3,
Class
C
4.49%,
8/15/29
460,000
454
Santander
Drive
Auto
Receivables
Trust
Series 2022-5,
Class
C
4.74%,
10/16/28
385,000
383
Santander
Retail
Auto
Lease
Trust
Series 2019-B,
Class
D
3.31%,
6/20/24 (1)
340,894
341
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
590,000
550
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
524,558
440
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31 (1)
42,723
42
SMB
Private
Education
Loan
Trust
Series 2016-B,
Class
A2A
2.43%,
2/17/32 (1)
113,657
110
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
401,799
392
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
319,026
310
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
393,022
349
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
490,000
442
Symphony
XXXI
Series 2022-31A,
Class
B,
CLO,
FRN
3M
TSFR
+
1.85%,
2.155%,
4/22/35 (1)
380,000
360
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
3.77%,
10/20/29 (1)
521,168
517
Total
Asset-Backed
Securities
(Cost
$28,890)
27,576
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BOND
MUTUAL
FUNDS
26.5%
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
5.02% (2)(3)
13,945,146
137,360
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
16.00% (2)
(3)
635
8
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.48% (2)(3)
17,681,773
110,688
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
5.89% (2)(3)
6,935,864
64,781
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.44% (2)(3)
12,979,346
97,994
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.44% (2)(3)
14,172,362
126,559
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
14.81% (2)(3)
15,092
78
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.32% (2)(3)
4,699,715
41,592
Total
Bond
Mutual
Funds
(Cost
$647,829)
579,060
COMMON
STOCKS
32.2%
COMMUNICATION
SERVICES
2.6%
Diversified
Telecommunication
Services
0.2%
KT
(KRW)
21,178
587
Nippon
Telegraph
&
Telephone
(JPY)
126,600
3,431
4,018
Entertainment
0.3%
Cinemark
Holdings (4)
9,807
138
Netflix (4)
4,752
1,062
Sea,
ADR (4)
24,821
1,539
Spotify
Technology (4)
4,399
476
Walt
Disney (4)
33,146
3,715
6,930
Interactive
Media
&
Services
1.9%
Alphabet,
Class
A (4)
19,080
2,065
Alphabet,
Class
C (4)(5)
273,829
29,889
Bumble,
Class
A (4)
8,200
205
Meta
Platforms,
Class
A (4)
42,038
6,849
NAVER
(KRW)
3,439
610
Tencent
Holdings
(HKD)
32,790
1,355
Vimeo (4)
13,807
82
Z
Holdings
(JPY)
185,500
545
41,600
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Media
0.1%
Cable
One
588
668
Comcast,
Class
A
10,013
362
CyberAgent
(JPY)
89,600
874
Stroeer
(EUR)
8,047
342
WPP
(GBP)
125,197
1,078
3,324
Wireless
Telecommunication
Services
0.1%
SoftBank
Group
(JPY)
12,600
499
T-Mobile
U.S. (4)
7,555
1,088
Vodafone
Group,
ADR
94,004
1,261
2,848
Total
Communication
Services
58,720
CONSUMER
DISCRETIONARY
4.0%
Auto
Components
0.2%
Autoliv,
SDR
(SEK)
9,515
738
Denso
(JPY)
13,400
731
Gentherm (4)
3,684
221
Magna
International
23,576
1,361
Stanley
Electric
(JPY)
25,200
465
Sumitomo
Rubber
Industries
(JPY)
27,400
235
3,751
Automobiles
0.7%
Honda
Motor
(JPY)
16,700
445
Rivian
Automotive,
Class
A (4)
22,870
748
Suzuki
Motor
(JPY)
21,400
748
Tesla (4)
41,455
11,425
Toyota
Motor
(JPY)
170,400
2,550
15,916
Diversified
Consumer
Services
0.1%
Bright
Horizons
Family
Solutions (4)
5,637
385
Clear
Secure,
Class
A (4)
18,325
420
Duolingo (4)
3,876
364
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (4)(6)
6,383
—
1,169
Hotels,
Restaurants
&
Leisure
0.6%
BJ's
Restaurants (4)
9,571
240
Booking
Holdings (4)
666
1,249
Chipotle
Mexican
Grill (4)
1,386
2,213
Chuy's
Holdings (4)
8,808
197
Compass
Group
(GBP)
75,643
1,627
Dutch
Bros,
Class
A (4)
2,019
74
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Fiesta
Restaurant
Group (4)
18,700
125
Hilton
Worldwide
Holdings
5,727
730
Marriott
International,
Class
A
5,133
789
Marriott
Vacations
Worldwide
1,341
191
McDonald's
11,436
2,885
Papa
John's
International
8,626
697
Red
Robin
Gourmet
Burgers (4)
4,220
31
Red
Rock
Resorts,
Class
A
2,783
106
Ruth's
Hospitality
Group
8,898
162
Yum!
Brands
17,336
1,929
13,245
Household
Durables
0.2%
Cavco
Industries (4)
948
222
Panasonic
Holdings
(JPY)
109,600
889
Persimmon
(GBP)
36,340
622
Skyline
Champion (4)
7,565
429
Sony
Group
(JPY)
17,700
1,407
3,569
Internet
&
Direct
Marketing
Retail
1.2%
Alibaba
Group
Holding,
ADR (4)
2,407
230
Amazon.com (4)(5)
192,318
24,380
ASOS
(GBP) (4)
26,746
215
Big
Sky
Growth
Partners (4)
9,637
94
DoorDash,
Class
A (4)
8,473
508
Farfetch,
Class
A (4)
20,909
210
Rent
the
Runway,
Class
A (4)
3,284
15
THG
(GBP) (4)
30,372
19
Xometry,
Class
A (4)
5,945
291
Zalando
(EUR) (4)
19,845
459
26,421
Multiline
Retail
0.3%
Dollar
General
17,470
4,148
Next
(GBP)
12,361
832
Ollie's
Bargain
Outlet
Holdings (4)
12,867
712
5,692
Specialty
Retail
0.4%
Burlington
Stores (4)
4,456
625
Carvana (4)
17,064
563
Five
Below (4)
1,257
161
Floor
&
Decor
Holdings,
Class
A (4)
1,100
89
Kingfisher
(GBP)
417,596
1,122
KKR
Acquisition
Holdings
I (4)
14,993
148
Monro
9,128
423
RH (4)
611
156
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Ross
Stores
29,816
2,572
TJX
25,847
1,611
Warby
Parker,
Class
A (4)
17,552
221
7,691
Textiles,
Apparel
&
Luxury
Goods
0.3%
Dr.
Martens
(GBP)
119,362
325
EssilorLuxottica
(EUR)
7,174
1,068
Kering
(EUR)
1,857
932
Lululemon
Athletica (4)
4,779
1,434
Moncler
(EUR)
18,605
828
NIKE,
Class
B
15,822
1,684
Samsonite
International
(HKD) (4)
203,100
496
Skechers
USA,
Class
A (4)
10,231
387
7,154
Total
Consumer
Discretionary
84,608
CONSUMER
STAPLES
1.9%
Beverages
0.4%
Boston
Beer,
Class
A (4)
2,106
710
Coca-Cola
16,530
1,020
Coca-Cola
Consolidated
403
191
Diageo
(GBP)
36,284
1,576
Keurig
Dr
Pepper
95,732
3,649
Kirin
Holdings
(JPY)
39,700
654
Monster
Beverage (4)
12,349
1,097
8,897
Food
&
Staples
Retailing
0.3%
Seven
&
i
Holdings
(JPY) (7)
37,700
1,498
Walmart
30,329
4,020
Welcia
Holdings
(JPY) (7)
15,400
322
5,840
Food
Products
0.6%
Barry
Callebaut
(CHF)
399
817
Cal-Maine
Foods
4,743
254
Mondelez
International,
Class
A
40,760
2,522
Nestle
(CHF)
50,906
5,957
Nomad
Foods (4)
15,427
273
Post
Holdings (4)
4,718
419
Post
Holdings
Partnering (4)
6,329
62
TreeHouse
Foods (4)
3,460
161
Utz
Brands
17,052
284
Wilmar
International
(SGD)
475,000
1,371
12,120
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Household
Products
0.1%
Procter
&
Gamble
21,216
2,927
2,927
Personal
Products
0.2%
BellRing
Brands (4)
18,207
431
Haleon,
ADR (4)
34,171
204
L'Oreal
(EUR)
4,761
1,635
Pola
Orbis
Holdings
(JPY)
9,600
106
Unilever
(GBP)
62,779
2,848
5,224
Tobacco
0.3%
Philip
Morris
International
68,423
6,534
6,534
Total
Consumer
Staples
41,542
ENERGY
1.2%
Energy
Equipment
&
Services
0.1%
Cactus,
Class
A
4,495
180
Liberty
Energy (4)
25,741
386
NexTier
Oilfield
Solutions (4)
40,356
378
Worley
(AUD)
113,064
1,107
2,051
Oil,
Gas
&
Consumable
Fuels
1.1%
Devon
Energy
9,393
663
Diamondback
Energy
4,703
627
Equinor
(NOK)
81,154
3,150
Exxon
Mobil
56,226
5,375
Magnolia
Oil
&
Gas,
Class
A
30,968
739
Shell,
ADR
21,774
1,154
TC
Energy
32,719
1,577
TotalEnergies
(EUR)
153,335
7,763
TotalEnergies,
ADR
142
7
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $9 (4)(6)(8)
3
44
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $134 (4)(6)(8)
37
547
Williams
45,290
1,541
Woodside
Energy
Group
(GBP) (4)
8,876
205
23,392
Total
Energy
25,443
FINANCIALS
4.2%
Banks
1.6%
Australia
&
New
Zealand
Banking
Group
(AUD)
55,312
855
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bank
of
America
193,348
6,498
BankUnited
12,648
469
BNP
Paribas
(EUR)
20,145
936
Cadence
Bank
13,195
336
Close
Brothers
Group
(GBP)
18,984
225
CRB
Group,
Acquisition
Date:
4/14/22,
Cost $21 (4)(6)(8)
199
21
CrossFirst
Bankshares (4)
10,897
144
DBS
Group
Holdings
(SGD)
33,567
782
Dime
Community
Bancshares
9,315
291
DNB
Bank
(NOK)
100,714
1,915
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $24 (4)(6)(8)
2,412
43
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $12 (4)(6)(8)
1,185
21
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (4)(6)(8)
360
3
East
West
Bancorp
5,816
420
Equity
