| T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND | ||
|
| ||
| August 31, 2020 (Unaudited) | ||
| Portfolio of Investments‡ | Shares/Par | $ Value |
| (Cost and value in $000s) | ||
| COMMON STOCKS 36.3% | ||
| COMMUNICATION SERVICES 3.7% | ||
| Diversified Telecommunication Services 0.2% | ||
| KT (KRW) | 19,363 | 389 |
| Nippon Telegraph & Telephone (JPY) | 151,400 | 3,445 |
| Telecom Italia (EUR) | 1,078,808 | 510 |
| 4,344 | ||
| Entertainment 0.6% | ||
| Cinemark Holdings | 12,800 | 187 |
| Electronic Arts (1) | 400 | 56 |
| Netflix (1) | 12,744 | 6,749 |
| Sea, ADR (1) | 16,253 | 2,484 |
| Spotify Technology (1) | 5,127 | 1,447 |
| Walt Disney | 18,642 | 2,458 |
| Zynga, Class A (1) | 53,700 | 486 |
| 13,867 | ||
| Interactive Media & Services 2.7% | ||
| Alphabet, Class A (1) | 1,977 | 3,222 |
| Alphabet, Class C (1)(2) | 15,526 | 25,372 |
| Baidu, ADR (1) | 2,937 | 366 |
| Facebook, Class A (1)(2) | 68,033 | 19,947 |
| IAC/InterActiveCorp (1) | 2,089 | 278 |
| JOYY, ADR | 11,182 | 955 |
| Match Group (1) | 18,904 | 2,111 |
| NAVER (KRW) | 3,962 | 1,073 |
| Snap, Class A (1) | 6,838 | 155 |
| Tencent Holdings (HKD) | 120,790 | 8,252 |
| Z Holdings (JPY) | 168,400 | 1,121 |
| 62,852 | ||
| Media 0.1% | ||
| Cable One | 525 | 966 |
| Charter Communications, Class A (1) | 236 | 145 |
| CyberAgent (JPY) | 20,900 | 1,114 |
| National CineMedia | 26,705 | 96 |
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) | ||
| Stroeer (EUR) (1) | 10,364 | 808 |
| WPP (GBP) | 112,302 | 951 |
| 4,080 | ||
| Wireless Telecommunication Services 0.1% | ||
| SoftBank Group (JPY) | 16,500 | 1,021 |
| Vodafone Group, ADR | 80,434 | 1,188 |
| 2,209 | ||
| Total Communication Services | 87,352 | |
| CONSUMER DISCRETIONARY 4.9% | ||
| Auto Components 0.2% | ||
| Aptiv | 584 | 50 |
| Autoliv, SDR (SEK) | 11,033 | 871 |
| Denso (JPY) | 15,600 | 656 |
| Gentherm (1) | 7,038 | 318 |
| Magna International | 52,026 | 2,529 |
| Stanley Electric (JPY) | 30,200 | 862 |
| Stoneridge (1) | 7,400 | 150 |
| Sumitomo Rubber Industries (JPY) | 35,800 | 344 |
| Visteon (1) | 2,643 | 200 |
| 5,980 | ||
| Automobiles 0.2% | ||
| General Motors | 28,196 | 835 |
| Honda Motor (JPY) | 20,100 | 512 |
| Suzuki Motor (JPY) | 23,700 | 970 |
| Toyota Motor (JPY) | 36,500 | 2,411 |
| 4,728 | ||
| Diversified Consumer Services 0.0% | ||
| API Group (1) | 14,750 | 209 |
| API Group, Warrants, 10/10/20 (1) | 17,750 | 18 |
| Bright Horizons Family Solutions (1) | 2,845 | 378 |
| ServiceMaster Global Holdings (1) | 4,400 | 175 |
| Strategic Education | 700 | 72 |
| 852 | ||
| Hotels, Restaurants & Leisure 0.8% | ||
| BJ's Restaurants | 12,242 | 386 |
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) | ||
| Chipotle Mexican Grill (1) | 1,268 | 1,661 |
| Chuy's Holdings (1) | 13,025 | 290 |
| Compass Group (GBP) | 62,391 | 1,010 |
| Denny's (1) | 14,800 | 170 |
| Drive Shack (1) | 24,900 | 35 |
| Dunkin' Brands Group | 3,300 | 251 |
| Fiesta Restaurant Group (1) | 17,384 | 174 |
| Hilton Worldwide Holdings | 31,111 | 2,811 |
| Marriott International, Class A | 25,438 | 2,618 |
| McDonald's | 18,860 | 4,027 |
| MGM Resorts International | 39,058 | 879 |
| OneSpaWorld Holdings | 8,340 | 58 |
| Papa John's International | 9,200 | 904 |
| Red Robin Gourmet Burgers (1) | 7,616 | 84 |
| Yum! Brands | 36,328 | 3,482 |
| 18,840 | ||
| Household Durables 0.3% | ||
| Cavco Industries (1) | 1,040 | 199 |
| Lennar, Class A | 20,822 | 1,558 |
| Panasonic (JPY) | 99,000 | 912 |
| Persimmon (GBP) | 30,173 | 1,048 |
| Skyline Champion (1) | 10,084 | 288 |
| Sony (JPY) | 17,900 | 1,402 |
| Tempur Sealy International (1) | 4,050 | 346 |
| TRI Pointe Group (1) | 15,006 | 253 |
| 6,006 | ||
| Internet & Direct Marketing Retail 2.4% | ||
| A Place for Rover, Acquisition Date: 5/25/18, Cost $3 (1)(3)(4) | 402 | 2 |
| Alibaba Group Holding, ADR (1) | 49,005 | 14,066 |
| Amazon.com (1)(2) | 10,242 | 35,345 |
| ASOS (GBP) (1) | 31,031 | 2,031 |
| Booking Holdings (1) | 1,634 | 3,122 |
| Etsy (1) | 3,063 | 367 |
| Trip.com Group, ADR (1) | 1,208 | 36 |
| Zalando (EUR) (1) | 18,133 | 1,588 |
| 56,557 | ||
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 | 16,205 | 3,271 |
| Dollar Tree (1) | 924 | 89 |
| Next (GBP) | 14,096 | 1,130 |
| Ollie's Bargain Outlet Holdings (1) | 9,504 | 908 |
| 5,398 | ||
| Specialty Retail 0.5% | ||
| Aaron's | 10,615 | 593 |
| Burlington Stores (1) | 4,400 | 866 |
| Five Below (1) | 1,300 | 142 |
| Home Depot | 2,779 | 792 |
| Kingfisher (GBP) | 391,472 | 1,424 |
| Lowe's | 822 | 135 |
| Michaels (1) | 27,700 | 312 |
| Monro | 9,625 | 444 |
| O'Reilly Automotive (1) | 2,275 | 1,059 |
| RH (1) | 840 | 278 |
| Ross Stores | 30,615 | 2,788 |
| TJX | 21,755 | 1,192 |
| Vroom (1) | 1,249 | 86 |
| Vroom, Acquisition Date: 6/30/17 - 11/21/19, Cost $99 (1)(3) | 9,738 | 635 |
| 10,746 | ||
| Textiles, Apparel & Luxury Goods 0.3% | ||
| Allbirds, Acquisition Date: 10/10/18 - 12/21/18, Cost $49 | ||
| (1)(3)(4) | 4,500 | 58 |
| EssilorLuxottica (EUR) (1) | 8,217 | 1,100 |
| Kering (EUR) | 1,757 | 1,078 |
| Lululemon Athletica (1) | 5,381 | 2,022 |
| Moncler (EUR) (1) | 30,491 | 1,182 |
| NIKE, Class B | 5,579 | 624 |
| Samsonite International (HKD) (1) | 309,900 | 358 |
| Steven Madden | 1,700 | 36 |
| 6,458 | ||
| Total Consumer Discretionary | 115,565 | |
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) | ||
| CONSUMER STAPLES 1.4% | ||
| Beverages 0.2% | ||
| Boston Beer, Class A (1) | 1,772 | 1,563 |
| Coca-Cola | 9,486 | 470 |
| Diageo (GBP) | 45,233 | 1,511 |
| Kirin Holdings (JPY) | 33,300 | 655 |
| 4,199 | ||
| Food & Staples Retailing 0.1% | ||
| Seven & i Holdings (JPY) (5) | 42,500 | 1,371 |
| Welcia Holdings (JPY) | 14,200 | 609 |
| 1,980 | ||
| Food Products 0.7% | ||
| Barry Callebaut (CHF) | 379 | 840 |
| BellRing Brands, Class A (1) | 5,060 | 98 |
| Cal-Maine Foods (1) | 10,911 | 421 |
| Nestle (CHF) | 61,105 | 7,360 |
| Nomad Foods (1) | 13,807 | 340 |
| Post Holdings (1) | 5,300 | 467 |
| Sanderson Farms | 2,900 | 339 |
| TreeHouse Foods (1) | 10,650 | 456 |
| Tyson Foods, Class A | 51,108 | 3,210 |
| Utz Brands (1) | 14,240 | 262 |
| Utz Brands, Warrants, 8/28/25 (1) | 3,713 | 23 |
| Wilmar International (SGD) | 378,500 | 1,211 |
| 15,027 | ||
| Personal Products 0.3% | ||
| L'Oreal (EUR) | 6,544 | 2,171 |
| Pola Orbis Holdings (JPY) | 12,400 | 225 |
| Unilever (GBP) | 78,581 | 4,646 |
| 7,042 | ||
| Tobacco 0.1% | ||
| Altria Group | 20,843 | 912 |
| Philip Morris International | 26,462 | 2,111 |
| 3,023 | ||
| Total Consumer Staples | 31,271 | |
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 0.8% | ||
| Energy Equipment & Services 0.2% | ||
| Cactus, Class A | 4,800 | 106 |
| Computer Modelling Group (CAD) | 14,200 | 57 |
| Dril-Quip (1) | 3,400 | 113 |
| Halliburton | 163,768 | 2,650 |
| Liberty Oilfield Services, Class A | 28,764 | 185 |
| NexTier Oilfield Solutions (1) | 44,800 | 113 |
| Worley (AUD) | 111,412 | 786 |
| 4,010 | ||
| Oil, Gas & Consumable Fuels 0.6% | ||
| Devon Energy | 13,100 | 142 |
| Diamondback Energy | 9,700 | 378 |
| Enbridge | 73,632 | 2,358 |
| EOG Resources | 24,944 | 1,131 |
| Equinor (NOK) | 97,599 | 1,579 |
| Magnolia Oil & Gas, Class A (1) | 36,451 | 235 |
| Parsley Energy, Class A | 8,597 | 92 |
| Pioneer Natural Resources | 670 | 70 |
| Royal Dutch Shell, Class B, ADR | 22,565 | 634 |
| Seven Generations Energy, Class A (CAD) (1)(5) | 22,100 | 70 |
| TC Energy | 52,916 | 2,469 |
| TOTAL (EUR) | 51,928 | 2,060 |
| Venture Global LNG, Series B, Acquisition Date: 3/8/18, Cost | ||
| $9 (1)(3)(4) | 3 | 12 |
| Venture Global LNG, Series C, Acquisition Date: 5/25/17 - | ||
| 3/8/18, Cost $134 (1)(3)(4) | 37 | 142 |
| Williams | 165,118 | 3,428 |
| 14,800 | ||
| Total Energy | 18,810 | |
| FINANCIALS 4.4% | ||
| Banks 1.4% | ||
| Atlantic Capital Bancshares (1) | 7,494 | 86 |
| Australia & New Zealand Banking Group (AUD) | 61,284 | 826 |
| Bank of America | 290,468 | 7,477 |
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) | ||
| BankUnited | 21,500 | 503 |
| BNP Paribas (EUR) (1) | 34,538 | 1,505 |
| Bridge Bancorp | 6,300 | 126 |
| Close Brothers Group (GBP) | 20,884 | 313 |
| Columbia Banking System | 5,100 | 142 |
| CrossFirst Bankshares (1) | 11,763 | 109 |
| DBS Group Holdings (SGD) | 39,567 | 606 |
| DNB (NOK) (1) | 126,149 | 2,021 |
| Dogwood State Bank, Non-Voting Shares, Acquisition Date: | ||
| 5/6/19, Cost $24 (1)(3)(4) | 2,412 | 13 |
| Dogwood State Bank, Voting Shares, Acquisition Date: 5/6/19, | ||
| Cost $12 (1)(3)(4) | 1,185 | 6 |
| Dogwood State Bank, Warrants, 5/6/24, Acquisition Date: | ||
| 5/6/19, Cost $- (1)(3)(4) | 360 | — |
| East West Bancorp | 8,500 | 313 |
| Equity Bancshares, Class A (1) | 6,176 | 98 |
| Erste Group Bank (EUR) (1) | 25,507 | 619 |
| FB Financial | 10,383 | 280 |
| First Bancshares | 6,992 | 150 |
| Grasshopper Bancorp, Acquisition Date: 10/12/18 - 5/2/19, | ||
| Cost $41 (1)(3)(4) | 4,129 | 31 |
| Grasshopper Bancorp, Warrants, 10/12/28, Acquisition Date: | ||
| 10/12/18, Cost $- (1)(3)(4) | 803 | 2 |
| Heritage Commerce | 17,916 | 124 |
| Heritage Financial | 7,700 | 154 |
| Home BancShares | 28,500 | 462 |
| ING Groep (EUR) (1) | 192,056 | 1,568 |
| Intesa Sanpaolo (EUR) (1) | 327,070 | 704 |
| Investors Bancorp | 21,300 | 165 |
| JPMorgan Chase | 26,054 | 2,610 |
| Live Oak Bancshares | 9,825 | 218 |
| Lloyds Banking Group (GBP) (1) | 2,246,149 | 847 |
| Mitsubishi UFJ Financial Group (JPY) | 192,500 | 803 |
| National Bank of Canada (CAD) (5) | 33,176 | 1,824 |
| Origin Bancorp | 8,511 | 202 |
| Pacific Premier Bancorp | 12,600 | 285 |
| Pinnacle Financial Partners | 11,017 | 440 |
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) | ||
| PNC Financial Services Group | 5,594 | 622 |
| Popular | 4,600 | 170 |
| Professional Holding, Class A (1) | 2,961 | 34 |
| Professional Holding, Series A, Acquisition Date: 8/28/20, Cost | ||
| $12 (1)(3) | 1,107 | 12 |
| Prosperity Bancshares | 5,300 | 289 |
| Sandy Spring Bancorp | 3,994 | 96 |
| Seacoast Banking (1) | 15,975 | 323 |
| Signature Bank | 2,530 | 245 |
| South State | 7,656 | 426 |
| Standard Chartered (GBP) (1) | 73,058 | 381 |
| Sumitomo Mitsui Trust Holdings (JPY) | 23,489 | 678 |
| Svenska Handelsbanken, A Shares (SEK) (1) | 130,448 | 1,312 |
| Towne Bank | 5,321 | 94 |
| United Overseas Bank (SGD) | 72,800 | 1,044 |
| Webster Financial | 7,969 | 219 |
| Wells Fargo | 77,077 | 1,861 |
| Western Alliance Bancorp | 11,800 | 417 |
| 33,855 | ||
| Capital Markets 1.0% | ||
| Cboe Global Markets | 6,364 | 584 |
| Charles Schwab | 8,103 | 288 |
| CME Group | 5,313 | 934 |
| Conyers Park II Acquisition (1) | 11,442 | 127 |
| E*TRADE Financial | 52,309 | 2,830 |
| Goldman Sachs Group | 9,991 | 2,047 |
| Intercontinental Exchange | 13,728 | 1,458 |
| Macquarie Group (AUD) | 15,956 | 1,500 |
| Morgan Stanley | 183,842 | 9,608 |
| MSCI | 1,024 | 382 |
| Open Lending, Class A (1) | 10,293 | 225 |
| S&P Global | 5,646 | 2,069 |
| State Street | 1,398 | 95 |
| XP, Class A (1) | 5,126 | 253 |
| 22,400 | ||
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) | ||
| Consumer Finance 0.2% | ||
| Capital One Financial | 41,964 | 2,897 |
| Encore Capital Group (1) | 8,562 | 393 |
| PRA Group (1) | 8,835 | 412 |
| SLM | 17,500 | 134 |
| 3,836 | ||
| Diversified Financial Services 0.2% | ||
| Challenger (AUD) | 99,289 | 298 |
| Element Fleet Management (CAD) (5) | 160,780 | 1,323 |
| Equitable Holdings | 149,794 | 3,174 |
| Mitsubishi UFJ Lease & Finance (JPY) | 106,500 | 503 |
| 5,298 | ||
| Insurance 1.5% | ||
| AIA Group (HKD) | 97,000 | 994 |
| American International Group | 191,781 | 5,589 |
| Assurant | 4,814 | 585 |
| Aviva (GBP) | 183,947 | 693 |
| AXA (EUR) | 116,253 | 2,372 |
| Axis Capital Holdings | 9,700 | 463 |
| Chubb | 9,397 | 1,175 |
| Direct Line Insurance Group (GBP) | 101,010 | 399 |
| Hanover Insurance Group | 3,800 | 390 |
| Hartford Financial Services Group | 33,526 | 1,356 |
| Marsh & McLennan | 28,084 | 3,227 |
| MetLife | 66,469 | 2,556 |
| Muenchener Rueckversicherungs-Gesellschaft (EUR) | 10,308 | 2,978 |
| PICC Property & Casualty, H Shares (HKD) | 1,122,000 | 865 |
| Ping An Insurance Group, H Shares (HKD) | 80,500 | 860 |
| Principal Financial Group | 9,102 | 383 |
| Safety Insurance Group | 2,429 | 176 |
| Sampo, A Shares (EUR) | 39,297 | 1,583 |
| Selective Insurance Group | 10,600 | 634 |
| Selectquote (1) | 2,862 | 52 |
| Selectquote, Acquisition Date: 5/6/20, Cost $78 (1)(3) | 4,333 | 75 |
| State Auto Financial | 4,507 | 70 |
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) | ||
| Storebrand (NOK) (1) | 168,885 | 1,036 |
| Sun Life Financial (CAD) | 43,854 | 1,830 |
| Tokio Marine Holdings (JPY) | 37,800 | 1,745 |
| Willis Towers Watson | 7,232 | 1,486 |
| Zurich Insurance Group (CHF) | 4,376 | 1,618 |
| 35,190 | ||
| Thrifts & Mortgage Finance 0.1% | ||
| Capitol Federal Financial | 14,717 | 138 |
| Essent Group | 9,973 | 356 |
| Housing Development Finance (INR) | 31,129 | 773 |
| Meridian Bancorp | 17,562 | 204 |
| PennyMac Financial Services | 12,152 | 641 |
| Sterling Bancorp | 13,556 | 40 |
| 2,152 | ||
| Total Financials | 102,731 | |
| HEALTH CARE 5.3% | ||
| Biotechnology 0.7% | ||
| AbbVie | 43,138 | 4,131 |
| ACADIA Pharmaceuticals (1) | 2,485 | 98 |
| Acceleron Pharma (1) | 3,534 | 345 |
| Agios Pharmaceuticals (1) | 4,434 | 182 |
| Allogene Therapeutics (1) | 1,602 | 57 |
| Amarin, ADR (1) | 5,800 | 45 |
| Apellis Pharmaceuticals (1) | 1,500 | 46 |
| Arcutis Biotherapeutics (1) | 1,080 | 27 |
| Argenx, ADR (1) | 2,858 | 661 |
| Ascendis Pharma, ADR (1) | 8,287 | 1,228 |
| Avidity Biosciences (1) | 1,220 | 35 |
| Biogen (1) | 336 | 97 |
| Blueprint Medicines (1) | 4,374 | 339 |
| CareDx (1) | 2,234 | 76 |
| CRISPR Therapeutics (1) | 534 | 50 |
| CSL (AUD) | 2,582 | 542 |
| Enanta Pharmaceuticals (1) | 300 | 16 |
