NPORT-EX 2 70D6TRPSpecConAllFd.htm d6trowepricespectrumconserva.htm - Generated by SEC Publisher for SEC Filing

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
February 29, 2020 (Unaudited)

Portfolio of Investments‡  Shares/Par  $ Value 
(Cost and value in $000s)     
COMMON STOCKS 35.1%     
COMMUNICATION SERVICES 3.2%     
 
Diversified Telecommunication Services 0.3%     
KT (KRW)  23,412  461 
Nippon Telegraph & Telephone (JPY)  165,800  3,868 
Telecom Italia (EUR)  977,165  547 
Telefonica Deutschland Holding (EUR)  63,533  167 
Telstra (AUD)  132,654  299 
    5,342 
Entertainment 0.3%     
Electronic Arts (1)  3,981  404 
Netflix (1)  15,285  5,641 
Spotify Technology (1)  5,138  705 
Walt Disney  3,166  372 
Zynga, Class A (1)  71,300  478 
    7,600 
Interactive Media & Services 2.3%     
Alphabet, Class A (1)  2,501  3,350 
Alphabet, Class C (1)(2)  15,366  20,580 
Baidu, ADR (1)  4,600  552 
Facebook, Class A (1)(2)  86,358  16,621 
IAC/InterActiveCorp (1)  7,048  1,437 
JOYY, ADR (1)  14,922  805 
Match Group (1)  608  40 
NAVER (KRW)  4,581  658 
Tencent Holdings (HKD)  154,590  7,838 
Z Holdings (JPY)  176,400  640 
    52,521 
Media 0.2%     
Cable One  617  971 
Comcast, Class A  17,227  696 
CyberAgent (JPY)  25,100  950 
Eutelsat Communications (EUR)  47,262  639 
Stroeer (EUR)  10,163  761 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
WPP (GBP)  133,023  1,278 
    5,295 
Wireless Telecommunication Services 0.1%     
SoftBank Group (JPY)  19,800  920 
Vodafone Group, ADR  102,161  1,788 
    2,708 
Total Communication Services    73,466 
CONSUMER DISCRETIONARY 3.9%     
 
Auto Components 0.3%     
Aisin Seiki (JPY)  19,400  624 
Aptiv  10,920  853 
Autoliv, SDR (SEK)  12,095  825 
Gentherm (1)  7,638  312 
Magna International  34,400  1,576 
Stanley Electric (JPY)  35,900  865 
Sumitomo Rubber Industries (JPY)  41,600  432 
Visteon (1)  3,443  224 
    5,711 
Automobiles 0.2%     
Ferrari  1,796  283 
Honda Motor (JPY)  23,900  613 
Suzuki Motor (JPY)  25,400  1,022 
Toyota Motor (JPY)  42,100  2,765 
    4,683 
Diversified Consumer Services 0.0%     
API Group (1)  17,750  194 
API Group, Warrants, 10/10/20  17,750  21 
Bright Horizons Family Solutions (1)  3,045  478 
Chegg (1)  4,256  167 
Strategic Education  700  103 
    963 
Hotels, Restaurants & Leisure 0.5%     
Chipotle Mexican Grill (1)  322  249 
Chuy's Holdings (1)  8,513  182 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Compass Group (GBP)  53,866  1,187 
Denny's (1)  15,500  270 
Drive Shack (1)  25,600  73 
Dunkin' Brands Group  5,700  379 
Fiesta Restaurant Group (1)  11,284  109 
Hilton Worldwide Holdings  22,979  2,234 
Marriott International, Class A  13,855  1,718 
McDonald's  10,692  2,076 
OneSpaWorld Holdings  15,440  189 
Papa John's International  9,000  518 
Red Robin Gourmet Burgers (1)  7,279  200 
Restaurant Brands International  1,269  74 
Royal Caribbean Cruises  15,046  1,210 
Wynn Resorts  7,053  762 
Yum! Brands  10,655  951 
    12,381 
Household Durables 0.2%     
Cavco Industries (1)  1,240  250 
Panasonic (JPY)  116,700  1,107 
Persimmon (GBP)  35,797  1,324 
Skyline Champion (1)  11,084  283 
Sony (JPY)  18,900  1,165 
Tempur Sealy International (1)  4,750  355 
TRI Pointe Group (1)  22,206  340 
    4,824 
Internet & Direct Marketing Retail 1.9%     
A Place for Rover, Acquisition Date: 5/25/18, Cost $3 (1)(3)(4)  402  3 
Alibaba Group Holding, ADR (1)(2)  64,527  13,422 
Amazon. com (1)(2)  13,009  24,506 
ASOS (GBP) (1)  25,673  1,009 
Booking Holdings (1)  1,727  2,928 
Trip. com Group, ADR (1)  11,101  337 
Zalando (EUR) (1)  20,006  894 
    43,099 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Multiline Retail 0.2%     
Dollar General  20,647  3,103 
Dollar Tree (1)  9,680  804 
Ollie's Bargain Outlet Holdings (1)  11,284  574 
Tuesday Morning (1)  39,100  64 
    4,545 
Specialty Retail 0.3%     
Aaron's  13,215  520 
Burlington Stores (1)  4,500  973 
Five Below (1)  1,500  145 
Kingfisher (GBP)  423,267  1,038 
Michaels (1)  29,900  128 
Monro  11,025  619 
RH (1)  798  145 
Ross Stores  30,391  3,306 
TJX  9,743  583 
    7,457 
Textiles, Apparel & Luxury Goods 0.3%     
Allbirds, Acquisition Date: 10/10/18 - 12/21/18, Cost $49     
(1)(3)(4)  4,500  58 
Burberry Group (GBP)  43,807  944 
Kering (EUR)  1,964  1,108 
Lululemon Athletica (1)  5,990  1,302 
Moncler (EUR)  33,921  1,335 
NIKE, Class B  15,199  1,359 
Samsonite International (HKD)  328,200  578 
VF  3,437  247 
    6,931 
Total Consumer Discretionary    90,594 
CONSUMER STAPLES 1.4%     
 
Beverages 0.2%     
Boston Beer, Class A (1)  2,112  783 
Constellation Brands, Class A  413  71 
Diageo (GBP)  48,871  1,744 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Kirin Holdings (JPY)  36,100  686 
    3,284 
Food & Staples Retailing 0.1%     
Grocery Outlet Holding (1)  900  28 
Performance Food Group (1)  10,085  428 
Seven & i Holdings (JPY)  44,500  1,514 
Walmart  3,599  388 
Welcia Holdings (JPY)  11,100  663 
    3,021 
Food Products 0.7%     
BellRing Brands, Class A (1)  5,460  107 
Cal-Maine Foods  10,842  378 
Collier Creek Holdings (1)  11,140  131 
Conagra Brands  19,674  525 
Nestle (CHF)  68,999  7,101 
Nomad Foods (1)  15,207  281 
Post Holdings (1)  6,400  648 
Sanderson Farms  3,200  395 
Simply Good Foods (1)  10,800  238 
TreeHouse Foods (1)  11,550  440 
Tyson Foods, Class A  83,806  5,685 
Wilmar International (SGD)  382,400  1,104 
    17,033 
Household Products 0.1%     
Colgate-Palmolive  19,170  1,295 
Kimberly-Clark  1,865  245 
    1,540 
Personal Products 0.3%     
L'Oreal (EUR)  7,686  2,066 
Pola Orbis Holdings (JPY)  16,100  306 
Unilever (GBP)  86,899  4,672 
    7,044 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Tobacco 0.0%     
Philip Morris International  8,711  713 
    713 
Total Consumer Staples    32,635 
ENERGY 0.8%     
 
Energy Equipment & Services 0.1%     
Computer Modelling Group (CAD)  13,700  71 
Dril-Quip (1)  3,800  135 
Liberty Oilfield Services, Class A  26,681  179 
Nextier Oilfield Solutions (1)  29,700  138 
Worley (AUD)  111,448  937 
    1,460 
Oil, Gas & Consumable Fuels 0.7%     
Concho Resources  1,009  69 
ConocoPhillips  26,043  1,261 
Continental Resources  20,890  396 
Diamondback Energy  4,400  273 
EOG Resources  59,111  3,739 
Equinor (NOK)  89,688  1,381 
Kosmos Energy  9,408  29 
Magnolia Oil & Gas, Class A (1)  30,400  228 
New Fortress Energy (1)  5,738  81 
Occidental Petroleum  44,198  1,447 
Parsley Energy, Class A  9,197  123 
Pioneer Natural Resources  1,359  167 
Royal Dutch Shell, Class B, ADR  36,300  1,616 
Seven Generations Energy, Class A (CAD) (1)  24,700  102 
TC Energy  65,079  3,407 
TOTAL (EUR)  59,444  2,569 
Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost     
$9 (1)(3)(4)  3  16 
Venture Global LNG, Series C, Acquisition Date: 5/25/17 -     
3/8/18, Cost $134 (1)(3)(4)  37  192 
    17,096 
Total Energy    18,556 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
FINANCIALS 5.4%     
 
Banks 1.9%     
ABN AMRO Bank, CVA (EUR)  68,457  939 
Atlantic Capital Bancshares (1)  7,494  136 
Australia & New Zealand Banking Group (AUD)  73,056  1,178 
Bank of America  89,684  2,556 
BankUnited  14,800  439 
Barclays, ADR  29,176  225 
BNP Paribas (EUR)  40,675  1,974 
Bridge Bancorp  8,600  237 
CenterState Bank  15,845  320 
Citigroup  47,996  3,046 
Columbia Banking System  5,800  192 
Commerzbank (EUR)  42,170  244 
CrossFirst Bankshares (1)  12,354  164 
Danske Bank (DKK)  55,715  864 
DBS Group Holdings (SGD)  55,067  963 
DNB (NOK)  114,162  1,912 
Dogwood State Bank, Non-Voting Shares, Acquisition Date:     
5/6/19, Cost $24 (1)(3)(4)  2,412  24 
Dogwood State Bank, Voting Shares, Acquisition Date: 5/6/19,     
Cost $12 (1)(3)(4)  1,185  12 
Dogwood State Bank, Warrants, 5/6/24, Acquisition Date:     
5/6/19, Cost $- (1)(3)(4)  360  — 
East West Bancorp  6,300  244 
Equity Bancshares, Class A (1)  6,400  167 
Erste Group Bank (EUR)  15,117  517 
FB Financial  10,000  326 
Fifth Third Bancorp  71,089  1,735 
First Bancshares  6,895  206 
Grasshopper Bancorp, Acquisition Date: 10/12/18 - 5/2/19,     
Cost $41 (1)(3)(4)  4,129  41 
Grasshopper Bancorp, Warrants, 10/12/28, Acquisition Date:     
10/12/18, Cost $- (1)(3)(4)  803  3 
Heritage Commerce  18,016  185 
Heritage Financial  8,600  199 
Home BancShares  32,100  538 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Hope Bancorp  7,200  88 
Independent Bank  1,895  128 
Independent Bank Group  8,514  394 
ING Groep (EUR)  159,268  1,525 
Intesa Sanpaolo (EUR)  383,216  932 
Investors Bancorp  23,600  249 
JPMorgan Chase  71,315  8,280 
Live Oak Bancshares  9,725  149 
Lloyds Banking Group (GBP)  2,133,521  1,385 
Mitsubishi UFJ Financial Group (JPY)  323,800  1,582 
National Bank of Canada (CAD)  31,500  1,637 
Origin Bancorp  9,311  282 
Pacific Premier Bancorp  8,000  207 
Pinnacle Financial Partners  10,217  538 
Professional Holding, Class A (1)  1,600  30 
Prosperity Bancshares  5,800  375 
Seacoast Banking (1)  17,575  438 
Signature Bank  1,900  238 
South State  3,621  247 
Standard Chartered (GBP)  119,623  866 
Sumitomo Mitsui Trust Holdings (JPY)  27,789  943 
Svenska Handelsbanken, A Shares (SEK)  170,184  1,721 
Texas Capital Bancshares (1)  3,730  176 
Towne Bank  10,100  233 
United Overseas Bank (SGD)  79,800  1,424 
Webster Financial  7,045  267 
Wells Fargo  12,962  529 
Western Alliance Bancorp  12,800  589 
    45,038 
Capital Markets 0.9%     
Cboe Global Markets  8,512  970 
Charles Schwab  25,033  1,020 
Close Brothers Group (GBP)  13,490  225 
CME Group  8,011  1,593 
Conyers Park II Acquisition (1)  11,442  130 
E*TRADE Financial  28,857  1,321 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
GAM Holding (CHF) (1)(5)  40,093  136 
Goldman Sachs Group  3,040  610 
Intercontinental Exchange  19,413  1,732 
Macquarie Group (AUD)  17,836  1,586 
Morgan Stanley  129,786  5,844 
MSCI  337  100 
S&P Global  6,015  1,600 
State Street  36,665  2,497 
TD Ameritrade Holding  27,093  1,144 
XP, Class A (1)  6,053  210 
    20,718 
Consumer Finance 0.1%     
American Express  12,607  1,386 
Capital One Financial  2,028  179 
Encore Capital Group (1)  10,762  400 
PRA Group (1)  12,300  478 
SLM  19,800  205 
    2,648 
Diversified Financial Services 0.3%     
Challenger (AUD)  176,407  1,061 
Element Fleet Management (CAD)  182,785  1,710 
Equitable Holdings  112,697  2,412 
Mitsubishi UFJ Lease & Finance (JPY)  128,300  734 
    5,917 
Insurance 2.1%     
AIA Group (HKD)  107,200  1,074 
Allianz (EUR)  9,589  2,089 
American International Group  185,767  7,832 
Assurant  5,314  641 
Aviva (GBP)  200,582  919 
AXA (EUR)  125,050  2,907 
Axis Capital Holdings  8,200  460 
Chubb  33,404  4,845 
Direct Line Insurance Group (GBP)  283,999  1,132 
Hanover Insurance Group  4,100  486 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Hartford Financial Services Group  12,196  609 
Marsh & McLennan  34,166  3,572 
MetLife  35,682  1,524 
Munich Re (EUR)  9,707  2,515 
PICC Property & Casualty, H Shares (HKD)  1,426,000  1,508 
Ping An Insurance Group, H Shares (HKD)  119,000  1,356 
ProSight Global (1)  2,700  36 
Prudential (GBP)  62,070  1,032 
RSA Insurance Group (GBP)  119,270  798 
Safety Insurance Group  2,629  207 
Sampo, A Shares (EUR)  23,717  969 
Selective Insurance Group  11,100  619 
State Auto Financial  5,707  142 
Storebrand (NOK)  177,424  1,138 
Sun Life Financial (CAD) (5)  48,998  2,117 
Tokio Marine Holdings (JPY)  39,900  2,132 
Willis Towers Watson  28,342  5,364 
Zurich Insurance Group (CHF)  3,338  1,293 
    49,316 
Thrifts & Mortgage Finance 0.1%     
Capitol Federal Financial  18,017  220 
Essent Group  5,300  231 
Meridian Bancorp  18,362  303 
PennyMac Financial Services  14,052  496 
Radian Group  13,600  289 
Sterling Bancorp  13,705  96 
    1,635 
Total Financials    125,272 
HEALTH CARE 5.4%     
 
Biotechnology 0.9%     
AbbVie  68,374  5,860 
ACADIA Pharmaceuticals (1)  2,385  102 
Acceleron Pharma (1)  3,000  258 
Agios Pharmaceuticals (1)  3,034  144 
Aimmune Therapeutics (1)  7,173  171 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Alexion Pharmaceuticals (1)  7,584  713 
Allogene Therapeutics (1)  1,331  36 
Amarin, ADR (1)  4,600  67 
Amgen  1,432  286 
Arcutis Biotherapeutics (1)  1,080  29 
Argenx, ADR (1)  2,833  401 
Ascendis Pharma, ADR (1)  9,540  1,244 
Biogen (1)  6,711  2,070 
Blueprint Medicines (1)  4,574  248 
Corvus Pharmaceuticals (1)  2,875  10 
CRISPR Therapeutics (1)  534  29 
CSL (AUD)  3,245  663 
Enanta Pharmaceuticals (1)  400  20 
Forty Seven (1)  761  44 
G1 Therapeutics (1)  2,815  50 
Global Blood Therapeutics (1)  8,439  540 
Homology Medicines (1)  4,423  71 
IGM Biosciences (1)  1,833  94 
Immunomedics (1)  6,900  110 
Incyte (1)  1,020  77 
Insmed (1)  15,180  378 
Iovance Biotherapeutics (1)  1,300  43 
Krystal Biotech (1)  1,040  56 
Momenta Pharmaceuticals (1)  8,617  244 
Orchard Therapeutics, ADR (1)  10,431  134 
Principia Biopharma (1)  2,839  183 
PTC Therapeutics (1)  2,100  115 
Radius Health (1)  15,891  335 
Regeneron Pharmaceuticals (1)  343  152 
Sage Therapeutics (1)  2,158  101 
Scholar Rock Holding (1)  1,744  25 
Seattle Genetics (1)  4,103  467 
Tricida (1)  3,752  119 
Ultragenyx Pharmaceutical (1)  5,042  283 
Vertex Pharmaceuticals (1)  20,316  4,551 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Xencor (1)  7,339  238 
    20,761 
Health Care Equipment & Supplies 1.8%     
Abbott Laboratories  1,923  148 
Alcon (CHF) (1)  10,194  623 
AtriCure (1)  5,100  196 
Avanos Medical (1)  11,000  357 
Becton Dickinson & Company  22,214  5,283 
Boston Scientific (1)  60,556  2,264 
Danaher  80,173  11,591 
Elekta, B Shares (SEK) (5)  75,738  804 
Envista Holdings (1)  40,086  1,017 
Exact Sciences (1)  6,004  486 
GN Store Nord (DKK)  18,986  1,059 
ICU Medical (1)  1,514  296 
Intuitive Surgical (1)  6,933  3,702 
iRhythm Technologies (1)  5,253  457 
JAND, Class A, Acquisition Date: 3/9/18, Cost $54 (1)(3)(4)  3,441  63 
Koninklijke Philips (EUR)  84,197  3,606 
Medtronic  7,107  716 
Nevro (1)  2,261  294 
NuVasive (1)  4,100  270 
Pax Labs, Class A, Acquisition Date: 4/18/19, Cost $114     
(1)(3)(4)  30,352  78 
Penumbra (1)  900  149 
Quidel (1)  9,213  712 
Stryker  33,106  6,310 
Teleflex  225  75 
Zimmer Biomet Holdings  9,526  1,297 
    41,853 
Health Care Providers & Services 1.0%     
Acadia Healthcare (1)  10,477  310 
Alignment Healthcare Partners, Acquisition Date: 2/28/20, Cost     
$75 (1)(3)(4)  6,228  75 
Amedisys (1)  3,453  601 
Anthem  16,465  4,233 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Centene (1)  34,379  1,823 
Cigna  25,094  4,591 
Cross Country Healthcare (1)  11,215  106 
CVS Health  6,086  360 
Fresenius (EUR)  34,942  1,657 
Hanger (1)  18,863  435 
HCA Healthcare  13,722  1,743 
Molina Healthcare (1)  6,712  822 
Pennant Group (1)  5,729  156 
U. S. Physical Therapy  2,810  293 
UnitedHealth Group  25,905  6,605 
    23,810 
Health Care Technology 0.1%     
HMS Holdings (1)  12,600  289 
Siemens Healthineers (EUR)  29,503  1,206 
Tabula Rasa HealthCare (1)  1,400  79 
Veeva Systems, Class A (1)  2,194  312 
    1,886 
Life Sciences Tools & Services 0.4%     
Adaptive Biotechnologies (1)  3,164  89 
Agilent Technologies  10,437  804 
Bruker  12,035  524 
Evotec (EUR) (1)(5)  19,902  485 
Thermo Fisher Scientific  26,640  7,747 
    9,649 
Pharmaceuticals 1.2%     
Astellas Pharma (JPY)  208,900  3,274 
Bausch Health (1)  12,849  284 
Bayer (EUR)  38,951  2,833 
Cara Therapeutics (1)  4,202  63 
Catalent (1)  13,233  682 
Elanco Animal Health (1)  65,388  1,792 
GlaxoSmithKline, ADR  55,800  2,262 
Ipsen (EUR)  8,981  587 
MyoKardia (1)  4,737  300 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Novartis (CHF)  49,807  4,190 
Novo Nordisk, B Shares (DKK)  13,077  766 
Odonate Therapeutics (1)  955  28 
Otsuka Holdings (JPY)  35,500  1,330 
Reata Pharmaceuticals, Class A (1)  1,794  350 
Roche Holding (CHF)  14,879  4,784 
Sanofi (EUR)  26,151  2,439 
Takeda Pharmaceutical, ADR  37,565  650 
TherapeuticsMD (1)  86,499  146 
Turning Point Therapeutics (1)  1,949  97 
Zoetis  4,895  652 
    27,509 
Total Health Care    125,468 
INDUSTRIALS & BUSINESS SERVICES 3.3%     
 