Bancshares,
Class
A
5,688
178
Erste
Group
Bank
(EUR)
15,743
354
FB
Financial
8,971
355
First
Bancshares
6,656
199
Five
Star
Bancorp
5,843
149
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $41 (4)(6)(8)
4,129
16
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (4)(6)(8)
803
1
Heritage
Commerce
22,668
256
Home
BancShares
12,994
306
ING
Groep
(EUR)
184,100
1,614
Intesa
Sanpaolo
(EUR)
270,939
466
JPMorgan
Chase
6,474
736
Live
Oak
Bancshares
9,279
336
Lloyds
Banking
Group
(GBP)
1,736,852
880
Mitsubishi
UFJ
Financial
Group
(JPY) (7)
164,700
854
National
Bank
of
Canada
(CAD)
26,637
1,762
Origin
Bancorp
7,143
292
Pacific
Premier
Bancorp
9,627
315
Pinnacle
Financial
Partners
5,512
445
Popular
3,109
240
Professional
Holding,
Class
A (4)
2,842
79
Sandy
Spring
Bancorp
6,068
234
Signature
Bank
2,966
517
SouthState
4,864
380
Standard
Chartered
(GBP)
78,965
547
Sumitomo
Mitsui
Trust
Holdings
(JPY)
19,589
609
Svenska
Handelsbanken,
Class
A
(SEK) (7)
126,691
1,038
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Texas
Capital
Bancshares (4)
3,087
182
United
Overseas
Bank
(SGD)
70,800
1,381
Veritex
Holdings
7,787
234
Wells
Fargo
149,757
6,546
Western
Alliance
Bancorp
8,909
683
35,143
Capital
Markets
0.5%
Bluescape
Opportunities
Acquisition (4)
13,492
135
Bridgepoint
Group
(GBP)
106,886
311
Cboe
Global
Markets
3,694
436
Charles
Schwab
33,941
2,408
Goldman
Sachs
Group
8,018
2,667
Julius
Baer
Group
(CHF)
20,723
1,001
Macquarie
Group
(AUD)
7,876
943
MSCI
772
347
P10,
Class
A
16,204
202
S&P
Global
4,172
1,469
StepStone
Group,
Class
A
10,640
290
TMX
Group
(CAD)
2,439
245
XP,
Class
A (4)
22,744
438
10,892
Consumer
Finance
0.0%
Encore
Capital
Group (4)
4,099
224
PRA
Group (4)
7,795
288
512
Diversified
Financial
Services
0.2%
Apollo
Global
Management
6,139
341
Challenger
(AUD)
91,090
393
Conyers
Park
III
Acquisition (4)
9,327
96
Element
Fleet
Management
(CAD)
119,423
1,504
Housing
Development
Finance
(INR)
31,685
959
Mitsubishi
HC
Capital
(JPY)
102,500
497
3,790
Insurance
1.8%
AIA
Group
(HKD)
56,200
541
American
International
Group
38,105
1,972
Assurant
4,311
683
AXA
(EUR)
102,715
2,419
Axis
Capital
Holdings
10,246
545
Chubb
36,060
6,817
Definity
Financial
(CAD)
9,034
256
Direct
Line
Insurance
Group
(GBP)
178,843
426
Hanover
Insurance
Group
3,363
435
Hartford
Financial
Services
Group
14,232
915
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kemper
4,991
230
Manulife
Financial
(CAD)
52,560
909
Marsh
&
McLennan
6,623
1,069
MetLife
33,871
2,179
Munich
Re
(EUR)
10,130
2,420
PICC
Property
&
Casualty,
Class
H
(HKD)
900,000
973
Ping
An
Insurance
Group,
Class
H
(HKD)
65,500
385
Progressive
31,410
3,852
Sampo,
Class
A
(EUR)
37,964
1,718
Selective
Insurance
Group
9,410
747
Storebrand
(NOK)
137,841
1,103
Sun
Life
Financial
(CAD)
39,286
1,731
Tokio
Marine
Holdings
(JPY)
29,800
1,652
Travelers
24,993
4,040
Zurich
Insurance
Group
(CHF)
4,130
1,833
39,850
Thrifts
&
Mortgage
Finance
0.1%
Blue
Foundry
Bancorp (4)
5,997
68
Capitol
Federal
Financial
14,585
132
Essent
Group
6,370
255
Kearny
Financial
12,038
137
PennyMac
Financial
Services
11,051
587
1,179
Total
Financials
91,366
HEALTH
CARE
5.5%
Biotechnology
0.5%
AbbVie
26,112
3,511
Abcam,
ADR (4)
12,797
191
Agios
Pharmaceuticals (4)
3,800
97
Apellis
Pharmaceuticals (4)
8,840
535
Argenx,
ADR (4)
2,628
993
Ascendis
Pharma,
ADR (4)
4,387
393
Avidity
Biosciences (4)
5,197
102
Blueprint
Medicines (4)
5,125
375
Cerevel
Therapeutics
Holdings (4)
4,852
141
CRISPR
Therapeutics (4)
1,974
128
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $20 (4)(6)(8)
3,075
14
Generation
Bio (4)
8,379
43
Genmab
(DKK) (4)
1,444
514
HilleVax (4)
2,235
27
Icosavax (4)
6,341
30
Insmed (4)
18,788
463
Intellia
Therapeutics (4)
2,063
124
Karuna
Therapeutics (4)
1,432
365
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kura
Oncology (4)
600
8
Kymera
Therapeutics (4)
1,730
49
MeiraGTx
Holdings (4)
2,017
17
Monte
Rosa
Therapeutics (4)
3,424
27
Morphic
Holding (4)
2,789
77
Nkarta (4)
4,941
71
Nurix
Therapeutics (4)
1,552
24
Prothena (4)
7,610
210
PTC
Therapeutics (4)
923
46
RAPT
Therapeutics (4)
4,182
112
Regeneron
Pharmaceuticals (4)
1,002
582
Relay
Therapeutics (4)
1,156
27
Repare
Therapeutics (4)
3,408
41
Replimune
Group (4)
1,942
37
Scholar
Rock,
Warrants,
12/31/25,
Acquisition
Date:
6/17/22,
Cost $— (4)(6)
740
5
Scholar
Rock
Holding (4)
9,611
80
Tenaya
Therapeutics (4)
1,032
5
Ultragenyx
Pharmaceutical (4)
5,210
248
Verve
Therapeutics (4)
1,436
55
Xencor (4)
6,837
180
Zentalis
Pharmaceuticals (4)
3,692
99
10,046
Health
Care
Equipment
&
Supplies
1.1%
Abbott
Laboratories
21,597
2,217
Alcon
(CHF)
7,081
466
Align
Technology (4)
1,331
325
AtriCure (4)
4,726
216
Becton
Dickinson
&
Company
42,062
10,617
CVRx (4)
2,369
17
Elekta,
Class
B
(SEK) (7)
94,539
542
Embecta
4,885
156
ICU
Medical (4)
2,454
390
Intuitive
Surgical (4)
14,596
3,003
Koninklijke
Philips
(EUR)
50,348
836
Nevro (4)
2,297
104
Outset
Medical (4)
10,522
193
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $114 (4)(6)(8)
30,352
20
Penumbra (4)
1,330
218
PROCEPT
BioRobotics (4)
10,185
412
QuidelOrtho (4)
4,380
347
Siemens
Healthineers
(EUR)
27,194
1,329
STERIS
2,359
475
Stryker
11,927
2,448
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Teleflex
2,400
543
24,874
Health
Care
Providers
&
Services
1.6%
Alignment
Healthcare (4)
12,802
195
Centene (4)
55,502
4,981
Cigna
4,082
1,157
dentalcorp
Holdings
(CAD) (4)(7)
12,367
97
Elevance
Health
18,641
9,043
Fresenius
(EUR)
33,253
823
HCA
Healthcare
6,585
1,303
Humana
4,024
1,939
ModivCare (4)
3,016
327
Molina
Healthcare (4)
3,258
1,099
Option
Care
Health (4)
12,026
372
Pennant
Group (4)
7,206
113
Privia
Health
Group (4)
10,982
437
Surgery
Partners (4)
4,432
122
U.S.
Physical
Therapy
3,115
257
UnitedHealth
Group
24,723
12,839
35,104
Health
Care
Technology
0.0%
Certara (4)
2,029
32
Definitive
Healthcare (4)
4,669
94
Doximity,
Class
A (4)
4,677
155
Sophia
Genetics (4)
3,028
10
Veeva
Systems,
Class
A (4)
3,615
720
1,011
Life
Sciences
Tools
&
Services
0.7%
Adaptive
Biotechnologies (4)
2,508
22
Bruker
9,938
557
Danaher
25,552
6,897
Evotec
(EUR) (4)
17,348
381
Olink
Holding,
ADR (4)
7,160
108
Pacific
Biosciences
of
California (4)
16,706
98
PerkinElmer
9,926
1,341
Rapid
Micro
Biosystems,
Class
A (4)
13,031
43
Seer (4)
3,624
37
Thermo
Fisher
Scientific
8,970
4,891
14,375
Pharmaceuticals
1.6%
Arvinas (4)
1,934
82
Astellas
Pharma
(JPY)
140,900
1,998
AstraZeneca,
ADR
139,017
8,672
Bayer
(EUR)
28,740
1,520
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Catalent (4)
7,455
656
Eli
Lilly
12,994
3,914
GSK,
ADR
25,836
839
Ipsen
(EUR)
3,768
361
Johnson
&
Johnson
22,778
3,675
Novartis
(CHF)
33,895
2,742
Otsuka
Holdings
(JPY)
26,000
849
Reata
Pharmaceuticals,
Class
A (4)
1,804
43
Roche
Holding
(CHF)
10,947
3,528
Sanofi
(EUR)
33,538
2,742
Sanofi,
ADR
28,485
1,169
Zoetis
8,698
1,361
34,151
Total
Health
Care
119,561
INDUSTRIALS
&
BUSINESS
SERVICES
2.7%
Aerospace
&
Defense
0.3%
Cadre
Holdings
4,801
122
L3Harris
Technologies
16,598
3,788
Northrop
Grumman
4,580
2,189
Parsons (4)
9,580
396
Safran
(EUR)
8,568
874
7,369
Airlines
0.0%
Allegiant
Travel (4)
3,056
295
295
Building
Products
0.0%
CSW
Industrials
2,281
289
Gibraltar
Industries (4)
5,683
238
527
Commercial
Services
&
Supplies
0.2%
Brink's
1,594
88
Cintas
880
358
IAA (4)
5,500
205
MSA
Safety
1,659
197
Rentokil
Initial
(GBP)
58,510
353
Republic
Services
11,211
1,600
Stericycle (4)
7,939
398
Tetra
Tech
1,586
216
3,415
Construction
&
Engineering
0.0%
WillScot
Mobile
Mini
Holdings (4)
3,500
140
140
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Electrical
Equipment
0.5%
ABB
(CHF)
56,174
1,548
AZZ
9,682
413
Eaton
21,013
2,871
Hubbell
10,469
2,160
Legrand
(EUR)
14,930
1,080
Mitsubishi
Electric
(JPY)
136,700
1,382
Prysmian
(EUR)
35,772
1,098
Shoals
Technologies
Group,
Class
A (4)
8,820
233
Thermon
Group
Holdings (4)
4,344
76
10,861
Industrial
Conglomerates
0.7%
DCC
(GBP)
11,084
638
General
Electric
59,799
4,392
Honeywell
International
16,954
3,210
Melrose
Industries
(GBP)
610,929
964
Roper
Technologies
3,057
1,231
Siemens
(EUR)
