T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

February

28,

2021

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

0.5%

AmeriCredit

Automobile

Receivables

Trust

Series 2016-4,

Class

D

2.74%,

12/8/22 

225,000‌

226‌

AmeriCredit

Automobile

Receivables

Trust

Series 2018-2,

Class

D

4.01%,

7/18/24 

105,000‌

111‌

AmeriCredit

Automobile

Receivables

Trust

Series 2018-3,

Class

D

4.04%,

11/18/24 

215,000‌

230‌

AmeriCredit

Automobile

Receivables

Trust

Series 2019-1,

Class

B

3.13%,

2/18/25 

80,000‌

83‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

110,000‌

112‌

Applebee's

Funding

Series 2019-1A,

Class

A2I

4.194%,

6/7/49 (1)

334,163‌

344‌

Ares

LVII

Series 2020-57A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.564%,

10/25/31 (1)

300,000‌

300‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2017-1A,

Class

A

3.07%,

9/20/23 (1)

145,000‌

150‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2018-2A,

Class

A

4.00%,

3/20/25 (1)

295,000‌

322‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-2A,

Class

A

3.35%,

9/22/25 (1)

240,000‌

260‌

Avis

Budget

Rental

Car

Funding

AESOP

Series 2019-3A,

Class

B

2.65%,

3/20/26 (1)

330,000‌

345‌

Benefit

Street

Partners

XI

Series 2017-11A,

Class

A2R,

CLO,

FRN

3M

USD

LIBOR

+

1.50%,

1.741%,

4/15/29 (1)

250,000‌

248‌

BlueMountain

Series 2015-2A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.93%,

1.153%,

7/18/27 (1)

203,603‌

204‌

Carlyle

Global

Market

Strategies

Series 2015-3A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.00%,

1.219%,

7/28/28 (1)

291,950‌

292‌

Carmax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26 

500,000‌

518‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CarMax

Auto

Owner

Trust

Series 2020-3,

Class

B

1.09%,

3/16/26 

300,000‌

304‌

CIFC

Funding

Series 2015-4A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

1.374%,

10/20/27 (1)

248,630‌

249‌

CIFC

Funding

Series 2020-1A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.70%,

1.941%,

7/15/32 (1)

250,000‌

251‌

CNH

Equipment

Trust

Series 2017-C,

Class

B

2.54%,

5/15/25 

30,000‌

30‌

Cole

Park

Series 2015-1A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.05%,

1.274%,

10/20/28 (1)

376,342‌

376‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

129,350‌

136‌

Driven

Brands

Funding

Series 2020-2A,

Class

A2

3.237%,

1/20/51 (1)

215,000‌

218‌

Dryden

Series 2020-86A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.65%,

1.873%,

7/17/30 (1)

585,000‌

587‌

Elara

HGV

Timeshare

Issuer

Series 2014-A,

Class

A

2.53%,

2/25/27 (1)

9,229‌

9‌

GM

Financial

Automobile

Leasing

Trust

Series 2020-3,

Class

C

1.11%,

10/21/24 

130,000‌

131‌

GM

Financial

Consumer

Automobile

Receivables

Trust

Series 2017-3A,

Class

C

2.52%,

3/16/23 (1)

90,000‌

91‌

GMF

Floorplan

Owner

Revolving

Trust

Series 2020-1,

Class

C

1.48%,

8/15/25 (1)

305,000‌

310‌

GMF

Floorplan

Owner

Revolving

Trust

Series 2020-2,

Class

C

1.31%,

10/15/25 (1)

120,000‌

121‌

Golub

Capital

Partners

Series 2018-39A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

1.374%,

10/20/28 (1)

339,442‌

340‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

244,375‌

260‌

Hilton

Grand

Vacations

Trust

Series 2017-AA,

Class

A

2.66%,

12/26/28 (1)

28,261‌

29‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Hilton

Grand

Vacations

Trust

Series 2020-AA,

Class

A

2.74%,

2/25/39 (1)

120,818‌

126‌

Hyundai

Auto

Receivables

Trust

Series 2016-B,

Class

D

2.68%,

9/15/23 

175,000‌

175‌

Hyundai

Auto

Receivables

Trust

Series 2020-B,

Class

C

1.60%,

12/15/26 

205,000‌

209‌

Hyundai

Auto

Receivables

Trust

Series 2020-C,

Class

C

1.08%,

12/15/27 

215,000‌

215‌

Jack

in

the

Box

Funding

Series 2019-1A,

Class

A2I

3.982%,

8/25/49 (1)

258,050‌

265‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.33%,

1.571%,

10/15/32 (1)

635,000‌

638‌

Madison

Park

Funding

XXXVII

Series 2019-37A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.30%,

1.541%,

7/15/32 (1)

250,000‌

250‌

Magnetite

XVIII

Series 2016-18A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.08%,

1.274%,

11/15/28 (1)

250,000‌

250‌

Magnetite

XXIII

Series 2019-23A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.30%,

1.518%,

10/25/32 (1)

465,000‌

466‌

Magnetite

XXV

Series 2020-25A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.20%,

1.455%,

1/25/32 (1)

250,000‌

250‌

MVW

Series 2020-1A,

Class

A

1.74%,

10/20/37 (1)

98,897‌

101‌

MVW

Owner

Trust

Series 2014-1A,

Class

A

2.25%,

9/22/31 (1)

10,861‌

11‌

MVW

Owner

Trust

Series 2020-1A,

Class

C

4.21%,

10/20/37 (1)

111,796‌

118‌

Navient

Private

Education

Loan

Trust

Series 2017-A,

Class

A2A

2.88%,

12/16/58 (1)

63,741‌

65‌

Navient

Private

Education

Refi

Loan

Trust

Series 2019-FA,

Class

A2

2.60%,

8/15/68 (1)

351,447‌

362‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-DA,

Class

A

1.69%,

5/15/69 (1)

145,641‌

148‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Navient

Private

Education

Refi

Loan

Trust

Series 2020-GA,

Class

A

1.17%,

9/16/69 (1)

176,241‌

177‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-HA,

Class

A

1.31%,

1/15/69 (1)

103,810‌

105‌

Navient

Private

Education

Refi

Loan

Trust

Series 2021-A,

Class

A

0.84%,

5/15/69 (1)

155,000‌

155‌

Nelnet

Student

Loan

Trust

Series 2020-1A,

Class

A,

FRN

1M

USD

LIBOR

+

0.74%,

0.858%,

3/26/68 (1)

128,781‌

128‌

Neuberger

Berman

Loan

Advisers

Series 2018-29A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.13%,

1.353%,

10/19/31 (1)

250,000‌

250‌

Neuberger

Berman

Loan

Advisers

Series 2019-32A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

1/20/32 (1)(2)

570,000‌

570‌

Neuberger

Berman

Loan

Advisers

Series 2020-38A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.30%,

1.524%,

10/20/32 (1)

290,000‌

290‌

Neuberger

Berman

XVI

Series 2017-16SA,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

0.85%,

1.091%,

1/15/28 (1)

263,448‌

263‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

USD

LIBOR

+

1.65%,

1.874%,

7/20/29 (1)

250,000‌

250‌

OCP

Series 2020-19A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.75%,

1.974%,

7/20/31 (1)

250,000‌

251‌

Octagon

Investment

Partners

XXIII

Series 2015-1A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

0.85%,

1.091%,

7/15/27 (1)

175,783‌

176‌

OZLM

VII

Series 2014-7RA,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.01%,

1.233%,

7/17/29 (1)

238,635‌

239‌

Palmer

Square

Series 2020-2A,

Class

A1A,

CLO,

FRN

3M

USD

LIBOR

+

1.70%,

1.941%,

7/15/31 (1)

260,000‌

260‌

Reese

Park

Series 2020-1A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.561%,

10/15/32 (1)

265,000‌

265‌

Santander

Retail

Auto

Lease

Trust

Series 2019-B,

Class

D

3.31%,

6/20/24 (1)

325,000‌

337‌

Sierra

Timeshare

Receivables

Funding

Series 2020-2A,

Class

C

3.51%,

7/20/37 (1)

136,419‌

141‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SMB

Private

Education

Loan

Trust

Series 2015-B,

Class

A2A

2.98%,

7/15/27 (1)

44,013‌

45‌

SMB

Private

Education

Loan

Trust

Series 2015-C,

Class

A3,

FRN

1M

USD

LIBOR

+

1.95%,

2.062%,

8/16/32 (1)

240,000‌

246‌

SMB

Private

Education

Loan

Trust

Series 2016-A,

Class

A2A

2.70%,

5/15/31 (1)

44,331‌

46‌

SMB

Private

Education

Loan

Trust

Series 2016-B,

Class

A2A

2.43%,

2/17/32 (1)

387,082‌

399‌

SMB

Private

Education

Loan

Trust

Series 2016-C,

Class

A2A

2.34%,

9/15/34 (1)

198,199‌

204‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

179,300‌

193‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2B,

FRN

1M

USD

LIBOR

+

0.72%,

0.832%,

1/15/37 (1)

79,689‌

80‌

SMB

Private

Education

Loan

Trust

Series 2018-C,

Class

A2A

3.63%,

11/15/35 (1)

215,642‌

228‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

355,000‌

350‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53 (1)

240,000‌

240‌

Symphony

XVII

Series 2016-17A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.88%,

1.121%,

4/15/28 (1)

428,510‌

428‌

Symphony

XXIII

Series 2020-23A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.32%,

1.487%,

1/15/34 (1)

580,000‌

582‌

Symphony

XXVI

Series 2021-26A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.08%,

4/20/33 (1)(2)

250,000‌

250‌

Taco

Bell

Funding

Series 2018-1A,

Class

A2I

4.318%,

11/25/48 (1)

322,575‌

325‌

Verizon

Owner

Trust

Series 2018-1A,

Class

C

3.20%,

9/20/22 (1)

195,000‌

197‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.06%,

1.284%,

10/20/29 (1)

285,000‌

285‌

Total

Asset-Backed

Securities

(Cost

$18,524)

18,791‌

BOND

MUTUAL

FUNDS

6.4%

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

(0.48)% (3)

(4)

488‌

6‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

4.41% (3)(4)

4,307,637‌

35,452‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

3.35% (3)(4)

2,745,714‌

26,798‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

3.45% (3)(4)

4,315,990‌

37,938‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

1.12% (3)(4)

7,248,629‌

73,719‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

(0.81)% (3)(4)

17,677‌

93‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

1.66% (3)(4)

4,563,949‌

51,938‌

Total

Bond

Mutual

Funds

(Cost

$231,659)

225,944‌

COMMON

STOCKS

71.5%

COMMUNICATION

SERVICES

8.8%

Diversified

Telecommunication

Services

0.4%

KT

(KRW) 

66,618‌

1,543‌

Nippon

Telegraph

&

Telephone

(JPY) 

399,700‌

10,354‌

Telecom

Italia

(EUR) 

2,999,986‌

1,608‌

13,505‌

Entertainment

1.7%

Cinemark

Holdings 

32,076‌

720‌

Live

Nation

Entertainment (5)

32,425‌

2,881‌

Netflix (5)

36,377‌

19,602‌

Roku (5)

1,396‌

552‌

Sea,

ADR (5)

56,328‌

13,276‌

Spotify

Technology (5)

16,701‌

5,133‌

Walt

Disney (5)

84,837‌

16,038‌

Zynga,

Class

A (5)

124,538‌

1,389‌

59,591‌

Interactive

Media

&

Services

6.1%

Alphabet,

Class

A (5)

5,293‌

10,702‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Alphabet,

Class

C (5)(6)

51,182‌

104,251‌

Facebook,

Class

A (5)(6)

183,807‌

47,352‌

Kuaishou

Technology

(HKD) (5)

8,900‌

354‌

Match

Group (5)

47,669‌

7,286‌

NAVER

(KRW) 

10,301‌

3,430‌

Pinterest,

Class

A (5)

6,059‌

488‌

Snap,

Class

A (5)

154,791‌

10,164‌

Tencent

Holdings

(HKD) 

307,800‌

26,778‌

Z

Holdings

(JPY) 

439,000‌

2,680‌

213,485‌

Media

0.4%

Advantage

Solutions (5)

26,198‌

237‌

Advantage

Solutions,

Warrants,

12/31/26 (5)

6,549‌

12‌

Cable

One 

1,126‌

2,156‌

Charter

Communications,

Class

A (5)

1,942‌

1,191‌

Comcast,

Class

A 

37,020‌

1,952‌

CyberAgent

(JPY) 

57,000‌

3,442‌

National

CineMedia 

70,920‌

335‌

Stroeer

(EUR) 

27,068‌

2,428‌

WPP

(GBP) 

336,532‌

4,025‌

15,778‌

Wireless

Telecommunication

Services

0.2%

SoftBank

Group

(JPY) 

37,800‌

3,528‌

T-Mobile

US (5)

3,052‌

366‌

Vodafone

Group,

ADR 

205,214‌

3,526‌

7,420‌

Total

Communication

Services

309,779‌

CONSUMER

DISCRETIONARY

8.8%

Auto

Components

0.5%

Aptiv 

10,629‌

1,593‌

Autoliv,

SDR

(SEK) 

29,058‌

2,556‌

Denso

(JPY) 

41,300‌

2,495‌

Gentherm (5)

16,005‌

1,133‌

Magna

International 

69,813‌

5,878‌

Stanley

Electric

(JPY) 

80,100‌

2,390‌

Stoneridge (5)

18,485‌

567‌

Sumitomo

Rubber

Industries

(JPY) 

88,200‌

990‌

17,602‌

Automobiles

0.7%

General

Motors 

213,396‌

10,954‌

Honda

Motor

(JPY) 

52,400‌

1,449‌

Suzuki

Motor

(JPY) 

62,500‌

2,726‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Toyota

Motor

(JPY) 

104,100‌

7,692‌

22,821‌

Diversified

Consumer

Services

0.0%

Bright

Horizons

Family

Solutions (5)

7,059‌

1,127‌

Strategic

Education 

1,817‌

165‌

Terminix

Global

Holdings (5)

3,373‌

152‌

1,444‌

Hotels,

Restaurants

&

Leisure

1.3%

BJ's

Restaurants (5)

28,061‌

1,558‌

Bloomin'

Brands 

13,943‌

346‌

Chipotle

Mexican

Grill (5)

3,586‌

5,171‌

Chuy's

Holdings (5)

30,044‌

1,232‌

Compass

Group

(GBP) (5)

166,852‌

3,388‌

Denny's (5)

32,597‌

572‌

Domino's

Pizza 

498‌

173‌

Drive

Shack (5)

69,300‌

181‌

Fiesta

Restaurant

Group (5)

51,565‌

787‌

Hilton

Worldwide

Holdings 

45,845‌

5,670‌

Marriott

International,

Class

A 

21,433‌

3,174‌

McDonald's 

20,514‌

4,229‌

Papa

John's

International 

22,087‌

1,992‌

Red

Robin

Gourmet

Burgers (5)

19,825‌

608‌

Starbucks 

43,335‌

4,681‌

Torchys

Holdings,

Class

A,

Acquisition

Date:

11/13/20,

Cost $772 (5)(7)(8)(9)

90,236‌

772‌

Yum!

