UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-07173

T. Rowe Price Spectrum Funds II, Inc.

(Exact name of registrant as specified in charter)

100 East Pratt Street, Baltimore, MD 21202

(Address of principal executive offices)

David Oestreicher

100 East Pratt Street, Baltimore, MD 21202

(Name and address of agent for service)

Registrant’s telephone number, including area code: (410) 345-2000

Date of fiscal year end: May 31

Date of reporting period: November 30, 2023

Item 1. Reports to Shareholders

(a) Report pursuant to Rule 30e-1

Market

Commentary

Portfolio

Summary

Fund

Expense

Example

Financial

Highlights

Portfolio

of

Investments

Financial

Statements

and

Notes

Additional

Fund

Information

November

30,

2023

Semiannual

Report

T.

ROWE

PRICE

Spectrum

Allocation

Funds

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

Log

in

to

your

account

at

troweprice.com

for

more

information.

*

An

account

service

fee

will

be

charged

annually

for

each

T.

Rowe

Price

mutual

fund

account

unless

you

meet

criteria

for

a

fee

waiver.

Go

to

troweprice.com/personal-investing/help/fees-and-

minimums.html

to

learn

more

about

this

account

service

fee,

including

other

ways

to

waive

it.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

Market

Commentary

1

Dear

Shareholder

Major

global

stock

and

bond

indexes

produced

mixed

returns

during

the

first

half

of

your

fund’s

fiscal

year,

the

six-month

period

ended

November

30,

2023.

Nearly

all

equity

benchmarks

finished

the

period

with

positive

results

after

a

strong

rally

in

November;

however,

rising

U.S.

Treasury

yields

left

some

fixed

income

sectors

in

negative

territory.

Within

the

S&P

500

Index,

the

financials

sector

recovered

from

the

failure

of

three

large

regional

banks

earlier

in

the

year and

recorded

the

best

results

for

the

period.

The

information

technology

sector

also

delivered

strong

gains

as

technology

companies

benefited

from

investor

enthusiasm

for

artificial

intelligence

developments.

Outside

the

U.S.,

stocks

in

developed

markets

generally

outpaced

their

counterparts

in

emerging

markets,

although

emerging

Europe

and

Latin

America

produced

very

strong

returns

at

the

regional

level.

The

U.S.

economy

was

the

strongest

among

the

major

markets

during

the

period,

with

gross

domestic

product

growth

coming

in

at

5.2%

in

the

third

quarter’s

revised

estimate,

the

highest

since

the

end

of

2021.

Corporate

fundamentals

were

also

broadly

supportive.

Although

year-over-year

earnings

growth

contracted

in

the

first

and

second

quarters

of

2023,

results

were

better

than

expected,

and

earnings

growth

turned

positive

again

in

the

third

quarter.

Inflation

remained

a

concern

for

both

investors

and

policymakers,

but

lower-

than-expected

inflation

data

in

November

helped

spur

a

rally

late

in

the

period

as

many

investors

concluded

that

the

Federal

Reserve

had

reached

the

end

of

its

hiking

cycle.

The

Fed

raised

its

short-term

lending

benchmark

rate

to

a

target

range

of

5.25%

to

5.50%

in

July,

the

highest

level

since

March

2001,

and

then

held

rates

steady

for

the

remainder

of

the

period.

Despite

a

drop

in

yields

as

investor

sentiment

shifted

in

November,

intermediate-

and

longer-term

U.S.

Treasury

yields

finished

the

period

notably

higher.

After

starting

the

period

at

3.64%,

the

yield

on

the

benchmark

10-year

Treasury

note

briefly

reached

5.00%

in

October

for

the

first

time

since

late

2007

before

falling to

4.37%

by

the

end

of

November.

The

rise

in

yields

led

to

negative

returns

in

some

fixed

income

sectors,

but

both

investment-grade

and

high

yield

corporate

bonds

produced

solid

returns,

supported

by

the

higher

coupons

that

have

become

available

over

the

past

year

as

well

as

by increasing

hopes

that

the

economy

might

be

able

to

avoid

a

recession.

Global

economies

and

markets

showed

surprising

resilience

in

2023,

but

considerable

uncertainty

remains

as

we

look

ahead.

Geopolitical

events,

the

path

of

monetary

policy,

and

the

impact

of

the

Fed’s

rate

hikes

on

the

economy

all

raise

the

potential

for

additional

volatility.

We

believe

this

environment

T.

ROWE

PRICE

Spectrum

Allocation

Funds

2

makes

skilled

active

management

a

critical

tool

for

identifying

risks

and

opportunities,

and

our

investment

teams

will

continue

to

use

fundamental

research

to

help

identify

securities

that

can

add

value

to

your

portfolio

over

the

long

term.

You

may

notice

that

this

report

no

longer

contains

the

commentary

on

your

fund’s

performance

and

positioning

that

we

previously

included

in

the

semiannual

shareholder

letters.

The

Securities

and

Exchange

Commission

adopted

new

rules

recently

that

will

require

fund

reports

to

transition

to

a

new

format

known

as

a

Tailored

Shareholder

Report.

This

change

will

require

a

much

more

concise

summary

of

performance

rather

than

the

level

of

detail

we

have

provided

historically

while

also

aiming

to

be

more

visually

engaging.

As

we

prepare

to

make

changes

to

the

annual

reports

to

meet

the

new regulatory

requirements

by

mid-2024,

we

felt

the

time

was

right

to

discontinue

the

optional

six-month

semiannual

fund

letter

to

focus

on

the

changes

to

come.

Although

semiannual

fund

letters

will

no

longer

be

produced,

you

may

continue

to

access

current

fund

information

as

well

as

insights

and

perspectives

from

our

investment

team

on

our

personal

investing

website.

Thank

you

for

your

continued

confidence

in

T.

Rowe

Price.

Sincerely, 

Robert

Sharps

CEO

and

President

T.

ROWE

PRICE

Spectrum

Allocation

Funds

Portfolio

Summary

3

SPECTRUM

CONSERVATIVE

ALLOCATION

FUND

SPECTRUM

MODERATE

ALLOCATION

FUND

SECURITY

DIVERSIFICATION

Spectrum

Conservative

Allocation

Fund

*

Includes

the

cash

underlying

futures

positions.

SECURITY

DIVERSIFICATION

Spectrum

Moderate

Allocation

Fund

*

Includes

the

cash

underlying

futures

positions.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

4

SPECTRUM

MODERATE

GROWTH

ALLOCATION

FUND

SECURITY

DIVERSIFICATION

Spectrum

Moderate

Growth

Allocation

Fund

*

Includes

the

cash

underlying

futures

positions.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

5

FUND

EXPENSE

EXAMPLE 

As

mutual

fund

shareholder,

you

may

incur

two

types

of

costs:

(1)

transaction

costs,

such

as

redemption

fees

or

sales

loads,

and

(2)

ongoing

costs,

including

management

fees,

distribution

and

service

(12b-1)

fees,

and

other

fund

expenses.

The

following

example

is

intended

to

help

you

understand

your

ongoing

costs

(in

dollars)

of

investing

in

the

fund

and

to

compare

these

costs

with

the

ongoing

costs

of

investing

in

other

mutual

funds.

The

example

is

based

on

an

investment

of

$1,000

invested

at

the

beginning

of

the

most

recent

six-month

period

and

held

for

the

entire

period.

Please

note

that

the

fund

has

two

share

classes:

The

original

share

class

(Investor

Class)

charges

no

distribution

and

service

(12b-1)

fee,

and

the

I

Class

shares

are

also

available

to

institutionally

oriented

clients

and

impose

no

12b-1

or

administrative

fee

payment.

Each

share

class

is

presented

separately

in

the

table.

Actual

Expenses

The

first

line

of

the

following

table

(Actual)

provides

information

about

actual

account

values

and

expenses

based

on

the

fund’s

actual

returns.

You

may

use

the

information

on

this

line,

together

with

your

account

balance,

to

estimate

the

expenses

that

you

paid

over

the

period.

Simply

divide

your

account

value

by

$1,000

(for

example,

an

$8,600

account

value

divided

by

$1,000

=

8.6),

then

multiply

the

result

by

the

number

on

the

first

line

under

the

heading

“Expenses

Paid

During

Period”

to

estimate

the

expenses

you

paid

on

your

account

during

this

period.

Hypothetical

Example

for

Comparison

Purposes

The

information

on

the

second

line

of

the

table

(Hypothetical)

is

based

on

hypothetical

account

values

and

expenses

derived

from

the

fund’s

actual

expense

ratio

and

an

assumed

5%

per

year

rate

of

return

before

expenses

(not

the

fund’s

actual

return).

You

may

compare

the

ongoing

costs

of

investing

in

the

fund

with

other

funds

by

contrasting

this

5%

hypothetical

example

and

the

5%

hypothetical

examples

that

appear

in

the

shareholder

reports

of

the

other

funds.

The

hypothetical

account

values

and

expenses

may

not

be

used

to

estimate

the

actual

ending

account

balance

or

expenses

you

paid

for

the

period.

Note:

T.

Rowe

Price

charges

an

annual

account

service

fee

of

$20,

generally

for

accounts

with

less

than

$10,000.

The

fee

is

waived

for

any

investor

whose

T.

Rowe

Price

mutual

fund

accounts

total

$50,000

or

more;

accounts

electing

to

receive

electronic

delivery

of

account

statements,

transaction

confirmations,

prospectuses,

and

shareholder

reports;

or

accounts

of

an

investor

who

is

a

T.

Rowe

Price

Personal

Services

or

Enhanced

Personal

Services

client

(enrollment

in

these

programs

generally

requires

T.

Rowe

Price

assets

of

at

least

$250,000).

This

fee

is

not

included

in

the

accompanying

table.

If

you

are

subject

to

the

fee,

keep

it

in

mind

when

you

are

estimating

the

ongoing

expenses

of

investing

in

the

fund

and

when

comparing

the

expenses

of

this

fund

with

other

funds.

You

should

also

be

aware

that

the

expenses

shown

in

the

table

highlight

only

your

ongoing

costs

and

do

not

reflect

any

transaction

costs,

such

as

redemption

fees

or

sales

loads.

Therefore,

the

second

line

of

the

table

is

useful

in

comparing

ongoing

costs

only

and

will

not

help

you

determine

the

relative

total

costs

of

owning

different

funds.

To

the

extent

a

fund

charges

transaction

costs,

however,

the

total

cost

of

owning

that

fund

is

higher.

T.

ROWE

PRICE

Spectrum

Allocation

Funds

6

SPECTRUM

CONSERVATIVE

ALLOCATION

FUND

Beginning

Account

Value

6/1/23

Ending

Account

Value

11/30/23

Expenses

Paid

During

Period*

6/1/23

to

11/30/23

Investor

Class

Actual

$1,000.00

$1,037.60

$1.99

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.05

  1.97

I

Class

Actual

  1,000.00

  1,038.80

  1.38

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.65

  1.37

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.39%,

and

the

2

I Class

was

0.27%.

SPECTRUM

MODERATE

ALLOCATION

FUND

Beginning

Account

Value

6/1/23

Ending

Account

Value

11/30/23

Expenses

Paid

During

Period*

6/1/23

to

11/30/23

Investor

Class

Actual

$1,000.00

$1,048.70

$2.77

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.30

  2.73

I

Class

Actual

  1,000.00

  1,048.90

  2.05

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,023.00

  2.02

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.54%,

and

the

2

I Class

was

0.40%.

FUND

EXPENSE

EXAMPLE 

(CONTINUED)

T.

ROWE

PRICE

Spectrum

Allocation

Funds

7

SPECTRUM

MODERATE

GROWTH

ALLOCATION

FUND

Beginning

Account

Value

6/1/23

Ending

Account

Value

11/30/23

Expenses

Paid

During

Period*

6/1/23

to

11/30/23

Investor

Class

Actual

$1,000.00

$1,061.70

$3.25

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,021.85

  3.18

I

Class

Actual

  1,000.00

  1,062.50

  2.48

Hypothetical

(assumes

5%

return

before

expenses)

 1,000.00

  1,022.60

  2.43

*

Expenses

are

equal

to

the

fund’s

annualized

expense

ratio

for

the

6-month

period,

multiplied

by

the

average

account

value

over

the

period,

multiplied

by

the

number

of

days

in

the

most

recent

fiscal

half

year

(183),

and

divided

by

the

days

in

the

year

(366)

to

reflect

the

half-year

period.

The

annualized

expense

ratio

of

the

1

Investor

Class

was

0.63%,

and

the

2

I Class

was

0.48%.

FUND

EXPENSE

EXAMPLE 

(CONTINUED)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

C11-051

1/24

November

30,

2023

SemiAnnual

Report

|

Financial

Statements

For

more

insights

from

T.

Rowe

Price

investment

professionals,

go

to

troweprice.com

.

T.

ROWE

PRICE

PRSIX

Spectrum

Conservative

Allocation

Fund

–

.

PPIPX

Spectrum

Conservative

Allocation

Fund–

.

I Class

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Financial

Highlights

10

For

a

share

outstanding

throughout

each

period

Investor

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

18.08‌

$

19.22‌

$

22.49‌

$

19.35‌

$

19.14‌

$

19.59‌

Investment

activities

Net

investment

income

(1)(2)

0.23‌

0.44‌

0.31‌

0.29‌

0.36‌

0.46‌

Net

realized

and

unrealized

gain/loss

0.44‌

(0.56‌)

(1.93‌)

3

.65‌

0.52‌

0.09‌

Total

from

investment

activities

0.67‌

(0.12‌)

(1.62‌)

3.94‌

0.88‌

0.55‌

Distributions

Net

investment

income

(0.27‌)

(0.42‌)

(0.30‌)

(0.28‌)

(0.39‌)

(0.46‌)

Net

realized

gain

—‌

(0.60‌)

(1.35‌)

(0.52‌)

(0.28‌)

(0.54‌)

Total

distributions

(0.27‌)

(1.02‌)

(1.65‌)

(0.80‌)

(0.67‌)

(1.00‌)

NET

ASSET

VALUE

End

of

period

$

18.48‌

$

18.08‌

$

19.22‌

$

22.49‌

$

19.35‌

$

19.14‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Financial

Highlights

11

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Investor

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

3.76‌%

(0.43‌)%

(7.85‌)%

20.70‌%

4.60‌%

3.02‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.60‌%

(4)

0.60‌%

0.56‌%

0.55‌%

0.56‌%

0.57‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.39‌%

(4)

0.38‌%

0.36‌%

0.37‌%

0.38‌%

0.39‌%

Net

investment

income

2.51‌%

(4)

2.40‌%

1.42‌%

1.38‌%

1.84‌%

2.37‌%

Portfolio

turnover

rate

30.5‌%

66.2‌%

83.8‌%

62.2‌%

73.0‌%

63.8‌%

Net

assets,

end

of

period

(in

millions)

$1,024

$1,047

$1,256

$2,190

$1,861

$1,853

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Financial

Highlights

12

For

a

share

outstanding

throughout

each

period

I

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

NET

ASSET

VALUE

Beginning

of

period

$

18.05‌

$

19.20‌

$

22.48‌

$

19.35‌

$

19.14‌

$

19.58‌

Investment

activities

Net

investment

income

(1)(2)

0.24‌

0.46‌

0.35‌

0.31‌

0.37‌

0.48‌

Net

realized

and

unrealized

gain/loss

0.45‌

(0.57‌)

(1.94‌)

3.64‌

0.53‌

0.09‌

Total

from

investment

activities

0.69‌

(0.11‌)

(1.59‌)

3.95‌

0.90‌

0.57‌

Distributions

Net

investment

income

(0.28‌)

(0.44‌)

(0.34‌)

(0.30‌)

(0.41‌)

(0.47‌)

Net

realized

gain

—‌

(0.60‌)

(1.35‌)

(0.52‌)

(0.28‌)

(0.54‌)

Total

distributions

(0.28‌)

(1.04‌)

(1.69‌)

(0.82‌)

(0.69‌)

(1.01‌)

NET

ASSET

VALUE

End

of

period

$

18.46‌

$

18.05‌

$

19.20‌

$

22.48‌

$

19.35‌

$

19.14‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Financial

Highlights

13

For

a

share

outstanding

throughout

each

period

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

I

Class

6

Months

.

Ended

11/30/23

..

Year

..

..

Ended

.

5/31/23

5/31/22

5/31/21

5/31/20

5/31/19

Ratios/Supplemental

Data

Total

return

(2)(3)

3.88‌%

(0.35‌)%

(7.73‌)%

20.76‌%

4.71‌%

3.13‌%

Ratios

to

average

net

assets:

(2)

Gross

expenses

before

waivers/

payments

by

Price

Associates

0.48‌%

(4)

0.48‌%

0.47‌%

0.46‌%

0.47‌%

0.47‌%

Net

expenses

after

waivers/payments

by

Price

Associates

0.27‌%

(4)

0.26‌%

0.26‌%

0.28‌%

0.29‌%

0.30‌%

Net

investment

income

2.63‌%

(4)

2.53‌%

1.67‌%

1.47‌%

1.92‌%

2.49‌%

Portfolio

turnover

rate

30.5‌%

66.2‌%

83.8‌%

62.2‌%

73.0‌%

63.8‌%

Net

assets,

end

of

period

(in

thousands)

$1,005,534

$992,496

$1,057,088

$443,120

$348,612

$321,715

0‌%

0‌%

0‌%

0‌%

0‌%

0‌%

(1)

Per

share

amounts

calculated

using

average

shares

outstanding

method.

(2)

See

Note

7

for

details

of

expense-related

arrangements

with

Price

Associates.

(3)

Total

return

reflects

the

rate

that

an

investor

would

have

earned

on

an

investment

in

the

fund

during

each

period,

assuming

reinvestment

of

all

distributions,

and

payment

of

no

redemption

or

account

fees,

if

applicable.

Total

return

is

not

annualized

for

periods

less

than

one

year.

(4)

Annualized

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

November

30,

2023

(Unaudited)

14

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.2%

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

7.244%,

4/15/35  (1)

440,000‌

432‌

AGL

Series 2022-17A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.33%,

6.742%,

1/21/35  (1)

590,000‌

586‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

445,000‌

416‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26 

251,000‌

232‌

AmeriCredit

Automobile

Receivables

Trust

Series 2023-1,

Class

C

5.80%,

12/18/28 

410,000‌

405‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28  (1)

250,000‌

229‌

Applebee's

Funding

Series 2023-1A,

Class

A2

7.824%,

3/5/53  (1)

470,000‌

472‌

CarMax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26 

735,000‌

726‌

CarMax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,050,000‌

979‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28 

260,000‌

238‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.402%,

6.795%,

7/15/36  (1)

505,000‌

503‌

Dell

Equipment

Finance

Trust

Series 2023-3,

Class

A3

5.93%,

4/23/29  (1)

370,000‌

372‌

Dell

Equipment

Finance

Trust

Series 2023-3,

Class

C

6.17%,

4/23/29  (1)

110,000‌

111‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50  (1)

256,388‌

230‌

Dryden

Series 2020-86A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.362%,

6.764%,

7/17/34  (1)

490,000‌

487‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

A

6.16%,

2/25/38  (1)

302,104‌

304‌

Elara

HGV

Timeshare

Issuer

Series 2023-A,

Class

B

6.53%,

2/25/38  (1)

153,450‌

154‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

800,000‌

780‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

505,000‌

499‌

Exeter

Automobile

Receivables

Trust

Series 2023-1A,

Class

D

6.69%,

6/15/29 

90,000‌

89‌

Ford

Credit

Auto

Lease

Trust

Series 2023-A,

Class

C

5.54%,

12/15/26 

345,000‌

340‌

Ford

Credit

Auto

Owner

Trust

Series 2022-C,

Class

C

5.22%,

3/15/30 

200,000‌

197‌

Ford

Credit

Auto

Owner

Trust

Series 2023-1,

Class

A

4.85%,

8/15/35  (1)

900,000‌

883‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48  (1)

589,000‌

560‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51  (1)

234,600‌

190‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29  (1)

104,000‌

100‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29  (1)

330,000‌

312‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

B

6.25%,

1/21/31  (1)

100,000‌

100‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

C

6.48%,

1/21/31  (1)

130,000‌

131‌

HPEFS

Equipment

Trust

Series 2023-2A,

Class

D

6.97%,

7/21/31  (1)

100,000‌

101‌

HPS

Loan

Management

Series 2021-16A,

Class

A1,

CLO,

FRN

3M

TSFR

+

1.402%,

6.814%,

1/23/35  (1)

300,000‌

298‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kubota

Credit

Owner

Trust

Series 2023-1A,

Class

A4

5.07%,

2/15/29  (1)

140,000‌

138‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

6.684%,

10/15/32  (1)

435,000‌

432‌

Madison

Park

Funding

XXXV

Series 2019-35A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.252%,

6.667%,

4/20/32  (1)

895,000‌

891‌

MidOcean

Credit

XI

Series 2022-11A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.73%,

10/18/33  (1)(2)

410,000‌

410‌

MVW

Series 2023-1A,

Class

A

4.93%,

10/20/40  (1)

664,670‌

652‌

MVW

Series 2023-2A,

Class

A

6.18%,

11/20/40  (1)

535,000‌

539‌

MVW

Series 2023-2A,

Class

B

6.33%,

11/20/40  (1)

115,000‌

116‌

Navient

Private

Education

Loan

Trust

Series 2018-BA,

Class

A2A

3.61%,

12/15/59  (1)

144,885‌

140‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68  (1)

450,000‌

367‌

Neuberger

Berman

Loan

Advisers

Series 2018-29A,

Class

A1,

CLO,

FRN

3M

TSFR

+

1.392%,

6.788%,

10/19/31  (1)

470,000‌

470‌

Neuberger

Berman

Loan

Advisers

Series 2019-32A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.252%,

6.648%,

1/20/32  (1)

780,000‌

779‌

Neuberger

Berman

Loan

Advisers

Series 2021-43A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.392%,

6.794%,

7/17/35  (1)

370,000‌

367‌

OCP

Series 2014-7A,

Class

A1RR,

CLO,

FRN

3M

TSFR

+

1.382%,

6.797%,

7/20/29  (1)

522,141‌

522‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

TSFR

+

1.912%,

7.327%,

7/20/29  (1)

475,000‌

472‌

Octagon

Investment

Partners

Series 2016-1A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.442%,

6.84%,

1/24/33  (1)

825,000‌

821‌

Octane

Receivables

Trust

Series 2023-1A,

Class

A

5.87%,

5/21/29  (1)

110,027‌

110‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Octane

Receivables

Trust

Series 2023-3A,

Class

B

6.48%,

7/20/29  (1)

140,000‌

141‌

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

OZLM

VII

Series 2014-7RA,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.272%,

6.674%,

7/17/29  (1)

199,481‌

199‌

Palmer

Square

Series 2022-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.32%,

6.736%,

4/20/35  (1)

445,000‌

441‌

Progress

Residential

Trust

Series 2023-SFR2,

Class

A

4.50%,

10/17/28  (1)

445,000‌

418‌

Santander

Bank

Series 2021-1A,

Class

B

1.833%,

12/15/31  (1)

59,116‌

58‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-4,

Class

D

1.67%,

10/15/27 

285,000‌

267‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28 

385,000‌

375‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-6,

Class

B

4.72%,

6/15/27 

850,000‌

836‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27  (1)

590,000‌

576‌

SCF

Equipment

Leasing

Series 2023-1A,

Class

A2

6.56%,

1/22/30  (1)

230,000‌

231‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51  (1)

506,803‌

428‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53  (1)

490,000‌

447‌

Symphony

XXXI

Series 2022-31A,

Class

B,

CLO,

FRN

3M

TSFR

+

1.85%,

7.262%,

4/22/35  (1)

380,000‌

372‌

Verizon

Master

Trust

Series 2023-1,

Class

C

4.98%,

1/22/29 

250,000‌

246‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

TSFR

+

1.322%,

6.737%,

10/20/29  (1)

226,235‌

226‌

Total

Asset-Backed

Securities

(Cost

$24,781)

24,145‌

BOND

MUTUAL

FUNDS

25.1%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.20%  (3)(4)

14,727,797‌

114,582‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

5.80%  (3)(4)

720‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.70%  (3)(4)

16,591,923‌

106,354‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.83%  (3)(4)

3,990,063‌

37,427‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.99%  (3)(4)

12,709,136‌

96,717‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.62%  (3)(4)

13,699,907‌

113,024‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

5.65%  (3)(4)

16,919‌

78‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.66%  (3)(4)

5,632,498‌

41,061‌

Total

Bond

Mutual

Funds

(Cost

$600,017)

509,250‌

COMMON

STOCKS

35.3%

COMMUNICATION

SERVICES

2.2%

Diversified

Telecommunication

Services

0.2%

KT

(KRW) 

27,995‌

727‌

Nippon

Telegraph

&

Telephone

(JPY) 

2,147,000‌

2,513‌

3,240‌

Entertainment

0.2%

Liberty

Media

Corp-Liberty

Live,

Class

C  (5)

8,500‌

291‌

Netflix  (5)

8,881‌

4,209‌

Sea,

ADR  (5)

7,391‌

268‌

4,768‌

Interactive

Media

&

Services

1.4%

Alphabet,

Class

A  (5)

16,719‌

2,216‌

Alphabet,

Class

C  (5)

121,800‌

16,311‌

LY

(JPY) 

161,100‌

467‌

Meta

Platforms,

Class

A  (5)

25,617‌

8,380‌

NAVER

(KRW) 

3,508‌

564‌

Tencent

Holdings

(HKD) 

8,300‌

346‌

Vimeo  (5)

41,420‌

146‌

28,430‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Media

0.1%

CyberAgent

(JPY) 

82,800‌

500‌

WPP

(GBP) 

123,568‌

1,104‌

1,604‌

Wireless

Telecommunication

Services

0.3%

T-Mobile

U.S. 