47,319
4,793
15,228
Machinery
0.3%
Enerpac
Tool
Group
18,908
367
ESCO
Technologies
5,961
485
Federal
Signal
9,473
378
Graco
6,280
401
Helios
Technologies
4,945
270
Ingersoll
Rand
39,122
1,853
John
Bean
Technologies
4,689
484
KION
Group
(EUR)
17,264
690
Marel
(ISK)
20,359
73
Mueller
Water
Products,
Class
A
22,923
259
RBC
Bearings (4)
1,494
360
SMC
(JPY)
1,000
474
SPX
Technologies (4)
7,687
439
THK
(JPY)
20,500
416
Toro
3,280
272
7,221
Professional
Services
0.2%
Booz
Allen
Hamilton
Holding
4,182
400
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $36 (4)(6)(8)
4,755
64
Clarivate (4)
28,657
334
Huron
Consulting
Group (4)
2,905
194
Legalzoom.com (4)
8,632
89
Recruit
Holdings
(JPY)
35,000
1,113
TechnoPro
Holdings
(JPY)
40,100
902
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Teleperformance
(EUR)
3,480
991
TransUnion
5,139
380
Upwork (4)
9,760
170
4,637
Road
&
Rail
0.3%
Central
Japan
Railway
(JPY)
5,800
683
CSX
122,965
3,892
Landstar
System
1,653
242
Norfolk
Southern
5,042
1,226
Saia (4)
2,124
439
Union
Pacific
4,250
954
7,436
Trading
Companies
&
Distributors
0.2%
Air
Lease
6,622
241
Ashtead
Group
(GBP)
23,770
1,168
Bunzl
(GBP)
19,609
650
Mitsubishi
(JPY) (7)
30,400
995
Rush
Enterprises,
Class
A
5,147
242
SiteOne
Landscape
Supply (4)
4,295
538
Sumitomo
(JPY)
66,300
933
4,767
Total
Industrials
&
Business
Services
61,896
INFORMATION
TECHNOLOGY
6.9%
Communications
Equipment
0.2%
Infinera (4)
4,175
23
LM
Ericsson,
Class
B
(SEK)
197,190
1,475
Motorola
Solutions
9,450
2,300
3,798
Electronic
Equipment,
Instruments
&
Components
0.3%
Corning
13,485
463
CTS
11,138
471
Hamamatsu
Photonics
(JPY)
18,400
780
Largan
Precision
(TWD)
5,000
318
Littelfuse
1,780
422
Murata
Manufacturing
(JPY)
21,000
1,131
Novanta (4)
3,893
521
Omron
(JPY)
9,100
479
PAR
Technology (4)
9,093
320
TE
Connectivity
6,025
761
Teledyne
Technologies (4)
2,086
768
6,434
IT
Services
1.1%
Accenture,
Class
A
69
20
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Adyen
(EUR) (4)
474
731
Affirm
Holdings (4)
10,601
248
Amadeus
IT
Group
(EUR) (4)
12,287
649
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $481 (4)
(6)(8)
126,309
249
Block (4)
12,004
827
Fiserv (4)
26,961
2,728
Mastercard,
Class
A
16,387
5,315
MongoDB (4)
4,178
1,349
NTT
Data
(JPY)
122,300
1,721
Payoneer
Global (4)
49,049
325
PayPal
Holdings (4)
7,571
707
Repay
Holdings (4)
6,436
60
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $9 (4)(6)(8)
204
14
Shopify,
Class
A (4)
25,610
811
Snowflake,
Class
A (4)
3,209
581
SS&C
Technologies
Holdings
9,344
521
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $22 (4)(6)(8)
960
20
Toast,
Class
A (4)
28,119
532
Visa,
Class
A
34,769
6,909
24,317
Semiconductors
&
Semiconductor
Equipment
1.6%
Advanced
Micro
Devices (4)
26,745
2,270
Analog
Devices
2,337
354
ASML
Holding
(EUR)
4,975
2,428
ASML
Holding
4,260
2,087
Broadcom
7,235
3,611
Entegris
8,183
776
KLA
9,838
3,386
Lattice
Semiconductor (4)
18,371
990
Marvell
Technology
17,477
818
Monolithic
Power
Systems
2,439
1,105
NVIDIA
36,011
5,436
NXP
Semiconductors
9,753
1,605
QUALCOMM
19,065
2,522
Renesas
Electronics
(JPY) (4)
54,100
512
Semtech (4)
411
19
Taiwan
Semiconductor
Manufacturing
(TWD)
220,719
3,613
Taiwan
Semiconductor
Manufacturing,
ADR
9,295
775
Texas
Instruments
7,461
1,233
Tokyo
Electron
(JPY) (7)
3,200
1,004
34,544
Software
2.6%
Amplitude,
Class
A (4)
7,897
120
Atlassian,
Class
A (4)
6,145
1,522
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bill.com
Holdings (4)
8,424
1,364
Blackline (4)
3,542
241
Canva,
Acquisition
Date:
8/16/21
-
12/17/21,
Cost $283 (4)(6)(8)
166
159
Ceridian
HCM
Holding (4)
913
54
Clearwater
Analytics
Holdings,
Class
A (4)
4,381
67
Confluent,
Class
A (4)
10,588
290
Coupa
Software (4)
2,277
133
Crowdstrike
Holdings,
Class
A (4)
1,619
296
Datadog,
Class
A (4)
5,198
546
Descartes
Systems
Group (4)
11,695
823
DoubleVerify
Holdings (4)
16,168
418
Five9 (4)
1,435
141
Fortinet (4)
12,615
614
Gusto,
Acquisition
Date:
10/4/21,
Cost $90 (4)(6)(8)
3,136
90
HashiCorp,
Class
A (4)
2,804
99
Intuit
9,552
4,124
Manhattan
Associates (4)
2,890
408
Microsoft (5)
127,471
33,330
nCino (4)
9,458
298
Paycom
Software (4)
1,211
425
Paycor
HCM (4)
12,831
380
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $2 (4)(6)(8)
1,715
2
Plex
Systems,
EC,
Acquisition
Date:
9/7/21,
Cost $— (4)(6)(8)
245
—
Salesforce (4)
3,444
538
SAP
(EUR)
16,553
1,410
ServiceNow (4)
11,493
4,995
Socure,
Acquisition
Date:
12/22/21,
Cost $16 (4)(6)(8)
1,018
12
Synopsys (4)
9,018
3,120
Workiva (4)
5,080
345
56,364
Technology
Hardware,
Storage
&
Peripherals
1.1%
Apple (5)
143,214
22,516
Samsung
Electronics
(KRW)
45,545
2,018
24,534
Total
Information
Technology
149,991
MATERIALS
1.0%
Chemicals
0.6%
Air
Liquide
(EUR)
9,329
1,169
Akzo
Nobel
(EUR)
13,859
873
Asahi
Kasei
(JPY)
107,500
785
BASF
(EUR)
17,699
749
Covestro
(EUR)
18,080
545
Element
Solutions
41,082
767
International
Flavors
&
Fragrances
4,423
489
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Johnson
Matthey
(GBP)
36,128
843
Linde
3,741
1,058
Minerals
Technologies
1,870
109
Nutrien
35,963
3,300
Quaker
Chemical
2,365
412
Sherwin-Williams
3,864
897
Tosoh
(JPY)
8,400
109
Umicore
(EUR) (7)
17,675
562
12,667
Containers
&
Packaging
0.0%
Amcor,
CDI
(AUD)
55,792
676
Ranpak
Holdings (4)
5,539
29
705
Metals
&
Mining
0.3%
Antofagasta
(GBP)
64,131
816
BHP
Group
(AUD)
17,896
488
BHP
Group
(GBP) (7)
47,858
1,307
Constellium (4)
29,763
397
ERO
Copper
(CAD) (4)
9,210
87
Franco-Nevada
(CAD)
626
75
Haynes
International
6,056
240
IGO
(AUD)
259,663
2,324
Rio
Tinto
(AUD)
5,990
381
South32
(AUD)
298,949
823
6,938
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR)
66,688
993
West
Fraser
Timber
(CAD)
2,336
209
1,202
Total
Materials
21,512
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Fresh
Market,
EC (4)(8)
3,700
—
Total
Miscellaneous
—
REAL
ESTATE
0.6%
Equity
Real
Estate
Investment
Trusts
0.5%
AvalonBay
Communities,
REIT
4,057
815
Community
Healthcare
Trust,
REIT
4,276
158
CubeSmart,
REIT
11,307
521
EastGroup
Properties,
REIT
5,570
919
Equity
Residential,
REIT
9,005
659
First
Industrial
Realty
Trust,
REIT
4,628
234
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Flagship
Communities
REIT (7)
3,683
60
Great
Portland
Estates
(GBP)
90,872
524
Host
Hotels
&
Resorts,
REIT
41,801
743
Prologis,
REIT
25,964
3,233
Rexford
Industrial
Realty,
REIT
9,146
569
Scentre
Group
(AUD)
395,913
787
Terreno
Realty,
REIT
3,209
196
Weyerhaeuser,
REIT
14,395
492
9,910
Real
Estate
Management
&
Development
0.1%
Altus
Group
(CAD)
2,383
93
DigitalBridge
Group (4)
9,707
173
FirstService
6,567
821
Mitsui
Fudosan
(JPY)
73,000
1,478
Opendoor
Technologies,
Class
A (4)
49,627
215
Tricon
Residential
24,242
253
3,033
Total
Real
Estate
12,943
UTILITIES
1.6%
Electric
Utilities
0.7%
American
Electric
Power
28,004
2,806
Duke
Energy
8,372
895
Exelon
18,179
798
IDACORP
4,811
526
MGE
Energy
2,252
173
Southern
115,075
8,869
Xcel
Energy
21,214
1,575
15,642
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD)
103,000
307
Chesapeake
Utilities
4,135
522
ONE
Gas
3,176
249
Southwest
Gas
Holdings
8,225
640
1,718
Independent
Power
&
Renewable
Electricity
Producers
0.0%
Electric
Power
Development
(JPY)
37,800
582
NextEra
Energy
Partners
4,325
355
937
Multi-Utilities
0.8%
Ameren
13,756
1,274
Dominion
Energy
73,610
6,021
DTE
Energy
7,241
944
Engie
(EUR)
145,222
1,725
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
National
Grid
(GBP)
100,914
1,256
NiSource
27,643
816
Sempra
Energy
25,416
4,193
WEC
Energy
Group
2,319
239
16,468
Water
Utilities
0.0%
California
Water
Service
Group
4,489
263
SJW
Group
4,761
306
569
Total
Utilities
35,334
Total
Miscellaneous
Common
Stocks
0.0% (9)
516
Total
Common
Stocks
(Cost
$483,268)
703,432
CONVERTIBLE
PREFERRED
STOCKS
0.2%
CONSUMER
DISCRETIONARY
0.1%
Hotels,
Restaurants
&
Leisure
0.1%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $157 (4)(6)(8)
6,334
370
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $104 (4)(6)
(8)
2,763
162
532
Internet
&
Direct
Marketing
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $85 (4)(6)(8)