Brands 

113,988‌

11,801‌

46,335‌

Household

Durables

0.4%

Cavco

Industries (5)

2,546‌

537‌

Lennar,

Class

A 

19,886‌

1,650‌

Panasonic

(JPY) 

262,800‌

3,398‌

Persimmon

(GBP) 

79,557‌

2,883‌

Skyline

Champion (5)

23,468‌

1,038‌

Sony

(JPY) 

47,500‌

5,016‌

TRI

Pointe

Group (5)

23,900‌

454‌

14,976‌

Internet

&

Direct

Marketing

Retail

3.8%

A

Place

for

Rover,

Acquisition

Date:

5/25/18,

Cost $6 (5)(8)

848‌

8‌

Alibaba

Group

Holding,

ADR (5)

107,729‌

25,614‌

Amazon.com (5)(6)

27,578‌

85,297‌

ASOS

(GBP) (5)

73,379‌

5,746‌

Booking

Holdings (5)

2,816‌

6,557‌

DoorDash,

Class

A (5)

3,604‌

611‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Etsy (5)

9,525‌

2,098‌

JD.com,

ADR (5)

14,368‌

1,349‌

Pinduoduo,

ADR (5)

9,961‌

1,705‌

Poshmark,

Class

A (5)

3,421‌

198‌

RealReal (5)

23,400‌

597‌

THG

(GBP) (5)

73,278‌

722‌

Zalando

(EUR) (5)

44,867‌

4,613‌

135,115‌

Multiline

Retail

0.4%

Dollar

General 

39,671‌

7,497‌

Dollar

Tree (5)

1,233‌

121‌

Next

(GBP) (5)

31,651‌

3,353‌

Ollie's

Bargain

Outlet

Holdings (5)

23,025‌

1,904‌

12,875‌

Specialty

Retail

1.0%

Burlington

Stores (5)

10,186‌

2,636‌

Carvana (5)

11,349‌

3,217‌

Five

Below (5)

3,100‌

577‌

Home

Depot 

21,996‌

5,682‌

Kingfisher

(GBP) (5)

1,012,207‌

3,752‌

L

Brands 

16,745‌

915‌

Michaels (5)

53,582‌

804‌

Monro 

19,132‌

1,186‌

Petco

Health

&

Wellness (5)

14,499‌

289‌

RH (5)

1,977‌

969‌

Ross

Stores 

66,784‌

7,790‌

TJX 

112,738‌

7,440‌

Vroom (5)

11,633‌

515‌

35,772‌

Textiles,

Apparel

&

Luxury

Goods

0.7%

Allbirds,

Acquisition

Date:

10/10/18

-

12/21/18,

Cost $107 (5)(7)

(8)

9,780‌

113‌

Capri

Holdings (5)

18,700‌

872‌

EssilorLuxottica

(EUR) 

21,564‌

3,518‌

Kering

(EUR) 

4,468‌

2,826‌

Lululemon

Athletica (5)

15,987‌

4,983‌

Moncler

(EUR) (5)

63,551‌

3,930‌

NIKE,

Class

B 

53,063‌

7,152‌

Samsonite

International

(HKD) (5)

682,200‌

1,326‌

Steven

Madden 

6,700‌

248‌

VF 

5,423‌

429‌

25,397‌

Total

Consumer

Discretionary

312,337‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

CONSUMER

STAPLES

2.1%

Beverages

0.3%

Boston

Beer,

Class

A (5)

3,814‌

3,924‌

Diageo

(GBP) 

112,262‌

4,416‌

Kirin

Holdings

(JPY) 

87,500‌

1,724‌

10,064‌

Food

&

Staples

Retailing

0.2%

Seven

&

i

Holdings

(JPY) (10)

119,300‌

4,547‌

Welcia

Holdings

(JPY) (10)

37,200‌

1,185‌

5,732‌

Food

Products

1.0%

Barry

Callebaut

(CHF) 

1,170‌

2,531‌

Cal-Maine

Foods (5)

25,380‌

967‌

Darling

Ingredients (5)

36,861‌

2,324‌

Mondelez

International,

Class

A 

26,032‌

1,384‌

Nestle

(CHF) 

158,656‌

16,559‌

Nomad

Foods (5)

33,535‌

792‌

Post

Holdings (5)

13,343‌

1,282‌

Sanderson

Farms 

6,624‌

1,010‌

TreeHouse

Foods (5)

28,256‌

1,413‌

Utz

Brands 

43,100‌

1,089‌

Wilmar

International

(SGD) 

1,036,400‌

4,080‌

33,431‌

Household

Products

0.1%

Procter

&

Gamble 

21,186‌

2,617‌

2,617‌

Personal

Products

0.5%

BellRing

Brands,

Class

A (5)

13,881‌

315‌

Estee

Lauder,

Class

A 

1,997‌

571‌

L'Oreal

(EUR) 

16,585‌

6,053‌

Pola

Orbis

Holdings

(JPY) 

37,700‌

864‌

Unilever

(GBP) 

209,489‌

10,920‌

18,723‌

Total

Consumer

Staples

70,567‌

ENERGY

0.9%

Energy

Equipment

&

Services

0.2%

Cactus,

Class

A 

13,400‌

427‌

Computer

Modelling

Group

(CAD) 

38,800‌

174‌

Dril-Quip (5)

9,200‌

312‌

Halliburton 

60,223‌

1,315‌

Liberty

Oilfield

Services,

Class

A 

76,234‌

891‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

NexTier

Oilfield

Solutions (5)

119,301‌

555‌

Worley

(AUD) 

340,758‌

2,901‌

6,575‌

Oil,

Gas

&

Consumable

Fuels

0.7%

Chevron 

13,306‌

1,331‌

Devon

Energy 

37,572‌

809‌

Diamondback

Energy 

22,444‌

1,555‌

Equinor

(NOK) (10)

255,470‌

4,845‌

Magnolia

Oil

&

Gas,

Class

A (5)

85,189‌

1,027‌

Royal

Dutch

Shell,

Class

B,

ADR 

60,592‌

2,356‌

Seven

Generations

Energy,

Class

A

(CAD) (5)

28,600‌

189‌

TOTAL

(EUR) 

175,162‌

8,168‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $21 (5)(7)(8)

7‌

39‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $279 (5)(7)(8)

77‌

428‌

Williams 

191,616‌

4,376‌

25,123‌

Total

Energy

31,698‌

FINANCIALS

10.3%

Banks

3.5%

Atlantic

Capital

Bancshares (5)

16,268‌

331‌

Australia

&

New

Zealand

Banking

Group

(AUD) 

156,998‌

3,153‌

Bank

of

America 

332,135‌

11,528‌

BankUnited 

48,034‌

1,931‌

BNP

Paribas

(EUR) (5)

90,536‌

5,382‌

Citizens

Financial

Group 

28,690‌

1,246‌

Close

Brothers

Group

(GBP) 

52,116‌

1,132‌

Columbia

Banking

System 

13,037‌

577‌

CrossFirst

Bankshares (5)

30,306‌

405‌

DBS

Group

Holdings

(SGD) 

107,856‌

2,137‌

Dime

Community

Bancshares 

15,085‌

444‌

DNB

(NOK) (10)

326,479‌

6,343‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $56 (5)(7)(8)

5,570‌

67‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $27 (5)(7)(8)

2,736‌

33‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (5)(7)(8)

831‌

3‌

East

West

Bancorp 

20,906‌

1,509‌

Equity

Bancshares,

Class

A (5)

14,634‌

380‌

Erste

Group

Bank

(EUR) (5)

67,018‌

2,201‌

FB

Financial 

24,874‌

1,055‌

First

Bancshares 

18,696‌

600‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $93 (5)(7)(8)

9,254‌

63‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (5)(7)(8)

1,736‌

4‌

Heritage

Commerce 

56,230‌

535‌

Heritage

Financial 

20,509‌

531‌

Home

BancShares 

54,266‌

1,326‌

ING

Groep

(EUR) 

417,310‌

4,571‌

Intesa

Sanpaolo

(EUR) (5)

846,648‌

2,177‌

Investors

Bancorp 

53,598‌

715‌

JPMorgan

Chase 

106,928‌

15,737‌

Live

Oak

Bancshares 

22,886‌

1,261‌

Lloyds

Banking

Group

(GBP) (5)

5,438,055‌

2,963‌

Mitsubishi

UFJ

Financial

Group

(JPY) 

505,900‌

2,661‌

National

Bank

of

Canada

(CAD) 

86,601‌

5,455‌

Origin

Bancorp 

21,370‌

732‌

Pacific

Premier

Bancorp 

30,931‌

1,247‌

Pinnacle

Financial

Partners 

26,393‌

2,142‌

PNC

Financial

Services

Group 

33,532‌

5,645‌

Popular 

11,410‌

762‌

Professional

Holding,

Class

A (5)

11,709‌

187‌

Prosperity

Bancshares 

12,232‌

899‌

Sandy

Spring

Bancorp 

16,758‌

630‌

Seacoast

Banking (5)

37,166‌

1,336‌

Signature

Bank 

9,751‌

2,129‌

South

State 

17,762‌

1,401‌

Standard

Chartered

(GBP) 

191,463‌

1,239‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

60,558‌

1,999‌

Svenska

Handelsbanken,

Class

A

(SEK) (5)

348,338‌

3,672‌

United

Overseas

Bank

(SGD) 

191,400‌

3,515‌

Webster

Financial 

18,417‌

1,019‌

Wells

Fargo 

363,434‌

13,145‌

Western

Alliance

Bancorp 

27,222‌

2,491‌

122,646‌

Capital

Markets

2.7%

Altimeter

Growth (5)

27,930‌

377‌

Bluescape

Opportunities

Acquisition (5)

35,704‌

419‌

Cboe

Global

Markets 

16,990‌

1,681‌

Charles

Schwab 

295,334‌

18,228‌

dMY

Technology

Group

II,

Class

A (5)

8,600‌

164‌

Goldman

Sachs

Group 

64,468‌

20,596‌

Intercontinental

Exchange 

27,787‌

3,065‌

Macquarie

Group

(AUD) 

28,909‌

3,164‌

Morgan

Stanley (6)

518,655‌

39,869‌

MSCI 

548‌

227‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

S&P

Global 

15,775‌

5,196‌

StepStone

Group,

Class

A (5)

27,373‌

986‌

XP,

Class

A (5)

12,086‌

534‌

94,506‌

Consumer

Finance

0.2%

Capital

One

Financial 

21,429‌

2,576‌

Encore

Capital

Group (5)

20,558‌

687‌

PRA

Group (5)

22,011‌

811‌

PROG

Holdings 

24,508‌

1,226‌

SLM 

42,835‌

676‌

5,976‌

Diversified

Financial

Services

0.5%

Challenger

(AUD) 

274,699‌

1,360‌

Element

Fleet

Management

(CAD) 

387,488‌

3,800‌

Equitable

Holdings 

380,854‌

11,262‌

Mitsubishi

UFJ

Lease

&

Finance

(JPY) 

282,700‌

1,525‌

17,947‌

Insurance

3.2%

AIA

Group

(HKD) 

179,400‌

2,262‌

American

International

Group (6)

343,102‌

15,079‌

Assurant 

12,059‌

1,486‌

Aviva

(GBP) 

485,786‌

2,461‌

AXA

(EUR) 

314,277‌

7,903‌

Axis

Capital

Holdings 

24,755‌

1,251‌

Chubb 

72,294‌

11,754‌

Direct

Line

Insurance

Group

(GBP) 

269,904‌

1,207‌

Hanover

Insurance

Group 

9,412‌

1,086‌

Hartford

Financial

Services

Group 

76,551‌

3,880‌

Loews 

13,140‌

628‌

Marsh

&

McLennan 

43,004‌

4,955‌

MetLife 

192,030‌

11,061‌

Munich

Re

(EUR) 

27,617‌

8,124‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

2,800,000‌

2,118‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

215,000‌

2,661‌

Principal

Financial

Group 

20,172‌

1,141‌

Safety

Insurance

Group 

4,207‌

333‌

Sampo,

Class

A

(EUR) 

120,760‌

5,375‌

Selective

Insurance

Group 

25,445‌

1,726‌

Selectquote (5)

15,091‌

460‌

State

Auto

Financial 

11,937‌

224‌

Storebrand

(NOK) (5)

432,179‌

3,684‌

Sun

Life

Financial

(CAD) (10)

115,180‌

5,543‌

Tokio

Marine

Holdings

(JPY) 

96,200‌

4,779‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Travelers 

34,856‌

5,072‌

Willis

Towers

Watson 

546‌

120‌

Zurich

Insurance

Group

(CHF) 

10,741‌

4,385‌

110,758‌

Thrifts

&

Mortgage

Finance

0.2%

Capitol

Federal

Financial 

35,086‌

467‌

Essent

Group 

24,043‌

991‌

Housing

Development

Finance

(INR) 

78,611‌

2,721‌

Meridian

Bancorp 

44,119‌

739‌

PennyMac

Financial

Services 

23,551‌

1,395‌

Sterling

Bancorp 

34,240‌

176‌

6,489‌

Total

Financials

358,322‌

HEALTH

CARE

9.1%

Biotechnology

1.0%

AbbVie 

62,680‌

6,753‌

Abcam,

ADR (5)

14,306‌

341‌

ACADIA

Pharmaceuticals (5)

7,026‌

344‌

Acceleron

Pharma (5)

8,410‌

1,145‌

Agios

Pharmaceuticals (5)

11,088‌

526‌

Allogene

Therapeutics (5)

4,612‌

160‌

Apellis

Pharmaceuticals (5)

3,800‌

183‌

Arcutis

Biotherapeutics (5)

2,929‌

100‌

Argenx,

ADR (5)

6,693‌

2,213‌

Ascendis

Pharma,

ADR (5)

10,315‌

1,599‌

Avidity

Biosciences (5)

3,236‌

78‌

Blueprint

Medicines (5)

10,988‌

1,079‌

Cerevel

Therapeutics

Holdings (5)

7,085‌

107‌

CRISPR

Therapeutics (5)

2,053‌

258‌

Enanta

Pharmaceuticals (5)

1,100‌

54‌

Exact

Sciences (5)

870‌

118‌

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $53 (5)(7)(8)

8,157‌

53‌

G1

Therapeutics (5)

6,798‌

150‌

Generation

Bio (5)

19,143‌

669‌

Global

Blood

Therapeutics (5)

19,042‌

811‌

Homology

Medicines (5)

10,656‌

114‌

IGM

Biosciences (5)

5,061‌

443‌

Incyte (5)

22,187‌

1,745‌

Insmed (5)

33,258‌

1,190‌

Intellia

Therapeutics (5)

4,770‌

288‌

Iovance

Biotherapeutics (5)

4,528‌

169‌

Kodiak

Sciences (5)

14,182‌

1,830‌

Legend

Biotech,

ADR (5)

1,496‌

41‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

MeiraGTx

Holdings (5)

5,759‌

86‌

Orchard

Therapeutics,

ADR (5)

14,507‌

101‌

PTC

Therapeutics (5)

2,900‌

166‌

Radius

Health (5)

51,854‌

965‌

RAPT

Therapeutics (5)

6,800‌

123‌

Replimune

Group (5)

3,157‌

109‌

Scholar

Rock

Holding (5)

18,068‌

978‌

Seagen (5)

4,723‌

714‌

TG

Therapeutics (5)

1,811‌

79‌

Turning

Point

Therapeutics (5)

6,264‌

739‌

Ultragenyx

Pharmaceutical (5)

14,690‌

2,079‌

Vertex

Pharmaceuticals (5)

19,342‌

4,111‌

Xencor (5)

16,750‌

825‌

Zentalis

Pharmaceuticals (5)

3,056‌

129‌

33,765‌

Health

Care

Equipment

&

Supplies

2.7%

Abbott

Laboratories 

37,201‌

4,456‌

Alcon

(CHF) (5)

21,836‌

1,504‌

Align

Technology (5)

1,823‌

1,034‌

AtriCure (5)

13,562‌

885‌

Avanos

Medical (5)

21,880‌

1,006‌

Axonics

Modulation

Technologies (5)

5,429‌

273‌

Becton

Dickinson

&

Company 

1,350‌

325‌

Danaher 

111,871‌

24,575‌

DENTSPLY

SIRONA 

7,311‌

388‌

Elekta,

Class

B

(SEK) 

207,382‌

2,796‌

ICU

Medical (5)

4,419‌

917‌

Intuitive

Surgical (5)

13,471‌

9,925‌

iRhythm

Technologies (5)

8,862‌

1,426‌

JAND,

Class

A,

Acquisition

Date:

3/9/18,

Cost $114 (5)(7)(8)

7,265‌

178‌

Koninklijke

Philips

(EUR) (5)

197,827‌

10,801‌

Medtronic 

82,476‌

9,647‌

Mesa

Laboratories 

1,269‌

345‌

Nevro (5)

5,729‌

946‌

NuVasive (5)

9,443‌

570‌

Outset

Medical (5)

1,924‌

96‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $264 (5)(7)(8)

70,144‌

118‌

Penumbra (5)

2,774‌

789‌

Pulmonx (5)

1,758‌

100‌

Quidel (5)

11,891‌

1,953‌

Siemens

Healthineers

(EUR) 

67,385‌

3,734‌

Stryker 

68,857‌

16,711‌

Zimmer

Biomet

Holdings 

6,097‌

994‌

96,492‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Health

Care

Providers

&

Services

2.1%

Accolade (5)

5,676‌

252‌

Alignment

Healthcare

Partners,

Acquisition

Date:

2/28/20,

Cost $204 (5)(7)(8)

16,862‌

207‌

Amedisys (5)

6,876‌

1,744‌

Anthem 

35,971‌

10,906‌

Centene (5)

71,405‌

4,180‌

Cigna 

38,673‌

8,118‌

Cross

Country

Healthcare (5)

29,368‌

326‌

Fresenius

(EUR) 

91,468‌

3,919‌

Hanger (5)

42,561‌

936‌

HCA

Healthcare 

92,804‌

15,965‌

Humana 

5,261‌

1,997‌

ModivCare (5)

6,705‌

860‌

Molina

Healthcare (5)

12,555‌

2,721‌

Oak

Street

Health (5)

2,403‌

127‌

Option

Care

Health (5)

14,275‌

274‌

Pennant

Group (5)

11,861‌

626‌

U.S.