31,605‌

4,755‌

Vodafone

Group,

ADR 

73,464‌

666‌

5,421‌

Total

Communication

Services

43,463‌

CONSUMER

DISCRETIONARY

3.5%

Automobile

Components

0.2%

Autoliv,

SDR

(SEK) 

10,262‌

1,064‌

Denso

(JPY) 

69,900‌

1,097‌

Dowlais

Group

(GBP) 

211,726‌

275‌

Magna

International 

20,020‌

1,079‌

Stanley

Electric

(JPY) 

22,500‌

416‌

3,931‌

Automobiles

0.4%

General

Motors 

5,705‌

180‌

Honda

Motor

(JPY) 

39,600‌

405‌

Rivian

Automotive,

Class

A  (5)

13,871‌

233‌

Suzuki

Motor

(JPY) 

19,500‌

797‌

Tesla  (5)

16,049‌

3,853‌

Toyota

Motor

(JPY) 

117,200‌

2,225‌

7,693‌

Broadline

Retail

1.1%

Alibaba

Group

Holding,

ADR  (5)

3,839‌

287‌

Amazon.com  (5)

132,727‌

19,390‌

Kohl's 

5,527‌

130‌

Next

(GBP) 

11,249‌

1,129‌

Ollie's

Bargain

Outlet

Holdings  (5)

7,294‌

534‌

Savers

Value

Village  (5)

4,042‌

61‌

21,531‌

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions  (5)

5,535‌

484‌

Clear

Secure,

Class

A 

14,926‌

318‌

Duolingo  (5)

1,675‌

356‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $—  (5)(6)(7)

6,383‌

—‌

Service

Corp

International 

9,136‌

560‌

Strategic

Education 

4,523‌

402‌

2,120‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hotels,

Restaurants

&

Leisure

0.8%

Amadeus

IT

Group

(EUR) 

13,061‌

897‌

BJ's

Restaurants  (5)

9,115‌

273‌

Booking

Holdings  (5)

1,380‌

4,313‌

Cava

Group  (5)

5,635‌

192‌

Cava

Group,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $209  (5)(7)

21,833‌

743‌

Chipotle

Mexican

Grill  (5)

660‌

1,453‌

Chuy's

Holdings  (5)

6,366‌

224‌

Compass

Group

(GBP) 

67,841‌

1,718‌

DoorDash,

Class

A  (5)

4,408‌

414‌

Dutch

Bros,

Class

A  (5)

9,834‌

263‌

Hilton

Worldwide

Holdings 

10,365‌

1,736‌

Jack

in

the

Box 

2,197‌

159‌

McDonald's 

10,724‌

3,022‌

Norwegian

Cruise

Line

Holdings  (5)

19,586‌

299‌

Papa

John's

International 

9,132‌

596‌

Red

Rock

Resorts,

Class

A 

4,996‌

222‌

Wyndham

Hotels

&

Resorts 

3,865‌

299‌

16,823‌

Household

Durables

0.2%

Installed

Building

Products 

1,300‌

196‌

Panasonic

Holdings

(JPY) 

88,400‌

911‌

Persimmon

(GBP) 

38,092‌

603‌

Skyline

Champion  (5)

5,666‌

341‌

Sony

Group

(JPY) 

17,300‌

1,488‌

3,539‌

Specialty

Retail

0.5%

AutoZone (5)

434‌

1,133‌

Bath

&

Body

Works 

5,900‌

192‌

Burlington

Stores  (5)

4,210‌

714‌

Caleres 

7,600‌

231‌

Carvana  (5)

8,500‌

266‌

Five

Below  (5)

1,408‌

265‌

Floor

&

Decor

Holdings,

Class

A  (5)

1,047‌

96‌

Home

Depot 

2,530‌

793‌

Kingfisher

(GBP) 

421,927‌

1,171‌

Monro 

8,420‌

244‌

O'Reilly

Automotive  (5)

1,420‌

1,395‌

RH  (5)

542‌

146‌

Ross

Stores 

7,504‌

978‌

TJX 

7,803‌

688‌

Tractor

Supply 

600‌

122‌

Ulta

Beauty  (5)

5,061‌

2,156‌

Warby

Parker,

Class

A  (5)

19,768‌

206‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Zalando

(EUR)  (5)

1,458‌

35‌

10,831‌

Textiles,

Apparel

&

Luxury

Goods

0.2%

Dr.

Martens

(GBP) 

66,085‌

76‌

Kering

(EUR) 

2,008‌

864‌

Lululemon

Athletica  (5)

1,824‌

815‌

Moncler

(EUR) 

16,396‌

909‌

NIKE,

Class

B 

4,138‌

456‌

Samsonite

International

(HKD)  (5)

165,000‌

481‌

Skechers

USA,

Class

A  (5)

5,553‌

327‌

3,928‌

Total

Consumer

Discretionary

70,396‌

CONSUMER

STAPLES

2.5%

Beverages

0.4%

Boston

Beer,

Class

A  (5)

1,484‌

526‌

Coca-Cola 

51,216‌

2,993‌

Coca-Cola

Consolidated 

134‌

98‌

Diageo

(GBP) 

38,674‌

1,354‌

Heineken

(EUR) 

14,894‌

1,363‌

Kirin

Holdings

(JPY)  (8)

34,200‌

484‌

PepsiCo 

7,190‌

1,210‌

8,028‌

Consumer

Staples

Distribution

&

Retail

0.4%

Dollar

General 

7,852‌

1,030‌

Seven

&

i

Holdings

(JPY) 

34,600‌

1,329‌

Target 

10,159‌

1,359‌

Walmart 

20,670‌

3,218‌

Welcia

Holdings

(JPY) 

15,600‌

272‌

7,208‌

Food

Products

0.8%

Barry

Callebaut

(CHF) 

428‌

713‌

Farmers

Business

Network,

Acquisition

Date:

11/3/17,

Cost $100  (5)(6)(7)

5,395‌

28‌

Hershey 

6,052‌

1,137‌

Kraft

Heinz 

47,204‌

1,657‌

Mondelez

International,

Class

A 

73,637‌

5,233‌

Nestle

(CHF) 

42,906‌

4,882‌

Post

Holdings  (5)

4,354‌

372‌

Simply

Good

Foods  (5)

4,853‌

188‌

TreeHouse

Foods  (5)

4,043‌

165‌

Utz

Brands 

14,015‌

185‌

Wilmar

International

(SGD) 

375,500‌

1,019‌

15,579‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Household

Products

0.4%

Colgate-Palmolive 

40,763‌

3,211‌

Procter

&

Gamble 

35,734‌

5,486‌

8,697‌

Personal

Care

Products

0.4%

BellRing

Brands  (5)

16,238‌

859‌

Kenvue 

169,619‌

3,467‌

L'Oreal

(EUR) 

3,498‌

1,643‌

Unilever

(GBP) 

61,035‌

2,912‌

8,881‌

Tobacco

0.1%

Philip

Morris

International 

26,329‌

2,458‌

2,458‌

Total

Consumer

Staples

50,851‌

ENERGY

1.8%

Energy

Equipment

&

Services

0.5%

ChampionX 

12,520‌

367‌

Expro

Group

Holdings  (5)

11,552‌

180‌

Halliburton 

94,904‌

3,514‌

Liberty

Energy,

Class

A 

21,176‌

420‌

NOV 

20,489‌

386‌

Schlumberger 

79,324‌

4,128‌

TechnipFMC 

16,153‌

335‌

Weatherford

International  (5)

3,842‌

348‌

9,678‌

Oil,

Gas

&

Consumable

Fuels

1.3%

Chevron 

18,045‌

2,591‌

ConocoPhillips 

17,330‌

2,003‌

Diamondback

Energy 

16,147‌

2,493‌

EQT 

91,392‌

3,652‌

Equinor

(NOK) 

73,490‌

2,348‌

Exxon

Mobil 

17,248‌

1,772‌

Kimbell

Royalty

Partners 

9,221‌

142‌

Kinder

Morgan 

65,603‌

1,153‌

Magnolia

Oil

&

Gas,

Class

A 

17,698‌

380‌

Pioneer

Natural

Resources 

3,187‌

738‌

Range

Resources 

67,259‌

2,186‌

Shell,

ADR 

23,006‌

1,514‌

Southwestern

Energy  (5)

73,834‌

487‌

TotalEnergies

(EUR) 

42,811‌

2,918‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Williams 

56,584‌

2,082‌

26,459‌

Total

Energy

36,137‌

FINANCIALS

5.9%

Banks

1.9%

ANZ

Group

Holdings

(AUD) 

44,026‌

708‌

Bank

of

America 

168,596‌

5,141‌

BankUnited 

8,512‌

235‌

Blue

Foundry

Bancorp  (5)

5,597‌

49‌

BNP

Paribas

(EUR) 

17,941‌

1,128‌

Cadence

Bank 

11,707‌

293‌

Capitol

Federal

Financial 

27,578‌

149‌

Columbia

Banking

System 

13,761‌

309‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $21  (5)(6)(7)

199‌

15‌

CrossFirst

Bankshares  (5)

11,236‌

126‌

DBS

Group

Holdings

(SGD) 

34,467‌

819‌

Dime

Community

Bancshares 

8,332‌

167‌

DNB

Bank

(NOK) 

97,799‌

1,864‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $24  (5)(6)(7)

2,412‌

42‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $12  (5)(6)(7)

1,185‌

21‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $—  (5)(6)(7)

360‌

3‌

East

West

Bancorp 

12,737‌

801‌

Eastern

Bankshares 

13,700‌

164‌

Equity

Bancshares,

Class

A 

5,306‌

134‌

Erste

Group

Bank

(EUR) 

12,438‌

503‌

FB

Financial 

7,354‌

247‌

First

Bancshares 

7,585‌

195‌

Five

Star

Bancorp 

5,304‌

121‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $41  (5)(6)(7)

4,129‌

12‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $—  (5)(6)(7)

803‌

—‌

HarborOne

Bancorp 

4,647‌

51‌

HDFC

Bank

(INR) 

53,499‌

1,002‌

Heritage

Commerce 

16,428‌

139‌

Home

BancShares 

9,155‌

203‌

ING

Groep

(EUR) 

152,249‌

2,139‌

Intesa

Sanpaolo

(EUR) 

245,985‌

709‌

JPMorgan

Chase 

47,511‌

7,416‌

Kearny

Financial 

11,236‌

89‌

Live

Oak

Bancshares 

9,022‌

303‌

Lloyds

Banking

Group

(GBP) 

1,566,304‌

864‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Mitsubishi

UFJ

Financial

Group

(JPY) 

145,900‌

1,243‌

National

Bank

of

Canada

(CAD) 

22,945‌

1,520‌

Origin

Bancorp 

8,793‌

279‌

Pacific

Premier

Bancorp 

7,874‌

177‌

Pinnacle

Financial

Partners 

5,246‌

381‌

PNC

Financial

Services

Group 

8,583‌

1,150‌

Popular 

2,900‌

214‌

SouthState 

5,605‌

415‌

Standard

Chartered

(GBP) 

69,289‌

574‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

12,689‌

478‌

Svenska

Handelsbanken,

Class

A

(SEK) 

124,555‌

1,177‌

Texas

Capital

Bancshares  (5)

3,898‌

214‌

United

Overseas

Bank

(SGD) 

61,500‌

1,255‌

Veritex

Holdings 

8,429‌

161‌

Wells

Fargo 

53,063‌

2,366‌

Western

Alliance

Bancorp 

5,042‌

258‌

38,023‌

Capital

Markets

0.8%

Bridgepoint

Group

(GBP) 

138,598‌

408‌

Brookfield

(CAD)  (8)

26,649‌

940‌

Cboe

Global

Markets 

10,726‌

1,954‌

Charles

Schwab 

28,995‌

1,778‌

CME

Group 

5,634‌

1,230‌

Goldman

Sachs

Group 

9,115‌

3,113‌

Julius

Baer

Group

(CHF) 

15,745‌

797‌

LPL

Financial

Holdings 

7,040‌

1,565‌

Macquarie

Group

(AUD) 

7,178‌

800‌

Morgan

Stanley 

8,243‌

654‌

MSCI 

328‌

171‌

P10,

Class

A 

16,529‌

168‌

S&P

Global 

1,958‌

814‌

StepStone

Group,

Class

A 

7,629‌

195‌

TMX

Group

(CAD) 

11,574‌

250‌

XP,

Class

A 

18,158‌

423‌

15,260‌

Consumer

Finance

0.1%

American

Express 

10,488‌

1,791‌

Encore

Capital

Group  (5)

4,124‌

185‌

PRA

Group  (5)

4,824‌

89‌

2,065‌

Financial

Services

1.3%

Adyen

(EUR)  (5)

583‌

682‌

ANT

Group,

Acquisition

Date:

8/14/23,

Cost $174  (5)(6)(7)

174,121‌

170‌

Berkshire

Hathaway,

Class

B  (5)

15,343‌

5,523‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Challenger

(AUD) 

75,378‌

295‌

Corebridge

Financial 

24,419‌

514‌

Fiserv  (5)

27,897‌

3,644‌

FleetCor

Technologies  (5)

2,177‌

524‌

Mastercard,

Class

A 

9,831‌

4,068‌

Mitsubishi

HC

Capital

(JPY) 

80,000‌

522‌

PennyMac

Financial

Services 

9,262‌

720‌

Toast,

Class

A  (5)

12,020‌

179‌

Visa,

Class

A 

39,693‌

10,188‌

27,029‌

Insurance

1.8%

AIA

Group

(HKD) 

156,600‌

1,346‌

Allstate 

20,366‌

2,808‌

Assurant 

3,400‌

571‌

AXA

(EUR) 

81,572‌

2,543‌

Axis

Capital

Holdings 

9,873‌

556‌

Chubb 

19,809‌

4,545‌

Definity

Financial

(CAD) 

15,552‌

424‌

First

American

Financial 

6,430‌

383‌

Hanover

Insurance

Group 

3,406‌

423‌

Hartford

Financial

Services

Group 

9,060‌

708‌

Kemper 

2,655‌

117‌

Mandatum

(EUR)  (5)

31,278‌

134‌

Marsh

&

McLennan 

5,259‌

1,049‌

MetLife 

55,954‌

3,560‌

Munich

Re

(EUR) 

7,067‌

3,010‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

53,500‌

245‌

Progressive 

22,665‌

3,718‌

Sampo,

Class

A

(EUR) 

32,953‌

1,441‌

Selective

Insurance

Group 

7,928‌

806‌

Storebrand

(NOK) 

112,110‌

970‌

Sun

Life

Financial

(CAD) 

25,655‌

1,296‌

Tokio

Marine

Holdings

(JPY) 

62,100‌

1,538‌

Travelers 

17,196‌

3,106‌

White

Mountains

Insurance

Group 

155‌

238‌

Zurich

Insurance

Group

(CHF) 

3,353‌

1,680‌

37,215‌

Total

Financials

119,592‌

HEALTH

CARE

5.2%

Biotechnology

0.6%

Agios

Pharmaceuticals  (5)

3,545‌

79‌

Amgen 

10,537‌

2,841‌

Apellis

Pharmaceuticals  (5)

9,271‌

499‌

Arcellx  (5)

3,200‌

168‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Argenx,

ADR  (5)

1,023‌

461‌

Ascendis

Pharma,

ADR  (5)

4,182‌

420‌

Avid

Bioservices  (5)

17,339‌

88‌

BioMarin

Pharmaceutical  (5)

3,600‌

328‌

Blueprint

Medicines  (5)

5,725‌

399‌

Cerevel

Therapeutics

Holdings  (5)

4,527‌

117‌

Crinetics

Pharmaceuticals  (5)

6,684‌

212‌

CRISPR

Therapeutics  (5)

2,338‌

156‌

Cytokinetics  (5)

4,943‌

165‌

Genmab

(DKK)  (5)

2,105‌

662‌

HilleVax  (5)

3,035‌

42‌

Icosavax  (5)

7,257‌

73‌

Immatics  (5)

5,971‌

53‌

Insmed  (5)

14,297‌

358‌

Ionis

Pharmaceuticals  (5)

6,364‌

315‌

Karuna

Therapeutics  (5)

2,046‌

391‌

Kymera

Therapeutics  (5)

2,015‌

42‌

Leap

Therapeutics,

Acquisition

Date:

9/28/20,

Cost $1  (5)(7)

100‌

—‌

MacroGenics  (5)

10,608‌

87‌

MoonLake

Immunotherapeutics  (5)

3,329‌

146‌

MorphoSys,

ADR  (5)

14,558‌

100‌

Prothena  (5)

2,719‌

89‌

RAPT

Therapeutics  (5)

3,901‌

57‌

Regeneron

Pharmaceuticals  (5)

2,527‌

2,082‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $—  (5)(7)

740‌

6‌

Vaxcyte  (5)

4,198‌

217‌

Vertex

Pharmaceuticals  (5)

4,315‌

1,531‌

Verve

Therapeutics  (5)

6,524‌

74‌

Xencor  (5)

5,160‌

95‌

Zentalis

Pharmaceuticals  (5)

4,114‌

46‌

12,399‌

Health

Care

Equipment

&

Supplies

0.7%

Alcon

(CHF) 

9,767‌

737‌

Align

Technology  (5)

423‌

90‌

Becton

Dickinson

&

Company 

2,923‌

690‌

Elekta,

Class

B

(SEK) 

79,387‌

620‌

EssilorLuxottica

(EUR) 

5,521‌

1,054‌

GE

HealthCare

Technologies 

19,139‌

1,310‌

ICU

Medical  (5)

2,550‌

224‌

Intuitive

Surgical  (5)

7,071‌

2,198‌

Koninklijke

Philips

(EUR)  (5)

47,068‌

966‌

Masimo  (5)

4,271‌

400‌

Medtronic 

10,831‌

859‌

Neogen  (5)

18,532‌

315‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Outset

Medical  (5)

12,158‌

64‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $114  (5)(6)(7)

30,352‌

12‌

Penumbra  (5)

261‌

58‌

PROCEPT

BioRobotics  (5)

12,884‌

478‌

QuidelOrtho  (5)

4,170‌

287‌

Siemens

Healthineers

(EUR) 

26,998‌

1,558‌

STERIS 

5,017‌

1,008‌

Stryker 

2,997‌

888‌

Teleflex 

852‌

192‌

14,008‌

Health

Care

Providers

&

Services

1.6%

Alignment

Healthcare  (5)

24,801‌

186‌

Cencora 

26,365‌

5,362‌

Elevance

Health 

16,387‌

7,857‌

Fresenius

(EUR) 

29,993‌

952‌

Guardant

Health  (5)

5,813‌

146‌

HCA

Healthcare 

4,946‌

1,239‌

Humana 

3,451‌

1,673‌

Molina

Healthcare  (5)

6,872‌

2,512‌

NeoGenomics  (5)

25,018‌

455‌

Privia

Health

Group  (5)

18,438‌

381‌

Quest

Diagnostics 

11,219‌

1,540‌

Tenet

Healthcare  (5)

11,396‌

786‌

U.S.