14,624
59
59
Total
Consumer
Discretionary
591
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $100 (4)(6)(8)
5,409
336
Total
Consumer
Staples
336
FINANCIALS
0.0%
Banks
0.0%
CRB
Group,
Acquisition
Date:
1/28/22,
Cost $73 (4)(6)(8)
699
73
Total
Financials
73
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $41 (4)(6)(8)
14,745
97
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $63 (4)(6)(8)
7,833
52
149
Health
Care
Equipment
&
Supplies
0.0%
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $45 (4)(6)(8)
44,249
45
45
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $84 (4)(6)(8)
34,928
101
101
Life
Sciences
Tools
&
Services
0.0%
Cleerly,
Series
C,
Acquisition
Date:
7/8/22,
Cost $41 (4)(6)(8)
3,497
41
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $46 (4)(6)(8)
5,249
29
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $61 (4)(6)(8)
4,451
271
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $92 (4)(6)(8)
2,075
126
467
Total
Health
Care
762
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $47 (4)(6)(8)
1,042
71
Epirus,
Series
C-2,
Acquisition
Date:
1/28/22,
Cost $93 (4)(6)(8)
16,618
93
164
Air
Freight
&
Logistics
0.0%
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $44 (4)(6)(8)
3,599
73
FLEXE,
Series
D,
Acquisition
Date:
4/7/22,
Cost $24 (4)(6)(8)
1,206
25
98
Electrical
Equipment
0.0%
CELLINK,
Series
D,
Acquisition
Date:
1/20/22,
Cost $46 (4)(6)(8)
2,189
46
46
Professional
Services
0.0%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $32 (4)(6)(8)
6,984
94
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $99 (4)(6)(8)
9,798
132
226
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $68 (4)(6)(8)
9,621
159
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $85 (4)(6)(8)
6,236
103
262
Total
Industrials
&
Business
Services
796
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
INFORMATION
TECHNOLOGY
0.1%
IT
Services
0.0%
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $36 (4)(6)(8)
2,473
47
Haul
Hub,
Series
C,
Acquisition
Date:
4/14/22,
Cost $15 (4)(6)(8)
777
15
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (4)
(6)(8)
3
—
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $40 (4)(6)
(8)
1,534
106
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $8 (4)(6)(8)
75
5
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $5 (4)(6)(8)
220
5
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $— (4)(6)(8)
20
—
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $1 (4)
(6)(8)
20
—
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $61 (4)(6)(8)
2,730
55
233
Software
0.1%
Canva,
Series
A,
Acquisition
Date:
11/4/21
-
12/17/21,
Cost $17 (4)(6)(8)
10
10
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $94 (4)(6)(8)
1,581
87
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $261 (4)(6)
(8)
3,552
196
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $132 (4)(6)(8)
4,351
132
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $102 (4)
(6)(8)
7,799
163
Nuro,
Series
D,
Acquisition
Date:
10/29/21,
Cost $44 (4)(6)(8)
2,102
44
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $43 (4)(6)(8)
8,514
42
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $58 (4)(6)(8)
9,270
96
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $6 (4)
(6)(8)
705
7
Socure,
Series
A,
Acquisition
Date:
12/22/21,
Cost $20 (4)(6)(8)
1,237
15
Socure,
Series
A-1,
Acquisition
Date:
12/22/21,
Cost $16 (4)(6)(8)
1,015
12
Socure,
Series
B,
Acquisition
Date:
12/22/21,
Cost $— (4)(6)(8)
18
—
Socure,
Series
E,
Acquisition
Date:
10/27/21,
Cost $38 (4)(6)(8)
2,353
29
833
Total
Information
Technology
1,066
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $56 (4)(6)(8)
1,182
62
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $79 (4)(6)(8)
1,910
59
121
Metals
&
Mining
0.0%
Kobold
Metals,
Series
B-1,
Acquisition
Date:
1/10/22,
Cost $48 (4)
(6)(8)
1,739
48
48
Total
Materials
169
UTILITIES
0.0%
Independent
Power
&
Renewable
Electricity
Producer
0.0%
AES,
6.875%,
2/15/24
2,724
266
Total
Utilities
266
Total
Convertible
Preferred
Stocks
(Cost
$2,982)
4,059
CORPORATE
BONDS
5.7%
AbbVie,
2.95%,
11/21/26
400,000
377
AbbVie,
3.20%,
11/21/29
905,000
825
AbbVie,
4.05%,
11/21/39
260,000
228
AbbVie,
4.25%,
11/21/49
380,000
335
AbbVie,
4.70%,
5/14/45
600,000
559
AbbVie,
4.875%,
11/14/48
650,000
631
AerCap
Ireland
Capital,
2.45%,
10/29/26
460,000
406
AerCap
Ireland
Capital,
3.00%,
10/29/28
230,000
195
AerCap
Ireland
Capital,
3.30%,
1/30/32
185,000
149
AerCap
Ireland
Capital,
3.50%,
1/15/25
150,000
144
AerCap
Ireland
Capital,
4.875%,
1/16/24
355,000
353
AerCap
Ireland
Capital,
6.50%,
7/15/25
150,000
154
AIA
Group,
3.90%,
4/6/28 (1)
765,000
743
Aker
BP,
2.875%,
1/15/26 (1)
150,000
140
Alexandria
Real
Estate
Equities,
3.375%,
8/15/31
475,000
422
Alexandria
Real
Estate
Equities,
3.95%,
1/15/27
455,000
445
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28
655,000
630
Alexandria
Real
Estate
Equities,
4.70%,
7/1/30
105,000
103
Ally
Financial,
4.75%,
6/9/27
1,060,000
1,037
Alphabet,
2.05%,
8/15/50
585,000
385
Anglo
American
Capital,
4.125%,
9/27/22 (1)
465,000
465
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50 (7)
604,000
548
Aon,
2.80%,
5/15/30
145,000
126
APA
Infrastructure,
4.25%,
7/15/27 (1)
288,000
278
Apple,
2.40%,
8/20/50
125,000
87
Aptiv,
3.10%,
12/1/51
100,000
63
Arrow
Electronics,
4.00%,
4/1/25
510,000
499
Astrazeneca
Finance,
1.75%,
5/28/28
370,000
327
AT&T,
1.65%,
2/1/28
150,000
129
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
AT&T,
2.30%,
6/1/27
425,000
386
AT&T,
4.35%,
3/1/29
260,000
253
Ausgrid
Finance,
3.85%,
5/1/23 (1)
285,000
284
Ausgrid
Finance,
4.35%,
8/1/28 (1)
440,000
422
AutoZone,
4.75%,
8/1/32
140,000
139
Banco
Santander,
3.49%,
5/28/30
200,000
174
Banco
Santander,
VR,
1.722%,
9/14/27 (10)
800,000
689
Bank
of
America,
3.248%,
10/21/27
2,120,000
2,002
Bank
of
America,
VR,
1.898%,
7/23/31 (10)
2,225,000
1,764
Bank
of
America,
VR,
2.496%,
2/13/31 (10)
450,000
376
Bank
of
America,
VR,
2.592%,
4/29/31 (10)
600,000
506
Bank
of
America,
VR,
2.972%,
2/4/33 (10)
1,290,000
1,088
Bank
of
America,
VR,
3.419%,
12/20/28 (10)
175,000
162
Bank
of
America,
VR,
3.559%,
4/23/27 (10)
1,195,000
1,143
Bank
of
America,
VR,
4.271%,
7/23/29 (10)
875,000
838
Barclays,
VR,
2.279%,
11/24/27 (10)
275,000
241
Barclays,
VR,
2.852%,
5/7/26 (10)
685,000
641
Barclays,
VR,
3.932%,
5/7/25 (10)
1,010,000
988
Barclays,
VR,
5.501%,
8/9/28 (10)
225,000
222
BAT
Capital,
3.557%,
8/15/27
1,280,000
1,174
BAT
Capital,
4.742%,
3/16/32
145,000
131
BAT
International
Finance,
1.668%,
3/25/26
175,000
156
Becton
Dickinson
&
Company,
1.957%,
2/11/31
695,000
568
Becton
Dickinson
&
Company,
2.823%,
5/20/30
250,000
221
Becton
Dickinson
&
Company,
3.70%,
6/6/27
1,079,000
1,046
Becton
Dickinson
&
Company,
3.734%,
12/15/24
89,000
88
Becton
Dickinson
&
Company,
3.794%,
5/20/50
175,000
145
Becton
Dickinson
&
Company,
4.669%,
6/6/47
253,000
241
Berkshire
Hathaway
Finance,
2.50%,
1/15/51
345,000
237
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(10)
780,000
684
BNP
Paribas,
VR,
2.591%,
1/20/28 (1)(10)
635,000
564
Boardwalk
Pipelines,
3.40%,
2/15/31
365,000
309
Boardwalk
Pipelines,
4.45%,
7/15/27
175,000
168
Boardwalk
Pipelines,
4.95%,
12/15/24
415,000
417
Boardwalk
Pipelines,
5.95%,
6/1/26
430,000
443
Booking
Holdings,
4.625%,
4/13/30
235,000
235
Boral
Finance,
3.00%,
11/1/22 (1)
70,000
70
Boral
Finance,
3.75%,
5/1/28 (1)
238,000
220
Brixmor
Operating
Partnership,
4.05%,
7/1/30
360,000
320
Brixmor
Operating
Partnership,
4.125%,
5/15/29
940,000
865
Broadcom,
4.11%,
9/15/28
140,000
133
Capital
One
Financial,
3.65%,
5/11/27
875,000
837
Capital
One
Financial,
VR,
2.359%,
7/29/32 (10)
1,935,000
1,505
Capital
One
Financial,
VR,
3.273%,
3/1/30 (10)
245,000
215
Capital
One
Financial,
VR,
5.247%,
7/26/30 (10)
140,000
138
Cardinal
Health,
4.50%,
11/15/44
90,000
77
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Cardinal
Health,
4.90%,
9/15/45
100,000
90
Carvana,
10.25%,
5/1/30 (1)
517,000
410
Celanese
U.S.
Holdings,
6.05%,
3/15/25
270,000
271
Celanese
U.S.