| G1 Therapeutics (1) | 2,415 | 37 |
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) | ||
| Generation Bio (1) | 1,140 | 36 |
| Generation Bio, Acquisition Date: 1/9/20, Cost $35 (1)(3) | 3,498 | 104 |
| Global Blood Therapeutics (1) | 7,739 | 486 |
| Homology Medicines (1) | 4,223 | 45 |
| IGM Biosciences (1) | 1,533 | 66 |
| Immunomedics (1) | 6,400 | 285 |
| Incyte (1) | 12,298 | 1,185 |
| Insmed (1) | 13,880 | 391 |
| Intellia Therapeutics (1) | 948 | 20 |
| Iovance Biotherapeutics (1) | 1,300 | 43 |
| Krystal Biotech (1) | 1,253 | 60 |
| Legend Biotech, ADR (1) | 592 | 20 |
| Orchard Therapeutics, ADR (1) | 10,431 | 62 |
| PTC Therapeutics (1) | 1,900 | 94 |
| Radius Health (1) | 15,891 | 197 |
| RAPT Therapeutics (1) | 1,139 | 30 |
| Scholar Rock Holding (1) | 4,134 | 62 |
| Seattle Genetics (1) | 2,932 | 464 |
| Tricida (1) | 5,052 | 53 |
| Ultragenyx Pharmaceutical (1) | 5,642 | 480 |
| Vertex Pharmaceuticals (1) | 15,487 | 4,323 |
| Xencor (1) | 6,739 | 241 |
| Zentalis Pharmaceuticals (1) | 1,018 | 35 |
| 16,794 | ||
| Health Care Equipment & Supplies 1.7% | ||
| Alcon (CHF) (1) | 8,416 | 479 |
| Align Technology (1) | 107 | 32 |
| AtriCure (1) | 5,919 | 265 |
| Avanos Medical (1) | 9,492 | 307 |
| Axonics Modulation Technologies (1) | 1,979 | 84 |
| Becton Dickinson & Company | 7,036 | 1,708 |
| Boston Scientific (1) | 73,707 | 3,023 |
| Danaher | 66,720 | 13,776 |
| Edwards Lifesciences (1) | 337 | 29 |
| Elekta, B Shares (SEK) (5) | 89,249 | 1,120 |
| Exact Sciences (1) | 3,939 | 297 |
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) | ||
| ICU Medical (1) | 2,014 | 403 |
| Inari Medical (1) | 696 | 56 |
| Intuitive Surgical (1) | 5,536 | 4,046 |
| iRhythm Technologies (1) | 3,603 | 793 |
| JAND, Class A, Acquisition Date: 3/9/18, Cost $54 (1)(3)(4) | 3,441 | 84 |
| Koninklijke Philips (EUR) (1) | 76,138 | 3,603 |
| Medtronic | 17,848 | 1,918 |
| Mesa Laboratories | 576 | 142 |
| Nevro (1) | 2,309 | 318 |
| NuVasive (1) | 3,700 | 193 |
| Pax Labs, Class A, Acquisition Date: 4/18/19, Cost $114 | ||
| (1)(3)(4) | 30,352 | 57 |
| Penumbra (1) | 1,155 | 242 |
| Quidel (1) | 5,143 | 905 |
| Stryker | 27,203 | 5,390 |
| Zimmer Biomet Holdings | 5,826 | 821 |
| 40,091 | ||
| Health Care Providers & Services 1.1% | ||
| Alignment Healthcare Partners, Acquisition Date: 2/28/20, Cost | ||
| $75 (1)(3)(4) | 6,228 | 76 |
| Amedisys (1) | 3,053 | 739 |
| Anthem | 15,432 | 4,344 |
| Centene (1) | 26,977 | 1,654 |
| Cigna | 19,013 | 3,372 |
| Cross Country Healthcare (1) | 10,915 | 70 |
| CVS Health | 8,039 | 499 |
| Fresenius (EUR) | 33,676 | 1,563 |
| Hanger (1) | 17,663 | 349 |
| HCA Healthcare | 30,018 | 4,074 |
| Humana | 1,626 | 675 |
| Molina Healthcare (1) | 5,512 | 1,020 |
| Pennant Group (1) | 5,329 | 197 |
| U.S. Physical Therapy | 3,710 | 330 |
| UnitedHealth Group | 22,163 | 6,927 |
| 25,889 | ||
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) | ||
| Health Care Technology 0.1% | ||
| Accolade (1) | 985 | 33 |
| HMS Holdings (1) | 11,500 | 321 |
| Oak Street Health (1) | 911 | 40 |
| Siemens Healthineers (EUR) | 26,384 | 1,202 |
| Veeva Systems, Class A (1) | 3,205 | 905 |
| 2,501 | ||
| Life Sciences Tools & Services 0.5% | ||
| Adaptive Biotechnologies (1) | 2,964 | 123 |
| Agilent Technologies | 22,109 | 2,220 |
| Bruker | 11,035 | 464 |
| Evotec (EUR) (1)(5) | 20,025 | 536 |
| Thermo Fisher Scientific | 20,854 | 8,946 |
| 12,289 | ||
| Pharmaceuticals 1.2% | ||
| Astellas Pharma (JPY) | 195,800 | 3,072 |
| Bausch Health (1) | 61,906 | 1,029 |
| Bayer (EUR) | 33,136 | 2,204 |
| Cara Therapeutics (1) | 3,702 | 57 |
| Catalent (1) | 10,633 | 984 |
| Elanco Animal Health (1) | 30,314 | 881 |
| GlaxoSmithKline, ADR | 47,602 | 1,885 |
| Ipsen (EUR) | 7,919 | 818 |
| MyoKardia (1) | 4,653 | 509 |
| Novartis (CHF) | 46,273 | 3,988 |
| Novo Nordisk, B Shares (DKK) | 10,843 | 717 |
| Odonate Therapeutics (1) | 455 | 7 |
| Otsuka Holdings (JPY) | 31,700 | 1,391 |
| Reata Pharmaceuticals, Class A (1) | 1,694 | 178 |
| Roche Holding (CHF) | 13,088 | 4,578 |
| Sanofi (EUR) | 23,523 | 2,383 |
| Takeda Pharmaceutical, ADR | 32,823 | 611 |
| TherapeuticsMD (1) | 79,899 | 117 |
| Turning Point Therapeutics (1) | 2,262 | 177 |
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) | ||
| Zoetis | 5,218 | 835 |
| 26,421 | ||
| Total Health Care | 123,985 | |
| INDUSTRIALS & BUSINESS SERVICES 3.6% | ||
| Aerospace & Defense 0.2% | ||
| Aerojet Rocketdyne Holdings (1) | 4,407 | 182 |
| BWX Technologies | 5,908 | 329 |
| Cubic | 8,157 | 384 |
| L3Harris Technologies | 120 | 22 |
| Meggitt (GBP) | 237,145 | 913 |
| Northrop Grumman | 92 | 32 |
| Safran (EUR) (1) | 9,269 | 1,070 |
| Teledyne Technologies (1) | 2,420 | 759 |
| 3,691 | ||
| Air Freight & Logistics 0.2% | ||
| FedEx | 4,419 | 971 |
| United Parcel Service, Class B | 23,011 | 3,765 |
| 4,736 | ||
| Airlines 0.0% | ||
| Alclear Holdings, Class B, Acquisition Date: 3/6/18 - 12/13/18, | ||
| Cost $137 (1)(3)(4)(6) | 917 | 248 |
| United Airlines Holdings (1) | 286 | 10 |
| 258 | ||
| Building Products 0.1% | ||
| Gibraltar Industries (1) | 9,033 | 564 |
| Johnson Controls International | 31,565 | 1,286 |
| PGT Innovations (1) | 12,866 | 233 |
| 2,083 | ||
| Commercial Services & Supplies 0.1% | ||
| ADT | 19,070 | 203 |
| Brink's | 8,512 | 412 |
| Cintas | 2,877 | 959 |
| Heritage-Crystal Clean (1) | 7,200 | 106 |
| MSA Safety | 2,600 | 327 |
| Rentokil Initial (GBP) (1) | 69,246 | 493 |
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) | ||
| Tetra Tech | 1,900 | 175 |
| 2,675 | ||
| Construction & Engineering 0.1% | ||
| Jacobs Engineering Group | 17,864 | 1,613 |
| 1,613 | ||
| Electrical Equipment 0.4% | ||
| ABB (CHF) | 70,870 | 1,807 |
| AZZ | 8,300 | 288 |
| Legrand (EUR) | 11,258 | 940 |
| Melrose Industries (GBP) | 742,992 | 991 |
| Mitsubishi Electric (JPY) | 144,300 | 1,988 |
| Prysmian (EUR) | 41,768 | 1,167 |
| Rockwell Automation | 8,700 | 2,006 |
| Thermon Group Holdings (1) | 4,100 | 54 |
| 9,241 | ||
| Industrial Conglomerates 0.8% | ||
| CK Hutchison Holdings (HKD) | 104,729 | 685 |
| DCC (GBP) | 12,463 | 1,107 |
| General Electric | 939,700 | 5,958 |
| Honeywell International | 21,598 | 3,575 |
| Roper Technologies | 6,829 | 2,917 |
| Siemens (EUR) | 32,480 | 4,501 |
| 18,743 | ||
| Machinery 0.8% | ||
| Caterpillar | 11,900 | 1,693 |
| Chart Industries (1) | 7,344 | 483 |
| Cummins | 3,728 | 773 |
| Deere | 21,759 | 4,571 |
| Enerpac Tool Group | 17,400 | 362 |
| ESCO Technologies | 6,849 | 616 |
| Federal Signal | 5,200 | 167 |
| Fortive | 7,250 | 523 |
| Graco | 7,800 | 452 |
| Helios Technologies | 6,640 | 273 |
| Ingersoll Rand (1) | 16,179 | 567 |
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) | ||
| John Bean Technologies | 6,571 | 674 |
| KION Group (EUR) | 16,852 | 1,426 |
| Knorr-Bremse (EUR) | 7,577 | 963 |
| Marel (ISK) | 15,730 | 81 |
| Meritor (1) | 20,700 | 471 |
| Mueller Water Products, Class A | 26,000 | 281 |
| Otis Worldwide | 11,688 | 735 |
| Parker-Hannifin | 217 | 45 |
| SMC (JPY) | 1,100 | 604 |
| Stanley Black & Decker | 8,730 | 1,408 |
| THK (JPY) | 36,300 | 850 |
| Toro | 4,400 | 331 |
| 18,349 | ||
| Marine 0.0% | ||
| Matson | 13,600 | 545 |
| 545 | ||
| Professional Services 0.3% | ||
| Clarivate (1) | 28,601 | 842 |
| CoStar Group (1) | 2,271 | 1,927 |
| Equifax | 6,299 | 1,060 |
| IHS Markit | 687 | 55 |
| Recruit Holdings (JPY) | 37,600 | 1,425 |
| TechnoPro Holdings (JPY) | 14,100 | 751 |
| Teleperformance (EUR) | 3,029 | 934 |
| Upwork (1) | 7,883 | 120 |
| 7,114 | ||
| Road & Rail 0.4% | ||
| Canadian Pacific Railway | 1,677 | 496 |
| Central Japan Railway (JPY) | 6,200 | 929 |
| Kansas City Southern | 1,527 | 278 |
| Knight-Swift Transportation Holdings | 14,452 | 657 |
| Landstar System | 2,100 | 279 |
| Norfolk Southern | 16,487 | 3,504 |
| Saia (1) | 2,300 | 309 |
| Union Pacific | 17,194 | 3,309 |
| 9,761 | ||
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) | ||
| Trading Companies & Distributors 0.2% | ||
| Ashtead Group (GBP) | 23,373 | 810 |
| Bunzl (GBP) | 23,482 | 758 |
| Mitsubishi (JPY) | 37,300 | 883 |
| SiteOne Landscape Supply (1) | 6,914 | 865 |
| Sumitomo (JPY) | 87,700 | 1,142 |
| United Rentals (1) | 8,547 | 1,513 |
| 5,971 | ||
| Total Industrials & Business Services | 84,780 | |
| INFORMATION TECHNOLOGY 8.4% | ||
| Communications Equipment 0.1% | ||
| Motorola Solutions | 6,573 | 1,017 |
| Telefonaktiebolaget LM Ericsson, B Shares (SEK) | 186,291 | 2,172 |
| 3,189 | ||
| Electronic Equipment, Instruments & Components 0.3% | ||
| Belden | 1,300 | 44 |
| CTS | 14,463 | 302 |
| Hamamatsu Photonics (JPY) | 21,400 | 975 |
| Keysight Technologies (1) | 13,967 | 1,376 |
| Largan Precision (TWD) | 6,000 | 693 |
| Littelfuse | 2,010 | 364 |
| Murata Manufacturing (JPY) | 21,500 | 1,272 |
| National Instruments | 13,575 | 487 |
| Novanta (1) | 6,951 | 745 |
| Omron (JPY) | 12,100 | 886 |
| TE Connectivity | 2,332 | 225 |
| 7,369 | ||
| IT Services 1.8% | ||
| Amadeus IT Group, A Shares (EUR) | 16,347 | 918 |
| ANT International, Class C, Acquisition Date: 6/7/18, Cost $481 | ||
| (1)(3)(4) | 85,814 | 603 |
| Booz Allen Hamilton Holding | 6,200 | 546 |
| Euronet Worldwide (1) | 3,300 | 341 |
| Evo Payments, Class A (1) | 3,137 | 90 |
| Fidelity National Information Services | 27,977 | 4,220 |
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) | ||
| Fiserv (1) | 30,240 | 3,011 |
| FleetCor Technologies (1) | 522 | 131 |
| Global Payments | 26,961 | 4,762 |
| Mastercard, Class A | 22,110 | 7,920 |
| NTT Data (JPY) | 114,100 | 1,304 |
| Parsons (1) | 3,910 | 130 |
| PayPal Holdings (1) | 36,162 | 7,382 |
| ServiceTitan, Acquisition Date: 11/9/18, Cost $4 (1)(3)(4) | 151 | 5 |
| StoneCo, Class A (1) | 4,712 | 240 |
| Twilio, Class A (1) | 683 | 184 |
| Visa, Class A | 41,933 | 8,890 |
| Wix.com (1) | 5,126 | 1,510 |
| 42,187 | ||
| Semiconductors & Semiconductor Equipment 2.4% | ||
| Advanced Micro Devices (1) | 26,979 | 2,450 |
| Analog Devices | 8,303 | 971 |
| Applied Materials | 94,588 | 5,827 |
| ASML Holding | 2,004 | 750 |
| ASML Holding (EUR) | 6,141 | 2,295 |
| Broadcom | 12,969 | 4,502 |
| Entegris | 14,300 | 957 |
| Inphi (1) | 605 | 69 |
| KLA | 572 | 117 |
| Lam Research | 2,456 | 826 |
| Lattice Semiconductor (1) | 30,359 | 868 |
| Marvell Technology Group | 47,810 | 1,854 |
| Maxim Integrated Products | 5,836 | 399 |
| Micron Technology (1) | 56,849 | 2,587 |
| MKS Instruments | 1,000 | 120 |
| Monolithic Power Systems | 342 | 91 |
| NVIDIA | 13,930 | 7,452 |
| NXP Semiconductors | 48,415 | 6,089 |
| PDF Solutions (1) | 10,934 | 226 |
| QUALCOMM | 81,507 | 9,708 |
| Renesas Electronics (JPY) (1) | 65,800 | 414 |
| Semtech (1) | 3,100 | 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) | ||
| Taiwan Semiconductor Manufacturing (TWD) | 257,719 | 3,756 |
| Texas Instruments | 21,795 | 3,098 |
| Tokyo Electron (JPY) | 4,400 | 1,129 |
| 56,737 | ||
| Software 2.9% | ||
| Atlassian, Class A (1) | 3,212 | 616 |
| Avalara (1) | 900 | 119 |
| Ceridian HCM Holding (1) | 8,703 | 692 |
| Checkr, Acquisition Date: 6/29/18 - 12/2/19, Cost $36 (1)(3)(4) | 1,585 | 34 |
| Coupa Software (1) | 1,675 | 549 |
| Descartes Systems Group (1) | 13,600 | 829 |
| DocuSign (1) | 6,664 | 1,486 |
| Duck Creek Technologies (1) | 1,032 | 40 |
| Five9 (1) | 5,805 | 740 |
| Intuit | 16,127 | 5,570 |
| Microsoft (2) | 113,137 | 25,516 |
| nCino (1) | 437 | 41 |
| nCino, Acquisition Date: 9/16/19, Cost $75 (1)(3) | 3,438 | 304 |
| Paycom Software (1) | 2,793 | 836 |
| Proofpoint (1) | 4,000 | 439 |
| salesforce.com (1) | 32,617 | 8,893 |
| SAP (EUR) | 17,231 | 2,849 |
| ServiceNow (1) | 14,000 | 6,748 |
| Shopify, Class A (1) | 124 | 132 |
| Splunk (1) | 11,890 | 2,608 |
| SS&C Technologies Holdings | 11,763 | 750 |
| Synopsys (1) | 18,020 | 3,988 |
| Toast, Acquisition Date: 9/14/18, Cost $- (1)(3)(4) | 9 | — |
| Workday, Class A (1) | 10,338 | 2,478 |
| Zendesk (1) | 1,300 | 125 |
| Zoom Video Communications, Class A (1) | 2,080 | 676 |
| 67,058 | ||
| Technology Hardware, Storage & Peripherals 0.9% | ||
| Apple (2) | 137,921 | 17,797 |
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) | ||
| Samsung Electronics (KRW) | 56,769 | 2,578 |
| 20,375 | ||
| Total Information Technology | 196,915 | |
| MATERIALS 1.5% | ||
| Chemicals 0.8% | ||
| Air Liquide (EUR) | 10,510 | 1,743 |
| Air Products & Chemicals | 108 | 32 |
| Asahi Kasei (JPY) | 129,700 | 1,087 |
| BASF (EUR) | 17,710 | 1,081 |
| Covestro (EUR) | 17,013 | 811 |
| DuPont de Nemours | 19,840 | 1,106 |
| Element Solutions (1) | 37,244 | 400 |
| Johnson Matthey (GBP) | 40,185 | 1,267 |
| Linde | 32,054 | 8,005 |
| Minerals Technologies | 6,000 | 305 |
| PPG Industries | 14,466 | 1,742 |
| Quaker Chemical | 2,250 | 428 |
| Sherwin-Williams | 447 | 300 |
| Tosoh (JPY) | 10,700 | 158 |
| Umicore (EUR) | 22,705 | 1,042 |
| 19,507 | ||
| Containers & Packaging 0.3% | ||
| Amcor, CDI (AUD) | 75,060 | 837 |
| International Paper | 58,576 | 2,124 |
| Packaging Corp. of America | 33,996 | 3,442 |
| Westrock | 43,772 | 1,328 |
| 7,731 | ||
| Metals & Mining 0.3% | ||
| Alcoa (1) | 15,400 | 225 |
| Antofagasta (GBP) | 91,566 | 1,313 |
| BHP Group (AUD) | 21,742 | 600 |
| BHP Group (GBP) | 57,532 | 1,309 |
| Constellium (1) | 22,200 | 178 |
| ERO Copper (CAD) (1) | 19,300 | 294 |
| Franco-Nevada (CAD) | 2,000 | 301 |
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) | ||
| Haynes International | 6,162 | 115 |
| IGO (AUD) | 247,004 | 804 |
| Lundin Mining (CAD) | 31,597 | 198 |
| Northern Star Resources (AUD) | 50,135 | 505 |
| Rio Tinto (AUD) | 7,568 | 545 |
| South32 (AUD) | 335,555 | 519 |
| 6,906 | ||
| Paper & Forest Products 0.1% | ||
| Stora Enso, R Shares (EUR) | 102,344 | 1,510 |
| West Fraser Timber (CAD) | 5,300 | 284 |
| 1,794 | ||
| Total Materials | 35,938 | |