Aerospace & Defense 0.5%     
Aerojet Rocketdyne Holdings (1)  7,307  360 
Boeing  21,545  5,927 
Bombardier, Class B (CAD) (1)  118,200  85 
BWX Technologies  11,408  626 
Cubic  9,157  498 
L3Harris Technologies  3,671  726 
Meggitt (GBP)  235,572  1,659 
Northrop Grumman  2,999  986 
Teledyne Technologies (1)  2,870  968 
    11,835 
Airlines 0.1%     
Alclear Holdings, Class B, Acquisition Date: 3/6/18 - 12/13/18,     
Cost $137 (1)(3)(4)(6)  917  248 
Hawaiian Holdings  9,300  194 
United Airlines Holdings (1)  14,301  881 
    1,323 
Building Products 0.0%     
Gibraltar Industries (1)  10,233  519 
PGT Innovations (1)  14,266  216 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Simpson Manufacturing  2,400  191 
    926 
Commercial Services & Supplies 0.1%     
Brink's  9,812  768 
Cintas  1,155  308 
Heritage-Crystal Clean (1)  8,200  216 
Rentokil Initial (GBP)  83,880  525 
Team (1)  12,300  157 
Tetra Tech  1,100  89 
Waste Connections  15,040  1,451 
    3,514 
Construction & Engineering 0.1%     
Jacobs Engineering Group  21,106  1,949 
Valmont Industries  2,603  302 
    2,251 
Electrical Equipment 0.4%     
ABB (CHF)  76,947  1,667 
AZZ  9,500  350 
Bloom Energy, Class A (1)  9,253  84 
Legrand (EUR)  12,489  959 
Melrose Industries (GBP)  537,237  1,486 
Mitsubishi Electric (JPY)  169,900  2,136 
Prysmian (EUR)  46,064  1,100 
Rockwell Automation  2,255  414 
Thermon Group Holdings (1)  3,800  67 
    8,263 
Industrial Conglomerates 0.9%     
CK Hutchison Holdings (HKD)  165,229  1,461 
DCC (GBP)  14,578  1,044 
General Electric  973,883  10,596 
Honeywell International  10,352  1,679 
Roper Technologies  9,028  3,175 
Siemens (EUR)  33,510  3,447 
    21,402 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Machinery 0.5%     
Barnes Group  3,000  161 
Chart Industries (1)  6,600  376 
Cummins  3,408  516 
Deere  17,393  2,722 
Dover  1,889  194 
ESCO Technologies  7,549  686 
Federal Signal  4,900  142 
Fortive  1,192  82 
Gardner Denver Holdings (1)  11,200  367 
Graco  7,700  380 
Helios Technologies  4,940  196 
John Bean Technologies  7,771  753 
Knorr-Bremse (EUR)  8,235  842 
Mueller Water Products, Class A  28,700  314 
REV Group  7,690  60 
SMC (JPY)  2,200  877 
Stanley Black & Decker  1,718  247 
THK (JPY)  43,400  982 
Toro  8,600  614 
    10,511 
Marine 0.0%     
Matson  14,800  491 
    491 
Professional Services 0.2%     
CoStar Group (1)  2,235  1,492 
Equifax  4,764  677 
IHS Markit  3,830  273 
Recruit Holdings (JPY)  44,300  1,549 
TechnoPro Holdings (JPY)  10,500  625 
    4,616 
Road & Rail 0.3%     
Canadian Pacific Railway  2,534  630 
Central Japan Railway (JPY)  5,900  970 
Kansas City Southern  1,898  286 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Knight-Swift Transportation Holdings  15,152  484 
Landstar System  2,400  242 
Norfolk Southern  12,060  2,199 
Schneider National, Class B  8,806  158 
Union Pacific  13,865  2,216 
    7,185 
Trading Companies & Distributors 0.2%     
Mitsubishi (JPY)  58,200  1,449 
SiteOne Landscape Supply (1)  9,714  964 
Sumitomo (JPY)  146,200  2,099 
    4,512 
Total Industrials & Business Services    76,829 
INFORMATION TECHNOLOGY 7.5%     
 
Communications Equipment 0.2%     
LM Ericsson, B Shares (SEK)  232,521  1,865 
Motorola Solutions  22,257  3,687 
    5,552 
Electronic Equipment, Instruments & Components 0.4%     
Belden  1,500  60 
CTS  12,563  327 
Hamamatsu Photonics (JPY)  23,600  921 
Keysight Technologies (1)  27,202  2,578 
Largan Precision (TWD)  6,000  849 
Littelfuse  1,910  305 
Murata Manufacturing (JPY)  20,600  1,079 
National Instruments  14,875  599 
Novanta (1)  7,751  691 
Omron (JPY)  18,500  991 
    8,400 
IT Services 1.8%     
ANT International, Class C, Acquisition Date: 6/7/18, Cost $481     
(1)(3)(4)  85,814  552 
Automatic Data Processing  1,125  174 
Booz Allen Hamilton Holding  9,500  677 
Euronet Worldwide (1)  3,800  471 

 

 

The accompanying notes are an integral part of this Portfolio of Investments.
 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Evo Payments, Class A (1)  3,537  89 
Fidelity National Information Services  39,966  5,584 
Fiserv (1)  36,790  4,023 
FleetCor Technologies (1)  3,700  984 
Global Payments  28,935  5,323 
Mastercard, Class A  29,545  8,576 
Parsons (1)  4,410  172 
PayPal Holdings (1)  40,515  4,375 
ServiceTitan, Acquisition Date: 11/9/18, Cost $4 (1)(3)(4)  151  4 
StoneCo, Class A (1)  6,654  266 
Tucows, Class A (1)  618  32 
Visa, Class A  54,078  9,829 
    41,131 
Semiconductors & Semiconductor Equipment 2.1%     
Advanced Micro Devices (1)  20,458  930 
Applied Materials  101,875  5,921 
ASML Holding  1,204  333 
ASML Holding (EUR)  7,471  2,072 
Broadcom  11,395  3,106 
Entegris  18,000  960 
Inphi (1)  4,305  321 
Intel  10,170  565 
KLA  1,149  177 
Lam Research  3,171  930 
Lattice Semiconductor (1)  44,159  793 
Marvell Technology Group  41,440  883 
Maxim Integrated Products  4,531  252 
Microchip Technology (5)  1,885  171 
Micron Technology (1)  45,412  2,387 
MKS Instruments  1,500  150 
Monolithic Power Systems  1,182  188 
NVIDIA  12,198  3,294 
NXP Semiconductors  53,025  6,028 
PDF Solutions (1)  11,734  172 
QUALCOMM  101,229  7,926 
Renesas Electronics (JPY) (1)  77,700  473 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Semtech (1)  3,100  122 
Taiwan Semiconductor Manufacturing (TWD)  337,719  3,482 
Texas Instruments  29,381  3,354 
Tokyo Electron (JPY)  6,700  1,400 
Xilinx  19,063  1,592 
    47,982 
Software 2.5%     
Atlassian, Class A (1)  4,609  668 
Ceridian HCM Holding (1)  10,003  707 
Checkr, Acquisition Date: 6/29/18 - 12/2/19, Cost $36 (1)(3)(4)  1,585  46 
Coupa Software (1)  2,875  431 
Descartes Systems Group (1)  19,400  802 
DocuSign (1)  8,826  762 
Five9 (1)  7,105  519 
Intuit  19,782  5,259 
Microsoft (2)  158,472  25,674 
nCino, Acquisition Date: 9/16/19, Cost $75 (1)(3)(4)  3,438  75 
PagerDuty (1)  3,411  70 
Paycom Software (1)  4,128  1,167 
Proofpoint (1)  4,400  469 
salesforce. com (1)  31,760  5,412 
ServiceNow (1)  18,658  6,084 
Splunk (1)  14,670  2,161 
SS&C Technologies Holdings  12,863  714 
Synopsys (1)  17,459  2,408 
Toast, Acquisition Date: 9/14/18, Cost $- (1)(3)(4)  9  — 
VMware, Class A (1)  7,991  963 
Workday, Class A (1)  16,658  2,886 
Zendesk (1)  5,000  397 
    57,674 
Technology Hardware, Storage & Peripherals 0.5%     
Apple  28,776  7,866 
Samsung Electronics (KRW)  69,032  3,107 
    10,973 
Total Information Technology    171,712 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
MATERIALS 1.4%     
 
Chemicals 0.8%     
Air Liquide (EUR)  11,447  1,559 
Air Products & Chemicals  127  28 
Asahi Kasei (JPY)  139,600  1,143 
BASF (EUR)  19,875  1,176 
Covestro (EUR)  18,570  720 
Element Solutions (1)  21,770  226 
GCP Applied Technologies (1)  4,460  87 
Johnson Matthey (GBP)  42,751  1,401 
Linde  36,638  6,998 
Minerals Technologies  6,600  296 
PolyOne  6,300  156 
PPG Industries  15,023  1,569 
Quaker Chemical  2,250  355 
Sherwin-Williams  946  489 
Tosoh (JPY)  13,700  186 
Umicore (EUR)  29,691  1,250 
    17,639 
Containers & Packaging 0.2%     
Amcor, CDI (AUD)  88,739  844 
Ball  16,450  1,159 
International Paper  17,111  632 
Packaging Corp. of America  29,067  2,634 
Reynolds Consumer Products (1)  5,155  149 
Westrock  9,637  320 
    5,738 
Metals & Mining 0.3%     
Alacer Gold (CAD) (1)  28,705  130 
Alcoa (1)  16,900  234 
Antofagasta (GBP)  101,970  1,008 
BHP Group (AUD)  15,880  345 
BHP Group (GBP)  67,041  1,225 
Constellium (1)  23,100  287 
Franco-Nevada (CAD)  3,700  397 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Freeport-McMoRan  157,258  1,566 
Haynes International  6,762  171 
IGO (AUD)  279,324  971 
Northern Star Resources (AUD)  54,374  475 
Rio Tinto (AUD)  8,849  509 
South32 (AUD)  417,120  593 
    7,911 
Paper & Forest Products 0.1%     
Interfor (CAD) (1)  17,500  156 
Stora Enso, R Shares (EUR)  109,442  1,297 
West Fraser Timber (CAD)  11,300  422 
    1,875 
Total Materials    33,163 
REAL ESTATE 0.8%     
 
Equity Real Estate Investment Trusts 0.6%     
Acadia Realty Trust, REIT  7,500  171 
Alexander & Baldwin, REIT  4,641  87 
American Campus Communities, REIT  12,200  530 
American Tower, REIT  47  11 
Community Healthcare Trust, REIT  2,300  110 
CubeSmart, REIT  11,100  336 
Digital Realty Trust, REIT (5)  6,177  742 
EastGroup Properties, REIT  6,400  805 
First Industrial Realty Trust, REIT  5,879  226 
Great Portland Estates (GBP)  88,774  958 
JBG SMITH Properties, REIT  17,047  625 
Paramount Group, REIT  12,931  157 
Prologis, REIT  86,538  7,293 
PS Business Parks, REIT  4,978  739 
Regency Centers, REIT  3,275  188 
Rexford Industrial Realty, REIT  11,600  543 
Scentre Group (AUD)  310,491  704 
Unibail-Rodamco-Westfield (EUR)  4,998  600 
    14,825 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Real Estate Management & Development 0.2%     
Colliers International Group  724  58 
Deutsche Wohnen (EUR)  21,766  889 
FirstService  8,936  883 
Mitsui Fudosan (JPY)  77,900  1,788 
    3,618 
Total Real Estate    18,443 
UTILITIES 1.8%     
 
Electric Utilities 1.0%     
American Electric Power  21,621  1,930 
Edison International  54,486  3,661 
Entergy  20,519  2,399 
NextEra Energy  44,818  11,328 
PNM Resources  19,555  920 
Southern  43,056  2,599 
    22,837 
Gas Utilities 0.1%     
Beijing Enterprises Holdings (HKD)  154,500  658 
Chesapeake Utilities  4,750  406 
ONE Gas  9,000  739 
Southwest Gas Holdings  10,219  661 
    2,464 
Independent Power & Renewable Electricity Producers 0.1%     
Electric Power Development (JPY)  42,400  909 
NextEra Energy Partners  5,500  317 
    1,226 
Multi-Utilities 0.6%     
Ameren  21,215  1,676 
CenterPoint Energy  33,656  775 
Engie (EUR)  134,898  2,253 
National Grid (GBP)  113,776  1,434 
NiSource  30,757  831 
Sempra Energy  42,630  5,959 
    12,928 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

      Shares/Par  $ Value 
  (Cost and value in $000s)      
 
  Water Utilities 0.0%      
  California Water Service Group   5,900  283 
  Middlesex Water   4,347  258 
  SJW Group   6,253  383 
        924 
  Total Utilities     40,379 
  Total Miscellaneous Common Stocks 0.2% (7)     3,304 
  Total Common Stocks (Cost $576,000)     809,821 
 
  CONVERTIBLE PREFERRED STOCKS 0.2%      
  CONSUMER DISCRETIONARY 0.0%      
  Automobiles 0.0%      
Rivian Automotive, Series D, Acquisition Date: 12/23/19, Cost      
$107 (1)(3)(4)  10,000  108 
      108 
Diversified Consumer Services 0.0%      
1stdibs. com, Series D, Acquisition Date: 2/7/19, Cost $44      
(1)(3)(4)  8,813  39 
      39 
Internet & Direct Marketing Retail 0.0%      
A Place for Rover, Series G, Acquisition Date: 5/11/18, Cost      
$43 (1)(3)(4)  5,748  36 
Roofoods, Series F, Acquisition Date: 9/12/17, Cost $139      
(1)(3)(4)  393  153 
Roofoods, Series G, Acquisition Date: 5/16/19, Cost $5      
(1)(3)(4)  13  5 
      194 
Specialty Retail 0.0%      
Vroom, Series F, Acquisition Date: 6/30/17, Cost $56 (1)(3)(4)   3,299  90 
Vroom, Series H, Acquisition Date: 11/21/19, Cost $43 (1)(3)(4)   1,570  43 
      133 
Textiles, Apparel & Luxury Goods 0.0%      
Allbirds, Series A, Acquisition Date: 10/10/18, Cost $16      
(1)(3)(4)  1,470  19 
Allbirds, Series B, Acquisition Date: 10/10/18, Cost $3 (1)(3)(4)   260  3 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

      Shares/Par  $ Value 
(Cost and value in $000s)      
Allbirds, Series C, Acquisition Date: 10/9/18, Cost $27 (1)(3)(4)   2,470  32 
Allbirds, Series Seed, Acquisition Date: 10/10/18, Cost $9      
(1)(3)(4)  790  10 
      64 
Total Consumer Discretionary     538 
CONSUMER STAPLES 0.0%      
Food Products 0.0%      
Farmers Business Network, Series D, Acquisition Date: 11/3/17,      
Cost $100 (1)(3)(4)  5,409  125 
Total Consumer Staples     125 
HEALTH CARE 0.0%      
Biotechnology 0.0%      
Generation Bio, Series C, Acquisition Date:1/9/20, Cost $35      
(1)(3)(4)  6,180  35 
      35 
Health Care Equipment & Supplies 0.0%      
Becton Dickinson & Company, Series A, 6.125%, 5/1/20   8,128  464 
JAND, Series E, Acquisition Date:3/9/18, Cost $67 (1)(3)(4)   4,246  77 
      541 
Pharmaceuticals 0.0%      
Elanco Animal Health, 5.00%, 2/1/23   1,751  89 
      89 
Total Health Care     665 
INDUSTRIALS & BUSINESS SERVICES 0.0%      
Machinery 0.0%      
Fortive, Series A, 5.00%, 7/1/21   349  311 
      311 
Road & Rail 0.0%      
Convoy, Series C, Acquisition Date: 9/14/18, Cost $68 (1)(3)(4)   9,621  130 
Convoy, Series D, Acquisition Date: 10/30/19, Cost $84      
(1)(3)(4)  6,236  85 
      215 
  Total Industrials & Business Services     526 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