Holdings,
6.165%,
7/15/27
290,000
290
Centene,
2.625%,
8/1/31
1,265,000
1,015
Charles
Schwab,
2.90%,
3/3/32
150,000
132
Charter
Communications
Operating,
2.25%,
1/15/29
305,000
251
Charter
Communications
Operating,
2.80%,
4/1/31
86,000
69
Charter
Communications
Operating,
3.75%,
2/15/28
1,015,000
937
Charter
Communications
Operating,
4.20%,
3/15/28
425,000
400
Charter
Communications
Operating,
5.125%,
7/1/49
175,000
142
Charter
Communications
Operating,
6.484%,
10/23/45
110,000
106
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29
445,000
409
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27
135,000
135
Cheniere
Corpus
Christi
Holdings,
7.00%,
6/30/24
285,000
292
Cigna,
3.40%,
3/1/27
30,000
28
Citigroup,
VR,
3.057%,
1/25/33 (10)
540,000
457
Citigroup,
VR,
3.106%,
4/8/26 (10)
500,000
480
Citigroup,
Series VAR,
VR,
3.07%,
2/24/28 (10)
530,000
491
CNO
Financial
Group,
5.25%,
5/30/25
187,000
188
Comcast,
2.887%,
11/1/51
455,000
320
Comcast,
3.25%,
11/1/39
360,000
293
Corebridge
Financial,
3.90%,
4/5/32 (1)
145,000
130
Crown
Castle,
2.10%,
4/1/31
160,000
127
Crown
Castle,
2.25%,
1/15/31
810,000
660
Crown
Castle,
2.90%,
3/15/27
125,000
116
Crown
Castle
International,
4.45%,
2/15/26
780,000
777
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
695,000
686
CSL
Finance,
4.05%,
4/27/29 (1)
250,000
243
CSL
Finance,
4.25%,
4/27/32 (1)
220,000
214
CVS
Health,
1.75%,
8/21/30
1,080,000
870
CVS
Health,
3.25%,
8/15/29
140,000
128
CVS
Health,
4.30%,
3/25/28
346,000
341
CVS
Health,
5.05%,
3/25/48
679,000
654
Danske
Bank,
3.875%,
9/12/23 (1)
5,000
5
Danske
Bank,
5.375%,
1/12/24 (1)
320,000
322
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(10)
685,000
651
Danske
Bank,
VR,
3.773%,
3/28/25 (1)(10)
330,000
321
Discover
Financial
Services,
4.10%,
2/9/27
645,000
619
Duke
Energy,
4.50%,
8/15/32
970,000
934
Ecolab,
4.80%,
3/24/30
30,000
31
Edison
International,
4.95%,
4/15/25
30,000
30
Eli
Lilly,
2.25%,
5/15/50
170,000
117
Energy
Transfer,
2.90%,
5/15/25
175,000
166
Energy
Transfer,
4.50%,
4/15/24
120,000
120
Energy
Transfer,
5.875%,
1/15/24
320,000
324
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Energy
Transfer,
6.00%,
6/15/48
251,000
240
Energy
Transfer,
6.25%,
4/15/49
135,000
133
Eni,
Series X-R,
4.75%,
9/12/28 (1)
595,000
588
Enterprise
Products
Operating,
2.80%,
1/31/30
145,000
128
Equitable
Holdings,
4.35%,
4/20/28
1,145,000
1,124
Essex
Portfolio,
3.625%,
5/1/27
270,000
258
Extra
Space
Storage,
2.35%,
3/15/32
660,000
519
FedEx,
2.40%,
5/15/31
471,000
398
Fifth
Third
Bancorp,
VR,
4.772%,
7/28/30 (10)
140,000
139
Fiserv,
3.50%,
7/1/29
150,000
137
General
Motors,
4.20%,
10/1/27
100,000
96
General
Motors,
5.60%,
10/15/32
140,000
135
General
Motors
Financial,
3.60%,
6/21/30
480,000
416
General
Motors
Financial,
4.00%,
10/6/26
225,000
217
General
Motors
Financial,
4.30%,
7/13/25
465,000
459
General
Motors
Financial,
4.35%,
4/9/25
489,000
483
General
Motors
Financial,
5.10%,
1/17/24
105,000
106
GLP
Capital,
3.35%,
9/1/24
120,000
114
Goldman
Sachs
Group,
3.50%,
11/16/26
540,000
518
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (10)
515,000
453
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (10)
1,875,000
1,539
Goldman
Sachs
Group,
VR,
3.615%,
3/15/28 (10)
515,000
487
Goldman
Sachs
Group,
VR,
4.482%,
8/23/28 (10)
680,000
664
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
45,000
44
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
145,000
133
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
60,000
54
Hasbro,
3.55%,
11/19/26
235,000
224
HCA,
2.375%,
7/15/31
185,000
146
HCA,
3.125%,
3/15/27 (1)
220,000
203
HCA,
3.375%,
3/15/29 (1)
85,000
76
HCA,
3.50%,
9/1/30
92,000
80
HCA,
5.375%,
9/1/26
120,000
121
HCA,
5.875%,
2/15/26
555,000
567
Healthcare
Realty
Holdings,
2.05%,
3/15/31
190,000
148
Healthcare
Realty
Holdings,
3.625%,
1/15/28
575,000
527
Highwoods
Realty,
3.05%,
2/15/30
685,000
584
Highwoods
Realty,
4.125%,
3/15/28
570,000
537
Home
Depot,
2.375%,
3/15/51
330,000
219
HSBC
Holdings,
VR,
1.645%,
4/18/26 (10)
205,000
187
HSBC
Holdings,
VR,
2.099%,
6/4/26 (10)
570,000
524
HSBC
Holdings,
VR,
2.999%,
3/10/26 (10)
525,000
497
HSBC
Holdings,
VR,
4.755%,
6/9/28 (10)
905,000
872
HSBC
Holdings,
VR,
5.21%,
8/11/28 (10)
450,000
440
Humana,
2.15%,
2/3/32
160,000
130
Humana,
3.70%,
3/23/29
160,000
151
Humana,
4.875%,
4/1/30
392,000
395
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
250,000
227
Hyundai
Capital
America,
2.10%,
9/15/28 (1)
405,000
336
ING
Groep,
VR,
1.726%,
4/1/27 (10)
225,000
200
ING
Groep,
VR,
3.869%,
3/28/26 (10)
220,000
214
Intercontinental
Exchange,
4.60%,
3/15/33
125,000
124
Jackson
Financial,
5.17%,
6/8/27
445,000
440
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (10)
1,045,000
931
JPMorgan
Chase,
VR,
1.953%,
2/4/32 (10)
1,045,000
827
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (10)
680,000
604
JPMorgan
Chase,
VR,
2.522%,
4/22/31 (10)
1,250,000
1,058
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (10)
415,000
360
JPMorgan
Chase,
VR,
2.947%,
2/24/28 (10)
525,000
485
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (10)
1,695,000
1,452
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (10)
275,000
259
Kookmin
Bank,
4.50%,
2/1/29
650,000
635
Las
Vegas
Sands,
3.50%,
8/18/26
210,000
188
Lowe's,
3.35%,
4/1/27
45,000
43
Lowe's,
3.75%,
4/1/32
325,000
300
LSEGA
Financing,
2.00%,
4/6/28 (1)
1,325,000
1,156
LSEGA
Financing,
2.50%,
4/6/31 (1)
375,000
323
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000
159
Magallanes,
3.755%,
3/15/27 (1)
690,000
645
Magallanes,
4.054%,
3/15/29 (1)
240,000
219
Magallanes,
4.279%,
3/15/32 (1)
150,000
130
Marriott
International,
Series HH,
2.85%,
4/15/31
160,000
133
Marsh
&
McLennan,
2.25%,
11/15/30
185,000
158
Martin
Marietta
Materials,
2.40%,
7/15/31
160,000
132
Micron
Technology,
4.185%,
2/15/27
145,000
142
Micron
Technology,
5.327%,
2/6/29
226,000
224
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
485,000
486
Mondelez
International,
3.00%,
3/17/32
150,000
132
Morgan
Stanley,
3.625%,
1/20/27
770,000
750
Morgan
Stanley,
VR,
1.593%,
5/4/27 (10)
1,240,000
1,103
Morgan
Stanley,
VR,
2.802%,
1/25/52 (10)
290,000
198
Morgan
Stanley,
VR,
2.943%,
1/21/33 (10)
225,000
192
Morgan
Stanley,
VR,
3.217%,
4/22/42 (10)
145,000
113
Morgan
Stanley,
VR,
4.431%,
1/23/30 (10)
185,000
180
Morgan
Stanley,
VR,
4.679%,
7/17/26 (10)
220,000
220
MPLX,
4.95%,
9/1/32
535,000
520
Netflix,
4.625%,
5/15/29
(EUR)
655,000
646
NextEra
Energy
Capital
Holdings,
2.44%,
1/15/32
535,000
445
NextEra
Energy
Capital
Holdings,
3.00%,
1/15/52
495,000
354
NextEra
Energy
Capital
Holdings,
5.00%,
7/15/32
130,000
132
NRG
Energy,
4.45%,
6/15/29 (1)
260,000
235
NTT
Finance,
1.591%,
4/3/28 (1)
625,000
540
NTT
Finance,
2.065%,
4/3/31 (1)
200,000
168
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Nucor,
3.125%,
4/1/32
155,000
136
NXP,
2.70%,
5/1/25
50,000
48
NXP,
3.15%,
5/1/27
95,000
88
NXP,
5.35%,
3/1/26
205,000
208
Oracle,
2.30%,
3/25/28
305,000
265
O'Reilly
Automotive,
4.70%,
6/15/32
140,000
139
Pacific
Gas
&
Electric,
2.10%,
8/1/27
220,000
186
Pacific
Gas
&
Electric,
2.50%,
2/1/31
445,000
340
Pacific
Gas
&
Electric,
4.55%,
7/1/30
400,000
355
Pacific
Gas
&
Electric,
5.90%,
6/15/32
150,000
144
Parker-Hannifin,
4.25%,
9/15/27
250,000
248
Parker-Hannifin,
4.50%,
9/15/29
170,000
167
PerkinElmer,
1.90%,
9/15/28
350,000
296
PerkinElmer,
2.25%,
9/15/31
190,000
152
PerkinElmer,
3.30%,
9/15/29
195,000
174
Perrigo
Finance
Unlimited,
4.375%,
3/15/26
255,000
241
Perrigo
Finance
Unlimited,
4.40%,
6/15/30
675,000
584
PNC
Financial
Services
Group,
2.55%,
1/22/30
150,000
131
PNC
Financial
Services
Group,
VR,
4.626%,
6/6/33 (10)
300,000
284
Realty
Income,
3.95%,
8/15/27
329,000
321
Reynolds
American,
4.45%,
6/12/25
710,000
702
Rogers
Communications,
3.20%,
3/15/27 (1)
175,000
166
Rogers
Communications,
3.80%,
3/15/32 (1)
275,000
250
Rogers
Communications,
4.55%,
3/15/52 (1)
135,000
118
Ross
Stores,
1.875%,
4/15/31
480,000
382
Sabine
Pass
Liquefaction,
4.50%,
5/15/30
95,000
91
Sabine
Pass
Liquefaction,
5.00%,
3/15/27
1,105,000
1,104
Sabine
Pass
Liquefaction,
5.75%,
5/15/24
200,000
203
Sabine
Pass
Liquefaction,
5.875%,
6/30/26
629,000
648
Santander
Holdings
USA,
VR,
2.49%,
1/6/28 (10)
325,000
282
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (10)
1,205,000
1,079
SBA
Tower
Trust,
1.84%,
4/15/27 (1)
560,000
487
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
150,000
131
SBA
Tower
Trust,
2.593%,
10/15/31 (1)
455,000
374
Sempra
Energy,
3.70%,
4/1/29
135,000
126
Sherwin-Williams,
2.95%,
8/15/29
540,000
484
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
520,000
505
Southern
California
Edison,
Series D,
4.70%,
6/1/27
315,000
316
Standard
Chartered,
VR,
1.456%,
1/14/27 (1)(10)
275,000
241
Standard
Chartered,
VR,
2.608%,
1/12/28 (1)(10)
1,185,000
1,049
Standard
Chartered,
VR,
2.819%,
1/30/26 (1)(10)
200,000
188
Standard
Chartered,
VR,
3.971%,
3/30/26 (1)(10)
270,000
261
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)(10)
450,000
424
Starbucks,
3.00%,
2/14/32
150,000
132
T-Mobile
USA,
2.05%,
2/15/28
540,000
468
T-Mobile
USA,
2.70%,
3/15/32
150,000
125
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
T-Mobile
USA,
3.75%,
4/15/27
2,140,000
2,044
Targa
Resources,
4.95%,
4/15/52
38,000
33
Targa
Resources
Partners,
5.50%,
3/1/30
600,000
583
Targa
Resources
Partners,
6.875%,
1/15/29
165,000
169
Toronto-Dominion
Bank,
4.456%,
6/8/32
125,000
123
Transcontinental
Gas
Pipe
Line,
3.25%,
5/15/30
100,000
89
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28
430,000
413
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48
50,000
46
Transurban
Finance,
2.45%,
3/16/31 (1)
270,000
220
Transurban
Finance,
3.375%,
3/22/27 (1)
145,000
137
Truist
Financial,
VR,
4.123%,
6/6/28 (10)
490,000
481
UBS
Group,
VR,
2.746%,
2/11/33 (1)(10)
249,000
200
UBS
Group,
VR,
4.751%,
5/12/28 (1)(10)
200,000
196
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28
140,195
117
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32
91,005
77
UnitedHealth
Group,
2.00%,
5/15/30
1,235,000
1,056
Utah
Acquisition
Sub,
3.95%,
6/15/26
705,000
662
Verizon
Communications,
2.10%,
3/22/28
315,000
278
Verizon
Communications,
2.355%,
3/15/32
742,000
605
Verizon
Communications,
2.55%,
3/21/31
890,000
748
Verizon
Communications,
2.65%,
11/20/40
440,000
316
Verizon
Communications,
2.875%,
11/20/50
495,000
339
Verizon
Communications,
2.987%,
10/30/56
296,000
199
Verizon
Communications,
4.862%,
8/21/46
100,000
97
Visa,
2.00%,
8/15/50
570,000
373
Vistra
Operations,
3.55%,
7/15/24 (1)
870,000
837
Vistra
Operations,
5.125%,
5/13/25 (1)
465,000
463
Vodafone
Group,
4.375%,
5/30/28
255,000
251
Vodafone
Group,
4.875%,
6/19/49
99,000
88
Vodafone
Group,
5.25%,
5/30/48
255,000
238
Volkswagen
Bank,
2.50%,
7/31/26
(EUR)
400,000
385
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27 (1)
200,000
170
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
970,000
923
Volkswagen
Group
of
America
Finance,
4.60%,
6/8/29 (1)
200,000
193
Waste
Connections,
4.20%,
1/15/33
255,000
245
Wells
Fargo,
4.30%,
7/22/27
370,000
364
Wells
Fargo,
VR,
2.393%,
6/2/28 (10)
2,740,000
2,448
Wells
Fargo,
VR,
2.572%,
2/11/31 (10)
2,800,000
2,382
Wells
Fargo,
VR,