Physical

Therapy 

8,140‌

954‌

UnitedHealth

Group 

59,184‌

19,662‌

73,774‌

Health

Care

Technology

0.1%

Certara (5)

3,895‌

135‌

Veeva

Systems,

Class

A (5)

6,906‌

1,934‌

2,069‌

Life

Sciences

Tools

&

Services

1.0%

Adaptive

Biotechnologies (5)

7,358‌

416‌

Agilent

Technologies 

61,181‌

7,468‌

Bruker 

28,618‌

1,745‌

Evotec

(EUR) (5)(10)

52,357‌

2,025‌

PPD (5)

18,790‌

659‌

Quanterix (5)

3,732‌

283‌

Seer (5)

2,734‌

132‌

Seer,

Class

A,

Acquisition

Date:

12/8/20,

Cost $93 (5)(8)

4,911‌

225‌

Thermo

Fisher

Scientific 

46,418‌

20,892‌

33,845‌

Pharmaceuticals

2.2%

Arvinas (5)

1,746‌

137‌

Astellas

Pharma

(JPY) 

474,000‌

7,495‌

AstraZeneca,

ADR 

86,300‌

4,175‌

Atea

Pharmaceuticals (5)

3,120‌

235‌

Bausch

Health (5)

78,680‌

2,472‌

Bayer

(EUR) 

86,761‌

5,270‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Cara

Therapeutics (5)

10,157‌

186‌

Catalent (5)

21,007‌

2,389‌

Elanco

Animal

Health (5)

122,722‌

4,033‌

Eli

Lilly

and

Company 

34,619‌

7,093‌

GlaxoSmithKline,

ADR 

108,308‌

3,640‌

Ipsen

(EUR) 

20,155‌

1,716‌

Novartis

(CHF) 

104,583‌

9,007‌

Novo

Nordisk,

Class

B

(DKK) 

27,372‌

1,953‌

Otsuka

Holdings

(JPY) 

82,200‌

3,279‌

Reata

Pharmaceuticals,

Class

A (5)

5,021‌

614‌

Roche

Holding

(CHF) 

29,875‌

9,801‌

Sanofi

(EUR) 

88,410‌

8,113‌

Takeda

Pharmaceutical,

ADR 

85,512‌

1,429‌

TherapeuticsMD (5)

188,145‌

286‌

Zoetis 

20,531‌

3,187‌

76,510‌

Total

Health

Care

316,455‌

INDUSTRIALS

&

BUSINESS

SERVICES

7.6%

Aerospace

&

Defense

0.3%

BWX

Technologies 

9,137‌

530‌

Meggitt

(GBP) (5)

656,789‌

3,894‌

Parsons (5)

10,246‌

366‌

Safran

(EUR) (5)

20,639‌

2,813‌

Teledyne

Technologies (5)

5,743‌

2,131‌

9,734‌

Air

Freight

&

Logistics

0.3%

FedEx 

23,313‌

5,933‌

United

Parcel

Service,

Class

B 

38,997‌

6,155‌

12,088‌

Airlines

0.1%

Alclear

Holdings,

Class

B,

Acquisition

Date:

3/6/18

-

12/13/18,

Cost $291 (5)(7)(8)(9)

1,942‌

563‌

Southwest

Airlines 

73,952‌

4,299‌

United

Airlines

Holdings (5)

1,308‌

69‌

4,931‌

Building

Products

0.2%

Gibraltar

Industries (5)

21,034‌

1,837‌

Johnson

Controls

International 

94,050‌

5,247‌

PGT

Innovations (5)

32,023‌

756‌

7,840‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Commercial

Services

&

Supplies

0.2%

ADT 

96,828‌

737‌

Brink's 

16,099‌

1,237‌

Cintas 

6,123‌

1,986‌

Copart (5)

794‌

87‌

Heritage-Crystal

Clean (5)

19,135‌

502‌

MSA

Safety 

5,208‌

838‌

Rentokil

Initial

(GBP) (5)

170,600‌

1,111‌

Tetra

Tech 

4,393‌

608‌

7,106‌

Electrical

Equipment

0.7%

ABB

(CHF) 

176,347‌

5,077‌

Array

Technologies (5)

15,797‌

586‌

AZZ 

27,496‌

1,405‌

Hubbell 

18,264‌

3,242‌

Legrand

(EUR) 

30,042‌

2,612‌

Mitsubishi

Electric

(JPY) 

383,600‌

5,681‌

Prysmian

(EUR) 

105,972‌

3,404‌

Schneider

Electric

(EUR) 

18,864‌

2,789‌

Shoals

Technologies

Group,

Class

A (5)

24,140‌

787‌

Thermon

Group

Holdings (5)

12,860‌

263‌

25,846‌

Industrial

Conglomerates

1.8%

DCC

(GBP) 

35,791‌

2,891‌

General

Electric 

2,160,009‌

27,087‌

Honeywell

International 

64,607‌

13,073‌

Melrose

Industries

(GBP) (5)

1,887,903‌

4,387‌

Roper

Technologies 

10,580‌

3,995‌

Siemens

(EUR) 

82,169‌

12,717‌

64,150‌

Machinery

1.8%

Caterpillar 

84,182‌

18,173‌

Chart

Industries (5)

13,823‌

1,978‌

Deere 

46,502‌

16,235‌

Enerpac

Tool

Group 

49,294‌

1,218‌

ESCO

Technologies 

15,263‌

1,613‌

Federal

Signal 

14,100‌

513‌

Fortive 

26,069‌

1,716‌

Graco 

17,410‌

1,207‌

Helios

Technologies 

14,453‌

945‌

Ingersoll

Rand (5)

39,127‌

1,813‌

John

Bean

Technologies 

13,839‌

2,042‌

KION

Group

(EUR) 

44,778‌

3,784‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Knorr-Bremse

(EUR) 

19,299‌

2,458‌

Marel

(ISK) 

51,853‌

363‌

Meritor (5)

42,535‌

1,292‌

Mueller

Water

Products,

Class

A 

61,051‌

787‌

Parker-Hannifin 

2,029‌

582‌

SMC

(JPY) 

2,700‌

1,601‌

SPX (5)

17,959‌

998‌

Stanley

Black

&

Decker 

3,590‌

628‌

THK

(JPY) 

59,700‌

1,941‌

Toro 

9,871‌

995‌

62,882‌

Marine

0.0%

Matson 

23,120‌

1,602‌

1,602‌

Professional

Services

0.8%

Booz

Allen

Hamilton

Holding 

13,598‌

1,049‌

Clarivate (5)

96,912‌

2,205‌

CoStar

Group (5)

5,106‌

4,206‌

Equifax 

4,032‌

653‌

Huron

Consulting

Group (5)

5,500‌

280‌

Jacobs

Engineering

Group 

69,088‌

7,951‌

Recruit

Holdings

(JPY) 

92,400‌

4,617‌

TechnoPro

Holdings

(JPY) 

37,200‌

2,716‌

Teleperformance

(EUR) 

8,105‌

2,871‌

Upwork (5)

38,516‌

2,075‌

28,623‌

Road

&

Rail

0.7%

Canadian

Pacific

Railway 

616‌

219‌

Central

Japan

Railway

(JPY) 

16,700‌

2,752‌

CSX 

8,941‌

819‌

Kansas

City

Southern 

997‌

212‌

Knight-Swift

Transportation

Holdings 

25,626‌

1,107‌

Landstar

System 

4,915‌

787‌

Norfolk

Southern 

50,603‌

12,755‌

Saia (5)

4,600‌

922‌

Union

Pacific 

26,577‌

5,474‌

25,047‌

Trading

Companies

&

Distributors

0.7%

Air

Lease 

6,700‌

307‌

Ashtead

Group

(GBP) 

72,939‌

3,963‌

Bunzl

(GBP) 

60,328‌

1,884‌

Mitsubishi

(JPY) 

96,000‌

2,721‌

Rush

Enterprises,

Class

A 

19,772‌

839‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SiteOne

Landscape

Supply (5)

15,268‌

2,420‌

Sumitomo

(JPY) 

217,100‌

3,164‌

United

Rentals (5)

32,935‌

9,794‌

25,092‌

Total

Industrials

&

Business

Services

274,941‌

INFORMATION

TECHNOLOGY

16.0%

Communications

Equipment

0.2%

Infinera (5)

11,300‌

111‌

LM

Ericsson,

Class

B

(SEK) 

486,650‌

6,081‌

6,192‌

Electronic

Equipment,

Instruments

&

Components

0.6%

CTS 

33,373‌

1,074‌

Hamamatsu

Photonics

(JPY) 

53,500‌

3,159‌

Keysight

Technologies (5)

9,615‌

1,361‌

Largan

Precision

(TWD) 

15,000‌

1,773‌

Littelfuse 

4,928‌

1,282‌

Murata

Manufacturing

(JPY) 

56,400‌

4,835‌

National

Instruments 

31,538‌

1,400‌

Novanta (5)

16,017‌

2,119‌

Omron

(JPY) 

29,000‌

2,353‌

TE

Connectivity 

15,532‌

2,020‌

21,376‌

IT

Services

3.7%

Amadeus

IT

Group,

A

Shares

(EUR) (5)

26,371‌

1,841‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $1,024 (5)(7)(8)

182,540‌

1,473‌

Automatic

Data

Processing 

2,627‌

457‌

Euronet

Worldwide (5)

7,918‌

1,190‌

Fidelity

National

Information

Services 

25,640‌

3,538‌

Fiserv (5)

125,387‌

14,466‌

Global

Payments 

79,427‌

15,726‌

Kratos

Defense

&

Security

Solutions (5)

40,030‌

1,101‌

Mastercard,

Class

A 

52,316‌

18,512‌

MongoDB (5)

4,008‌

1,547‌

NTT

Data

(JPY) 

338,500‌

5,197‌

PayPal

Holdings (5)

92,045‌

23,918‌

Repay

Holdings (5)

11,161‌

243‌

ServiceTitan,

Acquisition

Date:

11/9/18,

Cost $9 (5)(7)(8)

327‌

13‌

Shopify,

Class

A (5)

3,181‌

4,075‌

Snowflake,

Class

A (5)

1,140‌

296‌

Square,

Class

A (5)

2,049‌

471‌

StoneCo,

Class

A (5)

7,872‌

675‌

Twilio,

Class

A (5)

3,620‌

1,422‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Visa,

Class

A 

146,697‌

31,157‌

Wix.com (5)

11,582‌

4,037‌

131,355‌

Semiconductors

&

Semiconductor

Equipment

5.2%

Advanced

Micro

Devices (5)

68,220‌

5,765‌

Analog

Devices 

54,786‌

8,537‌

Applied

Materials 

195,971‌

23,162‌

ASML

Holding

(EUR) 

14,865‌

8,430‌

ASML

Holding 

10,874‌

6,167‌

Broadcom 

43,891‌

20,623‌

Entegris 

30,040‌

3,161‌

KLA 

3,725‌

1,159‌

Lam

Research 

4,235‌

2,402‌

Lattice

Semiconductor (5)

59,216‌

2,849‌

Marvell

Technology

Group 

118,862‌

5,739‌

Maxim

Integrated

Products 

16,214‌

1,511‌

Microchip

Technology 

5,364‌

819‌

Micron

Technology (5)

65,885‌

6,030‌

Monolithic

Power

Systems 

3,551‌

1,330‌

NVIDIA 

26,935‌

14,776‌

NXP

Semiconductors 

113,371‌

20,696‌

PDF

Solutions (5)

24,519‌

450‌

QUALCOMM 

154,974‌

21,106‌

Renesas

Electronics

(JPY) (5)

164,700‌

1,812‌

Semtech (5)

6,905‌

506‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

649,759‌

14,195‌

Texas

Instruments 

44,153‌

7,606‌

Tokyo

Electron

(JPY) 

10,100‌

4,212‌

183,043‌

Software

4.9%

Atlassian,

Class

A (5)

7,594‌

1,805‌

Ceridian

HCM

Holding (5)

18,579‌

1,666‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $93 (5)(7)(8)

3,930‌

96‌

Citrix

Systems 

10,990‌

1,468‌

Coupa

Software (5)

5,020‌

1,738‌

Crowdstrike

Holdings,

Class

A (5)

3,419‌

739‌

Descartes

Systems

Group (5)

31,436‌

1,841‌

DocuSign (5)

11,258‌

2,552‌

Duck

Creek

Technologies (5)

2,960‌

140‌

Five9 (5)

12,710‌

2,354‌

Fortinet (5)

422‌

71‌

Intuit 

43,949‌

17,146‌

Manhattan

Associates (5)

5,300‌

652‌

Microsoft (6)

332,944‌

77,370‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

nCino (5)

11,050‌

756‌

Paycom

Software (5)

5,219‌

1,953‌

Proofpoint (5)

9,397‌

1,136‌

RingCentral,

Class

A (5)

362‌

137‌

salesforce.com (5)

69,617‌

15,072‌

SAP

(EUR) 

36,126‌

4,468‌

ServiceNow (5)

36,221‌

19,322‌

Splunk (5)

27,773‌

3,972‌

SS&C

Technologies

Holdings 

28,266‌

1,873‌

Synopsys (5)

35,601‌

8,730‌

Toast,

Acquisition

Date:

9/14/18,

Cost $— (5)(7)(8)

19‌

2‌

Workday,

Class

A (5)

10,628‌

2,606‌

Workiva (5)

5,700‌

577‌

Zendesk (5)

2,900‌

424‌

Zoom

Video

Communications,

Class

A (5)

7,054‌

2,635‌

173,301‌

Technology

Hardware,

Storage

&

Peripherals

1.4%

Apple (6)

307,124‌

37,242‌

Samsung

Electronics

(KRW) 

148,090‌

10,853‌

48,095‌

Total

Information

Technology

563,362‌

MATERIALS

4.2%

Chemicals

1.7%

Air

Liquide

(EUR) 

27,835‌

4,192‌

Akzo

Nobel

(EUR) 

34,824‌

3,601‌

Albemarle 

6,191‌

973‌

Asahi

Kasei

(JPY) 

325,100‌

3,527‌

BASF

(EUR) 

47,247‌

3,865‌

Covestro

(EUR) 

94,933‌

6,874‌

Element

Solutions 

109,554‌

1,978‌

International

Flavors

&

Fragrances 

34,699‌

4,702‌

Johnson

Matthey

(GBP) 

105,055‌

4,489‌

Linde 

51,694‌

12,627‌

Minerals

Technologies 

13,946‌

994‌

PPG

Industries 

33,503‌

4,517‌

Quaker

Chemical 

5,294‌

1,495‌

Sherwin-Williams 

1,825‌

1,242‌

Tosoh

(JPY) 