| REAL ESTATE 0.9% | ||
| Equity Real Estate Investment Trusts 0.8% | ||
| American Campus Communities, REIT | 11,200 | 380 |
| Community Healthcare Trust, REIT | 2,200 | 103 |
| CubeSmart, REIT | 10,100 | 319 |
| Douglas Emmett, REIT | 2,400 | 67 |
| EastGroup Properties, REIT | 6,100 | 812 |
| First Industrial Realty Trust, REIT | 5,379 | 229 |
| Great Portland Estates (GBP) | 104,727 | 845 |
| JBG SMITH Properties, REIT | 15,547 | 430 |
| Prologis, REIT | 87,866 | 8,950 |
| PS Business Parks, REIT | 4,578 | 578 |
| Regency Centers, REIT | 2,675 | 106 |
| Rexford Industrial Realty, REIT | 10,600 | 509 |
| Scentre Group (AUD) | 347,269 | 578 |
| Sun Communities, REIT | 14,064 | 2,097 |
| Welltower, REIT | 15,408 | 886 |
| Weyerhaeuser, REIT | 69,768 | 2,115 |
| 19,004 | ||
| Real Estate Management & Development 0.1% | ||
| FirstService | 7,936 | 993 |
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) | ||
| Mitsui Fudosan (JPY) | 88,700 | 1,605 |
| 2,598 | ||
| Total Real Estate | 21,602 | |
| UTILITIES 1.3% | ||
| Electric Utilities 0.6% | ||
| American Electric Power | 3,644 | 287 |
| Entergy | 10,052 | 997 |
| Iberdrola (EUR) | 3,974 | 50 |
| MGE Energy | 1,531 | 100 |
| NextEra Energy | 32,652 | 9,115 |
| PNM Resources | 17,955 | 784 |
| Southern | 45,824 | 2,391 |
| 13,724 | ||
| Gas Utilities 0.1% | ||
| Beijing Enterprises Holdings (HKD) | 127,000 | 403 |
| Chesapeake Utilities | 4,350 | 356 |
| ONE Gas | 8,300 | 615 |
| Southwest Gas Holdings | 9,619 | 605 |
| 1,979 | ||
| Independent Power & Renewable Electricity Producers 0.1% | ||
| AES | 46,699 | 829 |
| Electric Power Development (JPY) | 41,400 | 625 |
| NextEra Energy Partners | 4,900 | 295 |
| 1,749 | ||
| Multi-Utilities 0.5% | ||
| Ameren | 29,734 | 2,352 |
| Engie (EUR) (1) | 134,674 | 1,874 |
| National Grid (GBP) | 106,676 | 1,195 |
| NiSource | 41,704 | 924 |
| Public Service Enterprise Group | 18,450 | 964 |
| Sempra Energy | 43,379 | 5,364 |
| 12,673 | ||
| Water Utilities 0.0% | ||
| California Water Service Group | 5,400 | 245 |
| Middlesex Water | 3,847 | 246 |
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) | ||||
| SJW Group | 5,753 | 360 | ||
| 851 | ||||
| Total Utilities | 30,976 | |||
| Total Miscellaneous Common Stocks 0.1% (7) | 1,420 | |||
| Total Common Stocks (Cost $490,541) | 851,345 | |||
| CONVERTIBLE PREFERRED STOCKS 0.1% | ||||
| CONSUMER DISCRETIONARY 0.1% | ||||
| Automobiles 0.1% | ||||
| Rivian Automotive, Series D, Acquisition Date: 12/23/19, Cost | ||||
| $107 (1)(3)(4) | 10,000 | 155 | ||
| Rivian Automotive, Series E, Acquisition Date: 7/10/20, Cost | ||||
| $163 (1)(3)(4) | 10,520 | 163 | ||
| 318 | ||||
| Diversified Consumer Services 0.0% | ||||
| 1stdibs.com, Series D, Acquisition Date: 2/7/19, Cost $44 | ||||
| (1)(3)(4) | 8,813 | 41 | ||
| 41 | ||||
| Hotels, Restaurants & Leisure 0.0% | ||||
| Cava Group, Series E, Acquisition Date: 6/23/20, Cost $124 | ||||
| (1)(3)(4) | 5,461 | 124 | ||
| 124 | ||||
| Internet & Direct Marketing Retail 0.0% | ||||
| A Place for Rover, Series G, Acquisition Date: 5/11/18, Cost | ||||
| $43 (1)(3)(4) | 5,748 | 33 | ||
| 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 | ||
| 191 | ||||
| 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 | ||
| Allbirds, Series C, Acquisition Date: 10/9/18, Cost $27 (1)(3)(4) | 2,470 | 32 | ||
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 Seed, Acquisition Date: 10/10/18, Cost $9 | ||||
| (1)(3)(4) | 790 | 10 | ||
| 64 | ||||
| Total Consumer Discretionary | 738 | |||
| 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 | 179 | ||
| Total Consumer Staples | 179 | |||
| HEALTH CARE 0.0% | ||||
| Biotechnology 0.0% | ||||
| Caris Life Sciences, Series C, Acquisition Date: 8/14/20, Cost | ||||
| $41 (1)(3)(4) | 14,745 | 41 | ||
| 41 | ||||
| Health Care Equipment & Supplies 0.0% | ||||
| JAND, Series E, Acquisition Date: 3/9/18, Cost $67 (1)(3)(4) | 4,246 | 104 | ||
| JAND, Series F, Acquisition Date: 4/3/20, Cost $101 (1)(3)(4) | 5,187 | 127 | ||
| 231 | ||||
| Total Health Care | 272 | |||
| INDUSTRIALS & BUSINESS SERVICES 0.0% | ||||
| Machinery 0.0% | ||||
| Stanley Black & Decker, Series C, STEP, 5.00% (8) | 44 | 52 | ||
| Xometry, Series A-2, Acquisition Date: 7/20/20, Cost $8 | ||||
| (1)(3)(4) | 795 | 8 | ||
| Xometry, Series B, Acquisition Date: 7/20/20, Cost $3 (1)(3)(4) | 273 | 2 | ||
| Xometry, Series C, Acquisition Date: 7/20/20, Cost $3 (1)(3)(4) | 283 | 3 | ||
| Xometry, Series D, Acquisition Date: 7/20/20, Cost $2 (1)(3)(4) | 220 | 2 | ||
| Xometry, Series E, Acquisition Date: 7/20/20, Cost $22 (1)(3)(4) | 1,591 | 22 | ||
| 89 | ||||
| Road & Rail 0.0% | ||||
| Convoy, Series C, Acquisition Date: 9/14/18, Cost $68 (1)(3)(4) | 9,621 | 96 | ||
| Convoy, Series D, Acquisition Date: 10/30/19, Cost $84 | ||||
| (1)(3)(4) | 6,236 | 63 | ||
| 159 | ||||
| Total Industrials & Business Services | 248 | |||
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 0.0% | ||||
| 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 | 52 | ||
| 52 | ||||
| Software 0.0% | ||||
| Checkr, Series C, Acquisition Date: 4/10/18, Cost $32 (1)(3)(4) | 2,328 | 52 | ||
| Checkr, Series D, Acquisition Date: 9/6/19, Cost $99 (1)(3)(4) | 3,266 | 73 | ||
| 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 | 24 | ||
| Seismic Software, Series E, Acquisition Date: 12/13/18, Cost | ||||
| $58 (1)(3)(4) | 1,854 | 92 | ||
| 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 | 228 | ||
| Toast, Series F, Acquisition Date: 2/14/20, Cost $22 (1)(3)(4) | 484 | 19 | ||
| 517 | ||||
| Total Information Technology | 569 | |||
| UTILITIES 0.0% | ||||
| Electric Utilities 0.0% | ||||
| Southern, Series A6.75%, 8/1/22 | 9,810 | 444 | ||
| Total Utilities | 444 | |||
| Total Convertible Preferred Stocks (Cost $2,115) | 2,450 | |||
| CORPORATE BONDS 7.6% | ||||
| AbbVie, 2.95%, 11/21/26 (9) | 1,185,000 | 1,302 | ||
| AbbVie, 3.20%, 11/21/29 (9) | 190,000 | 210 | ||
| AbbVie, 3.60%, 5/14/25 | 580,000 | 646 | ||
| AbbVie, 4.05%, 11/21/39 (9) | 260,000 | 305 | ||
| AbbVie, 4.70%, 5/14/45 | 600,000 | 734 | ||
| AbbVie, 4.875%, 11/14/48 | 870,000 | 1,108 | ||
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) | ||
| Adani Electricity Mumbai, 3.949%, 2/12/30 | 1,200,000 | 1,200 |
| AerCap Ireland Capital, 3.50%, 1/15/25 | 150,000 | 145 |
| AerCap Ireland Capital, 4.625%, 7/1/22 | 300,000 | 307 |
| AerCap Ireland Capital, 4.875%, 1/16/24 | 355,000 | 364 |
| AerCap Ireland Capital, 6.50%, 7/15/25 | 150,000 | 163 |
| Aflac, 3.60%, 4/1/30 | 155,000 | 181 |
| AIA Group, 3.90%, 4/6/28 (9) | 765,000 | 865 |
| AIB Group, VR, 4.263%, 4/10/25 (9)(10) | 480,000 | 519 |
| Alexandria Real Estate Equities, 3.45%, 4/30/25 | 390,000 | 434 |
| Alexandria Real Estate Equities, 3.95%, 1/15/27 | 455,000 | 516 |
| Alexandria Real Estate Equities, 3.95%, 1/15/28 | 655,000 | 753 |
| Altria Group, 5.80%, 2/14/39 | 115,000 | 146 |
| American Airlines PTT, Series 2016-1, Class AA, 3.575%, | ||
| 1/15/28 | 230,670 | 222 |
| American Airlines PTT, Series 2016-3, Class B, 3.75%, 10/15/25 | 225,922 | 156 |
| American Airlines PTT, Series 2017-2, Class AA, 3.35%, | ||
| 10/15/29 | 209,563 | 196 |
| American Airlines PTT, Series 2017-2, Class B, 3.70%, 10/15/25 | 412,456 | 279 |
| American Campus Communities Operating Partnership, 2.85%, | ||
| 2/1/30 | 770,000 | 767 |
| 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 | 281 |
| Anglo American Capital, 4.125%, 9/27/22 (9) | 465,000 | 490 |
| Anheuser-Busch InBev Worldwide, 4.90%, 2/1/46 | 500,000 | 616 |
| Anthem, 2.25%, 5/15/30 | 280,000 | 289 |
| Apple, 1.65%, 5/11/30 | 450,000 | 466 |
| APT Pipelines, 3.875%, 10/11/22 (9) | 300,000 | 312 |
| APT Pipelines, 4.25%, 7/15/27 (9) | 288,000 | 324 |
| Arrow Electronics, 4.00%, 4/1/25 | 510,000 | 549 |
| AT&T, 1.65%, 2/1/28 | 150,000 | 152 |
| AT&T, 2.25%, 2/1/32 | 260,000 | 262 |
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) | ||
| AT&T, 2.30%, 6/1/27 | 425,000 | 451 |
| AT&T, 2.75%, 6/1/31 | 910,000 | 963 |
| AT&T, 3.65%, 6/1/51 | 435,000 | 454 |
| AT&T, 4.30%, 2/15/30 | 290,000 | 345 |
| AT&T, 4.50%, 3/9/48 | 790,000 | 927 |
| Ausgrid Finance, 3.85%, 5/1/23 (9) | 285,000 | 300 |
| Ausgrid Finance, 4.35%, 8/1/28 (9) | 440,000 | 502 |
| Avnet, 3.75%, 12/1/21 | 405,000 | 416 |
| Avolon Holdings Funding, 3.95%, 7/1/24 (9) | 615,000 | 567 |
| Avolon Holdings Funding, 4.375%, 5/1/26 (9) | 300,000 | 271 |
| Baidu, 2.875%, 7/6/22 | 960,000 | 990 |
| Baidu, 3.625%, 7/6/27 (5) | 680,000 | 749 |
| Baidu, 3.875%, 9/29/23 | 545,000 | 589 |
| Banco de Bogota, 4.375%, 8/3/27 (9) | 750,000 | 788 |
| Banco Santander, 3.49%, 5/28/30 | 200,000 | 219 |
| Banco Santander Chile, 3.875%, 9/20/22 (9) | 305,000 | 323 |
| Bangkok Bank, VR, 3.733%, 9/25/34 (10) | 950,000 | 958 |
| Bank of America, 3.248%, 10/21/27 | 1,420,000 | 1,580 |
| Bank of America, VR, 1.898%, 7/23/31 (10) | 485,000 | 488 |
| Bank of America, VR, 2.592%, 4/29/31 (10) | 600,000 | 636 |
| Bank of America, VR, 2.676%, 6/19/41 (10) | 420,000 | 429 |
| Bank of America, VR, 3.559%, 4/23/27 (10) | 1,195,000 | 1,343 |
| Bank of America, VR, 4.271%, 7/23/29 (10) | 875,000 | 1,033 |
| Barclays, VR, 2.852%, 5/7/26 (10) | 685,000 | 723 |
| Barclays, VR, 3.932%, 5/7/25 (10) | 465,000 | 504 |
| Barclays, VR, 4.61%, 2/15/23 (10) | 640,000 | 673 |
| Barclays Bank, 5.14%, 10/14/20 | 900,000 | 905 |
| BAT Capital, 3.222%, 8/15/24 | 380,000 | 409 |
| BAT Capital, 3.557%, 8/15/27 | 1,280,000 | 1,392 |
| Bayer U.S. Finance II, 3.875%, 12/15/23 (9) | 1,135,000 | 1,244 |
| BBVA Bancomer, 4.375%, 4/10/24 (9) | 740,000 | 801 |
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) | ||
| BBVA Bancomer, VR, 5.125%, 1/18/33 (10) | 1,000,000 | 962 |
| Becton Dickinson & Company, 2.823%, 5/20/30 | 285,000 | 310 |
| Becton Dickinson & Company, 2.894%, 6/6/22 | 202,000 | 209 |
| Becton Dickinson & Company, 3.70%, 6/6/27 | 1,419,000 | 1,602 |
| Becton Dickinson & Company, 3.734%, 12/15/24 | 325,000 | 360 |
| Becton Dickinson & Company, 3.794%, 5/20/50 | 390,000 | 441 |
| Becton Dickinson & Company, 4.669%, 6/6/47 | 915,000 | 1,129 |
| Boardwalk Pipelines, 3.375%, 2/1/23 | 150,000 | 153 |
| Boardwalk Pipelines, 3.40%, 2/15/31 | 385,000 | 388 |
| Boardwalk Pipelines, 4.45%, 7/15/27 | 175,000 | 190 |
| Boardwalk Pipelines, 4.95%, 12/15/24 | 415,000 | 451 |
| Boardwalk Pipelines, 5.95%, 6/1/26 | 430,000 | 506 |
| Booking Holdings, 4.10%, 4/13/25 | 190,000 | 215 |
| Booking Holdings, 4.50%, 4/13/27 | 200,000 | 235 |
| Booking Holdings, 4.625%, 4/13/30 | 235,000 | 282 |
| Boral Finance, 3.00%, 11/1/22 (9) | 70,000 | 72 |
| Boral Finance, 3.75%, 5/1/28 (9) | 915,000 | 910 |
| Boston Properties, 2.75%, 10/1/26 | 350,000 | 378 |
| Boston Properties, 3.20%, 1/15/25 | 565,000 | 612 |
| Boston Properties, 3.25%, 1/30/31 | 215,000 | 234 |
| Boston Properties, 3.65%, 2/1/26 | 340,000 | 379 |
| Braskem Finance, 7.375% (8) | 564,000 | 566 |
| Bristol-Myers Squibb, 5.25%, 8/15/43 | 240,000 | 343 |
| British Telecommunications, 3.25%, 11/8/29 (9) | 510,000 | 556 |
| Brixmor Operating Partnership, 3.65%, 6/15/24 | 272,000 | 284 |
| Brixmor Operating Partnership, 3.85%, 2/1/25 | 625,000 | 662 |
| Brixmor Operating Partnership, 4.05%, 7/1/30 | 260,000 | 278 |
| Brixmor Operating Partnership, 4.125%, 5/15/29 | 940,000 | 1,007 |
| Cameron LNG, 2.902%, 7/15/31 (9) | 175,000 | 191 |
| Cameron LNG, 3.302%, 1/15/35 (9) | 190,000 | 214 |
| Cameron LNG, 3.701%, 1/15/39 (9) | 145,000 | 161 |
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) | ||
| Capital One Bank USA, 3.375%, 2/15/23 | 920,000 | 973 |
| Capital One Financial, 0.80%, 6/12/24 (EUR) | 340,000 | 405 |
| Capital One Financial, 3.20%, 1/30/23 | 80,000 | 85 |
| Capital One Financial, 3.30%, 10/30/24 | 1,165,000 | 1,267 |
| Capital One Financial, 3.80%, 1/31/28 | 725,000 | 809 |
| Capital One Financial, 3.90%, 1/29/24 | 270,000 | 294 |
| Cardinal Health, 3.75%, 9/15/25 | 402,000 | 452 |
| Cardinal Health, 4.50%, 11/15/44 | 95,000 | 105 |
| Cardinal Health, 4.90%, 9/15/45 | 100,000 | 118 |
| CC Holdings, 3.849%, 4/15/23 | 730,000 | 787 |
| Charter Communications Operating, 2.80%, 4/1/31 | 590,000 | 621 |
| Charter Communications Operating, 3.75%, 2/15/28 | 550,000 | 612 |
| Charter Communications Operating, 4.20%, 3/15/28 | 425,000 | 486 |
| Charter Communications Operating, 4.908%, 7/23/25 | 1,115,000 | 1,297 |
| Charter Communications Operating, 6.484%, 10/23/45 | 110,000 | 148 |
| Cheniere Corpus Christi Holdings, 3.70%, 11/15/29 (9) | 445,000 | 469 |
| Cheniere Corpus Christi Holdings, 5.125%, 6/30/27 | 135,000 | 152 |
| Cheniere Corpus Christi Holdings, 7.00%, 6/30/24 | 285,000 | 331 |
| Cigna, 2.40%, 3/15/30 | 195,000 | 204 |
| Cigna, 3.40%, 3/1/27 | 105,000 | 117 |
| Cigna, 3.40%, 3/15/50 | 420,000 | 448 |
| Cigna, 4.125%, 11/15/25 | 985,000 | 1,136 |
| Cigna, 4.50%, 2/25/26 | 845,000 | 987 |
| Cigna, 4.80%, 8/15/38 | 535,000 | 669 |
| Citigroup, VR, 3.106%, 4/8/26 (10) | 500,000 | 543 |
| CNO Financial Group, 5.25%, 5/30/25 | 657,000 | 748 |
| Comcast, 2.80%, 1/15/51 | 655,000 | 655 |
| Comcast, 3.25%, 11/1/39 | 1,240,000 | 1,368 |
| Comcast, 3.30%, 2/1/27 | 1,110,000 | 1,256 |
| Comcast, 4.15%, 10/15/28 | 290,000 | 350 |
| Comcast, 4.70%, 10/15/48 | 670,000 | 898 |
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, 2.40%, 2/15/31 | 40,000 | 39 |
| Concho Resources, 3.75%, 10/1/27 | 350,000 | 383 |
| Continental Resources, 4.375%, 1/15/28 | 25,000 | 24 |
| Country Garden Holdings, 5.125%, 1/17/25 | 200,000 | 209 |
| Country Garden Holdings, 6.15%, 9/17/25 | 450,000 | 494 |
| Credit Suisse, 2.95%, 4/9/25 | 290,000 | 318 |
| Credit Suisse Group, VR, 2.193%, 6/5/26 (9)(10) | 695,000 | 717 |
| Credit Suisse Group, VR, 2.593%, 9/11/25 (9)(10) | 745,000 | 779 |
| Credit Suisse Group, VR, 4.194%, 4/1/31 (9)(10) | 660,000 | 770 |