2.879%,
10/30/30 (10)
1,150,000
1,008
Westlake,
1.625%,
7/17/29
(EUR)
215,000
173
Williams,
3.75%,
6/15/27
1,005,000
969
Woodside
Finance,
3.65%,
3/5/25 (1)
1,345,000
1,306
Woodside
Finance,
3.70%,
9/15/26 (1)
438,000
420
Woodside
Finance,
3.70%,
3/15/28 (1)
750,000
695
Workday,
3.50%,
4/1/27
135,000
129
Workday,
3.70%,
4/1/29
105,000
99
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Xcel
Energy,
3.40%,
6/1/30
475,000
437
Xcel
Energy,
4.60%,
6/1/32
210,000
208
Total
Corporate
Bonds
(Cost
$136,960)
123,703
EQUITY
MUTUAL
FUNDS
10.2%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (2)
1,819,944
61,478
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (2)
10,355,208
99,824
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (2)
2,948,304
39,419
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund (2)
708,919
21,579
Total
Equity
Mutual
Funds
(Cost
$220,794)
222,300
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.0%
NBN,
2.625%,
5/5/31 (1)
410,000
346
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$410)
346
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
1.5%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
3.25%,
9/15/34 (1)
369,560
362
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
63,909
60
Angel
Oak
Mortgage
Trust,
Series 2022-1,
Class
A1,
CMO,
STEP,
2.881%,
12/25/66 (1)
294,988
273
Angel
Oak
Mortgage
Trust
I,
Series 2019-1,
Class
A2,
CMO,
ARM,
4.022%,
11/25/48 (1)
8,347
8
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49 (1)
32,372
32
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
3.641%,
9/15/32 (1)
235,000
229
BAMLL
Commercial
Mortgage
Securities
Trust,
Series 2021-JACX,
Class
B,
ARM,
1M
USD
LIBOR
+
1.45%,
3.841%,
9/15/38 (1)
290,000
279
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-2,
Class
A20,
CMO,
ARM,
2.50%,
6/25/51 (1)
793,338
659
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-4,
Class
A20,
CMO,
ARM,
2.50%,
10/25/51 (1)
534,472
440
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
4.551%,
11/15/34 (1)
235,000
212
Benchmark
Mortgage
Trust,
Series 2018-B1,
Class
AM,
ARM,
3.878%,
1/15/51
295,000
279
BFLD,
Series 2019-DPLO,
Class
C,
ARM,
1M
USD
LIBOR
+
1.54%,
3.931%,
10/15/34 (1)
750,000
729
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
BINOM
Securitization
Trust,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
2.034%,
6/25/56 (1)
283,645
259
BX
Commercial
Mortgage
Trust,
Series 2021-21M,
Class
C,
ARM,
1M
USD
LIBOR
+
1.177%,
3.568%,
10/15/36 (1)
290,000
273
BX
Commercial
Mortgage
Trust,
Series 2022-CSMO,
Class
B,
ARM,
1M
TSFR
+
3.141%,
5.448%,
6/15/27 (1)
625,000
620
BX
Trust,
Series 2021-ARIA,
Class
B,
ARM,
1M
USD
LIBOR
+
1.297%,
3.688%,
10/15/36 (1)
410,000
386
BX
Trust,
Series 2021-ARIA,
Class
C,
ARM,
1M
USD
LIBOR
+
1.646%,
4.037%,
10/15/36 (1)
420,000
395
BX
Trust,
Series 2021-LGCY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.004%,
3.395%,
10/15/23 (1)
345,000
322
BX
Trust,
Series 2022-IND,
Class
C,
ARM,
1M
TSFR
+
2.29%,
4.587%,
4/15/37 (1)
470,000
456
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
B,
ARM,
1M
TSFR
+
2.092%,
4.40%,
3/15/35 (1)
865,000
839
BXSC
Commercial
Mortgage
Trust,
Series 2022-WSS,
Class
C,
ARM,
1M
TSFR
+
2.391%,
4.699%,
3/15/35 (1)
160,000
154
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
526,752
442
Citigroup
Commercial
Mortgage
Trust,
Series 2014-GC21,
Class
AS,
4.026%,
5/10/47
375,000
367
Citigroup
Commercial
Mortgage
Trust,
Series 2017-P7,
Class
AS,
3.915%,
4/14/50
112,093
106
Citigroup
Mortgage
Loan
Trust,
Series 2022-INV1,
Class
A4B,
CMO,
ARM,
3.00%,
11/27/51 (1)
214,289
187
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
4.041%,
11/15/37 (1)
231,003
225
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65 (1)
50,978
49
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
80,863
78
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
A5,
3.696%,
8/10/48
1,005,000
983
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48
265,000
257
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49
283,877
276
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
3.794%,
9/25/29
30,181
30
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
3.544%,
11/25/29
501,483
499
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
1M2B,
CMO,
ARM,
1M
USD
LIBOR
+
2.65%,
5.094%,
2/25/30
406,941
408
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
3.444%,
2/25/30
222,684
222
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Connecticut
Avenue
Securities
Trust,
Series 2022-R01,
Class
1M1,
CMO,
ARM,
SOFR30A
+
1.00%,
3.183%,
12/25/41 (1)
102,723
101
Connecticut
Avenue
Securities
Trust,
Series 2022-R02,
Class
2M1,
CMO,
ARM,
SOFR30A
+
1.20%,
3.383%,
1/25/42 (1)
998,398
992
Connecticut
Avenue
Securities
Trust,
Series 2022-R03,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.10%,
4.283%,
3/25/42 (1)
620,559
620
Connecticut
Avenue
Securities
Trust,
Series 2022-R04,
Class
1M1,
CMO,
ARM,
SOFR30A
+
2.00%,
4.183%,
3/25/42 (1)
413,872
413
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
AS,
3.278%,
9/15/52
143,800
126
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
1M
USD
LIBOR
+
0.70%,
3.092%,
6/15/34 (1)
360,000
354
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45 (1)
510,000
405
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.209%,
4/25/66 (1)
152,546
138
Eleven
Madison
Mortgage
Trust,
Series 2015-11MD,
Class
A,
ARM,
3.673%,
9/10/35 (1)
205,000
195
Ellington
Financial
Mortgage
Trust,
Series 2021-3,
Class
A1,
CMO,
ARM,
1.241%,
9/25/66 (1)
301,631
258
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
3.294%,
3/25/50 (1)
88,559
83
FWD
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
2.44%,
1/25/50 (1)
134,980
128
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A23,
CMO,
ARM,
3.50%,
11/25/57 (1)
43,392
41
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
34,044
33
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
338,341
333
Great
Wolf
Trust,
Series 2019-WOLF,
Class
C,
ARM,
1M
USD
LIBOR
+
1.633%,
4.024%,
12/15/36 (1)
425,000
409
GS
Mortgage
Securities
Trust,
Series 2013-GC16,
Class
B,
ARM,
5.161%,
11/10/46
1,280,000
1,262
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
1.945%,
7/25/44 (1)
7,084
7
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.942%,
10/25/50 (1)
248,431
220
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
399,344
328
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
410,397
341
Hundred
Acre
Wood
Trust,
Series 2021-INV1,
Class
A27,
CMO,
ARM,
2.50%,
7/25/51 (1)
751,101
618
Hundred
Acre
Wood
Trust,
Series 2021-INV2,
Class
A27,
CMO,
ARM,
2.50%,
10/25/51 (1)
238,374
196
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
191,018
160
Independence
Plaza
Trust,
Series 2018-INDP,
Class
C,
4.158%,
7/10/35 (1)
895,000
850
JPMorgan
Chase
Commercial
Mortgage
Securities
Trust,
Series 2018-WPT,
Class
AFX,
4.248%,
7/5/33 (1)
190,000
188
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
102,066
92
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
118,181
111
JPMorgan
Mortgage
Trust,
Series 2020-5,
Class
B2,
CMO,
ARM,
3.598%,
12/25/50 (1)
300,856
259
JPMorgan
Mortgage
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.50%,
8/25/50 (1)
97,170
91
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
12,852
13
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
30,070
29
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
B1A,
CMO,
ARM,
3.27%,
6/25/50 (1)
311,220
284
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
7/25/59 (1)
32,841
33
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2014-
C18,
Class
300A,
3.749%,
8/15/31
255,000
241
New
Economy
Assets
Phase
1
Sponsor,
Series 2021-1,
Class
A1,
1.91%,
10/20/61 (1)
257,659
224
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
224,206
212
New
Residential
Mortgage
Loan
Trust,
Series 2021-INV2,
Class
A4,
CMO,
ARM,
2.50%,
9/25/51 (1)
319,808
263
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59 (1)
88,084
83
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59 (1)
57,486
55
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
259,311
241
OBX
Trust,
Series 2021-NQM3,
Class
A1,
CMO,
ARM,
1.054%,
7/25/61 (1)
285,099
235
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.445%,
4/25/43
191,580
184
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.804%,
8/25/47 (1)
248,258
227
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
59,434
57
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
3/25/48 (1)
17,433
16
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
36
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
40,616
39
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48 (1)
16,480
16
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
19,219
19
SG
Residential
Mortgage
Trust,
Series 2022-1,
Class
A1,
CMO,
ARM,
3.166%,
3/27/62 (1)
620,631
580
SMRT,
Series 2022-MINI,
Class
C,
ARM,
1M
TSFR
+
1.55%,
3.858%,
1/15/39 (1)
540,000
517
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA2,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.30%,
4.483%,
8/25/33 (1)
240,000
236
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA7,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.80%,
3.983%,
11/25/41 (1)
515,000
484
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA1,
Class
M1B,
CMO,
ARM,
SOFR30A
+
1.85%,
4.033%,
1/25/42 (1)
495,000
475
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA2,
Class
M1B,
CMO,
ARM,
SOFR30A
+
2.40%,
4.583%,
2/25/42 (1)
1,230,000
1,199
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA3,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.00%,
4.183%,
4/25/42 (1)
798,709
803
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2022-DNA5,
Class
M1A,
CMO,
ARM,
SOFR30A
+
2.95%,
5.133%,
6/25/42 (1)
753,048
771
Toorak
Mortgage,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
1.153%,
7/25/56 (1)
275,250
248
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A3B,
CMO,
ARM,
3.00%,
2/25/55 (1)
4,104
4
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
28,922
29
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
4/25/57 (1)
10,333
10
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.60%,
3.044%,
2/25/57 (1)
43,494
43
UWM
Mortgage
Trust,
Series 2021-INV2,
Class
A15,
CMO,
ARM,
2.50%,
9/25/51 (1)
412,690
340
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
54,734
54
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59 (1)
229,889
229
Verus
Securitization
Trust,
Series 2020-INV1,
Class
A3,
CMO,
ARM,
3.889%,
3/25/60 (1)
100,000
97
Verus
Securitization
Trust,
Series 2021-5,
Class
A2,
CMO,
ARM,
1.218%,
9/25/66 (1)
259,764
223
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50
1,335,000
1,251
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31 (1)
245,000
220
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2021-SAVE,
Class
C,
ARM,
1M
USD
LIBOR
+
1.80%,
4.191%,
2/15/40 (1)
299,977
281
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2021-RR1,
Class
A17,
CMO,
ARM,
2.50%,
12/25/50 (1)
741,867
617
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C22,
Class
AS,
ARM,
4.069%,
9/15/57
525,000
513
Worldwide
Plaza
Trust,
Series 2017-WWP,
Class
A,
3.526%,
11/10/36 (1)
366,649
329
Total
Non-U.S.