      Shares/Par  $ Value 
  (Cost and value in $000s)      
  INFORMATION TECHNOLOGY 0.1%      
  IT Services 0.0%      
  ServiceTitan, Series A-1, Acquisition Date: 11/9/18, Cost $-      
(1)(3)(4)  3  — 
ServiceTitan, Series D, Acquisition Date: 11/9/18, Cost $40      
(1)(3)(4)  1,534  41 
      41 
Semiconductors & Semiconductor Equipment 0.1%      
Broadcom, Series A, 8.00%, 9/30/22   586  602 
      602 
Software 0.0%      
Checkr, Series C, Acquisition Date: 4/10/18, Cost $32 (1)(3)(4)   2,328  70 
Checkr, Series D, Acquisition Date: 9/6/19, Cost $99 (1)(3)(4)   3,266  99 
Haul Hub, Series B, Acquisition Date: 2/14/20, Cost $26      
(1)(3)(4)  1,767  26 
Plex Systems Holdings, Series B, Acquisition Date: 6/9/14, Cost      
$25 (1)(3)(4)  10,891  32 
Seismic Software, Series E, Acquisition Date: 12/13/18, Cost      
$58 (1)(3)(4)  1,854  66 
Toast, Series B, Acquisition Date: 9/14/18, Cost $1 (1)(3)(4)   78  3 
  Toast, Series D, Acquisition Date: 6/27/18, Cost $99 (1)(3)(4)   5,711  259 
  Toast, Series F, Acquisition Date: 2/14/20, Cost $22 (1)(3)(4)   484  22 
        577 
  Total Information Technology     1,220 
  UTILITIES 0.1%      
  Electric Utilities 0.1%      
  Southern, Series A, 6.75%, 8/1/22   20,402  1,039 
        1,039 
Multi-Utilities 0.0%      
  Sempra Energy, Series A, 6.00%, 1/15/21   4,408  497 
  Sempra Energy, Series B, 6.75%, 7/15/21   2,295  255 
        752 
  Total Utilities     1,791 
  Total Convertible Preferred Stocks (Cost $4,378)     4,865 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
CORPORATE BONDS 7.6%     
AbbVie, 2.95%, 11/21/26 (8)  740,000  776 
AbbVie, 3.20%, 11/21/29 (8)  190,000  200 
AbbVie, 3.60%, 5/14/25  580,000  629 
AbbVie, 4.05%, 11/21/39 (8)  465,000  512 
AbbVie, 4.25%, 11/21/49 (8)  300,000  340 
AbbVie, 4.70%, 5/14/45  600,000  708 
AbbVie, 4.875%, 11/14/48  1,035,000  1,281 
AerCap Ireland Capital, 3.50%, 5/26/22  220,000  227 
AerCap Ireland Capital, 3.50%, 1/15/25  150,000  157 
AerCap Ireland Capital, 4.625%, 7/1/22  300,000  318 
AerCap Ireland Capital, 4.875%, 1/16/24  355,000  385 
AIA Group, 3.90%, 4/6/28 (8)  765,000  852 
AIB Group, VR, 4.263%, 4/10/25 (8)(9)  480,000  514 
Alexandria Real Estate Equities, 3.45%, 4/30/25  390,000  421 
Alexandria Real Estate Equities, 3.95%, 1/15/27  455,000  504 
Alexandria Real Estate Equities, 3.95%, 1/15/28  655,000  735 
Alibaba Group Holding, 3.60%, 11/28/24  1,045,000  1,124 
Allergan Funding, 2.625%, 11/15/28 (EUR)  260,000  333 
Altria Group, 4.80%, 2/14/29  640,000  731 
Altria Group, 5.80%, 2/14/39  380,000  467 
Altria Group, 5.95%, 2/14/49  460,000  584 
American Airlines PTT, Series 2014-1, Class B, 4.375%, 10/1/22  39,037  41 
American Airlines PTT, Series 2015-1, Class B, 3.70%, 5/1/23  92,663  96 
American Airlines PTT, Series 2016-1, Class AA, 3.575%,     
1/15/28  237,439  261 
American Airlines PTT, Series 2016-3, Class B, 3.75%, 10/15/25  316,945  331 
American Airlines PTT, Series 2017-1, Class B, 4.95%, 2/15/25  215,108  232 
American Airlines PTT, Series 2017-2, Class AA, 3.35%,     
10/15/29  215,922  233 
American Airlines PTT, Series 2017-2, Class B, 3.70%, 10/15/25  466,587  484 
American Airlines PTT, Series 2019-1, Class B, 3.85%, 2/15/28  58,408  62 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
American Campus Communities Operating Partnership, 2.85%,     
2/1/30  770,000  784 
American Campus Communities Operating Partnership, 3.30%,     
7/15/26  315,000  336 
American Campus Communities Operating Partnership,     
3.625%, 11/15/27  265,000  290 
American International Group, 3.90%, 4/1/26  90,000  100 
Anglo American Capital, 4.125%, 9/27/22 (8)  465,000  486 
Anheuser-Busch InBev Worldwide, 4.90%, 2/1/46  500,000  615 
Anheuser-Busch InBev Worldwide, 5.55%, 1/23/49  2,160,000  2,922 
APT Pipelines, 3.875%, 10/11/22 (8)  300,000  316 
APT Pipelines, 4.25%, 7/15/27 (8)  288,000  321 
Arrow Electronics, 4.00%, 4/1/25  510,000  541 
AT&T, 4.50%, 3/9/48  1,130,000  1,289 
Ausgrid Finance, 3.85%, 5/1/23 (8)  285,000  302 
Ausgrid Finance, 4.35%, 8/1/28 (8)  440,000  504 
Avnet, 3.75%, 12/1/21  405,000  417 
Avolon Holdings Funding, 3.25%, 2/15/27 (8)  205,000  205 
Avolon Holdings Funding, 3.95%, 7/1/24 (8)  615,000  640 
Avolon Holdings Funding, 4.375%, 5/1/26 (8)  300,000  319 
Avolon Holdings Funding, 5.125%, 10/1/23 (8)  980,000  1,050 
Baidu, 2.875%, 7/6/22  960,000  983 
Baidu, 3.625%, 7/6/27  680,000  735 
Baidu, 3.875%, 9/29/23  545,000  578 
Baidu, 4.375%, 3/29/28  940,000  1,068 
Baidu, 4.875%, 11/14/28  270,000  318 
Banco de Bogota, 4.375%, 8/3/27  1,100,000  1,174 
Banco de Bogota, 4.375%, 8/3/27 (8)  750,000  801 
Banco Santander Chile, 3.875%, 9/20/22 (8)  305,000  317 
Bank of America, VR, 2.496%, 2/13/31 (9)  1,045,000  1,060 
Bank of America, VR, 3.559%, 4/23/27 (9)  1,195,000  1,296 
Bank of America, VR, 4.271%, 7/23/29 (9)  875,000  1,005 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
Barclays, VR, 3.932%, 5/7/25 (9)  465,000  494 
Barclays, VR, 4.61%, 2/15/23 (9)  640,000  672 
Barclays Bank, 5.14%, 10/14/20  900,000  920 
BAT Capital, 3.222%, 8/15/24  380,000  399 
BAT Capital, 3.557%, 8/15/27  2,120,000  2,234 
Bayer U. S. Finance II, 3.875%, 12/15/23 (8)  1,135,000  1,217 
BBVA Bancomer, 4.375%, 4/10/24 (8)  740,000  790 
Becton Dickinson & Company, 3.70%, 6/6/27  1,419,000  1,565 
Becton Dickinson & Company, 3.734%, 12/15/24  325,000  355 
Becton Dickinson & Company, 4.669%, 6/6/47  915,000  1,161 
BNP Paribas, VR, 3.052%, 1/13/31 (8)(9)  530,000  546 
Boardwalk Pipelines, 3.375%, 2/1/23  150,000  155 
Boardwalk Pipelines, 4.45%, 7/15/27  175,000  184 
Boardwalk Pipelines, 4.95%, 12/15/24  415,000  454 
Boardwalk Pipelines, 5.95%, 6/1/26  430,000  496 
Boral Finance, 3.00%, 11/1/22 (8)  70,000  72 
Boral Finance, 3.75%, 5/1/28 (5)(8)  915,000  971 
Boston Properties, 2.75%, 10/1/26  350,000  366 
Boston Properties, 3.20%, 1/15/25  565,000  601 
Boston Properties, 3.65%, 2/1/26  340,000  368 
Braskem Finance, 7.375% (10)  564,000  571 
BRF, 4.35%, 9/29/26  800,000  811 
BRF, 4.875%, 1/24/30  200,000  203 
Bristol-Myers Squibb, 5.25%, 8/15/43 (8)  240,000  342 
British Telecommunications, 3.25%, 11/8/29 (8)  510,000  527 
Brixmor Operating Partnership, 3.65%, 6/15/24  272,000  292 
Brixmor Operating Partnership, 3.85%, 2/1/25  625,000  677 
Brixmor Operating Partnership, 4.125%, 5/15/29  940,000  1,046 
Broadcom, 3.625%, 1/15/24  180,000  189 
Bunge Finance, 3.75%, 9/25/27  380,000  401 
Bunge Finance, 4.35%, 3/15/24  110,000  119 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
C&W Senior Financing, 6.875%, 9/15/27  400,000  423 
Cameron LNG, 2.902%, 7/15/31 (8)  175,000  183 
Cameron LNG, 3.302%, 1/15/35 (8)  190,000  206 
Cameron LNG, 3.701%, 1/15/39 (8)  145,000  159 
Capital One Bank USA, 3.375%, 2/15/23  920,000  965 
Capital One Financial, 0.80%, 6/12/24 (EUR)  340,000  382 
Capital One Financial, 3.30%, 10/30/24  1,165,000  1,234 
Capital One Financial, 3.80%, 1/31/28  725,000  791 
Cardinal Health, 3.75%, 9/15/25  415,000  452 
Cardinal Health, 4.50%, 11/15/44  95,000  101 
Cardinal Health, 4.90%, 9/15/45  100,000  114 
CC Holdings, 3.849%, 4/15/23  730,000  774 
Cenovus Energy, 3.80%, 9/15/23  250,000  260 
Cenovus Energy, 4.25%, 4/15/27  175,000  188 
Cenovus Energy, 5.40%, 6/15/47  30,000  33 
Charter Communications Operating, 4.80%, 3/1/50  445,000  479 
Charter Communications Operating, 4.908%, 7/23/25  725,000  812 
Charter Communications Operating, 6.484%, 10/23/45  110,000  141 
Cheniere Corpus Christi Holdings, 3.70%, 11/15/29 (8)  445,000  444 
Cheniere Corpus Christi Holdings, 5.125%, 6/30/27  135,000  147 
Cheniere Corpus Christi Holdings, 7.00%, 6/30/24  285,000  322 
Cigna, 3.40%, 3/1/27 (8)  105,000  114 
Cigna, 4.125%, 11/15/25  985,000  1,108 
Cigna, 4.375%, 10/15/28  330,000  375 
Cigna, 4.50%, 2/25/26 (8)  845,000  966 
CNO Financial Group, 5.25%, 5/30/25  657,000  742 
Comcast, 3.20%, 7/15/36  80,000  86 
Comcast, 3.25%, 11/1/39  1,240,000  1,343 
Comcast, 3.30%, 2/1/27  1,110,000  1,206 
Comcast, 4.15%, 10/15/28  290,000  336 
Comcast, 4.70%, 10/15/48  670,000  880 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
Concho Resources, 3.75%, 10/1/27  730,000  756 
Credit Suisse Group, VR, 2.593%, 9/11/25 (8)(9)  745,000  758 
Crown Castle International, 4.45%, 2/15/26  780,000  877 
Crown Castle Towers, 3.222%, 5/15/22 (8)  65,000  67 
Crown Castle Towers, 3.663%, 5/15/25 (8)  695,000  746 
CVS Health, 4.30%, 3/25/28  320,000  358 
CVS Health, 5.05%, 3/25/48  820,000  1,005 
CVS Health, 5.125%, 7/20/45  25,000  31 
Danske Bank, 2.00%, 9/8/21 (8)  255,000  256 
Danske Bank, 2.70%, 3/2/22 (8)  305,000  311 
Danske Bank, 3.875%, 9/12/23 (8)  545,000  578 
Danske Bank, 5.375%, 1/12/24 (8)  320,000  358 
Danske Bank, VR, 3.001%, 9/20/22 (8)(9)  200,000  203 
Danske Bank, VR, 3.244%, 12/20/25 (8)(9)  250,000  261 
Dell International, 4.90%, 10/1/26 (8)  645,000  731 
Diamondback Energy, 2.875%, 12/1/24  750,000  753 
Diamondback Energy, 3.25%, 12/1/26  515,000  518 
Diamondback Energy, 3.50%, 12/1/29  745,000  732 
Discover Financial Services, 3.75%, 3/4/25  1,175,000  1,258 
Discover Financial Services, 4.10%, 2/9/27  645,000  702 
Empresa Nacional de Telecomunicaciones, 4.875%, 10/30/24  1,225,000  1,293 
Enel Americas, 4.00%, 10/25/26  1,100,000  1,185 
Enel Chile, 4.875%, 6/12/28  1,100,000  1,243 
Enel Finance International, 2.75%, 4/6/23 (8)  990,000  1,013 
Enel Finance International, 3.625%, 5/25/27 (8)  535,000  574 
Energy Transfer Operating, 2.90%, 5/15/25  175,000  178 
Energy Transfer Operating, 4.50%, 4/15/24  120,000  130 
Energy Transfer Operating, 4.95%, 6/15/28  180,000  199 
Energy Transfer Operating, 5.00%, 5/15/50  215,000  216 
Energy Transfer Operating, 5.25%, 4/15/29  265,000  299 
Energy Transfer Operating, 5.875%, 1/15/24  320,000  358 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
Energy Transfer Operating, 6.00%, 6/15/48  635,000  712 
Energy Transfer Operating, 6.25%, 4/15/49  390,000  450 
Eni, Series X-R, 4.75%, 9/12/28 (8)  595,000  698 
Equitable Holdings, 4.35%, 4/20/28  640,000  713 
Essex Portfolio, 3.375%, 4/15/26  375,000  405 
Essex Portfolio, 3.625%, 5/1/27  580,000  633 
Expedia Group, 5.00%, 2/15/26  1,220,000  1,365 
Fidelity National Financial, 4.50%, 8/15/28  310,000  355 
Fidelity National Information Services, 0.75%, 5/21/23 (EUR)  210,000  237 
FirstEnergy, Series B, 3.90%, 7/15/27  1,300,000  1,437 
FirstEnergy Transmission, 4.35%, 1/15/25 (8)  765,000  840 
Fiserv, 1.125%, 7/1/27 (EUR)  230,000  264 
Fiserv, 3.20%, 7/1/26  325,000  346 
Ford Motor Credit, 3.35%, 11/1/22  485,000  489 
Ford Motor Credit, 5.085%, 1/7/21  200,000  205 
Ford Motor Credit, 5.75%, 2/1/21  296,000  304 
Fox, 4.709%, 1/25/29 (8)  325,000  381 
GE Capital International Funding, 3.373%, 11/15/25  1,045,000  1,112 
GE Capital International Funding, 4.418%, 11/15/35  1,585,000  1,804 
General Electric, 3.375%, 3/11/24  285,000  301 
General Electric, 3.45%, 5/15/24  95,000  101 
General Electric, 5.55%, 1/5/26  405,000  482 
General Electric, Series D, VR, 5.00% (9)(10)  190,000  184 
General Motors, 5.95%, 4/1/49  685,000  744 
General Motors, 6.25%, 10/2/43  215,000  241 
General Motors Financial, 4.00%, 10/6/26  225,000  236 
General Motors Financial, 4.30%, 7/13/25  465,000  494 
General Motors Financial, 4.35%, 4/9/25  489,000  522 
General Motors Financial, 5.10%, 1/17/24  105,000  114 
General Motors Financial, 5.25%, 3/1/26  225,000  250 
GLP Capital, 3.35%, 9/1/24  120,000  127 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
GLP Capital, 5.25%, 6/1/25  170,000  191 
Goldman Sachs Group, 3.50%, 11/16/26  1,190,000  1,280 
Goldman Sachs Group, 3.85%, 1/26/27  140,000  154 
Goldman Sachs Group, VR, 3.691%, 6/5/28 (9)  2,525,000  2,755 
Goldman Sachs Group, VR, 4.223%, 5/1/29 (9)  1,345,000  1,525 
Hasbro, 3.00%, 11/19/24  520,000  540 
Hasbro, 3.55%, 11/19/26  240,000  251 
Healthcare Realty Trust, 3.625%, 1/15/28  575,000  618 
Healthpeak Properties, 3.25%, 7/15/26  65,000  70 
Healthpeak Properties, 3.50%, 7/15/29  75,000  81 
Heathrow Funding, 4.875%, 7/15/21 (8)  570,000  593 
Highwoods Realty, 3.05%, 2/15/30  685,000  713 
Highwoods Realty, 4.125%, 3/15/28  570,000  633 
HSBC Holdings, 3.90%, 5/25/26  415,000  453 
HSBC Holdings, VR, 3.95%, 5/18/24 (9)  205,000  217 
Humana, 3.85%, 10/1/24  465,000  503 
Hyundai Capital America, 2.375%, 2/10/23 (8)  485,000  489 
Israel Chemicals, 6.375%, 5/31/38 (5)(8)  900,000  1,135 
JPMorgan Chase, 2.95%, 10/1/26  2,345,000  2,477 
JPMorgan Chase, VR, 3.54%, 5/1/28 (9)  275,000  299 
Keysight Technologies, 4.60%, 4/6/27  299,000  339 
Las Vegas Sands, 3.20%, 8/8/24  140,000  145 
Las Vegas Sands, 3.50%, 8/18/26  210,000  222 
Listrindo Capital, 4.95%, 9/14/26  230,000  237 
Martin Marietta Materials, 4.25%, 7/2/24  640,000  698 
Micron Technology, 4.185%, 2/15/27  405,000  437 
Micron Technology, 4.64%, 2/6/24  865,000  939 
Micron Technology, 4.663%, 2/15/30  45,000  50 
Micron Technology, 5.327%, 2/6/29  226,000  260 
Morgan Stanley, 3.625%, 1/20/27  770,000  843 
Morgan Stanley, 3.75%, 2/25/23  1,665,000  1,770 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
Morgan Stanley, VR, 2.699%, 1/22/31 (9)  630,000  647 
Morgan Stanley, VR, 4.431%, 1/23/30 (9)  185,000  215 
Netflix, 4.625%, 5/15/29 (EUR)  655,000  806 
NRG Energy, 3.75%, 6/15/24 (8)  80,000  84 
NRG Energy, 4.45%, 6/15/29 (8)  260,000  280 
NXP, 4.875%, 3/1/24 (8)  555,000  608 
NXP, 5.35%, 3/1/26 (8)  205,000  236 
Occidental Petroleum, 2.90%, 8/15/24  1,015,000  1,029 
Occidental Petroleum, 3.20%, 8/15/26  75,000  76 
Occidental Petroleum, 4.20%, 3/15/48  455,000  423 
Occidental Petroleum, 4.40%, 8/15/49  615,000  584 
Omnicom Group, 3.65%, 11/1/24  700,000  752 
PerkinElmer, 3.30%, 9/15/29  520,000  545 
Perrigo Finance, 3.90%, 12/15/24  240,000  253 
Perrigo Finance, 4.375%, 3/15/26  455,000  496 
Peru LNG, 5.375%, 3/22/30  800,000  694 
Plains All American Pipeline, 2.85%, 1/31/23  115,000  117 
QVC, 5.125%, 7/2/22  1,160,000  1,212 
Reynolds American, 4.45%, 6/12/25  710,000  784 
Roper Technologies, 2.35%, 9/15/24  130,000  134 
Roper Technologies, 2.95%, 9/15/29  205,000  218 
Royal Bank of Scotland Group, 5.125%, 5/28/24  355,000  388 
Royal Bank of Scotland Group, 6.125%, 12/15/22  100,000  110 
Royal Bank of Scotland Group, VR, 3.498%, 5/15/23 (9)  535,000  552 
Sabine Pass Liquefaction, 5.00%, 3/15/27  1,105,000  1,220 
Sabine Pass Liquefaction, 5.875%, 6/30/26  599,000  692 
Sable International Finance, 5.75%, 9/7/27 (8)  680,000  711 
SACI Falabella, 4.375%, 1/27/25  1,100,000  1,174 
SBA Tower Trust, 2.836%, 1/15/25 (8)  580,000  608 
SBA Tower Trust, 3.168%, 4/11/22 (8)  670,000  687 
SBA Tower Trust, 3.448%, 3/15/23 (8)  260,000  274 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
SBA Tower Trust, 3.869%, 10/8/24 (8)  645,000  693 
Sempra Energy, 3.25%, 6/15/27  205,000  218 
Sempra Energy, 3.80%, 2/1/38  150,000  164 
Shriram Transport Finance, 5.10%, 7/16/23 (8)  1,000,000  1,008 
Sigma Alimentos, 4.125%, 5/2/26  1,015,000  1,074 
SMBC Aviation Capital Finance, 3.55%, 4/15/24 (8)  520,000  553 
SMBC Aviation Capital Finance, 4.125%, 7/15/23 (8)  200,000  215 
Solvay Finance America, 4.45%, 12/3/25 (8)  535,000  601 
Southern, 3.25%, 7/1/26  575,000  614 
Suzano Austria, 6.00%, 1/15/29  850,000  954 
Synchrony Financial, 3.70%, 8/4/26  80,000  85 
Synchrony Financial, 4.25%, 8/15/24  105,000  113 
Synchrony Financial, 4.375%, 3/19/24  180,000  193 
Tencent Holdings, 3.80%, 2/11/25  1,010,000  1,103 
Tencent Holdings, 3.975%, 4/11/29 (8)  1,135,000  1,289 
Thermo Fisher Scientific, 0.125%, 3/1/25 (EUR)  140,000  153 
Transcontinental Gas Pipe Line, 4.00%, 3/15/28  430,000  470 
Transcontinental Gas Pipe Line, 4.60%, 3/15/48  270,000  309 
Transurban Finance, 3.375%, 3/22/27 (8)  145,000  154 
Transurban Finance, 4.125%, 2/2/26 (8)  120,000  131 
U. S. Airways PTT, Series 2012-2, Class A, 4.625%, 6/3/25  628,455  688 
U. S. Airways PTT, Series 2013-1, Class A, 3.95%, 11/15/25  202,232  218 
UBS Group, VR, 2.859%, 8/15/23 (8)(9)  550,000  566 
United Airlines PTT, Series 2019-2, Class A, 2.90%, 5/1/28  155,000  163 
United Airlines PTT, Series 2019-2, Class AA, 2.70%, 5/1/32  100,000  106 
United Airlines PTT, Series 2019-2, Class B, 3.50%, 5/1/28  160,000  166 
UnitedHealth Group, 3.50%, 8/15/39  150,000  166 
UnitedHealth Group, 3.70%, 12/15/25  410,000  456 
UnitedHealth Group, 4.45%, 12/15/48  410,000  512 
Vanke Real Estate Hong Kong, 5.35%, 3/11/24  1,100,000  1,221 
VEREIT Operating Partnership, 3.95%, 8/15/27  934,000  1,024 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
VEREIT Operating Partnership, 4.60%, 2/6/24  1,455,000  1,603 
VEREIT Operating Partnership, 4.875%, 6/1/26  120,000  138 
Verizon Communications, 4.672%, 3/15/55  186,000  249 
Verizon Communications, 4.75%, 11/1/41  155,000  198 
Verizon Communications, 4.862%, 8/21/46  1,205,000  1,603 
Verizon Communications, 5.012%, 4/15/49  340,000  468 
Vistra Operations, 3.55%, 7/15/24 (8)  685,000  706 
Vistra Operations, 3.70%, 1/30/27 (8)  1,425,000  1,432 
Vistra Operations, 4.30%, 7/15/29 (8)  770,000  789 
Vodafone Group, 4.375%, 5/30/28  425,000  488 
Vodafone Group, 4.875%, 6/19/49  615,000  746 
Vodafone Group, 5.00%, 5/30/38  805,000  970 
Vodafone Group, 5.25%, 5/30/48  450,000  568 
Volkswagen Bank, 1.875%, 1/31/24 (EUR)  100,000  116 
Volkswagen Bank, 2.50%, 7/31/26 (EUR)  400,000  484 
Volkswagen Group of America Finance, 2.85%, 9/26/24 (8)  280,000  289 
Volkswagen Group of America Finance, 3.20%, 9/26/26 (8)  315,000  328 
Volkswagen Leasing, 1.625%, 8/15/25 (EUR)  295,000  340 
Wells Fargo, VR, 2.572%, 2/11/31 (9)  655,000  663 
Westlake Chemical, 1.625%, 7/17/29 (EUR)  215,000  241 
Williams, 3.90%, 1/15/25  845,000  902 
Williams, 4.00%, 9/15/25  120,000  130 
Williams, 4.30%, 3/4/24  50,000  54 
Williams, 4.85%, 3/1/48  595,000  627 
Willis North America, 3.60%, 5/15/24  1,030,000  1,111 
Woodside Finance, 3.65%, 3/5/25 (8)  1,345,000  1,429 
Woodside Finance, 3.70%, 9/15/26 (8)  438,000  468 
Woodside Finance, 3.70%, 3/15/28 (8)  750,000  806 
WPP Finance, 3.75%, 9/19/24  670,000  717 
Total Corporate Bonds (Cost $163,855)    175,336 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
ASSET-BACKED SECURITIES 1.6%     
 