| Crown Castle International, 4.45%, 2/15/26 | 780,000 | 904 |
| Crown Castle Towers, 3.222%, 5/15/22 (9) | 65,000 | 66 |
| Crown Castle Towers, 3.663%, 5/15/25 (9) | 695,000 | 732 |
| CVS Health, 1.30%, 8/21/27 | 380,000 | 377 |
| CVS Health, 2.70%, 8/21/40 | 150,000 | 146 |
| CVS Health, 3.625%, 4/1/27 | 510,000 | 577 |
| CVS Health, 4.25%, 4/1/50 | 55,000 | 65 |
| CVS Health, 5.05%, 3/25/48 | 1,350,000 | 1,752 |
| CVS Health, 5.125%, 7/20/45 | 25,000 | 32 |
| Danske Bank, 1.226%, 6/22/24 (9) | 495,000 | 499 |
| Danske Bank, 2.00%, 9/8/21 (9) | 255,000 | 258 |
| Danske Bank, 2.70%, 3/2/22 (9) | 305,000 | 314 |
| Danske Bank, 3.875%, 9/12/23 (9) | 5,000 | 5 |
| Danske Bank, 5.375%, 1/12/24 (9) | 320,000 | 362 |
| Danske Bank, VR, 3.001%, 9/20/22 (9)(10) | 200,000 | 204 |
| Danske Bank, VR, 3.244%, 12/20/25 (9)(10) | 250,000 | 268 |
| Diamondback Energy, 2.875%, 12/1/24 | 750,000 | 772 |
| Diamondback Energy, 3.25%, 12/1/26 | 515,000 | 527 |
| Diamondback Energy, 3.50%, 12/1/29 | 505,000 | 513 |
| Discover Financial Services, 3.75%, 3/4/25 | 875,000 | 954 |
| Discover Financial Services, 4.10%, 2/9/27 | 645,000 | 717 |
| Ecolab, 4.80%, 3/24/30 | 45,000 | 57 |
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) | ||
| Edison International, 4.95%, 4/15/25 | 30,000 | 33 |
| Empresa Nacional de Telecomunicaciones, 4.875%, 10/30/24 | 1,225,000 | 1,324 |
| Enel Chile, 4.875%, 6/12/28 | 860,000 | 1,036 |
| Enel Finance International, 2.75%, 4/6/23 (9) | 990,000 | 1,033 |
| Enel Finance International, 3.625%, 5/25/27 (9) | 535,000 | 594 |
| Energy Transfer Operating, 2.90%, 5/15/25 | 175,000 | 180 |
| Energy Transfer Operating, 4.20%, 4/15/27 | 880,000 | 918 |
| Energy Transfer Operating, 4.50%, 4/15/24 | 120,000 | 129 |
| Energy Transfer Operating, 4.95%, 6/15/28 | 180,000 | 192 |
| Energy Transfer Operating, 5.00%, 5/15/50 | 85,000 | 82 |
| Energy Transfer Operating, 5.25%, 4/15/29 | 265,000 | 288 |
| Energy Transfer Operating, 5.50%, 6/1/27 | 80,000 | 89 |
| Energy Transfer Operating, 5.875%, 1/15/24 | 320,000 | 355 |
| Energy Transfer Operating, 6.00%, 6/15/48 | 345,000 | 357 |
| Energy Transfer Operating, 6.25%, 4/15/49 | 455,000 | 477 |
| Eni, Series X-R, 4.75%, 9/12/28 (9) | 595,000 | 687 |
| Equitable Holdings, 4.35%, 4/20/28 | 640,000 | 728 |
| Essex Portfolio, 3.375%, 4/15/26 | 375,000 | 412 |
| Essex Portfolio, 3.625%, 5/1/27 | 580,000 | 648 |
| Falabella, 4.375%, 1/27/25 (5) | 1,100,000 | 1,182 |
| Fidelity National Financial, 4.50%, 8/15/28 | 310,000 | 354 |
| Fidelity National Information Services, 0.75%, 5/21/23 (EUR) | 100,000 | 121 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 185,000 | 200 |
| FirstEnergy, Series B, 2.25%, 9/1/30 | 70,000 | 70 |
| FirstEnergy, Series B, 3.90%, 7/15/27 | 1,300,000 | 1,423 |
| FirstEnergy Transmission, 4.35%, 1/15/25 (9) | 765,000 | 833 |
| Fiserv, 1.125%, 7/1/27 (EUR) | 230,000 | 282 |
| Fiserv, 3.20%, 7/1/26 | 325,000 | 364 |
| Fox, 3.05%, 4/7/25 | 35,000 | 38 |
| GE Capital International Funding, 3.373%, 11/15/25 | 1,045,000 | 1,108 |
| General Electric, 5.55%, 1/5/26 | 405,000 | 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) | ||
| General Electric, Series D, VR, 5.00% (8)(10) | 190,000 | 148 |
| General Motors Financial, 3.20%, 7/6/21 | 65,000 | 66 |
| General Motors Financial, 4.00%, 10/6/26 | 225,000 | 243 |
| General Motors Financial, 4.20%, 3/1/21 | 160,000 | 162 |
| General Motors Financial, 4.30%, 7/13/25 | 465,000 | 508 |
| General Motors Financial, 4.35%, 4/9/25 | 489,000 | 534 |
| General Motors Financial, 5.10%, 1/17/24 | 105,000 | 115 |
| GLP Capital, 3.35%, 9/1/24 | 120,000 | 121 |
| Goldman Sachs Group, 3.50%, 11/16/26 | 540,000 | 601 |
| Goldman Sachs Group, VR, 3.691%, 6/5/28 (10) | 955,000 | 1,081 |
| Hasbro, 3.00%, 11/19/24 | 485,000 | 511 |
| Hasbro, 3.55%, 11/19/26 | 240,000 | 253 |
| Healthcare Realty Trust, 3.625%, 1/15/28 | 575,000 | 613 |
| Healthpeak Properties, 2.875%, 1/15/31 | 75,000 | 80 |
| Healthpeak Properties, 3.25%, 7/15/26 | 65,000 | 73 |
| Healthpeak Properties, 3.50%, 7/15/29 | 75,000 | 83 |
| Heathrow Funding, 4.875%, 7/15/21 (9) | 570,000 | 584 |
| Highwoods Realty, 3.05%, 2/15/30 | 685,000 | 711 |
| Highwoods Realty, 4.125%, 3/15/28 | 570,000 | 629 |
| HSBC Holdings, 3.90%, 5/25/26 | 415,000 | 468 |
| HSBC Holdings, VR, 2.099%, 6/4/26 (10) | 570,000 | 582 |
| HSBC Holdings, VR, 3.95%, 5/18/24 (10) | 205,000 | 221 |
| Humana, 3.85%, 10/1/24 | 465,000 | 514 |
| Humana, 4.50%, 4/1/25 | 335,000 | 387 |
| Hyundai Capital America, 2.375%, 2/10/23 (9) | 485,000 | 498 |
| Intercontinental Exchange, 0.70%, 6/15/23 | 80,000 | 80 |
| Intercontinental Exchange, 1.85%, 9/15/32 | 405,000 | 410 |
| Intercontinental Exchange, 2.65%, 9/15/40 | 315,000 | 319 |
| JPMorgan Chase, VR, 2.083%, 4/22/26 (10) | 1,125,000 | 1,180 |
| JPMorgan Chase, VR, 2.182%, 6/1/28 (10) | 680,000 | 704 |
| JPMorgan Chase, VR, 2.522%, 4/22/31 (10) | 570,000 | 608 |
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 Chase, VR, 2.739%, 10/15/30 (10) | 415,000 | 447 |
| JPMorgan Chase, VR, 2.956%, 5/13/31 (10) | 1,415,000 | 1,516 |
| JPMorgan Chase, VR, 3.54%, 5/1/28 (10) | 275,000 | 310 |
| Keysight Technologies, 4.60%, 4/6/27 | 299,000 | 352 |
| Kinder Morgan, 5.625%, 11/15/23 (9) | 280,000 | 317 |
| Kinder Morgan Energy Partners, 3.50%, 3/1/21 | 65,000 | 65 |
| Las Vegas Sands, 3.20%, 8/8/24 | 125,000 | 127 |
| Las Vegas Sands, 3.50%, 8/18/26 | 210,000 | 214 |
| Marsh & McLennan, 2.25%, 11/15/30 | 185,000 | 194 |
| Martin Marietta Materials, 4.25%, 7/2/24 | 640,000 | 711 |
| Micron Technology, 4.185%, 2/15/27 | 405,000 | 462 |
| Micron Technology, 4.64%, 2/6/24 | 865,000 | 962 |
| Micron Technology, 5.327%, 2/6/29 | 226,000 | 270 |
| Mileage Plus Holdings, 6.50%, 6/20/27 (9) | 460,000 | 480 |
| Morgan Stanley, 3.625%, 1/20/27 | 770,000 | 874 |
| Morgan Stanley, 3.75%, 2/25/23 | 1,665,000 | 1,797 |
| Morgan Stanley, 4.00%, 7/23/25 | 595,000 | 681 |
| Morgan Stanley, VR, 4.431%, 1/23/30 (10) | 185,000 | 222 |
| Natwest Group, 5.125%, 5/28/24 | 355,000 | 392 |
| Natwest Group, 6.125%, 12/15/22 | 490,000 | 538 |
| Natwest Group, VR, 3.498%, 5/15/23 (10) | 535,000 | 558 |
| Netflix, 4.625%, 5/15/29 (EUR) | 655,000 | 918 |
| NiSource, 0.95%, 8/15/25 | 260,000 | 261 |
| NiSource, 1.70%, 2/15/31 | 315,000 | 311 |
| NiSource, 3.60%, 5/1/30 | 365,000 | 421 |
| NRG Energy, 3.75%, 6/15/24 (9) | 80,000 | 86 |
| NRG Energy, 4.45%, 6/15/29 (9) | 260,000 | 286 |
| NXP, 2.70%, 5/1/25 (9) | 50,000 | 53 |
| NXP, 3.15%, 5/1/27 (9) | 95,000 | 103 |
| NXP, 4.875%, 3/1/24 (9) | 555,000 | 624 |
| NXP, 5.35%, 3/1/26 (9) | 205,000 | 245 |
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) | ||
| Occidental Petroleum, 2.90%, 8/15/24 | 925,000 | 851 |
| Oracle, 2.80%, 4/1/27 | 440,000 | 483 |
| Oracle, 2.95%, 4/1/30 | 725,000 | 809 |
| Oracle, 3.60%, 4/1/50 | 930,000 | 1,038 |
| Pacific Gas & Electric, 2.10%, 8/1/27 | 495,000 | 484 |
| Pacific Gas & Electric, 2.50%, 2/1/31 | 570,000 | 548 |
| Pacific Gas & Electric, 3.30%, 8/1/40 | 480,000 | 452 |
| Pacific Gas & Electric, 3.95%, 12/1/47 | 320,000 | 301 |
| Pacific Gas & Electric, 4.55%, 7/1/30 | 530,000 | 580 |
| PerkinElmer, 3.30%, 9/15/29 | 440,000 | 485 |
| Perrigo Finance Unlimited, 3.15%, 6/15/30 | 200,000 | 210 |
| Perrigo Finance Unlimited, 3.90%, 12/15/24 | 440,000 | 476 |
| Perrigo Finance Unlimited, 4.375%, 3/15/26 | 455,000 | 509 |
| Prologis, 1.25%, 10/15/30 | 185,000 | 180 |
| Regency Centers, 3.70%, 6/15/30 | 385,000 | 425 |
| Reynolds American, 4.45%, 6/12/25 | 710,000 | 808 |
| Roper Technologies, 2.00%, 6/30/30 | 95,000 | 97 |
| Ross Stores, 4.80%, 4/15/30 | 120,000 | 144 |
| Ross Stores, 5.45%, 4/15/50 | 205,000 | 263 |
| Sabine Pass Liquefaction, 4.50%, 5/15/30 (9) | 95,000 | 109 |
| Sabine Pass Liquefaction, 5.00%, 3/15/27 | 1,105,000 | 1,257 |
| Sabine Pass Liquefaction, 5.75%, 5/15/24 | 200,000 | 229 |
| Sabine Pass Liquefaction, 5.875%, 6/30/26 | 629,000 | 755 |
| Santander UK Group Holdings, VR, 1.532%, 8/21/26 (10) | 715,000 | 715 |
| SBA Tower Trust, 2.328%, 1/15/28 (9) | 150,000 | 152 |
| SBA Tower Trust, 2.836%, 1/15/25 (9) | 580,000 | 603 |
| SBA Tower Trust, 3.168%, 4/11/22 (9) | 670,000 | 677 |
| SBA Tower Trust, 3.448%, 3/15/23 (9) | 260,000 | 272 |
| SBA Tower Trust, Series 2014-2A, Class C, 3.869%, 10/8/24 (9) | 645,000 | 666 |
| Simon Property Group, 2.65%, 7/15/30 | 385,000 | 385 |
| Simon Property Group, 3.30%, 1/15/26 | 95,000 | 104 |
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) | ||
| Simon Property Group, 3.375%, 10/1/24 | 1,010,000 | 1,092 |
| Simon Property Group, 3.50%, 9/1/25 | 225,000 | 247 |
| SMBC Aviation Capital Finance, 3.55%, 4/15/24 (9) | 520,000 | 541 |
| SMBC Aviation Capital Finance, 4.125%, 7/15/23 (9) | 200,000 | 210 |
| Southern, 3.25%, 7/1/26 | 575,000 | 642 |
| Standard Chartered, VR, 4.644%, 4/1/31 (9)(10) | 820,000 | 963 |
| Suncor Energy, 2.80%, 5/15/23 | 60,000 | 63 |
| Suncor Energy, 3.10%, 5/15/25 | 100,000 | 109 |
| Suzano Austria, 6.00%, 1/15/29 | 850,000 | 965 |
| Synchrony Financial, 4.25%, 8/15/24 | 105,000 | 113 |
| Synchrony Financial, 4.375%, 3/19/24 | 145,000 | 156 |
| T-Mobile USA, 2.05%, 2/15/28 (9) | 260,000 | 266 |
| T-Mobile USA, 3.75%, 4/15/27 (9) | 1,260,000 | 1,427 |
| T-Mobile USA, 3.875%, 4/15/30 (9) | 465,000 | 529 |
| Thermo Fisher Scientific, 0.125%, 3/1/25 (EUR) | 140,000 | 167 |
| Thermo Fisher Scientific, 1.75%, 4/15/27 (EUR) | 100,000 | 129 |
| Thermo Fisher Scientific, 2.375%, 4/15/32 (EUR) | 100,000 | 137 |
| Transcontinental Gas Pipe Line, 3.25%, 5/15/30 (9) | 100,000 | 109 |
| Transcontinental Gas Pipe Line, 4.00%, 3/15/28 | 430,000 | 483 |
| Transcontinental Gas Pipe Line, 4.60%, 3/15/48 | 270,000 | 318 |
| Transurban Finance, 3.375%, 3/22/27 (9) | 145,000 | 155 |
| Transurban Finance, 4.125%, 2/2/26 (9) | 120,000 | 133 |
| U.S. Airways PTT, Series 2012-2, Class A, 4.625%, 6/3/25 | 594,451 | 477 |
| U.S. Airways PTT, Series 2013-1, Class A, 3.95%, 11/15/25 | 191,196 | 158 |
| UBS Group, VR, 2.859%, 8/15/23 (9)(10) | 550,000 | 572 |
| United Airlines PTT, Series 2019-2, Class A, 2.90%, 5/1/28 | 155,000 | 130 |
| United Airlines PTT, Series 2019-2, Class AA, 2.70%, 5/1/32 | 100,000 | 91 |
| UnitedHealth Group, 2.00%, 5/15/30 | 195,000 | 204 |
| UnitedHealth Group, 2.75%, 5/15/40 | 255,000 | 269 |
| UnitedHealth Group, 2.90%, 5/15/50 | 360,000 | 378 |
| UnitedHealth Group, 3.50%, 8/15/39 | 150,000 | 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) | ||
| UnitedHealth Group, 3.70%, 12/15/25 | 410,000 | 471 |
| UnitedHealth Group, 4.45%, 12/15/48 | 50,000 | 65 |
| Vanke Real Estate Hong Kong, 5.35%, 3/11/24 (5) | 1,100,000 | 1,231 |
| VEREIT Operating Partnership, 3.95%, 8/15/27 | 934,000 | 996 |
| VEREIT Operating Partnership, 4.60%, 2/6/24 | 1,455,000 | 1,557 |
| VEREIT Operating Partnership, 4.625%, 11/1/25 | 300,000 | 332 |
| VEREIT Operating Partnership, 4.875%, 6/1/26 | 120,000 | 133 |
| Verizon Communications, 4.522%, 9/15/48 | 330,000 | 432 |
| Verizon Communications, 4.672%, 3/15/55 | 186,000 | 254 |
| Verizon Communications, 4.75%, 11/1/41 | 155,000 | 206 |
| Verizon Communications, 5.012%, 4/15/49 | 55,000 | 77 |
| Vistra Operations, 3.55%, 7/15/24 (9) | 870,000 | 921 |
| Vistra Operations, 3.70%, 1/30/27 (9) | 1,425,000 | 1,496 |
| Vistra Operations, 4.30%, 7/15/29 (9) | 770,000 | 836 |
| Vodafone Group, 4.375%, 5/30/28 | 255,000 | 304 |
| Vodafone Group, 4.875%, 6/19/49 | 615,000 | 763 |
| Vodafone Group, 5.25%, 5/30/48 | 915,000 | 1,176 |
| Volkswagen Bank, 1.875%, 1/31/24 (EUR) | 100,000 | 124 |
| Volkswagen Bank, 2.50%, 7/31/26 (EUR) | 400,000 | 517 |
| Volkswagen Group of America Finance, 2.85%, 9/26/24 (9) | 280,000 | 298 |
| Volkswagen Group of America Finance, 3.20%, 9/26/26 (9) | 970,000 | 1,070 |
| Volkswagen Leasing, 1.625%, 8/15/25 (EUR) | 295,000 | 363 |
| Wells Fargo, 4.30%, 7/22/27 | 370,000 | 426 |
| Wells Fargo, VR, 2.188%, 4/30/26 (10) | 340,000 | 355 |
| Wells Fargo, VR, 2.393%, 6/2/28 (10) | 380,000 | 397 |
| Wells Fargo, VR, 2.572%, 2/11/31 (10) | 640,000 | 669 |
| Wells Fargo, VR, 2.879%, 10/30/30 (10) | 1,150,000 | 1,235 |
| Wells Fargo, VR, 3.068%, 4/30/41 (10) | 1,005,000 | 1,067 |
| Westlake Chemical, 1.625%, 7/17/29 (EUR) | 215,000 | 249 |
| Williams, 3.90%, 1/15/25 | 845,000 | 928 |
| Williams, 4.00%, 9/15/25 | 120,000 | 134 |
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) | ||
| Williams, 4.30%, 3/4/24 | 50,000 | 55 |
| Williams, 4.85%, 3/1/48 | 320,000 | 372 |
| Willis North America, 3.60%, 5/15/24 | 1,030,000 | 1,123 |
| Woodside Finance, 3.65%, 3/5/25 (9) | 1,345,000 | 1,426 |
| Woodside Finance, 3.70%, 9/15/26 (9) | 438,000 | 470 |
| Woodside Finance, 3.70%, 3/15/28 (9) | 750,000 | 799 |
| WPP Finance 2010, 3.75%, 9/19/24 | 670,000 | 734 |
| Total Corporate Bonds (Cost $167,449) | 178,895 | |
| ASSET-BACKED SECURITIES 1.5% | ||
| AmeriCredit Automobile Receivables Trust | ||
| Series 2016-4, Class D | ||
| 2.74%, 12/8/22 | 1,005,000 | 1,020 |
| AmeriCredit Automobile Receivables Trust | ||
| Series 2019-1, Class B | ||
| 3.13%, 2/18/25 | 185,000 | 192 |
| Applebee's Funding | ||
| Series 2019-1A, Class A2I | ||
| 4.194%, 6/7/49 (9) | 770,000 | 666 |
| Avis Budget Rental Car Funding AESOP | ||
| Series 2016-2A, Class A | ||
| 2.72%, 11/20/22 (9) | 460,000 | 467 |
| Avis Budget Rental Car Funding AESOP | ||
| Series 2017-1A, Class A | ||
| 3.07%, 9/20/23 (9) | 480,000 | 490 |
| Avis Budget Rental Car Funding AESOP | ||
| Series 2018-2A, Class A | ||
| 4.00%, 3/20/25 (9) | 875,000 | 927 |
| Avis Budget Rental Car Funding AESOP | ||
| Series 2019-2A, Class A | ||
| 3.35%, 9/22/25 (9) | 210,000 | 221 |
| Avis Budget Rental Car Funding AESOP | ||
| Series 2020-1A, Class C | ||
| 3.02%, 8/20/26 (9) | 720,000 | 684 |
| Barings | ||
| Series 2013-IA, Class AR, CLO, FRN | ||
| 3M USD LIBOR + 0.80%, 1.072%, 1/20/28 (9) | 613,586 | 610 |