Government
Mortgage-Backed
Securities
(Cost
$35,286)
32,771
PRIVATE
INVESTMENT
COMPANIES
6.2%
Blackstone
Partners
Offshore
Fund (4)(8)
61,990
134,573
Total
Private
Investment
Companies
(Cost
$97,777)
134,573
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
4.5%
U.S.
Government
Agency
Obligations
3.2%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30
169,670
163
3.00%,
12/1/42
-
4/1/47
545,221
520
3.50%,
8/1/42
-
3/1/44
485,630
472
4.00%,
8/1/40
-
9/1/45
384,338
385
4.50%,
6/1/39
-
10/1/41
298,929
305
5.00%,
7/1/25
-
8/1/40
208,194
218
5.50%,
10/1/38
66,024
70
6.00%,
10/1/32
-
8/1/38
62,479
67
6.50%,
3/1/32
-
9/1/34
19,546
21
7.00%,
4/1/32
-
6/1/32
2,233
2
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
3.975%,
7/1/35
775
1
12M
USD
LIBOR
+
1.785%,
2.035%,
2/1/37
1,196
1
12M
USD
LIBOR
+
1.829%,
2.204%,
2/1/37
8,253
8
12M
USD
LIBOR
+
1.842%,
2.091%,
1/1/37
6,054
6
12M
USD
LIBOR
+
1.929%,
2.186%,
12/1/36
4,780
5
12M
USD
LIBOR
+
2.03%,
2.275%,
11/1/36
7,629
8
12M
USD
LIBOR
+
2.162%,
2.558%,
2/1/37
5,635
6
1Y
CMT
+
2.25%,
3.099%,
10/1/36
2,137
2
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50
268,677
42
Federal
Home
Loan
Mortgage,
UMBS
1.50%,
4/1/37
378,868
341
2.00%,
3/1/42
-
5/1/52
8,682,339
7,494
2.50%,
3/1/42
-
5/1/52
6,328,861
5,671
3.00%,
5/1/31
-
12/1/50
1,068,570
1,022
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.50%,
11/1/47
-
11/1/50
835,796
808
4.00%,
12/1/49
-
2/1/50
601,593
593
4.50%,
5/1/50
61,969
62
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46
103,177
97
3.50%,
6/1/42
-
5/1/46
797,509
772
4.00%,
11/1/40
296,541
293
Federal
National
Mortgage
Assn.,
ARM,
12M
USD
LIBOR
+
1.881%,
4.131%,
8/1/36
8,090
8
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32
1,329
—
Federal
National
Mortgage
Assn.,
UMBS
1.50%,
4/1/37
-
1/1/42
1,753,659
1,546
2.00%,
4/1/42
-
3/1/52
11,431,086
9,867
2.50%,
8/1/30
-
3/1/52
10,237,983
9,291
3.00%,
1/1/27
-
4/1/51
9,504,791
9,011
3.50%,
2/1/35
-
1/1/52
5,592,864
5,427
4.00%,
11/1/40
-
12/1/49
3,461,372
3,448
4.50%,
7/1/39
-
5/1/50
2,067,812
2,101
5.00%,
9/1/23
-
12/1/47
471,265
492
5.50%,
12/1/34
-
9/1/41
502,761
535
6.00%,
3/1/33
-
1/1/41
446,602
479
6.50%,
7/1/32
-
5/1/40
149,631
160
7.00%,
1/1/31
-
7/1/32
2,609
2
UMBS,
TBA (11)
2.00%,
9/1/52
3,260,000
2,804
2.50%,
9/1/52
2,100,000
1,875
4.00%,
9/1/52
165,000
161
4.50%,
9/1/52
1,835,000
1,824
5.00%,
9/1/52
2,560,000
2,583
71,069
U.S.
Government
Obligations
1.3%
Government
National
Mortgage
Assn.
2.00%,
3/20/51
-
5/20/52
4,362,290
3,881
2.50%,
8/20/50
-
3/20/52
5,591,328
5,111
3.00%,
7/15/43
-
6/20/52
4,500,574
4,258
3.50%,
8/20/42
-
1/20/49
3,792,436
3,696
4.00%,
2/20/41
-
10/20/50
1,561,258
1,555
4.50%,
11/20/39
-
9/20/47
666,557
684
5.00%,
7/20/39
-
6/20/48
1,069,664
1,103
5.50%,
1/20/36
-
3/20/49
644,083
679
6.00%,
4/15/36
-
12/20/38
26,134
29
7.00%,
2/20/27
-
7/20/27
2,204
2
7.50%,
12/15/25
-
6/15/32
4,475
4
8.00%,
10/20/25
150
—
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47
71,268
69
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.50%,
10/20/50
250,000
233
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
5/20/43
57,539
9
4.00%,
5/20/37
-
2/20/43
63,629
6
4.50%,
12/20/39
69
—
Government
National
Mortgage
Assn.,
TBA (11)
2.00%,
9/20/51
500,000
442
3.00%,
9/20/52
975,000
915
4.00%,
10/20/52
75,000
74
4.50%,
9/20/52
1,105,000
1,105
5.00%,
9/20/52
2,440,000
2,472
5.50%,
9/20/52
1,280,000
1,312
27,639
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$104,549)
98,708
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
6.2%
U.S.
Treasury
Obligations
6.2%
U.S.
Treasury
Bonds,
1.875%,
11/15/51
1,275,600
929
U.S.
Treasury
Bonds,
2.25%,
2/15/52 (12)
10,830,000
8,654
U.S.
Treasury
Bonds,
2.375%,
2/15/42
7,850,000
6,509
U.S.
Treasury
Bonds,
2.875%,
5/15/52
8,170,700
7,532
U.S.
Treasury
Bonds,
3.00%,
8/15/52
9,160,000
8,685
U.S.
Treasury
Bonds,
3.25%,
5/15/42
10,070,000
9,633
U.S.
Treasury
Notes,
0.25%,
3/15/24
7,545,400
7,181
U.S.
Treasury
Notes,
0.25%,
5/15/24
1,530,000
1,449
U.S.
Treasury
Notes,
0.25%,
6/15/24
3,300,000
3,116
U.S.
Treasury
Notes,
0.375%,
7/15/24
4,530,000
4,278
U.S.
Treasury
Notes,
0.375%,
9/15/24
7,725,000
7,254
U.S.
Treasury
Notes,
0.625%,
10/15/24
7,565,000
7,126
U.S.
Treasury
Notes,
1.00%,
12/15/24
4,930,000
4,662
U.S.
Treasury
Notes,
1.125%,
1/15/25
11,995,000
11,352
U.S.
Treasury
Notes,
1.75%,
3/15/25
3,745,000
3,588
U.S.
Treasury
Notes,
2.625%,
5/31/27
2,070,000
2,005
U.S.
Treasury
Notes,
2.75%,
7/31/27
10,560,000
10,276
U.S.
Treasury
Notes,
3.00%,
7/15/25 (12)
25,260,000
24,925
U.S.
Treasury
Notes,
3.25%,
6/30/27
7,450,000
7,413
136,567
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$143,292)
136,567
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SHORT-TERM
INVESTMENTS
6.2%
Money
Market
Funds
6.2%
T.
Rowe
Price
Treasury
Reserve
Fund,
2.37% (2)(13)
135,152,246
135,152
Total
Short-Term
Investments
(Cost
$135,152)
135,152
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Money
Market
Funds
0.2%
T.
Rowe
Price
Government
Reserve
Fund,
2.36% (2)(13)
5,359,038
5,359
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
5,359
Total
Securities
Lending
Collateral
(Cost
$5,359)
5,359
Total
Investments
in
Securities
100.9%
(Cost
$2,042,548)
$
2,203,606
Other
Assets
Less
Liabilities
(0.9)%
(20,013)
Net
Assets
100.0%
$
2,183,593
‡
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
$70,931
and
represents
3.2%
of
net
assets.
(2)
Affiliated
Companies
(3)
SEC
30-day
yield
(4)
Non-income
producing
(5)
All
or
a
portion
of
this
security
is
pledged
to
cover
or
as
collateral
for
written
call
options
at
August
31,
2022.
(6)
Security
cannot
be
offered
for
public
resale
without
first
being
registered
under
the
Securities
Act
of
1933
and
related
rules
("restricted
security").
Acquisition
date
represents
the
day
on
which
an
enforceable
right
to
acquire
such
security
is
obtained
and
is
presented
along
with
related
cost
in
the
security
description.
The
fund
may
have
registration
rights
for
certain
restricted
securities.
Any
costs
related
to
such
registration
are
generally
borne
by
the
issuer.
The
aggregate
value
of
restricted
securities
(excluding
144A
holdings)
at
period
end
amounts
to
$5,138
and
represents
0.2%
of
net
assets.
(7)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2022.
(8)
Level
3
in
fair
value
hierarchy.
(9)
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
41
.
.
.
.
.
.
.
.
.
.
(10)
Security
is
a
fix-to-float
security,
which
carries
a
fixed
coupon
until
a
certain
date,
upon
which
it
switches
to
a
floating
rate.
Reference
rate
and
spread
are
provided
if
the
rate
is
currently
floating.
(11)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$15,567
and
represents
0.7%
of
net
assets.
(12)
At
August
31,
2022,
all
or
a
portion
of
this
security
is
pledged
as
collateral
and/
or
margin
deposit
to
cover
future
funding
obligations.
(13)
Seven-day
yield
1M
TSFR
One
month
term
SOFR
(Secured
overnight
financing
rate)
1M
USD
LIBOR
One
month
USD
LIBOR
(London
interbank
offered
rate)
3M
TSFR
Three
month
term
SOFR
(Secured
overnight
financing
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
DKK
Danish
Krone
EC
Escrow
CUSIP;
represents
a
beneficial
interest
in
a
residual
pool
of
assets;
the
amount
and
timing
of
future
distributions,
if
any,
is
uncertain;
when
presented,
interest
rate
and
maturity
date
are
those
of
the
original
security.
