T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

February

29,

2024

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.0%

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

7.164%,

4/15/35 (1)

340,000‌

340‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

345,000‌

328‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26 

194,000‌

183‌

AmeriCredit

Automobile

Receivables

Trust

Series 2023-1,

Class

C

5.80%,

12/18/28 

310,000‌

312‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28 (1)

205,000‌

196‌

Amur

Equipment

Finance

Receivables

XIII

Series 2024-1A,

Class

A2

5.38%,

1/21/31 (1)

270,000‌

269‌

Applebee's

Funding

Series 2023-1A,

Class

A2

7.824%,

3/5/53 (1)

195,000‌

201‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

6.634%,

4/15/35 (1)

364,554‌

365‌

CarMax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26 

395,000‌

394‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

810,000‌

770‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28 

210,000‌

195‌

CarMax

Auto

Owner

Trust

Series 2024-1,

Class

B

5.17%,

8/15/29 

50,000‌

50‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

A3

5.60%,

3/10/28 (1)

125,000‌

125‌

Carvana

Auto

Receivables

Trust

Series 2024-N1,

Class

B

5.63%,

5/10/30 (1)

150,000‌

150‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.402%,

6.716%,

7/15/36 (1)

400,000‌

399‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Dell

Equipment

Finance

Trust

Series 2023-3,

Class

C

6.17%,

4/23/29 (1)

100,000‌

101‌

DLLST

Series 2024-1A,

Class

A3

5.05%,

8/20/27 (1)

125,000‌

124‌

DLLST

Series 2024-1A,

Class

A4

4.93%,

4/22/30 (1)

30,000‌

30‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

193,000‌

179‌

Dryden

Series 2020-86A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.362%,

6.678%,

7/17/34 (1)

390,000‌

390‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38 (1)

202,516‌

206‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38 (1)

99,103‌

100‌

Elmwood

Series 2022-7A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.50%,

6.823%,

1/17/37 (1)

250,000‌

249‌

Enterprise

Fleet

Financing

Series 2024-1,

Class

A2

5.23%,

3/20/30 (1)

250,000‌

249‌

Enterprise

Fleet

Financing

Series 2024-1,

Class

A3

5.16%,

9/20/30 (1)

185,000‌

184‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

610,000‌

601‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

385,000‌

383‌

Exeter

Automobile

Receivables

Trust

Series 2023-1A,

Class

D

6.69%,

6/15/29 

65,000‌

66‌

Ford

Credit

Auto

Lease

Trust

Series 2023-A,

Class

C

5.54%,

12/15/26 

700,000‌

696‌

Ford

Credit

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.05%,

6/15/27 

80,000‌

80‌

Ford

Credit

Auto

Owner

Trust

Series 2022-C,

Class

C

5.22%,

3/15/30 

145,000‌

145‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35 (1)

680,000‌

676‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

487,963‌

472‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51 (1)

195,000‌

164‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29 (1)

140,000‌

136‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29 (1)

260,000‌

249‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

B

6.25%,

1/21/31 (1)

100,000‌

101‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

C

6.48%,

1/21/31 (1)

100,000‌

101‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

D

6.97%,

7/21/31 (1)

100,000‌

102‌

Hyundai

Auto

Lease

Securitization

Trust

Series 2024-A,

Class

A4

5.07%,

2/15/28 (1)

100,000‌

100‌

Invesco

U.S.

Series 2023-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.57%,

6.856%,

4/22/37 (1)

335,000‌

335‌

Kubota

Credit

Owner

Trust

Series 2023-1A,

Class

A4

5.07%,

2/15/29 (1)

50,000‌

50‌

Madison

Park

Funding

LXI

Series 2023-61A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.73%,

7.037%,

1/20/37 (1)

275,000‌

275‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.604%,

10/15/32 (1)

350,000‌

350‌

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

7.096%,

10/18/33 (1)

295,000‌

297‌

MMAF

Equipment

Finance

Series 2021-A,

Class

A5

1.19%,

11/13/43 (1)

100,000‌

92‌

MMAF

Equipment

Finance

Series 2024-A,

Class

A3

4.95%,

7/14/31 (1)

425,000‌

423‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MVW

Series 2023-1A,

Class

A

4.93%,

10/20/40 (1)

456,431‌

449‌

MVW

Series 2023-2A,

Class

A

6.18%,

11/20/40 (1)

375,250‌

384‌

MVW

Series 2023-2A,

Class

B

6.33%,

11/20/40 (1)

95,000‌

97‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68 (1)

350,000‌

290‌

Neuberger

Berman

Loan

Advisers

Series 2021-43A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.392%,

6.708%,

7/17/35 (1)

290,000‌

290‌

Nissan

Auto

Lease

Trust

Series 2024-A,

Class

A4

4.97%,

9/15/28 

105,000‌

105‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

TSFR

+

1.912%,

7.229%,

7/20/29 (1)

370,000‌

370‌

Octagon

Investment

Partners

49

Series 2020-5A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.52%,

6.811%,

4/15/37 (1)

510,000‌

510‌

Octane

Receivables

Trust

Series 2023-1A,

Class

A

5.87%,

5/21/29 (1)

71,784‌

72‌

Octane

Receivables

Trust

Series 2023-3A,

Class

B

6.48%,

7/20/29 (1)

105,000‌

106‌

Octane

Receivables

Trust

Series 2023-3A,

Class

C

6.74%,

8/20/29 (1)

100,000‌

101‌

Octane

Receivables

Trust

Series 2023-3A,

Class

D

7.58%,

9/20/29 (1)

100,000‌

101‌

Octane

Receivables

Trust

Series 2024-1A,

Class

A2

5.68%,

5/20/30 (1)

180,000‌

180‌

Palmer

Square

Series 2020-3A,

Class

A1R2,

CLO,

FRN

3M

TSFR

+

1.65%,

6.957%,

11/15/36 (1)

315,000‌

317‌

Post

Road

Equipment

Finance

Series 2024-1A,

Class

A2

5.59%,

11/15/29 (1)

100,000‌

100‌

Progress

Residential

Trust

Series 2020-SFR3,

Class

B

1.495%,

10/17/27 (1)

100,000‌

93‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

RR

28

Series 2024-28RA,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.55%,

4/15/37 (1)(2)

465,000‌

465‌

Santander

Bank

Series 2021-1A,

Class

B

1.833%,

12/15/31 (1)

43,725‌

43‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-4,

Class

D

1.67%,

10/15/27 

225,000‌

213‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28 

235,000‌

232‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-6,

Class

B

4.72%,

6/15/27 

640,000‌

634‌

Santander

Drive

Auto

Receivables

Trust

Series 2024-1,

Class

A3

5.25%,

4/17/28 

130,000‌

130‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27 (1)

450,000‌

445‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A3

5.39%,

11/20/26 (1)

115,000‌

115‌

SBNA

Auto

Lease

Trust

Series 2024-A,

Class

A4

5.24%,

1/22/29 (1)

110,000‌

110‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

411,237‌

362‌

SFS

Auto

Receivables

Securitization

Trust

Series 2024-1A,

Class

A4

4.94%,

1/21/31 (1)

85,000‌

84‌

SFS

Auto

Receivables

Securitization

Trust

Series 2024-1A,

Class

C

5.51%,

1/20/32 (1)

45,000‌

45‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53 (1)

358,338‌

334‌

U.S.

Bank

Series 2023-1,

Class

B

6.789%,

8/25/32 (1)

222,692‌

224‌

Verizon

Master

Trust

Series 2023-1,

Class

C

4.98%,

1/22/29 

185,000‌

183‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.322%,

6.639%,

10/20/29 (1)

109,415‌

110‌

Total

Asset-Backed

Securities

(Cost

$19,594)

19,277‌

BOND

MUTUAL

FUNDS

16.8%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.47% (3)(4)

6,772,117‌

52,416‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

0.58% (3)(4)

648‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.25% (3)(4)

9,672,833‌

63,937‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.58% (3)(4)

2,492,061‌

23,600‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.24% (3)(4)

7,927,226‌

61,436‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.19% (3)(4)

9,623,907‌

80,841‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

0.58% (3)(4)

960,615‌

4,428‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.44% (3)(4)

7,523,122‌

56,348‌

Total

Bond

Mutual

Funds

(Cost

$403,044)

343,013‌

COMMON

STOCKS

52.7%

COMMUNICATION

SERVICES

3.2%

Diversified

Telecommunication

Services

0.2%

KT

(KRW) 

43,025‌

1,262‌

Nippon

Telegraph

&

Telephone

(JPY) 

3,106,500‌

3,778‌

5,040‌

Entertainment

0.5%

Electronic

Arts 

9,325‌

1,301‌

Liberty

Media

Corp-Liberty

Live,

Class

C (5)

12,578‌

501‌

Netflix (5)

11,951‌

7,205‌

Sea,

ADR (5)

9,627‌

467‌

9,474‌

Interactive

Media

&

Services

2.0%

Alphabet,

Class

A (5)

21,860‌

3,027‌

Alphabet,

Class

C (5)

143,943‌

20,120‌

LY

(JPY) 

225,400‌

623‌

Meta

Platforms,

Class

A 

33,480‌

16,410‌

NAVER

(KRW) 

5,840‌

857‌

Tencent

Holdings

(HKD) 

12,700‌

445‌

Vimeo (5)

54,273‌

260‌

41,742‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Media

0.1%

CyberAgent

(JPY) 

116,900‌

821‌

WPP

(GBP) 

180,463‌

1,614‌

2,435‌

Wireless

Telecommunication

Services

0.4%

T-Mobile

U.S. 

42,507‌

6,942‌

Vodafone

Group,

ADR 

105,619‌

944‌

7,886‌

Total

Communication

Services

66,577‌

CONSUMER

DISCRETIONARY

5.5%

Automobile

Components

0.3%

Autoliv,

SDR

(SEK) 

14,954‌

1,737‌

Denso

(JPY) 

114,300‌

2,103‌

Dowlais

Group

(GBP) 

371,787‌

428‌

Magna

International 

28,147‌

1,551‌

Stanley

Electric

(JPY) 

32,100‌

550‌

6,369‌

Automobiles

0.5%

Honda

Motor

(JPY) 

54,500‌

648‌

Suzuki

Motor

(JPY) 

28,100‌

1,237‌

Tesla (5)

20,262‌

4,090‌

Toyota

Motor

(JPY) 

170,300‌

4,102‌

10,077‌

Broadline

Retail

1.7%

Alibaba

Group

Holding,

ADR 

5,191‌

384‌

Amazon.com (5)

173,626‌

30,690‌

Etsy (5)

2,900‌

208‌

Kohl's 

7,243‌

202‌

Next

(GBP) 

16,228‌

1,706‌

Ollie's

Bargain

Outlet

Holdings (5)

5,232‌

420‌

Savers

Value

Village (5)

6,480‌

131‌

33,741‌

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions (5)

6,593‌

757‌

Duolingo (5)

2,146‌

513‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (5)(6)

10,622‌

2‌

Service

Corp

International 

12,769‌

935‌

Strategic

Education 

5,905‌

654‌

2,861‌

Hotels,

Restaurants

&

Leisure

1.3%

Airbnb,

Class

A (5)

11,194‌

1,763‌

Amadeus

IT

Group

(EUR) 

21,844‌

1,292‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BJ's

Restaurants (5)

11,156‌

391‌

Booking

Holdings (5)

1,905‌

6,608‌

Cava

Group (5)

15,404‌

900‌

Chipotle

Mexican

Grill (5)

878‌

2,361‌

Chuy's

Holdings (5)

6,742‌

228‌

Compass

Group

(GBP) 

97,475‌

2,675‌

DoorDash,

Class

A (5)

5,703‌

710‌

Dutch

Bros,

Class

A (5)

12,677‌

369‌

Hilton

Worldwide

Holdings 

13,527‌

2,764‌

Jack

in

the

Box 

2,562‌

187‌

McDonald's 

11,876‌

3,471‌

Norwegian

Cruise

Line

Holdings (5)

45,400‌

880‌

Papa

John's

International 

11,796‌

848‌

Red

Rock

Resorts,

Class

A 

6,524‌

378‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $443 (5)(6)(7)(8)

51,774‌

227‌

Wyndham

Hotels

&

Resorts 

4,986‌

382‌

26,434‌

Household

Durables

0.3%

Installed

Building

Products 

1,441‌

344‌

Panasonic

Holdings

(JPY) 

147,100‌

1,391‌

Persimmon

(GBP) 

51,875‌

894‌

Skyline

Champion (5)

7,316‌

613‌

Sony

Group

(JPY) 

25,300‌

2,180‌

5,422‌

Specialty

Retail

1.0%

AutoZone (5)

488‌

1,467‌

Burlington

Stores (5)

3,893‌

799‌

Caleres 

10,013‌

387‌

Carvana (5)

12,488‌

948‌

Five

Below (5)

1,564‌

314‌

Floor

&

Decor

Holdings,

Class

A (5)

1,373‌

166‌

Home

Depot 

7,960‌

3,030‌

Kingfisher

(GBP) 

608,964‌

1,806‌

Monro 

10,825‌

363‌

O'Reilly

Automotive (5)

1,775‌

1,930‌

RH (5)