Physical

Therapy 

2,672‌

227‌

UnitedHealth

Group 

16,434‌

9,088‌

32,404‌

Health

Care

Technology

0.0%

Certara (5)

9,429‌

136‌

Veeva

Systems,

Class

A  (5)

1,835‌

320‌

456‌

Life

Sciences

Tools

&

Services

0.6%

10X

Genomics,

Class

A  (5)

3,908‌

170‌

Agilent

Technologies 

13,131‌

1,678‌

Bruker 

7,729‌

503‌

Danaher 

9,355‌

2,089‌

Evotec

(EUR)  (5)

17,943‌

364‌

Pacific

Biosciences

of

California  (5)

27,776‌

236‌

Repligen  (5)

1,280‌

201‌

Thermo

Fisher

Scientific 

12,680‌

6,286‌

11,527‌

Pharmaceuticals

1.7%

Astellas

Pharma

(JPY) 

124,200‌

1,514‌

AstraZeneca,

ADR 

65,230‌

4,213‌

Bayer

(EUR) 

22,730‌

778‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Catalent  (5)

6,057‌

235‌

Eli

Lilly 

11,754‌

6,947‌

GSK,

ADR 

23,778‌

856‌

Johnson

&

Johnson 

11,169‌

1,727‌

Merck 

36,133‌

3,703‌

Novartis

(CHF) 

25,930‌

2,531‌

Novo

Nordisk,

Class

B

(DKK) 

22,771‌

2,326‌

Otsuka

Holdings

(JPY) 

21,100‌

814‌

Pfizer 

56,960‌

1,736‌

Roche

Holding

(CHF) 

9,110‌

2,451‌

Sanofi

(EUR) 

27,127‌

2,530‌

Structure

Therapeutics,

ADR  (5)

3,763‌

210‌

Zoetis 

4,790‌

846‌

33,417‌

Total

Health

Care

104,211‌

INDUSTRIALS

&

BUSINESS

SERVICES

4.0%

Aerospace

&

Defense

0.4%

Bombardier,

Class

B

(CAD)  (5)

2,900‌

100‌

Cadre

Holdings 

3,814‌

123‌

General

Dynamics 

14,373‌

3,550‌

L3Harris

Technologies 

6,947‌

1,326‌

Leonardo

DRS  (5)

12,190‌

225‌

Melrose

Industries

(GBP) 

177,672‌

1,166‌

Northrop

Grumman 

1,327‌

630‌

Safran

(EUR) 

7,827‌

1,376‌

TransDigm

Group 

423‌

407‌

8,903‌

Building

Products

0.2%

AZZ 

9,579‌

471‌

Carrier

Global 

39,223‌

2,038‌

CSW

Industrials 

2,292‌

406‌

Zurn

Elkay

Water

Solutions 

10,990‌

324‌

3,239‌

Commercial

Services

&

Supplies

0.2%

Casella

Waste

Systems,

Class

A  (5)

4,648‌

376‌

Cintas 

528‌

292‌

Element

Fleet

Management

(CAD) 

94,246‌

1,518‌

Rentokil

Initial

(GBP) 

53,278‌

289‌

Stericycle  (5)

5,684‌

267‌

Tetra

Tech 

1,648‌

261‌

Veralto  (5)

8,214‌

634‌

VSE 

4,414‌

267‌

3,904‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Construction

&

Engineering

0.1%

WillScot

Mobile

Mini

Holdings  (5)

6,441‌

269‌

Worley

(AUD) 

90,663‌

1,014‌

1,283‌

Electrical

Equipment

0.5%

ABB

(CHF) 

46,117‌

1,834‌

AMETEK 

20,458‌

3,176‌

Legrand

(EUR) 

13,832‌

1,334‌

Mitsubishi

Electric

(JPY) 

107,800‌

1,460‌

Prysmian

(EUR) 

30,823‌

1,189‌

Thermon

Group

Holdings  (5)

4,053‌

122‌

9,115‌

Ground

Transportation

0.5%

Central

Japan

Railway

(JPY) 

23,500‌

564‌

Convoy,

Warrants,

3/15/33,

Acquisition

Date:

3/24/23,

Cost $—  (5)

(6)(7)

801‌

—‌

CSX 

140,020‌

4,522‌

Landstar

System 

1,528‌

264‌

Norfolk

Southern 

4,209‌

918‌

Old

Dominion

Freight

Line 

4,780‌

1,860‌

Saia  (5)

1,724‌

673‌

Union

Pacific 

8,985‌

2,024‌

10,825‌

Industrial

Conglomerates

0.6%

DCC

(GBP) 

12,206‌

825‌

General

Electric 

25,560‌

3,113‌

Honeywell

International 

11,075‌

2,170‌

Roper

Technologies 

2,222‌

1,196‌

Siemens

(EUR) 

31,959‌

5,369‌

12,673‌

Machinery

0.9%

Caterpillar 

1,506‌

378‌

Crane 

2,315‌

245‌

Cummins 

14,601‌

3,273‌

Deere 

1,569‌

572‌

Dover 

2,322‌

328‌

Enerpac

Tool

Group 

12,619‌

344‌

EnPro

Industries 

1,933‌

248‌

Esab 

3,466‌

267‌

ESCO

Technologies 

3,022‌

317‌

Federal

Signal 

9,534‌

657‌

Graco 

4,487‌

362‌

Helios

Technologies 

4,878‌

187‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

IDEX 

9,953‌

2,007‌

Ingersoll

Rand 

14,756‌

1,054‌

John

Bean

Technologies 

3,578‌

370‌

KION

Group

(EUR) 

14,439‌

527‌

Marel

(ISK) 

17,109‌

53‌

Mueller

Water

Products,

Class

A 

23,213‌

309‌

RBC

Bearings  (5)

2,672‌

689‌

Sandvik

(SEK) 

49,958‌

987‌

SMC

(JPY) 

900‌

453‌

SPX

Technologies  (5)

5,929‌

506‌

THK

(JPY)  (8)

22,000‌

440‌

Toro 

2,656‌

220‌

Westinghouse

Air

Brake

Technologies 

27,913‌

3,254‌

18,047‌

Passenger

Airlines

0.0%

Allegiant

Travel 

2,230‌

153‌

153‌

Professional

Services

0.3%

ASGN (5)

1,604‌

143‌

Booz

Allen

Hamilton

Holding 

13,360‌

1,672‌

Broadridge

Financial

Solutions 

7,138‌

1,383‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $36  (5)(6)(7)

4,755‌

26‌

Clarivate  (5)

26,747‌

208‌

Legalzoom.com  (5)

13,260‌

153‌

Parsons  (5)

9,123‌

568‌

Paycor

HCM  (5)

15,882‌

337‌

Recruit

Holdings

(JPY) 

28,000‌

1,035‌

TechnoPro

Holdings

(JPY) 

32,300‌

751‌

Teleperformance

(EUR) 

3,923‌

550‌

6,826‌

Trading

Companies

&

Distributors

0.3%

Ashtead

Group

(GBP) 

18,838‌

1,138‌

Beacon

Roofing

Supply  (5)

5,536‌

445‌

Bunzl

(GBP) 

21,502‌

816‌

Mitsubishi

(JPY) 

19,800‌

923‌

Rush

Enterprises,

Class

A 

7,051‌

280‌

SiteOne

Landscape

Supply  (5)

3,799‌

535‌

Sumitomo

(JPY) 

53,500‌

1,122‌

5,259‌

Total

Industrials

&

Business

Services

80,227‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

7.6%

Communications

Equipment

0.0%

Telefonaktiebolaget

LM

Ericsson,

Class

B

(SEK) 

186,389‌

922‌

922‌

Electronic

Equipment,

Instruments

&

Components

0.5%

Amphenol,

Class

A 

28,636‌

2,606‌

CTS 

6,228‌

241‌

Hamamatsu

Photonics

(JPY) 

16,700‌

660‌

Largan

Precision

(TWD) 

4,000‌

306‌

Littelfuse 

1,658‌

386‌

Mirion

Technologies  (5)

45,521‌

407‌

Murata

Manufacturing

(JPY) 

50,400‌

979‌

Napco

Security

Technologies 

6,451‌

197‌

Novanta  (5)

2,033‌

294‌

Omron

(JPY) 

10,100‌

423‌

PAR

Technology  (5)

15,746‌

580‌

TE

Connectivity 

9,518‌

1,247‌

Teledyne

Technologies  (5)

1,520‌

613‌

Vontier 

9,914‌

334‌

9,273‌

IT

Services

0.2%

Accenture,

Class

A 

3,679‌

1,226‌

MongoDB  (5)

2,234‌

929‌

NTT

Data

Group

(JPY) 

113,100‌

1,374‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $9  (5)(6)(7)

198‌

14‌

Shopify,

Class

A  (5)

13,648‌

994‌

Snowflake,

Class

A  (5)

1,846‌

346‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $22  (5)(6)(7)

960‌

19‌

4,902‌

Semiconductors

&

Semiconductor

Equipment

2.9%

Advanced

Micro

Devices  (5)

7,693‌

932‌

Analog

Devices 

13,377‌

2,453‌

Applied

Materials 

25,440‌

3,810‌

ASML

Holding

(EUR) 

4,420‌

3,012‌

ASML

Holding 

2,436‌

1,666‌

Broadcom 

2,301‌

2,130‌

Entegris 

5,830‌

609‌

Intel 

23,200‌

1,037‌

KLA 

4,315‌

2,350‌

Lam

Research 

2,569‌

1,839‌

Lattice

Semiconductor  (5)

8,283‌

485‌

MACOM

Technology

Solutions

Holdings  (5)

5,435‌

456‌

Micron

Technology 

43,212‌

3,289‌

Monolithic

Power

Systems 

1,539‌

845‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

NVIDIA 

34,170‌

15,981‌

NXP

Semiconductors 

26,750‌

5,459‌

Onto

Innovation  (5)

4,448‌

627‌

QUALCOMM 

21,308‌

2,750‌

Renesas

Electronics

(JPY)  (5)

43,300‌

755‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

176,719‌

3,233‌

Taiwan

Semiconductor

Manufacturing,

ADR 

5,056‌

492‌

Texas

Instruments 

16,625‌

2,539‌

Tokyo

Electron

(JPY) 

8,000‌

1,285‌

58,034‌

Software

2.7%

Adobe (5)

373‌

228‌

Agilysys  (5)

3,307‌

285‌

Amplitude,

Class

A  (5)

22,310‌

238‌

Atlassian,

Class

A  (5)

2,462‌

470‌

BILL

Holdings  (5)

4,342‌

284‌

Braze,

Class

A  (5)

2,200‌

121‌

Cadence

Design

Systems  (5)

5,855‌

1,600‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $283  (5)(6)(7)

166‌

177‌

Confluent,

Class

A  (5)

8,141‌

173‌

Crowdstrike

Holdings,

Class

A  (5)

1,393‌

330‌

Datadog,

Class

A  (5)

2,756‌

321‌

Descartes

Systems

Group  (5)

7,396‌

599‌

DoubleVerify

Holdings  (5)

17,205‌

571‌

Envestnet  (5)

5,093‌

194‌

Five9  (5)

5,520‌

421‌

Fortinet  (5)

1,693‌

89‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $90  (5)(6)(7)

3,136‌

48‌

Intuit 

3,045‌

1,740‌

Manhattan

Associates  (5)

1,339‌

299‌

Microsoft 

99,111‌

37,554‌

Salesforce  (5)

2,929‌

738‌

SAP

(EUR) 

13,780‌

2,192‌

ServiceNow  (5)

5,505‌

3,775‌

Socure,

Acquisition

Date:

12/22/21,

Cost $16  (5)(6)(7)

1,018‌

5‌

Synopsys  (5)

3,777‌

2,052‌

Workiva  (5)

5,034‌

484‌

54,988‌

Technology

Hardware,

Storage

&

Peripherals

1.3%

Apple 

129,257‌

24,552‌

Samsung

Electronics

(KRW) 

36,842‌

2,078‌

26,630‌

Total

Information

Technology

154,749‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MATERIALS

1.2%

Chemicals

0.6%

Air

Liquide

(EUR) 

8,454‌

1,603‌

Akzo

Nobel

(EUR) 

12,696‌

977‌

Asahi

Kasei

(JPY) 

84,900‌

589‌

BASF

(EUR) 

16,322‌

759‌

Covestro

(EUR)  (5)

17,049‌

897‌

Element

Solutions 

39,982‌

838‌

HB

Fuller 

2,716‌

206‌

Johnson

Matthey

(GBP) 

30,774‌

603‌

Linde 

9,969‌

4,125‌

Nutrien 

9,375‌

501‌

Quaker

Chemical 

2,091‌

374‌

Sherwin-Williams 

2,417‌

674‌

Tosoh

(JPY) 

8,400‌

112‌

Umicore

(EUR) 

25,121‌

671‌

12,929‌

Construction

Materials

0.0%

Martin

Marietta

Materials 

989‌

459‌

459‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD) 

33,108‌

314‌

314‌

Metals

&

Mining

0.5%

Antofagasta

(GBP) 

51,506‌

915‌

BHP

Group

(AUD) 

26,681‌

812‌

BHP

Group

(GBP) 

37,975‌

1,154‌

Constellium  (5)

28,350‌

493‌

ERO

Copper

(CAD)  (5)(8)

11,758‌

145‌

Franco-Nevada 

4,300‌

482‌

Freeport-McMoRan 

35,007‌

1,307‌

Haynes

International 

5,767‌

283‌

IGO

(AUD) 

96,719‌

544‌

Pilbara

Minerals

(AUD) 

317,460‌

759‌

South32

(AUD) 

253,263‌

509‌

Southern

Copper 

20,378‌

1,466‌

Wheaton

Precious

Metals 

15,501‌

758‌

9,627‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

67,701‌

880‌

West

Fraser

Timber

(CAD) 

1,972‌

143‌

1,023‌

Total

Materials

24,352‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

REAL

ESTATE

0.5%

Health

Care

Real

Estate

Investment

Trusts

0.0%

Community

Healthcare

Trust,

REIT 

3,489‌

95‌

95‌

Industrial

Real

Estate

Investment

Trusts

0.1%

EastGroup

Properties,

REIT 

4,709‌

818‌

Prologis,

REIT 

8,488‌

975‌

Rexford

Industrial

Realty,

REIT 

8,710‌

429‌

Terreno

Realty,

REIT 

3,503‌

200‌

2,422‌

Office

Real

Estate

Investment

Trusts

0.0%

Great

Portland

Estates

(GBP) 

72,039‌

349‌

349‌

Real

Estate

Management

&

Development

0.1%

Colliers

International

Group 

2,442‌

254‌

DigitalBridge

Group 

9,083‌

157‌

FirstService 

5,510‌

865‌

Mitsui

Fudosan

(JPY) 

61,700‌

1,450‌

Tricon

Residential 

31,712‌

250‌

2,976‌

Residential

Real

Estate

Investment

Trusts

0.1%

Equity

LifeStyle

Properties,

REIT 

30,259‌

2,151‌

Flagship

Communities

REIT 

5,144‌

77‌

Independence

Realty

Trust,

REIT 

18,707‌

255‌

2,483‌

Retail

Real

Estate

Investment

Trusts

0.0%

Scentre

Group

(AUD) 

509,516‌

891‌

891‌

Specialized

Real

Estate

Investment

Trusts

0.2%

CubeSmart,

REIT 

11,185‌

445‌

Extra

Space

Storage,

REIT 

3,595‌

468‌

Public

Storage,

REIT 

10,221‌

2,645‌

Weyerhaeuser,

REIT 

30,001‌

940‌

4,498‌

Total

Real

Estate

13,714‌

UTILITIES

0.7%

Electric

Utilities

0.4%

Constellation

Energy 

35,507‌

4,298‌

Evergy 

5,427‌

277‌

FirstEnergy 

8,284‌

306‌

IDACORP 

4,713‌

455‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

MGE

Energy 

2,715‌

200‌

NextEra

Energy 

29,454‌

1,723‌

NRG

Energy 

8,041‌

385‌

Southern 

12,005‌

852‌

8,496‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

83,000‌

275‌

Chesapeake

Utilities 

5,533‌

529‌

ONE

Gas 

2,613‌

150‌

Southwest

Gas

Holdings 

7,507‌

444‌

1,398‌

Independent

Power

&

Renewable

Electricity

Producers

0.0%

Electric

Power

Development

(JPY) 

37,200‌

578‌

578‌

Multi-Utilities

0.2%

Ameren 

2,746‌

213‌

Engie

(EUR) 

126,217‌

2,190‌

National

Grid

(GBP) 

103,512‌

1,343‌

3,746‌

Water

Utilities

0.0%

California

Water

Service

Group 

6,087‌

308‌

308‌

Total

Utilities

14,526‌

Total

Miscellaneous

Common

Stocks

 0.2%  (9)

3,418‌

Total

Common

Stocks

(Cost

$442,502)

715,636‌

CONVERTIBLE

BONDS

0.0%

Convoy,

15.00%,

9/30/26,

Acquisition

Date:

3/24/23,

Cost $6  (5)

(6)(7)

5,557‌

—‌

Total

Convertible

Bonds

(Cost

$6)

—‌

CONVERTIBLE

PREFERRED

STOCKS

0.1%

CONSUMER

DISCRETIONARY

0.0%

Specialty

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $85  (5)(6)(7)

14,624‌

16‌

Total

Consumer

Discretionary

16‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $—  (5)(6)(7)

14‌

—‌

Total

Consumer

Staples

—‌

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Acquisition

Date:

1/28/22,

Cost $73  (5)(6)(7)

699‌

54‌

Total

Financials

54‌

HEALTH

CARE

0.0%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $41  (5)(6)(7)

14,745‌

54‌

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $63  (5)(6)(7)

7,833‌

28‌

82‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $45  (5)(6)(7)

44,249‌

45‌

45‌

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $84  (5)(6)(7)

34,928‌

41‌

41‌

Life

Sciences

Tools

&

Services

0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $41  (5)(6)(7)

3,497‌

32‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $46  (5)(6)(7)

5,249‌

15‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $61  (5)(6)(7)

4,451‌

270‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $92  (5)(6)(7)

2,075‌

126‌

443‌

Total

Health

Care

611‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $47  (5)(6)(7)

1,042‌

33‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $93  (5)(6)(7)

16,618‌

84‌

117‌

Air

Freight

&

Logistics

0.0%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $44  (5)(6)(7)

3,599‌

28‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $24  (5)(6)(7)

1,206‌

9‌

37‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $46  (5)(6)(7)

2,189‌

6‌

6‌

Ground

Transportation

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $68  (5)(6)(7)

9,621‌

—‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $85  (5)(6)(7)

6,236‌

—‌

—‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $32  (5)(6)(7)

6,984‌

38‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $99  (5)(6)(7)

9,798‌

53‌

91‌

Total

Industrials

&

Business

Services

251‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $36  (5)(6)(7)

2,473‌

18‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $15  (5)(6)(7)

777‌

6‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $—  (5)

(6)(7)

3‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $40  (5)(6)

(7)

1,534‌

112‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $8  (5)(6)(7)

75‌

6‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $5  (5)(6)(7)

220‌

4‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $—  (5)(6)(7)

20‌

—‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $1  (5)

(6)(7)

20‌

—‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $61  (5)(6)(7)

2,730‌

53‌

199‌

Software

0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $17  (5)(6)(7)

10‌

11‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $94  (5)(6)(7)

1,581‌

116‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $261  (5)(6)

(7)

3,552‌

261‌

Databricks,

Series

I,

Acquisition

Date:

9/14/23,

Cost $29  (5)(6)(7)

401‌

29‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $132  (5)(6)(7)

4,351‌

67‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $102  (5)

(6)(7)

7,799‌

48‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $44  (5)(6)(7)

2,102‌

13‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $43  (5)(6)(7)

8,514‌

43‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $59  (5)(6)(7)

9,270‌

67‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $6  (5)

(6)(7)

705‌

5‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $20  (5)(6)(7)

1,237‌

7‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $16  (5)(6)(7)

1,015‌

6‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $—  (5)(6)(7)

18‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $38  (5)(6)(7)

2,353‌

13‌

686‌

Total

Information

Technology

885‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $56  (5)(6)(7)

1,182‌

56‌

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $79  (5)(6)(7)

1,910‌

39‌

95‌

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $48  (5)

(6)(7)

1,739‌

75‌

75‌

Total

Materials

170‌

Total

Convertible

Preferred

Stocks

(Cost

$2,379)

1,987‌

CORPORATE

BONDS

5.1%

AbbVie,

3.20%,

11/21/29 

905,000‌

820‌

AbbVie,

4.05%,

11/21/39 

260,000‌

224‌

AbbVie,

4.25%,

11/21/49 

380,000‌

320‌

AbbVie,

4.70%,

5/14/45 

600,000‌

538‌

AbbVie,

4.875%,

11/14/48 

650,000‌

597‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

460,000‌

419‌

AerCap

Ireland

Capital,

3.30%,

1/30/32 

680,000‌

564‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

355,000‌

354‌

AES,

5.45%,

6/1/28 

85,000‌

84‌

AIB

Group,

VR,

6.608%,

9/13/29  (1)(10)

200,000‌

204‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

455,000‌

434‌

Ally

Financial,

4.75%,

6/9/27 

410,000‌

387‌

Ally

Financial,

Series C,

VR,

4.70%  (10)(11)

286,000‌

184‌

American

Honda

Finance,

5.65%,

11/15/28 

350,000‌

357‌

American

Tower,

5.25%,

7/15/28 

85,000‌

84‌

Anheuser-Busch

InBev

Worldwide,

4.50%,

6/1/50 

459,000‌

405‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Anheuser-Busch

InBev

Worldwide,

5.55%,

1/23/49 

600,000‌

612‌

Aon,

2.80%,

5/15/30 

145,000‌

125‌

AT&T,

3.50%,

9/15/53 

610,000‌

404‌

Baltimore

Gas

&

Electric,

5.40%,

6/1/53 

200,000‌

193‌

Banca

Transilvania,

VR,

8.875%,

4/27/27

(EUR)  (10)

345,000‌

392‌

Banco

Santander,

6.921%,

8/8/33 

200,000‌

199‌

Bank

of

America,

VR,

1.898%,

7/23/31  (10)

2,130,000‌

1,655‌

Bank

of

America,

VR,

2.496%,

2/13/31  (10)

450,000‌

372‌

Bank

of

America,

VR,

2.592%,

4/29/31  (10)

110,000‌

91‌

Bank

of

America,

VR,

3.419%,

12/20/28  (10)

175,000‌

160‌

Bank

of

America,

VR,

3.559%,

4/23/27  (10)

1,115,000‌

1,061‌

Bank

of

America,

VR,

4.271%,

7/23/29  (10)

875,000‌

821‌

Bank

of

America,

VR,

5.819%,

9/15/29  (10)

825,000‌

833‌

Bank

of

Montreal,

5.717%,

9/25/28 

80,000‌

81‌

Bank

of

New

York

Mellon,

VR,

6.317%,

10/25/29  (10)

400,000‌

414‌

Bank

of

New

York

Mellon,

VR,

6.474%,

10/25/34  (10)

460,000‌

487‌

Barclays,

VR,

5.501%,

8/9/28  (10)

225,000‌

220‌

Barclays,

VR,

6.224%,

5/9/34  (10)

305,000‌

300‌

Barclays,

VR,

6.692%,

9/13/34  (10)

645,000‌

655‌

Barclays,

VR,

9.625%  (10)(11)

320,000‌

322‌

BAT

Capital,

2.259%,

3/25/28 

140,000‌

122‌

BAT

Capital,

7.079%,

8/2/43 

205,000‌

208‌

BAT

Capital,

7.081%,

8/2/53 

315,000‌

320‌

BAT

International

Finance,

1.668%,

3/25/26 

80,000‌

73‌

Bayer

U.S.

Finance,

6.125%,

11/21/26  (1)

200,000‌

201‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

250,000‌

215‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

304,000‌

289‌

Bimbo

Bakeries

USA,

6.40%,

1/15/34  (1)

200,000‌

213‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

330,000‌

286‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

95,000‌

91‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

430,000‌

432‌

Boeing,

3.25%,

2/1/28 

90,000‌

84‌

Boeing,

5.04%,

5/1/27 

600,000‌

594‌

Boeing,

5.805%,

5/1/50 

320,000‌

312‌

Booz

Allen

Hamilton,

5.95%,

8/4/33 

180,000‌

183‌

Boston

Gas,

6.119%,

7/20/53  (1)

145,000‌

142‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

192,000‌

172‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

1,053,000‌

964‌

Broadcom,

3.875%,

1/15/27 

85,000‌

81‌

CaixaBank,

VR,

6.208%,

1/18/29  (1)(10)

505,000‌

501‌

CaixaBank,

VR,

6.684%,

9/13/27  (1)(10)

400,000‌

403‌

CaixaBank,

VR,

6.84%,

9/13/34  (1)(10)

475,000‌

477‌

Capital

One

Financial,

3.65%,

5/11/27 

965,000‌

890‌

Capital

One

Financial,

3.75%,

3/9/27 

85,000‌

79‌

Capital

One

Financial,

VR,

2.359%,

7/29/32  (10)

760,000‌

538‌

Capital

One

Financial,

VR,

3.273%,

3/1/30  (10)

245,000‌

209‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Capital

One

Financial,

VR,

5.247%,

7/26/30  (10)

140,000‌

131‌

Capital

One

Financial,

VR,

5.468%,

2/1/29  (10)

890,000‌

851‌

Carrier

Global,

2.493%,

2/15/27 

90,000‌

82‌

Carrier

Global,

5.80%,

11/30/25  (1)

115,000‌

116‌

Carvana,

12.00%,

12/1/28,

(12.00%

PIK)  (1)(12)

89,000‌

70‌

Carvana,

13.00%,

6/1/30,

(13.00%

PIK)  (1)(12)

134,000‌

105‌

Carvana,

14.00%,

6/1/31,

(14.00%

PIK)  (1)(12)

159,000‌

125‌

CBRE

Services,

5.95%,

8/15/34 

410,000‌

407‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

64,000‌

64‌

Celanese

U.S.

