NPORT-EX 2 70D6TRPSpectrumConsAllFd.htm d6trowespectrumconservativea.htm - Generated by SEC Publisher for SEC Filing
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.