1,329‌

365‌

Ross

Stores 

9,615‌

1,432‌

TJX 

10,059‌

997‌

Tractor

Supply 

11,758‌

2,990‌

Ulta

Beauty (5)

6,697‌

3,674‌

Warby

Parker,

Class

A (5)

22,102‌

281‌

20,949‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Textiles,

Apparel

&

Luxury

Goods

0.3%

Cie

Financiere

Richemont,

Class

A

(CHF) 

7,397‌

1,178‌

Kering

(EUR) 

3,085‌

1,421‌

Lululemon

Athletica (5)

2,131‌

995‌

Moncler

(EUR) 

23,967‌

1,728‌

NIKE,

Class

B 

5,214‌

542‌

Samsonite

International

(HKD) (5)

237,600‌

829‌

Skechers

USA,

Class

A (5)

5,698‌

352‌

7,045‌

Total

Consumer

Discretionary

112,898‌

CONSUMER

STAPLES

3.1%

Beverages

0.5%

Boston

Beer,

Class

A (5)

1,801‌

555‌

Coca-Cola 

74,435‌

4,468‌

Coca-Cola

Consolidated 

10‌

8‌

Diageo

(GBP) 

55,020‌

2,061‌

Heineken

(EUR) 

21,344‌

1,972‌

Keurig

Dr

Pepper 

46,905‌

1,403‌

Kirin

Holdings

(JPY) 

47,900‌

666‌

11,133‌

Consumer

Staples

Distribution

&

Retail

0.6%

Dollar

General 

9,920‌

1,442‌

Seven

&

i

Holdings

(JPY) (9)

145,500‌

2,168‌

Target 

11,282‌

1,725‌

Walmart 

94,587‌

5,544‌

Welcia

Holdings

(JPY) (9)

23,200‌

438‌

11,317‌

Food

Products

0.8%

Barry

Callebaut

(CHF) 

604‌

849‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $174 (5)(6)(7)

9,408‌

49‌

Mondelez

International,

Class

A 

96,773‌

7,071‌

Nestle

(CHF) 

62,583‌

6,491‌

Post

Holdings (5)

5,128‌

534‌

Simply

Good

Foods (5)

6,798‌

241‌

Utz

Brands 

20,649‌

365‌

Wilmar

International

(SGD) 

549,000‌

1,356‌

16,956‌

Household

Products

0.6%

Colgate-Palmolive 

69,387‌

6,004‌

Procter

&

Gamble 

41,834‌

6,649‌

12,653‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Personal

Care

Products

0.6%

BellRing

Brands (5)

15,415‌

878‌

Kenvue 

266,150‌

5,057‌

L'Oreal

(EUR) 

4,988‌

2,383‌

Unilever

(GBP) 

91,214‌

4,454‌

12,772‌

Total

Consumer

Staples

64,831‌

ENERGY

2.7%

Energy

Equipment

&

Services

0.8%

ChampionX 

18,892‌

587‌

Expro

Group

Holdings (5)

14,970‌

268‌

Halliburton 

193,019‌

6,769‌

Liberty

Energy 

22,029‌

471‌

NOV 

15,234‌

257‌

Schlumberger 

133,992‌

6,476‌

TechnipFMC 

20,993‌

455‌

Weatherford

International (5)

5,000‌

513‌

15,796‌

Oil,

Gas

&

Consumable

Fuels

1.9%

Antero

Resources (5)

16,075‌

413‌

Chesapeake

Energy 

6,124‌

507‌

Chevron 

5,975‌

908‌

ConocoPhillips 

37,819‌

4,256‌

Diamondback

Energy 

25,250‌

4,609‌

DT

Midstream 

6,312‌

364‌

EQT 

146,389‌

5,438‌

Equinor

(NOK) 

112,406‌

2,770‌

Exxon

Mobil 

24,757‌

2,588‌

Kimbell

Royalty

Partners 

11,876‌

186‌

Kinder

Morgan 

43,442‌

755‌

Magnolia

Oil

&

Gas,

Class

A 

22,835‌

518‌

Matador

Resources 

4,908‌

310‌

Phillips

66 

5,000‌

713‌

Pioneer

Natural

Resources 

2,000‌

470‌

Range

Resources 

116,804‌

3,693‌

Shell,

ADR 

38,153‌

2,397‌

SM

Energy 

5,224‌

229‌

Southwestern

Energy (5)

108,390‌

756‌

TotalEnergies

(EUR) 

60,748‌

3,872‌

Viper

Energy 

7,400‌

267‌

Williams 

50,962‌

1,832‌

37,851‌

Total

Energy

53,647‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FINANCIALS

8.9%

Banks

2.8%

ANZ

Group

Holdings

(AUD) 

63,406‌

1,175‌

Bank

of

America 

211,646‌

7,306‌

BankUnited 

6,188‌

166‌

Blue

Foundry

Bancorp (5)

8,536‌

80‌

BNP

Paribas

(EUR) 

22,859‌

1,372‌

Cadence

Bank 

16,521‌

457‌

Capitol

Federal

Financial 

35,487‌

206‌

Citigroup 

37,000‌

2,053‌

Columbia

Banking

System 

18,541‌

336‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $33 (5)(6)(7)

313‌

23‌

CrossFirst

Bankshares (5)

14,452‌

186‌

DBS

Group

Holdings

(SGD) 

49,242‌

1,221‌

Dime

Community

Bancshares 

9,234‌

173‌

DNB

Bank

(NOK) 

150,337‌

3,010‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $41 (5)(6)(7)

4,058‌

71‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $20 (5)(6)(7)

1,993‌

35‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (5)(6)(7)

605‌

5‌

East

West

Bancorp 

17,267‌

1,258‌

Eastern

Bankshares 

18,764‌

242‌

Equity

Bancshares,

Class

A 

6,971‌

222‌

Erste

Group

Bank

(EUR) 

3,050‌

122‌

FB

Financial 

10,754‌

383‌

First

Bancshares 

9,766‌

243‌

Five

Star

Bancorp 

7,853‌

186‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $67 (5)(6)(7)

6,708‌

20‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (5)(6)(7)

1,212‌

—‌

HarborOne

Bancorp 

9,089‌

93‌

HDFC

Bank

(INR) 

77,505‌

1,313‌

Heritage

Commerce 

8,912‌

74‌

Home

BancShares 

11,794‌

277‌

ING

Groep

(EUR) 

228,725‌

3,148‌

Intesa

Sanpaolo

(EUR) 

435,479‌

1,387‌

JPMorgan

Chase 

65,345‌

12,158‌

Kearny

Financial 

14,663‌

93‌

Live

Oak

Bancshares 

13,448‌

534‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

210,600‌

2,163‌

National

Bank

of

Canada

(CAD) 

32,742‌

2,556‌

Origin

Bancorp 

10,104‌

302‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Pacific

Premier

Bancorp 

10,356‌

237‌

Pinnacle

Financial

Partners 

6,773‌

560‌

PNC

Financial

Services

Group 

6,511‌

958‌

Popular 

3,815‌

319‌

Prosperity

Bancshares 

5,200‌

325‌

SouthState 

7,487‌

629‌

Standard

Chartered

(GBP) 

120,150‌

1,016‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

35,994‌

729‌

Svenska

Handelsbanken,

Class

A

(SEK) 

179,805‌

2,150‌

Texas

Capital

Bancshares (5)

5,025‌

295‌

United

Overseas

Bank

(SGD) 

87,600‌

1,823‌

Veritex

Holdings 

10,082‌

198‌

Wells

Fargo 

49,961‌

2,777‌

Western

Alliance

Bancorp 

6,504‌

376‌

57,041‌

Capital

Markets

1.1%

Bridgepoint

Group

(GBP) 

198,786‌

649‌

Brookfield

(CAD) 

38,017‌

1,569‌

Cboe

Global

Markets 

12,814‌

2,460‌

Charles

Schwab 

45,963‌

3,069‌

CME

Group 

7,361‌

1,622‌

Goldman

Sachs

Group 

11,680‌

4,544‌

Julius

Baer

Group

(CHF) 

26,505‌

1,420‌

LPL

Financial

Holdings 

8,827‌

2,365‌

Macquarie

Group

(AUD) 

10,217‌

1,297‌

Morgan

Stanley 

10,612‌

913‌

MSCI 

426‌

239‌

Onex

(CAD) 

4,624‌

344‌

P10,

Class

A 

28,093‌

261‌

S&P

Global 

2,595‌

1,112‌

StepStone

Group,

Class

A 

10,354‌

360‌

Stifel

Financial 

3,100‌

235‌

TMX

Group

(CAD) 

15,518‌

407‌

XP,

Class

A 

25,384‌

600‌

23,466‌

Consumer

Finance

0.2%

American

Express 

16,366‌

3,591‌

Encore

Capital

Group (5)

5,603‌

269‌

PRA

Group (5)

5,607‌

143‌

4,003‌

Financial

Services

2.2%

Adyen

(EUR) (5)

741‌

1,172‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $293 (5)(6)(7)

293,381‌

296‌

Berkshire

Hathaway,

Class

B (5)

21,590‌

8,839‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Challenger

(AUD) 

96,169‌

422‌

Corebridge

Financial 

31,085‌

772‌

Fiserv (5)

43,330‌

6,468‌

FleetCor

Technologies (5)

3,485‌

973‌

Global

Payments 

13,334‌

1,729‌

Mastercard,

Class

A 

12,852‌

6,102‌

Mitsubishi

HC

Capital

(JPY) 

115,600‌

799‌

PennyMac

Financial

Services 

10,835‌

920‌

Toast,

Class

A (5)

15,293‌

352‌

Visa,

Class

A 

54,661‌

15,449‌

44,293‌

Insurance

2.6%

AIA

Group

(HKD) 

224,400‌

1,809‌

Allstate 

26,600‌

4,243‌

Assurant 

4,339‌

787‌

AXA

(EUR) 

117,477‌

4,182‌

Axis

Capital

Holdings 

8,473‌

530‌

Chubb 

13,408‌

3,374‌

Definity

Financial

(CAD) 

21,945‌

742‌

First

American

Financial 

8,187‌

478‌

Hanover

Insurance

Group 

4,465‌

587‌

Hartford

Financial

Services

Group 

9,332‌

894‌

Mandatum

(EUR) (5)

46,918‌

206‌

Marsh

&

McLennan 

17,159‌

3,471‌

MetLife 

71,482‌

4,985‌

Munich

Re

(EUR) 

9,495‌

4,421‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

77,000‌

343‌

Progressive 

23,416‌

4,439‌

RLI 

1,900‌

278‌

Sampo,

Class

A

(EUR) 

46,918‌

2,100‌

Selective

Insurance

Group 

10,151‌

1,061‌

Storebrand

(NOK) 

163,566‌

1,462‌

Sun

Life

Financial

(CAD) (9)

37,466‌

1,990‌

Tokio

Marine

Holdings

(JPY) 

88,500‌

2,586‌

Travelers 

18,948‌

4,187‌

White

Mountains

Insurance

Group 

230‌

406‌

Zurich

Insurance

Group

(CHF) 

4,782‌

2,544‌

52,105‌

Total

Financials

180,908‌

HEALTH

CARE

7.1%

Biotechnology

0.6%

AbbVie 

6,059‌

1,067‌

Agios

Pharmaceuticals (5)

4,636‌

150‌

Amgen 

2,477‌

678‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Apellis

Pharmaceuticals (5)

5,197‌

322‌

Arcellx (5)

4,332‌

285‌

Argenx,

ADR (5)

3,913‌

1,487‌

Arrowhead

Pharmaceuticals (5)

5,000‌

160‌

Ascendis

Pharma,

ADR (5)

3,695‌

546‌

Avid

Bioservices (5)

25,024‌

192‌

Biohaven (5)

3,038‌

146‌

Black

Diamond

Therapeutics (5)

13,030‌

67‌

Blueprint

Medicines (5)

3,706‌

347‌

Bridgebio

Pharma (5)

5,450‌

186‌

Cabaletta

Bio (5)

6,748‌

154‌

CG

oncology (5)

2,328‌

104‌

Crinetics

Pharmaceuticals (5)

8,276‌

339‌

CRISPR

Therapeutics (5)

1,872‌

158‌

Cytokinetics (5)

9,591‌

693‌

Fusion

Pharmaceuticals (5)

9,200‌

110‌

Genmab

(DKK) (5)

2,943‌

818‌

HilleVax (5)

7,667‌

139‌

Immatics (5)

13,503‌

169‌

Immunocore

Holdings,

ADR (5)

1,700‌

114‌

Insmed (5)

13,373‌

371‌

Ionis

Pharmaceuticals (5)

8,208‌

371‌

Leap

Therapeutics,

Acquisition

Date:

9/28/20,

Cost $3 (5)(6)

200‌

1‌

MacroGenics (5)

9,006‌

162‌

MoonLake

Immunotherapeutics (5)

4,288‌

207‌

Prime

Medicine (5)

8,211‌

71‌

Sana

Biotechnology (5)

12,528‌

126‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (5)(6)

1,127‌

10‌

Syndax

Pharmaceuticals (5)

5,423‌

127‌

Tango

Therapeutics (5)

10,632‌

118‌

Vaxcyte (5)

7,413‌

547‌

Vertex

Pharmaceuticals (5)

4,631‌

1,948‌

Verve

Therapeutics (5)

11,664‌

199‌

Xenon

Pharmaceuticals (5)