Holdings,

6.165%,

7/15/27 

85,000‌

86‌

Centene,

2.50%,

3/1/31 

505,000‌

401‌

Centene,

2.625%,

8/1/31 

1,265,000‌

1,009‌

Centene,

4.25%,

12/15/27 

85,000‌

80‌

Charter

Communications

Operating,

3.75%,

2/15/28 

135,000‌

125‌

Charter

Communications

Operating,

5.125%,

7/1/49 

175,000‌

136‌

Charter

Communications

Operating,

5.75%,

4/1/48 

205,000‌

173‌

Charter

Communications

Operating,

6.484%,

10/23/45 

110,000‌

102‌

Charter

Communications

Operating,

6.65%,

2/1/34 

500,000‌

511‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

220,000‌

218‌

Cheniere

Energy,

4.625%,

10/15/28 

85,000‌

81‌

Citigroup,

4.45%,

9/29/27 

125,000‌

120‌

Citigroup,

VR,

3.106%,

4/8/26  (10)

255,000‌

246‌

Citigroup,

VR,

4.658%,

5/24/28  (10)

120,000‌

117‌

Citigroup,

VR,

5.61%,

9/29/26  (10)

585,000‌

583‌

Citigroup,

VR,

6.174%,

5/25/34  (10)

350,000‌

348‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28  (10)

530,000‌

492‌

CNO

Financial

Group,

5.25%,

5/30/25 

187,000‌

185‌

Columbia

Pipelines

Holding,

6.042%,

8/15/28  (1)

280,000‌

283‌

Comcast,

3.25%,

11/1/39 

360,000‌

273‌

Corebridge

Financial,

3.65%,

4/5/27 

85,000‌

80‌

Corebridge

Financial,

3.90%,

4/5/32 

145,000‌

127‌

Crown

Castle,

2.25%,

1/15/31 

810,000‌

649‌

Crown

Castle,

3.80%,

2/15/28 

85,000‌

79‌

Crown

Castle

Towers,

3.663%,

5/15/25  (1)

695,000‌

670‌

CVS

Health,

3.25%,

8/15/29 

140,000‌

126‌

CVS

Health,

4.30%,

3/25/28 

90,000‌

87‌

CVS

Health,

5.05%,

3/25/48 

729,000‌

637‌

CVS

Health,

5.625%,

2/21/53 

440,000‌

415‌

CVS

Health,

5.875%,

6/1/53 

235,000‌

228‌

Daimler

Truck

Finance

North

America,

5.125%,

1/19/28  (1)

150,000‌

148‌

Danske

Bank,

VR,

3.244%,

12/20/25  (1)(10)

685,000‌

662‌

Danske

Bank,

VR,

3.773%,

3/28/25  (1)(10)

330,000‌

327‌

Diamondback

Energy,

6.25%,

3/15/53 

205,000‌

207‌

Dollar

General,

3.875%,

4/15/27 

90,000‌

86‌

Dollar

General,

5.45%,

7/5/33 

360,000‌

351‌

DTE

Energy,

4.875%,

6/1/28 

80,000‌

79‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Duke

Energy,

5.00%,

8/15/52 

620,000‌

539‌

Duke

Energy,

6.10%,

9/15/53 

580,000‌

587‌

Edison

International,

4.95%,

4/15/25 

30,000‌

30‌

EDP

Finance,

6.30%,

10/11/27  (1)

200,000‌

206‌

Elevance

Health,

5.125%,

2/15/53 

220,000‌

203‌

Enbridge,

4.25%,

12/1/26 

80,000‌

77‌

Enbridge,

6.20%,

11/15/30 

130,000‌

135‌

Enbridge,

6.70%,

11/15/53 

205,000‌

224‌

Enel

Finance

America,

7.10%,

10/14/27  (1)

200,000‌

209‌

Enel

Finance

International,

6.80%,

10/14/25  (1)

200,000‌

203‌

Energy

Transfer,

2.90%,

5/15/25 

175,000‌

168‌

Energy

Transfer,

6.40%,

12/1/30 

200,000‌

208‌

Energy

Transfer,

6.55%,

12/1/33 

135,000‌

141‌

Equifax,

5.10%,

12/15/27 

162,000‌

160‌

Equitable

Financial

Life

Global

Funding,

1.00%,

1/9/26  (1)

405,000‌

365‌

Equitable

Holdings,

4.35%,

4/20/28 

1,145,000‌

1,089‌

Essex

Portfolio,

3.625%,

5/1/27 

270,000‌

254‌

Exelon,

5.15%,

3/15/28 

80,000‌

80‌

Exelon,

5.60%,

3/15/53 

320,000‌

306‌

Fifth

Third

Bancorp,

2.375%,

1/28/25 

90,000‌

86‌

Fifth

Third

Bancorp,

2.55%,

5/5/27 

50,000‌

45‌

Fifth

Third

Bancorp,

3.95%,

3/14/28 

155,000‌

145‌

Fifth

Third

Bancorp,

VR,

4.772%,

7/28/30  (10)

140,000‌

131‌

Fifth

Third

Bancorp,

VR,

6.339%,

7/27/29  (10)

225,000‌

227‌

Fiserv,

4.20%,

10/1/28 

85,000‌

81‌

Ford

Motor

Credit,

6.798%,

11/7/28 

200,000‌

204‌

Ford

Motor

Credit,

7.122%,

11/7/33 

200,000‌

208‌

Freeport-McMoRan,

4.375%,

8/1/28 

41,000‌

38‌

Freeport-McMoRan,

5.00%,

9/1/27 

4,000‌

4‌

Freeport-McMoRan,

5.45%,

3/15/43 

240,000‌

215‌

General

Motors

Financial,

4.00%,

10/6/26 

85,000‌

81‌

General

Motors

Financial,

5.80%,

6/23/28 

80,000‌

80‌

Georgia

Power,

4.95%,

5/17/33 

445,000‌

431‌

GLP

Capital,

3.35%,

9/1/24 

120,000‌

118‌

Goldman

Sachs

Group,

3.50%,

11/16/26 

280,000‌

267‌

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27  (10)

515,000‌

457‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28  (10)

515,000‌

485‌

Goldman

Sachs

Group,

VR,

3.691%,

6/5/28  (10)

170,000‌

159‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28  (10)

760,000‌

733‌

Hasbro,

3.55%,

11/19/26 

76,000‌

71‌

HCA,

2.375%,

7/15/31 

185,000‌

147‌

HCA,

3.125%,

3/15/27 

220,000‌

204‌

HCA,

3.375%,

3/15/29 

85,000‌

76‌

HCA,

3.50%,

9/1/30 

372,000‌

327‌

HCA,

4.50%,

2/15/27 

85,000‌

82‌

HCA,

5.375%,

9/1/26 

175,000‌

174‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

HCA,

5.875%,

2/15/26 

165,000‌

165‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

190,000‌

141‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

575,000‌

521‌

HSBC

Holdings,

VR,

4.755%,

6/9/28  (10)

705,000‌

681‌

HSBC

Holdings,

VR,

5.21%,

8/11/28  (10)

450,000‌

442‌

HSBC

Holdings,

VR,

6.254%,

3/9/34  (10)

725,000‌

737‌

HSBC

Holdings,

VR,

7.399%,

11/13/34  (10)

435,000‌

451‌

Humana,

4.875%,

4/1/30 

332,000‌

323‌

Humana,

5.50%,

3/15/53 

540,000‌

514‌

Humana,

5.95%,

3/15/34 

235,000‌

240‌

Huntington

National

Bank,

VR,

5.699%,

11/18/25  (10)

250,000‌

244‌

Hyundai

Capital

America,

5.50%,

3/30/26  (1)

135,000‌

134‌

Hyundai

Capital

America,

6.50%,

1/16/29  (1)

90,000‌

92‌

Indiana

Michigan

Power,

5.625%,

4/1/53 

35,000‌

34‌

ING

Groep,

VR,

6.114%,

9/11/34  (10)

230,000‌

230‌

Intercontinental

Exchange,

4.35%,

6/15/29 

475,000‌

457‌

Interpublic

Group,

4.65%,

10/1/28 

195,000‌

187‌

Intesa

Sanpaolo,

7.20%,

11/28/33  (1)

510,000‌

517‌

Intesa

Sanpaolo,

7.80%,

11/28/53  (1)

610,000‌

619‌

Intuit,

5.50%,

9/15/53 

230,000‌

237‌

IQVIA,

6.25%,

2/1/29  (1)

260,000‌

263‌

Jackson

Financial,

5.17%,

6/8/27 

415,000‌

402‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27  (10)

775,000‌

701‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28  (10)

680,000‌

609‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31  (10)

1,370,000‌

1,149‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30  (10)

250,000‌

216‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31  (10)

710,000‌

601‌

JPMorgan

Chase,

VR,

3.54%,

5/1/28  (10)

275,000‌

257‌

JPMorgan

Chase,

VR,

3.96%,

1/29/27  (10)

125,000‌

121‌

JPMorgan

Chase,

VR,

6.254%,

10/23/34  (10)

340,000‌

354‌

KBC

Group,

VR,

5.796%,

1/19/29  (1)(10)

635,000‌

629‌

KBC

Group,

VR,

6.324%,

9/21/34  (1)(10)

460,000‌

461‌

Kinder

Morgan,

4.30%,

3/1/28 

90,000‌

87‌

Las

Vegas

Sands,

3.50%,

8/18/26 

210,000‌

197‌

Lowe's,

4.25%,

4/1/52 

275,000‌

216‌

Lowe's,

5.625%,

4/15/53 

200,000‌

195‌

Lowe's,

5.75%,

7/1/53 

150,000‌

147‌

LSEGA

Financing,

2.00%,

4/6/28  (1)

1,325,000‌

1,145‌

LSEGA

Financing,

2.50%,

4/6/31  (1)

375,000‌

309‌

LSEGA

Financing,

3.20%,

4/6/41  (1)

200,000‌

146‌

Marathon

Oil,

4.40%,

7/15/27 

85,000‌

81‌

Marriott

International,

5.00%,

10/15/27 

331,000‌

329‌

Mars,

4.75%,

4/20/33  (1)

420,000‌

407‌

Marsh

&

McLennan,

2.25%,

11/15/30 

185,000‌

154‌

Marsh

&

McLennan,

5.70%,

9/15/53 

505,000‌

514‌

Mattel,

5.875%,

12/15/27  (1)

410,000‌

403‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Meta

Platforms,

5.60%,

5/15/53 

580,000‌

590‌

Metropolitan

Life

Global

Funding

I,

5.15%,

3/28/33  (1)

240,000‌

233‌

Micron

Technology,

4.185%,

2/15/27 

125,000‌

120‌

Micron

Technology,

5.327%,

2/6/29 

226,000‌

224‌

Micron

Technology,

6.75%,

11/1/29 

215,000‌

225‌

MidAmerican

Energy,

5.85%,

9/15/54 

165,000‌

169‌

Morgan

Stanley,

VR,

4.431%,

1/23/30  (10)

185,000‌

175‌

Morgan

Stanley,

VR,

5.123%,

2/1/29  (10)

1,095,000‌

1,080‌

MPLX,

4.125%,

3/1/27 

85,000‌

82‌

Mylan,

4.55%,

4/15/28 

85,000‌

80‌

Netflix,

4.625%,

5/15/29

(EUR) 

655,000‌

739‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

390,000‌

313‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52 

363,000‌

225‌

NextEra

Energy

Capital

Holdings,

5.25%,

2/28/53 

180,000‌

163‌

NextEra

Energy

Capital

Holdings,

5.749%,

9/1/25 

280,000‌

280‌

NiSource,

3.49%,

5/15/27 

90,000‌

85‌

NiSource,

5.25%,

3/30/28 

85,000‌

85‌

Nissan

Motor

Acceptance,

1.85%,

9/16/26  (1)

165,000‌

146‌

NRG

Energy,

4.45%,

6/15/29  (1)

195,000‌

177‌

Occidental

Petroleum,

6.375%,

9/1/28 

115,000‌

118‌

Occidental

Petroleum,

8.875%,

7/15/30 

890,000‌

1,017‌

ONEOK,

5.65%,

11/1/28 

80,000‌

80‌

ONEOK,

5.80%,

11/1/30 

160,000‌

161‌

ONEOK,

6.05%,

9/1/33 

235,000‌

239‌

O'Reilly

Automotive,

5.75%,

11/20/26 

125,000‌

126‌

Ovintiv,

5.65%,

5/15/28 

85,000‌

85‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

179,000‌

158‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

445,000‌

354‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

400,000‌

367‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

150,000‌

147‌

Pacific

Gas

&

Electric,

6.70%,

4/1/53 

145,000‌

147‌

Pacific

Gas

&

Electric,

6.95%,

3/15/34 

235,000‌

248‌

Palomino

Funding

Trust

I,

7.233%,

5/17/28  (1)

935,000‌

960‌

Pfizer

Investment

Enterprises,

4.75%,

5/19/33 

280,000‌

272‌

Pfizer

Investment

Enterprises,

5.30%,

5/19/53 

275,000‌

266‌

Pfizer

Investment

Enterprises,

5.34%,

5/19/63 

420,000‌

402‌

Philip

Morris

International,

5.125%,

2/15/30 

285,000‌

281‌

Pioneer

Natural

Resources,

5.10%,

3/29/26 

145,000‌

144‌

PNC

Financial

Services

Group,

2.55%,

1/22/30 

150,000‌

127‌

PNC

Financial

Services

Group,

VR,

6.037%,

10/28/33  (10)

470,000‌

469‌

PNC

Financial

Services

Group,

VR,

6.615%,

10/20/27  (10)

85,000‌

86‌

PNC

Financial

Services

Group,

Series T,

VR,

3.40%  (10)(11)

24,000‌

18‌

Public

Service

Enterprise

Group,

5.875%,

10/15/28 

85,000‌

87‌

Public

Storage

Operating,

5.35%,

8/1/53 

90,000‌

86‌

Revvity,

1.90%,

9/15/28 

350,000‌

295‌

Revvity,

2.25%,

9/15/31 

190,000‌

148‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Revvity,

3.30%,

9/15/29 

125,000‌

110‌

Reynolds

American,

4.45%,

6/12/25 

99,000‌

97‌

Rogers

Communications,

3.20%,

3/15/27 

260,000‌

241‌

Rogers

Communications,

3.80%,

3/15/32 

275,000‌

239‌

Rogers

Communications,

4.35%,

5/1/49 

35,000‌

27‌

Rogers

Communications,

4.55%,

3/15/52 

1,115,000‌

878‌

Ross

Stores,

1.875%,

4/15/31 

480,000‌

376‌

Sabine

Pass

Liquefaction,

4.20%,

3/15/28 

90,000‌

86‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28  (10)

250,000‌

224‌

Santander

Holdings

USA,

VR,

6.499%,

3/9/29  (10)

105,000‌

105‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26  (10)

1,205,000‌

1,107‌

SBA

Tower

Trust,

1.84%,

4/15/27  (1)

560,000‌

487‌

SBA

Tower

Trust,

2.328%,

1/15/28  (1)

150,000‌

129‌

SBA

Tower

Trust,

2.593%,

10/15/31  (1)

455,000‌

354‌

Sempra,

3.40%,

2/1/28 

85,000‌

79‌

Sempra,

3.70%,

4/1/29 

135,000‌

124‌

Southern,

5.20%,

6/15/33 

665,000‌

651‌

Southern,

5.70%,

3/15/34 

310,000‌

315‌

Southern

California

Edison,

5.70%,

3/1/53 

225,000‌

217‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27 

315,000‌

310‌

Sprint

Capital,

6.875%,

11/15/28 

540,000‌

570‌

Sprint

Capital,

8.75%,

3/15/32 

330,000‌

394‌

Standard

Chartered,

VR,

1.456%,

1/14/27  (1)(10)

275,000‌

249‌

Standard

Chartered,

VR,

2.608%,

1/12/28  (1)(10)

1,185,000‌

1,064‌

Standard

Chartered,

VR,

2.819%,

1/30/26  (1)(10)

200,000‌

192‌

Standard

Chartered,

VR,

3.971%,

3/30/26  (1)(10)

270,000‌

261‌

Sutter

Health,

5.164%,

8/15/33 

135,000‌

132‌

T-Mobile

USA,

5.75%,

1/15/54 

915,000‌

904‌

T-Mobile

USA,

6.00%,

6/15/54 

175,000‌

179‌

Targa

Resources

Partners,

5.00%,

1/15/28 

85,000‌

82‌

Targa

Resources

Partners,

5.50%,

3/1/30 

600,000‌

580‌

Targa

Resources

Partners,

6.875%,

1/15/29 

101,000‌

103‌

Thermo

Fisher

Scientific,

5.20%,

1/31/34 

190,000‌

190‌

Toronto-Dominion

Bank,

5.523%,

7/17/28 

85,000‌

85‌

Truist

Financial,

VR,

4.123%,

6/6/28  (10)

142,000‌

134‌

U.S.

Bancorp,

VR,

3.70%  (10)(11)

55,000‌

42‌

U.S.

Bancorp,

VR,

6.787%,

10/26/27  (10)

85,000‌

88‌

UBS

Group,

3.75%,

3/26/25 

890,000‌

863‌

UBS

Group,

VR,

5.959%,

1/12/34  (1)(10)

415,000‌

408‌

UBS

Group,

VR,

6.301%,

9/22/34  (1)(10)

305,000‌

308‌

UBS

Group,

VR,

9.25%  (1)(10)(11)

200,000‌

212‌

UBS

Group,

VR,

9.25%  (1)(10)(11)

200,000‌

209‌

UnitedHealth

Group,

4.50%,

4/15/33 

420,000‌

402‌

UnitedHealth

Group,

5.05%,

4/15/53 

625,000‌

586‌

UnitedHealth

Group,

5.875%,

2/15/53 

370,000‌

394‌

Utah

Acquisition

Sub,

3.95%,

6/15/26 

1,136,000‌

1,081‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Utah

Acquisition

Sub,

5.25%,

6/15/46 

40,000‌

31‌

VF,

2.95%,

4/23/30 

250,000‌

202‌

Viatris,

3.85%,

6/22/40 

381,000‌

262‌

Viatris,

4.00%,

6/22/50 

210,000‌

135‌

Vistra

Operations,

5.125%,

5/13/25  (1)

465,000‌

457‌

Vistra

Operations,

6.95%,

10/15/33  (1)

175,000‌

179‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26  (1)

970,000‌

908‌

Walt

Disney,

3.60%,

1/13/51 

230,000‌

174‌

Warnermedia

Holdings,

3.755%,

3/15/27 

690,000‌

649‌

Wells

Fargo,

4.30%,

7/22/27 

370,000‌

355‌

Wells

Fargo,

VR,

2.393%,

6/2/28  (10)

2,740,000‌

2,448‌

Wells

Fargo,

VR,

2.572%,

2/11/31  (10)

2,800,000‌

2,343‌

Wells

Fargo,

VR,

2.879%,

10/30/30  (10)

1,150,000‌

983‌

Wells

Fargo,

VR,

3.196%,

6/17/27  (10)

125,000‌

118‌

Wells

Fargo,

VR,

6.491%,

10/23/34  (10)

380,000‌

397‌

Western

Midstream

Operating,

4.50%,

3/1/28 

85,000‌

81‌

Westlake,

1.625%,

7/17/29

(EUR) 

215,000‌

201‌

Williams,

3.75%,

6/15/27 

1,090,000‌

1,033‌

Xcel

Energy,

3.40%,

6/1/30 

475,000‌

426‌

Total

Corporate

Bonds

(Cost

$109,463)

102,777‌

EQUITY

MUTUAL

FUNDS

10.3%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund  (3)

1,745,466‌

54,982‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class  (3)

10,475,921‌

102,454‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class  (3)

3,773,435‌

50,791‌

Total

Equity

Mutual

Funds

(Cost

$205,038)

208,227‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.0%

Republic

of

Bulgaria,

4.375%,

5/13/31

(EUR) 

306,000‌

338‌

Republic

of

Bulgaria,

4.875%,

5/13/36

(EUR) 

349,000‌

385‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$689)

723‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.6%

Angel

Oak

Mortgage

Trust,

Series 2022-1,

Class

A1,

CMO,

STEP,

2.881%,

12/25/66  (1)

269,965‌

234‌

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

TSFR

+

1.297%,

6.62%,

9/15/32  (1)

235,000‌

231‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-4,

Class

A20,

CMO,

ARM,

2.50%,

10/25/51  (1)

491,652‌

371‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

46

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

TSFR

+

2.274%,

7.597%,

11/15/34  (1)

235,000‌

82‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

TSFR

+

1.654%,

6.977%,

10/15/34  (1)

750,000‌

737‌

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56  (1)

237,471‌

199‌

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

8.464%,

6/15/27  (1)

625,000‌

624‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

TSFR

+

1.411%,

6.734%,

10/15/36  (1)

410,000‌

393‌

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51  (1)

489,568‌

369‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51  (1)

197,921‌

156‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65  (1)

55,878‌

53‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

275,977‌

265‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

1M2B,

CMO,

ARM,

SOFR30A

+

2.764%,

8.093%,

2/25/30 

208,625‌

209‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

SOFR30A

+

1.114%,

6.443%,

2/25/30 

70,295‌

70‌

DBCG

Mortgage

Trust,

Series 2017-BBG,

Class

A,

ARM,

PRIME

+

0.00%,

8.50%,

6/15/34  (1)

360,000‌

360‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.174%,

9/15/45  (1)

510,000‌

297‌

Eleven

Madison

Mortgage

Trust,

Series 2015-11MD,

Class

A,

ARM,

3.673%,

9/10/35  (1)

205,000‌

183‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

TSFR

+

0.964%,

6.00%,

3/25/50  (1)

76,674‌

71‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50  (1)

107,491‌

95‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57  (1)

31,191‌

27‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58  (1)

23,920‌

22‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

TSFR

+

1.747%,

7.07%,

12/15/36  (1)

425,000‌

420‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

4.154%,

7/25/44  (1)

5,169‌

5‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.925%,

10/25/50  (1)

219,260‌

177‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51  (1)

369,755‌

279‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR2,

Class

A4,

CMO,

ARM,

2.50%,

2/25/52  (1)

380,043‌

287‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

47

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56  (1)

166,240‌

128‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33  (1)

190,000‌

165‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50  (1)

83,301‌

71‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50  (1)

96,454‌

83‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.574%,

12/25/50  (1)

291,538‌

235‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50  (1)

81,477‌

70‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50  (1)

7,627‌

7‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50  (1)

17,844‌

17‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.264%,

6/25/50  (1)

303,231‌

248‌

MFA

Trust,

Series 2022-INV2,

Class

A1,

CMO,

STEP,

4.95%,

7/25/57  (1)

434,015‌

418‌

Mill

City

Mortgage

Loan

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

7/25/59  (1)

2,461‌

2‌

Morgan

Stanley

Residential

Mortgage

Loan

Trust,

Series  2023-

NQM1,

Class

A2,

CMO,

STEP,

7.53%,

9/25/68  (1)

148,380‌

150‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51  (1)

294,829‌

222‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60  (1)

214,855‌

186‌

OBX

Trust,

Series 2023-NQM9,

Class

A2,

CMO,

STEP,

7.513%,

10/25/63  (1)

98,944‌

100‌

SCG

Mortgage

Trust,

Series 2023-NASH,

Class

A,

ARM,

1M

TSFR

+

2.391%,

7.722%,

12/15/40  (1)

575,000‌

574‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.437%,

4/25/43 

155,635‌

144‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.779%,

8/25/47  (1)

229,405‌

203‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47  (1)

47,418‌

42‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48  (1)

11,616‌

10‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48  (1)

35,628‌

32‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59  (1)

9,097‌

9‌

Structured

Agency

Credit

Remic

Trust,

Series 2023-HQA3,

Class

A1,

CMO,

ARM,

SOFR30A

+

1.85%,

7.172%,

11/25/43  (1)

180,000‌

181‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

48

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

7.628%,

8/25/33  (1)

214,203‌

216‌

Towd

Point

Mortgage

Trust,

Series 2019-HY3,

Class

A1A,

CMO,

ARM,

1M

TSFR

+

1.114%,

6.457%,

10/25/59  (1)

97,219‌

97‌

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51  (1)

382,385‌

289‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.889%,

3/25/60  (1)

100,000‌

95‌

Verus

Securitization

Trust,

Series 2021-5,

Class

A2,

CMO,

ARM,

1.218%,

9/25/66  (1)

222,631‌

173‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

1,335,000‌

1,139‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2021-SAVE,

Class

C,

ARM,

1M

TSFR

+

1.914%,

7.237%,

2/15/40  (1)

264,000‌

238‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36  (1)

102,474‌

78‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$13,708)

11,838‌

PREFERRED

STOCKS

0.0%

CONSUMER

DISCRETIONARY

0.0%

Automobiles

0.0%

Dr.