Allegro III     
Series 2015-1A, Class AR, CLO, FRN     
3M USD LIBOR + 0.84%, 2.634%, 7/25/27 (8)  456,732  456 
 
AmeriCredit Automobile Receivables Trust     
Series 2016-4, Class D     
2.74%, 12/8/22  1,005,000  1,021 
 
AmeriCredit Automobile Receivables Trust     
Series 2019-1, Class B     
3.13%, 2/18/25  185,000  191 
 
Applebee's Funding     
Series 2019-1A, Class A2I     
4.194%, 6/7/49 (8)  770,000  793 
 
Avis Budget Rental Car Funding AESOP     
Series 2016-2A, Class A     
2.72%, 11/20/22 (8)  460,000  469 
 
Avis Budget Rental Car Funding AESOP     
Series 2017-1A, Class A     
3.07%, 9/20/23 (8)  480,000  498 
 
Avis Budget Rental Car Funding AESOP     
Series 2018-2A, Class A     
4.00%, 3/20/25 (8)  875,000  951 
 
Avis Budget Rental Car Funding AESOP     
Series 2019-2A, Class A     
3.35%, 9/22/25 (8)  210,000  224 
 
Avis Budget Rental Car Funding AESOP     
Series 2020-1A, Class C     
3.02%, 8/20/26 (8)  720,000  735 
 
Barings     
Series 2013-IA, Class AR, CLO, FRN     
3M USD LIBOR + 0.80%, 2.619%, 1/20/28 (8)  655,000  655 
 
Barings     
Series 2016-2A, Class AR, CLO, FRN     
3M USD LIBOR + 1.08%, 2.899%, 7/20/28 (8)  540,000  540 
 
Benefit Street Partners XI     
Series 2017-11A, Class A2R, CLO, FRN     
3M USD LIBOR + 1.50%, 3.331%, 4/15/29 (8)  280,000  280 
 
BlueMountain     
Series 2015-2A, Class A1R, CLO, FRN     
3M USD LIBOR + 0.93%, 2.749%, 7/18/27 (8)  460,000  460 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
BlueMountain     
Series 2015-2A, Class BR, CLO, FRN     
3M USD LIBOR + 1.50%, 3.319%, 7/18/27 (8)  395,000  395 
 
Capital One Multi-Asset Execution Trust     
Series 2005-B3, Class B3, FRN     
3M USD LIBOR + 0.55%, 2.381%, 5/15/28  615,000  601 
 
Carlyle Global Market Strategies     
Series 2015-3A, Class A1R, CLO, FRN     
3M USD LIBOR + 1.00%, 2.795%, 7/28/28 (8)  1,345,000  1,344 
 
Carmax Auto Owner Trust     
Series 2020-1, Class D     
2.64%, 7/15/26  735,000  752 
 
CCG Receivables Trust     
Series 2017-1, Class A2     
1.84%, 11/14/23 (8)  30,149  30 
 
CIFC Funding     
Series 2015-4A, Class A1R, CLO, FRN     
3M USD LIBOR + 1.15%, 2.969%, 10/20/27 (8)  520,000  520 
 
CNH Equipment Trust     
Series 2017-C, Class B     
2.54%, 5/15/25  60,000  61 
 
Cole Park     
Series 2015-1A, Class AR, CLO, FRN     
3M USD LIBOR + 1.05%, 2.869%, 10/20/28 (8)  945,000  946 
 
Driven Brands Funding     
Series 2019-1A, Class A2     
4.641%, 4/20/49 (8)  282,150  303 
 
Elara HGV Timeshare Issuer     
Series 2014-A, Class A     
2.53%, 2/25/27 (8)  41,542  42 
 
Exeter Automobile Receivables Trust     
Series 2020-1A, Class B     
2.26%, 4/15/24 (8)  355,000  359 
 
Ford Credit Auto Owner Trust     
Series 2019-1, Class A     
3.52%, 7/15/30 (8)  1,175,000  1,264 
 
Galaxy XXIX     
Series 2018-29A, Class B, CLO, FRN     
3M USD LIBOR + 1.40%, 3.092%, 11/15/26 (8)  250,000  249 
 
GM Financial Consumer Automobile     
Series 2017-1A, Class C     
2.45%, 7/17/23 (8)  100,000  101 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
GM Financial Consumer Automobile Receivables Trust     
Series 2017-3A, Class C     
2.52%, 3/16/23 (8)  200,000  203 
 
GMF Floorplan Owner Revolving Trust     
Series 2017-2, Class C     
2.63%, 7/15/22 (8)  290,000  291 
 
Golub Capital Partners     
Series 2018-39A, Class A1, CLO, FRN     
3M USD LIBOR + 1.15%, 2.969%, 10/20/28 (8)  780,000  780 
 
Halcyon Loan Advisors Funding     
Series 2014-3A, Class AR, CLO, FRN     
3M USD LIBOR + 1.10%, 2.902%, 10/22/25 (8)  151,884  152 
 
Hardee's Funding     
Series 2018-1A, Class A2I     
4.25%, 6/20/48 (8)  429,563  438 
 
Hardee's Funding     
Series 2018-1A, Class A2II     
4.959%, 6/20/48 (8)  543,125  569 
 
Hilton Grand Vacations Trust     
Series 2014-AA, Class A     
1.77%, 11/25/26 (8)  62,204  62 
 
Hilton Grand Vacations Trust     
Series 2017-AA, Class A     
2.66%, 12/26/28 (8)  53,976  55 
 
Hyundai Auto Receivables Trust     
Series 2016-B, Class D     
2.68%, 9/15/23  365,000  369 
 
Jack in the Box Funding     
Series 2019-1A, Class A2I     
3.982%, 8/25/49 (8)  563,588  583 
 
Jimmy Johns Funding     
Series 2017-1A, Class A2I     
3.61%, 7/30/47 (8)  117,000  118 
 
Madison Park Funding XXXIII     
Series 2019-33A, Class A, CLO, FRN     
3M USD LIBOR + 1.33%, 3.174%, 10/15/32 (8)  805,000  804 
 
Madison Park Funding XXXVII     
Series 2019-37A, Class A1, CLO, FRN     
3M USD LIBOR + 1.30%, 3.131%, 7/15/32 (8)  335,000  337 
 
Magnetite XVIII     
Series 2016-18A, Class AR, CLO, FRN     
3M USD LIBOR + 1.08%, 2.772%, 11/15/28 (8)  510,000  509 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
MVW Owner Trust     
Series 2013-1A, Class A     
2.15%, 4/22/30 (8)  10,596  11 
 
MVW Owner Trust     
Series 2014-1A, Class A     
2.25%, 9/22/31 (8)  22,652  23 
 
Navient Private Education Loan Trust     
Series 2017-A, Class A2A     
2.88%, 12/16/58 (8)  175,953  180 
 
Navient Private Education Loan Trust     
Series 2018-BA, Class A2A     
3.61%, 12/15/59 (8)  530,000  557 
 
Navient Private Education Refi Loan Trust     
Series 2019-FA, Class A2     
2.60%, 8/15/68 (8)  730,000  755 
 
Neuberger Berman Loan Advisers     
Series 2018-29A, Class A1, CLO, FRN     
3M USD LIBOR + 1.13%, 2.949%, 10/19/31 (8)  470,000  467 
 
Neuberger Berman XIX     
Series 2015-19A, Class A2R2, CLO, FRN     
3M USD LIBOR + 1.15%, 2.981%, 7/15/27 (8)  1,355,000  1,346 
 
Neuberger Berman XVI     
Series 2017-16SA, Class A, CLO, FRN     
3M USD LIBOR + 0.85%, 2.681%, 1/15/28 (8)  735,000  735 
 
OCP     
Series 2014-7A, Class A1RR, CLO, FRN     
3M USD LIBOR + 1.12%, 2.939%, 7/20/29 (8)  830,000  828 
 
Octagon Investment Partners XXIII     
Series 2015-1A, Class A1R, CLO, FRN     
3M USD LIBOR + 0.85%, 2.681%, 7/15/27 (8)  525,000  524 
 
Octagon Investment Partners XXIII     
Series 2015-1A, Class BR, CLO, FRN     
3M USD LIBOR + 1.20%, 3.031%, 7/15/27 (8)  435,000  429 
 
Octagon Investment Partners XXIX     
Series 2016-1A, Class AR, CLO, FRN     
3M USD LIBOR + 1.18%, 2.981%, 1/24/33 (8)  825,000  825 
 
OZLM VII     
Series 2014-7RA, Class A1R, CLO, FRN     
3M USD LIBOR + 1.01%, 2.846%, 7/17/29 (8)  635,000  633 
 
OZLM VIII     
Series 2014-8A, Class A1RR, CLO, FRN     
3M USD LIBOR + 1.17%, 3.006%, 10/17/29 (8)  820,000  820 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Palmer Square     
Series 2015-1A, Class BR2, CLO, FRN     
3M USD LIBOR + 2.25%, 3.946%, 5/21/29 (8)  565,000  565 
 
Santander Drive Auto Receivables Trust     
Series 2017-1, Class C     
2.58%, 5/16/22  27,558  28 
 
Santander Retail Auto Lease Trust     
Series 2019-B, Class D     
3.31%, 6/20/24 (8)  715,000  730 
 
Sierra Timeshare Receivables Funding     
Series 2015-2A, Class A     
2.43%, 6/20/32 (8)  51,306  51 
 
Sierra Timeshare Receivables Funding     
Series 2015-3A, Class A     
2.58%, 9/20/32 (8)  26,054  26 
 
Sierra Timeshare Receivables Funding     
Series 2016-1A, Class A     
3.08%, 3/21/33 (8)  149,398  151 
 
Sierra Timeshare Receivables Funding     
Series 2019-1A, Class A     
3.20%, 1/20/36 (8)  248,509  254 
 
SLM Student Loan Trust     
Series 2008-5, Class A4, FRN     
3M USD LIBOR + 1.70%, 3.494%, 7/25/23  217,331  219 
 
SLM Student Loan Trust     
Series 2008-9, Class A, FRN     
3M USD LIBOR + 1.50%, 3.294%, 4/25/23  220,692  221 
 
SMART Trust     
Series 2016-2US, Class A3A     
1.71%, 3/15/21  16,128  16 
 
SMB Private Education Loan Trust     
Series 2015-B, Class A2A     
2.98%, 7/15/27 (8)  161,392  164 
 
SMB Private Education Loan Trust     
Series 2015-C, Class A3, FRN     
1M USD LIBOR + 1.95%, 3.609%, 8/16/32 (8)  555,000  568 
 
SMB Private Education Loan Trust     
Series 2016-A, Class A2A     
2.70%, 5/15/31 (8)  103,102  105 
 
SMB Private Education Loan Trust     
Series 2016-B, Class A2A     
2.43%, 2/17/32 (8)  260,682  265 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
SMB Private Education Loan Trust     
Series 2017-B, Class A2A     
2.82%, 10/15/35 (8)  1,099,039  1,132 
 
SMB Private Education Loan Trust     
Series 2018-B, Class A2A     
3.60%, 1/15/37 (8)  780,000  823 
 
SMB Private Education Loan Trust     
Series 2018-B, Class A2B, FRN     
1M USD LIBOR + 0.72%, 2.379%, 1/15/37 (8)  215,000  214 
 
SMB Private Education Loan Trust     
Series 2018-C, Class A2A     
3.63%, 11/15/35 (8)  590,000  627 
 
Symphony XVII     
Series 2016-17A, Class AR, CLO, FRN     
3M USD LIBOR + 0.88%, 2.711%, 4/15/28 (8)  1,045,000  1,044 
 
Taco Bell Funding     
Series 2018-1A, Class A2I     
4.318%, 11/25/48 (8)  943,063  973 
 
Verizon Owner Trust     
Series 2018-1A, Class C     
3.20%, 9/20/22 (8)  420,000  429 
 