3,713‌

175‌

Zentalis

Pharmaceuticals (5)

8,985‌

134‌

12,998‌

Health

Care

Equipment

&

Supplies

1.1%

Alcon

(CHF) 

13,095‌

1,117‌

Align

Technology (5)

463‌

140‌

Elekta,

Class

B

(SEK) (9)

114,098‌

826‌

EssilorLuxottica

(EUR) 

8,002‌

1,699‌

GE

HealthCare

Technologies 

27,776‌

2,535‌

Haemonetics (5)

4,780‌

349‌

Hologic (5)

8,102‌

598‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Intuitive

Surgical (5)

9,258‌

3,570‌

Koninklijke

Philips

(EUR) (5)

67,200‌

1,354‌

Masimo (5)

6,057‌

779‌

Medtronic 

15,535‌

1,295‌

Neogen (5)

24,768‌

426‌

Outset

Medical (5)

15,728‌

49‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $192 (5)(6)(7)

51,080‌

20‌

Penumbra (5)

339‌

80‌

PROCEPT

BioRobotics (5)

12,962‌

627‌

QuidelOrtho (5)

8,634‌

394‌

RxSight (5)

3,188‌

174‌

Siemens

Healthineers

(EUR) 

37,979‌

2,279‌

STERIS 

6,816‌

1,587‌

Stryker 

3,983‌

1,390‌

Teleflex 

1,110‌

247‌

21,535‌

Health

Care

Providers

&

Services

2.1%

Alignment

Healthcare (5)

33,191‌

199‌

Cencora 

30,299‌

7,138‌

Cigna

Group 

5,600‌

1,882‌

Elevance

Health 

20,819‌

10,436‌

Fresenius

(EUR) 

43,313‌

1,213‌

HCA

Healthcare 

7,179‌

2,238‌

Humana 

2,833‌

992‌

Molina

Healthcare (5)

8,202‌

3,231‌

NeoGenomics (5)

34,972‌

546‌

Privia

Health

Group (5)

23,793‌

531‌

Tenet

Healthcare (5)

17,359‌

1,614‌

U.S.

Physical

Therapy 

3,445‌

366‌

UnitedHealth

Group 

26,099‌

12,883‌

43,269‌

Health

Care

Technology

0.0%

Certara (5)

16,930‌

286‌

Veeva

Systems,

Class

A (5)

2,419‌

545‌

831‌

Life

Sciences

Tools

&

Services

0.9%

10X

Genomics,

Class

A (5)

9,763‌

455‌

Agilent

Technologies 

15,907‌

2,185‌

Azenta (5)

1,624‌

106‌

Bruker 

9,679‌

838‌

Danaher 

13,396‌

3,391‌

Evotec

(EUR) (5)

32,636‌

481‌

Pacific

Biosciences

of

California (5)

44,440‌

246‌

Repligen (5)

1,663‌

323‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sotera

Health (5)

21,292‌

319‌

Thermo

Fisher

Scientific 

17,286‌

9,856‌

18,200‌

Pharmaceuticals

2.4%

Astellas

Pharma

(JPY) 

177,100‌

1,935‌

AstraZeneca,

ADR 

113,246‌

7,266‌

Bayer

(EUR) 

34,067‌

1,029‌

Bristol-Myers

Squibb 

5,800‌

294‌

Elanco

Animal

Health (5)

23,430‌

372‌

Eli

Lilly 

15,185‌

11,445‌

EyePoint

Pharmaceuticals (5)

4,028‌

110‌

GSK,

ADR 

21,846‌

915‌

Johnson

&

Johnson 

20,409‌

3,294‌

Merck 

47,295‌

6,014‌

Novartis

(CHF) 

37,347‌

3,768‌

Novo

Nordisk,

Class

B

(DKK) 

35,135‌

4,194‌

Otsuka

Holdings

(JPY) 

17,000‌

690‌

Roche

Holding

(CHF) 

12,562‌

3,284‌

Sanofi

(EUR) 

38,610‌

3,680‌

Structure

Therapeutics,

ADR (5)

4,355‌

177‌

Zoetis 

6,201‌

1,230‌

49,697‌

Total

Health

Care

146,530‌

INDUSTRIALS

&

BUSINESS

SERVICES

6.2%

Aerospace

&

Defense

0.6%

Cadre

Holdings 

4,595‌

165‌

General

Dynamics 

19,072‌

5,211‌

L3Harris

Technologies 

10,084‌

2,134‌

Leonardo

DRS (5)

16,005‌

364‌

Melrose

Industries

(GBP) 

250,293‌

2,010‌

Safran

(EUR) 

11,048‌

2,317‌

TransDigm

Group 

529‌

623‌

12,824‌

Building

Products

0.2%

AAON 

5,240‌

440‌

AZZ 

12,625‌

919‌

Carrier

Global 

28,573‌

1,588‌

CSW

Industrials 

2,271‌

523‌

Zurn

Elkay

Water

Solutions 

12,773‌

406‌

3,876‌

Commercial

Services

&

Supplies

0.3%

Casella

Waste

Systems,

Class

A (5)

5,997‌

540‌

Cintas 

664‌

418‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Element

Fleet

Management

(CAD) 

137,023‌

2,287‌

Rentokil

Initial

(GBP) 

87,142‌

485‌

Stericycle (5)

7,878‌

429‌

Tetra

Tech 

2,066‌

366‌

Veralto 

11,016‌

952‌

VSE 

5,293‌

392‌

5,869‌

Construction

&

Engineering

0.1%

API

Group (5)

3,400‌

119‌

Arcosa 

3,535‌

293‌

WillScot

Mobile

Mini

Holdings (5)

8,584‌

410‌

Worley

(AUD) 

131,355‌

1,431‌

2,253‌

Electrical

Equipment

0.8%

ABB

(CHF) 

67,009‌

3,092‌

AMETEK 

26,713‌

4,813‌

Legrand

(EUR) 

20,694‌

2,096‌

Mitsubishi

Electric

(JPY) 

156,600‌

2,494‌

Prysmian

(EUR) 

43,136‌

2,153‌

Rockwell

Automation 

1,842‌

525‌

Thermon

Group

Holdings (5)

13,545‌

370‌

15,543‌

Ground

Transportation

0.8%

Central

Japan

Railway

(JPY) 

33,000‌

830‌

CSX 

191,709‌

7,273‌

Landstar

System 

1,870‌

356‌

Norfolk

Southern 

6,540‌

1,657‌

Old

Dominion

Freight

Line 

6,727‌

2,977‌

Saia (5)

1,862‌

1,071‌

Union

Pacific 

11,531‌

2,925‌

17,089‌

Industrial

Conglomerates

1.0%

DCC

(GBP) 

17,476‌

1,242‌

General

Electric 

35,760‌

5,610‌

Honeywell

International 

15,039‌

2,989‌

Roper

Technologies 

2,887‌

1,572‌

Siemens

(EUR) 

45,369‌

8,982‌

20,395‌

Machinery

1.4%

ATS (5)

2,817‌

106‌

Caterpillar 

249‌

83‌

Crane 

3,040‌

369‌

Cummins 

21,064‌

5,658‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Deere 

2,157‌

787‌

Dover 

4,776‌

790‌

Enerpac

Tool

Group 

13,134‌

443‌

Enpro 

2,691‌

419‌

Esab 

4,468‌

443‌

ESCO

Technologies 

3,219‌

328‌

Federal

Signal 

11,282‌

924‌

Graco 

5,789‌

528‌

Helios

Technologies 

3,116‌

138‌

IDEX 

14,179‌

3,345‌

Ingersoll

Rand 

9,217‌

842‌

John

Bean

Technologies 

4,616‌

468‌

KION

Group

(EUR) 

20,661‌

1,044‌

Marel

(ISK) 

17,254‌

59‌

Mueller

Water

Products,

Class

A 

28,344‌

441‌

RBC

Bearings (5)

3,184‌

869‌

Sandvik

(SEK) 

77,581‌

1,747‌

SMC

(JPY) 

1,300‌

785‌

Spirax-Sarco

Engineering

(GBP) 

2,351‌

307‌

SPX

Technologies (5)

7,712‌

904‌

THK

(JPY) 

31,400‌

692‌

Toro 

3,489‌

322‌

Westinghouse

Air

Brake

Technologies 

36,795‌

5,199‌

28,040‌

Passenger

Airlines

0.0%

Allegiant

Travel 

762‌

55‌

55‌

Professional

Services

0.5%

ASGN (5)

2,100‌

208‌

Booz

Allen

Hamilton

Holding 

16,263‌

2,402‌

Broadridge

Financial

Solutions 

9,420‌

1,918‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $61 (5)(6)(7)

7,797‌

34‌

Clarivate (5)

35,185‌

253‌

Legalzoom.com (5)

17,114‌

212‌

NV5

Global (5)

2,180‌

222‌

Parsons (5)

10,903‌

879‌

Paycor

HCM (5)

23,987‌

506‌

Recruit

Holdings

(JPY) 

40,900‌

1,650‌

TechnoPro

Holdings

(JPY) 

46,600‌

933‌

Teleperformance

(EUR) 

6,176‌

767‌

9,984‌

Trading

Companies

&

Distributors

0.5%

Ashtead

Group

(GBP) 

29,977‌

2,156‌

Beacon

Roofing

Supply (5)

6,980‌

599‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bunzl

(GBP) 

30,725‌

1,225‌

Ferguson 

3,400‌

719‌

Mitsubishi

(JPY) 

86,100‌

1,847‌

MSC

Industrial

Direct,

Class

A 

2,659‌

268‌

Rush

Enterprises,

Class

A 

7,189‌

350‌

SiteOne

Landscape

Supply (5)

4,806‌

810‌

Sumitomo

(JPY) 

74,700‌

1,754‌

Transcat (5)

740‌

78‌

9,806‌

Total

Industrials

&

Business

Services

125,734‌

INFORMATION

TECHNOLOGY

12.1%

Communications

Equipment

0.1%

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK) 

271,835‌

1,476‌

1,476‌

Electronic

Equipment,

Instruments

&

Components

0.9%

Amphenol,

Class

A 

39,679‌

4,335‌

Cognex 

4,400‌

174‌

CTS 

8,415‌

375‌

Hamamatsu

Photonics

(JPY) 

24,600‌

884‌

Keysight

Technologies (5)

6,400‌

988‌

Largan

Precision

(TWD) 

6,000‌

492‌

Littelfuse 

1,437‌

342‌

Mirion

Technologies (5)

58,759‌

575‌

Murata

Manufacturing

(JPY) 

73,200‌

1,475‌

Napco

Security

Technologies 

8,318‌

375‌

Novanta (5)

2,624‌

454‌

Omron

(JPY) 

14,100‌

524‌

PAR

Technology (5)

20,720‌

908‌

TE

Connectivity 

33,783‌

4,850‌

Teledyne

Technologies (5)

1,964‌

839‌

Vontier 

8,147‌

350‌

17,940‌

IT

Services

0.4%

Accenture,

Class

A 

5,727‌

2,146‌

MongoDB (5)

2,971‌

1,330‌

NTT

Data

Group

(JPY) 

165,200‌

2,691‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $13 (5)(6)

(7)

302‌

22‌

Shopify,

Class

A (5)

17,478‌

1,335‌

Snowflake,

Class

A (5)

2,311‌

435‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $34 (5)(6)(7)

1,500‌

29‌

7,988‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Semiconductors

&

Semiconductor

Equipment

5.1%

Advanced

Micro

Devices (5)

10,014‌

1,928‌

Allegro

MicroSystems (5)

9,673‌

305‌

Analog

Devices 

22,418‌

4,300‌

Applied

Materials 

29,390‌

5,926‌

ASML

Holding

(EUR) 

6,270‌

5,950‌

ASML

Holding 

3,192‌

3,038‌

Broadcom 

3,331‌

4,332‌

Entegris 

6,589‌

885‌

Intel 

41,536‌

1,788‌

KLA 

5,049‌

3,445‌

Lam

Research 

2,569‌

2,410‌

Lattice

Semiconductor (5)

12,120‌

928‌

MACOM

Technology

Solutions

Holdings (5)

7,014‌

620‌

Micron

Technology 

60,466‌

5,479‌

Monolithic

Power

Systems 

1,971‌

1,419‌

NVIDIA 

41,866‌

33,121‌

NXP

Semiconductors 

32,593‌

8,139‌

Onto

Innovation (5)

5,682‌

1,046‌

QUALCOMM 

32,663‌

5,154‌

Renesas

Electronics

(JPY) 

62,200‌

1,028‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

252,759‌

5,539‌

Taiwan

Semiconductor

Manufacturing,

ADR 

6,668‌

858‌

Texas

Instruments 

22,762‌

3,809‌

Tokyo

Electron

(JPY) 

10,700‌

2,655‌

104,102‌

Software

4.0%

Adobe (5)

2,403‌

1,346‌

Agilysys (5)

3,319‌

258‌

Altair

Engineering,

Class

A (5)

5,710‌

486‌

Amplitude,

Class

A (5)

33,510‌

397‌

Appfolio,

Class

A (5)

1,000‌

242‌

Atlassian,

Class

A (5)

3,238‌

672‌

BILL

Holdings (5)

5,646‌

358‌

Braze,

Class

A (5)