Ing.

h.c.

F.

Porsche

(EUR) 

10,092‌

925‌

Total

Consumer

Discretionary

925‌

Total

Preferred

Stocks

(Cost

$855)

925‌

PRIVATE

INVESTMENT

COMPANIES

6.2%

Blackstone

Partners

Offshore

Fund  (6)

54,754‌

126,782‌

Total

Private

Investment

Companies

(Cost

$85,216)

126,782‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

5.3%

U.S.

Government

Agency

Obligations

3.9%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

124,407‌

117‌

3.00%,

12/1/42

-

4/1/47 

475,038‌

419‌

3.50%,

8/1/42

-

3/1/44 

423,534‌

388‌

4.00%,

8/1/40

-

9/1/45 

328,078‌

307‌

4.50%,

6/1/39

-

10/1/41 

254,151‌

246‌

5.00%,

7/1/25

-

8/1/40 

176,526‌

177‌

5.50%,

10/1/38 

54,847‌

56‌

6.00%,

10/1/32

-

8/1/38 

49,585‌

51‌

6.50%,

9/1/32

-

9/1/34 

15,305‌

16‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

49

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

7.00%,

4/1/32

-

6/1/32 

1,994‌

2‌

Federal

Home

Loan

Mortgage,

ARM 

1Y

CMT

+

2.25%,

5.926%,

10/1/36 

1,980‌

2‌

RFUCCT1Y

+

1.725%,

5.975%,

7/1/35 

720‌

1‌

RFUCCT1Y

+

1.785%,

4.035%,

2/1/37 

519‌

—‌

RFUCCT1Y

+

1.842%,

4.091%,

1/1/37 

5,651‌

6‌

RFUCCT1Y

+

1.918%,

4.292%,

2/1/37 

5,020‌

5‌

RFUCCT1Y

+

1.93%,

4.187%,

12/1/36 

4,318‌

4‌

RFUCCT1Y

+

2.031%,

5.049%,

11/1/36 

7,106‌

7‌

RFUCCT1Y

+

2.162%,

4.558%,

2/1/37 

5,279‌

5‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

228,601‌

45‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

2/1/36

-

4/1/37 

552,620‌

471‌

2.00%,

8/1/36

-

5/1/52 

7,343,027‌

5,779‌

2.50%,

3/1/42

-

5/1/52 

6,991,970‌

5,700‌

3.00%,

5/1/31

-

6/1/52 

2,954,554‌

2,561‌

3.50%,

6/1/47

-

11/1/50 

1,446,213‌

1,300‌

4.00%,

8/1/37

-

2/1/50 

866,069‌

814‌

4.50%,

5/1/50

-

11/1/52 

1,604,611‌

1,505‌

5.00%,

10/1/52

-

5/1/53 

222,638‌

215‌

5.50%,

8/1/53 

974,740‌

961‌

Federal

National

Mortgage

Assn. 

3.00%,

6/1/33

-

8/1/46 

87,972‌

77‌

3.50%,

6/1/42

-

5/1/46 

695,858‌

634‌

4.00%,

11/1/40 

175,895‌

167‌

Federal

National

Mortgage

Assn.,

ARM,

RFUCCT1Y

+

1.869%,

6.119%,

8/1/36 

6,748‌

7‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

1,067‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

1,873,722‌

1,558‌

2.00%,

5/1/36

-

5/1/52 

21,970,259‌

17,486‌

2.50%,

8/1/30

-

9/1/52 

13,793,354‌

11,452‌

3.00%,

1/1/27

-

4/1/52 

9,333,541‌

8,171‌

3.50%,

2/1/35

-

8/1/52 

4,933,920‌

4,465‌

4.00%,

7/1/35

-

12/1/49 

3,664,023‌

3,425‌

4.50%,

7/1/39

-

8/1/52 

2,295,923‌

2,190‌

5.00%,

3/1/34

-

9/1/53 

2,202,149‌

2,154‌

5.50%,

12/1/34

-

10/1/53 

944,822‌

945‌

6.00%,

3/1/33

-

9/1/53 

2,357,992‌

2,390‌

6.50%,

7/1/32

-

5/1/40 

123,901‌

130‌

7.00%,

1/1/31

-

7/1/32 

1,974‌

2‌

UMBS,

TBA  (13)

2.00%,

12/1/38 

815,000‌

712‌

5.00%,

12/1/53 

855,000‌

823‌

5.50%,

12/1/53 

590,000‌

581‌

6.00%,

12/1/53 

445,000‌

446‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

50

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

6.50%,

12/1/53 

1,070,000‌

1,087‌

80,062‌

U.S.

Government

Obligations

1.4%

Government

National

Mortgage

Assn. 

1.50%,

12/20/36

-

5/20/37 

459,689‌

388‌

2.00%,

3/20/51

-

3/20/52 

5,521,263‌

4,457‌

2.50%,

8/20/50

-

3/20/52 

5,480,206‌

4,579‌

3.00%,

7/15/43

-

6/20/52 

4,902,947‌

4,262‌

3.50%,

8/20/42

-

7/20/52 

3,074,738‌

2,785‌

4.00%,

2/20/41

-

10/20/52 

3,006,709‌

2,793‌

4.50%,

11/20/39

-

10/20/52 

2,217,976‌

2,118‌

5.00%,

7/20/39

-

6/20/49 

1,007,440‌

999‌

5.50%,

1/20/36

-

3/20/49 

522,789‌

529‌

6.00%,

4/15/36

-

12/20/38 

21,837‌

23‌

7.00%,

2/20/27

-

9/20/53 

350,016‌

360‌

7.50%,

12/15/25

-

6/15/32 

4,008‌

4‌

8.00%,

10/20/25 

77‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

59,658‌

53‌

3.50%,

10/20/50 

250,000‌

199‌

Government

National

Mortgage

Assn.,

CMO,

IO 

3.50%,

5/20/43 

49,540‌

7‌

4.00%,

2/20/43 

32,166‌

4‌

Government

National

Mortgage

Assn.,

TBA  (13)

2.00%,

12/20/53 

385,000‌

311‌

4.50%,

12/20/53 

85,000‌

80‌

5.00%,

12/20/53 

495,000‌

481‌

5.50%,

12/20/53 

1,920,000‌

1,906‌

6.00%,

12/20/53 

875,000‌

881‌

6.50%,

12/20/53 

485,000‌

493‌

27,712‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$118,029)

107,774‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

6.6%

U.S.

Treasury

Obligations

6.6%

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

435,000‌

290‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52  (14)(15)

9,160,000‌

6,910‌

U.S.

Treasury

Bonds,

3.375%,

8/15/42  (15)

11,735,000‌

9,762‌

U.S.

Treasury

Bonds,

3.625%,

2/15/53 

8,105,000‌

6,916‌

U.S.

Treasury

Bonds,

3.625%,

5/15/53 

501,800‌

428‌

U.S.

Treasury

Bonds,

3.875%,

2/15/43 

4,330,000‌

3,863‌

U.S.

Treasury

Bonds,

4.00%,

11/15/42 

8,295,000‌

7,542‌

U.S.

Treasury

Bonds,

4.00%,

11/15/52 

5,280,000‌

4,826‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

51

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

U.S.

Treasury

Notes,

0.625%,

12/31/27 

3,490,000‌

3,006‌

U.S.

Treasury

Notes,

0.625%,

8/15/30 

11,815,000‌

9,269‌

U.S.

Treasury

Notes,

1.50%,

1/31/27 

9,295,000‌

8,498‌

U.S.

Treasury

Notes,

2.25%,

1/31/24 

8,100,000‌

8,058‌

U.S.

Treasury

Notes,

3.25%,

6/30/27 

1,520,000‌

1,462‌

U.S.

Treasury

Notes,

3.875%,

11/30/27 

4,545,000‌

4,462‌

U.S.

Treasury

Notes,

3.875%,

11/30/29 

4,570,000‌

4,451‌

U.S.

Treasury

Notes,

4.125%,

6/15/26 

5,835,000‌

5,777‌

U.S.

Treasury

Notes,

4.125%,

9/30/27 

2,575,000‌

2,551‌

U.S.

Treasury

Notes,

4.125%,

10/31/27 

415,000‌

411‌

U.S.

Treasury

Notes,

4.125%,

8/31/30 

6,840,000‌

6,743‌

U.S.

Treasury

Notes,

4.125%,

11/15/32 

8,130,000‌

7,983‌

U.S.

Treasury

Notes,

4.625%,

9/15/26 

19,008,100‌

19,073‌

U.S.

Treasury

Notes,

4.625%,

10/15/26 

11,890,000‌

11,935‌

134,216‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$140,469)

134,216‌

SHORT-TERM

INVESTMENTS

4.6%

Money

Market

Funds

4.6%

T.

Rowe

Price

Treasury

Reserve

Fund,

5.41%  (3)(16)

93,675,478‌

93,675‌

Total

Short-Term

Investments

(Cost

$93,675)

93,675‌

SECURITIES

LENDING

COLLATERAL

0.1%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.1%

Money

Market

Funds

0.1%

T.

Rowe

Price

Government

Reserve

Fund,

5.42%  (3)(16)

1,860,825‌

1,861‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

1,861‌

Total

Securities

Lending

Collateral

(Cost

$1,861)

1,861‌

(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,

12/22/23

@

$110.00  (5)

139‌

15,262‌

130‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

52

(Amounts

in

000s,

except

for

contracts)

OTC

Options

Purchased

0.0%

Counterparty

Description

Contracts

Notional

Amount

$

Value

JPMorgan

Chase

USD

/

EUR

Call,

12/14/23

@

EUR1.09  (5)

1‌

10,500‌

61‌

Total

Options

Purchased

(Cost

$202)

191‌

Total

Investments

in

Securities

100.5%

of

Net

Assets

(Cost

$1,838,890)

$

2,040,007‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$45,219

and

represents

2.2%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

November

30,

2023.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Affiliated

Companies

(4)

SEC

30-day

yield

(5)

Non-income

producing

(6)

See

Note

2.

Level

3

in

fair

value

hierarchy.

(7)

Security

cannot

be

offered

for

public

resale

without

first

being

registered

under

the

Securities

Act

of

1933

and

related

rules

("restricted

security").

Acquisition

date

represents

the

day

on

which

an

enforceable

right

to

acquire

such

security

is

obtained

and

is

presented

along

with

related

cost

in

the

security

description.

The

fund

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

$3,328

and

represents

0.2%

of

net

assets.

(8)

See

Note

4

.

All

or

a

portion

of

this

security

is

on

loan

at

November

30,

2023.

(9)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

(10)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(11)

Perpetual

security

with

no

stated

maturity

date.

(12)

Security

has

the

ability

to

pay

in-kind

or

pay

in

cash.

When

applicable,

separate

rates

of

such

payments

are

disclosed.

(13)

See

Note

4

.

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$7,801

and

represents

0.4%

of

net

assets.

(14)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

November

30,

2023.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

53

.

.

.

.

.

.

.

.

.

.

(15)

At

November

30,

2023,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(16)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

6M

EURIBOR

Six

month

EURIBOR

(Euro

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

HKD

Hong

Kong

Dollar

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

ISK

Iceland

Krona

JPY

Japanese

Yen

KRW

South

Korean

Won

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

OTC

Over-the-counter

PHP

Philippines

Peso

PIK

Payment-in-kind

PRIME

Prime

rate

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

THB

Thai

Baht

TWD

Taiwan

Dollar

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

54

.

.

.

.

.

.

.

.

.

.

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

55

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.1)%

OTC

Options

Written

(0.1)%

Counterparty

Description

Contracts

Notional

Amount

$

Value

Morgan

Stanley

S&P

500

Index,

Call,

1/19/24

@

$4,575.00

136

62,122

(1,187‌)

Total

Options

Written

(Premiums

$(1,023))

$

(1,187‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

56

(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

7,325

181

194

(13‌)

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

608

15

14

1‌

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

608

18

18

—‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Bought

226

(12‌)

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)

*

113

1

1

—‌

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

1

—‌

Total

Bilateral

Swaps

227

(12‌)

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S41,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

3,153

154

8

146‌

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S41,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

21,048

396

275

121‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

57

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Initial

$

Value**

Unrealized

$

Gain/(Loss)

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/28

*

2,413

5

(25)

30‌

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

297‌

Interest

Rate

Swaps

0.0%

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.049%

Annually,

Pay

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

11/20/28

(EUR)

23,086

129

—

129‌

5

Year

Interest

Rate

Swap,

Receive

Fixed

3.111%

Annually,

Pay

Variable

4.076%

(6M

EURIBOR)

Semi-Annually,

11/17/28

(EUR)

20,159

172

—

172‌

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.843%

Annually,

Receive

Variable

4.071%

(6M

EURIBOR)

Semi-Annually,

11/20/53

(EUR)

4,949

(105)

—

(105‌)

30

Year

Interest

Rate

Swap,

Pay

Fixed

2.898%

Annually,

Receive

Variable

4.076%

(6M

EURIBOR)

Semi-Annually,

11/17/53

(EUR)

4,690

(155)

—

(155‌)

Total

Centrally

Cleared

Interest

Rate

Swaps

41‌

Total

Centrally

Cleared

Swaps

338‌

Net

payments

(receipts)

of

variation

margin

to

date

(350‌)

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(12‌)

*

Credit

ratings

as

of

November

30,

2023.

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

$34.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

58

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

1/19/24

CAD

5,400‌

USD

3,983‌

$

—‌

Bank

of

America

1/19/24

JPY

440,020‌

USD

2,969‌

24‌

Bank

of

America

1/19/24

NZD

1,665‌

USD

1,000‌

26‌

Bank

of

America

1/19/24

USD

656‌

CAD

903‌

(10‌)

Canadian

Imperial

Bank

of

Commerce

1/19/24

USD

646‌

CAD

889‌

(10‌)

Citibank

12/8/23

THB

35,250‌

USD

997‌

5‌

Citibank

1/17/24

USD

1,007‌

KRW

1,335,280‌

(23‌)

Citibank

1/19/24

AUD

3,120‌

USD

1,996‌

68‌

Citibank

1/19/24

USD

656‌

CAD

903‌

(10‌)

Citibank

1/19/24

USD

983‌

NZD

1,665‌

(42‌)

Deutsche

Bank

1/17/24

USD

996‌

KRW

1,331,415‌

(31‌)

Deutsche

Bank

1/19/24

JPY

440,020‌

USD

2,970‌

22‌

Deutsche

Bank

1/19/24

USD

1,968‌

AUD

3,120‌

(97‌)

Goldman

Sachs

1/19/24

USD

1,299‌

JPY

191,947‌

(6‌)

HSBC

Bank

12/7/23

PHP

55,576‌

USD

997‌

5‌

HSBC

Bank

1/19/24

USD

1,952‌

CAD

2,705‌

(43‌)

JPMorgan

Chase

1/19/24

USD

2,598‌

JPY

383,952‌

(13‌)

Morgan

Stanley

12/8/23

USD

975‌

THB

35,250‌

(28‌)

Standard

Chartered

1/17/24

KRW

2,666,695‌

USD

2,048‌

8‌

State

Street

1/19/24

USD

2,037‌

JPY

304,140‌

(31‌)

UBS

Investment

Bank

12/7/23

PHP

55,799‌

USD

1,001‌

5‌

UBS

Investment

Bank

12/7/23

USD

1,956‌

PHP

111,375‌

(51‌)

UBS

Investment

Bank

2/23/24

USD

2,042‌

EUR

1,872‌

(3‌)

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(235‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

59

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

53

MSCI

EAFE

Index

contracts

12/23

(5,636)

$

(55‌)

Long,

80

S&P

500

E-Mini

Index

contracts

12/23

18,307

519‌

Long,

620

U.S.

Treasury

Notes

five

year

contracts

3/24

66,248

483‌

Long,

510

U.S.

Treasury

Notes

two

year

contracts

3/24

104,275

26‌

Short,

107

Ultra

U.S.

Treasury

Bonds

contracts

3/24

(13,161)

(249‌)

Short,

43

Ultra

U.S.

Treasury

Notes

ten

year

contracts

3/24

(4,881)

7‌

Net

payments

(receipts)

of

variation

margin

to

date

(872‌)

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(141‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

60

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

six

months

ended

November

30,

2023.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.20% 

$

—‌

$

(5,948‌)

$

2,254‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

5.80% 

—‌

(2‌)

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.70% 

(1,871‌)

4,817‌

3,055‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

—‌

(698‌)

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.83% 

(462‌)

1,265‌

1,775‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.99% 

(615‌)

3,029‌

3,316‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.62% 

(203‌)

1,965‌

1,626‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

5.65% 

—‌

(2‌)

3‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

(120‌)

3,173‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

1,819‌

—‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.66% 

(3,350‌)

(1,866‌)

832‌

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

5.41%

—‌

—‌

3,477‌

Totals

$

(6,621‌)#

$

7,552‌

$

16,338‌+

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

61

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/23

Purchase

Cost

Sales

Cost

Value

11/30/23

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.20% 

$

118,276‌

$

2,254‌

$

—‌

$

114,582‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

5.80% 

8‌

1‌

—‌

7‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.70% 

105,353‌

3,055‌

6,871‌

106,354‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

55,680‌

—‌

—‌

54,982‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

8.83% 

43,360‌

1,775‌

8,973‌

37,427‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.99% 

94,487‌

3,316‌

4,115‌

96,717‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

3.62% 

110,636‌

1,626‌

1,203‌

113,024‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

5.65% 

77‌

3‌

—‌

78‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

100,401‌

—‌

1,120‌

102,454‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

36,232‌

12,740‌

—‌

50,791‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

4.66% 

48,720‌

1,557‌

7,350‌

41,061‌

T.

Rowe

Price

Government

Reserve

Fund,

5.42%

1,783‌

  ¤

  ¤

1,861‌

T.

Rowe

Price

Treasury

Reserve

Fund,

5.41%

136,089‌

  ¤

  ¤

93,675‌

Total

$

813,013‌^

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

62

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

#

Capital

gain

distributions

from

underlying

Price

funds

represented

$0

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees

as

described

in

Note

4

.

+

Investment

income

comprised

$16,338

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

$900,591.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

63

($000s,

except

shares

and

per

share

amounts)

Assets

Investments

in

securities,

at

value

(cost

$1,838,890)

$

2,040,007‌

Receivable

for

investment

securities

sold

14,399‌

Interest

and

dividends

receivable

3,691‌

Receivable

for

shares

sold

1,130‌

Bilateral

swap

premiums

paid

227‌

Unrealized

gain

on

forward

currency

exchange

contracts

163‌

Foreign

currency

(cost

$155)

155‌

Cash

88‌

Unrealized

gain

on

bilateral

swaps

1‌

Other

assets

2,235‌

Total

assets

2,062,096‌

Liabilities

Payable

for

investment

securities

purchased

21,001‌

Payable

for

shares

redeemed

2,509‌

Obligation

to

return

securities

lending

collateral

1,861‌

Options

written

(premiums

$1,023)

1,187‌

Unrealized

loss

on

forward

currency

exchange

contracts

398‌

Investment

management

fees

payable

359‌

Variation

margin

payable

on

futures

contracts

141‌

Due

to

affiliates

104‌

Unrealized

loss

on

bilateral

swaps

13‌

Variation

margin

payable

on

centrally

cleared

swaps

12‌

Payable

to

directors

1‌

Other

liabilities

5,189‌

Total

liabilities

32,775‌

NET

ASSETS

$

2,029,321‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

November

30,

2023

(Unaudited)

Statement

of

Assets

and

Liabilities

64

($000s,

except

shares

and

per

share

amounts)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

Net

Assets

Consist

of:

Total

distributable

earnings

(loss)

$

118,007‌

Paid-in

capital

applicable

to

109,876,041

shares

of

$0.0001

par

value

capital

stock

outstanding;

1,000,000,000

shares

of

the

Corporation

authorized

1,911,314‌

NET

ASSETS

$

2,029,321‌

NET

ASSET

VALUE

PER

SHARE

Investor

Class

(Net

assets:

$1,023,787;

Shares

outstanding:

55,403,683)

$

18.48‌

I

Class

(Net

assets:

$1,005,534;

Shares

outstanding:

54,472,358)

$

18.46‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Statement

of

Operations

65

($000s)

6

Months

Ended

11/30/23

Investment

Income

(Loss)

Income

Dividend

(net

of

foreign

taxes

of

$165)

$

21,843‌

    Interest

7,578‌

Securities

lending

8‌

Total

income

29,429‌

Expenses

Investment

management

4,429‌

Shareholder

servicing

Investor

Class

$

674‌

I

Class

90‌

764‌

Prospectus

and

shareholder

reports

Investor

Class

35‌

I

Class

8‌

43‌

Custody

and

accounting

171‌

Registration

32‌

Legal

and

audit

25‌

Proxy

and

annual

meeting

22‌

Directors

4‌

Miscellaneous

45‌

Waived

/

paid

by

Price

Associates

(2,166‌)

Total

expenses

3,369‌

Net

investment

income

26,060‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Statement

of

Operations

66

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Realized

and

Unrealized

Gain

/

Loss

–

Net

realized

gain

(loss)

Securities

(net

of

foreign

taxes

of

$2)

20,472‌

Futures

197‌

Swaps

200‌

Options

written

(4,103‌)

Forward

currency

exchange

contracts

206‌

Foreign

currency

transactions

18‌

Net

realized

gain

16,990‌

Change

in

net

unrealized

gain

/

loss

Securities

31,563‌

Futures

1,127‌

Swaps

184‌

Options

written

(105‌)

Forward

currency

exchange

contracts

(166‌)

Other

assets

and

liabilities

denominated

in

foreign

currencies

45‌

Change

in

net

unrealized

gain

/

loss

32,648‌

Net

realized

and

unrealized

gain

/

loss

49,638‌

INCREASE

IN

NET

ASSETS

FROM

OPERATIONS

$

75,698‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

67

($000s)

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Increase

(Decrease)

in

Net

Assets

Operations

Net

investment

income

$

26,060‌

$

52,109‌

Net

realized

gain

(loss)

16,990‌

(18,367‌)

Change

in

net

unrealized

gain

/

loss

32,648‌

(50,066‌)

Increase

(decrease)

in

net

assets

from

operations

75,698‌

(16,324‌)

Distributions

to

shareholders

Net

earnings

Investor

Class

(15,466‌)

(61,487‌)

I

Class

(15,462‌)

(56,572‌)

Decrease

in

net

assets

from

distributions

(30,928‌)

(118,059‌)

Capital

share

transactions

*

Shares

sold

Investor

Class

55,725‌

93,020‌

I

Class

61,657‌

121,241‌

Distributions

reinvested

Investor

Class

14,727‌

58,762‌

I

Class

14,997‌

54,952‌

Shares

redeemed

Investor

Class

(116,067‌)

(288,007‌)

I

Class

(85,678‌)

(178,999‌)

Decrease

in

net

assets

from

capital

share

transactions

(54,639‌)

(139,031‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

(Unaudited)

Statement

of

Changes

in

Net

Assets

68

($000s)

The

accompanying

notes

are

an

integral

part

of

these

financial

statements.