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) | ||
| Barings | ||
| Series 2016-2A, Class AR, CLO, FRN | ||
| 3M USD LIBOR + 1.08%, 1.352%, 7/20/28 (9) | 540,000 | 539 |
| Benefit Street Partners XI | ||
| Series 2017-11A, Class A2R, CLO, FRN | ||
| 3M USD LIBOR + 1.50%, 1.775%, 4/15/29 (9) | 280,000 | 273 |
| BlueMountain | ||
| Series 2015-2A, Class A1R, CLO, FRN | ||
| 3M USD LIBOR + 0.93%, 1.202%, 7/18/27 (9) | 454,614 | 452 |
| Capital One Multi-Asset Execution Trust | ||
| Series 2005-B3, Class B3, FRN | ||
| 3M USD LIBOR + 0.55%, 0.825%, 5/15/28 | 615,000 | 595 |
| Carlyle Global Market Strategies | ||
| Series 2015-3A, Class A1R, CLO, FRN | ||
| 3M USD LIBOR + 1.00%, 1.247%, 7/28/28 (9) | 1,345,000 | 1,337 |
| Carmax Auto Owner Trust | ||
| Series 2020-1, Class D | ||
| 2.64%, 7/15/26 | 735,000 | 741 |
| CIFC Funding | ||
| Series 2015-4A, Class A1R, CLO, FRN | ||
| 3M USD LIBOR + 1.15%, 1.422%, 10/20/27 (9) | 520,000 | 517 |
| 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%, 1.322%, 10/20/28 (9) | 945,000 | 940 |
| Driven Brands Funding | ||
| Series 2019-1A, Class A2 | ||
| 4.641%, 4/20/49 (9) | 280,725 | 301 |
| Driven Brands Funding | ||
| Series 2020-1A, Class A2 | ||
| 3.786%, 7/20/50 (9) | 265,000 | 276 |
| Dryden | ||
| Series 2020-86A, Class A, CLO, FRN | ||
| 3M USD LIBOR + 1.65%, 1.884%, 7/17/30 (9) | 1,175,000 | 1,175 |
| Elara HGV Timeshare Issuer | ||
| Series 2014-A, Class A | ||
| 2.53%, 2/25/27 (9) | 30,684 | 31 |
| Exeter Automobile Receivables Trust | ||
| Series 2020-1A, Class B | ||
| 2.26%, 4/15/24 (9) | 355,000 | 360 |
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) | ||
| Ford Credit Auto Owner Trust | ||
| Series 2019-1, Class A | ||
| 3.52%, 7/15/30 (9) | 1,175,000 | 1,288 |
| GM Financial Consumer Automobile | ||
| Series 2017-1A, Class C | ||
| 2.45%, 7/17/23 (9) | 100,000 | 101 |
| GM Financial Consumer Automobile Receivables Trust | ||
| Series 2017-3A, Class C | ||
| 2.52%, 3/16/23 (9) | 200,000 | 202 |
| Golub Capital Partners | ||
| Series 2018-39A, Class A1, CLO, FRN | ||
| 3M USD LIBOR + 1.15%, 1.422%, 10/20/28 (9) | 780,000 | 778 |
| Halcyon Loan Advisors Funding | ||
| Series 2014-3A, Class AR, CLO, FRN | ||
| 3M USD LIBOR + 1.10%, 1.358%, 10/22/25 (9) | 89,019 | 89 |
| Hardee's Funding | ||
| Series 2018-1A, Class A2I | ||
| 4.25%, 6/20/48 (9) | 427,388 | 429 |
| Hardee's Funding | ||
| Series 2018-1A, Class A2II | ||
| 4.959%, 6/20/48 (9) | 540,375 | 552 |
| Hilton Grand Vacations Trust | ||
| Series 2017-AA, Class A | ||
| 2.66%, 12/26/28 (9) | 45,994 | 47 |
| 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 (9) | 560,763 | 575 |
| Jimmy Johns Funding | ||
| Series 2017-1A, Class A2I | ||
| 3.61%, 7/30/47 (9) | 116,400 | 118 |
| Madison Park Funding XXXIII | ||
| Series 2019-33A, Class A, CLO, FRN | ||
| 3M USD LIBOR + 1.33%, 1.605%, 10/15/32 (9) | 805,000 | 804 |
| Madison Park Funding XXXVII | ||
| Series 2019-37A, Class A1, CLO, FRN | ||
| 3M USD LIBOR + 1.30%, 1.575%, 7/15/32 (9) | 335,000 | 334 |
| Magnetite XVIII | ||
| Series 2016-18A, Class AR, CLO, FRN | ||
| 3M USD LIBOR + 1.08%, 1.36%, 11/15/28 (9) | 510,000 | 507 |
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 2014-1A, Class A | ||
| 2.25%, 9/22/31 (9) | 18,310 | 18 |
| Navient Private Education Loan Trust | ||
| Series 2017-A, Class A2A | ||
| 2.88%, 12/16/58 (9) | 146,555 | 149 |
| Navient Private Education Loan Trust | ||
| Series 2018-BA, Class A2A | ||
| 3.61%, 12/15/59 (9) | 502,173 | 521 |
| Navient Private Education Refi Loan Trust | ||
| Series 2019-FA, Class A2 | ||
| 2.60%, 8/15/68 (9) | 730,000 | 754 |
| Navient Private Education Refi Loan Trust | ||
| Series 2020-CA, Class B | ||
| 2.83%, 11/15/68 (9) | 450,000 | 437 |
| Neuberger Berman Loan Advisers | ||
| Series 2018-29A, Class A1, CLO, FRN | ||
| 3M USD LIBOR + 1.13%, 1.402%, 10/19/31 (9) | 470,000 | 466 |
| Neuberger Berman XIX | ||
| Series 2015-19A, Class A2R2, CLO, FRN | ||
| 3M USD LIBOR + 1.15%, 1.425%, 7/15/27 (9) | 1,355,000 | 1,309 |
| Neuberger Berman XVI | ||
| Series 2017-16SA, Class A, CLO, FRN | ||
| 3M USD LIBOR + 0.85%, 1.125%, 1/15/28 (9) | 677,725 | 674 |
| OCP | ||
| Series 2014-7A, Class A1RR, CLO, FRN | ||
| 3M USD LIBOR + 1.12%, 1.392%, 7/20/29 (9) | 830,000 | 822 |
| OCP | ||
| Series 2020-19A, Class A1, CLO, FRN | ||
| 3M USD LIBOR + 1.75%, 2.07%, 7/20/31 (9) | 535,000 | 536 |
| Octagon Investment Partners XXIII | ||
| Series 2015-1A, Class A1R, CLO, FRN | ||
| 3M USD LIBOR + 0.85%, 1.125%, 7/15/27 (9) | 505,606 | 501 |
| Octagon Investment Partners XXIII | ||
| Series 2015-1A, Class BR, CLO, FRN | ||
| 3M USD LIBOR + 1.20%, 1.475%, 7/15/27 (9) | 435,000 | 420 |
| Octagon Investment Partners XXIX | ||
| Series 2016-1A, Class AR, CLO, FRN | ||
| 3M USD LIBOR + 1.18%, 1.444%, 1/24/33 (9) | 825,000 | 813 |
| OZLM VII | ||
| Series 2014-7RA, Class A1R, CLO, FRN | ||
| 3M USD LIBOR + 1.01%, 1.283%, 7/17/29 (9) | 626,983 | 617 |
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) | ||
| OZLM VIII | ||
| Series 2014-8A, Class A1RR, CLO, FRN | ||
| 3M USD LIBOR + 1.17%, 1.443%, 10/17/29 (9) | 813,838 | 809 |
| Palmer Square | ||
| Series 2020-2A, Class A1A, CLO, FRN | ||
| 3M USD LIBOR + 1.70%, 1.904%, 7/15/31 (9) | 505,000 | 505 |
| Santander Retail Auto Lease Trust | ||
| Series 2019-B, Class D | ||
| 3.31%, 6/20/24 (9) | 715,000 | 727 |
| Sierra Timeshare Receivables Funding | ||
| Series 2015-3A, Class A | ||
| 2.58%, 9/20/32 (9) | 21,963 | 22 |
| Sierra Timeshare Receivables Funding | ||
| Series 2016-1A, Class A | ||
| 3.08%, 3/21/33 (9) | 121,659 | 122 |
| Sierra Timeshare Receivables Funding | ||
| Series 2019-1A, Class A | ||
| 3.20%, 1/20/36 (9) | 203,353 | 210 |
| Sierra Timeshare Receivables Funding | ||
| Series 2020-2A, Class C | ||
| 3.51%, 7/20/37 (9) | 360,000 | 360 |
| SLM Student Loan Trust | ||
| Series 2008-5, Class A4, FRN | ||
| 3M USD LIBOR + 1.70%, 1.945%, 7/25/23 | 199,692 | 197 |
| SLM Student Loan Trust | ||
| Series 2008-9, Class A, FRN | ||
| 3M USD LIBOR + 1.50%, 1.745%, 4/25/23 | 203,187 | 199 |
| SMB Private Education Loan Trust | ||
| Series 2015-B, Class A2A | ||
| 2.98%, 7/15/27 (9) | 124,134 | 126 |
| SMB Private Education Loan Trust | ||
| Series 2015-C, Class A3, FRN | ||
| 1M USD LIBOR + 1.95%, 2.112%, 8/16/32 (9) | 555,000 | 563 |
| SMB Private Education Loan Trust | ||
| Series 2016-A, Class A2A | ||
| 2.70%, 5/15/31 (9) | 90,751 | 93 |
| SMB Private Education Loan Trust | ||
| Series 2016-B, Class A2A | ||
| 2.43%, 2/17/32 (9) | 229,752 | 234 |
| SMB Private Education Loan Trust | ||
| Series 2018-B, Class A2A | ||
| 3.60%, 1/15/37 (9) | 687,753 | 728 |
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 2018-B, Class A2B, FRN | ||
| 1M USD LIBOR + 0.72%, 0.882%, 1/15/37 (9) | 189,573 | 188 |
| SMB Private Education Loan Trust | ||
| Series 2018-C, Class A2A | ||
| 3.63%, 11/15/35 (9) | 552,042 | 581 |
| Symphony XVII | ||
| Series 2016-17A, Class AR, CLO, FRN | ||
| 3M USD LIBOR + 0.88%, 1.155%, 4/15/28 (9) | 1,038,513 | 1,031 |
| Taco Bell Funding | ||
| Series 2018-1A, Class A2I | ||
| 4.318%, 11/25/48 (9) | 938,288 | 960 |
| Verizon Owner Trust | ||
| Series 2018-1A, Class C | ||
| 3.20%, 9/20/22 (9) | 420,000 | 425 |
| Wellfleet | ||
| Series 2017-2A, Class A1R, CLO, FRN | ||
| 3M USD LIBOR + 1.06%, 1.332%, 10/20/29 (9) | 655,000 | 647 |
| Total Asset-Backed Securities (Cost $35,688) | 35,832 | |
| NON-U.S. GOVERNMENT MORTGAGE-BACKED | ||
| SECURITIES 3.4% | ||
| 280 Park Avenue Mortgage Trust | ||
| Series 2017-280P, Class A, ARM | ||
| 1M USD LIBOR + 0.88%, 1.036%, 9/15/34 (9) | 369,560 | 368 |
| Angel Oak Mortgage Trust | ||
| Series 2019-3, Class A2, CMO, ARM | ||
| 3.136%, 5/25/59 (9) | 372,511 | 376 |
| Angel Oak Mortgage Trust | ||
| Series 2019-3, Class A3, CMO, ARM | ||
| 3.238%, 5/25/59 (9) | 390,110 | 394 |
| Angel Oak Mortgage Trust | ||
| Series 2020-3, Class A1, CMO, ARM | ||
| 1.691%, 4/25/65 (9) | 504,811 | 508 |
| Angel Oak Mortgage Trust | ||
| Series 2020-5, Class A3, CMO, ARM | ||
| 2.041%, 5/25/65 (9) | 260,000 | 260 |
| Angel Oak Mortgage Trust I | ||
| Series 2019-1, Class A2, CMO, ARM | ||
| 4.022%, 11/25/48 (9) | 151,528 | 154 |
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) | ||
| Angel Oak Mortgage Trust I | ||
| Series 2019-4, Class A3, CMO, ARM | ||
| 3.301%, 7/26/49 (9) | 485,118 | 490 |
| Ashford Hospitality Trust | ||
| Series 2018-ASHF, Class B, ARM | ||
| 1M USD LIBOR + 1.25%, 1.412%, 4/15/35 (9) | 395,000 | 365 |
| Ashford Hospitality Trust | ||
| Series 2018-ASHF, Class C, ARM | ||
| 1M USD LIBOR + 1.40%, 1.562%, 4/15/35 (9) | 185,000 | 167 |
| Atrium Hotel Portfolio Trust | ||
| Series 2017-ATRM, Class A, ARM | ||
| 1M USD LIBOR + 0.93%, 1.092%, 12/15/36 (9) | 935,000 | 879 |
| Austin Fairmont Hotel Trust | ||
| Series 2019-FAIR, Class B, ARM | ||
| 1M USD LIBOR + 1.25%, 1.412%, 9/15/32 (9) | 235,000 | 220 |
| Austin Fairmont Hotel Trust | ||
| Series 2019-FAIR, Class D, ARM | ||
| 1M USD LIBOR + 1.80%, 1.962%, 9/15/32 (9) | 285,000 | 256 |
| BANK | ||
| Series 2019-BN21, Class C | ||
| 3.517%, 10/17/52 | 215,000 | 191 |
| BANK | ||
| Series 2019-BN22, Class D | ||
| 2.50%, 11/15/62 (9) | 405,000 | 304 |
| BANK | ||
| Series 2019-BN23, Class B | ||
| 3.455%, 12/15/52 | 1,260,000 | 1,374 |
| BANK | ||
| Series 2020-BN25, Class AS | ||
| 2.841%, 1/15/63 | 190,000 | 203 |
| Barclays Commercial Mortgage Trust | ||
| Series 2019-BWAY, Class D, ARM | ||
| 1M USD LIBOR + 2.16%, 2.322%, 11/25/34 (9) | 235,000 | 217 |
| Barclays Commercial Mortgage Trust | ||
| Series 2020-C6, Class AS | ||
| 2.84%, 2/15/53 | 190,000 | 202 |
| Bayview Mortgage Fund IVc Trust | ||
| Series 2017-RT3, Class A, CMO, ARM | ||
| 3.50%, 1/28/58 (9) | 236,664 | 239 |
| Bayview Opportunity Master Fund IVa Trust | ||
| Series 2017-RT1, Class A1, CMO, ARM | ||
| 3.00%, 3/28/57 (9) | 41,831 | 43 |
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) | ||
| Bayview Opportunity Master Fund IVb Trust | ||
| Series 2017-SPL4, Class A, CMO, ARM | ||
| 3.50%, 1/28/55 (9) | 58,328 | 59 |
| Benchmark Mortgage Trust | ||
| Series 2018-B1, Class AM, ARM | ||
| 3.878%, 1/15/51 | 295,000 | 335 |
| Benchmark Mortgage Trust | ||
| Series 2019-B13, Class AM | ||
| 3.183%, 8/15/57 | 310,000 | 337 |
| BFLD | ||
| Series 2019-DPLO, Class C, ARM | ||
| 1M USD LIBOR + 1.54%, 1.702%, 10/15/34 (9) | 750,000 | 690 |
| Cantor Commercial Real Estate Lending | ||
| Series 2019-CF2, Class C, ARM | ||
| 3.795%, 11/15/52 | 280,000 | 267 |
| Century Plaza Towers | ||
| Series 2019-CPT, Class D, ARM | ||
| 3.097%, 11/13/39 (9) | 485,000 | 484 |
| CIM Trust | ||
| Series 2019-INV3, Class A15, CMO, ARM | ||
| 3.50%, 8/25/49 (9) | 255,700 | 262 |
| Citigroup Commercial Mortgage Trust | ||
| Series 2014-GC21, Class AS | ||
| 4.026%, 5/10/47 | 375,000 | 404 |
| Citigroup Commercial Mortgage Trust | ||
| Series 2015-GC27, Class A5 | ||
| 3.137%, 2/10/48 | 270,000 | 290 |
| 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 | 563 |
| 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 (9) | 950,000 | 1,009 |
| COLT Mortgage Loan Trust | ||
| Series 2018-3, Class A3, CMO, ARM | ||
| 3.865%, 10/26/48 (9) | 156,958 | 157 |
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) | ||
| COLT Mortgage Loan Trust | ||
| Series 2018-4, Class A1, CMO, ARM | ||
| 4.006%, 12/28/48 (9) | 225,388 | 229 |
| COLT Mortgage Loan Trust | ||
| Series 2018-4, Class A2, CMO, ARM | ||
| 4.108%, 12/28/48 (9) | 186,733 | 189 |
| COLT Mortgage Loan Trust | ||
| Series 2020-3, Class A1, CMO, ARM | ||
| 1.506%, 4/27/65 (9) | 305,948 | 306 |
| COLT Mortgage Loan Trust | ||
| Series 2020-3, Class A3, CMO, ARM | ||
| 2.38%, 4/27/65 (9) | 482,920 | 484 |
| Commercial Mortgage Trust | ||
| Series 2014-CR15, Class AM, ARM | ||
| 4.426%, 2/10/47 | 625,000 | 686 |
| Commercial Mortgage Trust | ||
| Series 2015-CR24, Class A5 | ||
| 3.696%, 8/10/48 | 1,005,000 | 1,119 |
| Commercial Mortgage Trust | ||
| Series 2015-CR24, Class AM, ARM | ||
| 4.028%, 8/10/48 | 265,000 | 291 |
| Commercial Mortgage Trust | ||
| Series 2015-LC21, Class B, ARM | ||
| 4.48%, 7/10/48 | 435,000 | 463 |
| Commercial Mortgage Trust | ||
| Series 2015-PC1, Class B, ARM | ||
| 4.576%, 7/10/50 | 220,000 | 232 |
| Commercial Mortgage Trust | ||
| Series 2016-CR28, Class A4 | ||
| 3.762%, 2/10/49 | 525,000 | 590 |
| Commercial Mortgage Trust | ||
| Series 2016-CR28, Class AHR | ||
| 3.651%, 2/10/49 | 295,648 | 315 |
| Commercial Mortgage Trust | ||
| Series 2016-DC2, Class A5 | ||
| 3.765%, 2/10/49 | 410,000 | 458 |
| Connecticut Avenue Securities | ||
| Series 2017-C02, Class 2ED3, CMO, ARM | ||
| 1M USD LIBOR + 1.35%, 1.525%, 9/25/29 | 696,837 | 684 |
| Connecticut Avenue Securities | ||
| Series 2017-C04, Class 2ED2, CMO, ARM | ||
| 1M USD LIBOR + 1.10%, 1.275%, 11/25/29 | 748,730 | 731 |
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 2017-C06, Class 1M2B, CMO, ARM | ||
| 1M USD LIBOR + 2.65%, 2.825%, 2/25/30 | 500,000 | 491 |
| Connecticut Avenue Securities | ||
| Series 2017-C06, Class 2ED1, CMO, ARM | ||
| 1M USD LIBOR + 1.00%, 1.175%, 2/25/30 | 369,484 | 363 |
| Connecticut Avenue Securities | ||
| Series 2018-C01, Class 1ED2, CMO, ARM | ||
| 1M USD LIBOR + 0.85%, 1.025%, 7/25/30 | 746,169 | 729 |
| Connecticut Avenue Securities | ||
| Series 2018-C02, Class 2EB2, CMO, ARM | ||
| 1M USD LIBOR + 0.90%, 1.075%, 8/25/30 | 317,842 | 309 |
| Connecticut Avenue Securities Trust | ||
| Series 2020-R02, Class 2M1, CMO, ARM | ||
| 1M USD LIBOR + 0.75%, 0.925%, 1/25/40 (9) | 258,284 | 257 |
| Credit Suisse Mortgage Capital Certificates | ||
| Series 2019-ICE4, Class D, ARM | ||
| 1M USD LIBOR + 1.60%, 1.762%, 5/15/36 (9) | 635,000 | 625 |
| CSAIL Commercial Mortgage Trust | ||
| Series 2016-C6, Class A5 | ||
| 3.09%, 1/15/49 | 345,000 | 374 |
| CSAIL Commercial Mortgage Trust | ||
| Series 2019-C17, Class AS | ||