2,846‌

162‌

Cadence

Design

Systems (5)

6,562‌

1,997‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $459 (5)(6)(7)

269‌

287‌

CCC

Intelligent

Solutions

Holdings (5)

21,463‌

251‌

Confluent,

Class

A (5)

10,207‌

346‌

Crowdstrike

Holdings,

Class

A (5)

1,800‌

584‌

Datadog,

Class

A (5)

3,648‌

480‌

Descartes

Systems

Group (5)

8,861‌

768‌

DoubleVerify

Holdings (5)

20,942‌

647‌

Envestnet (5)

6,864‌

354‌

Five9 (5)

4,246‌

259‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fortinet (5)

29,002‌

2,004‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $148 (5)(6)(7)

5,153‌

79‌

Intapp (5)

11,936‌

468‌

Intuit 

3,986‌

2,642‌

Manhattan

Associates (5)

1,349‌

342‌

Microsoft 

128,416‌

53,118‌

Salesforce (5)

3,900‌

1,204‌

SAP

(EUR) 

19,821‌

3,714‌

ServiceNow (5)

7,199‌

5,553‌

Socure,

Acquisition

Date:

12/22/21,

Cost $26 (5)(6)(7)

1,599‌

10‌

Synopsys (5)

4,941‌

2,835‌

Varonis

Systems (5)

4,600‌

234‌

Workiva (5)

6,775‌

583‌

82,680‌

Technology

Hardware,

Storage

&

Peripherals

1.6%

Apple 

163,478‌

29,549‌

Samsung

Electronics

(KRW) 

59,573‌

3,288‌

32,837‌

Total

Information

Technology

247,023‌

MATERIALS

1.8%

Chemicals

0.9%

Air

Liquide

(EUR) 

12,227‌

2,485‌

Akzo

Nobel

(EUR) 

18,339‌

1,337‌

Asahi

Kasei

(JPY) 

121,600‌

846‌

BASF

(EUR) 

23,790‌

1,212‌

Covestro

(EUR) (5)

24,616‌

1,340‌

Element

Solutions 

50,763‌

1,193‌

HB

Fuller 

5,223‌

415‌

Johnson

Matthey

(GBP) 

44,561‌

869‌

Linde 

13,423‌

6,024‌

Mosaic 

16,300‌

508‌

Nutrien 

9,646‌

504‌

Quaker

Chemical 

1,486‌

298‌

Sherwin-Williams 

3,115‌

1,034‌

Umicore

(EUR) 

36,527‌

764‌

18,829‌

Construction

Materials

0.1%

Martin

Marietta

Materials 

2,556‌

1,477‌

1,477‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD) 

48,451‌

432‌

Sealed

Air 

9,600‌

335‌

767‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Metals

&

Mining

0.7%

Antofagasta

(GBP) 

74,633‌

1,715‌

BHP

Group

(AUD) 

37,785‌

1,083‌

BHP

Group

(GBP) 

53,504‌

1,536‌

Constellium (5)

35,497‌

688‌

ERO

Copper

(CAD) (5)(9)

22,752‌

388‌

Franco-Nevada 

7,698‌

807‌

Freeport-McMoRan 

49,362‌

1,866‌

IGO

(AUD) 

145,741‌

752‌

Pilbara

Minerals

(AUD) 

451,164‌

1,232‌

Royal

Gold 

3,200‌

328‌

South32

(AUD) 

359,264‌

688‌

Southern

Copper 

27,292‌

2,207‌

Wheaton

Precious

Metals 

22,351‌

921‌

14,211‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

97,405‌

1,231‌

West

Fraser

Timber

(CAD) 

4,395‌

354‌

1,585‌

Total

Materials

36,869‌

REAL

ESTATE

0.9%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Healthcare

Realty

Trust,

REIT 

19,634‌

271‌

271‌

Industrial

Real

Estate

Investment

Trusts

0.2%

EastGroup

Properties,

REIT 

5,484‌

964‌

Prologis,

REIT 

9,037‌

1,204‌

Rexford

Industrial

Realty,

REIT 

11,244‌

572‌

Terreno

Realty,

REIT 

5,204‌

335‌

3,075‌

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

111,003‌

507‌

507‌

Real

Estate

Management

&

Development

0.2%

Colliers

International

Group 

3,576‌

416‌

DigitalBridge

Group 

30,331‌

557‌

FirstService 

5,651‌

932‌

Mitsui

Fudosan

(JPY) 

86,700‌

2,354‌

4,259‌

Residential

Real

Estate

Investment

Trusts

0.1%

Equity

LifeStyle

Properties,

REIT 

18,366‌

1,236‌

Flagship

Communities

REIT 

8,582‌

136‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Independence

Realty

Trust,

REIT 

31,772‌

465‌

1,837‌

Retail

Real

Estate

Investment

Trusts

0.1%

Scentre

Group

(AUD) 

709,231‌

1,435‌

1,435‌

Specialized

Real

Estate

Investment

Trusts

0.3%

CubeSmart,

REIT 

14,438‌

630‌

Public

Storage,

REIT 

13,695‌

3,888‌

Weyerhaeuser,

REIT 

53,856‌

1,851‌

6,369‌

Total

Real

Estate

17,753‌

UTILITIES

1.1%

Electric

Utilities

0.6%

Constellation

Energy 

47,036‌

7,923‌

IDACORP 

6,082‌

536‌

MGE

Energy 

2,831‌

179‌

NextEra

Energy 

39,695‌

2,191‌

OGE

Energy 

11,067‌

364‌

PNM

Resources 

13,164‌

481‌

Southern 

3,530‌

237‌

11,911‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

118,500‌

446‌

Chesapeake

Utilities 

7,200‌

734‌

ONE

Gas 

768‌

46‌

1,226‌

Independent

Power

&

Renewable

Electricity

Producers

0.1%

Electric

Power

Development

(JPY) 

60,900‌

1,000‌

1,000‌

Multi-Utilities

0.3%

Ameren 

27,255‌

1,940‌

Engie

(EUR) 

186,877‌

2,999‌

National

Grid

(GBP) 

151,099‌

1,977‌

6,916‌

Water

Utilities

0.0%

California

Water

Service

Group 

9,110‌

418‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Middlesex

Water 

2,243‌

114‌

532‌

Total

Utilities

21,585‌

Total

Miscellaneous

Common

Stocks

 0.1% (10)

2,779‌

Total

Common

Stocks

(Cost

$585,967)

1,077,134‌

CONVERTIBLE

PREFERRED

STOCKS

0.2%

CONSUMER

DISCRETIONARY

0.0%

Hotels,

Restaurants

&

Leisure

0.0%

Torchys

Holdings,

Series

D,

Acquisition

Date:

11/13/20,

Cost $91 (5)(6)(7)(8)

10,166‌

45‌

45‌

Specialty

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $134 (5)(6)(7)

22,936‌

23‌

23‌

Total

Consumer

Discretionary

68‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $— (5)(6)(7)

25‌

—‌

Total

Consumer

Staples

—‌

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Series

D,

Acquisition

Date:

1/28/22,

Cost $116 (5)(6)

(7)

1,101‌

80‌

Total

Financials

80‌

HEALTH

CARE

0.1%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $64 (5)(6)(7)

23,170‌

84‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $99 (5)(6)(7)

12,283‌

45‌

129‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $70 (5)(6)(7)

68,919‌

59‌

59‌

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $132 (5)(6)(7)

54,988‌

64‌

64‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Life

Sciences

Tools

&

Services

0.1%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $63 (5)(6)(7)

5,327‌

48‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $73 (5)(6)(7)

8,237‌

24‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $96 (5)(6)(7)

7,007‌

425‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $144 (5)(6)(7)

3,255‌

198‌

695‌

Total

Health

Care

947‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $74 (5)(6)(7)

1,636‌

57‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $146 (5)(6)(7)

26,194‌

128‌

185‌

Air

Freight

&

Logistics

0.0%

Flexe,

Series

C,

Acquisition

Date:

11/18/20,

Cost $68 (5)(6)(7)

5,632‌

36‌

Flexe,

Series

D,

Acquisition

Date:

4/7/22,

Cost $39 (5)(6)(7)

1,899‌

12‌

48‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $72 (5)(6)(7)

3,445‌

10‌

10‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $53 (5)(6)(7)

11,613‌

50‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $166 (5)(6)(7)

16,497‌

71‌

121‌

Total

Industrials

&

Business

Services

364‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $58 (5)(6)(7)

3,986‌

28‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $23 (5)(6)(7)

1,224‌

9‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $— (5)

(6)(7)

5‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $61 (5)(6)

(7)

2,321‌

169‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $12 (5)(6)

(7)

116‌

8‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $8 (5)(6)(7)

340‌

7‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $1 (5)(6)(7)

30‌

1‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $1 (5)

(6)(7)

40‌

1‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $96 (5)(6)(7)

4,280‌

84‌

307‌

Software

0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $27 (5)(6)(7)

16‌

17‌

Canva,

Series

A-3,

Acquisition

Date:

12/17/21,

Cost $2 (5)(6)(7)

1‌

1‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $147 (5)(6)(7)

2,493‌

183‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $433 (5)(6)

(7)

5,892‌

433‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $44 (5)(6)(7)

593‌

44‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $219 (5)(6)(7)

7,205‌

111‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $157 (5)

(6)(7)

12,058‌

49‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $69 (5)(6)(7)

3,303‌

14‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $68 (5)(6)(7)

13,365‌

68‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $88 (5)(6)(7)

14,030‌

101‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $10 (5)(6)(7)

1,110‌

8‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $31 (5)(6)(7)

1,943‌

12‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $26 (5)(6)(7)

1,595‌

10‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $1 (5)(6)(7)

29‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $59 (5)(6)(7)

3,698‌

23‌

1,074‌

Total

Information

Technology

1,381‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $88 (5)(6)(7)

1,853‌

88‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $123 (5)(6)(7)

2,982‌

61‌

149‌

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $75 (5)

(6)(7)

2,736‌

117‌

117‌

Total

Materials

266‌

Total

Convertible

Preferred

Stocks

(Cost

$3,627)

3,106‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CORPORATE

BONDS

4.2%

AbbVie,

3.20%,

11/21/29 

275,000‌

252‌

AbbVie,

4.05%,

11/21/39 

320,000‌

283‌

AbbVie,

4.25%,

11/21/49 

295,000‌

254‌

AbbVie,

4.50%,

5/14/35 

384,000‌

367‌

AbbVie,

4.70%,

5/14/45 

520,000‌

481‌

AbbVie,

4.875%,

11/14/48 

390,000‌

369‌

AbbVie,

5.05%,

3/15/34 

430,000‌

433‌

AbbVie,

5.35%,

3/15/44 

85,000‌

86‌

AbbVie,

5.40%,

3/15/54 

365,000‌

372‌

AbbVie,

5.50%,

3/15/64 

205,000‌

208‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

360,000‌

332‌

AerCap

Ireland

Capital,

3.30%,

1/30/32 

595,000‌

502‌

AerCap

Ireland

Capital,

5.10%,

1/19/29 

150,000‌

148‌

AES,

5.45%,

6/1/28 

125,000‌

125‌

Alexandria

Real

Estate

Equities,

5.25%,

5/15/36 

50,000‌

48‌

Ally

Financial,

4.75%,

6/9/27 

65,000‌

63‌

American

Airlines

PTT,

Series 2013-1,

Class

A,

4.00%,

7/15/25 

1‌

—‌

American

Electric

Power,

5.20%,

1/15/29 

215,000‌

215‌

American

Express,

VR,

5.098%,

2/16/28 (11)

250,000‌

249‌

American

Honda

Finance,

5.65%,

11/15/28 

255,000‌

263‌

American

Tower,

5.25%,

7/15/28 

65,000‌

65‌

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

305,000‌

313‌

Aon,

2.80%,

5/15/30 

110,000‌

95‌

AT&T,

3.50%,

9/15/53 

202,000‌

140‌

Athene

Global

Funding,

5.684%,

2/23/26 (1)

425,000‌

424‌

Autostrade

per

l'Italia,

2.00%,

1/15/30

(EUR) 

320,000‌

306‌

Baltimore

Gas

&

Electric,

5.40%,

6/1/53 

150,000‌

148‌

Bank

of

America,

VR,

1.898%,

7/23/31 (11)

1,295,000‌

1,050‌

Bank

of

America,

VR,

1.922%,

10/24/31 (11)

690,000‌

554‌

Bank

of

America,

VR,

3.559%,

4/23/27 (11)

180,000‌

172‌

Bank

of

America,

VR,

4.271%,

7/23/29 (11)

715,000‌

689‌

Bank

of

America,

VR,

5.819%,

9/15/29 (11)

457,000‌

465‌

Bank

of

New

York

Mellon,

VR,

6.317%,

10/25/29 (11)

290,000‌

304‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34 (11)

335,000‌

363‌

Barclays,

VR,

2.852%,

5/7/26 (11)

206,000‌

199‌

Barclays,

VR,

5.501%,

8/9/28 (11)

200,000‌

199‌

Barclays,

VR,

6.692%,

9/13/34 (11)

475,000‌

497‌

BAT

Capital,

2.259%,

3/25/28 

100,000‌

88‌

BAT

Capital,

6.00%,

2/20/34 

165,000‌

164‌

BAT

Capital,

6.343%,

8/2/30 

55,000‌

57‌

BAT

Capital,

7.079%,

8/2/43 

150,000‌

156‌

BAT

Capital,

7.081%,

8/2/53 

235,000‌

244‌

BAT

International

Finance,

1.668%,

3/25/26 

60,000‌

56‌

Bayer

U.S.