6

Months

Ended

11/30/23

Year

Ended

5/31/23

Net

Assets

Decrease

during

period

(9,869‌)

(273,414‌)

Beginning

of

period

2,039,190‌

2,312,604‌

End

of

period

$

2,029,321‌

$

2,039,190‌

*Share

information

(000s)

Shares

sold

Investor

Class

3,059‌

5,107‌

I

Class

3,380‌

6,679‌

Distributions

reinvested

Investor

Class

817‌

3,331‌

I

Class

832‌

3,119‌

Shares

redeemed

Investor

Class

(6,373‌)

(15,861‌)

I

Class

(4,713‌)

(9,885‌)

Decrease

in

shares

outstanding

(2,998‌)

(7,510‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

Unaudited

NOTES

TO

FINANCIAL

STATEMENTS

69

T.

Rowe

Price

Spectrum

Funds

II,

Inc.

(the

corporation) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act).

The

Spectrum

Conservative

Allocation

Fund

(the

fund)

is a

diversified, open-end

management

investment

company

established

by

the

corporation. The

fund

seeks

the

highest

total

return

over

time

consistent

with

a

primary

emphasis

on

income

and

a

secondary

emphasis

on

capital

growth.

The

fund

has

two classes

of

shares:

the

Spectrum

Conservative

Allocation

Fund

(Investor

Class)

and

the

Spectrum

Conservative

Allocation

Fund–I

Class

(I

Class).

I

Class

shares

require

a

$500,000

initial

investment

minimum,

although

the

minimum

generally

is

waived

or

reduced

for

financial

intermediaries,

eligible

retirement

plans,

and

certain

other

accounts. Each

class

has

exclusive

voting

rights

on

matters

related

solely

to

that

class;

separate

voting

rights

on

matters

that

relate

to

both classes;

and,

in

all

other

respects,

the

same

rights

and

obligations

as

the

other

class.

NOTE

1

-

SIGNIFICANT

ACCOUNTING

POLICIES 

Basis

of

Preparation

 The fund

is

an

investment

company

and

follows

accounting

and

reporting

guidance

in

the

Financial

Accounting

Standards

Board

(FASB)

Accounting

Standards

Codification

Topic

946

(ASC

946).

The

accompanying

financial

statements

were

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP),

including,

but

not

limited

to,

ASC

946.

GAAP

requires

the

use

of

estimates

made

by

management.

Management

believes

that

estimates

and

valuations

are

appropriate;

however,

actual

results

may

differ

from

those

estimates,

and

the

valuations

reflected

in

the

accompanying

financial

statements

may

differ

from

the

value

ultimately

realized

upon

sale

or

maturity.

Investment

Transactions,

Investment

Income,

and

Distributions

 Investment

transactions

are

accounted

for

on

the

trade

date

basis.

Income

and

expenses

are

recorded

on

the

accrual

basis.

Realized

gains

and

losses

are

reported

on

the

identified

cost

basis. Premiums

and

discounts

on

debt

securities

are

amortized

for

financial

reporting

purposes. Paydown

gains

and

losses

are

recorded

as

an

adjustment

to

interest

income. Income

tax-related

interest

and

penalties,

if

incurred,

are

recorded

as

income

tax

expense. Dividends

received

from other

investment

companies are

reflected

as

dividend

income;

capital

gain

distributions

are

reflected

as

realized

gain/loss. Dividend

income and

capital

gain

distributions

are

recorded

on

the

ex-dividend

date. Earnings

on

investments

recognized

as

partnerships

for

federal

income

tax

purposes

reflect

the

tax

character

of

such

earnings. Distributions

from

REITs

are

initially

recorded

as

dividend

income

and,

to

the

extent

such

represent

a

return

of

capital

or

capital

gain

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

70

for

tax

purposes,

are

reclassified

when

such

information

becomes

available. Non-cash

dividends,

if

any,

are

recorded

at

the

fair

market

value

of

the

asset

received. Proceeds

from

litigation

payments,

if

any,

are

included

in

either

net

realized

gain

(loss)

or

change

in

net

unrealized

gain/loss

from

securities. Distributions

to

shareholders

are

recorded

on

the

ex-dividend

date. Income

distributions,

if

any,

are

declared

and

paid

by

each

class quarterly. A

capital

gain

distribution,

if

any, may

also

be

declared

and

paid

by

the

fund

annually.

Currency

Translation

 Assets,

including

investments,

and

liabilities

denominated

in

foreign

currencies

are

translated

into

U.S.

dollar

values

each

day

at

the

prevailing

exchange

rate,

using

the

mean

of

the

bid

and

asked

prices

of

such

currencies

against

U.S.

dollars

as

provided

by

an

outside

pricing

service.

Purchases

and

sales

of

securities,

income,

and

expenses

are

translated

into

U.S.

dollars

at

the

prevailing

exchange

rate

on

the

respective

date

of

such

transaction.

The

effect

of

changes

in

foreign

currency

exchange

rates

on

realized

and

unrealized

security

gains

and

losses

is

not

bifurcated

from

the

portion

attributable

to

changes

in

market

prices.

Class

Accounting

 Shareholder

servicing,

prospectus,

and

shareholder

report

expenses

incurred

by

each

class

are

charged

directly

to

the

class

to

which

they

relate.

Expenses

common

to

all

classes,

investment

income,

and

realized

and

unrealized

gains

and

losses

are

allocated

to

the

classes

based

upon

the

relative

daily

net

assets

of

each

class.

Capital

Transactions

 Each

investor’s

interest

in

the

net

assets

of the

fund

is

represented

by

fund

shares. The

fund’s

net

asset

value

(NAV)

per

share

is

computed

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business.

However,

the

NAV

per

share

may

be

calculated

at

a

time

other

than

the

normal

close

of

the

NYSE

if

trading

on

the

NYSE

is

restricted,

if

the

NYSE

closes

earlier,

or

as

may

be

permitted

by

the

SEC.

Purchases

and

redemptions

of

fund

shares

are

transacted

at

the

next-computed

NAV

per

share,

after

receipt

of

the

transaction

order

by

T.

Rowe

Price

Associates,

Inc.,

or

its

agents.

New

Accounting

Guidance

 In

June

2022,

the

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2022-03,

Fair

Value

Measurement

(Topic

820)

–

Fair

Value

Measurement

of

Equity

Securities

Subject

to

Contractual

Sale

Restrictions,

which

clarifies

that

a

contractual

restriction

on

the

sale

of

an

equity

security

is

not

considered

part

of

the

unit

of

account

of

the

equity

security

and,

therefore,

is

not

considered

in

measuring

fair

value.

The

amendments

under

this

ASU

are

effective

for

fiscal

years

beginning

after

December

15,

2023;

however,

the

fund

opted

to

early

adopt,

as

permitted,

effective

December

1,

2022. Adoption

of

the

guidance

did not

have

a

material

impact

on

the fund's

financial statements.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

71

The

FASB

issued

Accounting

Standards

Update

(ASU),

ASU

2020–04,

Reference

Rate

Reform

(Topic

848) –

Facilitation

of

the

Effects

of

Reference

Rate

Reform

on

Financial

Reporting

in

March

2020

and

ASU

2021-01

in

January

2021

which

provided

further

amendments

and

clarifications

to

Topic

848.

These

ASUs provide

optional,

temporary

relief

with

respect

to

the

financial

reporting

of

contracts

subject

to

certain

types

of

modifications

due

to

the

planned

discontinuation

of

the

London

Interbank

Offered

Rate

(LIBOR),

and

other

interbank-offered

based

reference

rates,

through December

31,

2022.

In

December

2022,

FASB

issued

ASU

2022-06

which

defers

the

sunset

date

of

Topic

848

from

December

31,

2022

to

December

31,

2024,

after

which

entities

will

no

longer

be

permitted

to

apply

the

relief

in

Topic

848.

Management

intends

to

rely

upon

the

relief

provided

under

Topic

848,

which

is

not

expected to

have

a

material

impact

on

the fund's

financial  statements.

Indemnification

 In

the

normal

course

of

business, the

fund

may

provide

indemnification

in

connection

with

its

officers

and

directors,

service

providers,

and/or

private

company

investments. The

fund’s

maximum

exposure

under

these

arrangements

is

unknown;

however,

the

risk

of

material

loss

is

currently

considered

to

be

remote.

NOTE

2

-

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

NYSE

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The fund’s

Board

of

Directors

(the

Board)

has

designated

T.

Rowe

Price

Associates,

Inc.

as

the

fund’s

valuation

designee

(Valuation

Designee).

Subject

to

oversight

by

the

Board,

the

Valuation

Designee

performs

the

following

functions

in

performing

fair

value

determinations:

assesses

and

manages

valuation

risks;

establishes

and

applies

fair

value

methodologies;

tests

fair

value

methodologies;

and

evaluates

pricing

vendors

and

pricing

agents.

The

duties

and

responsibilities

of

the

Valuation

Designee

are

performed

by

its

Valuation

Committee. The

Valuation

Designee provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

72

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the Valuation

Designee’s assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the Valuation

Designee

determines

that

developments

between

the

close

of

a

foreign

market

and

the

close

of

the

NYSE

will

affect

the

value

of

some

or

all

of

the fund’s portfolio

securities.

Each

business

day,

the

Valuation

Designee uses

information

from

outside

pricing

services

to

evaluate

the

quoted

prices

of

portfolio

securities

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The Valuation

Designee

uses

outside

pricing

services

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

73

to

provide

it

with

quoted

prices

and

information

to

evaluate

or

adjust

those

prices.

The Valuation

Designee

cannot

predict

how

often

it

will

use

quoted

prices

and

how

often

it

will

determine

it

necessary

to

adjust

those

prices

to

reflect

fair

value.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

factors

such

as,

but

not

limited

to,

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation Designee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Assets

and

liabilities

other

than

financial

instruments,

including

short-term

receivables

and

payables,

are

carried

at

cost,

or

estimated

realizable

value,

if

less,

which

approximates

fair

value. 

Investments

for

which

market

quotations are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Designee.

The

Valuation

Designee

has

adopted

methodologies

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

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

74

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

Conservative

Allocation

Fund

75

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

November

30,

2023

(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

$

—‌

$

381,473‌

$

—‌

$

381,473‌

Bond

Mutual

Funds

509,250‌

—‌

—‌

509,250‌

Common

Stocks

551,330‌

163,714‌

592‌

715,636‌

Convertible

Bonds

—‌

—‌

—‌

—‌

Convertible

Preferred

Stocks

—‌

—‌

1,987‌

1,987‌

Equity

Mutual

Funds

208,227‌

—‌

—‌

208,227‌

Preferred

Stocks

—‌

925‌

—‌

925‌

Private

Investment

Companies

—‌

—‌

126,782‌

126,782‌

Short-Term

Investments

93,675‌

—‌

—‌

93,675‌

Securities

Lending

Collateral

1,861‌

—‌

—‌

1,861‌

Options

Purchased

130‌

61‌

—‌

191‌

Total

Securities

1,364,473‌

546,173‌

129,361‌

2,040,007‌

Swaps*

—‌

813‌

—‌

813‌

Forward

Currency

Exchange

Contracts

—‌

163‌

—‌

163‌

Futures

Contracts*

1,035‌

—‌

—‌

1,035‌

Total

$

1,365,508‌

$

547,149‌

$

129,361‌

$

2,042,018‌

Liabilities

Options

Written

$

—‌

$

1,187‌

$

—‌

$

1,187‌

Swaps*

—‌

260‌

—‌

260‌

Forward

Currency

Exchange

Contracts

—‌

398‌

—‌

398‌

Futures

Contracts*

304‌

—‌

—‌

304‌

Total

$

304‌

$

1,845‌

$

—‌

$

2,149‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

76

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

six

months ended

November

30,

2023.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/

loss

on

Level

3

holdings

during

the

period,

if

any,

and

is

included

on

the

accompanying

Statement

of

Operations.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

November

30,

2023,

totaled $3,066,000 for

the

six

months ended

November

30,

2023.

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.

1

Includes

Asset-Backed

Securities,

Corporate

Bonds,

Foreign

Government

Obligations

&

Municipalities,

Non-U.S.

Government

Mortgage-Backed

Securities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

5/31/23

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

11/30/23

Investment

in

Securities

Common

Stocks

$

1,299‌

$

(4‌)

$

273‌

$

(976‌)

$

592‌

Convertible

Bonds

6‌

(6‌)

—‌

—‌

—‌

Convertible

Preferred

Stocks

2,924‌

(606‌)

29‌

(360‌)

1,987‌

Private

Investment

Companies

127,752‌

5,030‌

—‌

(6,000‌)

126,782‌

Total

$

131,981‌

$

4,414‌

$

302‌

$

(7,336‌)

$

129,361‌

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

592‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

77

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Relative

value

—#

—#

—#

Enterprise

value

to

sales

multiple

1.7x

–

9.8x

5.5x

Increase

Sales

growth

rate

7%

–

55%

23%

Increase

Enterprise

value

to

gross

profit

multiple

4.7x

–

13.1x

9.1x

Increase

Gross

profit

growth

rate

24%

–

37%

25%

Increase

Price-to-

earnings

multiple

8.4x

–

11.9x

10.3x

Increase

Price-to-

earnings

growth

rate

0%

–

85%

43%

Increase

Price

to

tangible

book

value

multiple

1.4x

–

1.6x

1.5x

Increase

Tangible

book

value

growth

rate

6%

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

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

78

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Convertible

Bonds

$

-‌

Recent

comparable

transaction

price(s)

Discount

for

uncertainty

100%

100%

Decrease

Convertible

Preferred

Stocks

$

1,987‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Discount

for

uncertainty

100%

100%

Decrease

Market

comparable

Premium

for

liquidation

preference

—#

—#

—#

Probability

for

potential

outcome

25%

–

50%

33%

Increase

Enterprise

value

to

sales

multiple

1.0x

–

9.8x

5.0x

Increase

Sales

growth

rate

7%

–

129%

32%

Increase

Projected

enterprise

value

to

sales

multiple

3.6x

–

5.1x

4.7x

Increase

Projected

enterprise

value

to

gross

profit

multiple

6.8x

–

8.4x

7.6x

Increase

Enterprise

value

to

gross

profit

multiple

1.6x

–

14.6x

8.7x

Increase

Gross

profit

growth

rate

16%

–

46%

26%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

79

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Enterprise

value

to

EBITDA

multiple

7.5x

7.5x

Increase

EBITDA

growth

rate

65%

65%

Increase

Projected

enterprise

value

to

EBITDA

multiple

15.1x

15.1x

Increase

Enterprise

value

to

gross

merchandise

value

multiple

0.3x

0.3x

Increase

Price-to-

earnings

multiple

8.4x

-

11.9x

10.3x

Increase

Price-to-

earnings

growth

rate

0%

-

85%

43%

Increase

Rate

of

return

40%

40%

Decrease

Discount

rate

for

cost

of

capital

15%

-

40%

22%

Decrease

Discount

for

uncertainty

70%

-

100%

74%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

126,782‌

Rollforward

of

Investee

NAV

Estimated

return

0.82%

0.82%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

80

+

Valuation

techniques

may

change

in

order

to

reflect the

Valuation

Designee’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

Valuation

Designee.

NOTE

3

-

DERIVATIVE

INSTRUMENTS 

During

the

six

months ended

November

30,

2023,

the

fund

invested

in

derivative

instruments.

As

defined

by

GAAP,

a

derivative

is

a

financial

instrument

whose

value

is

derived

from

an

underlying

security

price,

foreign

exchange

rate,

interest

rate,

index

of

prices

or

rates,

or

other

variable;

it

requires

little

or

no

initial

investment

and

permits

or

requires

net

settlement.

The

fund

invests

in

derivatives

only

if

the

expected

risks

and

rewards

are

consistent

with

its

investment

objectives,

policies,

and

overall

risk

profile,

as

described

in

its

prospectus

and

Statement

of

Additional

Information.

The

fund

may

use

derivatives

for

a

variety

of

purposes

and

may

use

them

to

establish

both

long

and

short

positions

within

the

fund’s

portfolio.

Potential

uses

include

to

hedge

against

declines

in

principal

value,

increase

yield,

invest

in

an

asset

with

greater

efficiency

and

at

a

lower

cost

than

is

possible

through

direct

investment,

to

enhance

return,

or

to

adjust

credit

exposure.

The

risks

associated

with

the

use

of

derivatives

are

different

from,

and

potentially

much

greater

than,

the

risks

associated

with

investing

directly

in

the

instruments

on

which

the

derivatives

are

based.

The

fund

values

its

derivatives

at

fair

value

and

recognizes

changes

in

fair

value

currently

in

its

results

of

operations.

Accordingly,

the

fund

does

not

follow

hedge

accounting,

even

for

derivatives

employed

as

economic

hedges.

Generally,

the

fund

accounts

for

its

derivatives

on

a

gross

basis.

It

does

not

offset

the

fair

value

of

derivative

liabilities

against

the

fair

value

of

derivative

assets

on

its

financial

statements,

nor

does

it

offset

the

fair

value

of

derivative

instruments

against

the

right

to

reclaim

or

obligation

to

return

collateral.

The

following

table

summarizes

the

fair

value

of

the

fund’s

derivative

instruments

held

as

of

November

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Assets

and

Liabilities,

presented

by

primary

underlying

risk

exposure:

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

81

($000s)

Location

on

Statement

of

Assets

and

Liabilities

Fair

Value*

Assets

Interest

rate

derivatives

Centrally

Cleared

Swaps

,

Futures

,

Securities^

$

947‌

Foreign

exchange

derivatives

Forwards

,

Securities^

224‌

Credit

derivatives

Bilateral

Swaps

and

Premiums

,

Centrally

Cleared

Swaps

512‌

Equity

derivatives

Futures

519‌

^

,*

Total

$

2,202‌

^

,*

Liabilities

Interest

rate

derivatives

Centrally

Cleared

Swaps,

Futures

$

509‌

Foreign

exchange

derivatives

Forwards

398‌

Equity

derivatives

Futures

,

Options

Written

1,242‌

Total

$

2,149‌

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

value

reflected

on

the

accompanying

Statement

of

Assets

and

Liabilities

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

^

Options

purchased

are

reported

as

securities

and

are

reflected

in

the

accompanying

Portfolio

of

Investments.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

82

Additionally,

the

amount

of

gains

and

losses

on

derivative

instruments

recognized

in

fund

earnings

during

the

six

months ended

November

30,

2023,

and

the

related

location

on

the

accompanying

Statement

of

Operations

is

summarized

in

the

following

table

by

primary

underlying

risk

exposure: 

($000s)                                               

Location

of

Gain

(Loss)

on

Statement

of

Operations

Securities^

Options

Written

Futures

Forward

Currency

Exchange

Contracts

Swaps

Total

Realized

Gain

(Loss)

Interest

rate

derivatives

$

3‌

$

—‌

$

(2,535‌)

$

—‌

$

(74‌)

$

(2,606‌)

Foreign

exchange

derivatives

(185‌)

—‌

—‌

206‌

—‌

21‌

Credit

derivatives

(7‌)

—‌

—‌

—‌

274‌

267‌

Equity

derivatives

—‌

(4,103‌)

2,732‌

—‌

—‌

(1,371‌)

Total

$

(189‌)

$

(4,103‌)

$

197‌

$

206‌

$

200‌

$

(3,689‌)

Change

in

Unrealized

Gain

(Loss)

Interest

rate

derivatives

$

6‌

$

—‌

$

452‌

$

—‌

$

41‌

$

499‌

Foreign

exchange

derivatives

72‌

—‌

—‌

(166‌)

—‌

(94‌)

Credit

derivatives

—‌

—‌

—‌

—‌

143‌

143‌

Equity

derivatives

—‌

(105‌)

675‌

—‌

—‌

570‌

Total

$

78‌

$

(105‌)

$

1,127‌

$

(166‌)

$

184‌

$

1,118‌

^

Options

purchased

are

reported

as

securities.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

83

Counterparty

Risk

and

Collateral

 The

fund

invests

in

derivatives

in

various

markets,

which

expose

it

to

differing

levels

of

counterparty

risk.

Counterparty

risk

on

exchange-

traded

and

centrally

cleared

derivative

contracts,

such

as

futures,

exchange-traded

options,

and

centrally

cleared

swaps,

is

minimal

because

the

clearinghouse

provides

protection

against

counterparty

defaults.

For

futures

and

centrally

cleared

swaps,

the

fund

is

required

to

deposit

collateral

in

an

amount

specified

by

the

clearinghouse

and

the

clearing

firm

(margin

requirement),

and

the

margin

requirement

must

be

maintained

over

the

life

of

the

contract.

Each

clearinghouse

and

clearing

firm,

in

its

sole

discretion,

may

adjust

the

margin

requirements

applicable

to

the

fund.

Derivatives,

such

as

non-cleared bilateral

swaps,

forward

currency

exchange

contracts,

and

OTC

options,

that

are

transacted

and

settle

directly

with

a

counterparty

(bilateral

derivatives)

may

expose

the

fund

to

greater

counterparty

risk.

To

mitigate

this

risk,

the

fund

has

entered

into

master

netting

arrangements

(MNAs)

with

certain

counterparties

that

permit

net

settlement

under

specified

conditions

and,

for

certain

counterparties,

also

require

the

exchange

of

collateral

to

cover

mark-to-market

exposure.