| 3.278%, 9/15/52 | 280,000 | 306 |
| CSAIL Commercial Mortgage Trust | ||
| Series 2019-C17, Class B | ||
| 3.48%, 9/15/52 | 325,000 | 336 |
| DBCG Mortgage Trust | ||
| Series 2017-BBG, Class A, ARM | ||
| 1M USD LIBOR + 0.70%, 0.862%, 6/15/34 (9) | 360,000 | 356 |
| DC Office Trust | ||
| Series 2019-MTC, Class D, ARM | ||
| 3.174%, 9/15/45 (9) | 510,000 | 493 |
| Deephaven Residential Mortgage Trust | ||
| Series 2018-2A, Class A1, CMO, ARM | ||
| 3.479%, 4/25/58 (9) | 349,594 | 355 |
| Deephaven Residential Mortgage Trust | ||
| Series 2018-3A, Class M1, CMO, ARM | ||
| 4.357%, 8/25/58 (9) | 250,000 | 253 |
| Deephaven Residential Mortgage Trust | ||
| Series 2019-2A, Class A1, CMO, ARM | ||
| 3.558%, 4/25/59 (9) | 287,972 | 290 |
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) | ||
| Eleven Madison Mortgage Trust | ||
| Series 2015-11MD, Class A, ARM | ||
| 3.673%, 9/10/35 (9) | 205,000 | 224 |
| Ellington Financial Mortgage Trust | ||
| Series 2019-2, Class A1, CMO, ARM | ||
| 2.739%, 11/25/59 (9) | 374,781 | 376 |
| FirstKey Mortgage Trust | ||
| Series 2014-1, Class B2, CMO, ARM | ||
| 4.003%, 11/25/44 (9) | 183,292 | 186 |
| Flagstar Mortgage Trust | ||
| Series 2020-1INV, Class A11, CMO, ARM | ||
| 1M USD LIBOR + 0.85%, 1.025%, 3/25/50 (9) | 245,059 | 244 |
| FREMF Mortgage Trust | ||
| Series 2018-K731, Class B, ARM | ||
| 4.063%, 2/25/25 (9) | 705,000 | 757 |
| FREMF Mortgage Trust | ||
| Series 2019-K100, Class B, ARM | ||
| 3.61%, 11/25/52 (9) | 730,000 | 796 |
| FREMF Mortgage Trust | ||
| Series 2019-K92, Class B, ARM | ||
| 4.337%, 5/25/52 (9) | 245,000 | 281 |
| FREMF Mortgage Trust | ||
| Series 2019-K94, Class B, ARM | ||
| 4.101%, 7/25/52 (9) | 300,000 | 337 |
| FREMF Mortgage Trust | ||
| Series 2019-K98, Class B, ARM | ||
| 3.862%, 10/25/52 (9) | 505,000 | 561 |
| Galton Funding Mortgage Trust | ||
| Series 2018-1, Class A23, CMO, ARM | ||
| 3.50%, 11/25/57 (9) | 214,991 | 221 |
| Galton Funding Mortgage Trust | ||
| Series 2018-2, Class A22, CMO, ARM | ||
| 4.00%, 10/25/58 (9) | 260,045 | 269 |
| Galton Funding Mortgage Trust | ||
| Series 2019-2, Class A42, CMO, ARM | ||
| 3.50%, 6/25/59 (9) | 172,757 | 175 |
| Galton Funding Mortgage Trust | ||
| Series 2019-H1, Class A1, CMO, ARM | ||
| 2.657%, 10/25/59 (9) | 444,555 | 453 |
| Galton Funding Mortgage Trust | ||
| Series 2019-H1, Class A3, CMO, ARM | ||
| 2.964%, 10/25/59 (9) | 463,434 | 469 |
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 2020-H1, Class A1, CMO, ARM | ||
| 2.31%, 1/25/60 (9) | 599,027 | 608 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2015-GC28, Class AS | ||
| 3.759%, 2/10/48 | 415,000 | 449 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2017-GS8, Class C, ARM | ||
| 4.481%, 11/10/50 | 720,000 | 713 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2019-GC40, Class A4 | ||
| 3.16%, 7/10/52 | 1,030,000 | 1,154 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2019-GSA1, Class B | ||
| 3.511%, 11/10/52 | 880,000 | 912 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2019-SOHO, Class C, ARM | ||
| 1M USD LIBOR + 1.30%, 1.47%, 6/15/36 (9) | 800,000 | 768 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2020-GC47, Class B, ARM | ||
| 3.571%, 5/12/53 | 860,000 | 901 |
| Goldman Sachs Mortgage Securities Trust | ||
| Series 2013-GC16, Class B, ARM | ||
| 5.161%, 11/10/46 | 1,280,000 | 1,345 |
| Goldman Sachs Mortgage-Backed Securities Trust | ||
| Series 2014-EB1A, Class 2A1, CMO, ARM | ||
| 2.44%, 7/25/44 (9) | 32,432 | 33 |
| Goldman Sachs Mortgage-Backed Securities Trust | ||
| Series 2019-PJ1, Class A8, CMO, ARM | ||
| 4.00%, 8/25/49 (9) | 465,000 | 480 |
| Goldman Sachs Mortgage-Backed Securities Trust | ||
| Series 2020-INV1, Class A14, CMO, ARM | ||
| 3.00%, 8/25/50 (9) | 704,833 | 725 |
| Great Wolf Trust | ||
| Series 2019-WOLF, Class C, ARM | ||
| 1M USD LIBOR + 1.633%, 1.795%, 12/15/36 (9) | 425,000 | 391 |
| Hilton Orlando Trust | ||
| Series 2018-ORL, Class A, ARM | ||
| 1M USD LIBOR + 0.77%, 0.932%, 12/15/34 (9) | 845,000 | 808 |
| Homeward Opportunities Fund I Trust | ||
| Series 2019-1, Class A1, CMO, ARM | ||
| 3.454%, 1/25/59 (9) | 373,048 | 378 |
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 2019-1, Class A3, CMO, ARM | ||
| 3.606%, 1/25/59 (9) | 422,981 | 429 |
| Homeward Opportunities Fund I Trust | ||
| Series 2019-3, Class A1, CMO, ARM | ||
| 2.675%, 11/25/59 (9) | 314,104 | 317 |
| Homeward Opportunities Fund I Trust | ||
| Series 2019-3, Class A3, CMO, ARM | ||
| 3.031%, 11/25/59 (9) | 333,541 | 333 |
| Homeward Opportunities Fund I Trust | ||
| Series 2020-2, Class A1, CMO, ARM | ||
| 1.657%, 5/25/65 (9) | 428,164 | 428 |
| Hudson Yards Mortgage Trust | ||
| Series 2019-30HY, Class B, ARM | ||
| 3.38%, 7/10/39 (9) | 425,000 | 464 |
| Hudson Yards Mortgage Trust | ||
| Series 2019-30HY, Class D, ARM | ||
| 3.558%, 7/10/39 (9) | 490,000 | 506 |
| Independence Plaza Trust | ||
| Series 2018-INDP, Class C | ||
| 4.158%, 7/10/35 (9) | 895,000 | 935 |
| InTown Hotel Portfolio Trust | ||
| Series 2018-STAY, Class A, ARM | ||
| 1M USD LIBOR + 0.70%, 0.862%, 1/15/33 (9) | 280,000 | 274 |
| JPMorgan Barclays Bank Commercial Mortgage Securities | ||
| Trust | ||
| Series 2014-C19, Class AS, ARM | ||
| 4.243%, 4/15/47 | 290,000 | 314 |
| JPMorgan Barclays Bank Commercial Mortgage Securities | ||
| Trust | ||
| Series 2014-C25, Class A5 | ||
| 3.672%, 11/15/47 | 205,000 | 224 |
| JPMorgan Chase Commercial Mortgage Securities Trust | ||
| Series 2018-WPT, Class AFX | ||
| 4.248%, 7/5/33 (9) | 190,000 | 201 |
| JPMorgan Mortgage Trust | ||
| Series 2019-INV2, Class A3, CMO, ARM | ||
| 3.50%, 2/25/50 (9) | 236,552 | 244 |
| JPMorgan Mortgage Trust | ||
| Series 2019-INV3, Class A15, CMO, ARM | ||
| 3.50%, 5/25/50 (9) | 381,054 | 389 |
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 2019-INV3, Class A3, CMO, ARM | ||
| 3.50%, 5/25/50 (9) | 441,221 | 454 |
| JPMorgan Mortgage Trust | ||
| Series 2020-INV1, Class A3, CMO, ARM | ||
| 3.50%, 8/25/50 (9) | 360,866 | 371 |
| JPMorgan Mortgage Trust | ||
| Series 2020-LTV1, Class A15, CMO, ARM | ||
| 3.50%, 6/25/50 (9) | 222,950 | 230 |
| JPMorgan Mortgage Trust | ||
| Series 2020-LTV1, Class A3, CMO, ARM | ||
| 3.50%, 6/25/50 (9) | 521,618 | 537 |
| MetLife Securitization Trust | ||
| Series 2018-1A, Class A, CMO, ARM | ||
| 3.75%, 3/25/57 (9) | 464,408 | 497 |
| Mill City Mortgage Loan Trust | ||
| Series 2016-1, Class A1, CMO, ARM | ||
| 2.50%, 4/25/57 (9) | 66,433 | 67 |
| Mill City Mortgage Loan Trust | ||
| Series 2017-2, Class A1, CMO, ARM | ||
| 2.75%, 7/25/59 (9) | 169,332 | 174 |
| Morgan Stanley Bank of America Merrill Lynch Trust | ||
| Series 2014-C18, Class 300A | ||
| 3.749%, 8/15/31 | 255,000 | 268 |
| 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 | 414 |
| Morgan Stanley Capital I Trust | ||
| Series 2015-MS1, Class AS, ARM | ||
| 4.166%, 5/15/48 | 45,000 | 50 |
| Morgan Stanley Capital I Trust | ||
| Series 2017-ASHF, Class B, ARM | ||
| 1M USD LIBOR + 1.25%, 1.412%, 11/15/34 (9) | 1,475,000 | 1,374 |
| New Residential Mortgage Loan Trust | ||
| Series 2019-NQM1, Class A1, CMO, ARM | ||
| 3.675%, 1/25/49 (9) | 388,473 | 396 |
| New Residential Mortgage Loan Trust | ||
| Series 2019-NQM1, Class A3, CMO, ARM | ||
| 3.928%, 1/25/49 (9) | 376,071 | 379 |
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-NQM2, Class A1, CMO, ARM | ||
| 3.60%, 4/25/49 (9) | 364,944 | 372 |
| New Residential Mortgage Loan Trust | ||
| Series 2019-NQM2, Class A2, CMO, ARM | ||
| 3.701%, 4/25/49 (9) | 149,863 | 151 |
| New Residential Mortgage Loan Trust | ||
| Series 2019-NQM5, Class A1, CMO, ARM | ||
| 2.71%, 11/25/59 (9) | 736,215 | 755 |
| New Residential Mortgage Loan Trust | ||
| Series 2020-NQM1, Class A1, CMO, ARM | ||
| 2.464%, 1/26/60 (9) | 462,314 | 472 |
| OBX Trust | ||
| Series 2019-EXP2, Class 1A3, CMO, ARM | ||
| 4.00%, 6/25/59 (9) | 343,235 | 357 |
| OBX Trust | ||
| Series 2019-EXP3, Class 1A8, CMO, ARM | ||
| 3.50%, 10/25/59 (9) | 259,543 | 266 |
| OBX Trust | ||
| Series 2020-EXP1, Class 1A8, CMO, ARM | ||
| 3.50%, 2/25/60 (9) | 322,054 | 331 |
| OBX Trust | ||
| Series 2020-EXP1, Class 2A1, CMO, ARM | ||
| 1M USD LIBOR + 0.75%, 0.925%, 2/25/60 (9) | 125,668 | 125 |
| OBX Trust | ||
| Series 2020-EXP2, Class A8, CMO, ARM | ||
| 3.00%, 5/25/60 (9) | 876,259 | 898 |
| Palisades Center Trust | ||
| Series 2016-PLSD, Class A | ||
| 2.713%, 4/13/33 (9) | 590,000 | 459 |
| RETL | ||
| Series 2019-RVP, Class A, ARM | ||
| 1M USD LIBOR + 1.15%, 1.312%, 3/15/36 (9) | 38,219 | 36 |
| Seasoned Credit Risk Transfer Trust | ||
| Series 2016-1, Class M1, CMO, ARM | ||
| 3.00%, 9/25/55 (9) | 120,738 | 120 |
| Sequoia Mortgage Trust | ||
| Series 2013-4, Class B1, CMO, ARM | ||
| 3.483%, 4/25/43 | 579,725 | 590 |
| Sequoia Mortgage Trust | ||
| Series 2017-5, Class B1, CMO, ARM | ||
| 3.825%, 8/25/47 (9) | 263,921 | 272 |
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 2017-CH2, Class A19, CMO, ARM | ||
| 4.00%, 12/25/47 (9) | 307,447 | 314 |
| Sequoia Mortgage Trust | ||
| Series 2018-CH1, Class A2, CMO, ARM | ||
| 3.50%, 2/25/48 (9) | 99,608 | 102 |
| Sequoia Mortgage Trust | ||
| Series 2018-CH2, Class A21, CMO, ARM | ||
| 4.00%, 6/25/48 (9) | 288,844 | 295 |
| Sequoia Mortgage Trust | ||
| Series 2018-CH4, Class A2, CMO, ARM | ||
| 4.00%, 10/25/48 (9) | 274,732 | 281 |
| SG Residential Mortgage Trust | ||
| Series 2019-3, Class A1, CMO, ARM | ||
| 2.703%, 9/25/59 (9) | 339,641 | 342 |
| Starwood Mortgage Residential Trust | ||
| Series 2018-IMC2, Class A1, CMO, ARM | ||
| 4.121%, 10/25/48 (9) | 566,590 | 584 |
| Starwood Mortgage Residential Trust | ||
| Series 2019-1, Class A1, CMO, ARM | ||
| 2.941%, 6/25/49 (9) | 369,199 | 375 |
| Starwood Mortgage Residential Trust | ||
| Series 2019-1, Class A2, CMO, ARM | ||
| 3.146%, 6/25/49 (9) | 357,297 | 363 |
| Starwood Mortgage Residential Trust | ||
| Series 2019-IMC1, Class A1, CMO, ARM | ||
| 3.468%, 2/25/49 (9) | 286,777 | 294 |
| Starwood Mortgage Residential Trust | ||
| Series 2019-IMC1, Class A2, CMO, ARM | ||
| 3.651%, 2/25/49 (9) | 364,638 | 372 |
| Starwood Mortgage Residential Trust | ||
| Series 2019-INV1, Class A1, CMO, ARM | ||
| 2.61%, 9/27/49 (9) | 499,739 | 506 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2020-HQA3, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 1.55%, 1.725%, 7/25/50 (9) | 275,000 | 276 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2014-HQ2, Class M2, CMO, ARM | ||
| 1M USD LIBOR + 2.20%, 2.375%, 9/25/24 | 63,963 | 64 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2015-DNA1, Class M2, CMO, ARM | ||
| 1M USD LIBOR + 1.85%, 2.025%, 10/25/27 | 35,141 | 35 |
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 2015-DNA3, Class M3, CMO, ARM | ||
| 1M USD LIBOR + 4.70%, 4.875%, 4/25/28 | 293,180 | 305 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2015-HQ2, Class M2, CMO, ARM | ||
| 1M USD LIBOR + 1.95%, 2.125%, 5/25/25 | 178,157 | 178 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2016-HQA3, Class M2, CMO, ARM | ||
| 1M USD LIBOR + 1.35%, 1.525%, 3/25/29 | 21,293 | 21 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2017-DNA2, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 1.20%, 1.375%, 10/25/29 | 56,274 | 56 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-DNA1, Class M2AT, CMO, ARM | ||
| 1M USD LIBOR + 1.05%, 1.225%, 7/25/30 | 475,179 | 465 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-DNA2, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 0.80%, 0.975%, 12/25/30 (9) | 112,423 | 112 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-DNA3, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 0.75%, 0.925%, 9/25/48 (9) | 484 | — |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-HQA1, Class M2AS, CMO, ARM | ||
| 1M USD LIBOR + 1.10%, 1.275%, 9/25/30 | 341,998 | 328 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-HRP2, Class M2, CMO, ARM | ||
| 1M USD LIBOR + 1.25%, 1.425%, 2/25/47 (9) | 372,913 | 361 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-SPI2, Class M2, CMO, ARM | ||
| 3.81%, 5/25/48 (9) | 93,051 | 92 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2018-SPI3, Class M2, CMO, ARM | ||
| 4.14%, 8/25/48 (9) | 388,590 | 384 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2020- DNA2, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 0.75%, 0.925%, 2/25/50 (9) | 212,323 | 212 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2020-DNA3, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 1.50%, 1.675%, 6/25/50 (9) | 315,000 | 316 |
| Structured Agency Credit Risk Debt Notes | ||
| Series 2020-DNA4, Class M1, CMO, ARM | ||
| 1M USD LIBOR + 1.50%, 1.658%, 8/25/50 (9) | 640,000 | 641 |
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 2015-3, Class A1B, CMO, ARM | ||
| 3.00%, 3/25/54 (9) | 48,923 | 49 |
| Towd Point Mortgage Trust | ||
| Series 2015-4, Class A1B, CMO, ARM | ||
| 2.75%, 4/25/55 (9) | 73,344 | 74 |
| Towd Point Mortgage Trust | ||
| Series 2015-4, Class M1, CMO, ARM | ||
| 3.75%, 4/25/55 (9) | 610,000 | 647 |
| Towd Point Mortgage Trust | ||
| Series 2015-5, Class A1B, CMO, ARM | ||
| 2.75%, 5/25/55 (9) | 54,918 | 55 |
| Towd Point Mortgage Trust | ||
| Series 2016-1, Class A1B, CMO, ARM | ||
| 2.75%, 2/25/55 (9) | 84,159 | 85 |
| Towd Point Mortgage Trust | ||
| Series 2016-1, Class A3B, CMO, ARM | ||
| 3.00%, 2/25/55 (9) | 137,659 | 141 |
| Towd Point Mortgage Trust | ||
| Series 2016-2, Class A1A, CMO, ARM | ||
| 2.75%, 8/25/55 (9) | 101,967 | 104 |
| Towd Point Mortgage Trust | ||
| Series 2016-4, Class A1, CMO, ARM | ||
| 2.25%, 7/25/56 (9) | 124,497 | 126 |
| Towd Point Mortgage Trust | ||
| Series 2017-1, Class A1, CMO, ARM | ||
| 2.75%, 10/25/56 (9) | 145,996 | 150 |
| Towd Point Mortgage Trust | ||
| Series 2017-2, Class A1, CMO, ARM | ||