27,000‌

496‌

Umicore

(EUR) 

58,390‌

3,430‌

59,002‌

Containers

&

Packaging

1.1%

Amcor,

CDI

(AUD) 

193,318‌

2,114‌

Avery

Dennison 

22,425‌

3,929‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Ball 

3,888‌

332‌

International

Paper 

217,125‌

10,780‌

Packaging

Corp.

of

America 

80,317‌

10,603‌

Westrock 

244,197‌

10,645‌

38,403‌

Metals

&

Mining

1.2%

Alcoa (5)

28,900‌

710‌

Antofagasta

(GBP) 

214,834‌

5,362‌

BHP

Group

(AUD) 

156,085‌

5,900‌

BHP

Group

(GBP) 

161,855‌

5,141‌

Constellium (5)

77,590‌

1,027‌

ERO

Copper

(CAD) (5)

59,925‌

1,057‌

Franco-Nevada

(CAD) 

5,157‌

552‌

Freeport-McMoRan (5)

289,810‌

9,827‌

Haynes

International 

16,630‌

465‌

IGO

(AUD) 

821,493‌

4,431‌

Northern

Star

Resources

(AUD) 

119,059‌

922‌

Rio

Tinto

(AUD) 

19,906‌

1,953‌

South32

(AUD) 

918,716‌

1,952‌

Southern

Copper 

43,274‌

3,087‌

42,386‌

Paper

&

Forest

Products

0.2%

Domtar 

17,264‌

640‌

Stora

Enso,

Class

R

(EUR) 

189,264‌

3,728‌

West

Fraser

Timber

(CAD) 

13,094‌

895‌

5,263‌

Total

Materials

145,054‌

REAL

ESTATE

1.6%

Equity

Real

Estate

Investment

Trusts

1.4%

American

Campus

Communities,

REIT 

25,830‌

1,058‌

Community

Healthcare

Trust,

REIT 

8,426‌

369‌

CubeSmart,

REIT 

25,028‌

925‌

EastGroup

Properties,

REIT 

14,614‌

1,989‌

First

Industrial

Realty

Trust,

REIT

13,479‌

576‌

Flagship

Communities,

REIT 

6,984‌

105‌

Great

Portland

Estates

(GBP) 

300,554‌

2,841‌

JBG

SMITH

Properties,

REIT 

34,285‌

1,089‌

Prologis,

REIT 

217,867‌

21,584‌

PS

Business

Parks,

REIT 

10,926‌

1,583‌

Regency

Centers,

REIT 

5,940‌

325‌

Rexford

Industrial

Realty,

REIT 

24,597‌

1,174‌

Scentre

Group

(AUD) 

847,656‌

1,877‌

Welltower,

REIT 

81,528‌

5,536‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Weyerhaeuser,

REIT 

275,948‌

9,346‌

50,377‌

Real

Estate

Management

&

Development

0.2%

Altus

Group

(CAD) 

616‌

27‌

FirstService 

18,418‌

2,786‌

Mitsui

Fudosan

(JPY) 

216,800‌

4,931‌

7,744‌

Total

Real

Estate

58,121‌

UTILITIES

2.1%

Electric

Utilities

0.8%

American

Electric

Power 

4,477‌

335‌

Evergy 

2,360‌

126‌

FirstEnergy 

44,496‌

1,475‌

IDACORP 

11,200‌

966‌

MGE

Energy 

6,039‌

385‌

NextEra

Energy 

207,753‌

15,266‌

Southern 

172,169‌

9,765‌

Xcel

Energy 

4,171‌

244‌

28,562‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

336,500‌

1,165‌

Chesapeake

Utilities 

11,226‌

1,187‌

ONE

Gas 

19,939‌

1,335‌

Southwest

Gas

Holdings 

23,758‌

1,481‌

5,168‌

Independent

Power

&

Renewable

Electricity

Producers

0.2%

AES 

96,017‌

2,550‌

Electric

Power

Development

(JPY) (10)

110,800‌

1,812‌

NextEra

Energy

Partners 

11,992‌

871‌

5,233‌

Multi-Utilities

0.9%

Ameren 

42,864‌

3,012‌

Dominion

Energy 

7,970‌

544‌

DTE

Energy 

3,549‌

418‌

Engie

(EUR) (5)

362,626‌

5,280‌

National

Grid

(GBP) 

329,006‌

3,699‌

NorthWestern 

5,600‌

327‌

Public

Service

Enterprise

Group 

115,692‌

6,228‌

Sempra

Energy 

94,766‌

10,991‌

WEC

Energy

Group 

6,953‌

561‌

31,060‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Water

Utilities

0.1%

California

Water

Service

Group 

13,371‌

735‌

Middlesex

Water 

8,994‌

618‌

SJW

Group 

13,202‌

827‌

2,180‌

Total

Utilities

72,203‌

Total

Miscellaneous

Common

Stocks

 0.0% (11)

758‌

Total

Common

Stocks

(Cost

$1,377,833)

2,513,597‌

CONVERTIBLE

PREFERRED

STOCKS

0.4%

CONSUMER

DISCRETIONARY

0.2%

Automobiles

0.2%

Rivian

Automotive,

Series

D,

Acquisition

Date:

12/23/19,

Cost $287 (5)(7)(8)

26,722‌

985‌

Rivian

Automotive,

Series

E,

Acquisition

Date:

7/10/20,

Cost $430 (5)(7)(8)

27,772‌

1,023‌

Rivian

Automotive,

Series

F,

Acquisition

Date:

1/19/21,

Cost $2,493 (5)(7)(8)

67,655‌

2,493‌

4,501‌

Diversified

Consumer

Services

0.0%

1stdibs.com,

Series

D,

Acquisition

Date:

2/7/19,

Cost $100 (5)(7)

(8)

19,927‌

166‌

166‌

Hotels,

Restaurants

&

Leisure

0.0%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20,

Cost $327 (5)(7)

(8)

14,422‌

327‌

Torchys

Holdings,

Acquisition

Date:

11/13/20,

Cost $159 (5)(7)(8)

(9)

17,718‌

159‌

486‌

Internet

&

Direct

Marketing

Retail

0.0%

A

Place

for

Rover,

Series

G,

Acquisition

Date:

5/11/18,

Cost $91 (5)(8)

12,138‌

120‌

Roofoods,

Series

F,

Acquisition

Date:

9/12/17,

Cost $303 (5)(7)(8)

857‌

752‌

Roofoods,

Series

G,

Acquisition

Date:

5/16/19,

Cost $13 (5)(7)(8)

30‌

26‌

898‌

Textiles,

Apparel

&

Luxury

Goods

0.0%

Allbirds,

Series

A,

Acquisition

Date:

10/10/18,

Cost $35 (5)(7)(8)

3,180‌

37‌

Allbirds,

Series

B,

Acquisition

Date:

10/10/18,

Cost $6 (5)(7)(8)

560‌

6‌

Allbirds,

Series

C,

Acquisition

Date:

10/9/18,

Cost $58 (5)(7)(8)

5,340‌

62‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Allbirds,

Series

Seed,

Acquisition

Date:

10/10/18,

Cost $19 (5)(7)

(8)

1,710‌

20‌

125‌

Total

Consumer

Discretionary

6,176‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $221 (5)(7)(8)

11,951‌

395‌

Total

Consumer

Staples

395‌

HEALTH

CARE

0.0%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $107 (5)(7)(8)

38,898‌

107‌

107‌

Health

Care

Equipment

&

Supplies

0.0%

JAND,

Series

E,

Acquisition

Date:

3/9/18,

Cost $141 (5)(7)(8)

8,963‌

220‌

JAND,

Series

F,

Acquisition

Date:

4/3/20,

Cost $257 (5)(7)(8)

13,191‌

324‌

Kardium,

Series

D6,

Acquisition

Date:

1/8/21,

Cost $120 (5)(7)(8)

118,345‌

120‌

664‌

Health

Care

Providers

&

Services

0.0%

Bright

Health,

Series

E,

Acquisition

Date:

9/16/20,

Cost $293 (5)

(7)(8)

14,370‌

293‌

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $223 (5)(7)(8)

92,428‌

223‌

516‌

Life

Sciences

Tools

&

Services

0.0%

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $161 (5)(7)(8)

11,776‌

161‌

161‌

Total

Health

Care

1,448‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Machinery

0.0%

Xometry,

Series

A-2,

Acquisition

Date:

7/20/20,

Cost $20 (5)(7)(8)

2,098‌

20‌

Xometry,

Series

B,

Acquisition

Date:

7/20/20,

Cost $7 (5)(7)(8)

720‌

7‌

Xometry,

Series

C,

Acquisition

Date:

7/20/20,

Cost $7 (5)(7)(8)

748‌

7‌

Xometry,

Series

D,

Acquisition

Date:

7/20/20,

Cost $6 (5)(7)(8)

581‌

6‌

Xometry,

Series

E,

Acquisition

Date:

7/20/20,

Cost $57 (5)(7)(8)

4,201‌

57‌

Xometry,

Series

Seed-1,

Acquisition

Date:

9/4/20,

Cost $31 (5)(7)

(8)

3,825‌

31‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Xometry,

Series

Seed-2,

Acquisition

Date:

9/4/20,

Cost $13 (5)(7)

(8)

1,683‌

13‌

141‌

Road

&

Rail

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $148 (5)(7)(8)

20,804‌

242‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $223 (5)(7)(8)

16,522‌

193‌

435‌

Total

Industrials

&

Business

Services

576‌

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $— (5)

(7)(8)

7‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $88 (5)(7)

(8)

3,321‌

129‌

129‌

Software

0.1%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $67 (5)(7)(8)

4,912‌

120‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $263 (5)(7)(8)

8,682‌

213‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $260 (5)(7)(8)

1,466‌

260‌

Flexe,

Series

C,

Acquisition

Date:

11/18/20,

Cost $119 (5)(7)(8)

9,815‌

119‌

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20,

Cost $70 (5)(7)(8)

4,790‌

70‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20,

Cost $175 (5)(7)(8)

13,371‌

175‌

Plex

Systems

Holdings,

Series

B,

Acquisition

Date:

6/9/14,

Cost $54 (5)(7)(8)

23,742‌

86‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $126 (5)(7)(8)

4,012‌

176‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $16 (5)(7)(8)

375‌

16‌

Toast,

Series

B,

Acquisition

Date:

9/14/18,

Cost $3 (5)(7)(8)

169‌

22‌

Toast,

Series

D,

Acquisition

Date:

6/27/18,

Cost $214 (5)(7)(8)

12,364‌

1,588‌

Toast,

Series

F,

Acquisition

Date:

2/14/20,

Cost $60 (5)(7)(8)

1,312‌

169‌

3,014‌

Total

Information

Technology

3,143‌

MATERIALS

0.0%

Chemicals

0.0%

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $217 (5)(7)(8)

5,247‌

217‌

Total

Materials

217‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

UTILITIES

0.1%

Electric

Utilities

0.1%

Southern,

Series

A,

6.75%,

8/1/22 

19,032‌

918‌

Total

Utilities

918‌

Total

Convertible

Preferred

Stocks

(Cost

$9,040)

12,873‌

CORPORATE

BONDS

2.1%

AbbVie,

2.95%,

11/21/26 

535,000‌

580‌

AbbVie,

4.05%,

11/21/39 

355,000‌

408‌

AbbVie,

4.875%,

11/14/48 

412,000‌

527‌

Adani

Electricity

Mumbai,

3.949%,

2/12/30 

550,000‌

567‌

AerCap

Ireland

Capital,

3.50%,

5/26/22 

150,000‌

154‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

435,000‌

475‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

155,000‌

182‌

AIA

Group,

3.90%,

4/6/28 (1)

490,000‌

548‌

AIB

Group,

VR,

4.263%,

4/10/25 (1)(12)

210,000‌

230‌

Aker,

2.875%,

1/15/26 (1)

240,000‌

249‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/28 

280,000‌

316‌

Alexandria

Real

Estate

Equities,

4.70%,

7/1/30 

50,000‌

60‌

American

Airlines

PTT,

Series 2013-1,

Class

A,

4.00%,

7/15/25 

1‌

—‌

American

Campus

Communities

Operating

Partnership,

2.85%,

2/1/30 

390,000‌

400‌

American

Campus

Communities

Operating

Partnership,

3.30%,

7/15/26 

95,000‌

104‌

American

Campus

Communities

Operating

Partnership,

3.625%,

11/15/27 

215,000‌

238‌

APT

Pipelines,

4.25%,

7/15/27 (1)

520,000‌

589‌

Arrow

Electronics,

4.00%,

4/1/25 

230,000‌

250‌

AT&T,

2.25%,

2/1/32 

300,000‌

287‌

AT&T,

2.30%,

6/1/27 

190,000‌

197‌

AT&T,

2.55%,

12/1/33 (1)

220,000‌

211‌

AT&T,

2.75%,

6/1/31 

720,000‌

731‌

AT&T,

3.80%,

12/1/57 (1)

392,000‌

373‌

AT&T,

4.30%,

2/15/30 

135,000‌

155‌

Ausgrid

Finance,

3.85%,

5/1/23 (1)(10)

135,000‌

142‌

Ausgrid

Finance,

4.35%,

8/1/28 (1)

205,000‌

232‌

Avnet,

3.75%,

12/1/21 

270,000‌

276‌

Avolon

Holdings

Funding,

3.95%,

7/1/24 (1)

445,000‌

466‌

Avolon

Holdings

Funding,

4.25%,

4/15/26 (1)

60,000‌

63‌

Avolon

Holdings

Funding,

4.375%,

5/1/26 (1)

130,000‌

138‌

Baidu,

2.875%,

7/6/22 

460,000‌

471‌

Baidu,

3.625%,

7/6/27 

450,000‌

496‌

Baidu,

3.875%,

9/29/23 

255,000‌

275‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Banco

Santander,

3.49%,

5/28/30 

200,000‌

216‌

Bank

of

America,

3.248%,

10/21/27 

475,000‌

519‌

Bank

of

America,

VR,

1.898%,

7/23/31 (12)

225,000‌

217‌

Bank

of

America,

VR,

2.496%,

2/13/31 (12)

250,000‌

256‌

Bank

of

America,

VR,

2.592%,

4/29/31 (12)

265,000‌

273‌

Bank

of

America,

VR,

3.419%,

12/20/28 (12)

25,000‌

28‌

Bank

of

America,

VR,

3.559%,

4/23/27 (12)

95,000‌

105‌

Bank

of

America,

VR,

4.271%,

7/23/29 (12)

330,000‌

382‌

Bank

of

America,

Series L,

3.95%,

4/21/25 

635,000‌

702‌

Barclays,

VR,

2.852%,

5/7/26 (12)

300,000‌

316‌

Barclays,

VR,

3.932%,

5/7/25 (12)

235,000‌

256‌

BAT

Capital,

3.557%,

8/15/27 

665,000‌

721‌

BAT

International

Finance,

1.668%,

3/25/26 

85,000‌

85‌

BBVA

Bancomer,

4.375%,

4/10/24 (1)(10)

700,000‌

763‌

Becton

Dickinson

&

Company,

1.957%,

2/11/31 

255,000‌

251‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

150,000‌

157‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

615,000‌

688‌

Becton

Dickinson

&

Company,

3.794%,

5/20/50 

175,000‌

193‌

Becton

Dickinson

&

Company,

4.669%,

6/6/47 

170,000‌

210‌

BNP

Paribas,

VR,

1.323%,

1/13/27 (1)(12)

200,000‌

199‌

BNP

Paribas,

VR,

3.052%,

1/13/31 (1)(12)

375,000‌

396‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

235,000‌

242‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

40,000‌

45‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

175,000‌

198‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

250,000‌

295‌

Booking

Holdings,

4.10%,

4/13/25 

85,000‌

95‌

Booking

Holdings,

4.50%,

4/13/27 

90,000‌

105‌

Booking

Holdings,

4.625%,

4/13/30 

100,000‌

119‌

Boral

Finance,

3.00%,

11/1/22 (1)

30,000‌

31‌

Boral

Finance,

3.75%,

5/1/28 (1)