Finance,

6.125%,

11/21/26 (1)

200,000‌

201‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bayer

U.S.

Finance,

6.375%,

11/21/30 (1)

405,000‌

409‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

190,000‌

167‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

225,000‌

216‌

Becton

Dickinson

&

Company,

4.298%,

8/22/32 

95,000‌

89‌

Bimbo

Bakeries

USA,

5.375%,

1/9/36 (1)

200,000‌

199‌

Bimbo

Bakeries

USA,

6.40%,

1/15/34 (1)

200,000‌

214‌

BNP

Paribas,

VR,

5.497%,

5/20/30 (1)(11)

385,000‌

384‌

BNP

Paribas,

VR,

5.738%,

2/20/35 (1)(11)

380,000‌

378‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

255,000‌

226‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

43,000‌

42‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

495,000‌

498‌

Boeing,

3.25%,

2/1/28 

70,000‌

65‌

Boeing,

5.04%,

5/1/27 

445,000‌

440‌

Booz

Allen

Hamilton,

5.95%,

8/4/33 

135,000‌

139‌

Boston

Gas,

6.119%,

7/20/53 (1)

105,000‌

106‌

Bristol-Myers

Squibb,

5.10%,

2/22/31 

160,000‌

161‌

Bristol-Myers

Squibb,

5.20%,

2/22/34 

330,000‌

332‌

Bristol-Myers

Squibb,

5.55%,

2/22/54 

135,000‌

136‌

Bristol-Myers

Squibb,

5.65%,

2/22/64 

180,000‌

183‌

Bristol-Myers

Squibb,

6.25%,

11/15/53 

207,000‌

230‌

Brixmor

Operating

Partnership,

3.90%,

3/15/27 

335,000‌

319‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

93,000‌

85‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

798,000‌

747‌

Broadcom,

2.60%,

2/15/33 (1)

225,000‌

180‌

Broadcom,

3.419%,

4/15/33 (1)

307,000‌

261‌

Broadcom,

3.875%,

1/15/27 

60,000‌

58‌

CaixaBank,

VR,

6.208%,

1/18/29 (1)(11)

380,000‌

386‌

CaixaBank,

VR,

6.684%,

9/13/27 (1)(11)

295,000‌

300‌

CaixaBank,

VR,

6.84%,

9/13/34 (1)(11)

355,000‌

372‌

Capital

One

Financial,

3.65%,

5/11/27 

740,000‌

705‌

Capital

One

Financial,

3.75%,

3/9/27 

65,000‌

62‌

Capital

One

Financial,

VR,

2.359%,

7/29/32 (11)

165,000‌

125‌

Capital

One

Financial,

VR,

3.273%,

3/1/30 (11)

190,000‌

170‌

Capital

One

Financial,

VR,

5.247%,

7/26/30 (11)

100,000‌

97‌

Capital

One

Financial,

VR,

5.468%,

2/1/29 (11)

595,000‌

592‌

Capital

One

Financial,

VR,

5.70%,

2/1/30 (11)

135,000‌

136‌

Capital

One

Financial,

VR,

6.051%,

2/1/35 (11)

170,000‌

172‌

Capital

One

Financial,

VR,

6.312%,

6/8/29 (11)

60,000‌

62‌

Capital

One

Financial,

VR,

7.624%,

10/30/31 (11)

55,000‌

60‌

Carrier

Global,

2.493%,

2/15/27 

65,000‌

60‌

Carrier

Global,

5.80%,

11/30/25 

85,000‌

86‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK) (1)(12)

151,872‌

145‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK) (1)(12)

228,792‌

214‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK) (1)(12)

271,263‌

263‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

51,000‌

51‌

Celanese

U.S.

Holdings,

6.165%,

7/15/27 

65,000‌

66‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Centene,

2.50%,

3/1/31 

370,000‌

304‌

Centene,

2.625%,

8/1/31 

940,000‌

770‌

Centene,

4.25%,

12/15/27 

60,000‌

57‌

Centene,

4.625%,

12/15/29 

295,000‌

279‌

Charter

Communications

Operating,

3.75%,

2/15/28 

165,000‌

152‌

Charter

Communications

Operating,

5.25%,

4/1/53 

53,000‌

41‌

Charter

Communications

Operating,

6.484%,

10/23/45 

90,000‌

82‌

Charter

Communications

Operating,

6.65%,

2/1/34 

360,000‌

360‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

175,000‌

174‌

Cheniere

Energy,

4.625%,

10/15/28 

130,000‌

125‌

Citigroup,

4.45%,

9/29/27 

95,000‌

92‌

Citigroup,

VR,

3.106%,

4/8/26 (11)

185,000‌

180‌

Citigroup,

VR,

4.658%,

5/24/28 (11)

90,000‌

88‌

Citigroup,

VR,

5.61%,

9/29/26 (11)

430,000‌

430‌

Citigroup,

VR,

5.827%,

2/13/35 (11)

1,070,000‌

1,048‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28 (11)

405,000‌

380‌

CNO

Financial

Group,

5.25%,

5/30/25 

152,000‌

151‌

Columbia

Pipelines

Holding,

5.681%,

1/15/34 (1)

305,000‌

298‌

Comcast,

3.25%,

11/1/39 

445,000‌

341‌

Continental

Resources,

4.375%,

1/15/28 

65,000‌

62‌

Corebridge

Financial,

3.65%,

4/5/27 

65,000‌

62‌

Corebridge

Financial,

3.85%,

4/5/29 

65,000‌

60‌

Corebridge

Financial,

3.90%,

4/5/32 

320,000‌

282‌

Corebridge

Global

Funding,

5.20%,

1/12/29 (1)

60,000‌

59‌

Crown

Castle,

2.25%,

1/15/31 

860,000‌

701‌

Crown

Castle,

3.80%,

2/15/28 

65,000‌

61‌

Crown

Castle,

4.80%,

9/1/28 

60,000‌

58‌

Crown

Castle,

5.60%,

6/1/29 

240,000‌

241‌

Crown

Castle,

5.80%,

3/1/34 

155,000‌

157‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

725,000‌

707‌

CVS

Health,

3.25%,

8/15/29 

100,000‌

91‌

CVS

Health,

4.30%,

3/25/28 

65,000‌

63‌

CVS

Health,

5.05%,

3/25/48 

549,000‌

489‌

CVS

Health,

5.625%,

2/21/53 

335,000‌

325‌

CVS

Health,

5.875%,

6/1/53 

175,000‌

175‌

Daimler

Truck

Finance

North

America,

5.00%,

1/15/27 (1)

150,000‌

150‌

Daimler

Truck

Finance

North

America,

5.125%,

1/19/28 (1)

150,000‌

150‌

Daimler

Truck

Finance

North

America,

5.375%,

1/18/34 (1)

150,000‌

149‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(11)

205,000‌

201‌

Danske

Bank,

VR,

3.773%,

3/28/25 (1)(11)

255,000‌

254‌

Danske

Bank,

VR,

5.705%,

3/1/30 (1)(11)

230,000‌

230‌

Deutsche

Bank,

VR,

3.961%,

11/26/25 (11)

215,000‌

211‌

Diamondback

Energy,

6.25%,

3/15/53 

150,000‌

159‌

Dollar

General,

3.875%,

4/15/27 

65,000‌

62‌

Dollar

General,

5.45%,

7/5/33 

310,000‌

308‌

DTE

Energy,

4.875%,

6/1/28 

60,000‌

59‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

DTE

Energy,

5.10%,

3/1/29 

430,000‌

425‌

Duke

Energy,

5.00%,

8/15/52 

460,000‌

410‌

Duke

Energy,

6.10%,

9/15/53 

430,000‌

446‌

Edison

International,

4.95%,

4/15/25 

25,000‌

25‌

Edison

International,

6.95%,

11/15/29 

55,000‌

59‌

Elevance

Health,

5.125%,

2/15/53 

165,000‌

157‌

Enbridge,

6.20%,

11/15/30 

95,000‌

99‌

Enbridge,

6.70%,

11/15/53 

150,000‌

168‌

Enel

Finance

America,

7.10%,

10/14/27 (1)

200,000‌

210‌

Enel

Finance

International,

6.80%,

10/14/25 (1)

200,000‌

203‌

Energy

Transfer,

2.90%,

5/15/25 

140,000‌

136‌

Energy

Transfer,

5.55%,

5/15/34 

165,000‌

163‌

Energy

Transfer,

5.95%,

5/15/54 

110,000‌

107‌

Energy

Transfer,

6.40%,

12/1/30 

205,000‌

215‌

Energy

Transfer,

6.55%,

12/1/33 

100,000‌

106‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/26 (1)

295,000‌

271‌

Equitable

Holdings,

4.35%,

4/20/28 

940,000‌

905‌

Exelon,

5.15%,

3/15/28 

60,000‌

60‌

Exelon,

5.45%,

3/15/34 

165,000‌

164‌

Exelon,

5.60%,

3/15/53 

500,000‌

487‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

65,000‌

63‌

Fifth

Third

Bancorp,

2.55%,

5/5/27 

40,000‌

37‌

Fifth

Third

Bancorp,

3.95%,

3/14/28 

75,000‌

71‌

Fifth

Third

Bancorp,

VR,

5.631%,

1/29/32 (11)

100,000‌

99‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29 (11)

230,000‌

236‌

Fiserv,

4.20%,

10/1/28 

60,000‌

58‌

Ford

Motor,

9.625%,

4/22/30 

50,000‌

58‌

Ford

Motor

Credit,

6.798%,

11/7/28 

200,000‌

207‌

Ford

Motor

Credit,

7.122%,

11/7/33 

200,000‌

213‌

Freeport-McMoRan,

4.375%,

8/1/28 

121,000‌

115‌

Freeport-McMoRan,

5.00%,

9/1/27 

29,000‌

28‌

General

Motors

Financial,

4.00%,

10/6/26 

60,000‌

58‌

General

Motors

Financial,

5.40%,

5/8/27 

255,000‌

255‌

General

Motors

Financial,

5.80%,

6/23/28 

120,000‌

122‌

Georgia

Power,

4.95%,

5/17/33 

330,000‌

323‌

Georgia

Power,

5.25%,

3/15/34 

210,000‌

208‌

GLP

Capital,

3.35%,

9/1/24 

100,000‌

98‌

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27 (11)

410,000‌

373‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28 (11)

390,000‌

370‌

Goldman

Sachs

Group,

VR,

3.691%,

6/5/28 (11)

125,000‌

119‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (11)

395,000‌

386‌

HCA,

2.375%,

7/15/31 

140,000‌

114‌

HCA,

3.125%,

3/15/27 

165,000‌

155‌

HCA,

3.375%,

3/15/29 

65,000‌

59‌

HCA,

3.50%,

9/1/30 

343,000‌

306‌

HCA,

4.50%,

2/15/27 

60,000‌

59‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HCA,

5.375%,

9/1/26 

130,000‌

129‌

HCA,

5.875%,

2/15/26 

120,000‌

120‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

150,000‌

115‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

440,000‌

402‌

HSBC

Holdings,

VR,

2.099%,

6/4/26 (11)

215,000‌

206‌

HSBC

Holdings,

VR,

4.755%,

6/9/28 (11)

480,000‌

469‌

Humana,

4.875%,

4/1/30 

310,000‌

305‌

Humana,

5.95%,

3/15/34 

175,000‌

181‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25 (11)

250,000‌

248‌

Hyundai

Capital

America,

5.25%,

1/8/27 (1)

100,000‌

100‌

Hyundai

Capital

America,

5.40%,

1/8/31 (1)

60,000‌

60‌

Hyundai

Capital

America,

5.50%,

3/30/26 (1)

100,000‌

100‌

Hyundai

Capital

America,

6.50%,

1/16/29 (1)

115,000‌

120‌

Indiana

Michigan

Power,

5.625%,

4/1/53 

30,000‌

30‌

ING

Groep,

VR,

6.114%,

9/11/34 (11)

200,000‌

207‌

Intercontinental

Exchange,

2.65%,

9/15/40 

90,000‌

64‌

Intercontinental

Exchange,

4.35%,

6/15/29 

350,000‌

339‌

Interpublic

Group,

4.65%,

10/1/28 

140,000‌

137‌

Invitation

Homes

Operating

Partnership,

5.45%,

8/15/30 

81,000‌

81‌

IQVIA,

6.25%,

2/1/29 

250,000‌

257‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (11)

680,000‌

629‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28 (11)

510,000‌

465‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31 (11)

475,000‌

404‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30 (11)

195,000‌

171‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (11)

330,000‌

287‌

JPMorgan

Chase,

VR,

5.04%,

1/23/28 (11)

180,000‌

179‌

JPMorgan

Chase,

VR,

5.336%,

1/23/35 (11)

165,000‌

164‌

Las

Vegas

Sands,

3.50%,

8/18/26 

170,000‌

160‌

Lowe's,

4.25%,

4/1/52 

87,000‌

70‌

Lowe's,

5.625%,

4/15/53 

120,000‌

119‌

Lowe's,

5.75%,

7/1/53 

110,000‌

111‌

LSEGA

Financing,

2.00%,

4/6/28 (1)