Total Asset-Backed Securities (Cost $35,654)    36,248 
 
 
NON-U. S. GOVERNMENT MORTGAGE-BACKED     
SECURITIES 4.2%     
 
280 Park Avenue Mortgage Trust     
Series 2017-280P, Class A, ARM     
1M USD LIBOR + 0.88%, 2.539%, 9/15/34 (8)  369,560  370 
 
Angel Oak Mortgage Trust     
Series 2019-3, Class A3, CMO, ARM     
3.238%, 5/25/59 (8)  501,437  505 
 
Angel Oak Mortgage Trust I     
Series 2019-1, Class A1, CMO, ARM     
3.92%, 11/25/48 (8)  888,059  905 
 
Angel Oak Mortgage Trust I     
Series 2019-1, Class A2, CMO, ARM     
4.022%, 11/25/48 (8)  200,948  205 
 
Angel Oak Mortgage Trust I     
Series 2019-2, Class A1, CMO, ARM     
3.628%, 3/25/49 (8)  538,246  547 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Ashford Hospitality Trust     
Series 2018-ASHF, Class B, ARM     
1M USD LIBOR + 1.25%, 2.909%, 4/15/35 (8)  395,000  394 
 
Ashford Hospitality Trust     
Series 2018-ASHF, Class C, ARM     
1M USD LIBOR + 1.40%, 3.059%, 4/15/35 (8)  185,000  185 
 
Atrium Hotel Portfolio Trust     
Series 2017-ATRM, Class A, ARM     
1M USD LIBOR + 0.93%, 2.589%, 12/15/36 (8)  935,000  934 
 
Austin Fairmont Hotel Trust     
Series 2019-FAIR, Class B, ARM     
1M USD LIBOR + 1.25%, 2.909%, 9/15/32 (8)  235,000  235 
 
Austin Fairmont Hotel Trust     
Series 2019-FAIR, Class D, ARM     
1M USD LIBOR + 1.80%, 3.459%, 9/15/32 (8)  285,000  285 
 
BANK     
Series 2017-BNK5, Class C, ARM     
4.256%, 6/15/60  190,000  208 
 
BANK     
Series 2019-BN23, Class B     
3.455%, 12/15/52  1,260,000  1,374 
 
BANK 2019     
Series 2019-BN18, Class B     
3.977%, 5/15/62  520,000  590 
 
BANK 2019     
Series 2019-BN20, Class A2     
2.758%, 9/15/62  610,000  652 
 
BANK 2019     
Series 2019-BN21, Class A4     
2.60%, 10/17/52  705,000  745 
 
BANK 2019     
Series 2019-BN21, Class A5     
2.851%, 10/17/52  260,000  280 
 
BANK 2019     
Series 2019-BN21, Class C     
3.517%, 10/17/52  215,000  230 
 
BANK 2019     
Series 2019-BN22, Class D     
2.50%, 11/15/62 (8)  405,000  367 
 
Barclays Commercial Mortgage Trust     
Series 2019-BWAY, Class D, ARM     
1M USD LIBOR + 2.16%, 3.819%, 11/25/34 (8)  235,000  234 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Barclays Commercial Mortgage Trust     
Series 2020-C6, Class AS     
2.84%, 2/15/53  190,000  200 
 
Bayview Mortgage Fund IVc Trust     
Series 2017-RT3, Class A, CMO, ARM     
3.50%, 1/28/58 (8)  271,698  278 
 
Bayview Opportunity Master Fund IVa Trust     
Series 2017-RT1, Class A1, CMO, ARM     
3.00%, 3/28/57 (8)  48,212  49 
 
Bayview Opportunity Master Fund IVb Trust     
Series 2017-SPL4, Class A, CMO, ARM     
3.50%, 1/28/55 (8)  66,432  68 
 
Benchmark Mortgage Trust     
Series 2019-B13, Class A3     
2.701%, 8/15/57  820,000  870 
 
Benchmark Mortgage Trust     
Series 2019-B13, Class AM     
3.183%, 8/15/57  310,000  334 
 
BFLD     
Series 2019-DPLO, Class C, ARM     
1M USD LIBOR + 1.54%, 3.199%, 10/15/34 (8)  750,000  751 
 
BXP Trust     
Series 2017-GM, Class A     
3.379%, 6/13/39 (8)  705,000  778 
 
Cantor Commercial Real Estate Lending     
Series 2019-CF1, Class B, ARM     
4.178%, 5/15/52  395,000  445 
 
Cantor Commercial Real Estate Lending     
Series 2019-CF2, Class A4     
2.624%, 11/15/52  700,000  736 
 
Cantor Commercial Real Estate Lending     
Series 2019-CF2, Class C, ARM     
3.795%, 11/15/52  280,000  293 
 
Century Plaza Towers     
Series 2019-CPT, Class D, ARM     
2.997%, 11/13/39 (8)  485,000  499 
 
CIM Trust     
Series 2019-INV3, Class A15, CMO, ARM     
3.50%, 8/25/49 (8)  323,395  326 
 
Citigroup Commercial Mortgage Trust     
Series 2014-GC21, Class AS     
4.026%, 5/10/47  375,000  405 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Citigroup Commercial Mortgage Trust     
Series 2015-GC27, Class A5     
3.137%, 2/10/48  270,000  288 
 
Citigroup Commercial Mortgage Trust     
Series 2015-GC27, Class AS     
3.571%, 2/10/48  135,000  145 
 
Citigroup Commercial Mortgage Trust     
Series 2017-C4, Class AS     
3.764%, 10/12/50  505,000  565 
 
Citigroup Commercial Mortgage Trust     
Series 2017-P7, Class AS     
3.915%, 4/14/50  230,000  257 
 
Citigroup Commercial Mortgage Trust     
Series 2020-555, Class A     
2.647%, 12/10/41 (8)  950,000  978 
 
Citigroup Commercial Mortgage Trust     
Series 2020-GC46, Class B     
3.15%, 2/15/53  590,000  622 
 
COLT Mortgage Loan Trust     
Series 2018-1, Class A1, CMO, ARM     
2.93%, 2/25/48 (8)  82,754  83 
 
COLT Mortgage Loan Trust     
Series 2018-1, Class A2, CMO, ARM     
2.981%, 2/25/48 (8)  24,223  24 
 
COLT Mortgage Loan Trust     
Series 2018-3, Class A3, CMO, ARM     
3.865%, 10/26/48 (8)  232,101  233 
 
COLT Mortgage Loan Trust     
Series 2018-4, Class A1, CMO, ARM     
4.006%, 12/28/48 (8)  319,922  324 
 
COLT Mortgage Loan Trust     
Series 2018-4, Class A2, CMO, ARM     
4.108%, 12/28/48 (8)  265,005  268 
 
COLT Mortgage Loan Trust     
Series 2019-2, Class A1, CMO, ARM     
3.337%, 5/25/49 (8)  332,693  339 
 
Commercial Mortgage Trust     
Series 2015-CR24, Class A5     
3.696%, 8/10/48  1,005,000  1,107 
 
Commercial Mortgage Trust     
Series 2015-CR24, Class AM, ARM     
4.028%, 8/10/48  265,000  292 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Commercial Mortgage Trust     
Series 2015-CR25, Class C, ARM     
4.54%, 8/10/48  220,000  239 
 
Commercial Mortgage Trust     
Series 2015-LC21, Class B, ARM     
4.305%, 7/10/48  435,000  478 
 
Commercial Mortgage Trust     
Series 2015-PC1, Class B, ARM     
4.435%, 7/10/50  220,000  241 
 
Commercial Mortgage Trust     
Series 2016-CR28, Class A4     
3.762%, 2/10/49  525,000  581 
 
Commercial Mortgage Trust     
Series 2016-CR28, Class AHR     
3.651%, 2/10/49  298,445  319 
 
Commercial Mortgage Trust     
Series 2016-DC2, Class A5     
3.765%, 2/10/49  410,000  455 
 
Connecticut Avenue Securities     
Series 2017-C01, Class 1M1, CMO, ARM     
1M USD LIBOR + 1.30%, 2.927%, 7/25/29  11,866  12 
 
Connecticut Avenue Securities     
Series 2017-C02, Class 2ED3, CMO, ARM     
1M USD LIBOR + 1.35%, 2.977%, 9/25/29  965,000  966 
 
Connecticut Avenue Securities     
Series 2017-C02, Class 2M1, CMO, ARM     
1M USD LIBOR + 1.15%, 2.777%, 9/25/29  11,485  11 
 
Connecticut Avenue Securities     
Series 2017-C03, Class 1M1, CMO, ARM     
1M USD LIBOR + 0.95%, 2.577%, 10/25/29  84,898  85 
 
Connecticut Avenue Securities     
Series 2017-C04, Class 2ED2, CMO, ARM     
1M USD LIBOR + 1.10%, 2.727%, 11/25/29  925,000  921 
 
Connecticut Avenue Securities     
Series 2017-C06, Class 1M2B, CMO, ARM     
1M USD LIBOR + 2.65%, 4.277%, 2/25/30  500,000  514 
 
Connecticut Avenue Securities     
Series 2017-C06, Class 2ED1, CMO, ARM     
1M USD LIBOR + 1.00%, 2.627%, 2/25/30  687,627  688 
 
Connecticut Avenue Securities     
Series 2018-C01, Class 1ED2, CMO, ARM     
1M USD LIBOR + 0.85%, 2.477%, 7/25/30  1,050,000  1,049 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Connecticut Avenue Securities     
Series 2018-C01, Class 1M1, CMO, ARM     
1M USD LIBOR + 0.60%, 2.227%, 7/25/30  663,600  664 
 
Connecticut Avenue Securities     
Series 2018-C02, Class 2EB2, CMO, ARM     
1M USD LIBOR + 0.90%, 2.527%, 8/25/30  325,000  325 
 
Connecticut Avenue Securities Trust     
Series 2019-R06, Class 2M1, CMO, ARM     
1M USD LIBOR + 0.75%, 2.377%, 9/25/39 (8)  470,790  471 
 
Connecticut Avenue Securities Trust     
Series 2020-R02, Class 2M1, CMO, ARM     
1M USD LIBOR + 0.75%, 2.411%, 1/25/40 (8)  268,251  268 
 
Credit Suisse Mortgage Capital Certificates     
Series 2019-ICE4, Class D, ARM     
1M USD LIBOR + 1.60%, 3.259%, 5/15/36 (8)  635,000  635 
 
CSAIL Commercial Mortgage Trust     
Series 2016-C6, Class A5     
3.09%, 1/15/49  345,000  370 
 
CSAIL Commercial Mortgage Trust     
Series 2019-C16, Class A3     
3.329%, 6/15/52  1,170,000  1,294 
 
CSAIL Commercial Mortgage Trust     
Series 2019-C17, Class A4     
2.763%, 9/15/52  645,000  685 
 
CSAIL Commercial Mortgage Trust     
Series 2019-C17, Class AS     
3.278%, 9/15/52  280,000  301 
 
CSAIL Commercial Mortgage Trust     
Series 2019-C17, Class B     
3.48%, 9/15/52  325,000  349 
 
DBCG Mortgage Trust     
Series 2017-BBG, Class A, ARM     
1M USD LIBOR + 0.70%, 2.359%, 6/15/34 (8)  360,000  359 
 
DC Office Trust     
Series 2019-MTC, Class D, ARM     
3.174%, 9/15/45 (8)  510,000  527 
 
Deephaven Residential Mortgage Trust     
Series 2018-2A, Class A1, CMO, ARM     
3.479%, 4/25/58 (8)  440,610  440 
 
Deephaven Residential Mortgage Trust     
Series 2018-3A, Class M1, CMO, ARM     
4.357%, 8/25/58 (8)  250,000  254 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Deephaven Residential Mortgage Trust     
Series 2019-2A, Class A1, CMO, ARM     
3.558%, 4/25/59 (8)  380,293  384 
 
Eleven Madison Mortgage Trust     
Series 2015-11MD, Class A, ARM     
3.555%, 9/10/35 (8)  205,000  225 
 
Ellington Financial Mortgage Trust     
Series 2019-2, Class A1, CMO, ARM     
2.739%, 11/25/59 (8)  430,978  434 
 
FirstKey Mortgage Trust     
Series 2014-1, Class B2, CMO, ARM     
4.013%, 11/25/44 (8)  203,698  222 
 
Flagstar Mortgage Trust     
Series 2020-1INV, Class A11, CMO, ARM     
1M USD LIBOR + 0.85%, 2.508%, 3/25/50 (8)  275,000  275 
 
FREMF Mortgage Trust     
Series 2018-K731, Class B, ARM     
3.932%, 2/25/25 (8)  705,000  750 
 
FREMF Mortgage Trust     
Series 2019-K100, Class B, ARM     
3.49%, 11/25/52 (8)  730,000  770 
 
FREMF Mortgage Trust     
Series 2019-K92, Class B, ARM     
4.194%, 5/25/52 (8)  245,000  274 
 
FREMF Mortgage Trust     
Series 2019-K94, Class B, ARM     
3.966%, 7/25/52 (8)  300,000  332 
 
FREMF Mortgage Trust     
Series 2019-K98, Class B, ARM     
3.862%, 10/25/52 (8)  505,000  543 
 
Galton Funding Mortgage Trust     
Series 2018-1, Class A23, CMO, ARM     
3.50%, 11/25/57 (8)  281,522  287 
 
Galton Funding Mortgage Trust     
Series 2018-2, Class A22, CMO, ARM     
4.00%, 10/25/58 (8)  315,846  324 
 
Galton Funding Mortgage Trust     
Series 2019-2, Class A42, CMO, ARM     
3.50%, 6/25/59 (8)  262,704  264 
 
Galton Funding Mortgage Trust     
Series 2019-H1, Class A1, CMO, ARM     
2.657%, 10/25/59 (8)  601,490  606 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Galton Funding Mortgage Trust     
Series 2019-H1, Class A3, CMO, ARM     
2.964%, 10/25/59 (8)  542,603  547 
 
Galton Funding Mortgage Trust     
Series 2020-H1, Class A1, CMO, ARM     
2.31%, 1/25/60 (8)  720,000  720 
 
Goldman Sachs Mortgage Securities Trust     
Series 2013-GC16, Class B, ARM     
5.161%, 11/10/46  1,280,000  1,423 
 
Goldman Sachs Mortgage Securities Trust     
Series 2017-GS8, Class C, ARM     
4.337%, 11/10/50  720,000  803 
 
Goldman Sachs Mortgage-Backed Securities Trust     
Series 2014-EB1A, Class 2A1, CMO, ARM     
2.462%, 7/25/44 (8)  52,451  52 
 
Great Wolf Trust     
Series 2019-WOLF, Class C, ARM     
1M USD LIBOR + 1.633%, 3.292%, 12/15/36 (8)  425,000  425 
 
GS Mortgage Securities Trust     
Series 2019-GC40, Class A4     
3.16%, 7/10/52  1,030,000  1,128 
 
GS Mortgage Securities Trust     
Series 2019-GC42, Class A3     
2.749%, 9/1/52  675,000  718 
 
GS Mortgage Securities Trust     
Series 2019-SOHO, Class C, ARM     
1M USD LIBOR + 1.30%, 2.959%, 6/15/36 (8)  800,000  800 
 
GS Mortgage-Backed Securities Trust     
Series 2019-PJ1, Class A8, CMO, ARM     
4.00%, 8/25/49 (8)  465,000  486 
 
Hilton Orlando Trust     
Series 2018-ORL, Class A, ARM     
1M USD LIBOR + 0.77%, 2.429%, 12/15/34 (8)  845,000  844 
 
Homeward Opportunities Fund I Trust     
Series 2019-1, Class A1, CMO, ARM     
3.454%, 1/25/59 (8)  459,646  465 
 
Homeward Opportunities Fund I Trust     
Series 2019-1, Class A3, CMO, ARM     
3.606%, 1/25/59 (8)  485,832  491 
 
Homeward Opportunities Fund I Trust     
Series 2019-2, Class A1, CMO, ARM     
2.702%, 9/25/59 (8)  749,022  755 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Homeward Opportunities Fund I Trust     
Series 2019-3, Class A1, CMO, ARM     
2.675%, 11/25/59 (8)  382,847  387 
 
Homeward Opportunities Fund I Trust     
Series 2019-3, Class A3, CMO, ARM     
3.031%, 11/25/59 (8)  382,847  386 
 
Hudson Yards Mortgage Trust     
Series 2019-30HY, Class B, ARM     
3.38%, 7/10/39 (8)  425,000  464 
 
Hudson Yards Mortgage Trust     
Series 2019-30HY, Class D, ARM     
3.443%, 7/10/39 (8)  490,000  522 
 
Independence Plaza Trust     
Series 2018-INDP, Class C     
4.158%, 7/10/35 (8)  895,000  962 
 
InTown Hotel Portfolio Trust     
Series 2018-STAY, Class A, ARM     
1M USD LIBOR + 0.70%, 2.359%, 1/15/33 (8)  280,000  280 
 
JPMBB Commercial Mortgage Securities Trust     
Series 2014-C19, Class AS, ARM     
4.243%, 4/15/47  290,000  315 
 
JPMDB Commercial Mortgage Securities Trust     
Series 2018-C8, Class C, ARM     
4.744%, 6/15/51  705,000  799 
 
JPMorgan Barclays Bank Commercial Mortgage Securities     
Trust     
Series 2014-C25, Class A5     
3.672%, 11/15/47  205,000  223 
 
JPMorgan Chase Commercial Mortgage Securities Trust     
Series 2018-WPT, Class AFX     
4.248%, 7/5/33 (8)  190,000  206 
 
JPMorgan Mortgage Trust     
Series 2019-INV2, Class A3, CMO, ARM     
3.50%, 2/25/50 (8)  303,498  312 
 
JPMorgan Mortgage Trust     
Series 2019-INV3, Class A15, CMO, ARM     
3.50%, 5/25/50 (8)  463,983  476 
 
JPMorgan Mortgage Trust     
Series 2019-INV3, Class A3, CMO, ARM     
3.50%, 5/25/50 (8)  537,243  554 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
JPMorgan Mortgage Trust     
Series 2020-INV1, Class A3, CMO, ARM     
3.50%, 8/25/50 (8)  415,000  426 
 
JPMorgan Mortgage Trust     
Series 2020-LTV1, Class A15, CMO, ARM     
3.50%, 6/25/50 (8)  263,411  270 
 
JPMorgan Mortgage Trust     
Series 2020-LTV1, Class A3, CMO, ARM     
3.50%, 6/25/50 (8)  616,283  634 
 
MetLife Securitization Trust     
Series 2018-1A, Class A, CMO, ARM     
3.75%, 3/25/57 (8)  516,154  546 
 