855,000‌

904‌

Boston

Properties,

3.25%,

1/30/31 

100,000‌

106‌

Brixmor

Operating

Partnership,

3.65%,

6/15/24 

134,000‌

145‌

Brixmor

Operating

Partnership,

3.85%,

2/1/25 

285,000‌

310‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

70,000‌

77‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

445,000‌

495‌

Cameron

LNG,

2.902%,

7/15/31 (1)

90,000‌

95‌

Cameron

LNG,

3.302%,

1/15/35 (1)

95,000‌

103‌

Cameron

LNG,

3.701%,

1/15/39 (1)

75,000‌

82‌

Capital

One

Financial,

3.75%,

3/9/27 

775,000‌

868‌

Cardinal

Health,

3.75%,

9/15/25 

205,000‌

226‌

Cardinal

Health,

4.50%,

11/15/44 

50,000‌

55‌

Cardinal

Health,

4.90%,

9/15/45 

50,000‌

58‌

Celulosa

Arauco

y

Constitucion,

4.20%,

1/29/30 (1)

550,000‌

595‌

Charter

Communications

Operating,

2.30%,

2/1/32 

275,000‌

269‌

Charter

Communications

Operating,

2.80%,

4/1/31 

495,000‌

502‌

Charter

Communications

Operating,

3.75%,

2/15/28 

175,000‌

192‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Charter

Communications

Operating,

4.20%,

3/15/28 

310,000‌

347‌

Charter

Communications

Operating,

4.80%,

3/1/50 

75,000‌

82‌

Charter

Communications

Operating,

5.125%,

7/1/49 

85,000‌

98‌

Charter

Communications

Operating,

5.75%,

4/1/48 

15,000‌

18‌

Charter

Communications

Operating,

6.484%,

10/23/45 

50,000‌

67‌

Cheniere

Corpus

Christi

Holdings,

3.70%,

11/15/29 

225,000‌

243‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

70,000‌

81‌

Cigna,

3.40%,

3/15/50 

495,000‌

505‌

Cigna,

4.50%,

2/25/26 

235,000‌

269‌

Citigroup,

VR,

3.106%,

4/8/26 (12)

215,000‌

231‌

CNO

Financial

Group,

5.25%,

5/30/25 

124,000‌

142‌

Comcast,

3.25%,

11/1/39 

300,000‌

318‌

Country

Garden

Holdings,

5.125%,

1/17/25 

200,000‌

210‌

Country

Garden

Holdings,

6.15%,

9/17/25 

300,000‌

334‌

Credit

Suisse

Group,

VR,

2.193%,

6/5/26 (1)(12)

310,000‌

321‌

Credit

Suisse

Group,

VR,

2.593%,

9/11/25 (1)(12)

385,000‌

405‌

Credit

Suisse

Group,

VR,

4.194%,

4/1/31 (1)(12)

295,000‌

334‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

355,000‌

380‌

CVS

Health,

1.30%,

8/21/27 

180,000‌

176‌

CVS

Health,

1.875%,

2/28/31 

165,000‌

159‌

CVS

Health,

2.70%,

8/21/40 

70,000‌

66‌

CVS

Health,

3.625%,

4/1/27 

45,000‌

50‌

CVS

Health,

4.25%,

4/1/50 

515,000‌

597‌

CVS

Health,

5.05%,

3/25/48 

135,000‌

171‌

CVS

Health,

5.125%,

7/20/45 

10,000‌

13‌

Daimler

Finance

North

America,

1.45%,

3/2/26 (1)

270,000‌

271‌

Daimler

Finance

North

America,

2.45%,

3/2/31 (1)

150,000‌

152‌

Danske

Bank,

VR,

3.001%,

9/20/22 (1)(12)

260,000‌

263‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(12)

260,000‌

279‌

Diamondback

Energy,

3.25%,

12/1/26 

260,000‌

274‌

Discover

Financial

Services,

3.75%,

3/4/25 

320,000‌

349‌

Discover

Financial

Services,

4.10%,

2/9/27 

225,000‌

254‌

Ecolab,

4.80%,

3/24/30 

20,000‌

24‌

Edison

International,

4.95%,

4/15/25 

15,000‌

17‌

Energy

Transfer

Operating,

2.90%,

5/15/25 

90,000‌

95‌

Energy

Transfer

Operating,

4.50%,

4/15/24 

50,000‌

55‌

Energy

Transfer

Operating,

4.95%,

6/15/28 

80,000‌

90‌

Energy

Transfer

Operating,

5.00%,

5/15/50 

45,000‌

47‌

Energy

Transfer

Operating,

5.25%,

4/15/29 

115,000‌

133‌

Energy

Transfer

Operating,

5.50%,

6/1/27 

35,000‌

41‌

Energy

Transfer

Operating,

5.875%,

1/15/24 

465,000‌

520‌

Energy

Transfer

Operating,

6.00%,

6/15/48 

145,000‌

165‌

Energy

Transfer

Operating,

6.25%,

4/15/49 

320,000‌

375‌

Eni,

Series X-R,

4.75%,

9/12/28 (1)

360,000‌

420‌

Essex

Portfolio,

3.375%,

4/15/26 

170,000‌

187‌

Falabella,

4.375%,

1/27/25 (10)

500,000‌

550‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

GE

Capital

Funding,

4.05%,

5/15/27 (1)

210,000‌

237‌

GE

Capital

International

Funding,

3.373%,

11/15/25 

535,000‌

583‌

General

Motors

Financial,

3.20%,

7/6/21 

30,000‌

30‌

General

Motors

Financial,

4.00%,

10/6/26 

100,000‌

111‌

General

Motors

Financial,

4.35%,

4/9/25 

165,000‌

182‌

General

Motors

Financial,

5.10%,

1/17/24 

285,000‌

317‌

GLP

Capital,

3.35%,

9/1/24 

60,000‌

64‌

Goldman

Sachs

Group,

3.50%,

11/16/26 

230,000‌

253‌

Gray

Oak

Pipeline,

2.00%,

9/15/23 (1)

25,000‌

25‌

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

70,000‌

71‌

Gray

Oak

Pipeline,

3.45%,

10/15/27 (1)

30,000‌

31‌

Hasbro,

3.55%,

11/19/26 

120,000‌

131‌

Healthcare

Realty

Trust,

2.05%,

3/15/31 

95,000‌

91‌

Healthcare

Realty

Trust,

3.625%,

1/15/28 

260,000‌

283‌

Healthpeak

Properties,

2.875%,

1/15/31 

35,000‌

36‌

Healthpeak

Properties,

3.25%,

7/15/26 

30,000‌

33‌

Healthpeak

Properties,

3.50%,

7/15/29 

35,000‌

39‌

Heathrow

Funding,

4.875%,

7/15/21 (1)

175,000‌

178‌

Highwoods

Realty,

3.05%,

2/15/30 

350,000‌

360‌

Highwoods

Realty,

4.125%,

3/15/28 

110,000‌

122‌

HSBC

Holdings,

3.90%,

5/25/26 

310,000‌

346‌

HSBC

Holdings,

VR,

2.099%,

6/4/26 (12)

390,000‌

403‌

Humana,

4.875%,

4/1/30 

265,000‌

318‌

Hyundai

Capital

America,

1.80%,

10/15/25 (1)

120,000‌

121‌

Hyundai

Capital

America,

2.375%,

2/10/23 (1)

245,000‌

253‌

Intercontinental

Exchange,

1.85%,

9/15/32 

650,000‌

617‌

Intercontinental

Exchange,

2.10%,

6/15/30 

330,000‌

329‌

JPMorgan

Chase,

VR,

1.764%,

11/19/31 (12)

735,000‌

705‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28 (12)

295,000‌

304‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30 (12)

185,000‌

194‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (12)

1,000,000‌

1,044‌

JPMorgan

Chase,

VR,

3.54%,

5/1/28 (12)

120,000‌

134‌

Keysight

Technologies,

4.60%,

4/6/27 

68,000‌

80‌

Kilroy

Realty,

3.45%,

12/15/24 

470,000‌

507‌

Kookmin

Bank,

4.50%,

2/1/29 

350,000‌

401‌

Las

Vegas

Sands,

3.20%,

8/8/24 

60,000‌

63‌

Las

Vegas

Sands,

3.50%,

8/18/26 

95,000‌

101‌

Longfor

Group

Holdings,

3.95%,

9/16/29 

375,000‌

406‌

Marsh

&

McLennan,

2.25%,

11/15/30 

85,000‌

86‌

Micron

Technology,

4.185%,

2/15/27 

185,000‌

210‌

Micron

Technology,

4.64%,

2/6/24 

380,000‌

418‌

Micron

Technology,

4.975%,

2/6/26 

200,000‌

230‌

Micron

Technology,

5.327%,

2/6/29 

115,000‌

138‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (1)

380,000‌

413‌

Morgan

Stanley,

3.75%,

2/25/23 

530,000‌

564‌

Morgan

Stanley,

4.00%,

7/23/25 

1,035,000‌

1,163‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Morgan

Stanley,

VR,

1.794%,

2/13/32 (12)

245,000‌

234‌

Morgan

Stanley,

VR,

1.928%,

4/28/32 (12)

85,000‌

82‌

Morgan

Stanley,

VR,

4.431%,

1/23/30 (12)

95,000‌

111‌

Natwest

Group,

5.125%,

5/28/24 

100,000‌

112‌

Netflix,

4.625%,

5/15/29

(EUR) 

290,000‌

434‌

NiSource,

1.70%,

2/15/31 

150,000‌

143‌

NiSource,

3.60%,

5/1/30 

155,000‌

172‌

NRG

Energy,

4.45%,

6/15/29 (1)

115,000‌

127‌

NTT

Finance,

1.591%,

4/3/28 (1)

295,000‌

293‌

NTT

Finance,

2.065%,

4/3/31 (1)

200,000‌

199‌

NXP,

2.70%,

5/1/25 (1)

20,000‌

21‌

NXP,

3.15%,

5/1/27 (1)

40,000‌

43‌

NXP,

5.35%,

3/1/26 (1)

105,000‌

124‌

Occidental

Petroleum,

2.90%,

8/15/24 

650,000‌

633‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

235,000‌

234‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

265,000‌

257‌

Pacific

Gas

&

Electric,

3.30%,

8/1/40 

225,000‌

214‌

Pacific

Gas

&

Electric,

3.95%,

12/1/47 

155,000‌

150‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

585,000‌

651‌

PerkinElmer,

3.30%,

9/15/29 

99,000‌

106‌

Perrigo

Finance

Unlimited,

3.15%,

6/15/30 

235,000‌

242‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

400,000‌

450‌

Prologis,

1.25%,

10/15/30 

85,000‌

80‌

Regency

Centers,

3.60%,

2/1/27 

660,000‌

722‌

Regency

Centers,

3.70%,

6/15/30 

70,000‌

77‌

Reynolds

American,

4.45%,

6/12/25 

175,000‌

195‌

Ross

Stores,

1.875%,

4/15/31 

205,000‌

197‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

40,000‌

46‌

Sabine

Pass

Liquefaction,

5.00%,

3/15/27 

545,000‌

630‌

Sabine

Pass

Liquefaction,

5.875%,

6/30/26 

15,000‌

18‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26 (12)

335,000‌

337‌

SBA

Tower

Trust,

2.328%,

1/15/28 (1)

40,000‌

41‌

SBA

Tower

Trust,

2.836%,

1/15/25 (1)

340,000‌

362‌

SBA

Tower

Trust,

3.168%,

4/11/22 (1)

230,000‌

231‌

SBA

Tower

Trust,

3.448%,

3/15/23 (1)

100,000‌

106‌

SBA

Tower

Trust,

Series 2014-2A,

Class

C,

STEP,

3.869%,

10/15/49 (1)

265,000‌

279‌

Sempra

Energy,

3.40%,

2/1/28 

430,000‌

472‌

Shinhan

Bank,

4.00%,

4/23/29 

375,000‌

416‌

Simon

Property

Group,

2.65%,

7/15/30 

185,000‌

188‌

Simon

Property

Group,

3.30%,

1/15/26 

40,000‌

43‌

SMBC

Aviation

Capital

Finance,

3.55%,

4/15/24 (1)

210,000‌

223‌

SMBC

Aviation

Capital

Finance,

4.125%,

7/15/23 (1)

245,000‌

262‌

Southern,

3.25%,

7/1/26 

260,000‌

282‌

Standard

Chartered,

VR,

4.644%,

4/1/31 (1)(12)

690,000‌

804‌

Synchrony

Financial,

4.25%,

8/15/24 

45,000‌

49‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Synchrony

Financial,

4.375%,

3/19/24 

65,000‌

71‌

T-Mobile

USA,

2.05%,

2/15/28 (1)

120,000‌

120‌

T-Mobile

USA,

3.75%,

4/15/27 (1)

750,000‌

827‌

Tengizchevroil

Finance

International,

4.00%,

8/15/26 

525,000‌

571‌

Transcontinental

Gas

Pipe

Line,

4.00%,

3/15/28 

90,000‌

101‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

130,000‌

149‌

Transurban

Finance,

2.45%,

3/16/31 (1)

135,000‌

137‌

Transurban

Finance,

3.375%,

3/22/27 (1)

255,000‌

280‌

Transurban

Finance,

4.125%,

2/2/26 (1)

55,000‌

62‌

Trinity

Acquisition,

4.40%,

3/15/26 

195,000‌

222‌

U.S.

Airways

PTT,

Series 2013-1,

Class

A,

3.95%,

11/15/25 

72,572‌

71‌

United

Airlines

PTT,

Series 2019-2,

Class

A,

2.90%,

5/1/28 

78,503‌

76‌

United

Airlines

PTT,

Series 2019-2,

Class

AA,

2.70%,

5/1/32 

49,262‌

49‌

UnitedHealth

Group,

2.00%,

5/15/30 

285,000‌

285‌

Valero

Energy,

2.15%,

9/15/27 

90,000‌

90‌

Vanke

Real

Estate

Hong

Kong,

5.35%,

3/11/24 

500,000‌

558‌

VEREIT

Operating

Partnership,

2.20%,

6/15/28 

50,000‌

50‌

VEREIT

Operating

Partnership,

2.85%,

12/15/32 

240,000‌

239‌

VEREIT

Operating

Partnership,

3.40%,

1/15/28 

180,000‌

194‌

VEREIT

Operating

Partnership,

3.95%,

8/15/27 

230,000‌

259‌

VEREIT

Operating

Partnership,

4.60%,

2/6/24 

385,000‌

423‌

VEREIT

Operating

Partnership,

4.625%,

11/1/25 

320,000‌

364‌

VEREIT

Operating

Partnership,

4.875%,

6/1/26 

250,000‌

290‌

Verizon

Communications,

2.65%,

11/20/40 

220,000‌

205‌

Verizon

Communications,

2.987%,

10/30/56 (1)

1,250,000‌

1,130‌

Verizon

Communications,

4.329%,

9/21/28 

205,000‌

237‌

Verizon

Communications,

4.522%,

9/15/48 

150,000‌

177‌

Verizon

Communications,

4.75%,

11/1/41 

55,000‌

67‌

Vistra

Operations,

3.55%,

7/15/24 (1)

405,000‌

434‌

Vodafone

Group,

4.125%,

5/30/25 

230,000‌

258‌

Vodafone

Group,

4.875%,

6/19/49 

270,000‌

326‌

Vodafone

Group,

5.25%,

5/30/48 

500,000‌

647‌

Volkswagen

Bank,

2.50%,

7/31/26

(EUR) 

100,000‌

133‌

Volkswagen

Group

of

America

Finance,

1.625%,

11/24/27 (1)

245,000‌

243‌

Volkswagen

Group

of

America

Finance,

2.85%,

9/26/24 (1)

250,000‌

266‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26 (1)

785,000‌

853‌

Wells

Fargo,

4.30%,

7/22/27 

175,000‌

202‌

Wells

Fargo,

VR,

2.188%,

4/30/26 (12)

150,000‌

156‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (12)

670,000‌

696‌

Wells

Fargo,

VR,

2.572%,

2/11/31 (12)