| 2.75%, 4/25/57 (9) | 51,317 | 53 |
| Towd Point Mortgage Trust | ||
| Series 2017-5, Class A1, CMO, ARM | ||
| 1M USD LIBOR + 0.60%, 0.775%, 2/25/57 (9) | 135,164 | 135 |
| Towd Point Mortgage Trust | ||
| Series 2018-3, Class A1, CMO, ARM | ||
| 3.75%, 5/25/58 (9) | 476,306 | 512 |
| Towd Point Mortgage Trust | ||
| Series 2018-SJ1, Class A1, CMO, ARM | ||
| 4.00%, 10/25/58 (9) | 237,045 | 239 |
| Verus Securitization Trust | ||
| Series 2018-2, Class A1, CMO, ARM | ||
| 3.677%, 6/1/58 (9) | 234,001 | 237 |
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-INV1, Class A2, CMO, ARM | ||
| 3.849%, 3/25/58 (9) | 78,716 | 79 |
| Verus Securitization Trust | ||
| Series 2018-INV2, Class A1FX, CMO, ARM | ||
| 4.148%, 10/25/58 (9) | 407,715 | 412 |
| Verus Securitization Trust | ||
| Series 2019-1, Class A1, CMO, ARM | ||
| 3.836%, 2/25/59 (9) | 514,354 | 524 |
| Verus Securitization Trust | ||
| Series 2019-2, Class A3, CMO, ARM | ||
| 3.448%, 5/25/59 (9) | 796,500 | 809 |
| Verus Securitization Trust | ||
| Series 2019-3, Class A3, CMO, STEP | ||
| 3.04%, 7/25/59 (9) | 247,210 | 251 |
| Verus Securitization Trust | ||
| Series 2019-4, Class A1, CMO, STEP | ||
| 2.642%, 11/25/59 (9) | 393,812 | 402 |
| Verus Securitization Trust | ||
| Series 2019-INV1, Class A1, CMO, ARM | ||
| 3.402%, 12/25/59 (9) | 252,677 | 259 |
| Verus Securitization Trust | ||
| Series 2019-INV2, Class A2, CMO, ARM | ||
| 3.117%, 7/25/59 (9) | 543,694 | 554 |
| Verus Securitization Trust | ||
| Series 2019-INV3, Class A1, CMO, ARM | ||
| 2.692%, 11/25/59 (9) | 1,074,866 | 1,088 |
| Verus Securitization Trust | ||
| Series 2020-1, Class A3, CMO, STEP | ||
| 2.724%, 1/25/60 (9) | 422,661 | 430 |
| Verus Securitization Trust | ||
| Series 2020-INV1, Class A3, CMO, ARM | ||
| 3.889%, 3/25/60 (9) | 100,000 | 104 |
| Vista Point Securitization Trust | ||
| Series 2020-1, Class A1, CMO, ARM | ||
| 1.763%, 3/25/65 (9) | 365,004 | 366 |
| Vista Point Securitization Trust | ||
| Series 2020-2, Class M1, CMO, ARM | ||
| 3.401%, 4/25/65 (9) | 305,000 | 305 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2015-C29, Class C, ARM | ||
| 4.357%, 6/15/48 | 1,025,000 | 954 |
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 2015-NXS2, Class C, ARM | ||
| 4.437%, 7/15/58 | 70,000 | 66 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2017-C39, Class B | ||
| 4.025%, 9/15/50 | 1,335,000 | 1,412 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2019-C51, Class A4 | ||
| 3.311%, 6/15/52 | 1,165,000 | 1,319 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2019-C53, Class B, ARM | ||
| 3.514%, 10/15/52 | 345,000 | 364 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2019-JWDR, Class A, ARM | ||
| 2.584%, 9/15/31 (9) | 695,000 | 692 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2019-JWDR, Class B, ARM | ||
| 2.786%, 9/15/31 (9) | 205,000 | 197 |
| Wells Fargo Commercial Mortgage Trust | ||
| Series 2020-C55, Class B | ||
| 3.139%, 2/15/53 | 775,000 | 782 |
| WFRBS Commercial Mortgage Trust | ||
| Series 2013-C11, Class C, ARM | ||
| 4.342%, 3/15/45 | 580,000 | 586 |
| WFRBS Commercial Mortgage Trust | ||
| Series 2014-C19, Class B, ARM | ||
| 4.723%, 3/15/47 | 114,000 | 121 |
| WFRBS Commercial Mortgage Trust | ||
| Series 2014-C20, Class A4 | ||
| 3.723%, 5/15/47 | 266,650 | 282 |
| WFRBS Commercial Mortgage Trust | ||
| Series 2014-C22, Class AS, ARM | ||
| 4.069%, 9/15/57 | 525,000 | 571 |
| Worldwide Plaza Trust | ||
| Series 2017-WWP, Class A | ||
| 3.526%, 11/10/36 (9) | 485,000 | 536 |
| Total Non-U.S. Government Mortgage-Backed Securities (Cost $78,267) | 79,154 | |
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 MORTGAGE-BACKED | ||
| SECURITIES 3.4% | ||
| U.S. GOVERNMENT AGENCY OBLIGATIONS 2.6% (11) | ||
| Federal Home Loan Mortgage | ||
| 2.50%, 4/1/30 | 311,631 | 330 |
| 3.00%, 12/1/42 - 4/1/47 | 1,489,370 | 1,593 |
| 3.50%, 8/1/42 - 3/1/44 | 990,650 | 1,074 |
| 4.00%, 8/1/40 - 9/1/45 | 897,805 | 985 |
| 4.50%, 9/1/23 - 10/1/41 | 641,551 | 715 |
| 5.00%, 7/1/25 - 8/1/40 | 386,874 | 445 |
| 5.50%, 11/1/21 - 10/1/38 | 115,561 | 134 |
| 6.00%, 8/1/21 - 8/1/38 | 93,857 | 111 |
| 6.50%, 3/1/32 - 9/1/34 | 45,160 | 53 |
| 7.00%, 4/1/32 - 6/1/32 | 2,613 | 2 |
| Federal Home Loan Mortgage, ARM | ||
| 12M USD LIBOR + 1.725%, 2.725%, 7/1/35 | 3,038 | 3 |
| 1Y CMT + 2.25%, 3.483%, 10/1/36 | 4,680 | 5 |
| 12M USD LIBOR + 1.746%, 3.745%, 2/1/37 | 19,339 | 20 |
| 12M USD LIBOR + 1.865%, 3.864%, 2/1/37 | 13,916 | 14 |
| 12M USD LIBOR + 1.831%, 3.88%, 1/1/37 | 8,134 | 8 |
| 12M USD LIBOR + 1.785%, 4.035%, 9/1/32 | 382 | — |
| 12M USD LIBOR + 2.029%, 4.049%, 11/1/36 | 8,544 | 9 |
| 12M USD LIBOR + 2.057%, 4.12%, 12/1/36 | 6,229 | 7 |
| 12M USD LIBOR + 2.191%, 4.191%, 2/1/37 | 13,950 | 15 |
| Federal Home Loan Mortgage, CMO, IO, 4.50%, 5/25/50 | 490,913 | 77 |
| Federal Home Loan Mortgage, UMBS | ||
| 3.00%, 5/1/31 - 6/1/50 | 1,694,174 | 1,804 |
| 4.00%, 12/1/49 - 2/1/50 | 1,717,756 | 1,843 |
| 4.50%, 5/1/50 | 211,721 | 230 |
| Federal National Mortgage Assn. | ||
| 3.00%, 6/1/33 - 8/1/46 | 169,875 | 180 |
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) | ||
| 3.50%, 6/1/42 - 5/1/46 | 1,977,681 | 2,143 |
| 4.00%, 11/1/40 | 613,141 | 668 |
| Federal National Mortgage Assn., ARM, 12M USD LIBOR + | ||
| 1.888%, 2.637%, 8/1/36 | 11,984 | 12 |
| Federal National Mortgage Assn., CMO, 4.00%, 6/25/44 | 306,591 | 314 |
| Federal National Mortgage Assn., CMO, IO, 6.50%, 2/25/32 | 2,173 | — |
| Federal National Mortgage Assn., UMBS | ||
| 2.50%, 8/1/30 - 5/1/32 | 486,603 | 516 |
| 3.00%, 1/1/27 - 7/1/50 | 12,005,316 | 12,938 |
| 3.50%, 11/1/32 - 7/1/50 | 9,046,004 | 9,706 |
| 4.00%, 11/1/40 - 1/1/50 | 5,493,012 | 6,010 |
| 4.50%, 12/1/20 - 5/1/50 | 3,186,462 | 3,543 |
| 5.00%, 2/1/21 - 7/1/42 | 692,927 | 798 |
| 5.50%, 10/1/20 - 9/1/41 | 849,499 | 998 |
| 6.00%, 5/1/21 - 1/1/41 | 733,226 | 864 |
| 6.50%, 7/1/32 - 5/1/40 | 249,976 | 291 |
| 7.00%, 1/1/31 - 7/1/32 | 4,104 | 5 |
| UMBS, TBA | ||
| 2.00%, 9/1/50 (12) | 3,440,000 | 3,547 |
| 2.50%, 9/1/35 - 9/1/50 (12) | 6,745,000 | 7,098 |
| 4.50%, 9/1/50 (12) | 1,085,000 | 1,172 |
| 60,280 | ||
| U.S. GOVERNMENT OBLIGATIONS 0.8% | ||
| Government National Mortgage Assn. | ||
| 3.00%, 7/15/43 - 7/20/50 | 5,275,566 | 5,555 |
| 3.50%, 8/20/42 - 1/20/49 | 4,273,428 | 4,605 |
| 4.00%, 2/20/41 - 1/20/48 | 1,629,347 | 1,773 |
| 4.50%, 11/20/39 - 10/20/49 | 1,616,598 | 1,785 |
| 5.00%, 7/20/39 - 8/20/48 | 1,946,603 | 2,172 |
| 5.50%, 1/20/36 - 3/20/49 | 947,428 | 1,063 |
| 6.00%, 4/15/36 - 12/20/38 | 42,374 | 49 |
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) | ||
| 6.50%, 12/20/33 | 1,626 | 2 |
| 7.00%, 2/20/27 - 7/20/27 | 3,902 | 4 |
| 7.50%, 11/15/25 - 6/15/32 | 5,841 | 6 |
| 8.00%, 3/15/22 - 10/20/25 | 326 | — |
| Government National Mortgage Assn., CMO, 3.00%, 11/20/47- | ||
| 12/20/47 | 402,974 | 421 |
| Government National Mortgage Assn., CMO, IO | ||
| 3.50%, 4/20/39 - 5/20/43 | 157,644 | 14 |
| 4.00%, 5/20/37 - 2/20/43 | 235,722 | 18 |
| 4.50%, 12/20/39 | 17,600 | 1 |
| Government National Mortgage Assn., TBA, 4.00%, 9/20/50 (12) | 615,000 | 655 |
| 18,123 | ||
| Total U.S. Government & Agency Mortgage-Backed Securities (Cost $75,711) | 78,403 | |
| U.S. GOVERNMENT AGENCY OBLIGATIONS | ||
| (EXCLUDING MORTGAGE-BACKED) 2.9% | ||
| U.S. TREASURY OBLIGATIONS 2.9% | ||
| U.S. Treasury Bonds, 2.00%, 2/15/50 | 2,890,000 | 3,251 |
| U.S. Treasury Bonds, 2.375%, 11/15/49 | 5,360,000 | 6,510 |
| U.S. Treasury Bonds, 3.00%, 2/15/49 | 2,104,000 | 2,860 |
| U.S. Treasury Notes, 0.125%, 5/15/23 | 3,510,000 | 3,508 |
| U.S. Treasury Notes, 0.25%, 5/31/25 | 825,000 | 825 |
| U.S. Treasury Notes, 0.25%, 8/31/25 | 2,755,000 | 2,752 |
| U.S. Treasury Notes, 0.50%, 3/31/25 | 3,355,000 | 3,393 |
| U.S. Treasury Notes, 1.375%, 10/15/22 (13) | 12,055,000 | 12,368 |
| U.S. Treasury Notes, 1.50%, 1/15/23 | 15,085,000 | 15,570 |
| U.S. Treasury Notes, 1.50%, 2/15/30 | 3,140,000 | 3,378 |
| U.S. Treasury Notes, 1.625%, 11/15/22 | 12,895,000 | 13,314 |
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. Treasury Notes, 1.625%, 12/15/22 | 805,000 | 832 | ||
| 68,561 | ||||
| Total U.S. Government Agency Obligations (Excluding Mortgage-Backed) (Cost | ||||
| $65,926) | 68,561 | |||
| FOREIGN GOVERNMENT OBLIGATIONS & | ||||
| MUNICIPALITIES 0.1% | ||||
| CNAC HK Finbridge, 4.625%, 3/14/23 | 740,000 | 795 | ||
| Saudi Arabian Oil, 3.50%, 4/16/29 (9) | 700,000 | 771 | ||
| Saudi Arabian Oil, 4.375%, 4/16/49 (9) | 500,000 | 605 | ||
| Syngenta Finance, 3.933%, 4/23/21 (9) | 890,000 | 900 | ||
| Total Foreign Government Obligations & Municipalities (Cost $2,820) | 3,071 | |||
| BOND MUTUAL FUNDS 25.7% | ||||
| T. Rowe Price Dynamic Global Bond Fund - I Class, 2.11% | ||||
| (14)(15) | 19,208,534 | 188,051 | ||
| T. Rowe Price Inflation Protected Bond Fund - I Class, 3.88% | ||||
| (14)(15) | 592 | 8 | ||
| T. Rowe Price Institutional Emerging Markets Bond Fund, | ||||
| 4.46% (14)(15) | 14,377,122 | 119,043 | ||
| T. Rowe Price Institutional Floating Rate Fund, 3.66% (14)(15) | 4,992,260 | 47,377 | ||
| T. Rowe Price Institutional High Yield Fund, 3.79% (14)(15) | 12,967,372 | 111,260 | ||
| T. Rowe Price International Bond Fund (USD Hedged) - I Class, | ||||
| 1.20% (14)(15) | 13,228,459 | 135,195 | ||
| T. Rowe Price Limited Duration Inflation Focused Bond Fund - I | ||||
| Class, 4.12% (14)(15) | 26,000 | 135 | ||
| T. Rowe Price U.S. Treasury Long-Term Fund - I Class, 1.10% | ||||
| (14)(15) | 22,160 | 338 | ||
| Total Bond Mutual Funds (Cost $601,025) | 601,407 | |||
| EQUITY MUTUAL FUNDS 3.9% | ||||
| T. Rowe Price Institutional Emerging Markets Equity Fund (14) | 1,672,507 | 70,764 | ||
| T. Rowe Price Real Assets Fund - I Class (14) | 1,851,655 | 20,905 | ||
| Total Equity Mutual Funds (Cost $63,167) | 91,669 | |||
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) | ||||
| PRIVATE INVESTMENT COMPANIES 4.9% | ||||
| Blackstone Partners Offshore Fund (1)(4) | 94,934 | 113,586 | ||
| Total Private Investment Companies (Cost $95,982) | 113,586 | |||
| SHORT-TERM INVESTMENTS 10.4% | ||||
| Money Market Funds 10.4% | ||||
| T. Rowe Price Treasury Reserve Fund, 0.14% (14)(16) | 244,628,666 | 244,629 | ||
| Total Short-Term Investments (Cost $244,629) | 244,629 | |||
| SECURITIES LENDING COLLATERAL 0.3% | ||||
| INVESTMENTS IN A POOLED ACCOUNT THROUGH | ||||
| SECURITIES LENDING PROGRAM WITH JPMORGAN CHASE | ||||
| BANK 0.3% | ||||
| Short-Term Funds 0.3% | ||||
| T. Rowe Price Short-Term Fund, 0.17% (14)(16) | 688,386 | 6,884 | ||
| Total Investments in a Pooled Account through Securities Lending Program with | ||||
| JPMorgan Chase Bank | 6,884 | |||
| Total Securities Lending Collateral (Cost $6,884) | 6,884 | |||
| Total Investments in Securities 100.5% | ||||
| (Cost $1,930,204) | $ | 2,355,886 | ||
| Other Assets Less Liabilities (0.5)% | (12,486) | |||
| Net Assets 100.0% | $ | 2,343,400 | ||
| ‡ | 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 August 31, 2020. | ||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
| (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 $4,457 and represents 0.2% of net assets. | ||
| (4) | Level 3 in fair value hierarchy. | |
| (5) | All or a portion of this security is on loan at August 31, 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. | ||
| (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) | Perpetual security with no stated maturity date. | |
| (9) | 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 $123,255 and represents 5.3% of net assets. | ||
| (10) | Security is a fix-to-float security, which carries a fixed coupon until a certain | |
| date, upon which it switches to a floating rate. Reference rate and spread is | ||
| provided if the rate is currently floating. | ||
| (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 $12,472 and represents 0.5% of net assets. | ||
| (13) | At August 31, 2020, all or a portion of this security is pledged as collateral | |
| and/or margin deposit to cover future funding obligations. | ||
| (14) | Affiliated Companies | |
| (15) | SEC 30-day yield | |
| (16) | Seven-day yield | |
| 1M USD LIBOR | One month USD LIBOR (London interbank offered rate) | |
| 3M USD LIBOR | Three month USD LIBOR (London interbank offered rate) | |
| 12M USD LIBOR | Twelve month USD LIBOR (London interbank offered rate) | |
| 1Y CMT | One year U.S. Treasury note constant maturity rate | |
| ADR | American Depositary Receipts | |
| ARM | Adjustable Rate Mortgage (ARM); rate shown is effective rate at period-end. | |
| The rates for certain ARMs are not based on a published reference rate and | ||
| spread but may be determined using a formula-based on the rates of the | ||
| underlying loans. | ||
| AUD | Australian Dollar | |
| CAD | Canadian Dollar | |
| CDI | CHESS or CREST Depositary Interest | |
| CHF | Swiss Franc | |
| CLO | Collateralized Loan Obligation | |
| CMO | Collateralized Mortgage Obligation | |
| DKK | Danish Krone | |
| EUR | Euro | |
| FRN | Floating Rate Note | |
| GBP | British Pound | |
| IO | Interest-only security for which the fund receives interest on notional principal |
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
| ISK | Island Krona |
| JPY | Japanese Yen |
| KRW | South Korean Won |
| NOK | Norwegian Krone |
| NZD | New Zealand Dollar |
| 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 |
| 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 (0.1)% | |||||
| EXCHANGE-TRADED OPTIONS WRITTEN (0.1)% | |||||
| Notional | |||||
| Description | Contracts | Amount | Value | ||
| S&P 500 Index, Call, 10/16/20 @ $3,500 | 213 | 74,557 $ | (2,046) | ||
| Total Options Written (Premiums $(2,023)) | $ | (2,046) | |||
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, $107.34*), | |||||||
| Receive 1.00% Quarterly, Pay upon credit | |||||||