Mill City Mortgage Loan Trust     
Series 2016-1, Class A1, CMO, ARM     
2.50%, 4/25/57 (8)  88,330  89 
 
Mill City Mortgage Loan Trust     
Series 2017-2, Class A1, CMO, ARM     
2.75%, 7/25/59 (8)  204,451  208 
 
Mill City Mortgage Loan Trust     
Series 2018-1, Class A1, CMO, ARM     
3.25%, 5/25/62 (8)  475,565  493 
 
Morgan Stanley Bank of America Merrill Lynch Trust     
Series 2014-C18, Class 300A     
3.749%, 8/15/31  255,000  272 
 
Morgan Stanley Bank of America Merrill Lynch Trust     
Series 2015-C24, Class AS, ARM     
4.036%, 5/15/48  125,000  138 
 
Morgan Stanley Bank of America Merrill Lynch Trust     
Series 2015-C27, Class AS     
4.068%, 12/15/47  375,000  413 
 
Morgan Stanley Bank of America Merrill Lynch Trust     
Series 2016-C30, Class A5     
2.86%, 9/15/49  415,000  440 
 
Morgan Stanley Capital I Trust     
Series 2015-MS1, Class AS, ARM     
4.031%, 5/15/48  45,000  49 
 
Morgan Stanley Capital I Trust     
Series 2017-ASHF, Class B, ARM     
1M USD LIBOR + 1.25%, 2.909%, 11/15/34 (8)  1,475,000  1,473 
 
Morgan Stanley Capital I Trust     
Series 2019-L3, Class B, ARM     
3.662%, 11/15/52  440,000  478 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
New Residential Mortgage Loan Trust     
Series 2019-NQM1, Class A1, CMO, ARM     
3.675%, 1/25/49 (8)  503,543  508 
 
New Residential Mortgage Loan Trust     
Series 2019-NQM1, Class A3, CMO, ARM     
3.928%, 1/25/49 (8)  485,876  490 
 
New Residential Mortgage Loan Trust     
Series 2019-NQM2, Class A1, CMO, ARM     
3.60%, 4/25/49 (8)  441,558  447 
 
New Residential Mortgage Loan Trust     
Series 2019-NQM2, Class A2, CMO, ARM     
3.701%, 4/25/49 (8)  177,387  180 
 
New Residential Mortgage Loan Trust     
Series 2019-NQM5, Class A1, CMO, ARM     
2.71%, 11/25/59 (8)  829,488  839 
 
New Residential Mortgage Loan Trust     
Series 2020-NQM1, Class A1, CMO, ARM     
2.464%, 1/26/60 (8)  505,978  509 
 
OBX Trust     
Series 2019-EXP2, Class 1A3, CMO, ARM     
4.00%, 6/25/59 (8)  426,302  440 
 
OBX Trust     
Series 2019-EXP3, Class 1A8, CMO, ARM     
3.50%, 10/25/59 (8)  309,065  315 
 
OBX Trust     
Series 2019-EXP3, Class 2A1, CMO, ARM     
1M USD LIBOR + 0.90%, 2.527%, 10/25/59 (8)  444,518  446 
 
OBX Trust     
Series 2020-EXP1, Class 1A8, CMO, ARM     
3.50%, 2/25/60 (8)  395,000  404 
 
OBX Trust     
Series 2020-EXP1, Class 2A1, CMO, ARM     
1M USD LIBOR + 0.75%, 2.42%, 2/25/60 (8)  155,000  155 
 
Palisades Center Trust     
Series 2016-PLSD, Class A     
2.713%, 4/13/33 (8)  780,000  782 
 
RETL     
Series 2019-RVP, Class A, ARM     
1M USD LIBOR + 1.15%, 2.809%, 3/15/36 (8)  214,491  215 
 
Seasoned Credit Risk Transfer Trust     
Series 2016-1, Class M1, CMO, ARM     
3.00%, 9/25/55 (8)  130,000  131 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Sequoia Mortgage Trust     
Series 2013-4, Class B1, CMO, ARM     
3.486%, 4/25/43  670,408  687 
 
Sequoia Mortgage Trust     
Series 2017-5, Class B1, CMO, ARM     
3.85%, 8/25/47 (8)  267,652  286 
 
Sequoia Mortgage Trust     
Series 2017-CH2, Class A19, CMO, ARM     
4.00%, 12/25/47 (8)  404,349  417 
 
Sequoia Mortgage Trust     
Series 2018-CH1, Class A2, CMO, ARM     
3.50%, 2/25/48 (8)  128,561  131 
 
Sequoia Mortgage Trust     
Series 2018-CH2, Class A21, CMO, ARM     
4.00%, 6/25/48 (8)  379,985  393 
 
Sequoia Mortgage Trust     
Series 2018-CH4, Class A2, CMO, ARM     
4.00%, 10/25/48 (8)  403,006  412 
 
SG Residential Mortgage Trust     
Series 2019-3, Class A1, CMO, ARM     
2.703%, 9/25/59 (8)  454,155  457 
 
SLIDE     
Series 2018-FUN, Class E, ARM     
1M USD LIBOR + 2.30%, 3.959%, 6/15/31 (8)  500,224  501 
 
Starwood Mortgage Residential Trust     
Series 2018-IMC2, Class A1, CMO, ARM     
4.121%, 10/25/48 (8)  665,745  680 
 
Starwood Mortgage Residential Trust     
Series 2019-1, Class A1, CMO, ARM     
2.941%, 6/25/49 (8)  492,946  499 
 
Starwood Mortgage Residential Trust     
Series 2019-1, Class A2, CMO, ARM     
3.146%, 6/25/49 (8)  411,467  416 
 
Starwood Mortgage Residential Trust     
Series 2019-IMC1, Class A1, CMO, ARM     
3.468%, 2/25/49 (8)  349,491  355 
 
Starwood Mortgage Residential Trust     
Series 2019-IMC1, Class A2, CMO, ARM     
3.651%, 2/25/49 (8)  385,521  392 
 
Starwood Mortgage Residential Trust     
Series 2019-INV1, Class A1, CMO, ARM     
2.61%, 9/27/49 (8)  583,696  585 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Structured Agency Credit Risk Debt Notes     
Series 2014-HQ2, Class M2, CMO, ARM     
1M USD LIBOR + 2.20%, 3.827%, 9/25/24  124,963  126 
 
Structured Agency Credit Risk Debt Notes     
Series 2015-DNA1, Class M2, CMO, ARM     
1M USD LIBOR + 1.85%, 3.477%, 10/25/27  245,657  247 
 
Structured Agency Credit Risk Debt Notes     
Series 2015-DNA2, Class M2, CMO, ARM     
1M USD LIBOR + 2.60%, 4.227%, 12/25/27  87,276  87 
 
Structured Agency Credit Risk Debt Notes     
Series 2015-DNA3, Class M2, CMO, ARM     
1M USD LIBOR + 2.85%, 4.477%, 4/25/28  72,034  73 
 
Structured Agency Credit Risk Debt Notes     
Series 2015-HQ2, Class M2, CMO, ARM     
1M USD LIBOR + 1.95%, 3.577%, 5/25/25  402,512  406 
 
Structured Agency Credit Risk Debt Notes     
Series 2016-DNA1, Class M2, CMO, ARM     
1M USD LIBOR + 2.90%, 4.527%, 7/25/28  35,874  36 
 
Structured Agency Credit Risk Debt Notes     
Series 2016-DNA3, Class M2, CMO, ARM     
1M USD LIBOR + 2.00%, 3.627%, 12/25/28  14,376  14 
 
Structured Agency Credit Risk Debt Notes     
Series 2016-HQA3, Class M2, CMO, ARM     
1M USD LIBOR + 1.35%, 2.977%, 3/25/29  126,045  127 
 
Structured Agency Credit Risk Debt Notes     
Series 2017-DNA1, Class M1, CMO, ARM     
1M USD LIBOR + 1.20%, 2.827%, 7/25/29  265,286  266 
 
Structured Agency Credit Risk Debt Notes     
Series 2017-DNA2, Class M1, CMO, ARM     
1M USD LIBOR + 1.20%, 2.827%, 10/25/29  150,183  151 
 
Structured Agency Credit Risk Debt Notes     
Series 2017-HQA1, Class M1, CMO, ARM     
1M USD LIBOR + 1.20%, 2.827%, 8/25/29  13,804  14 
 
Structured Agency Credit Risk Debt Notes     
Series 2017-HQA2, Class M1, CMO, ARM     
1M USD LIBOR + 0.80%, 2.427%, 12/25/29  41,019  41 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-DNA1, Class M1, CMO, ARM     
1M USD LIBOR + 0.45%, 2.077%, 7/25/30  51,907  52 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-DNA1, Class M2AT, CMO, ARM     
1M USD LIBOR + 1.05%, 2.677%, 7/25/30  635,000  633 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Structured Agency Credit Risk Debt Notes     
Series 2018-DNA2, Class M1, CMO, ARM     
1M USD LIBOR + 0.80%, 2.427%, 12/25/30 (8)  461,801  462 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-DNA3, Class M1, CMO, ARM     
1M USD LIBOR + 0.75%, 2.377%, 9/25/48 (8)  84,737  85 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-HQA1, Class M2AS, CMO, ARM     
1M USD LIBOR + 1.10%, 2.727%, 9/25/30  575,000  574 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-HRP2, Class M2, CMO, ARM     
1M USD LIBOR + 1.25%, 2.877%, 2/25/47 (8)  554,261  555 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-SPI2, Class M2, CMO, ARM     
3.812%, 5/25/48 (8)  105,000  107 
 
Structured Agency Credit Risk Debt Notes     
Series 2018-SPI3, Class M2, CMO, ARM     
4.15%, 8/25/48 (8)  625,000  642 
 
Structured Agency Credit Risk Debt Notes     
Series 2019-DNA4, Class M1, CMO, ARM     
1M USD LIBOR + 0.70%, 2.327%, 10/25/49 (8)  363,677  364 
 
Structured Agency Credit Risk Debt Notes     
Series 2019-HQA1, Class M1, CMO, ARM     
1M USD LIBOR + 0.90%, 2.527%, 2/25/49 (8)  28,058  28 
 
Structured Agency Credit Risk Debt Notes     
Series 2019-HQA3, Class M1, CMO, ARM     
1M USD LIBOR + 0.75%, 2.377%, 9/25/49 (8)  147,637  148 
 
Structured Agency Credit Risk Debt Notes     
Series 2019-HQA4, Class M1, CMO, ARM     
1M USD LIBOR + 0.77%, 2.397%, 11/25/49 (8)  318,707  319 
 
Structured Agency Credit Risk Debt Notes     
Series 2020 DNA2, Class M1, CMO, ARM     
1M USD LIBOR + 0.75%, 2.405%, 2/25/50 (8)  465,000  465 
 
Towd Point Mortgage Trust     
Series 2015-3, Class A1B, CMO, ARM     
3.00%, 3/25/54 (8)  85,238  86 
 
Towd Point Mortgage Trust     
Series 2015-4, Class A1B, CMO, ARM     
2.75%, 4/25/55 (8)  118,795  120 
 
Towd Point Mortgage Trust     
Series 2015-4, Class M1, CMO, ARM     
3.75%, 4/25/55 (8)  610,000  644 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Towd Point Mortgage Trust     
Series 2015-5, Class A1B, CMO, ARM     
2.75%, 5/25/55 (8)  82,480  83 
 
Towd Point Mortgage Trust     
Series 2016-1, Class A1B, CMO, ARM     
2.75%, 2/25/55 (8)  114,172  115 
 
Towd Point Mortgage Trust     
Series 2016-1, Class A3B, CMO, ARM     
3.00%, 2/25/55 (8)  169,846  172 
 
Towd Point Mortgage Trust     
Series 2016-2, Class A1A, CMO, ARM     
2.75%, 8/25/55 (8)  125,400  128 
 
Towd Point Mortgage Trust     
Series 2016-4, Class A1, CMO, ARM     
2.25%, 7/25/56 (8)  151,248  152 
 
Towd Point Mortgage Trust     
Series 2017-1, Class A1, CMO, ARM     
2.75%, 10/25/56 (8)  172,685  176 
 
Towd Point Mortgage Trust     
Series 2017-2, Class A1, CMO, ARM     
2.75%, 4/25/57 (8)  59,955  61 
 
Towd Point Mortgage Trust     
Series 2017-5, Class A1, CMO, ARM     
1M USD LIBOR + 0.60%, 2.227%, 2/25/57 (8)  161,765  162 
 
Towd Point Mortgage Trust     
Series 2018-2, Class A1, CMO, ARM     
3.25%, 3/25/58 (8)  1,172,203  1,215 
 
Towd Point Mortgage Trust     
Series 2018-3, Class A1, CMO, ARM     
3.75%, 5/25/58 (8)  513,193  542 
 
Towd Point Mortgage Trust     
Series 2018-SJ1, Class A1, CMO, ARM     
4.00%, 10/25/58 (8)  388,656  394 
 
Towd Point Mortgage Trust     
Series 2019-1, Class A1, CMO, ARM     
3.75%, 3/25/58 (8)  1,337,114  1,426 
 
Verus Securitization Trust     
Series 2018-2, Class A1, CMO, ARM     
3.677%, 6/1/58 (8)  296,457  299 
 
Verus Securitization Trust     
Series 2018-INV1, Class A2, CMO, ARM     
3.849%, 3/25/58 (8)  93,434  94 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
 
Verus Securitization Trust     
Series 2018-INV2, Class A1FX, CMO, ARM     
4.148%, 10/25/58 (8)  485,571  494 
 
Verus Securitization Trust     
Series 2019-1, Class A1, CMO, ARM     
3.836%, 2/25/59 (8)  677,830  688 
 
Verus Securitization Trust     
Series 2019-2, Class A3, CMO, ARM     
3.448%, 5/25/59 (8)  867,710  877 
 
Verus Securitization Trust     
Series 2019-3, Class A3, CMO, STEP     
3.04%, 7/25/59 (8)  272,184  274 
 
Verus Securitization Trust     
Series 2019-4, Class A1, CMO, STEP     
2.642%, 11/25/59 (8)  478,091  482 
 
Verus Securitization Trust     
Series 2019-INV1, Class A1, CMO, ARM     
3.402%, 12/25/59 (8)  304,009  307 
 
Verus Securitization Trust     
Series 2019-INV2, Class A2, CMO, ARM     
3.117%, 7/25/59 (8)  579,190  586 
 
Verus Securitization Trust     
Series 2019-INV3, Class A1, CMO, ARM     
2.692%, 11/25/59 (8)  1,174,962  1,184 
 
Wells Fargo Commercial Mortgage Trust     
Series 2015-C29, Class C, ARM     
4.222%, 6/15/48  1,025,000  1,097 
 
Wells Fargo Commercial Mortgage Trust     
Series 2015-LC20, Class C, ARM     
4.056%, 4/15/50  205,000  216 
 
Wells Fargo Commercial Mortgage Trust     
Series 2015-NXS2, Class C, ARM     
4.313%, 7/15/58  70,000  76 
 
Wells Fargo Commercial Mortgage Trust     
Series 2017-C39, Class B     
4.025%, 9/15/50  1,335,000  1,467 
 
Wells Fargo Commercial Mortgage Trust     
Series 2019-C51, Class A4     
3.311%, 6/15/52  1,165,000  1,289 
 
Wells Fargo Commercial Mortgage Trust     
Series 2019-C53, Class B, ARM     
3.514%, 10/15/52  345,000  371 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
Wells Fargo Commercial Mortgage Trust     
Series 2019-JWDR, Class A, ARM     
2.584%, 9/15/31 (8)  695,000  717 
Wells Fargo Commercial Mortgage Trust     
Series 2019-JWDR, Class B, ARM     
2.786%, 9/15/31 (8)  205,000  209 
Wells Fargo Commercial Mortgage Trust     
Series 2020-C55, Class B     
3.139%, 2/15/53  775,000  821 
WFRBS Commercial Mortgage Trust     
Series 2014-C19, Class B, ARM     
4.723%, 3/15/47  114,000  125 
WFRBS Commercial Mortgage Trust     
Series 2014-C20, Class A4     
3.723%, 5/15/47  270,000  289 
WFRBS Commercial Mortgage Trust     
Series 2014-C22, Class AS, ARM     
4.069%, 9/15/57  525,000  570 
Worldwide Plaza Trust     
Series 2017-WWP, Class A     
3.526%, 11/10/36 (8)  485,000  539 
Total Non-U.S. Government Mortgage-Backed Securities (Cost $95,376)  98,106 
 
U. S. GOVERNMENT & AGENCY MORTGAGE-BACKED     
SECURITIES 3.4%     
U. S. Government Agency Obligations 2.3% (11)     
Federal Home Loan Mortgage     
2.50%, 4/1/30  349,761  362 
3.00%, 12/1/42 - 4/1/43  802,632  846 
3.50%, 8/1/42 - 3/1/44  1,125,541  1,197 
4.00%, 8/1/40 - 9/1/45  1,063,744  1,152 
4.50%, 9/1/23 - 10/1/41  743,559  820 
5.00%, 7/1/25 - 8/1/40  463,834  520 
5.50%, 11/1/21 - 10/1/38  129,712  149 
6.00%, 8/1/21 - 8/1/38  106,024  123 
6.50%, 3/1/32 - 9/1/34  48,432  56 
7.00%, 4/1/32 - 6/1/32  2,703  3 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
Federal Home Loan Mortgage, ARM     
12M USD LIBOR + 1.748%, 3.742%, 2/1/37  20,007  21 
12M USD LIBOR + 1.853%, 3.853%, 2/1/37  16,582  18 
12M USD LIBOR + 1.831%, 3.88%, 1/1/37  8,319  9 
12M USD LIBOR + 1.785%, 4.035%, 9/1/32  403  — 
12M USD LIBOR + 1.979%, 4.048%, 11/1/36  8,677  9 
12M USD LIBOR + 2.055%, 4.118%, 12/1/36  6,345  7 
12M USD LIBOR + 2.175%, 4.348%, 2/1/37  21,290  23 
1Y CMT + 2.25%, 4.405%, 10/1/36  5,255  6 
12M USD LIBOR + 1.725%, 4.475%, 7/1/35  3,110  3 
Federal Home Loan Mortgage, UMBS, 3.00%, 11/1/34-9/1/49  392,576  414 
Federal National Mortgage Assn.     
3.00%, 6/1/33 - 8/1/46  184,838  192 
3.50%, 6/1/42 - 5/1/46  2,238,956  2,385 
4.00%, 11/1/40  695,884  750 
Federal National Mortgage Assn. , ARM, 12M USD LIBOR +     
1.885%, 4.517%, 8/1/36  13,226  14 
Federal National Mortgage Assn. , CMO, 4.00%, 6/25/44  462,491  483 
Federal National Mortgage Assn. , CMO, IO, 6.50%, 2/25/32  2,410  — 
Federal National Mortgage Assn. , UMBS     
2.50%, 8/1/30 - 4/1/43  2,125,059  2,186 
3.00%, 1/1/27 - 11/1/49  13,291,327  13,946 
3.50%, 11/1/32 - 10/1/49  8,570,469  9,108 
4.00%, 11/1/40 - 12/1/49  7,996,943  8,636 
4.50%, 7/1/20 - 1/1/50  4,136,149  4,531 
5.00%, 5/1/20 - 7/1/42  776,929  874 
5.50%, 10/1/20 - 9/1/41  938,414  1,077 
6.00%, 5/1/21 - 1/1/41  813,360  949 
6.50%, 7/1/32 - 5/1/40  277,052  323 
7.00%, 1/1/31 - 7/1/32  4,507  5 
UMBS, TBA     
3.00%, 3/1/50 (12)  1,170,000  1,205 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
4.50%, 3/1/50 (12)  790,000  843 
    53,245 
 