MNAs

may

be

in

the

form

of

International

Swaps

and

Derivatives

Association

master

agreements

(ISDAs)

or

foreign

exchange

letter

agreements

(FX

letters).

MNAs

provide

the

ability

to

offset

amounts

the

fund

owes

a

counterparty

against

amounts

the

counterparty

owes

the

fund

(net

settlement).

Both

ISDAs

and

FX

letters

generally

allow

termination

of

transactions

and

net

settlement

upon

the

occurrence

of

contractually

specified

events,

such

as

failure

to

pay

or

bankruptcy.

In

addition,

ISDAs

specify

other

events,

the

occurrence

of

which

would

allow

one

of

the

parties

to

terminate.

For

example,

a

downgrade

in

credit

rating

of

a

counterparty

below

a

specified

rating

would

allow

the

fund

to

terminate,

while

a

decline

in

the

fund’s

net

assets

of

more

than

a

specified

percentage

would

allow

the

counterparty

to

terminate.

Upon

termination,

all

transactions

with

that

counterparty

would

be

liquidated

and

a

net

termination

amount

settled.

ISDAs

typically

include

collateral

agreements

whereas

FX

letters

do

not.

Collateral

requirements

are

determined

daily

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

bilateral

derivatives

with

a

counterparty,

subject

to

minimum

transfer

amounts

that

typically

range

from

$100,000

to

$250,000.

Any

additional

collateral

required

due

to

changes

in

security

values

is

typically

transferred

the

next

business

day.

Collateral

may

be

in

the

form

of

cash

or

debt

securities

issued

by

the

U.S.

government

or

related

agencies,

although

other

securities

may

be

used

depending

on

the

terms

outlined

in

the

applicable

MNA.

Cash

posted

by

the

fund

is

reflected

as

cash

deposits

in

the

accompanying

financial

statements

and

generally

is

restricted

from

withdrawal

by

the

fund;

securities

posted

by

the

fund

are

so

noted

in

the

accompanying

Portfolio

of

Investments;

both

remain

in

the

fund’s

assets.

Collateral

pledged

by

counterparties

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

84

is

not

included

in

the

fund’s

assets

because

the

fund

does

not

obtain

effective

control

over

those

assets.

For

bilateral

derivatives,

collateral

posted

or

received

by

the

fund

is

held

in

a

segregated

account

at

the

fund’s

custodian.

While

typically

not

sold

in

the

same

manner

as

equity

or

fixed

income

securities,

exchange-traded

or

centrally

cleared

derivatives

may

be

closed

out

only

on

the

exchange

or

clearinghouse

where

the

contracts

were

cleared,

and

OTC

and

bilateral

derivatives

may

be

unwound

with

counterparties

or

transactions

assigned

to

other

counterparties

to

allow

the

fund

to

exit

the

transaction.

This

ability

is

subject

to

the

liquidity

of

underlying

positions. As

of

November

30,

2023,

securities

valued

at $5,270,000 had

been

pledged

or

posted

by

the

fund

to

counterparties

for

bilateral

derivatives. As

of

November

30,

2023,

no

collateral

was

pledged

by

counterparties

to

the

fund

for

bilateral

derivatives. As

of

November

30,

2023,

securities

valued

at $6,933,000

had

been

posted

by

the

fund

for

exchange-traded

and/or

centrally

cleared

derivatives.

Forward

Currency

Exchange

Contracts

 The

fund

is

subject

to

foreign

currency

exchange

rate

risk

in

the

normal

course

of

pursuing

its

investment

objectives.

It may use

forward

currency

exchange

contracts

(forwards)

primarily

to

protect

its

non-U.S.

dollar-

denominated

securities

from

adverse

currency

movements

or

to

increase

exposure

to

a

particular

foreign

currency,

to

shift

the

fund’s

foreign

currency

exposure

from

one

country

to

another,

or

to

enhance

the

fund’s

return.

A

forward

involves

an

obligation

to

purchase

or

sell

a

fixed

amount

of

a

specific

currency

on

a

future

date

at

a

price

set

at

the

time

of

the

contract.

Although

certain

forwards

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract,

most

forwards

are

settled

with

the

exchange

of

the

underlying

currencies

in

accordance

with

the

specified

terms.

Forwards

are

valued

at

the

unrealized

gain

or

loss

on

the

contract,

which

reflects

the

net

amount

the

fund

either

is

entitled

to

receive

or

obligated

to

deliver,

as

measured

by

the

difference

between

the

forward

exchange

rates

at

the

date

of

entry

into

the

contract

and

the

forward

rates

at

the

reporting

date.

Appreciated

forwards

are

reflected

as

assets

and

depreciated

forwards

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

forwards

include

the

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

that

anticipated

currency

movements

will

not

occur,

thereby

reducing

the

fund’s

total

return;

and

the

potential

for

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

forwards,

based

on

underlying

notional

amounts,

was

generally

less

than

1%

of

net

assets.

Futures

Contracts

 The

fund

is

subject

to interest

rate

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

futures

contracts

to

help

manage

such

risks.

The

fund

may

enter

into

futures

contracts

to

manage

exposure

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

85

to

interest

rates,

security

prices,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure. A

futures

contract

provides

for

the

future

sale

by

one

party

and

purchase

by

another

of

a

specified

amount

of

a

specific

underlying

financial

instrument

at

an

agreed-upon

price,

date,

time,

and

place.

The

fund

currently

invests

only

in

exchange-traded

futures,

which

generally

are

standardized

as

to

maturity

date,

underlying

financial

instrument,

and

other

contract

terms.

Payments

are

made

or

received

by

the

fund

each

day

to

settle

daily

fluctuations

in

the

value

of

the

contract

(variation

margin),

which

reflect

changes

in

the

value

of

the

underlying

financial

instrument.

Variation

margin

is

recorded

as

unrealized

gain

or

loss

until

the

contract

is

closed.

The

value

of

a

futures

contract

included

in

net

assets

is

the

amount

of

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

When

a

contract

is

closed,

a

realized

gain

or

loss

is

recorded

on

the

accompanying

Statement

of

Operations.

Risks

related

to

the

use

of

futures

contracts

include

possible

illiquidity

of

the

futures

markets,

contract

prices

that

can

be

highly

volatile

and

imperfectly

correlated

to

movements

in

hedged

security

values

and/or

interest

rates,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

futures,

based

on

underlying

notional

amounts,

was

generally

between

5%

and

11%

of

net

assets.

Options 

 The

fund

is

subject

to interest

rate

risk,

foreign

currency

exchange

rate

risk,

credit

risk

and

equity

price

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

options

to

help

manage

such

risks.

The

fund

may

use

options

to

manage

exposure

to

security

prices,

interest

rates,

foreign

currencies,

and

credit

quality;

as

an

efficient

means

of

adjusting

exposure

to

all

or

a

part

of

a

target

market;

to

enhance

income;

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

The

fund

may

buy

or

sell

options

that

can

be

settled

either

directly

with

the

counterparty

(OTC

option)

or

through

a

central

clearinghouse

(exchange-traded

option).

Options

are

included

in

net

assets

at

fair

value,

options

purchased

are

included

in

Investments

in

Securities,

and

options

written

are

separately

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Premiums

on

unexercised,

expired

options

are

recorded

as

realized

gains

or

losses

on

the

accompanying

Statement

of

Operations;

premiums

on

exercised

options

are

recorded

as

an

adjustment

to

the

proceeds

from

the

sale

or

cost

of

the

purchase.

The

difference

between

the

premium

and

the

amount

received

or

paid

in

a

closing

transaction

is

also

treated

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

In

return

for

a

premium

paid,

currency

options

give

the

holder

the

right,

but

not

the

obligation,

to

buy

and

sell

currency

at

a

specified

exchange

rate;

although

certain

currency

options

may

be

settled

by

exchanging

only

the

net

gain

or

loss

on

the

contract.

In

return

for

a

premium

paid,

call

and

put

options

on

futures

give

the

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

86

holder

the

right,

but

not

the

obligation,

to

purchase

or

sell,

respectively,

a

position

in

a

particular

futures

contract

at

a

specified

exercise

price.

In

return

for

a

premium

paid,

call

and

put

index

options

give

the

holder

the

right,

but

not

the

obligation,

to

receive

cash

equal

to

the

difference

between

the

value

of

the

reference

index

on

the

exercise

date

and

the

exercise

price

of

the

option.

In

return

for

a

premium

paid,

options

on

swaps

give

the

holder

the

right,

but

not

the

obligation,

to

enter

a

specified

swap

contract

on

predefined

terms.

The

exercise

price

of

an

option

on

a

credit

default

swap

is

stated

in

terms

of

a

specified

spread

that

represents

the

cost

of

credit

protection

on

the

reference

asset,

including

both

the

upfront

premium

to

open

the

position

and

future

periodic

payments.

The

exercise

price

of

an

interest

rate

swap

is

stated

in

terms

of

a

fixed

interest

rate;

generally,

there

is

no

upfront

payment

to

open

the

position.

Risks related

to

the

use

of

options

include

possible

illiquidity

of

the

options

markets;

trading

restrictions

imposed

by

an

exchange

or

counterparty;

possible

failure

of

counterparties

to

meet

the

terms

of

the

agreements;

movements

in

the

underlying

asset

values,

interest

rates,

currency

values

and

credit

ratings;

and,

for

options

written,

the

potential

for

losses

to

exceed

any

premium

received

by

the

fund.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

options,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

5%

of

net

assets.

Swaps

 The

fund

is

subject

to

interest

rate

risk

and

credit

risk in

the

normal

course

of

pursuing

its

investment

objectives

and

uses

swap

contracts

to

help

manage

such

risks.

The

fund

may

use

swaps

in

an

effort

to

manage

both

long

and

short

exposure

to

changes

in

interest

rates,

inflation

rates,

and

credit

quality;

to

adjust

overall

exposure

to

certain

markets;

to

enhance

total

return

or

protect

the

value

of

portfolio

securities;

to

serve

as

a

cash

management

tool;

or

to

adjust

credit

exposure.

Swap

agreements

can

be

settled

either

directly

with

the

counterparty

(bilateral

swap)

or

through

a

central

clearinghouse

(centrally

cleared

swap).

Fluctuations

in

the

fair

value

of

a

contract

are

reflected

in

unrealized

gain

or

loss

and

are

reclassified

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations upon

contract

termination

or

cash

settlement.

Net

periodic

receipts

or

payments

required

by

a

contract

increase

or

decrease,

respectively,

the

value

of

the

contract

until

the

contractual

payment

date,

at

which

time

such

amounts

are

reclassified

from

unrealized

to

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

bilateral

swaps,

cash

payments

are

made

or

received

by

the

fund

on

a

periodic

basis

in

accordance

with

contract

terms;

unrealized

gain

on

contracts

and

premiums

paid

are

reflected

as

assets

and

unrealized

loss

on

contracts

and

premiums

received

are

reflected

as

liabilities

on

the

accompanying

Statement

of

Assets

and

Liabilities.

For

bilateral

swaps,

premiums

paid

or

received

are

amortized

over

the

life

of

the

swap

and

are

recognized

as

realized

gain

or

loss

on

the

accompanying

Statement

of

Operations.

For

centrally

cleared

swaps,

payments

are

made

or

received

by

the

fund

each

day

to

settle

the

daily

fluctuation

in

the

value

of

the

contract

(variation

margin).

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

87

Accordingly,

the

value

of

a

centrally

cleared

swap

included

in

net

assets

is

the

unsettled

variation

margin;

net

variation

margin

receivable

is

reflected

as

an

asset

and

net

variation

margin

payable

is

reflected

as

a

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

Interest

rate

swaps

are

agreements

to

exchange

cash

flows

based

on

the

difference

between

specified

interest

rates

applied

to

a

notional

principal

amount

for

a

specified

period

of

time.

Risks

related

to

the

use

of

interest

rate

swaps

include

the

potential

for

unanticipated

movements

in

interest

or

currency

rates,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment. 

Credit

default

swaps

are

agreements

where

one

party

(the

protection

buyer)

agrees

to

make

periodic

payments

to

another

party

(the

protection

seller)

in

exchange

for

protection

against

specified

credit

events,

such

as

certain

defaults

and

bankruptcies

related

to

an

underlying

credit

instrument,

or

issuer

or

index

of

such

instruments.

Upon

occurrence

of

a

specified

credit

event,

the

protection

seller

is

required

to

pay

the

buyer

the

difference

between

the

notional

amount

of

the

swap

and

the

value

of

the

underlying

credit,

either

in

the

form

of

a

net

cash

settlement

or

by

paying

the

gross

notional

amount

and

accepting

delivery

of

the

relevant

underlying

credit.

For

credit

default

swaps

where

the

underlying

credit

is

an

index,

a

specified

credit

event

may

affect

all

or

individual

underlying

securities

included

in

the

index

and

will

be

settled

based

upon

the

relative

weighting

of

the

affected

underlying

security(ies)

within

the

index. Generally,

the

payment

risk

for

the

seller

of

protection

is

inversely

related

to

the

current

market

price

or

credit

rating

of

the

underlying

credit

or

the

market

value

of

the

contract

relative

to

the

notional

amount,

which

are

indicators

of

the

markets’

valuation

of

credit

quality.

As

of

November

30,

2023,

the

notional

amount

of

protection

sold

by

the

fund

totaled $26,737,000

(1.3%

of

net

assets),

which

reflects

the

maximum

potential

amount

the

fund

could

be

required

to

pay

under

such

contracts.

Risks

related

to

the

use

of

credit

default

swaps

include

the

possible

inability

of

the

fund

to

accurately

assess

the

current

and

future

creditworthiness

of

underlying

issuers,

the

possible

failure

of

a

counterparty

to

perform

in

accordance

with

the

terms

of

the

swap

agreements,

potential

government

regulation

that

could

adversely

affect

the

fund’s

swap

investments,

and

potential

losses

in

excess

of

the

fund’s

initial

investment.

During

the

six

months ended

November

30,

2023,

the

volume

of

the

fund’s

activity

in

swaps,

based

on

underlying

notional

amounts,

was

generally

between

0%

and

5%

of

net

assets.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

88

NOTE

4

-

OTHER

INVESTMENT

TRANSACTIONS 

Consistent

with

its

investment

objective,

the

fund

engages

in

the

following

practices

to

manage

exposure

to

certain

risks

and/or

to

enhance

performance.

The

investment

objective,

policies,

program,

and

risk

factors

of

the

fund

are

described

more

fully

in

the

fund's

prospectus

and

Statement

of

Additional

Information.

Emerging

and

Frontier

Markets

 The fund

invests,

either

directly

or

through

investments

in

other

T.

Rowe

Price

funds,

in

securities

of

companies

located

in,

issued

by

governments

of,

or

denominated

in

or

linked

to

the

currencies

of

emerging

and

frontier

market

countries.

Emerging

markets,

and

to

a

greater

extent

frontier

markets, tend

to

have

economic

structures

that

are

less

diverse

and

mature,

less

developed

legal

and

regulatory

regimes,

and

political

systems

that

are

less

stable,

than

those

of

developed

countries.

These

markets

may

be

subject

to

greater

political,

economic,

and

social

uncertainty

and

differing

accounting

standards

and

regulatory

environments

that

may

potentially

impact

the

fund’s

ability

to

buy

or

sell

certain

securities

or

repatriate

proceeds

to

U.S.

dollars.

Emerging

markets

securities

exchanges

are

more

likely

to

experience

delays

with

the

clearing

and

settling

of

trades,

as

well

as

the

custody

of

holdings

by

local

banks,

agents,

and

depositories.

Such

securities

are

often

subject

to

greater

price

volatility,

less

liquidity,

and

higher

rates

of

inflation

than

U.S.

securities.

Investing

in

frontier

markets

is

typically

significantly

riskier

than

investing

in

other

countries,

including

emerging

markets.

Noninvestment-Grade

Debt

 The

fund

invests,

either

directly

or

through

its

investment

in

other

T.

Rowe

Price

funds,

in

noninvestment-grade

debt,

including

“high

yield”

or

“junk”

bonds

or

leveraged

loans.

Noninvestment-grade

debt

issuers

are

more

likely

to

suffer

an

adverse

change

in

financial

condition

that

would

result

in

the

inability

to

meet

a

financial

obligation.

The

noninvestment-grade

debt

market

may

experience

sudden

and

sharp

price

swings

due

to

a

variety

of

factors

that

may

decrease

the

ability

of

issuers

to

make

principal

and

interest

payments

and

adversely

affect

the

liquidity

or

value,

or

both,

of

such

securities.

Accordingly,

securities

issued

by

such

companies

carry

a

higher

risk

of

default

and

should

be

considered

speculative. 

Restricted

Securities

 The

fund

invests

in

securities

that

are

subject

to

legal

or

contractual

restrictions

on

resale.

Prompt

sale

of

such

securities

at

an

acceptable

price

may

be

difficult

and

may

involve

substantial

delays

and

additional

costs.

Collateralized

Loan

Obligations 

 The

fund

invests

in

collateralized

loan

obligations

(CLOs)

which

are

entities

backed

by

a

diversified

pool

of

syndicated

bank

loans.

The

cash

flows

of

the

CLO

can

be

split

into

multiple

segments,

called

“tranches”

or

“classes”,

which

will

vary

in

risk

profile

and

yield.

The

riskiest

segments,

which

are

the

subordinate

or

“equity”

tranches,

bear

the

greatest

risk

of

loss

from

defaults

in

the

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

89

underlying

assets

of

the

CLO

and

serve

to

protect

the

other,

more

senior,

tranches.

Senior

tranches

will

typically

have

higher

credit

ratings

and

lower

yields

than

the

securities

underlying

the

CLO.

Despite

the

protection

from

the

more

junior

tranches,

senior

tranches

can

experience

substantial

losses. 

Mortgage-Backed

Securities

 The

fund

invests

in

mortgage-backed

securities

(MBS

or

pass-through

certificates)

that

represent

an

interest

in

a

pool

of

specific

underlying

mortgage

loans

and

entitle

the

fund

to

the

periodic

payments

of

principal

and

interest

from

those

mortgages.

MBS

may

be

issued

by

government

agencies

or

corporations,

or

private

issuers.

Most

MBS

issued

by

government

agencies

are

guaranteed;

however,

the

degree

of

protection

differs

based

on

the

issuer.

The

fund

also

invests

in

stripped

MBS,

created

when

a

traditional

MBS

is

split

into

an

interest-only

(IO)

and

a

principal-

only

(PO)

strip.

MBS,

including

IOs

and

POs, are

sensitive

to

changes

in

economic

conditions

that

affect

the

rate

of

prepayments

and

defaults

on

the

underlying

mortgages;

accordingly,

the

value,

income,

and

related

cash

flows

from

MBS

may

be

more

volatile

than

other

debt

instruments.

IOs

also

risk

loss

of

invested

principal

from

faster-

than-anticipated

prepayments.

TBA

Purchase,

Sale

Commitments

and

Forward

Settling

Mortgage

Obligations

 The

fund

enters

into

to-be-announced

(TBA)

purchase

or

sale

commitments

(collectively,

TBA

transactions),

pursuant

to

which

it

agrees

to

purchase

or

sell,

respectively,

mortgage-backed

securities

for

a

fixed

unit

price,

with

payment

and

delivery

at

a

scheduled

future

date

beyond

the

customary

settlement

period

for

such

securities.

With

TBA

transactions,

the

particular

securities

to

be

received

or

delivered

by

the

fund

are

not

identified

at

the

trade

date;

however,

the

securities

must

meet

specified

terms,

including

rate

and

mortgage

term,

and

be

within

industry-accepted

“good

delivery”

standards.

The

fund

may

enter

into

TBA

transactions

with

the

intention

of

taking

possession

of

or

relinquishing

the

underlying

securities,

may

elect

to

extend

the

settlement

by

“rolling”

the

transaction,

and/or

may

use

TBA

transactions

to

gain

or

reduce

interim

exposure

to

underlying

securities.

To

mitigate

counterparty

risk,

the

fund

has

entered

into

Master

Securities

Forward

Transaction

Agreements

(MSFTA)

with

counterparties

that

provide

for

collateral

and

the

right

to

offset

amounts

due

to

or

from

those

counterparties

under

specified

conditions.

Subject

to

minimum

transfer

amounts,

collateral

requirements

are

determined

and

transfers

made

based

on

the

net

aggregate

unrealized

gain

or

loss

on

all

TBA

commitments

and

other

forward

settling

mortgage

obligations

with

a

particular

counterparty

(collectively,

MSFTA

Transactions).

At

any

time,

the

fund’s

risk

of

loss

from

a

particular

counterparty

related

to

its

MSFTA

Transactions

is

the

aggregate

unrealized

gain

on

appreciated

MSFTA

Transactions

in

excess

of

unrealized

loss

on

depreciated

MSFTA

Transactions

and

collateral

received,

if

any,

from

such

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

90

counterparty. As

of

November

30,

2023,

securities

valued

at

$42,000 had

been

posted

by

the

fund

to

counterparties

for

MSFTA

Transactions. No

collateral

was

pledged

by

counterparties

to

the

fund

for

MSFTA

Transactions

as

of

November

30,

2023. 

Investment

in

Blackstone

Partners

Offshore

Fund

 The

fund

invested

in

Blackstone

Partners

Offshore

Fund

Ltd.

(Blackstone

Partners),

a

multi-strategy

hedge

fund-of-funds

offered

by

Blackstone

Alternative

Asset

Management

(BAAM),

a

unit

of

Blackstone

Group

L.P.

(Blackstone).

Blackstone

Partners

provides

the

fund

exposure

to

alternative

investments

primarily

through

Blackstone

Partners’

investments

in

underlying

private

investment

funds,

and

the

underlying

funds

are

mostly

managed

by

investment

managers

unaffiliated

with

BAAM

or

Blackstone.

Blackstone

Partners

and

the

underlying

funds

may

use

leverage,

engage

in

short-selling,

and

invest

in

commodities

or

other

speculative

investments,

which

may

increase

the

risk

of

investment

loss.

Blackstone

Partners

and

the

underlying

funds

are

not

subject

to

the

same

regulatory

requirements

as

open-end

mutual

funds,

and,

therefore,

their

investments

and

related

valuations

may

not

be

as

transparent.

Ownership

interests

in

Blackstone

Partners

are

not

transferable

and

are

subject

to

various

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

In

addition,

Blackstone

Partners’

ownership

in

the

underlying

funds

may

also

be

subject

to

transfer

and

redemption

restrictions,

such

as

advance

notice

requirements,

limited

redemption

dates,

and

possible

suspension

of

redemption

rights.

All

of

these

restrictions

are

subject

to

change

at

the

sole

discretion

of

Blackstone

Partners

or

an

underlying

fund’s

management.

As

of

November

30,

2023,

the

fund’s

investment

in

Blackstone

Partners

is

subject

to

semi-annual

redemption

with

95

days

prior

written

notice

and

is

considered

an

illiquid

asset. 

Securities

Lending

 The fund

may

lend

its

securities

to

approved

borrowers

to

earn

additional

income.

Its

securities

lending

activities

are

administered

by

a

lending

agent

in

accordance

with

a

securities

lending

agreement.

Security

loans

generally

do

not

have

stated

maturity

dates,

and

the

fund

may

recall

a

security

at

any

time.

The

fund

receives

collateral

in

the

form

of

cash

or

U.S.

government

securities.