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
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)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
42
.
.
.
.
.
.
.
.
.
.
STEP
Stepped
coupon
bond
for
which
the
coupon
rate
of
interest
adjusts
on
specified
date(s);
rate
shown
is
effective
rate
at
period-end.
TBA
To-Be-Announced
TWD
Taiwan
Dollar
UMBS
Uniform
Mortgage-Backed
Securities
USD
U.S.
Dollar
VR
Variable
Rate;
rate
shown
is
effective
rate
at
period-end.
The
rates
for
certain
variable
rate
securities
are
not
based
on
a
published
reference
rate
and
spread
but
are
determined
by
the
issuer
or
agent
and
based
on
current
market
conditions.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
43
(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,
10/21/22
@
$4,025.00
162
64,071
(1,641)
Total
Options
Written
(Premiums
$(2,043))
$
(1,641)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
44
(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%
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
A*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
113
—
1
(1)
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
1
(1)
Total
Bilateral
Swaps
1
(1)
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:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
*
2,190
(13)
6
(19)
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/21/27
*
5,438
(135)
(23)
(112)
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
(131)
Total
Centrally
Cleared
Swaps
(131)
Net
payments
(receipts)
of
variation
margin
to
date
125
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
(6)
*
Credit
ratings
as
of
August
31,
2022.
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.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
45
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
HSBC
Bank
11/25/22
USD
354
EUR
343
$
8
State
Street
11/25/22
USD
349
EUR
338
7
UBS
Investment
Bank
11/25/22
USD
707
EUR
684
16
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
31
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
46
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
53
MSCI
EAFE
Index
contracts
9/22
(4,842)
$
195
Long,
104
S&P
500
E-Mini
Index
contracts
9/22
20,574
(1,212)
Long,
42
U.S.
Treasury
Long
Bond
contracts
12/22
5,705
(2)
Short,
72
U.S.
Treasury
Notes
five
year
contracts
12/22
(7,979)
(6)
Long,
273
U.S.
Treasury
Notes
ten
year
contracts
12/22
31,915
(100)
Short,
39
U.S.
Treasury
Notes
two
year
contracts
12/22
(8,125)
12
Long,
24
Ultra
U.S.
Treasury
Bonds
contracts
12/22
3,588
43
Long,
141
Ultra
U.S.
Treasury
Notes
ten
year
contracts
12/22
17,651
(35)
Net
payments
(receipts)
of
variation
margin
to
date
855
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(250)
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
47
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,
2022.
Net
realized
gain
(loss),
investment
income,
change
in
net
unrealized
gain/loss,
and
purchase
and
sales
cost
reflect
all
activity
for
the
period
then
ended.
Affiliate
Net
Realized
Gain
(Loss)
Change
in
Net
Unrealized
Gain/Loss
Investment
Income
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
5.02%
$
59
$
552
$
1,007
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
16.00%
—
—
—
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.48%
—
(7,853)
1,509
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
—
(4,331)
—
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
5.89%
(1,135)
907
944
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.44%
(892)
(4,164)
1,542
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.44%
(574)
(3,265)
674
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
14.81%
(771)
479
—
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
—
414
1
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
—
(4,246)
—
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
—
(771)
—
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.32%
—
(1,803)
290
T.
Rowe
Price
Government
Reserve
Fund,
2.36%
—
—
—++
T.
Rowe
Price
Treasury
Reserve
Fund,
2.37%
—
—
571
Totals
$
(3,313)#
$
(24,081)
$
6,538+
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
48
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/22
Purchase
Cost
Sales
Cost
Value
08/31/22
T.
Rowe
Price
Dynamic
Global
Bond
Fund
-
I
Class,
5.02%
$
137,753
$
996
$
1,941
$
137,360
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
16.00%
8
—
—
8
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
6.48%
108,448
10,093
—
110,688
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund
65,809
—
—
61,478
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
5.89%
76,589
925
13,640
64,781
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
7.44%
107,820
1,509
7,170
97,994
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
2.44%
133,480
668
4,324
126,559
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
14.81%
28,820
—
29,221
78
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class
99,410
—
—
99,824
T.
Rowe
Price
Real
Assets
Fund
-
I
Class
38,384
5,281
—
39,419
T.
Rowe
Price
U.S.
Large-Cap
Core
Fund
—
22,350
—
21,579
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
3.32%
41,763
1,632
—
41,592
T.
Rowe
Price
Government
Reserve
Fund,
2.36%
7,624
¤
¤
5,359
T.
Rowe
Price
Treasury
Reserve
Fund,
2.37%
117,051
¤
¤
135,152
Total
$
941,871^
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
49
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
#
Capital
gain
distributions
from
underlying
Price
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$6,538
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
$1,009,134.
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
50
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
Level
2
–
inputs
other
than
Level
1
quoted
prices
that
are
observable,
either
directly
or
indirectly
(including,
but
not
limited
to,
quoted
prices
for
similar
financial
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
51
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
52
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
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
53
determinations
are
reviewed
on
a
regular
basis
and
updated
as
information
becomes
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,
2022
(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
$
—
$
419,671
$
—
$
419,671
Bond
Mutual
Funds
579,060
—
—
579,060
Common
Stocks
531,126
170,966
1,340
703,432
Convertible
Preferred
Stocks
—
266
3,793
4,059
Equity
Mutual
Funds
222,300
—
—
222,300
Private
Investment
Companies
—
—
134,573
134,573
Short-Term
Investments
135,152
—
—
135,152
Securities
Lending
Collateral
5,359
—
—
5,359
Total
Securities
1,472,997
590,903
139,706
2,203,606
Swaps
—
—
—
—
Forward
Currency
Exchange
Contracts
—
31
—
31
Futures
Contracts*
250
—
—
250
Total
$
1,473,247
$
590,934
$
139,706
$
2,203,887
Liabilities
Options
Written
$
—
$
1,641
$
—
$
1,641
Swaps*
—
131
—
131
Futures
Contracts*
1,355
—
—
1,355
Total
$
1,355
$
1,772
$
—
$
3,127
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
54
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period ended
August
31,
2022.
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,
2022,
totaled $2,712,000 for
the
period ended
August
31,
2022.
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.
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
5/31/22
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
8/31/22
Investment
in
Securities
Common
Stocks
$
1,106
$
234
$
—
$
—
$
1,340
Convertible
Preferred
Stocks
3,848
(96)
41
—
3,793
Private
Investment
Companies
163,203
3,370
—
(32,000)
134,573
Total
$
168,157
$
3,508
$
41
$
(32,000)
$
139,706
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
$
1,340
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
55
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Discount
for
uncertainty
3%
–
100%
9%
Decrease
Market
comparable
Enterprise
value
to
sales
multiple
2.8x
–
14.7x
9.9x
Increase
Sales
growth
rate
35%
–
75%
45%
Increase
Projected
enterprise
value
to
EBITDA
multiple
14.0x
14.0x
Increase
Enterprise
value
to
gross
profit
multiple
6.0x
–18.9x
13.8x
Increase
Gross
profit
growth
rate
38%
-
54%
43%
Increase
Enterprise
value
to
EBITDA
multiple
10.1x
10.1x
Increase
Price-to-
earnings
multiple
7.1x
–
19.9x
12.8x
Increase
Price-to-
earnings
growth
rate
(42%)
(42%)
Increase
Probability
for
alternate
outcome
20%
-
40%
30%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Options
pricing
model
Private
company
valuation
—#
—#
—#
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
56
Investment
in
Securities
Value
(000s)
Valuation
Technique(s)+
Significant
Unobservable
Input(s)
Value
or
Range
of
Input(s)
Weighted
Average
of
Input(s)*
Impact
to
Valuation
from
an
Increase
in
Input**
Risk-free
rate
3%
3%
Increase
Volatility
38%
-
41%
39%
Increase
Discount
for
lack
of
marketability
10%
10%
Decrease
Expected
present
value
Discount
rate
for
cost
of
equity
13%
13%
Decrease
Convertible
Preferred
Stocks
$
3,793
Recent
comparable
transaction
price(s)
—#
—#
—#
—#
Market
comparable
Enterprise
value
to
sales
multiple
1.5x
–
16.8x
6.9x
Increase
Sales
growth
rate
25%
-
266%
47%
Increase
Enterprise
value
to
gross
profit
multiple
2.3x
–
23.2x
12.2x
Increase
Gross
profit
growth
rate
29%
-
66%
50%
Increase
Enterprise
value
to
EBITDA
multiple
21.0x
21.0x
Increase
Projected
enterprise
value
to
EBITDA
multiple
4.3x
4.3x
Increase
Enterprise
value
to
gross
merchandise
value
multiple
0.4x
–
0.5x
0.5x
Increase
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
57
+
Valuation
techniques
may
change
in
order
to
reflect
management’s
judgment
of
current
market
participant
assumptions.
*
Unobservable
inputs
were
weighted
by
the
relative
fair
value
of
the
instruments.
**
Represents
the
directional
change
in
the
fair
value
of
the
Level
3
investment(s)
that
would
have
resulted
from
an
increase
in
the
corresponding
input
at
period
end.
A
decrease
in
the
unobservable
input
would
have
had
the
opposite
effect.
Significant
increases
and
decreases
in
these
inputs
in
isolation
could
result
in
significantly
higher
or
lower
fair
value
measurements.
#
No
quantitative
unobservable
inputs
significant
to
the
valuation
technique
were
created
by
the
fund’s
management.
OTHER
MATTERS
Unpredictable
events
such
as
environmental
or
natural
disasters,
war,
terrorism,
pandemics,
outbreaks
of
infectious
diseases,
and
similar
public
health
threats
may
significantly
affect
the
economy
and
the
markets
and
issuers
in
which
a
fund
invests.
Certain
events
may
cause
instability
across
global
markets,
including
reduced
liquidity
and
disruptions
in
trading
markets,
while
some
events
may
affect
certain
geographic
regions,
countries,
sectors,
and
industries
more
significantly
than
others,
and
exacerbate
other
pre-existing
political,
social,
and
economic
risks.
Since
2020,
a
novel
strain
of
coronavirus
(COVID-19)
has
resulted
in
disruptions
to
global
business
activity
and
caused
significant
volatility
and
declines
in
global
financial
markets.
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**
Gross
merchandise
value
growth
rate
40%
40%
Increase
Discount
rate
for
cost
of
capital
30%
30%
Decrease
Discount
for
lack
of
marketability
10%
10%
Decrease
Private
Investment
Companies
$
134,573
Rollforward
of
Investee
NAV
Estimated
return
1.36%
1.36%
Increase
T.
ROWE
PRICE
Spectrum
Conservative
Allocation
Fund
58
In
February
2022,
Russian
forces
entered
Ukraine
and
commenced
an
armed
conflict
leading
to
economic
sanctions
being
imposed
on
Russia
and
certain
of
its
citizens,
creating
impacts
on
Russian-related
stocks
and
debt
and
greater
volatility
in
global
markets.
These
are
recent
examples
of
global
events
which
may
have
an
impact
on
the
fund’s
performance,
which
could
be
negatively
impacted
if
the
value
of
a
portfolio
holding
were
harmed
by
these
and
such
other
events.
Management
is
actively
monitoring
the
risks
and
financial
impacts
arising
from
these
events.
F101-054Q1
08/22