| default, 12/20/21 | 1,290 | (27) | 9 | (36) | |||
| Barclays Bank, Protection Sold (Relevant Credit: | |||||||
| Devon Energy, 7.95%, 4/15/32, $130.00*), | |||||||
| Receive 1.00% Quarterly, Pay upon credit | |||||||
| default, 12/20/24 | 50 | (1) | — | (1) | |||
| Barclays Bank, Protection Sold (Relevant Credit: | |||||||
| General Electric, 2.70%, 10/9/22, $103.87*), | |||||||
| Receive 1.00% Quarterly, Pay upon credit | |||||||
| default, 12/20/20 | 560 | 1 | 1 | — | |||
| Barclays Bank, Protection Sold (Relevant Credit: | |||||||
| Republic of Chile, 3.24%, 2/6/28, $111.78*), | |||||||
| Receive 1.00% Quarterly, Pay upon credit | |||||||
| default, 6/20/25 | 1,645 | 35 | (9) | 44 | |||
| Barclays Bank, Protection Sold (Relevant Credit: | |||||||
| Republic of Colombia, 10.38%, 1/28/33, | |||||||
| $158.50*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 6/20/25 | 1,394 | (8) | (132) | 124 | |||
| Barclays Bank, Protection Sold (Relevant Credit: | |||||||
| Republic of Indonesia, 3.70%, 1/8/22, | |||||||
| $103.73*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 6/20/25 | 1,580 | 8 | (65) | 73 | |||
| BNP Paribas, Protection Sold (Relevant Credit: | |||||||
| Republic of Chile, 3.24%, 2/6/28, $111.78*), | |||||||
| Receive 1.00% Quarterly, Pay upon credit | |||||||
| default, 6/20/25 | 977 | 21 | (10) | 31 | |||
| Citibank, Protection Sold (Relevant Credit: Devon | |||||||
| Energy, 7.95%, 4/15/32, $130.00*), Receive | |||||||
| 1.00% Quarterly, Pay upon credit default, | |||||||
| 12/20/24 | 100 | (1) | — | (1) | |||
| Citibank, Protection Sold (Relevant Credit: | |||||||
| Republic of Colombia, 10.38%, 1/28/33, | |||||||
| $158.50*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 6/20/25 | 762 | (4) | (44) | 40 | |||
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) | |||
| Goldman Sachs, Protection Sold (Relevant | |||||||
| Credit: General Electric, 2.70%, 10/9/22, | |||||||
| $103.87*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 12/20/20 | 460 | 1 | 1 | — | |||
| Goldman Sachs, Protection Sold (Relevant | |||||||
| Credit: Republic of Indonesia, 3.70%, 1/8/22, | |||||||
| $103.73*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 6/20/25 | 1 | — | — | — | |||
| HSBC Bank, Protection Sold (Relevant Credit: | |||||||
| Republic of Indonesia, 3.70%, 1/8/22, | |||||||
| $103.73*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 6/20/25 | 307 | 1 | (17) | 18 | |||
| JPMorgan Chase, Protection Sold (Relevant | |||||||
| Credit: Barclays Bank, 2.65%, 1/11/21, $99.75*), | |||||||
| Receive 1.00% Quarterly, Pay upon credit | |||||||
| default, 6/20/24 (EUR) | 113 | 3 | 1 | 2 | |||
| Morgan Stanley, Protection Sold (Relevant | |||||||
| Credit: Devon Energy, 7.95%, 4/15/32, | |||||||
| $130.00*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 12/20/24 | 60 | (1) | — | (1) | |||
| Morgan Stanley, Protection Sold (Relevant | |||||||
| Credit: Republic of Indonesia, 3.70%, 1/8/22, | |||||||
| $103.73*), Receive 1.00% Quarterly, Pay upon | |||||||
| credit default, 6/20/25 | 2,779 | 13 | (143) | 156 | |||
| Total Bilateral Credit Default Swaps, Protection Sold | (408) | 449 | |||||
| Total Bilateral Swaps | (408) | 449 | |||||
| *Market price at August 31, 2020. | |||||||
The accompanying notes are an integral part of this Portfolio of Investments.
T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
| (Amounts in 000s) | ||||||
| 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.IG-S34, 5 Year Index), Receive 1.00% | ||||||
| Quarterly, Pay upon credit default, 6/20/25 | 46,510 | 863 | (72) | 935 | ||
| Total Credit Default Swaps, Protection Sold | (72) | 935 | ||||
| Total Centrally Cleared Swaps | 935 | |||||
| Net payments (receipts) of variation margin to date | (894) | |||||
| Variation margin receivable (payable) on centrally cleared | ||||||
| swaps | $ | 41 | ||||
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 | Settlement | Deliver | Gain/(Loss) | ||||
| Bank of America | 11/20/20 | EUR | 117USD | 140 $ | 1 | |||
| Barclays Bank | 10/23/20 | GBP | 405USD | 513 | 29 | |||
| Barclays Bank | 10/23/20 | JPY | 44,690USD | 418 | 5 | |||
| Citibank | 10/23/20 | AUD | 1,320USD | 932 | 42 | |||
| Citibank | 10/23/20 | NOK | 5,060USD | 557 | 22 | |||
| Citibank | 11/20/20 | SEK | 9,435USD | 1,088 | 4 | |||
| Citibank | 11/20/20 | USD | 2,476EUR | 2,083 | (15) | |||
| Credit Suisse | 10/23/20 | CHF | 475USD | 508 | 18 | |||
| Goldman Sachs | 10/23/20 | CAD | 190USD | 143 | 3 | |||
| Goldman Sachs | 10/23/20 | CHF | 120USD | 133 | — | |||
| HSBC Bank | 10/23/20 | CAD | 1,250USD | 928 | 30 | |||
| HSBC Bank | 10/23/20 | NZD | 1,000USD | 660 | 14 | |||
| JPMorgan Chase | 10/23/20 | CHF | 390USD | 421 | 11 | |||
| JPMorgan Chase | 10/23/20 | GBP | 330USD | 420 | 21 | |||
| JPMorgan Chase | 10/23/20 | JPY | 54,465USD | 509 | 6 | |||
| JPMorgan Chase | 10/23/20 | NOK | 4,770USD | 509 | 37 | |||
| JPMorgan Chase | 10/23/20 | NZD | 630USD | 420 | 4 | |||
| UBS Investment Bank | 10/23/20 | AUD | 185USD | 133 | 3 | |||
| UBS Investment Bank | 10/23/20 | GBP | 90USD | 118 | 2 | |||
| UBS Investment Bank | 10/23/20 | JPY | 14,930USD | 141 | — | |||
| Net unrealized gain (loss) on open forward | ||||||||
| currency exchange contracts | $ | 237 | ||||||
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, 53 MSCI EAFE Index contracts | 9/20 | (5,035) | $ | 12 | |||||
| Long, 138 S&P 500 E-Mini Index contracts | 9/20 | 24,142 | 894 | ||||||
| Long, 175 U.S. Treasury Long Bond contracts | 12/20 | 30,751 | (358) | ||||||
| Short, 189 U.S. Treasury Notes five year contracts | 12/20 | (23,820) | (22) | ||||||
| Long, 141 U.S. Treasury Notes ten year contracts | 12/20 | 19,634 | 17 | ||||||
| Long, 62 U.S. Treasury Notes two year contracts | 12/20 | 13,699 | 2 | ||||||
| Long, 92 Ultra U.S. Treasury Bonds contracts | 12/20 | 20,323 | (231) | ||||||
| Short, 148 Ultra U.S. Treasury Notes ten year | |||||||||
| contracts | 12/20 | (23,597) | 23 | ||||||
| Net payments (receipts) of variation margin to date | (4) | ||||||||
| Variation margin receivable (payable) on open futures contracts | $ | 333 | |||||||
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 three
months ended August 31, 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 | $ | — | $ | 2,409 | $ | 910 | ||
| T. Rowe Price Inflation Protected | ||||||||
| Bond Fund - I Class | — | — | 4 | |||||
| T. Rowe Price Institutional | ||||||||
| Emerging Markets Bond Fund | (216) | 10,299 | 1,190 | |||||
| T. Rowe Price Institutional | ||||||||
| Emerging Markets Equity Fund | 259 | 11,924 | — | |||||
| T. Rowe Price Institutional | ||||||||
| Floating Rate Fund | (307) | 1,252 | 488 | |||||
| T. Rowe Price Institutional High | ||||||||
| Yield Fund | — | 4,447 | 1,413 | |||||
| T. Rowe Price International | ||||||||
| Bond Fund (USD Hedged) - I | ||||||||
| Class | — | 2,940 | 486 | |||||
| T. Rowe Price Limited Duration | ||||||||
| Inflation Focused Bond Fund - I | ||||||||
| Class | — | 4 | — | |||||
| T. Rowe Price Real Assets Fund | ||||||||
| - I Class | (102) | 2,465 | — | |||||
| T. Rowe Price U.S. Treasury | ||||||||
| Long-Term Fund - I Class | — | (3) | 1 | |||||
| T. Rowe Price Short-Term Fund | — | — | —++ | |||||
| T. Rowe Price Treasury Reserve | ||||||||
| Fund | — | — | 105 | |||||
| Totals | $ | (366)# | $ | 35,737 | $ | 4,597+ | ||
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 | 5/31/20 | Cost | Cost | 8/31/20 | ||
| T. Rowe Price Dynamic | ||||||
| Global Bond Fund - I Class $ | 177,733 | 7,909 | — | $ | 188,051 | |
| T. Rowe Price Inflation | ||||||
| Protected Bond Fund - I | ||||||
| Class | 8 | — | — | 8 | ||
| T. Rowe Price Institutional | ||||||
| Emerging Markets Bond | ||||||
| Fund | 109,519 | 1,191 | (1,966) | 119,043 | ||
| T. Rowe Price Institutional | ||||||
| Emerging Markets Equity | ||||||
| Fund | 67,081 | — | (8,241) | 70,764 | ||
| T. Rowe Price Institutional | ||||||
| Floating Rate Fund | 49,063 | 1,559 | (4,497) | 47,377 | ||
| T. Rowe Price Institutional | ||||||
| High Yield Fund | 97,461 | 9,352 | — | 111,260 | ||
| T. Rowe Price International | ||||||
| Bond Fund (USD Hedged) - I | ||||||
| Class | 125,269 | 6,986 | — | 135,195 | ||
| T. Rowe Price Limited | ||||||
| Duration Inflation Focused | ||||||
| Bond Fund - I Class | 131 | — | — | 135 | ||
| T. Rowe Price Real Assets | ||||||
| Fund - I Class | 22,043 | — | (3,603) | 20,905 | ||
| T. Rowe Price U.S. Treasury | ||||||
| Long-Term Fund - I Class | 339 | 2 | — | 338 | ||
| T. Rowe Price Short-Term | ||||||
| Fund | 3,880 | ¤ | ¤ | 6,884 | ||
| T. Rowe Price Treasury | ||||||
| Reserve Fund | 182,764 | ¤ | ¤ | 244,629 | ||
| Total | $ | 944,589 | ^ | |||
| # | Capital gain distributions from mutual funds represented $0 of the net realized gain (loss). |
| ++ Excludes earnings on securities lending collateral, which are subject to rebates and fees. | |
| + | Investment income comprised $4,597 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 $915,705. |
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.
T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
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
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.
T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
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
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 August 31, 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 | $ | — | $ | 443,916 | $ | — | $ | 443,916 |
| Bond Mutual Funds | 601,407 | — | — | 601,407 | ||||
| Common Stocks | 647,641 | 202,331 | 1,373 | 851,345 | ||||
| Convertible Preferred Stocks | — | 496 | 1,954 | 2,450 | ||||
| Equity Mutual Funds | 91,669 | — | — | 91,669 | ||||
| Private Investment Companies | — | — | 113,586 | 113,586 | ||||
| Short-Term Investments | 244,629 | — | — | 244,629 | ||||
| Securities Lending Collateral | 6,884 | — | — | 6,884 | ||||
| Total Securities | 1,592,230 | 646,743 | 116,913 | 2,355,886 | ||||
| Swaps | — | 124 | — | 124 | ||||
| Forward Currency Exchange Contracts | — | 252 | — | 252 | ||||
| Futures Contracts | 333 | — | — | 333 | ||||
| Total | $ | 1,592,563 | $ | 647,119 | $ | 116,913 | $ | 2,356,595 |
| Liabilities | ||||||||
| Options Written | $ | — | $ | 2,046 | $ | — | $ | 2,046 |
| Swaps | — | 42 | — | 42 | ||||
| Forward Currency Exchange Contracts | — | 15 | — | 15 | ||||
| Total | $ | — | $ | 2,103 | $ | — | $ | 2,103 |
| 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. |
T. ROWE PRICE SPECTRUM CONSERVATIVE ALLOCATION FUND
Following is a reconciliation of the fund’s Level 3 holdings for the period ended August 31, 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 August 31, 2020, totaled $5,687,000 for the period ended August 31, 2020.
During the period, transfers out of Level 3 were because observable market data became available for the security.
| ($000s) | Gain | |||||||||||||||
| Beginning | (Loss) | Transfers | Ending | |||||||||||||
| Balance | During | Total | Out of | Balance | ||||||||||||
| 5/31/20 | Period | Purchases | Total Sales | Level 3 | 8/31/20 | |||||||||||
| Investments in Securities | ||||||||||||||||
| Common Stocks | $ | 1,349 | $ | 98 | $ | -— | $ | (74) | $ | — | $ | 1,373 | ||||
| Convertible Preferred Stocks | 1,470 | 287 | 364 | (35) | (132) | 1,954 | ||||||||||
| Private Investment | ||||||||||||||||
| Companies | 112,571 | 5,265 | 1,750 | (6,000) | 113,586 | |||||||||||
| Total | $ | 115,390 | $ | 5,650 | $ | 2,114 | $ | (6,109) | $ | (132) | $ | 116,913 | ||||
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 | $ | 1,373 | Recent comparable | Discount factor | -# | -# | -# | |||
| transaction price(s) | ||||||||||
| Market performance adjustment | 14% - 26% | 19% | Decrease | |||||||
| Market comparable | Enterprise value to sales multiple | 7.2x | 7.2x | Increase | ||||||
| Discount for lack of marketability | 10% | 10% | Decrease | |||||||
| Projected enterprise value to gross profit | 11.9x | 11.9x | Increase | |||||||
| multiple | ||||||||||
| Projected enterprise value to EBITDA | 10.4x | 10.4x | Increase | |||||||
| multiple | ||||||||||
| Enterprise value to gross profit multiple | 8.2x - 18.4x | 18.0x | Increase | |||||||
| Enterprise value to EBITDA multiple | 7.9x | 7.9x | Increase | |||||||
| Discount rate for cost of equity | 25% | 25% | Decrease | |||||||
| Market performance adjustment | 14% - 26% | 17% | Decrease | |||||||
| Options pricing model | Discount for lack of marketability | 10% | 10% | Decrease | ||||||
| Risk-free rate | 4% | 4% | Increase | |||||||
| Volatility | 23% | 23% | Increase | |||||||
| Market performance adjustment | 26% | 26% | Decrease | |||||||
| Expected present value | Discount rate for cost of equity | 23% | 23% | Decrease | ||||||
| Convertible Preferred Stocks | $ | 1,954 | Recent comparable | Discount factor | -# | -# | -# | |||
| transaction price(s) | ||||||||||
| Market performance adjustment | 26% | 26% | Decrease | |||||||
| Market comparable | Enterprise value to sales multiple | 4.3x - 17.5x | 10.5x | Increase | ||||||
| Discount for lack of marketability | 10% | 10% | Decrease | |||||||
| Projected enterprise value to gross profit | 11.9x | 11.9x | Increase | |||||||
| multiple | ||||||||||
| Discount rate for cost of equity | 25% | 25% | Decrease | |||||||
| Sales growth rate | 12% - 32% | 27% | Increase | |||||||
| Gross profit growth rate | 15% - 25% | 21% | Increase | |||||||
| Enterprise value to gross profit multiple | 7.3x - 10.2x | 8.5x | Increase | |||||||
| Market performance adjustment | 26% | 26% | Decrease | |||||||
| Private Investment | $ | 113,586 | Rollforward of Investee | Estimated return | 0.71% | 0.71% | 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 management's judgment of current market participant assumptions.