800,000‌

825‌

Wells

Fargo,

VR,

2.879%,

10/30/30 (12)

500,000‌

528‌

Westlake

Chemical,

1.625%,

7/17/29

(EUR) 

100,000‌

124‌

Williams,

3.90%,

1/15/25 

490,000‌

534‌

Williams,

4.00%,

9/15/25 

495,000‌

547‌

Williams,

4.55%,

6/24/24 

335,000‌

372‌

Williams,

5.10%,

9/15/45 

230,000‌

269‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Woodside

Finance,

3.65%,

3/5/25 (1)

240,000‌

256‌

Woodside

Finance,

3.70%,

9/15/26 (1)

195,000‌

212‌

Woodside

Finance,

3.70%,

3/15/28 (1)(10)

515,000‌

542‌

WPP

Finance

2010,

3.75%,

9/19/24 

530,000‌

583‌

Total

Corporate

Bonds

(Cost

$70,497)

73,840‌

EQUITY

MUTUAL

FUNDS

8.4%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund (3)

4,382,149‌

224,278‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (3)

5,449,838‌

70,358‌

Total

Equity

Mutual

Funds

(Cost

$193,279)

294,636‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.0%

Equate

Petrochemical,

4.25%,

11/3/26 

525,000‌

572‌

Perusahaan

Listrik

Negara,

4.125%,

5/15/27 (1)

375,000‌

408‌

Saudi

Arabian

Oil,

3.50%,

4/16/29 (1)

550,000‌

601‌

Syngenta

Finance,

3.933%,

4/23/21 (1)

395,000‌

396‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$1,941)

1,977‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

0.8%

280

Park

Avenue

Mortgage

Trust,

Series 2017-280P,

Class

A,

ARM,

1M

USD

LIBOR

+

0.88%,

0.992%,

9/15/34 (1)

167,534‌

168‌

Angel

Oak

Mortgage

Trust,

Series 2019-3,

Class

A2,

CMO,

ARM,

3.136%,

5/25/59 (1)

122,419‌

123‌

Angel

Oak

Mortgage

Trust,

Series 2019-3,

Class

A3,

CMO,

ARM,

3.238%,

5/25/59 (1)

120,308‌

121‌

Angel

Oak

Mortgage

Trust,

Series 2020-3,

Class

A1,

CMO,

ARM,

1.691%,

4/25/65 (1)

193,323‌

195‌

Angel

Oak

Mortgage

Trust,

Series 2020-5,

Class

A3,

CMO,

ARM,

2.041%,

5/25/65 (1)

96,444‌

97‌

Angel

Oak

Mortgage

Trust,

Series 2020-6,

Class

A3,

CMO,

ARM,

1.775%,

5/25/65 (1)

301,628‌

305‌

Angel

Oak

Mortgage

Trust

I,

Series 2019-4,

Class

A3,

CMO,

ARM,

3.301%,

7/26/49 (1)

190,622‌

193‌

Ashford

Hospitality

Trust,

Series 2018-ASHF,

Class

B,

ARM,

1M

USD

LIBOR

+

1.25%,

1.356%,

4/15/35 (1)

180,000‌

179‌

Atrium

Hotel

Portfolio

Trust,

Series 2017-ATRM,

Class

A,

ARM,

1M

USD

LIBOR

+

0.93%,

1.043%,

12/15/36 (1)

420,000‌

420‌

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

USD

LIBOR

+

1.25%,

1.362%,

9/15/32 (1)

120,000‌

120‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

D,

ARM,

1M

USD

LIBOR

+

1.80%,

1.912%,

9/15/32 (1)

145,000‌

143‌

Barclays

Commercial

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

2.266%,

11/15/34 (1)

135,000‌

133‌

Bayview

Mortgage

Fund

IVc

Trust,

Series 2017-RT3,

Class

A,

CMO,

ARM,

3.50%,

1/28/58 (1)

91,997‌

93‌

Bayview

Opportunity

Master

Fund

IVa

Trust,

Series 2017-RT1,

Class

A1,

CMO,

ARM,

3.00%,

3/28/57 (1)

33,139‌

34‌

Bayview

Opportunity

Master

Fund

IVb

Trust,

Series 2017-SPL4,

Class

A,

CMO,

ARM,

3.50%,

1/28/55 (1)

121,710‌

125‌

BBCCRE

Trust,

Series 2015-GTP,

Class

C,

ARM,

4.548%,

8/10/33 (1)

340,000‌

347‌

Benchmark

Mortgage

Trust,

Series 2018-B1,

Class

AM,

ARM,

3.878%,

1/15/51 

130,000‌

145‌

BX

Commercial

Mortgage

Trust,

Series 2019-IMC,

Class

A,

ARM,

1M

USD

LIBOR

+

1.00%,

1.112%,

4/15/34 (1)

305,000‌

305‌

Cantor

Commercial

Real

Estate

Lending,

Series 2019-CF2,

Class

C,

ARM,

3.662%,

11/15/52 

145,000‌

150‌

CIM

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

8/25/49 (1)

95,616‌

98‌

CIM

Trust,

Series 2020-INV1,

Class

A2,

CMO,

ARM,

2.50%,

4/25/50 (1)

402,712‌

414‌

Citigroup

Commercial

Mortgage

Trust,

Series 2015-GC27,

Class

AS,

3.571%,

2/10/48 

55,000‌

59‌

Citigroup

Commercial

Mortgage

Trust,

Series 2017-C4,

Class

AS,

3.764%,

10/12/50 

260,000‌

288‌

Citigroup

Commercial

Mortgage

Trust,

Series 2017-P7,

Class

AS,

3.915%,

4/14/50 

260,000‌

289‌

Citigroup

Commercial

Mortgage

Trust,

Series 2018-B2,

Class

C,

ARM,

4.672%,

3/10/51 

145,000‌

147‌

Citigroup

Commercial

Mortgage

Trust,

Series 2020-555,

Class

B,

2.829%,

12/10/41 (1)

120,000‌

120‌

Citigroup

Commercial

Mortgage

Trust,

Series 2020-555,

Class

C,

3.031%,

12/10/41 (1)

100,000‌

98‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

1.762%,

11/15/37 (1)

113,044‌

113‌

COLT

Mortgage

Loan

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.764%,

8/25/49 (1)

119,895‌

121‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A1,

CMO,

ARM,

1.506%,

4/27/65 (1)

118,263‌

119‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65 (1)

186,980‌

190‌

Commercial

Mortgage

Trust,

Series 2015-CR24,

Class

AM,

ARM,

4.028%,

8/10/48 

120,000‌

132‌

Commercial

Mortgage

Trust,

Series 2015-LC21,

Class

B,

ARM,

4.335%,

7/10/48 

210,000‌

227‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Commercial

Mortgage

Trust,

Series 2015-PC1,

Class

B,

ARM,

4.325%,

7/10/50 

105,000‌

112‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

130,161‌

140‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

A,

3.244%,

10/10/29 (1)

480,000‌

502‌

Commercial

Mortgage

Trust,

Series 2017-PANW,

Class

B,

ARM,

3.413%,

10/10/29 (1)

170,000‌

178‌

Connecticut

Avenue

Securities,

Series 2017-C02,

Class

2ED3,

CMO,

ARM,

1M

USD

LIBOR

+

1.35%,

1.468%,

9/25/29 

305,677‌

306‌

Connecticut

Avenue

Securities,

Series 2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

1.218%,

11/25/29 

369,975‌

365‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

1M

USD

LIBOR

+

1.00%,

1.118%,

2/25/30 

210,185‌

208‌

Connecticut

Avenue

Securities,

Series 2018-C02,

Class

2EB2,

CMO,

ARM,

1M

USD

LIBOR

+

0.90%,

1.018%,

8/25/30 

156,423‌

153‌

Connecticut

Avenue

Securities

Trust,

Series 2020-R02,

Class

2M1,

CMO,

ARM,

1M

USD

LIBOR

+

0.75%,

0.868%,

1/25/40 (1)

61,049‌

61‌

Credit

Suisse

Mortgage

Trust,

Series 2020-NET,

Class

A,

2.257%,

8/15/37 (1)

125,000‌

128‌

CSAIL

Commercial

Mortgage

Trust,

Series 2019-C17,

Class

AS,

3.278%,

9/15/52 

140,000‌

151‌

CSAIL

Commercial

Mortgage

Trust,

Series 2019-C17,

Class

B,

3.48%,

9/15/52 

165,000‌

172‌

DBCG

Mortgage

Trust,

Series 2017-BBG,

Class

A,

ARM,

1M

USD

LIBOR

+

0.70%,

0.812%,

6/15/34 (1)

360,000‌

360‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.072%,

9/15/45 (1)

285,000‌

279‌

Deephaven

Residential

Mortgage

Trust,

Series 2019-2A,

Class

A1,

CMO,

ARM,

3.558%,

4/25/59 (1)

91,483‌

92‌

Ellington

Financial

Mortgage

Trust,

Series 2019-2,

Class

A1,

CMO,

ARM,

2.739%,

11/25/59 (1)

148,919‌

152‌

FirstKey

Mortgage

Trust,

Series 2014-1,

Class

B2,

CMO,

ARM,

3.985%,

11/25/44 (1)

72,764‌

74‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.85%,

0.968%,

3/25/50 (1)

96,548‌

97‌

FREMF

Mortgage

Trust,

Series 2018-K731,

Class

B,

ARM,

3.932%,

2/25/25 (1)

345,000‌

374‌

FREMF

Mortgage

Trust,

Series 2019-K100,

Class

B,

ARM,

3.49%,

11/25/52 (1)

245,000‌

262‌

FREMF

Mortgage

Trust,

Series 2019-K736,

Class

B,

ARM,

3.758%,

7/25/26 (1)

295,000‌

320‌

FREMF

Mortgage

Trust,

Series 2019-K92,

Class

B,

ARM,

4.193%,

5/25/52 (1)

105,000‌

118‌

FREMF

Mortgage

Trust,

Series 2019-K98,

Class

B,

ARM,

3.737%,

10/25/52 (1)

170,000‌

185‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

75,645‌

78‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A33,

CMO,

ARM,

3.50%,

11/25/57 (1)

293,504‌

300‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58 (1)

83,318‌

86‌

Galton

Funding

Mortgage

Trust,

Series 2019-2,

Class

A42,

CMO,

ARM,

3.50%,

6/25/59 (1)

40,721‌

41‌

Galton

Funding

Mortgage

Trust,

Series 2019-H1,

Class

A1,

CMO,

ARM,

2.657%,

10/25/59 (1)

139,174‌

142‌

Galton

Funding

Mortgage

Trust,

Series 2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (1)

240,699‌

244‌

Galton

Funding

Mortgage

Trust,

Series 2020-H1,

Class

A1,

CMO,

ARM,

2.31%,

1/25/60 (1)

205,858‌

210‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

A,

ARM,

1M

USD

LIBOR

+

1.034%,

1.14%,

12/15/36 (1)

225,000‌

225‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

D,

ARM,

1M

USD

LIBOR

+

1.933%,

2.039%,

12/15/36 (1)

190,000‌

186‌

GS

Mortgage

Securities

Trust,

Series 2015-GC28,

Class

AS,

3.759%,

2/10/48 

180,000‌

196‌

GS

Mortgage

Securities

Trust,

Series 2017-GS8,

Class

C,

ARM,

4.336%,

11/10/50 

480,000‌

509‌

GS

Mortgage

Securities

Trust,

Series 2019-GSA1,

Class

B,

3.511%,

11/10/52 

390,000‌

413‌

GS

Mortgage

Securities

Trust,

Series 2019-SOHO,

Class

C,

ARM,

1M

USD

LIBOR

+

1.30%,

1.42%,

6/15/36 (1)

355,000‌

355‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

1.964%,

7/25/44 (1)

8,139‌

8‌

GS

Mortgage-Backed

Securities

Trust,

Series 2019-PJ1,

Class

A8,

CMO,

ARM,

4.00%,

8/25/49 (1)

137,798‌

142‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

3.00%,

10/25/50 (1)

376,760‌

385‌

Hilton

Orlando

Trust,

Series 2018-ORL,

Class

A,

ARM,

1M

USD

LIBOR

+

0.92%,

1.026%,

12/15/34 (1)

289,000‌

289‌

Homeward

Opportunities

Fund

I

Trust,

Series 2019-1,

Class

A1,

CMO,

ARM,

3.454%,

1/25/59 (1)

123,958‌

125‌

Homeward

Opportunities

Fund

I

Trust,

Series 2019-1,

Class

A2,

CMO,

ARM,

3.556%,

1/25/59 (1)

107,995‌

109‌

Homeward

Opportunities

Fund

I

Trust,

Series 2019-1,

Class

A3,

CMO,

ARM,

3.606%,

1/25/59 (1)

188,991‌

191‌

Homeward

Opportunities

Fund

I

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.675%,

11/25/59 (1)

112,031‌

114‌

Homeward

Opportunities

Fund

I

Trust,

Series 2019-3,

Class

A3,

CMO,

ARM,

3.031%,

11/25/59 (1)

168,829‌

172‌

Homeward

Opportunities

Fund

I

Trust,

Series 2020-2,

Class

A1,

CMO,

ARM,

1.657%,

5/25/65 (1)

173,046‌

175‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

InTown

Hotel

Portfolio

Trust,

Series 2018-STAY,

Class

A,

ARM,

1M

USD

LIBOR

+

0.95%,

1.063%,

1/15/33 (1)

125,000‌

125‌

InTown

Hotel

Portfolio

Trust,

Series 2018-STAY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.50%,

1.613%,

1/15/33 (1)

375,000‌

371‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2016-JP2,

Class

AS,

3.056%,

8/15/49 

165,000‌

174‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33 (1)

80,000‌

85‌

JPMorgan

Mortgage

Trust,

Series 2019-INV2,

Class

A3,

CMO,

ARM,

3.50%,

2/25/50 (1)

88,963‌

92‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

148,915‌

153‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

172,741‌

178‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50 (1)

83,204‌

85‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

187,208‌

192‌

Mill

City

Mortgage

Loan

Trust,

Series 2016-1,

Class

A1,

CMO,

ARM,

2.50%,

4/25/57 (1)

19,425‌

20‌

Mill

City

Mortgage

Loan

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

7/25/59 (1)

75,665‌

77‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-

C18,

Class

300A,

3.749%,

8/15/31 

125,000‌

132‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C24,

Class

AS,

ARM,

4.036%,

5/15/48 

55,000‌

61‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2015-

C27,

Class

AS,

4.068%,

12/15/47 

175,000‌

194‌

Morgan

Stanley

Capital

I

Trust,

Series 2015-MS1,

Class

AS,

ARM,

4.031%,

5/15/48 

25,000‌

28‌

Morgan

Stanley

Capital

I

Trust,

Series 2017-ASHF,

Class

B,

ARM,

1M

USD

LIBOR

+

1.25%,

1.356%,

11/15/34 (1)

240,000‌

239‌

MSCG

Trust,

Series 2018-SELF,

Class

A,

ARM,

1M

USD

LIBOR

+

0.90%,

1.012%,

10/15/37 (1)

235,000‌

235‌

New

Residential

Mortgage

Loan

Trust,

Series 2019-NQM2,

Class

A1,

CMO,

ARM,

3.60%,

4/25/49 (1)

119,745‌

121‌

New

Residential

Mortgage

Loan

Trust,

Series 2019-NQM2,

Class

A2,

CMO,

ARM,

3.701%,

4/25/49 (1)

66,960‌

68‌

New

Residential

Mortgage

Loan

Trust,

Series 2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59 (1)

317,275‌

326‌

New

Residential

Mortgage

Loan

Trust,

Series 2020-NQM1,

Class

A1,

CMO,

ARM,

2.464%,

1/26/60 (1)

183,176‌

187‌

OBX

Trust,

Series 2019-EXP2,

Class

1A3,

CMO,

ARM,

4.00%,

6/25/59 (1)

125,734‌

131‌

OBX

Trust,

Series 2019-EXP3,

Class

1A8,

CMO,

ARM,

3.50%,

10/25/59 (1)