1,020,000‌

907‌

LSEGA

Financing,

2.50%,

4/6/31 (1)

285,000‌

239‌

LSEGA

Financing,

3.20%,

4/6/41 (1)

200,000‌

149‌

Marriott

International,

5.00%,

10/15/27 

245,000‌

244‌

Mars,

4.75%,

4/20/33 (1)

310,000‌

302‌

Marsh

&

McLennan,

2.25%,

11/15/30 

140,000‌

118‌

Marsh

&

McLennan,

5.70%,

9/15/53 

375,000‌

389‌

Mattel,

5.875%,

12/15/27 (1)

300,000‌

299‌

Meta

Platforms,

5.60%,

5/15/53 

555,000‌

575‌

Metropolitan

Life

Global

Funding

I,

5.15%,

3/28/33 (1)

180,000‌

178‌

Micron

Technology,

4.185%,

2/15/27 

90,000‌

87‌

Micron

Technology,

5.30%,

1/15/31 

200,000‌

197‌

Micron

Technology,

5.327%,

2/6/29 

180,000‌

180‌

Micron

Technology,

6.75%,

11/1/29 

215,000‌

228‌

MidAmerican

Energy,

5.85%,

9/15/54 

125,000‌

132‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Morgan

Stanley,

VR,

2.699%,

1/22/31 (11)

70,000‌

60‌

Morgan

Stanley,

VR,

5.123%,

2/1/29 (11)

830,000‌

826‌

Morgan

Stanley,

VR,

5.173%,

1/16/30 (11)

285,000‌

283‌

MPLX,

4.125%,

3/1/27 

60,000‌

58‌

Mylan,

4.55%,

4/15/28 

125,000‌

120‌

Netflix,

4.625%,

5/15/29

(EUR) 

500,000‌

565‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

305,000‌

248‌

NextEra

Energy

Capital

Holdings,

5.25%,

2/28/53 

135,000‌

126‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

210,000‌

211‌

Niagara

Mohawk

Power,

5.664%,

1/17/54 (1)

170,000‌

164‌

NiSource,

3.49%,

5/15/27 

70,000‌

66‌

NiSource,

5.25%,

3/30/28 

65,000‌

65‌

Nissan

Motor

Acceptance,

1.85%,

9/16/26 (1)

125,000‌

113‌

NRG

Energy,

4.45%,

6/15/29 (1)

155,000‌

143‌

Occidental

Petroleum,

6.125%,

1/1/31 

266,000‌

273‌

Occidental

Petroleum,

6.375%,

9/1/28 

85,000‌

88‌

Occidental

Petroleum,

6.625%,

9/1/30 

55,000‌

58‌

Occidental

Petroleum,

7.50%,

5/1/31 

235,000‌

259‌

Occidental

Petroleum,

8.875%,

7/15/30 

705,000‌

812‌

ONEOK,

5.65%,

11/1/28 

60,000‌

61‌

ONEOK,

5.80%,

11/1/30 

180,000‌

184‌

ONEOK,

6.05%,

9/1/33 

175,000‌

180‌

Oracle,

4.90%,

2/6/33 

305,000‌

294‌

O'Reilly

Automotive,

5.75%,

11/20/26 

90,000‌

91‌

Ovintiv,

5.65%,

5/15/28 

125,000‌

126‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

124,000‌

111‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

340,000‌

279‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

370,000‌

348‌

Pacific

Gas

&

Electric,

5.80%,

5/15/34 

235,000‌

234‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

110,000‌

111‌

Pacific

Gas

&

Electric,

6.70%,

4/1/53 

110,000‌

118‌

Pacific

Gas

&

Electric,

6.75%,

1/15/53 

245,000‌

263‌

Pacific

Gas

&

Electric,

6.95%,

3/15/34 

175,000‌

189‌

PacifiCorp,

5.30%,

2/15/31 

255,000‌

251‌

Palomino

Funding

Trust

I,

7.233%,

5/17/28 (1)

630,000‌

654‌

Pfizer

Investment

Enterprises,

4.75%,

5/19/33 

205,000‌

199‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53 

205,000‌

201‌

Pfizer

Investment

Enterprises,

5.34%,

5/19/63 

310,000‌

299‌

Philip

Morris

International,

5.125%,

2/15/30 

215,000‌

214‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

110,000‌

110‌

PNC

Financial

Services

Group,

VR,

5.30%,

1/21/28 (11)

90,000‌

90‌

PNC

Financial

Services

Group,

VR,

6.615%,

10/20/27 (11)

60,000‌

62‌

Public

Service

Enterprise

Group,

5.875%,

10/15/28 

65,000‌

67‌

Raizen

Fuels

Finance,

6.45%,

3/5/34 (1)

200,000‌

203‌

Raizen

Fuels

Finance,

6.95%,

3/5/54 (1)

200,000‌

204‌

Regency

Centers,

3.60%,

2/1/27 

300,000‌

286‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Revvity,

1.90%,

9/15/28 

280,000‌

242‌

Revvity,

2.25%,

9/15/31 

150,000‌

122‌

Revvity,

3.30%,

9/15/29 

170,000‌

153‌

Reynolds

American,

4.45%,

6/12/25 

53,000‌

52‌

Rogers

Communications,

3.20%,

3/15/27 

200,000‌

188‌

Rogers

Communications,

3.80%,

3/15/32 

210,000‌

187‌

Rogers

Communications,

4.35%,

5/1/49 

30,000‌

24‌

Rogers

Communications,

4.55%,

3/15/52 

950,000‌

783‌

Rogers

Communications,

5.00%,

2/15/29 

445,000‌

441‌

Rogers

Communications,

5.30%,

2/15/34 

385,000‌

378‌

Ross

Stores,

1.875%,

4/15/31 

365,000‌

296‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

65,000‌

63‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26 (11)

930,000‌

873‌

Sartorius

Finance,

4.875%,

9/14/35

(EUR) 

300,000‌

341‌

SBA

Tower

Trust,

1.84%,

4/15/27 (1)

440,000‌

392‌

SBA

Tower

Trust,

2.328%,

1/15/28 (1)

75,000‌

66‌

SBA

Tower

Trust,

2.593%,

10/15/31 (1)

360,000‌

283‌

Sempra,

3.40%,

2/1/28 

65,000‌

61‌

Sempra,

3.70%,

4/1/29 

105,000‌

98‌

Societe

Generale,

VR,

5.519%,

1/19/28 (1)(11)

630,000‌

623‌

Societe

Generale,

VR,

5.634%,

1/19/30 (1)(11)

305,000‌

301‌

Solventum,

5.40%,

3/1/29 (1)

290,000‌

290‌

Solventum,

5.60%,

3/23/34 (1)

775,000‌

770‌

Solventum,

5.90%,

4/30/54 (1)

310,000‌

306‌

Solventum,

6.00%,

5/15/64 (1)

310,000‌

302‌

Southern,

5.20%,

6/15/33 

495,000‌

488‌

Southern,

5.70%,

3/15/34 

380,000‌

387‌

Southern

California

Edison,

5.70%,

3/1/53 

170,000‌

169‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27 

235,000‌

232‌

Sprint

Capital,

6.875%,

11/15/28 

405,000‌

432‌

Sprint

Capital,

8.75%,

3/15/32 

295,000‌

357‌

Standard

Chartered,

VR,

1.456%,

1/14/27 (1)(11)

210,000‌

193‌

Standard

Chartered,

VR,

2.819%,

1/30/26 (1)(11)

220,000‌

213‌

Standard

Chartered,

VR,

3.971%,

3/30/26 (1)(11)

605,000‌

590‌

Stanley

Black

&

Decker,

2.75%,

11/15/50 

92,000‌

53‌

Sutter

Health,

5.164%,

8/15/33 

100,000‌

100‌

T-Mobile

USA,

5.75%,

1/15/54 

620,000‌

628‌

T-Mobile

USA,

6.00%,

6/15/54 

130,000‌

137‌

Targa

Resources,

6.15%,

3/1/29 

115,000‌

118‌

Targa

Resources

Partners,

5.00%,

1/15/28 

60,000‌

59‌

Targa

Resources

Partners,

5.50%,

3/1/30 

450,000‌

446‌

Targa

Resources

Partners,

6.875%,

1/15/29 

74,000‌

76‌

Thermo

Fisher

Scientific,

5.20%,

1/31/34 

140,000‌

142‌

Toronto-Dominion

Bank,

5.523%,

7/17/28 

65,000‌

66‌

U.S.

Bancorp,

VR,

5.384%,

1/23/30 (11)

125,000‌

124‌

U.S.

Bancorp,

VR,

5.678%,

1/23/35 (11)

205,000‌

204‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

UBS

Group,

VR,

5.959%,

1/12/34 (1)(11)

315,000‌

318‌

UBS

Group,

VR,

6.301%,

9/22/34 (1)(11)

225,000‌

233‌

UBS

Group,

VR,

6.537%,

8/12/33 (1)(11)

615,000‌

639‌

UBS

Group,

VR,

9.25% (1)(11)(13)

200,000‌

213‌

UnitedHealth

Group,

4.50%,

4/15/33 

310,000‌

298‌

UnitedHealth

Group,

5.05%,

4/15/53 

281,000‌

269‌

UnitedHealth

Group,

5.875%,

2/15/53 

270,000‌

290‌

Utah

Acquisition

Sub,

3.95%,

6/15/26 

851,000‌

822‌

Utah

Acquisition

Sub,

5.25%,

6/15/46 

30,000‌

24‌

VF,

2.95%,

4/23/30 

210,000‌

172‌

Viatris,

3.85%,

6/22/40 

283,000‌

210‌

Viatris,

4.00%,

6/22/50 

155,000‌

106‌

Vistra

Operations,

5.125%,

5/13/25 (1)

137,000‌

136‌

Vistra

Operations,

6.95%,

10/15/33 (1)

130,000‌

136‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26 (1)

600,000‌

570‌

Walt

Disney,

3.60%,

1/13/51 

175,000‌

132‌

Warnermedia

Holdings,

3.755%,

3/15/27 

459,000‌

435‌

Wells

Fargo,

4.30%,

7/22/27 

177,000‌

172‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (11)

1,860,000‌

1,696‌

Wells

Fargo,

VR,

2.572%,

2/11/31 (11)

1,560,000‌

1,333‌

Wells

Fargo,

VR,

5.198%,

1/23/30 (11)

370,000‌

367‌

Western

Midstream

Operating,

4.50%,

3/1/28 

60,000‌

57‌

Western

Midstream

Operating,

6.35%,

1/15/29 

60,000‌

62‌

Westlake,

1.625%,

7/17/29

(EUR) 

382,000‌

363‌

Williams,

3.75%,

6/15/27 

60,000‌

58‌

Xcel

Energy,

3.40%,

6/1/30 

360,000‌

321‌

Total

Corporate

Bonds

(Cost

$88,256)

85,172‌

EQUITY

MUTUAL

FUNDS

11.3%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund (3)

2,725,568‌

86,400‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (3)

7,126,418‌

67,487‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (3)

5,686,174‌

76,650‌

Total

Equity

Mutual

Funds

(Cost

$214,590)

230,537‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.2%

Gaci

First

Investment,

4.875%,

2/14/35 

315,000‌

299‌

Gaci

First

Investment,

5.125%,

2/14/53 

525,000‌

451‌

Kingdom

of

Saudi

Arabia,

4.75%,

1/16/30 (1)

200,000‌

197‌

Kingdom

of

Saudi

Arabia,

5.75%,

1/16/54 (1)

230,000‌

223‌

Petroleos

Mexicanos,

6.50%,

3/13/27 

790,000‌

735‌

Republic

of

Bulgaria,

4.375%,

5/13/31

(EUR) 

225,000‌

254‌

Republic

of

Bulgaria,

4.875%,

5/13/36

(EUR) (9)

254,000‌

294‌

Republic

of

Chile,

3.625%,

8/1/27 

255,000‌

240‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Republic

of

Chile,

6.30%,

9/8/53 

255,000‌

247‌

Republic

of

Chile,

6.30%,

9/8/53 (1)

200,000‌

194‌

Republic

of

Chile,

6.44%,

1/26/36 (1)

200,000‌

204‌

Republic

of

Panama,

7.50%,

3/1/31 

220,000‌

226‌

Republic

of

Romania,

5.875%,

1/30/29 (1)

340,000‌

338‌

United

Mexican

States,

5.00%,

5/7/29 

310,000‌

305‌

United

Mexican

States,

6.00%,

5/7/36 

290,000‌

289‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$4,451)

4,496‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.5%

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

TSFR

+

1.297%,

6.615%,

9/15/32 (1)

190,000‌

189‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-4,

Class

A20,

CMO,

ARM,

2.50%,

10/25/51 (1)

386,885‌

303‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.592%,

11/15/34 (1)

195,000‌

31‌

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56 (1)

184,035‌

158‌

BX

Commercial

Mortgage

Trust,

Series 2019-IMC,

Class

A,

ARM,

1M

TSFR

+

1.046%,

6.364%,

4/15/34 (1)

535,000‌

534‌

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

8.458%,

6/15/27 (1)

345,000‌

346‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

TSFR

+

1.411%,

6.729%,

10/15/36 (1)