U. S. Government Obligations 1.1%     
Government National Mortgage Assn.     
3.00%, 7/15/43 - 1/20/50  5,364,148  5,585 
3.50%, 7/20/42 - 1/20/49  5,819,380  6,133 
4.00%, 2/20/41 - 9/20/49  5,903,635  6,209 
4.50%, 11/20/39 - 7/20/49  2,550,039  2,734 
5.00%, 7/20/39 - 8/20/48  2,372,305  2,602 
5.50%, 1/20/36 - 3/20/49  1,240,958  1,351 
6.00%, 4/15/36 - 12/20/38  47,449  54 
6.50%, 12/20/33  1,765  2 
7.00%, 2/20/27 - 7/20/27  4,570  5 
7.50%, 11/15/25 - 6/15/32  6,045  7 
8.00%, 3/15/22 - 10/20/25  404  — 
Government National Mortgage Assn. , CMO, 3.00%, 11/20/47-     
12/20/47  566,551  584 
Government National Mortgage Assn. , CMO, ARM, 1M USD     
LIBOR + 0.30%, 1.947%, 9/20/48  291,442  290 
Government National Mortgage Assn. , CMO, IO     
3.50%, 4/20/39 - 5/20/43  205,030  21 
4.00%, 5/20/37 - 2/20/43  296,698  26 
4.50%, 2/20/39 - 12/20/39  41,031  1 
Government National Mortgage Assn. , TBA, 3.50%, 3/20/50     
(12)  545,000  565 
    26,169 
 
Total U. S. Government & Agency Mortgage-Backed Securities (Cost $77,226)  79,414 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par  $ Value 
(Cost and value in $000s)     
U. S. GOVERNMENT AGENCY OBLIGATIONS     
(EXCLUDING MORTGAGE-BACKED) 3.3%     
U. S. Treasury Obligations 3.3%     
U. S. Treasury Bonds, 2.375%, 11/15/49  5,360,000  6,256 
U. S. Treasury Bonds, 3.00%, 2/15/49  2,104,000  2,752 
U. S. Treasury Notes, 1.375%, 10/15/22 (13)  19,645,000  19,894 
U. S. Treasury Notes, 1.50%, 9/30/21  2,385,000  2,405 
U. S. Treasury Notes, 1.50%, 11/30/21  3,595,000  3,630 
U. S. Treasury Notes, 1.50%, 8/15/22  7,335,000  7,445 
U. S. Treasury Notes, 1.50%, 9/15/22  2,950,000  2,996 
U. S. Treasury Notes, 1.50%, 1/15/23  15,085,000  15,346 
U. S. Treasury Notes, 1.625%, 11/15/22  13,645,000  13,914 
U. S. Treasury Notes, 1.625%, 12/15/22  805,000  821 
    75,459 
 
Total U. S. Government Agency Obligations (Excluding Mortgage-Backed) (Cost   
$73,220)    75,459 
 
FOREIGN GOVERNMENT OBLIGATIONS &     
MUNICIPALITIES 0.4%     
CCCI Treasure, VR, 3.50% (9)(10)  200,000  200 
CNAC HK Finbridge, 4.625%, 3/14/23  1,140,000  1,218 
Equate Petrochemical, 4.25%, 11/3/26  955,000  1,032 
KazMunayGas National, 4.75%, 4/19/27  800,000  887 
Pertamina Persero, 6.45%, 5/30/44 (8)  220,000  294 
Perusahaan Gas Negara, 5.125%, 5/16/24  1,000,000  1,100 
Perusahaan Listrik Negara, 5.45%, 5/21/28 (8)  1,200,000  1,417 
Saudi Arabian Oil, 3.50%, 4/16/29 (8)  700,000  744 
Saudi Arabian Oil, 4.375%, 4/16/49 (8)  500,000  567 
State Grid Overseas Investment, 3.75%, 5/2/23 (8)  535,000  571 
Syngenta Finance, 3.933%, 4/23/21 (8)  890,000  908 
Total Foreign Government Obligations & Municipalities (Cost $8,160)    8,938 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

      Shares/Par  $ Value 
  (Cost and value in $000s)      
 
  BOND MUTUAL FUNDS 27.6%      
  T. Rowe Price Dynamic Global Bond Fund - I Class, 1.96%      
(14)(15) 20,538,943  188,548 
T. Rowe Price Inflation Protected Bond Fund - I Class, (0.55)%      
(14)(15)  591  7 
T. Rowe Price Institutional Emerging Markets Bond Fund,      
4.38% (14)(15)   14,769,231  126,720 
T. Rowe Price Institutional Floating Rate Fund, 4.33% (14)(15)   5,238,800  50,816 
T. Rowe Price Institutional High Yield Fund, 4.28% (14)(15)   11,664,620  100,899 
T. Rowe Price International Bond Fund (USD Hedged) - I Class,      
1.23% (14)(15)   13,990,896  141,588 
T. Rowe Price Limited Duration Inflation Focused Bond Fund - I      
Class, (0.23)% (14)(15)   939,741  4,765 
T. Rowe Price U. S. Treasury Long-Term Fund - I Class, 1.68%      
(14)(15)  1,586,264  23,064 
Total Bond Mutual Funds (Cost $645,059)     636,407 
 
  EQUITY MUTUAL FUNDS 3.8%      
  T. Rowe Price Institutional Emerging Markets Equity Fund (15)   1,766,589  68,968 
  T. Rowe Price Real Assets Fund - I Class (15)   1,785,454  18,658 
  Total Equity Mutual Funds (Cost $67,829)     87,626 
 
  PRIVATE INVESTMENT COMPANIES 5.2%      
  Blackstone Partners Offshore Fund (1)(4)   98,566  119,855 
  Total Private Investment Companies (Cost $100,269)     119,855 
 
SHORT-TERM INVESTMENTS 8.3%      
 
  Money Market Funds 8.3%      
  T. Rowe Price Treasury Reserve Fund, 1.58% (15)(16)   190,443,558  190,444 
  Total Short-Term Investments (Cost $190,444)     190,444 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  Shares/Par    $ Value 
(Cost and value in $000s)       
SECURITIES LENDING COLLATERAL 0.2%       
Investments in a Pooled Account through Securities Lending       
Program with JPMorgan Chase Bank 0.2%       
Short-Term Funds 0.2%       
T. Rowe Price Short-Term Fund, 1.71% (15)(16)  440,975    4,410 
Total Investments in a Pooled Account through Securities Lending Program with     
JPMorgan Chase Bank      4,410 
 
Investments in a Pooled Account through Securities Lending       
Program with State Street Bank and Trust Company 0.0%       
Short-Term Funds 0.0%       
T. Rowe Price Short-Term Fund, 1.71% (15)(16)  75,969    760 
Total Investments in a Pooled Account through Securities Lending Program with     
State Street Bank and Trust Company      760 
Total Securities Lending Collateral (Cost $5,170)      5,170 
 
Total Investments in Securities 100.9%       
(Cost $2,042,640)    $  2,327,689 
Other Assets Less Liabilities (0.9)%      (20,997) 
Net Assets 100.0%    $  2,306,692 

 

‡   Shares/Par and Notional Amount are denominated in U. S. dollars unless 
    otherwise noted. 
(1 ) Non-income producing 
(2 ) All or a portion of this security is pledged to cover or as collateral for written 
    call options at February 29, 2020. 
(3 ) Security cannot be offered for public resale without first being registered 
    under the Securities Act of 1933 and related rules ("restricted security"). 
    Acquisition date represents the day on which an enforceable right to acquire 
    such security is obtained and is presented along with related cost in the 
    security description. The fund has registration rights for certain restricted 
    securities. Any costs related to such registration are borne by the issuer. The 
    aggregate value of restricted securities (excluding 144A holdings) at period- 
    end amounts to $3,098 and represents 0.1% of net assets. 
(4 ) Level 3 in fair value hierarchy. 
(5 ) All or a portion of this security is on loan at February 29, 2020. 
(6 ) Investment in a partnership held indirectly through a limited liability company 
    that is owned by the fund and treated as a corporation for U. S. tax purposes. 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

(7 )  The identity of certain securities has been concealed to protect the fund while 
  it completes a purchase or selling program for the securities. 
(8 )  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 $137,066 and represents 5.9% of net assets. 
(9 )  Security is a fix-to-float security, which carries a fixed coupon until a certain 
    date, upon which it switches to a floating rate. Reference rate and spread is 
    provided if the rate is currently floating. 
(10 )  Perpetual security with no stated maturity date. 
(11 )  Issuer operates under a Congressional charter; its securities are neither issued 
    nor guaranteed by the U. S. government. The Federal National Mortgage 
    Association and the Federal Home Loan Mortgage Corporation, including 
UMBS, currently operate under a federal conservatorship.
(12 )  To-Be-Announced purchase commitment. Total value of such securities at 
    period-end amounts to $2,613 and represents 0.1% of net assets. 
(13 )  At February 29, 2020, all or a portion of this security is pledged as collateral 
and/or margin deposit to cover future funding obligations.
(14 )  SEC 30-day yield 
(15 )  Affiliated Companies 
(16 )  Seven-day yield 
12M USD LIBOR   Twelve month USD LIBOR (London interbank offered rate) 
1M USD LIBOR   One month USD LIBOR (London interbank offered rate) 
1Y CMT One year U. S. Treasury note constant maturity rate 
3M USD LIBOR   Three month USD LIBOR (London interbank offered rate) 
ADR   American Depositary Receipts 
ARM   Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. 
    The rates for certain ARMs are not based on a published reference rate and 
    spread but may be determined using a formula-based on the rates of the 
    underlying loans. 
AUD   Australian Dollar 
CAD   Canadian Dollar 
CDI   CHESS or CREST Depositary Interest 
CHF   Swiss Franc 
CLO   Collateralized Loan Obligation 
CMO   Collateralized Mortgage Obligation 
CVA   Dutch Certificate (Certificaten Van Aandelen) 
DKK   Danish Krone 
EUR   Euro 
FRN   Floating Rate Note 
GBP   British Pound 
HKD   Hong Kong Dollar 
ILS   Israeli Shekel 
IO   Interest-only security for which the fund receives interest on notional principal 
JPY   Japanese Yen 
KRW   South Korean Won 
NOK   Norwegian Krone 
PTT   Pass-Through Trust 
REIT   A domestic Real Estate Investment Trust whose distributions pass-through 
    with original tax character to the shareholder 
SDR   Swedish Depositary Receipts 
SEK   Swedish Krona 
SGD   Singapore Dollar 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

STEP  Stepped coupon bond for which the coupon rate of interest adjusts on 
  specified date(s); rate shown is effective rate at period-end. 
TBA  To-Be-Announced 
TWD  Taiwan Dollar 
UMBS  Uniform Mortgage-Backed Securities 
USD  U. S. Dollar 
VR  Variable Rate; rate shown is effective rate at period-end. The rates for certain 
  variable rate securities are not based on a published reference rate and 
  spread but are determined by the issuer or agent and based on current market 
  conditions. 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

(Amounts in 000s, except for contracts)       
OPTIONS WRITTEN (0.0)%       
EXCHANGE-TRADED OPTIONS WRITTEN (0.0)%       
    NOTIONAL   
DESCRIPTION  CONTRACTS  AMOUNT  VALUE 
S&P 500 Index, Call, 3/20/20 @ $3,250  234  69,056  $                  (122) 
Total Options Written (Premiums $(1,633))      $                  (122) 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

(Amounts In 000s, except Market Price)               
 
SWAPS 0.1%               
 
        Upfront      
  Notional      Payments/   Unrealized  
Description  Amount  $ Value   $ (Receipts)**   $ Gain/(Loss)  
 
BILATERAL SWAPS 0.0%               
 
Credit Default Swaps, Protection Sold 0.0%               
 
Bank of America, Protection Sold (Relevant               
Credit: Boeing, 8.75%, 8/15/21, $109.88*),               
Receive 1.00% Quarterly, Pay Upon credit               
default, 12/20/21  1,290  15   15   —  
 
Barclays Bank, Protection Sold (Relevant Credit:               
Cardinal Health, 4.63%, 12/15/20, $102.26*),               
Receive 1.00% Quarterly, Pay Upon credit               
default, 12/20/24  93  2   (1 ) 3  
 
Barclays Bank, Protection Sold (Relevant Credit:               
Devon Energy, 7.95%, 4/15/32, $146.95*),               
Receive 1.00% Quarterly, Pay upon credit               
default, 12/20/24  50  (1 ) —   (1 )
 
Barclays Bank, Protection Sold (Relevant Credit:               
General Electric, 2.70%, 10/09/22, $101.96*),               
Receive 1.00% Monthly, Pay Upon credit default,               
12/20/20  560  4   3   1  
 
Barclays Bank, Protection Sold (Relevant Credit:               
Kingdom of Saudi Arabia, 2.38%, 10/26/21,               
$100.85*), Receive 1.00% Quarterly, Pay Upon               
credit default, 12/20/24  2,540  19   49   (30 )
 
Barclays Bank, Protection Sold (Relevant Credit:               
Republic of Chile, 3.88%, 8/05/20, $100.95*),               
Receive 1.00% Quarterly, Pay Upon credit               
default, 12/20/24  2,622  42   72   (30 )
 
Barclays Bank, Protection Sold (Relevant Credit:               
Republic of Colombia, 10.38%, 1/28/33,               
$166.50*), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24  2,400  (3 ) 12   (15 )
 
Barclays Bank, Protection Sold (Relevant Credit:               
Republic of Indonesia, 3.70%, 1/8/22,               
$103.22*), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24  685  2   4   (2 )
 
Barclays Bank, Protection Sold (Relevant Credit:               
Republic of Indonesia, 5.88%, 3/13/20,               
$100.05*), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24  605  2   4   (2 )

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

(Amounts In 000s, except Market Price)                
          Upfront      
    Notional      Payments/   Unrealized  
Description   Amount  $ Value    $ (Receipts)**   $ Gain/(Loss)  
 
BNP Paribas, Protection Sold (Relevant Credit:                
Cardinal Health, 4.63%, 12/15/20, $102.26*),                
Receive 1.00% Quarterly, Pay Upon credit                
default, 12/20/24   226  3   (5 ) 8  
 
Citibank, Protection Sold (Relevant Credit: Devon                
Energy, 7.95%, 4/15/32, $146.95*), Receive                
1.00% Quarterly, Pay upon credit default,                
12/20/24   100  (2 ) (1 ) (1 )
 
Citibank, Protection Sold (Relevant Credit:                
Republic of Colombia, 10.38%, 1/28/33,                
$166.50 *), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24   6,960  (12 ) 29   (41 )
 
Goldman Sachs, Protection Sold (Relevant                
Credit: General Electric, 2.70%, 10/09/22,                
$101.96 *), Receive 1.00% Monthly, Pay Upon               
credit default, 12/20/20   460  3   2   1  
 
Goldman Sachs, Protection Sold (Relevant                
Credit: Republic of Indonesia, 3.70%, 1/8/22,                
$103.22 *), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24   195  —   1   (1 )
 
Goldman Sachs, Protection Sold (Relevant                
Credit: Republic of Indonesia, 5.88%, 3/13/20,                
$100.05 *), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24   4,612  10   29   (19 )
 
JPMorgan Chase, Protection Sold (Relevant                
Credit: Barclays Bank, 2.65%, 1/11/21,                
$100.78 *), Receive 1.00% Quarterly, Pay Upon               
credit default, 6/20/24 (EUR)   113  3   1   2  
 
JPMorgan Chase, Protection Sold (Relevant                
Credit: Cardinal Health, 4.63%, 12/15/20,                
$102.26 *), Receive 1.00% Quarterly, Pay Upon               
credit default, 12/20/24   47  —   (1 ) 1  
 
Morgan Stanley, Protection Sold (Relevant                
Credit: Cardinal Health, 4.63%, 12/15/20,                
$102.26 *), Receive 1.00% Quarterly, Pay Upon               
credit default, 12/20/24   124  2   (2 ) 4  
 
Morgan Stanley, Protection Sold (Relevant                
Credit: Devon Energy, 7.95%, 4/15/32,                
$146.95 *), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24   60  (1 ) —   (1 )

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

(Amounts In 000s, except Market Price)               
        Upfront      
  Notional      Payments/   Unrealized  
Description  Amount  $ Value    $ (Receipts)**   $ Gain/(Loss)  
 
Morgan Stanley, Protection Sold (Relevant               
Credit: Markit CMBX. NA. BBB-S12,40 Year               
Index), Receive 3.00% Monthly, Pay Upon credit               
default, 8/17/61  1,455  (81 ) (19 ) (62 )
 
Morgan Stanely, Protection Sold (Relevant               
Credit: Republic of Colombia, 10.38%, 1/28/33,               
$166.50*), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24  1,315  (2 ) 5   (7 )
 
Morgan Stanley, Protection Sold (Relevant               
Credit: Republic of Indonesia, 3.70%, 1/8/22,               
$103.22*), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24  1,955  4   13   (9 )
 
Morgan Stanley, Protection Sold (Relevant               
Credit: Republic of Indonesia, 5.88%, 3/13/20,               
$100.05*), Receive 1.00% Quarterly, Pay upon               
credit default, 12/20/24  5,223  12   31   (19 )
 
Total Bilateral Credit Default Swaps, Protection Sold        241   (220 )
Total Bilateral Swaps        241   (220 )
 
  Notional      Initial   Unrealized  
Description  Amount  $ Value   $ Value**   $ Gain/(Loss)  
 
CENTRALLY CLEARED SWAPS 0.1%               
 
Credit Default Swaps, Protection Sold 0.1%               
 
Protection Sold (Relevant Credit: Markit               
CDX. NA. HY-S33, 5 Year Index), Receive 5.00%               
Quarterly, Pay Upon credit default, 12/20/24  3,881  237   290   (53 )
 
Protection Sold (Relevant Credit: Markit               
CDX.NA.IG-S33, 5 Year Index), Receive 1.00%               
Quarterly, Pay Upon credit default, 12/20/24  90,956  1,532   2,116   (584 )
 
Total Credit Default Swaps, Protection Sold        2,406   (637 )
 
Total Centrally Cleared Swaps            (637 )
 
Net payments (receipts) of variation margin to date            494  
 
Variation margin receivable (payable) on centrally cleared             
swaps        $ (143 )
 
 
*Market price at February 29, 2020               
**Included interest purchased or sold but not yet collected of $81.          