106,673‌

109‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

127,422‌

131‌

OBX

Trust,

Series 2020-EXP1,

Class

2A1,

CMO,

ARM,

1M

USD

LIBOR

+

0.75%,

0.868%,

2/25/60 (1)

66,405‌

67‌

OBX

Trust,

Series 2020-EXP2,

Class

A8,

CMO,

ARM,

3.00%,

5/25/60 (1)

320,962‌

330‌

OBX

Trust,

Series 2020-EXP3,

Class

1A8,

CMO,

ARM,

3.00%,

1/25/60 (1)

289,720‌

299‌

Palisades

Center

Trust,

Series 2016-PLSD,

Class

A,

2.713%,

4/13/33 (1)

131,000‌

121‌

Seasoned

Credit

Risk

Transfer

Trust,

Series 2016-1,

Class

M1,

CMO,

ARM,

3.00%,

9/25/55 (1)

31,063‌

31‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.48%,

4/25/43 

199,681‌

206‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.826%,

8/25/47 (1)

118,918‌

126‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47 (1)

100,717‌

103‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

2/25/48 (1)

29,235‌

30‌

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48 (1)

81,302‌

83‌

Sequoia

Mortgage

Trust,

Series 2018-CH4,

Class

A2,

CMO,

ARM,

4.00%,

10/25/48 (1)

67,139‌

69‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

120,645‌

123‌

Starwood

Mortgage

Residential

Trust,

Series 2018-IMC2,

Class

A1,

CMO,

ARM,

4.121%,

10/25/48 (1)

102,222‌

106‌

Starwood

Mortgage

Residential

Trust,

Series 2019-1,

Class

A1,

CMO,

ARM,

2.941%,

6/25/49 (1)

128,981‌

131‌

Starwood

Mortgage

Residential

Trust,

Series 2019-1,

Class

A2,

CMO,

ARM,

3.146%,

6/25/49 (1)

159,192‌

162‌

Starwood

Mortgage

Residential

Trust,

Series 2019-IMC1,

Class

A1,

CMO,

ARM,

3.468%,

2/25/49 (1)

97,277‌

98‌

Starwood

Mortgage

Residential

Trust,

Series 2019-INV1,

Class

A1,

CMO,

ARM,

2.61%,

9/27/49 (1)

200,730‌

205‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2015-DNA3,

Class

M3,

CMO,

ARM,

1M

USD

LIBOR

+

4.70%,

4.818%,

4/25/28 

231,570‌

241‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2016-HQA3,

Class

M2,

CMO,

ARM,

1M

USD

LIBOR

+

1.35%,

1.468%,

3/25/29 

15,013‌

15‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2017-DNA2,

Class

M1,

CMO,

ARM,

1M

USD

LIBOR

+

1.20%,

1.318%,

10/25/29 

166,154‌

167‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2017-DNA3,

Class

M2AS,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

1.218%,

3/25/30 

380,000‌

383‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2018-DNA1,

Class

M2AT,

CMO,

ARM,

1M

USD

LIBOR

+

1.05%,

1.168%,

7/25/30 

234,323‌

233‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2018-DNA2,

Class

M1,

CMO,

ARM,

1M

USD

LIBOR

+

0.80%,

0.918%,

12/25/30 (1)

48,880‌

49‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2018-DNA3,

Class

M1,

CMO,

ARM,

1M

USD

LIBOR

+

0.75%,

0.868%,

9/25/48 (1)

213‌

—‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2018-HQA1,

Class

M2AS,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

1.218%,

9/25/30 

168,191‌

168‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2018-HRP2,

Class

M2,

CMO,

ARM,

1M

USD

LIBOR

+

1.25%,

1.368%,

2/25/47 (1)

173,138‌

174‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2020-DNA4,

Class

M1,

CMO,

ARM,

1M

USD

LIBOR

+

1.50%,

1.618%,

8/25/50 (1)

102,874‌

103‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2020-DNA5,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.80%,

2.845%,

10/25/50 (1)

265,000‌

267‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2020-HQA3,

Class

M1,

CMO,

ARM,

1M

USD

LIBOR

+

1.55%,

1.668%,

7/25/50 (1)

22,647‌

23‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2020-HQA4,

Class

M1,

CMO,

ARM,

1M

USD

LIBOR

+

1.30%,

1.418%,

9/25/50 (1)

93,000‌

93‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2020-HQA5,

Class

M1,

CMO,

ARM,

SOFR30A

+

1.10%,

1.145%,

11/25/50 (1)

133,194‌

133‌

Towd

Point

Mortgage

Trust,

Series 2015-3,

Class

A1B,

CMO,

ARM,

3.00%,

3/25/54 (1)

4,090‌

4‌

Towd

Point

Mortgage

Trust,

Series 2015-4,

Class

A1B,

CMO,

ARM,

2.75%,

4/25/55 (1)

9,759‌

10‌

Towd

Point

Mortgage

Trust,

Series 2015-4,

Class

M1,

CMO,

ARM,

3.75%,

4/25/55 (1)

150,000‌

157‌

Towd

Point

Mortgage

Trust,

Series 2015-5,

Class

A1B,

CMO,

ARM,

2.75%,

5/25/55 (1)

12,282‌

12‌

Towd

Point

Mortgage

Trust,

Series 2016-1,

Class

A1B,

CMO,

ARM,

2.75%,

2/25/55 (1)

20,902‌

21‌

Towd

Point

Mortgage

Trust,

Series 2016-1,

Class

A3B,

CMO,

ARM,

3.00%,

2/25/55 (1)

43,748‌

45‌

Towd

Point

Mortgage

Trust,

Series 2016-2,

Class

A1A,

CMO,

ARM,

2.75%,

8/25/55 (1)

76,376‌

77‌

Towd

Point

Mortgage

Trust,

Series 2016-4,

Class

A1,

CMO,

ARM,

2.25%,

7/25/56 (1)

42,937‌

43‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56 (1)

31,977‌

33‌

Towd

Point

Mortgage

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

4/25/57 (1)

33,383‌

34‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

41

Shares/Par

$

Value

(Cost

and

value

in

$000s)

Towd

Point

Mortgage

Trust,

Series 2017-5,

Class

A1,

CMO,

ARM,

1M

USD

LIBOR

+

0.60%,

0.718%,

2/25/57 (1)

49,818‌

50‌

Towd

Point

Mortgage

Trust,

Series 2018-SJ1,

Class

A1,

CMO,

ARM,

4.00%,

10/25/58 (1)

31,329‌

31‌

Verus

Securitization

Trust,

Series 2019-1,

Class

A1,

CMO,

ARM,

3.836%,

2/25/59 (1)

129,630‌

130‌

Verus

Securitization

Trust,

Series 2019-2,

Class

A3,

CMO,

ARM,

3.448%,

5/25/59 (1)

349,104‌

350‌

Verus

Securitization

Trust,

Series 2019-3,

Class

A3,

CMO,

STEP,

3.04%,

7/25/59 (1)

118,070‌

121‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (1)

149,243‌

152‌

Verus

Securitization

Trust,

Series 2019-INV1,

Class

A1,

CMO,

ARM,

3.402%,

12/25/59 (1)

114,314‌

116‌

Verus

Securitization

Trust,

Series 2019-INV2,

Class

A2,

CMO,

ARM,

3.117%,

7/25/59 (1)

248,149‌

254‌

Verus

Securitization

Trust,

Series 2020-1,

Class

A3,

CMO,

STEP,

2.724%,

1/25/60 (1)

299,187‌

304‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.889%,

3/25/60 (1)

100,000‌

104‌

Vista

Point

Securitization

Trust,

Series 2020-1,

Class

A1,

CMO,

ARM,

1.763%,

3/25/65 (1)

135,716‌

137‌

Vista

Point

Securitization

Trust,

Series 2020-2,

Class

M1,

CMO,

ARM,

3.401%,

4/25/65 (1)

145,000‌

148‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2015-C29,

Class

C,

ARM,

4.209%,

6/15/48 

460,000‌

498‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2015-NXS2,

Class

C,

ARM,

4.293%,

7/15/58 

40,000‌

43‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2016-C35,

Class

AS,

3.184%,

7/15/48 

370,000‌

396‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C38,

Class

B,

ARM,

3.917%,

7/15/50 

425,000‌

459‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

615,000‌

671‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-JWDR,

Class

A,

ARM,

2.501%,

9/15/31 (1)

365,000‌

373‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2020-C55,

Class

B,

3.139%,

2/15/53 

195,757‌

206‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series 2020-RR1,

Class

A17,

CMO,

ARM,

3.00%,

5/25/50 (1)

74,870‌

76‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C22,

Class

AS,

ARM,

4.069%,

9/15/57 

230,000‌

251‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36 (1)

230,000‌

252‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$28,115)

28,706‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

42

Shares/Par

$

Value

(Cost

and

value

in

$000s)

PRIVATE

INVESTMENT

COMPANIES

4.0%

Blackstone

Partners

Offshore

Fund (5)(7)

107,873‌

139,602‌

Total

Private

Investment

Companies

(Cost

$114,042)

139,602‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

1.2%

U.S.

Government

Agency

Obligations

0.9%

(13)

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

181,356‌

28‌

Federal

Home

Loan

Mortgage

2.50%,

4/1/30 

115,500‌

122‌

3.00%,

12/1/42

-

2/1/47 

746,010‌

798‌

3.50%,

8/1/42

-

3/1/46 

853,651‌

930‌

4.00%,

10/1/40

-

12/1/41 

202,945‌

225‌

4.50%,

9/1/23

-

5/1/42 

293,697‌

331‌

5.00%,

1/1/24

-

8/1/40 

81,946‌

95‌

5.50%,

11/1/21

-

1/1/40 

153‌

—‌

6.00%,

10/1/21

-

8/1/38 

58,472‌

69‌

6.50%,

3/1/32

-

9/1/32 

25,083‌

29‌

7.00%,

6/1/32 

475‌

1‌

Federal

Home

Loan

Mortgage,

ARM

12M

USD

LIBOR

+

1.725%,

2.725%,

7/1/35 

939‌

1‌

12M

USD

LIBOR

+

1.735%,

2.109%,

2/1/37 

8,862‌

9‌

12M

USD

LIBOR

+

1.78%,

2.16%,

2/1/37 

5,117‌

5‌

12M

USD

LIBOR

+

1.78%,

2.285%,

9/1/32 

159‌

—‌

12M

USD

LIBOR

+

1.831%,

2.205%,

1/1/37 

5,342‌

5‌

Federal

Home

Loan

Mortgage,

UMBS

3.00%,

5/1/31

-

12/1/50 

1,291,201‌

1,371‌

3.50%,

6/1/33 

92,368‌

99‌

4.00%,

1/1/50

-

2/1/50 

618,457‌

664‌

4.50%,

5/1/50 

67,632‌

74‌

Federal

National

Mortgage

Assn.,

CMO,

4.00%,

6/25/44 

75,534‌

77‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

1,108‌

—‌

Federal

National

Mortgage

Assn.

3.00%,

6/1/33

-

8/1/46 

68,610‌

72‌

3.50%,

6/1/42

-

5/1/46 

809,006‌

885‌

4.00%,

11/1/40 

235,391‌

258‌

Federal

National

Mortgage

Assn.,

ARM

12M

USD

LIBOR

+

1.77%,

2.145%,

12/1/35 

783‌

1‌

12M

USD

LIBOR

+

1.892%,

2.307%,

12/1/35 

1,982‌

2‌

Federal

National

Mortgage

Assn.,

UMBS

2.50%,

8/1/30

-

12/1/50 

2,183,801‌

2,275‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

43

Shares/Par

$

Value

(Cost

and

value

in

$000s)

3.00%,

1/1/27

-

7/1/50 

5,513,181‌

5,900‌

3.50%,

4/1/31

-

7/1/50 

2,846,126‌

3,055‌

4.00%,

11/1/40

-

1/1/50 

1,952,869‌

2,134‌

4.50%,

7/1/39

-

5/1/50 

1,079,111‌

1,204‌

5.00%,

9/1/23

-

12/1/47 

596,132‌

690‌

5.50%,

9/1/23

-

9/1/41 

405,011‌

471‌

6.00%,

6/1/21

-

1/1/41 

348,005‌

415‌

6.50%,

7/1/32

-

5/1/40 

113,946‌

132‌

UMBS,

TBA(14)

2.00%,

4/1/36

-

3/1/51 

4,035,000‌

4,095‌

2.50%,

3/1/36

-

3/1/51 

2,625,000‌

2,722‌

3.00%,

3/1/51 

1,665,000‌

1,743‌

4.00%,

3/1/51 

440,000‌

473‌

4.50%,

3/1/51 

1,010,000‌

1,099‌

5.00%,

3/1/51 

105,000‌

116‌

32,675‌

U.S.

Government

Obligations

0.3%

Government

National

Mortgage

Assn.

2.50%,

1/20/51 

713,162‌

741‌

3.00%,

9/15/42

-

7/20/50 

2,143,682‌

2,243‌

3.50%,

12/20/42

-

4/20/48 

2,392,956‌

2,593‌

4.00%,

7/20/42

-

1/20/48 

919,082‌

1,001‌

4.50%,

11/20/39

-

1/20/47 

336,047‌

376‌

5.00%,

7/20/39

-

7/20/48 

609,761‌

691‌

5.50%,

1/20/36

-

3/20/49 

371,414‌

421‌

6.00%,

12/20/38 

25,144‌

30‌

6.50%,

3/15/26

-

12/20/33 

1,129‌

2‌

8.00%,

4/15/22

-

10/20/25 

365‌

—‌

Government

National

Mortgage

Assn.,

CMO

3.00%,

11/20/47

-

12/20/47 

110,529‌

115‌

Government

National

Mortgage

Assn.,

CMO,

IO

3.50%,

4/20/39

-

5/20/43 

57,658‌

6‌

4.00%,

5/20/37

-

2/20/43 

80,828‌

5‌

4.50%,

12/20/39 

4,519‌

—‌

Government

National

Mortgage

Assn.,

TBA(14)

2.00%,

3/20/51 

255,000‌

259‌

2.50%,

3/20/51 

1,070,000‌

1,111‌

3.00%,

4/20/51 

335,000‌

349‌

4.00%,

3/20/51 

705,000‌

754‌

10,697‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$42,501)

43,372‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

44

Shares/Par

$

Value

(Cost

and

value

in

$000s)

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

1.4%

U.S.

Treasury

Obligations

1.4%

U.S.

Treasury

Bonds,

1.375%,

11/15/40 

2,465,000‌

2,206‌

U.S.

Treasury

Bonds,

1.625%,

11/15/50 

2,495,000‌

2,220‌

U.S.

Treasury

Bonds,

1.875%,

2/15/41 

735,000‌

719‌

U.S.

Treasury

Bonds,

1.875%,

2/15/51 

150,000‌

142‌

U.S.

Treasury

Inflation-Indexed

Bonds,

0.25%,

2/15/50 

755,802‌

813‌

U.S.

Treasury

Inflation-Indexed

Notes,

0.125%,

1/15/31 

2,121,293‌

2,313‌

U.S.

Treasury

Notes,

0.125%,

5/15/23 (15)

5,255,000‌

5,250‌

U.S.

Treasury

Notes,

0.125%,

1/15/24 

4,000,000‌

3,984‌

U.S.

Treasury

Notes,

0.125%,

2/15/24 

2,365,000‌

2,355‌

U.S.

Treasury

Notes,

0.375%,

12/31/25 

3,375,000‌

3,324‌

U.S.

Treasury

Notes,

0.375%,

1/31/26 

6,900,000‌

6,789‌

U.S.

Treasury

Notes,

0.375%,

9/30/27 

10,400,000‌

9,951‌

U.S.

Treasury

Notes,

1.625%,

11/15/22 (15)

1,185,000‌

1,215‌

U.S.

Treasury

Notes,

1.625%,

12/15/22 (15)

7,780,000‌

7,988‌

49,269‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$49,866)

49,269‌

SHORT-TERM

INVESTMENTS

3.8%

Money

Market

Funds

3.8%

T.