330,000‌

324‌

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51 (1)

384,502‌

301‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51 (1)

148,564‌

121‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65 (1)

36,615‌

35‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

291,783‌

284‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

SOFR30A

+

1.114%,

6.436%,

2/25/30 

37,463‌

38‌

Credit

Suisse

Mortgage

Trust,

Series 2020-NET,

Class

A,

2.257%,

8/15/37 (1)

201,212‌

186‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.072%,

9/15/45 (1)

430,000‌

268‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

6.00%,

3/25/50 (1)

108,566‌

102‌

Flagstar

Mortgage

Trust,

Series 2021-3INV,

Class

A16,

CMO,

ARM,

2.50%,

6/25/51 (1)

321,336‌

251‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50 (1)

74,073‌

68‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

25,658‌

23‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58 (1)

18,895‌

17‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

A,

ARM,

1M

TSFR

+

1.348%,

6.666%,

12/15/36 (1)

420,000‌

420‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.947%,

7.265%,

12/15/36 (1)

335,000‌

334‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

5.133%,

7/25/44 (1)

5,903‌

6‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.925%,

10/25/50 (1)

166,028‌

139‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51 (1)

291,767‌

228‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR2,

Class

A4,

CMO,

ARM,

2.50%,

2/25/52 (1)

298,473‌

234‌

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56 (1)

129,364‌

105‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33 (1)

145,000‌

131‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

65,566‌

58‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

75,784‌

67‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.572%,

12/25/50 (1)

229,847‌

194‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (1)

64,710‌

57‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50 (1)

4,892‌

5‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

10,763‌

10‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.255%,

6/25/50 (1)

236,656‌

198‌

KIND

Trust,

Series 2021-KIND,

Class

B,

ARM,

1M

TSFR

+

1.464%,

6.784%,

8/15/38 (1)

679,382‌

646‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series 2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68 (1)

96,770‌

98‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51 (1)

241,237‌

191‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

166,219‌

147‌

OBX

Trust,

Series 2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63 (1)

95,303‌

97‌

SCG

Mortgage

Trust,

Series 2023-NASH,

Class

A,

ARM,

1M

TSFR

+

2.391%,

7.708%,

12/15/40 (1)

430,000‌

433‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.436%,

4/25/43 

131,283‌

122‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.779%,

8/25/47 (1)

194,061‌

175‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47 (1)

40,356‌

37‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48 (1)

8,454‌

8‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48 (1)

27,776‌

26‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

6,234‌

6‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

7.622%,

8/25/33 (1)

158,814‌

162‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2023-HQA3,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.85%,

7.172%,

11/25/43 (1)

397‌

—‌

Towd

Point

Mortgage

Trust,

Series 2019-HY3,

Class

A1A,

CMO,

ARM,

1M

TSFR

+

1.114%,

6.435%,

10/25/59 (1)

159,106‌

160‌

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51 (1)

306,827‌

240‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.889%,

3/25/60 (1)

100,000‌

96‌

Verus

Securitization

Trust,

Series 2021-5,

Class

A2,

CMO,

ARM,

1.218%,

9/25/66 (1)

172,793‌

143‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2016-C35,

Class

AS,

3.184%,

7/15/48 

695,000‌

646‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

1,165,000‌

1,065‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36 (1)

100,000‌

76‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$11,722)

10,339‌

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.1%

Automobiles

0.1%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

15,664‌

1,465‌

Total

Consumer

Discretionary

1,465‌

Total

Preferred

Stocks

(Cost

$1,335)

1,465‌

PRIVATE

INVESTMENT

COMPANIES

3.7%

Blackstone

Partners

Offshore

Fund (5)(7)

31,705‌

76,005‌

Total

Private

Investment

Companies

(Cost

$49,310)

76,005‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

3.9%

U.S.

Government

Agency

Obligations

2.9%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

87,013‌

82‌

3.00%,

12/1/42

-

2/1/47 

875,526‌

776‌

3.50%,

8/1/42

-

3/1/46 

832,560‌

759‌

4.00%,

8/1/40

-

12/1/41 

344,129‌

324‌

4.50%,

6/1/39

-

10/1/41 

250,404‌

246‌

5.00%,

7/1/25

-

8/1/40 

89,493‌

88‌

6.00%,

10/1/32

-

8/1/38 

66,762‌

69‌

6.50%,

11/1/29

-

10/1/32 

6,849‌

7‌

7.00%,

10/1/25

-

6/1/32 

4,295‌

4‌

Federal

Home

Loan

Mortgage,

ARM 

RFUCCT1Y

+

1.725%,

5.975%,

7/1/35 

1,274‌

1‌

RFUCCT1Y

+

1.75%,

6.125%,

2/1/35 

5,316‌

5‌

RFUCCT1Y

+

1.842%,

6.091%,

1/1/37 

10,128‌

10‌

RFUCCT1Y

+

1.917%,

6.292%,

2/1/37 

8,641‌

9‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

166,591‌

32‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36

-

4/1/37 

129,917‌

113‌

2.00%,

8/1/36

-

9/1/52 

4,693,265‌

3,746‌

2.50%,

6/1/37

-

5/1/52 

5,973,128‌

5,008‌

3.00%,

5/1/31

-

6/1/52 

2,384,874‌

2,083‌

3.50%,

6/1/47

-

11/1/50 

710,883‌

645‌

4.00%,

8/1/37

-

9/1/52 

593,541‌

560‌

4.50%,

9/1/37

-

11/1/52 

962,956‌

913‌

5.00%,

10/1/52

-

5/1/53 

186,444‌

180‌

5.50%,

8/1/53 

700,775‌

695‌

Federal

National

Mortgage

Assn. 

3.00%,

6/1/33

-

8/1/46 

89,495‌

79‌

3.50%,

6/1/42

-

5/1/46 

449,402‌

407‌

4.00%,

11/1/40 

159,662‌

153‌

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

+

1.87%,

6.12%,

8/1/36 

11,854‌

12‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

2,123‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

1,658,510‌

1,406‌

2.00%,

5/1/36

-

4/1/52 

16,538,619‌

13,364‌

2.50%,

1/1/32

-

4/1/52 

8,368,420‌

6,995‌

3.00%,

8/1/27

-

4/1/52 

5,549,816‌

4,915‌

3.50%,

2/1/35

-

1/1/52 

3,240,631‌

2,959‌

4.00%,

7/1/35

-

8/1/52 

2,915,652‌

2,739‌

4.50%,

7/1/39

-

8/1/52 

1,985,785‌

1,910‌

5.00%,

7/1/33

-

9/1/53 

1,832,746‌

1,795‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

5.50%,

11/1/34

-

10/1/53 

1,439,490‌

1,435‌

6.00%,

3/1/33

-

1/1/54 

2,220,865‌

2,251‌

6.50%,

7/1/32

-

11/1/53 

654,552‌

669‌

7.00%,

9/1/30

-

4/1/32 

2,588‌

3‌

UMBS,

TBA (14)

2.50%,

3/1/54 

510,000‌

419‌

3.50%,

3/1/54 

610,000‌

543‌

5.00%,

3/1/54 

760,000‌

737‌

5.50%,

3/1/54 

180,000‌

178‌

6.00%,

3/1/54 

110,000‌

110‌

6.50%,

3/1/54 

665,000‌

677‌

60,111‌

U.S.

Government

Obligations

1.0%

Government

National

Mortgage

Assn. 

1.50%,

9/20/36

-

1/20/37 

211,099‌

182‌

2.00%,

1/20/51

-

3/20/52 

4,267,845‌

3,474‌

2.50%,

8/20/50

-

3/20/52 

3,948,325‌

3,344‌

3.00%,

9/15/42

-

6/20/52 

3,504,058‌

3,085‌

3.50%,

11/20/42

-

7/20/52 

2,119,900‌

1,941‌

4.00%,

2/20/41

-

10/20/52 

2,059,523‌

1,933‌

4.50%,

11/20/39

-

4/20/53 

1,686,988‌

1,625‌

5.00%,

7/20/39

-

6/20/48 

730,881‌

729‌

5.50%,

10/20/32

-

3/20/49 

396,054‌

400‌

6.00%,

8/20/34

-

12/20/38 

167,406‌

173‌

6.50%,

2/15/29 

919‌

1‌

7.00%,

9/20/27 

445‌

—‌

7.50%,

1/15/30 

2,399‌

2‌

8.00%,

8/15/24

-

10/20/25 

36‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

48,936‌

44‌

3.50%,

10/20/50 

190,000‌

157‌

Government

National

Mortgage

Assn.,

CMO,

IO 

3.50%,

5/20/43 

102,556‌

16‌

4.00%,

2/20/43 

40,043‌

4‌

Government

National

Mortgage

Assn.,

TBA (14)

5.00%,

3/20/54 

640,000‌

625‌

5.50%,

3/20/54 

1,395,000‌

1,386‌

6.00%,

3/20/54 

725,000‌

729‌

6.50%,

3/20/54 

425,000‌

431‌

20,281‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$87,146)

80,392‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

4.6%

U.S.

Treasury

Obligations

4.6%

U.S.

Treasury

Bonds,

3.375%,

8/15/42 (15)(16)

8,640,000‌

7,387‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

5,945,000‌

5,199‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

366,100‌

320‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

2,165,000‌

1,983‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42 

6,045,000‌

5,643‌

U.S.

Treasury

Bonds,

4.125%,

8/15/53 

5,440,000‌

5,211‌

U.S.

Treasury

Bonds,

4.375%,

8/15/43 

210,000‌

206‌

U.S.

Treasury

Bonds,

4.75%,

11/15/53 

4,845,000‌

5,158‌

U.S.

Treasury

Inflation-Indexed

Notes,

1.375%,

7/15/33 

11,809,829‌

11,308‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

2,145,000‌

1,708‌

U.S.

Treasury

Notes,

1.50%,

1/31/27 

6,515,000‌

5,997‌

U.S.

Treasury

Notes,

4.125%,

6/15/26 

10,150,000‌

10,055‌

U.S.

Treasury

Notes,

4.13%,

8/31/30 

3,250,000‌

3,221‌

U.S.

Treasury

Notes,

4.50%,

7/15/26 

5,605,000‌

5,601‌

U.S.

Treasury

Notes,

4.50%,

11/15/33 

2,610,000‌

2,660‌

U.S.

Treasury

Notes,

4.625%,

9/15/26 

12,725,500‌

12,761‌

U.S.

Treasury

Notes,

4.625%,

10/15/26 (16)

8,685,000‌

8,713‌

93,131‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$94,971)

93,131‌

SHORT-TERM

INVESTMENTS

1.0%

Money

Market

Funds

1.0%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38% (3)(17)

21,051,683‌

21,052‌

Total

Short-Term

Investments

(Cost

$21,052)

21,052‌

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,

5.39% (3)(17)

4,725,742‌

4,726‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

4,726‌

Total

Securities

Lending

Collateral

(Cost

$4,726)

4,726‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

41

(Amounts

in

000s,

except

for

contracts)

OPTIONS

PURCHASED

0.0%

Exchange-Traded

Options

Purchased

0.0%

Description

Contracts

Notional

Amount

$

Value

U.S.

Treasury

10-Year

Notes

Futures,

Put,

3/22/24

@

$109.50 (5)

212‌

23,413‌

83‌

Total

Exchange-Traded

Options

Purchased

(Cost

$93)

83‌

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

30

Year

Interest

Rate

Swap,

8/12/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/8/24

@

3.80%* (5)

1‌

2,125‌

58‌

Barclays

Bank

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/9/24

@

3.80%* (5)

1‌

3,747‌

104‌

Citibank

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index,

12/20/28),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/20/24

@

1.04%* (5)

1‌

5,124‌

2‌

Goldman

Sachs

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/9/24

@

3.80%* (5)

1‌

1,873‌

52‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

42

(Amounts

in

000s,

except

for

contracts)

Counterparty

Description

Contracts

Notional

Amount

$

Value

JPMorgan

Chase

Credit

Default

Swap

Protection

Bought

(Relevant

Credit:

Markit

CDX.

NA.HY-S41,

5

Year

Index,

12/20/28),

Pay

5.00%

Quarterly,

Receive

upon

credit

default,

3/20/24

@

1.03%* (5)

1‌

9,976‌

2‌

Morgan

Stanley

30

Year

Interest

Rate

Swap,

8/12/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/8/24

@

3.80%* (5)

1‌

1,873‌

52‌

Morgan

Stanley

30

Year

Interest

Rate

Swap,

8/13/54

Pay

Fixed

3.80%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/9/24

@

3.80%* (5)

1‌

3,747‌

104‌

Total

OTC

Options

Purchased

(Cost

$455)

374‌

Total

Options

Purchased

(Cost

$548)

457‌

Total

Investments

in

Securities

100.4%

(Cost

$1,590,339)

$

2,050,302‌

Other

Assets

Less

Liabilities

(0.4)%

(7,374‌)

Net

Assets

100.0%

$

2,042,928‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

*

Exercise

Spread

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$40,744

and

represents

2.0%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

February

29,

2024.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Affiliated

Companies

(4)

SEC

30-day

yield

(5)

Non-income

producing

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

43

.

.

.

.

.

.

.

.

.

.

(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

$4,326

and

represents

0.2%

of

net

assets.