Collateral

is

maintained

over

the

life

of

the

loan

in

an

amount

not

less

than

the

value

of

loaned

securities;

any

additional

collateral

required

due

to

changes

in

security

values

is

delivered

to

the

fund

the

next

business

day.

Cash

collateral

is

invested

in

accordance

with

investment

guidelines

approved

by

fund

management.

Additionally,

the

lending

agent

indemnifies

the

fund

against

losses

resulting

from

borrower

default.

Although

risk

is

mitigated

by

the

collateral

and

indemnification,

the

fund

could

experience

a

delay

in

recovering

its

securities

and

a

possible

loss

of

income

or

value

if

the

borrower

fails

to

return

the

securities,

collateral

investments

decline

in

value,

and

the

lending

agent

fails

to

perform.

Securities

lending

revenue

consists

of

earnings

on

invested

collateral

and

borrowing

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

91

fees,

net

of

any

rebates

to

the

borrower,

compensation

to

the

lending

agent,

and

other

administrative

costs.

In

accordance

with

GAAP,

investments

made

with

cash

collateral

are

reflected

in

the

accompanying

financial

statements,

but

collateral

received

in

the

form

of

securities

is

not.

At

November

30,

2023,

the

value

of

loaned

securities

was

$1,543,000;

the

value

of

cash

collateral

and

related

investments

was

$1,861,000.

Other 

Purchases

and

sales

of

portfolio

securities

other

than

short-term and

U.S.

government

securities

aggregated $219,083,000 and

$259,858,000,

respectively,

for

the

six

months ended

November

30,

2023.

Purchases

and

sales

of

U.S.

government

securities

aggregated

$367,238,000 and

$369,325,000,

respectively,

for

the

six

months ended

November

30,

2023.

NOTE

5

-

FEDERAL

INCOME

TAXES

Generally,

no

provision

for

federal

income

taxes

is

required

since

the

fund

intends

to continue

to

qualify

as

a

regulated

investment

company

under

Subchapter

M

of

the

Internal

Revenue

Code

and

distribute

to

shareholders

all

of

its taxable

income

and

gains.

Distributions

determined

in

accordance

with

federal

income

tax

regulations

may

differ

in

amount

or

character

from

net

investment

income

and

realized

gains

for

financial

reporting

purposes.

Financial

reporting

records

are

adjusted

for

permanent

book/

tax

differences

to

reflect

tax

character

but

are

not

adjusted

for

temporary

differences.

The

amount

and

character

of

tax-basis

distributions

and

composition

of

net

assets

are

finalized

at

fiscal

year-end;

accordingly,

tax-basis

balances

have

not

been

determined

as

of

the

date

of

this

report. 

The

fund

intends

to

retain

realized

gains

to

the

extent

of

available

capital

loss

carryforwards.

Net

realized

capital

losses

may

be

carried

forward

indefinitely

to

offset

future

realized

capital

gains.

As

of

May

31,

2023,

the

fund

had

$56,730,000

of

available

capital

loss

carryforwards.

At

November

30,

2023,

the

cost

of

investments

(including

derivatives,

if

any)

for

federal

income

tax

purposes

was

$1,862,493,000.

Net

unrealized

gain

aggregated

$177,631,000

at

period-end,

of

which

$344,519,000

related

to

appreciated

investments

and

$166,888,000

related

to

depreciated

investments.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

92

NOTE

6

-

FOREIGN  TAXES

The

fund

is

subject

to

foreign

income

taxes

imposed

by

certain

countries

in

which

it

invests.

Additionally,

capital

gains

realized

upon

disposition

of

securities

issued

in

or

by

certain

foreign

countries

are

subject

to

capital

gains

tax

imposed

by

those

countries.

All

taxes

are

computed

in

accordance

with

the

applicable

foreign

tax

law,

and,

to

the

extent

permitted,

capital

losses

are

used

to

offset

capital

gains.

Taxes

attributable

to

income

are

accrued

by

the

fund

as

a

reduction

of

income.

Current

and

deferred

tax

expense

attributable

to

capital

gains

is

reflected

as

a

component

of

realized

or

change

in

unrealized

gain/loss

on

securities

in

the

accompanying

financial

statements.

To

the

extent

that

the

fund

has

country

specific

capital

loss

carryforwards,

such

carryforwards

are

applied

against

net

unrealized

gains

when

determining

the

deferred

tax

liability.

Any

deferred

tax

liability

incurred

by

the

fund

is

included

in

either

Other

liabilities

or

Deferred

tax

liability

on

the

accompanying

Statement

of

Assets

and

Liabilities.

NOTE

7

-

RELATED

PARTY

TRANSACTIONS

The

fund

is

managed

by

T.

Rowe

Price

Associates,

Inc.

(Price

Associates),

a

wholly

owned

subsidiary

of

T.

Rowe

Price

Group,

Inc.

(Price

Group). Price

Associates

has

entered

into

a

sub-advisory

agreement(s)

with

one

or

more

of

its

wholly

owned

subsidiaries,

to

provide

investment

advisory

services

to

the

fund.

The

investment

management

agreement

between

the

fund

and

Price

Associates

provides

for

an

annual

investment

management

fee,

which

is

computed

daily

and

paid

monthly. The

fee

consists

of

an

individual

fund

fee,

equal

to

0.15%

of

the

fund’s

average

daily

net

assets,

and

a

group

fee.

The

group

fee

rate

is

calculated

based

on

the

combined

net

assets

of

certain

mutual

funds

sponsored

by

Price

Associates

(the

group)

applied

to

a

graduated

fee

schedule,

with

rates

ranging

from

0.48%

for

the

first

$1

billion

of

assets

to

0.260%

for

assets

in

excess

of

$845

billion.

The

fund’s

group

fee

is

determined

by

applying

the

group

fee

rate

to

the

fund’s

average

daily

net

assets. At

November

30,

2023,

the

effective

annual

group

fee

rate

was

0.29%.

Effective

November

1,

2023,

the Investor Class

is

subject

to

a

contractual

expense

limitation

through

the

expense

limitation

date

indicated

in

the

table

below.

Prior

to November

1,

2023,

the

fund

was

not

subject

to

a

contractual

expense

limitation.

During

the

limitation

period,

Price

Associates is required

to

waive

its

management

fee

and

pay

the

fund

for

any

expenses

(excluding

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage;

non-recurring,

extraordinary

expenses;

and

acquired

fund

fees

and

expenses)

that

would

otherwise

cause

the

fund’s

ratio

of

annualized

total

expenses

to

average

net

assets

(net

expense

ratio)

to

exceed

its

expense

limitation.

The

fund

is

required

to

repay

Price

Associates

for

expenses

previously

waived/paid

to

the

extent

its

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

93

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

fund’s

net

expense

ratio

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

expense

limitation

in

place

at

the

time

such

amounts

were

waived;

or

(2)

the

fund’s

current

expense

limitation. However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

The

I

Class

is

also

subject

to

an

operating

expense

limitation

(I

Class

Limit)

pursuant

to

which

Price

Associates

is

contractually

required

to

pay

all

operating

expenses

of

the

I

Class,

excluding

management

fees;

interest;

expenses

related

to

borrowings,

taxes,

and

brokerage; non-recurring,

extraordinary expenses; and

acquired

fund

fees

and

expenses, to

the

extent

such

operating

expenses,

on

an

annualized

basis,

exceed

the

I

Class

Limit. This

agreement

will

continue

through

the

expense

limitation

date

indicated

in

the

table

below,

and

may

be

renewed,

revised,

or

revoked

only

with

approval

of

the

fund’s

Board.

The

I

Class

is

required

to

repay

Price

Associates

for

expenses

previously

paid

to

the

extent

the

class’s

net

assets

grow

or

expenses

decline

sufficiently

to

allow

repayment

without

causing

the

class’s

operating

expenses

(after

the

repayment

is

taken

into

account)

to

exceed

the

lesser

of:

(1)

the

I

Class

Limit

in

place

at

the

time

such

amounts

were

paid;

or

(2)

the

current

I

Class

Limit.

However,

no

repayment

will

be

made

more

than

three

years

after

the

date

of

a

payment

or

waiver.

Pursuant

to

these

agreements,

expenses

were

waived/paid

by

and/or

repaid

to

Price

Associates

during

the

six

months ended November

30,

2023

as

indicated

in

the

table

below.

At

November

30,

2023,

there

were

no

amounts

subject

to

repayment

by

the

fund.

Any

repayment

of

expenses

previously

waived/paid

by

Price

Associates

during

the

period

would

be

included

in

the

net

investment

income

and

expense

ratios

presented

on

the

accompanying

Financial

Highlights.

In

addition,

the

fund

has

entered

into

service

agreements

with

Price

Associates

and

two

wholly

owned

subsidiaries

of

Price

Associates,

each

an

affiliate

of

the

fund

(collectively,

Price).

Price

Associates

provides

certain

accounting

and

administrative

services

to

the

fund.

T.

Rowe

Price

Services,

Inc.

provides

shareholder

and

administrative

services

in

its

capacity

as

the

fund’s

transfer

and

dividend-disbursing

agent.

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

provides

subaccounting

and

recordkeeping

services

for

certain

retirement

accounts

invested

in

the

Investor

Class.

For

the

six

months

ended

November

30,

2023,

expenses

incurred

pursuant

to

these

service

agreements

were

Investor

Class

I

Class

Expense

limitation/I

Class

Limit

0.79%

0.05%

Expense

limitation

date

09/30/25

09/30/24

(Waived)/repaid

during

the

period

($000s)

$—

$—

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

94

$56,000

for

Price

Associates;

$387,000

for

T.

Rowe

Price

Services,

Inc.;

and

$12,000

for

T.

Rowe

Price

Retirement

Plan

Services,

Inc.

All

amounts

due

to

and

due

from

Price,

exclusive

of

investment

management

fees

payable,

are

presented

net

on

the

accompanying

Statement

of

Assets

and

Liabilities.

T.

Rowe

Price

Investment

Services,

Inc.

(Investment

Services)

serves

as

distributor

to

the

fund.

Pursuant

to

an

underwriting

agreement,

no

compensation

for

any

distribution

services

provided

is

paid

to

Investment

Services

by

the

fund

(except

for

12b-1

fees

under

a

Board-approved

Rule

12b-1

plan).

The fund

may

invest

its

cash

reserves

in

certain

open-end

management

investment

companies

managed

by

Price

Associates

and

considered

affiliates

of

the

fund:

the

T.

Rowe

Price

Government

Reserve

Fund

or

the

T.

Rowe

Price

Treasury

Reserve

Fund,

organized

as

money

market

funds

(together,

the

Price

Reserve

Funds).

The

Price

Reserve

Funds

are

offered

as

short-term

investment

options

to

mutual

funds,

trusts,

and

other

accounts

managed

by

Price

Associates

or

its

affiliates

and

are

not

available

for

direct

purchase

by

members

of

the

public.

Cash

collateral

from

securities

lending,

if

any,

is

invested

in

the

T.

Rowe

Price

Government

Reserve Fund. The

Price

Reserve

Funds

pay

no

investment

management

fees.

The

fund

may

also

invest

in

certain

other

T.

Rowe

Price

funds

(Price

Funds)

as

a

means

of

gaining

efficient

and

cost-effective

exposure

to

certain

markets.

The

fund

does

not

invest

for

the

purpose

of

exercising

management

or

control;

however,

investments

by

the

fund

may

represent

a

significant

portion

of

an

underlying

Price

Fund’s

net

assets.

Each

underlying

Price

Fund

is

an

open-end

management

investment

company

managed

by

Price

Associates

and

is

considered

an

affiliate

of

the

fund.

To

ensure

that

the

fund

does

not

incur

duplicate

management

fees

(paid

by

the

underlying

Price

Fund(s)

and

the

fund),

Price

Associates

has

agreed

to

permanently

waive

a

portion

of

its

management

fee

charged

to

the

fund

in

an

amount

sufficient

to

fully

offset

that

portion

of

management

fees

paid

by

each

underlying

Price

Fund

related

to

the

fund’s

investment

therein.

Annual

management

fee

rates

and

amounts

waived

related

to

investments

in

the

underlying

Price

Fund(s)

for

the

six

months

ended

November

30,

2023,

are

as

follows:

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class

0.49%

$

280‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class

0.17%

—‌

‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund

0.70%

367‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

95

Total

management

fee

waived

was

allocated

ratably

in

the

amounts

of

$1,104,000

and

$1,062,000 for

the

Investor

Class

and

I

Class,

respectively,

for

the

six

months ended

November

30,

2023. 

The

fund may

participate

in

securities

purchase

and

sale

transactions

with

other

funds

or

accounts

advised

by

Price

Associates

(cross

trades),

in

accordance

with

procedures

adopted

by the

fund’s

Board

and

Securities

and

Exchange

Commission

rules,

which

require,

among

other

things,

that

such

purchase

and

sale

cross

trades

be

effected

at

the

independent

current

market

price

of

the

security.

During

the

six

months

ended

November

30,

2023,

the

fund

had

no

purchases

or

sales

cross

trades

with

other

funds

or

accounts

advised

by

Price

Associates.

Price

Associates

has

voluntarily

agreed

to

reimburse

the

fund

from

its

own

resources

on

a

monthly

basis

for

the

cost

of

investment

research

embedded

in

the

cost

of

the

fund’s

securities

trades

and

for

the

cost

of

brokerage

commissions

embedded

in

the

cost

of

the

fund’s

foreign

currency

transactions.

These

agreements

may

be

rescinded

at

any

time.

For

the

six

months ended

November

30,

2023,

these

reimbursements

amounted

to

$8,000,

which

is

included

in

Net

realized

gain

(loss)

on

Securities

in

the

Statement

of

Operations.

($000s)

Effective

Management

Fee

Rate

Management

Fee

Waived

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

1.00%

$

308‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class

0.55%

109‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class

0.50%

241‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class

0.49%

269‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class

0.25%

—‌

‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class

1.00%

437‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

0.64%

142‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class

0.06%

13‌

Total

Management

Fee

Waived

$

2,16

6‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

96

NOTE

8

-

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.

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.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

97

INFORMATION

ON

PROXY

VOTING

POLICIES,

PROCEDURES,

AND

RECORDS

A

description

of

the

policies

and

procedures

used

by

T.

Rowe

Price

funds

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

is

available

in

each

fund’s

Statement

of

Additional

Information.

You

may

request

this

document

by

calling

1-800-225-5132

or

by

accessing

the

SEC’s

website,

sec.gov.

The

description

of

our

proxy

voting

policies

and

procedures

is

also

available

on

our

corporate

website.

To

access

it,

please

visit

the

following

Web

page:

https://www.troweprice.com/corporate/us/en/utility/policies.html

Scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Guidelines.”

Click

on

the

links

in

the

shaded

box.

Each

fund’s

most

recent

annual

proxy

voting

record

is

available

on

our

website

and

through

the

SEC’s

website.

To

access

it

through

T.

Rowe

Price,

visit

the

website

location

shown

above,

and

scroll

down

to

the

section

near

the

bottom

of

the

page

that

says,

“Proxy

Voting

Records.”

Click

on

the

Proxy

Voting

Records

link

in

the

shaded

box.

RESULTS

OF

PROXY

VOTING

A

Special

Meeting

of

Shareholders

was

held

on

July

24,

2023

for

shareholders

of

record

on

April

7,

2023,

to

elect

the

following

director-nominees

to

serve

on

the

Board

of

all

Price

Funds.

The

newly

elected

Directors

took

office

effective

July

24,

2023.

The

results

of

the

voting

were

as

follows:

Teresa

Bryce

Bazemore,

Bruce

W.

Duncan,

Robert

J.

Gerrard,

Jr.,

Paul

F.

McBride

and

David

Oestreicher

continue

to

serve

as

Directors

on

the

Board

of

all

Price

Funds.

HOW

TO

OBTAIN

QUARTERLY

PORTFOLIO

HOLDINGS

The

fund

files

a

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

reports

on

Form

N-PORT.

The

fund’s

reports

on

Form

N-PORT

are

available

electronically

on

the

SEC’s

website

(sec.gov).

In

addition,

most

T.

Rowe

Price

funds

disclose

their

first

and

third

fiscal

quarter-end

holdings

on

troweprice.com

.

Votes

For

Votes

Withheld

Melody

Bianchetto

153,732,655

10,630,075

Mark

J.

Parrell

154,658,927

9,656,483

Kellye

L.

Walker

154,019,917

10,398,997

Eric

L.

Veiel

153,657,119

10,668,080

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

98

TAILORED

SHAREHOLDER

REPORTS

FOR

MUTUAL

FUNDS

AND

EXCHANGE

TRADED

FUNDS

In

October

2022,

the

Securities

and

Exchange

Commission

(SEC)

adopted

rule

and

form

amendments

requiring

Mutual

Funds

and

Exchange-Traded

Funds

to

transmit

concise

and

visually

engaging

streamlined

annual

and

semiannual

reports

that

highlight

key

information

to

shareholders.

Other

information,

including

financial

statements,

will

no

longer

appear

in

the

funds’

shareholder

reports

but

will

be

available

online,

delivered

free

of

charge

upon

request,

and

filed

on

a

semiannual

basis

on

Form

N-CSR.

The

rule

and

form

amendments

have

a

compliance

date

of

July

24,

2024.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

99

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

In accordance

with

Rule

22e-4

(Liquidity

Rule)

under

the

Investment

Company

Act

of

1940,

as

amended,

the

fund

has

established

a

liquidity

risk

management

program

(Liquidity

Program)

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk,

which

generally

represents

the

risk

that

the

fund

would

not

be

able

to

meet

redemption

requests

without

significant

dilution

of

remaining

investors’

interests

in

the

fund.

The

fund’s

Board

of

Directors

(Board)

has

appointed

the

fund’s

investment

adviser,

T.

Rowe

Price

Associates,

Inc.

(Adviser),

as

the

administrator

of

the

Liquidity

Program.

As

administrator,

the

Adviser

is

responsible

for

overseeing

the

day-to-day

operations

of

the

Liquidity

Program

and,

among

other

things,

is

responsible

for

assessing,

managing,

and

reviewing

with

the

Board

at

least

annually

the

liquidity

risk

of

each

T.

Rowe

Price

fund.

The

Adviser

has

delegated

oversight

of

the

Liquidity

Program

to

a

Liquidity

Risk

Committee

(LRC),

which

is

a

cross-functional

committee

composed

of

personnel

from

multiple

departments

within

the

Adviser.

The

Liquidity

Program’s

principal

objectives

include

supporting

the

T.

Rowe

Price

funds’

compliance

with

limits

on

investments

in

illiquid

assets

and

mitigating

the

risk

that

the

fund

will

be

unable

to

timely

meet

its

redemption

obligations.

The

Liquidity

Program

also

includes

a

number

of

elements

that

support

the

management

and

assessment

of

liquidity

risk,

including

an

annual

assessment

of

factors

that

influence

the

fund’s

liquidity

and

the

periodic

classification

and

reclassification

of

a

fund’s

investments

into

categories

that

reflect

the

LRC’s

assessment

of

their

relative

liquidity

under

current

market

conditions.

Under

the

Liquidity

Program,

every

investment

held

by

the

fund

is

classified

at

least

monthly

into

one

of

four

liquidity

categories

based

on

estimations

of

the

investment’s

ability

to

be

sold

during

designated

time

frames

in

current

market

conditions

without

significantly

changing

the

investment’s

market

value.

As

required

by

the

Liquidity

Rule,

at

a

meeting

held

on

July

24,

2023,

the

Board

was

presented

with

an

annual

assessment

that

was

prepared

by

the

LRC

on

behalf

of

the

Adviser

and

addressed

the

operation

of

the

Liquidity

Program

and

assessed

its

adequacy

and

effectiveness

of

implementation,

including

any

material

changes

to

the

Liquidity

Program

and

the

determination

of

each

fund’s

Highly

Liquid

Investment

Minimum

(HLIM).

The

annual

assessment

included

consideration

of

the

following

factors,

as

applicable:

the

fund’s

investment

strategy

and

liquidity

of

portfolio

investments

during

normal

and

reasonably

foreseeable

stressed

conditions,

including

whether

the

investment

strategy

is

appropriate

for

an

open-end

fund,

the

extent

to

which

the

strategy

involves

a

relatively

concentrated

portfolio

or

large

positions

in

particular

issuers,

and

the

use

of

borrowings

for

investment

purposes

and

derivatives;

short-term

and

long-term

cash

flow

projections

covering

both

normal

and

reasonably

foreseeable

stressed

conditions;

and

holdings

of

cash

and

cash

equivalents,

as

well

as

available

borrowing

arrangements.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

100

For the

fund

and

other

T.

Rowe

Price

funds,

the

annual

assessment

incorporated

a

report

related

to

a

fund’s

holdings,

shareholder

and

portfolio

concentration,

any

borrowings

during

the

period,

cash

flow

projections,

and

other

relevant

data

for

the

period

of

April

1,

2022,

through

March

31,

2023.

The

report

described

the

methodology

for

classifying

a

fund’s

investments

(including

any

derivative

transactions)

into

one

of

four

liquidity

categories,

as

well

as

the

percentage

of

a

fund’s

investments

assigned

to

each

category.

It

also

explained

the

methodology

for

establishing

a

fund’s

HLIM

and

noted

that

the

LRC

reviews

the

HLIM

assigned

to

each

fund

no

less

frequently

than

annually.

During

the

period

covered

by

the

annual

assessment,

the

LRC

has

concluded,

and

reported

to

the

Board,

that

the

Liquidity

Program

continues

to

operate

adequately

and

effectively

and

is

reasonably

designed

to

assess

and

manage

the

fund’s

liquidity

risk.

LIQUIDITY

RISK

MANAGEMENT

PROGRAM

(continued)

100

East

Pratt

Street

Baltimore,

MD

21202

T.

Rowe

Price

Investment

Services,

Inc.

Call

1-800-225-5132

to

request

a

prospectus

or

summary

prospectus;

each

includes

investment

objectives,

risks,

fees,

expenses,

and

other

information

that

you

should

read

and

consider

carefully

before

investing.

F101-051

1/24

Item 1. (b) Notice pursuant to Rule 30e-3.

Not applicable.

Item 2. Code of Ethics.

A code of ethics, as defined in Item 2 of Form N-CSR, applicable to its principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions is filed as an exhibit to the registrant’s annual Form N-CSR. No substantive amendments were approved or waivers were granted to this code of ethics during the registrant’s most recent fiscal half-year.

Item 3. Audit Committee Financial Expert.

Disclosure required in registrant’s annual Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Disclosure required in registrant’s annual Form N-CSR.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) Not applicable. The complete schedule of investments is included in Item 1 of this Form N-CSR.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There has been no change to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)   The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of this filing and have concluded that the registrant’s disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-CSR was recorded, processed, summarized, and reported timely.

(b)   The registrant’s principal executive officer and principal financial officer are aware of no change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

(a)(1)	The registrant’s code of ethics pursuant to Item 2 of Form N-CSR is filed with the registrant’s annual Form N-CSR.
(2)	Separate certifications by the registrant’s principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached.
(3)	Written solicitation to repurchase securities issued by closed-end companies: not applicable.
(b)	A certification by the registrant’s principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

T. Rowe Price Spectrum Funds II, Inc.
By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By	/s/ David Oestreicher
	David Oestreicher
	Principal Executive Officer
Date	January 19, 2024

By	/s/ Alan S. Dupski
	Alan S. Dupski
	Principal Financial Officer
Date	January 19, 2024