 

 

The accompanying notes are an integral part of this Portfolio of Investments.
 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

(Amounts In 000s)               
 
FORWARD CURRENCY EXCHANGE CONTRACTS           
 
            Unrealized 
Counterparty  Settlement     Receive Deliver    Gain/(Loss)
Bank of America  4/23/20  ILS  1,164 USD  338  $         (2) 
Bank of America  4/23/20  USD  1,083 ILS  3,737  2 
Citibank  4/23/20  ILS  4,074 USD  1,185  (7) 
Citibank  4/23/20  USD  723 ILS  2,491  2 
Goldman Sachs  4/23/20  ILS  1,423 USD  413  (2) 
HSBC Bank  4/23/20  ILS  1,755 USD  510  (2) 
JPMorgan Chase  4/23/20  ILS  172 USD  50  — 
Morgan Stanley  4/23/20  ILS  1,377 USD  401  (2) 
Morgan Stanley  4/23/20  USD  1,084 ILS  3,737  4 
State Street  5/22/20  USD  3,342 EUR  3,063  (56) 
Net unrealized gain (loss) on open forward             
currency exchange contracts              $         (63) 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

  FUTURES CONTRACTS            
($000s)           
            Value and 
      Expiration  Notional    Unrealized Gain 
      Date  Amount    (Loss)
  Short, 46 MSCI EAFE Index contracts   3/20  (4,177)  $ 490 
  Short, 66 S&P 500 E-Mini Index contracts   3/20  (9,739)      (269) 
  Long, 23 U.S. Treasury Long Bonds contracts   6/20  3,916      144 
  Long, 439 U. S. Treasury Notes five year contracts   6/20  53,887      661 
  Long, 164 U. S. Treasury Notes ten year contracts   6/20  22,099      162 
  Long, 412 U. S. Treasury Notes two year contracts   6/20  89,951      550 
  Long, 173 Ultra U.S. Treasury Bonds contracts   6/20  35,898      1,604 
  Short, 441 Ultra U.S. Treasury Notes ten year            
  contracts   6/20  (66,246)      (1,332) 
  Net payments (receipts) of variation margin to date           (1,523) 
 
  Variation margin receivable (payable) on open futures contracts      $  487 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

AFFILIATED COMPANIES
($000s)

The fund may invest in certain securities that are considered affiliated companies. As defined
by the 1940 Act, an affiliated company is one in which the fund owns 5% or more of the
outstanding voting securities, or a company that is under common ownership or control. The
following securities were considered affiliated companies for all or some portion of the nine
months ended February 29, 2020. 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.

        Change in Net     
    Net Realized Gain    Unrealized    Investment 
Affiliate    (Loss)    Gain/Loss    Income 
T. Rowe Price Dynamic Global             
Bond Fund - I Class  $  —  $  (6,141)  $  3,575 
T. Rowe Price Inflation Protected             
Bond Fund - I Class    108    (26)    11 
T. Rowe Price Institutional             
Emerging Markets Bond Fund    (67)    1,926    4,967 
T. Rowe Price Institutional             
Emerging Markets Equity Fund    (24)    3,643    1,062 
T. Rowe Price Institutional             
Floating Rate Fund    (5)    (719)    1,504 
T. Rowe Price Institutional High             
Yield Fund    (72)    319    4,171 
T. Rowe Price International             
Bond Fund (USD Hedged) - I             
Class    —    4,008    1,905 
T. Rowe Price Limited Duration             
Inflation Focused Bond Fund - I             
Class    —    57    8 
T. Rowe Price Real Assets Fund             
- I Class    —    (683)    573 
T. Rowe Price U. S. Treasury             
Long-Term Fund - I Class    3,326    168    676 
T. Rowe Price Short-Term Fund    —    —    —++ 
T. Rowe Price Treasury Reserve             
Fund    —    —    2,579 
Totals  $  3,266#  $  2,552  $  21,031+ 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

AFFILIATED COMPANIES (CONTINUED)            
($000s)               
 
 
Supplementary Investment Schedule            
  Value   Purchase   Sales  Value  
Affiliate  5/31/19   Cost   Cost  2/29/20  
T. Rowe Price Dynamic               
Global Bond Fund - I Class $                          175,630 $  19,059 $  —  $                    188,548  
T. Rowe Price Inflation               
Protected Bond Fund - I               
Class  2,617   6   2,590  7  
T. Rowe Price Institutional               
Emerging Markets Bond               
Fund  120,715   5,196   1,117  126,720  
T. Rowe Price Institutional               
Emerging Markets Equity               
Fund  62,287   4,062   1,024  68,968  
T. Rowe Price Institutional               
Floating Rate Fund  33,711   18,080   256  50,816  
T. Rowe Price Institutional               
High Yield Fund  94,657   8,660   2,737  100,899  
T. Rowe Price International               
Bond Fund (USD Hedged) - I               
Class  129,829   7,751   —  141,588  
T. Rowe Price Limited               
Duration Inflation Focused               
Bond Fund - I Class  —   4,708   —  4,765  
T. Rowe Price Real Assets               
Fund - I Class  18,268   1,073   —  18,658  
T. Rowe Price U. S. Treasury               
Long-Term Fund - I Class  45,770   5,050   27,924  23,064  
T. Rowe Price Short-Term               
Fund  12,129   ¤   ¤  5,170  
T. Rowe Price Treasury               
Reserve Fund  148,940   ¤   ¤  190,444  
            $                   919,647 ^ 

 

#  Capital gain distributions from mutual funds represented $3,734 of the net realized gain 
  (loss) . 
 ++   Excludes earnings on securities lending collateral, which are subject to rebates and fees. 
+  Investment income comprised $21,031 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 $908,502. 

 

The accompanying notes are an integral part of this Portfolio of Investments.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
Unaudited
NOTES TO PORTFOLIO OF
INVESTMENTS

T. Rowe Price Spectrum Conservative Allocation Fund (the fund), formerly the Personal Strategy Income Fund, is
registered under the Investment Company Act of 1940 (the 1940 Act) as an open-end management investment company
and follows accounting and reporting guidance of the Financial Accounting Standards Board Accounting Standards
Codification Topic 946. The accompanying Portfolio of Investments was prepared in accordance with accounting
principles generally accepted in the United States of America (GAAP). For additional information on the fund’s significant
accounting policies and investment related disclosures, please refer to the fund’s most recent semiannual or annual
shareholder report and its prospectus.

VALUATION

The fund’s financial instruments are valued at the close of the New York Stock Exchange (NYSE), normally 4 p.m. ET,
each day the NYSE is open for business.

Fair Value
The fund’s financial instruments are reported at fair value, which GAAP defines as the price that would be received to
sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The T. Rowe Price Valuation Committee (the Valuation Committee) is an internal committee that has been
delegated certain responsibilities by the fund’s Board of Directors (the Board) to ensure that financial instruments are
appropriately priced at fair value in accordance with GAAP and the 1940 Act. Subject to oversight by the Board, the
Valuation Committee develops and oversees pricing-related policies and procedures and approves all fair value
determinations. Specifically, the Valuation Committee establishes procedures to value securities; determines pricing
techniques, sources, and persons eligible to effect fair value pricing actions; oversees the selection, services, and
performance of pricing vendors; oversees valuation-related business continuity practices; and provides guidance on
internal controls and valuation-related matters. The Valuation Committee reports to the Board and has representation
from legal, portfolio management and trading, operations, risk management, and the fund’s treasurer.

Various valuation techniques and inputs are used to determine the fair value of financial instruments. GAAP
establishes the following fair value hierarchy that categorizes the inputs used to measure fair value:

Level 1 - quoted prices (unadjusted) in active markets for identical financial instruments that the fund can access at
the reporting date

Level 2 - inputs other than Level 1 quoted prices that are observable, either directly or indirectly (including, but not
limited to, quoted prices for similar financial instruments in active markets, quoted prices for identical or
similar financial instruments in inactive markets, interest rates and yield curves, implied volatilities, and
credit spreads)

Level 3 - unobservable inputs

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 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

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

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.

For valuation purposes, the last quoted prices of non-U.S. equity securities may be adjusted to reflect the fair value of
such securities at the close of the NYSE. If the fund determines that developments between the close of a foreign market
and the close of the NYSE will affect the value of some or all of its portfolio securities, the fund will adjust the previous
quoted prices to reflect what it believes to be the fair value of the securities as of the close of the NYSE. In deciding
whether it is necessary to adjust quoted prices to reflect fair value, the fund reviews a variety of factors, including
developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments
trading in U.S. markets that represent foreign securities and baskets of foreign securities. The fund may also fair value
securities in other situations, such as when a particular foreign market is closed but the fund is open. The fund uses
outside pricing services to provide it with quoted prices and information to evaluate or adjust those prices. The fund
cannot predict how often it will use quoted prices and how often it will determine it necessary to adjust those prices to
reflect fair value. As a means of evaluating its security valuation process, the fund routinely compares quoted prices, the
next day’s opening prices in the same markets, and adjusted prices.

Actively traded equity securities listed on a domestic exchange generally are categorized in Level 1 of the fair value
hierarchy. Non-U.S. equity securities generally are categorized in Level 2 of the fair value hierarchy despite the
availability of quoted prices because, as described above, the fund evaluates and determines whether those quoted prices
reflect fair value at the close of the NYSE or require adjustment. OTC Bulletin Board securities, certain preferred
securities, and equity securities traded in inactive markets generally are categorized in Level 2 of the fair value
hierarchy.

Debt securities generally are traded in the OTC market and are valued at prices furnished by independent pricing
services or by broker dealers who make markets in such securities. When valuing securities, the independent pricing
services consider the yield or price of bonds of comparable quality, coupon, maturity, and type, as well as prices quoted
by dealers who make markets in such securities. Generally, debt securities are categorized in Level 2 of the fair value
hierarchy; however, to the extent the valuations include significant unobservable inputs, the securities would be
categorized in Level 3.

Investments denominated in foreign currencies are translated into U.S. dollar values each day at the prevailing exchange
rate, using the mean of the bid and asked prices of such currencies against U.S. dollars as quoted by a major bank.

Investments in mutual funds are valued at the mutual fund’s closing NAV per share on the day of valuation and are
categorized in Level 1 of the fair value hierarchy. Investments in private investment companies are valued at the
investee’s NAV per share as of the valuation date, if available. If the investee’s NAV is not available as of the valuation
date or is not calculated in accordance with GAAP, the Valuation Committee may adjust the investee’s NAV to reflect
fair value at the valuation date. Investments in private investment companies generally are categorized either in Level 2
or 3, depending on the significance of unobservable inputs. Listed options, and OTC options with a listed equivalent,
are valued at the mean of the closing bid and asked prices and generally are categorized in Level 2 of the fair value
hierarchy. Financial futures contracts are valued at closing settlement prices and are categorized in Level 1 of the fair
value hierarchy. Forward currency exchange contracts are valued using the prevailing forward exchange rate and are
categorized in Level 2 of the fair value hierarchy. Swaps are valued at prices furnished by an independent pricing service
or independent swap dealers and generally are categorized in Level 2 of the fair value hierarchy; however, if
unobservable inputs are significant to the valuation, the swap would be categorized in Level 3.

Thinly traded financial instruments and those for which the above valuation procedures are inappropriate or are
deemed not to reflect fair value are stated at fair value as determined in good faith by the Valuation Committee. The
objective of any fair value pricing determination is to arrive at a price that could reasonably be expected from a current

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

sale. Financial instruments fair valued by the Valuation Committee are primarily private placements, restricted
securities, warrants, rights, and other securities that are not publicly traded.

Subject to oversight by the Board, the Valuation Committee regularly makes good faith judgments to establish and
adjust the fair valuations of certain securities as events occur and circumstances warrant. For instance, in determining
the fair value of an equity investment with limited market activity, such as a private placement or a thinly traded public
company stock, the Valuation Committee considers a variety of factors, which may include, but are not limited to, the
issuer’s business prospects, its financial standing and performance, recent investment transactions in the issuer, new
rounds of financing, negotiated transactions of significant size between other investors in the company, relevant market
valuations of peer companies, strategic events affecting the company, market liquidity for the issuer, and general
economic conditions and events. In consultation with the investment and pricing teams, the Valuation Committee will
determine an appropriate valuation technique based on available information, which may include both observable and
unobservable inputs. The Valuation Committee typically will afford greatest weight to actual prices in arm’s length
transactions, to the extent they represent orderly transactions between market participants, transaction information can
be reliably obtained, and prices are deemed representative of fair value. However, the Valuation Committee may also
consider other valuation methods such as market-based valuation multiples; a discount or premium from market value
of a similar, freely traded security of the same issuer; or some combination. Fair value determinations are reviewed on a
regular basis and updated as information becomes available, including actual purchase and sale transactions of the
issue. Because any fair value determination involves a significant amount of judgment, there is a degree of subjectivity
inherent in such pricing decisions, and fair value prices determined by the Valuation Committee could differ from
those of other market participants. Depending on the relative significance of unobservable inputs, including the
valuation technique(s) used, fair valued securities may be categorized in Level 2 or 3 of the fair value hierarchy.

Valuation Inputs
The following table summarizes the fund’s financial instruments, based on the inputs used to determine their fair values
on February 29, 2020 (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 Securities1  $  —   $           473,501  $  —  $  473,501 
Bond Mutual Funds    636,407  —    —    636,407 
Common Stocks    598,009  210,322    1,490    809,821 
Convertible Preferred Stocks    —  3,257    1,608    4,865 
Equity Mutual Funds    87,626  —    —    87,626 
Private Investment Companies    —  —    119,855    119,855 
Securities Lending Collateral    5,170  —    —    5,170 
Short-Term Investments    190,444  —    —    190,444 
Total Securities    1,517,656  687,080    122,953    2,327,689 
Swaps    —  123    —    123 
Forward Currency Exchange Contracts    —  8    —    8 
Futures Contracts    487  —    —    487 
Total  $  1,518,143  $           687,211  $  122,953  $  2,328,307 
     Liabilities               
Options Written  $  —   $           122  $  —  $  122 
Swaps    —  245    —    245 
 
Forward Currency Exchange Contracts    —  71    —    71 
Total  $  —  $           438  $  —  $  438 
 
1 Includes Corporate Bonds, Asset-Backed Securities, Non-U.S. Government Mortgage-Backed Securities, U. S. Government & 
Agency Mortgage-Backed Securities, U.S. Government Agency Obligations (Excluding Mortgage-Backed), Foreign 
Government Obligations & Municipalities.               

 

Following is a reconciliation of the fund’s Level 3 holdings for the period ended February 29, 2020. Gain (loss) reflects
both realized and change in unrealized gain/loss on Level 3 holdings during the period, if any. The change in unrealized
gain/loss on Level 3 instruments held at February 29, 2020, totaled $6,133,000 for the period ended February 29, 2020.
During the period, transfers out of Level 3 were because observable market data became available for the security.

 

T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND

($000s)    Beginning    Gain (Loss)        Transfers    Ending 
        Balance    During    Total    Out of    Balance 
        6/1/19    Period    Purchases    Level 3    2/29/20 
  Investment in Securities                      
  Common Stocks   $  1,263  $  103  $  182  $           (58)  $  1,490 
  Convertible Preferred Stocks     932    260    416    –    1,608 
  Private Investment Companies     108,584    5,770    5,501    –    119,855 
  Total   $  110,779  $  6,133  $  6,099    $           (58)  $  122,953 

 

In accordance with GAAP, the following table provides quantitative information about significant unobservable inputs
used to determine the fair valuations of the fund’s Level 3 assets, by class of financial instrument. Because the Valuation
Committee considers a wide variety of factors and inputs, both observable and unobservable, in determining fair values,
the unobservable inputs presented do not reflect all inputs significant to the fair value determination.

Investments in Securities    Market   Valuation  Significant Unobservable Input(s)  Value or Range of  Weighted Average of  Impact to Valuation 
    Value   Technique(s) +    Input(s)  Input(s) *  from an Increase in 
    (000s)           Input** 
Common Stock  $ 1,490   Recent comparable  Discount factor  0%  0%  Decrease 
        transaction price(s)         
        Market comparable  Enterprise value to sales multiple  3.9x - 14.5x  7.4x  Increase 
          Discount for lack of marketability  10%  10%  Decrease 
          Sales growth rate  35% - 70%  57%  Increase 
          Gross profit growth rate  34%  34%  Increase 
          EBIT growth rate  56%  56%  Increase 
          Risk-free rate  4%  4%  Increase 
          Volatility  23%  23%  Increase 
          Enterprise value to gross profit multiple  7.8x - 18.4x  11.8x  Increase 
          Enterprise value to EBIT multiple  15.7x - 19.9x  17.8x  Increase 
Convertible Preferred Stocks  $ 1,608   Recent comparable  Discount factor  0%  0%  Decrease 
        transaction price(s)         
          Discount for lack of marketability  7%  7%  Decrease 
        Market comparable  Enterprise value to sales multiple  2.8x - 14.5x  7.5x  Increase 
          Discount for lack of marketability  10%  10%  Decrease 
          Sales growth rate  12% - 70%  36%  Increase 
          Gross profit growth rate  15% - 40%  32%  Increase 
          Enterprise value to gross profit multiple  5.2x - 16.6x  10.7x  Increase 
Private Investment  $ 119,855   Rollforward of Investee Estimated return  1.16%  1.16%  Increase 
Companies        NAV         

 

# - No quantitative unobservable inputs significant to the valuation technique were created by the fund’s management. 
 *  Unobservable inputs were weighted by the relative fair value of the instruments. 
** Represents the directional change in the fair value of the Level 3 investment(s) that would have resulted from an increase in the corresponding input at period end. A decrease in the 
    unobservable input would have had the opposite effect. Significant increases and decreases in these inputs in isolation could result in significantly higher or lower fair value measurements. 
+  Valuation techniques may change in order to reflect our judgment of current market participant assumptions.