(7)

Level

3

in

fair

value

hierarchy.

(8)

Investment

in

a

partnership

held

indirectly

through

a

limited

liability

company

that

is

owned

by

the

fund

and

treated

as

a

corporation

for

U.S.

tax

purposes.

(9)

All

or

a

portion

of

this

security

is

on

loan

at

February

29,

2024.

(10)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(11)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(12)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(13)

Perpetual

security

with

no

stated

maturity

date.

(14)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$5,835

a

nd

represents

0.3%

of

net

assets.

(15)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

February

29,

2024.

(16)

At

February

29,

2024,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(17)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

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

ETF

Exchange-Traded

Fund

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

HKD

Hong

Kong

Dollar

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

44

.

.

.

.

.

.

.

.

.

.

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

OTC

Over-the-counter

PIK

Payment-in-kind

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RFUCCT1Y

Twelve

month

Refinitiv

USD

IBOR

Consumer

Cash

Fallback

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

overnight

financing

rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

45

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Barclays

Bank

2

Year

Interest

Rate

Swap,

8/12/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/8/24

@

4.20%*

1

17,060

(97‌)

Morgan

Stanley

2

Year

Interest

Rate

Swap,

8/12/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/8/24

@

4.20%*

1

15,533

(89‌)

Barclays

Bank

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

30,229

(172‌)

Goldman

Sachs

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

14,882

(85‌)

Morgan

Stanley

2

Year

Interest

Rate

Swap,

8/13/26

Pay

Fixed

4.20%

Annually,

Receive

Variable

5.32%

(SOFR)

Annually,

8/9/24

@

4.20%*

1

30,229

(172‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Call,

4/19/24

@

$77.00

1,759

13,602

(110‌)

Goldman

Sachs

iShares

iBoxx

High

Yield

Corporate

Bond

ETF,

Put,

4/19/24

@

$77.00

3,015

23,315

(166‌)

Morgan

Stanley

S&P

500

Index,

Call,

4/19/24

@

$5,125.00

181

92,242

(1,459‌)

Total

Options

Written

(Premiums

$(2,069))

$

(2,350‌)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

46

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Bought

0.0%

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.AAA-S15,

40

Year

Index),

Pay

0.50%

Monthly,

Receive

upon

credit

default,

11/18/64

8,628

132

226

(94‌)

Morgan

Stanley,

Protection

Bought

(Relevant

Credit:

Markit

CMBX.

NA.AAA-S16,

40

Year

Index),

Pay

0.50%

Monthly,

Receive

upon

credit

default,

4/17/65

340

6

10

(4‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

236

(98‌)

Credit

Default

Swaps,

Protection

Sold

0.0%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Barclays

Bank,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(EUR)

*

88

—

—

—‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

—

—‌

Total

Bilateral

Swaps

236

(98‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Freeport-McMoRan,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

470

(1)

(1)

—‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.EM.IG-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

3,025

48

44

4‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

2,198

162

2

160‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

47

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

21,978

497

426

71‌

Protection

Sold

(Relevant

Credit:

Markit

iTraxx

Europe

Subordinated

Financials-S40,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

(EUR)

3,550

(20)

(17)

(3‌)

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

4,271

37

6

31‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

263‌

Total

Centrally

Cleared

Swaps

263‌

Net

payments

(receipts)

of

variation

margin

to

date

(241‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

22‌

*

Credit

ratings

as

of

February

29,

2024.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$27.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

48

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Barclays

Bank

3/4/24

AUD

1,524‌

JPY

147,450‌

$

6‌

Citibank

3/4/24

AUD

2,335‌

JPY

225,923‌

10‌

Citibank

3/4/24

JPY

668,053‌

AUD

7,007‌

(96‌)

Deutsche

Bank

5/24/24

USD

134‌

EUR

124‌

—‌

Deutsche

Bank

5/24/24

USD

353‌

EUR

326‌

(1‌)

Goldman

Sachs

3/4/24

AUD

1,523‌

JPY

147,354‌

7‌

JPMorgan

Chase

3/4/24

AUD

1,523‌

JPY

147,326‌

7‌

JPMorgan

Chase

5/24/24

USD

118‌

EUR

108‌

—‌

State

Street

3/4/24

AUD

102‌

USD

67‌

—‌

State

Street

5/24/24

USD

1,391‌

EUR

1,286‌

(4‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(71‌)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

49

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

39

Euro

BUND

contracts

3/24

(5,591)

$

35‌

Short,

62

MSCI

EAFE

Index

contracts

3/24

(7,092)

(369‌)

Long,

88

S&P

500

E-Mini

Index

contracts

3/24

22,456

184‌

Long,

122

U.S.

Treasury

Notes

five

year

contracts

6/24

13,043

3‌

Short,

120

U.S.

Treasury

Notes

ten

year

contracts

6/24

(13,253)

(11‌)

Short,

190

U.S.

Treasury

Notes

two

year

contracts

6/24

(38,903)

(8‌)

Long,

66

Ultra

U.S.

Treasury

Bonds

contracts

6/24

8,440

56‌

Short,

60

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/24

(6,850)

(6‌)

Net

payments

(receipts)

of

variation

margin

to

date

223‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

107‌

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

50

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

February

29,

2024.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.47% 

$

(1,775‌)

$

(1,371‌)

$

1,690‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

0.58% 

—‌

—‌

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.25% 

(2,089‌)

5,684‌

2,727‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

(390‌)

(58‌)

1,608‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.58% 

(328‌)

1,057‌

1,621‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.24% 

(811‌)

3,358‌

3,093‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.19% 

(1,940‌)

4,511‌

1,780‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

0.58% 

—‌

(2‌)

12‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

(1,695‌)

1,914‌

4,113‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

2,683‌

1,468‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.44% 

(5,704‌)

436‌

1,673‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38%

—‌

—‌

1,486‌

Totals

$

(14,732‌)#

$

18,212‌

$

21,271‌+

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

51

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

02/29/24

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

4.47% 

$

59,822‌

$

3,740‌

$

9,775‌

$

52,416‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

0.58% 

7‌

—‌

—‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.25% 

64,066‌

2,726‌

8,539‌

63,937‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

86,490‌

1,608‌

1,640‌

86,400‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.58% 

27,850‌

1,871‌

7,178‌

23,600‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.24% 

60,296‌

4,093‌

6,311‌

61,436‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.19% 

84,741‌

1,779‌

10,190‌

80,841‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

0.58% 

78‌

4,352‌

—‌

4,428‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

77,155‌

4,113‌

15,695‌

67,487‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

54,489‌

19,478‌

—‌

76,650‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.44% 

65,095‌

2,521‌

11,704‌

56,348‌

T.

Rowe

Price

Government

Reserve

Fund,

5.39%

817‌

 ¤

 ¤

4,726‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.38%

54,980‌

 ¤

 ¤

21,052‌

Total

$

599,328‌^

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

52

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

$21,271

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

$643,412.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

Unaudited

Notes

to

Portfolio

of

Investments

53

T.

Rowe

Price

Spectrum

Moderate

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 fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

54

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

its portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

55

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

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 Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

for

determining

the

fair

value

of

investments

for

which

market

quotations

are

not

readily

available

or

deemed

unreliable,

including

the

use

of

other

pricing

sources.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

The

Valuation

Designee typically

will

afford

greatest

weight

to

actual

prices

in

arm’s

length

transactions,

to

the

extent

they

represent

orderly

transactions

between

market

participants,

transaction

information

can

be

reliably

obtained,

and

prices

are

deemed

representative

of

fair

value.

However,

the

Valuation

Designee may

also

consider

other

valuation

methods

such

as

market-based

valuation

multiples;

a

discount

or

premium

from

market

value

of

a

similar,

freely

traded

security

of

the

same

issuer;

discounted

cash

flows;

yield

to

maturity;

or

some

combination.

Fair

value

determinations

are

reviewed

on

a

regular

basis.

Because

any

fair

value

determination

involves

a

significant

amount

of

judgment,

there

is

a

degree

of

subjectivity

inherent

in

such

pricing

decisions. Fair

value

prices

determined

by

the

Valuation

Designee could

differ

from

those

of

other

market

participants,

and

it

is

possible

that

the

fair

value

determined

for

a

security

may

be

materially

different

from

the

value

that

could

be

realized

upon

the

sale

of

that

security.

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

56

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

29,

2024

(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

$

—‌

$

292,807‌

$

—‌

$

292,807‌

Bond

Mutual

Funds

343,013‌

—‌

—‌

343,013‌

Common

Stocks

823,894‌

252,033‌

1,207‌

1,077,134‌

Convertible

Preferred

Stocks

—‌

—‌

3,106‌

3,106‌

Equity

Mutual

Funds

230,537‌

—‌

—‌

230,537‌

Preferred

Stocks

—‌

1,465‌

—‌

1,465‌

Private

Investment

Companies

—‌

—‌

76,005‌

76,005‌

Short-Term

Investments

21,052‌

—‌

—‌

21,052‌

Securities

Lending

Collateral

4,726‌

—‌

—‌

4,726‌

Options

Purchased

83‌

374‌

—‌

457‌

Total

Securities

1,423,305‌

546,679‌

80,318‌

2,050,302‌

Swaps*

—‌

404‌

—‌

404‌

Forward

Currency

Exchange

Contracts

—‌

30‌

—‌

30‌

Futures

Contracts*

278‌

—‌

—‌

278‌

Total

$

1,423,583‌

$

547,113‌

$

80,318‌

$

2,051,014‌

Liabilities

Options

Written

$

—‌

$

2,350‌

$

—‌

$

2,350‌

Swaps*

—‌

3‌

—‌

3‌

Forward

Currency

Exchange

Contracts

—‌

101‌

—‌

101‌

Futures

Contracts*

394‌

—‌

—‌

394‌

Total

$

394‌

$

2,454‌

$

—‌

$

2,848‌

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).

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

57

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

February

29,

2024.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

February

29,

2024,

totaled $(75,000) for

the

period ended

February

29,

2024.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Designee considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

5/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

2/29/24

Investment

in

Securities

Common

Stocks

$

2,499‌

$

(69‌)

$

467‌

$

(1,690‌)

$

1,207‌

Convertible

Bonds

8‌

(8‌)

—‌

—‌

—‌

Convertible

Preferred

Stocks

4,718‌

(1,073‌)

44‌

(583‌)

3,106‌

Private

Investment

Companies

86,906‌

6,099‌

—‌

(17,000‌)

76,005‌

Total

$

94,131‌

$

4,949‌

$

511‌

$

(19,273‌)

$

80,318‌

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stocks

$

1,207‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Relative

value

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

58

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Enterprise

value

to

sales

multiple

1.7x

–

11.5x

3.6x

Increase

Sales

growth

rate

5%

-

55%

19%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–

15.3

9.2x

Increase

Gross

profit

growth

rate

24%

-

25%

24%

Increase

Enterprise

value

to

EBITDA

multiple

18.1x

18.1x

Increase

Price

to

tangible

book

value

multiple

1.4x

–

2.7x

1.7x

Increase

Tangible

book

value

growth

rate

3%

–

7%

6%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

Risk-free

rate

5%

5%

Increase

Volatility

35%

-

41%

35%

Increase

Convertible

Preferred

Stocks

$

3,106‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Conversion

ratio

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

59

Investments

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Probability

for

potential

outcome

25%

-

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.0x

–

11.9x

5.7x

Increase

Sales

growth

rate

5%

-

129%

32%

Increase

Projected

enterprise

value

to

sales

multiple

3.6x

–

17.6x

9.9x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

–

8.4x

7.6x

Increase

Enterprise

value

to

gross

profit

multiple

1.5x

–

18.3x

9.0x

Increase

Gross

profit

growth

rate

16%

-

35%

24%

Increase

Enterprise

value

to

EBITDA

multiple

18.1x

18.1x

Increase

Price

to

tangible

book

value

multiple

2.1x

–

2.7x

2.4x

Increase

Tangible

book

value

growth

rate

3%

–

7%

5%

Increase

Rate

of

return

40%

40%

Decrease

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

60

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war

and

conflict,

terrorism,

geopolitical

events,

and

public

health

epidemics and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

the fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

The

global

outbreak

of

COVID-19

and

the

related

governmental

and

public

responses

have

led

and

may

continue

to

lead

to

increased

market

volatility

and

the

potential

for

illiquidity

in

certain

classes

of

securities

and

sectors

of

the

market

either

in

specific

countries

or

worldwide.

Investments

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

rate

for

cost

of

capital

15%

-

25%

19%

Decrease

Discount

for

uncertainty

80%

-

100%

82%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

76,005‌

Rollforward

of

Investee

NAV

Estimated

return

1.23%

1.23%

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Allocation

Fund

61

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict,

leading

to

economic

sanctions imposed

on

Russia

that

target certain

of

its

citizens

and

issuers

and

sectors

of

the

Russian

economy,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

In

March

2023,

the

banking

industry

experienced

heightened

volatility,

which

sparked

concerns

of

potential

broader

adverse

market

conditions.

The

extent

of

impact

of

these

events

on

the

US

and

global

markets

is

highly

uncertain.

These

are

recent

examples

of

global

events

which

may

have

a

negative

impact

on

the

values

of

certain

portfolio

holdings

or

the

fund's

overall

performance.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F102-054Q3

02/24