Rowe

Price

Treasury

Reserve

Fund,

0.05% (3)(16)

133,049,305‌

133,049‌

Total

Short-Term

Investments

(Cost

$133,049)

133,049‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

45

Shares/Par

$

Value

(Cost

and

value

in

$000s)

SECURITIES

LENDING

COLLATERAL

0.5%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.5%

Short-Term

Funds

0.5%

T.

Rowe

Price

Short-Term

Fund,

0.10% (3)(16)

1,847,641‌

18,476‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

18,476‌

Total

Securities

Lending

Collateral

(Cost

$18,476)

18,476‌

Total

Investments

in

Securities

101.0%

(Cost

$2,288,822)

$

3,554,132‌

Other

Assets

Less

Liabilities

(1.0)%

(36,634‌)

Net

Assets

100.0%

$

3,517,498‌

‡

Shares/Par

and

Notional

Amount

are

denominated

in

U.S.

dollars

unless

otherwise

noted.

(1)

Security

was

purchased

pursuant

to

Rule

144A

under

the

Securities

Act

of

1933

and

may

be

resold

in

transactions

exempt

from

registration

only

to

qualified

institutional

buyers.

Total

value

of

such

securities

at

period-end

amounts

to

$56,910

and

represents

1.6%

of

net

assets.

(2)

All

or

a

portion

of

this

loan

is

unsettled

as

of

February

28,

2021.

The

interest

rate

for

unsettled

loans

will

be

determined

upon

settlement

after

period

end.

(3)

Affiliated

Companies

(4)

SEC

30-day

yield

(5)

Non-income

producing

(6)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

February

28,

2021.

(7)

Level

3

in

fair

value

hierarchy.

(8)

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

$16,413

and

represents

0.5%

of

net

assets.

(9)

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.

(10)

All

or

a

portion

of

this

security

is

on

loan

at

February

28,

2021.

(11)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

46

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

(12)

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.

(13)

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.

(14)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$12,721

and

represents

0.4%

of

net

assets.

(15)

At

February

28,

2021,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/or

margin

deposit

to

cover

future

funding

obligations.

(16)

Seven-day

yield

1M

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)

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EUR

Euro

FRN

Floating

Rate

Note

GBP

British

Pound

HKD

Hong

Kong

Dollar

IDR

Indonesian

Rupiah

INR

Indian

Rupee

IO

Interest-only

security

for

which

the

fund

receives

interest

on

notional

principal

ISK

Iceland

Krona

JPY

Japanese

Yen

KRW

South

Korean

Won

MXN

Mexican

Peso

NOK

Norwegian

Krone

NZD

New

Zealand

Dollar

PEN

Peruvian

New

Sol

PTT

Pass-Through

Trust

REIT

A

domestic

Real

Estate

Investment

Trust

whose

distributions

pass-through

with

original

tax

character

to

the

shareholder

RUB

Russian

Ruble

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

47

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

.

SDR

Swedish

Depository

Receipts

SEK

Swedish

Krona

SGD

Singapore

Dollar

SOFR30A

30-day

Average

SOFR

(Secured

Overnight

Financing

Rate)

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

48

(Amounts

in

000s,

except

for

contracts)

OPTIONS

WRITTEN

(0.2)%

Exchange-Traded

Options

Written

(0.2)%

Description

Contracts

Notional

Amount

$

Value

S&P

500

Index,

Call,

4/16/21

@

$3,825.00

566

215,711

(6,082‌)

Total

Options

Written

(Premiums

$(6,932))

$

(6,082‌)

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

49

(Amounts

in

000s)

SWAPS

0.0%

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)

**

Unrealized

$

Gain/(Loss)

BILATERAL

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Bank

of

America,

Protection

Sold

(Relevant

Credit:

Boeing,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/21

520

4

3

1

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Devon

Energy,

Ba1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

25

—

—

—

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Republic

of

Chile,

A1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

902

21

12

9

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

Republic

of

Indonesia,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

215

3

1

2

Barclays

Bank,

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

913

(3)

4

(7)

BNP

Paribas,

Protection

Sold

(Relevant

Credit:

Republic

of

Chile,

A1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

498

11

8

3

Citibank,

Protection

Sold

(Relevant

Credit:

Devon

Energy,

Ba1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

55

—

(1)

1

Citibank,

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

257

—

2

(2)

Goldman

Sachs,

Protection

Sold

(Relevant

Credit:

Republic

of

Indonesia,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

933

11

1

10

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Barclays

Bank,

A*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(EUR)

*

47

1

—

1

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

50

(Amounts

in

000s)

Description

Notional

Amount

$

Value

Upfront

Payments/

$

(Receipts)**

Unrealized

$

Gain/(Loss)

Morgan

Stanley,

Protection

Sold

(Relevant

Credit:

Devon

Energy,

Ba1*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/24

30

—

—

—

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

30

18

Total

Bilateral

Swaps

30

18

Description

Notional

Amount

$

Value

Initial

$

Value

**

Unrealized

$

Gain/(Loss)

CENTRALLY

CLEARED

SWAPS

0.0%

Credit

Default

Swaps,

Protection

Sold

0.0%

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.HY-S35,

5

Year

Index),

Receive

5.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

*

2,445

227

237

(10)

Protection

Sold

(Relevant

Credit:

Markit

CDX.NA.IG-S35,

5

Year

Index),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

12/20/25

4,684

107

98

9

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(1)

Total

Centrally

Cleared

Swaps

(1)

Net

payments

(receipts)

of

variation

margin

to

date

7

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

6‌

*

Credit

ratings

as

of

February

28,

2021.

Ratings

shown

are

from

Moody’s

Investors

Service

and

if

Moody’s

does

not

rate

a

security,

then

Standard

&

Poor’s

(S&P)

is

used.

Fitch

is

used

for

securities

that

are

not

rated

by

either

Moody’s

or

S&P.

**

Includes

interest

purchased

or

sold

but

not

yet

collected

of

$21.

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

51

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

Bank

of

America

4/9/21

IDR

1,673,895‌

USD

118‌

$

(3‌)

Bank

of

America

4/9/21

INR

4,370‌

USD

59‌

—‌

Bank

of

America

4/16/21

MXN

2,345‌

USD

116‌

(5‌)

Bank

of

America

4/23/21

CAD

150‌

USD

117‌

1‌

Barclays

Bank

4/9/21

USD

233‌

PEN

850‌

—‌

Canadian

Imperial

Bank

of

Commerce

4/23/21

CAD

725‌

USD

575‌

(5‌)

Citibank

4/16/21

USD

229‌

MXN

4,700‌

6‌

Citibank

4/23/21

AUD

930‌

USD

714‌

2‌

Citibank

4/23/21

AUD

410‌

USD

319‌

(4‌)

Citibank

4/23/21

JPY

49,289‌

USD

475‌

(12‌)

Citibank

4/23/21

USD

578‌

NOK

4,905‌

13‌

Citibank

4/23/21

USD

594‌

NZD

825‌

(2‌)

Credit

Suisse

4/9/21

RUB

8,680‌

USD

117‌

(1‌)

Credit

Suisse

4/9/21

USD

236‌

INR

17,420‌

2‌

Credit

Suisse

4/23/21

NOK

4,850‌

USD

569‌

(10‌)

Deutsche

Bank

4/9/21

IDR

491,794‌

USD

35‌

(1‌)

Deutsche

Bank

4/9/21

USD

236‌

IDR

3,340,430‌

6‌

Goldman

Sachs

4/9/21

INR

4,370‌

USD

59‌

—‌

Goldman

Sachs

4/16/21

MXN

2,355‌

USD

118‌

(6‌)

HSBC

Bank

4/23/21

CAD

755‌

USD

592‌

2‌

HSBC

Bank

4/23/21

CAD

430‌

USD

340‌

(2‌)

HSBC

Bank

4/23/21

USD

603‌

CAD

765‌

1‌

HSBC

Bank

5/21/21

USD

239‌

EUR

197‌

1‌

JPMorgan

Chase

4/9/21

INR

8,680‌

USD

118‌

(1‌)

JPMorgan

Chase

4/23/21

NOK

3,985‌

USD

467‌

(8‌)

JPMorgan

Chase

4/23/21

NZD

1,640‌

USD

1,178‌

7‌

JPMorgan

Chase

4/23/21

USD

612‌

AUD

790‌

4‌

JPMorgan

Chase

4/23/21

USD

618‌

NOK

5,215‌

16‌

JPMorgan

Chase

5/21/21

GBP

425‌

USD

583‌

9‌

JPMorgan

Chase

5/21/21

USD

611‌

GBP

440‌

(2‌)

Morgan

Stanley

4/9/21

PEN

638‌

USD

176‌

(2‌)

Morgan

Stanley

4/23/21

NOK

6,225‌

USD

735‌

(17‌)

RBC

Dominion

Securities

4/23/21

CAD

915‌

USD

719‌

—‌

State

Street

4/9/21

PEN

213‌

USD

59‌

—‌

State

Street

5/21/21

GBP

860‌

USD

1,197‌

2‌

UBS

Investment

Bank

4/9/21

IDR

1,174,741‌

USD

82‌

(1‌)

UBS

Investment

Bank

4/9/21

RUB

8,790‌

USD

117‌

—‌

UBS

Investment

Bank

4/9/21

USD

228‌

RUB

17,470‌

(5‌)

UBS

Investment

Bank

4/23/21

AUD

960‌

USD

740‌

(1‌)

UBS

Investment

Bank

4/23/21

JPY

60,656‌

USD

585‌

(16‌)

UBS

Investment

Bank

4/23/21

NZD

810‌

USD

585‌

—‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

52

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

(CONTINUED)

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

UBS

Investment

Bank

4/23/21

USD

1,041‌

JPY

109,945‌

$

9‌

UBS

Investment

Bank

5/21/21

USD

473‌

EUR

390‌

1‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

(22‌)

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

53

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

136

MSCI

EAFE

Index

contracts

3/21

(14,715)

$

(452‌)

Long,

368

S&P

500

E-Mini

Index

contracts

3/21

70,089

(908‌)

Long,

71

U.S.

Treasury

Long

Bond

contracts

6/21

11,305

(102‌)

Short,

81

U.S.

Treasury

Notes

five

year

contracts

6/21

(10,041)

82‌

Short,

16

U.S.

Treasury

Notes

ten

year

contracts

6/21

(2,124)

26‌

Long,

201

U.S.

Treasury

Notes

two

year

contracts

6/21

44,374

(36‌)

Long,

70

Ultra

U.S.

Treasury

Bonds

contracts

6/21

13,234

(38‌)

Short,

82

Ultra

U.S.

Treasury

Notes

ten

year

contracts

6/21

(12,082)

88‌

Net

payments

(receipts)

of

variation

margin

to

date

1,463‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

123‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

54

AFFILIATED

COMPANIES

($000s)

The

fund

may

invest

in

certain

securities

that

are

considered

affiliated

companies.

As

defined

by

the

1940

Act,

an

affiliated

company

is

one

in

which

the

fund

owns

5%

or

more

of

the

outstanding

voting

securities,

or

a

company

that

is

under

common

ownership

or

control.

The

following

securities

were

considered

affiliated

companies

for

all

or

some

portion

of

the

nine

months

ended

February

28,

2021.

Net

realized

gain

(loss),

investment

income,

change

in

net

unrealized

gain/loss,

and

purchase

and

sales

cost

reflect

all

activity

for

the

period

then

ended.

Affiliate

Net

Realized

Gain

(Loss)

Change

in

Net

Unrealized

Gain/Loss

Investment

Income

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

(0.48)%

$

—‌

$

—‌

$

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

4.41%

—‌

2,567‌

1,227‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

975‌

70,155‌

979‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

3.35%

(137‌)

1,088‌

632‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

3.45%

2‌

2,309‌

1,412‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

1.12%

272‌

852‌

689‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

(0.81)%

1‌

5‌

—‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

(224‌)

14,307‌

1,161‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

1.66%

7,778‌

(14,222‌)

553‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.05%

—‌

—‌

80‌

T.

Rowe

Price

Short-Term

Fund,

0.10%

—‌

—‌

—‌++

Totals

$

8,667‌#

$

77,061‌

$

6,733‌+

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

55

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/20

Purchase

Cost

Sales

Cost

Value

02/28/21

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

(0.48)%

$

6‌

$

—‌

$

—‌

$

6‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

4.41%

30,160‌

2,724‌

—‌

35,452‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund

169,570‌

1,246‌

16,692‌

224,278‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

3.35%

18,441‌

9,361‌

2,092‌

26,798‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

3.45%

30,330‌

7,372‌

2,073‌

37,938‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

1.12%

52,157‌

20,710‌

—‌

73,719‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

(0.81)%

88‌

1‌

—‌

93‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class

53,612‌

6,161‌

3,724‌

70,358‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

1.66%

29,081‌

37,079‌

—‌

51,938‌

T.

Rowe

Price

Treasury

Reserve

Fund,

0.05%

54,644‌

 ¤

 ¤

133,049‌

T.

Rowe

Price

Short-Term

Fund,

0.10%

7,560‌

 ¤

 ¤

18,476‌

Total

$

672,105‌^

#

Capital

gain

distributions

from

mutual

funds

represented

$8,318

of

the

net

realized

gain

(loss).

++

Excludes

earnings

on

securities

lending

collateral,

which

are

subject

to

rebates

and

fees.

+

Investment

income

comprised

$6,733

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

$576,463.

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

Unaudited

Notes

to

Portfolio

of

Investments

56

T.

Rowe

Price

Spectrum

Moderate

Growth

Allocation (the

fund) is

registered

under

the

Investment

Company

Act

of

1940

(the

1940

Act)

as

an

open-end

management

investment

company

and

follows

accounting

and

reporting

guidance

of

the

Financial

Accounting

Standards

Board

Accounting

Standards

Codification

Topic

946.

The

accompanying

Portfolio

of

Investments

was

prepared

in

accordance

with

accounting

principles

generally

accepted

in

the

United

States

of

America

(GAAP).

For

additional

information

on

the

fund’s

significant

accounting

policies

and

investment

related

disclosures,

please

refer

to

the

fund’s most

recent

semiannual

or

annual

shareholder

report

and

its

prospectus. 

VALUATION 

Fair

Value

  The

fund’s

financial

instruments

are

valued

at

the

close

of

the

New

York

Stock

Exchange

(NYSE),

normally

4

p.m.

ET,

each

day

the

NYSE

is

open

for

business,

and

are

reported

at

fair

value,

which

GAAP

defines

as

the

price

that

would

be

received

to

sell

an

asset

or

paid

to

transfer

a

liability

in

an

orderly

transaction

between

market

participants

at

the

measurement

date. The

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

policies

and

procedures

used

in

valuing

financial

instruments,

including

those

which

cannot

be

valued

in

accordance

with

normal

procedures

or

using

pricing

vendors;

determines

pricing

techniques,

sources,

and

persons

eligible

to

effect

fair

value

pricing

actions;

evaluates

the

services

and

performance

of

the

pricing

vendors;

oversees

the

pricing

process

to

ensure

policies

and

procedures

are

being

followed;

and

provides

guidance

on

internal

controls

and

valuation-related

matters.

The

Valuation

Committee

provides

periodic

reporting

to

the

Board

on

valuation

matters.

Various

valuation

techniques

and

inputs

are

used

to

determine

the

fair

value

of

financial

instruments.

GAAP

establishes

the

following

fair

value

hierarchy

that

categorizes

the

inputs

used

to

measure

fair

value:

Level

1

–

quoted

prices

(unadjusted)

in

active

markets

for

identical

financial

instruments

that

the

fund

can

access

at

the

reporting

date

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

57

Level

2

–

inputs

other

than

Level

1

quoted

prices

that

are

observable,

either

directly

or

indirectly

(including,

but

not

limited

to,

quoted

prices

for

similar

financial

instruments

in

active

markets,

quoted

prices

for

identical

or

similar

financial

instruments

in

inactive

markets,

interest

rates

and

yield

curves,

implied

volatilities,

and

credit

spreads)

Level

3

–

unobservable

inputs

(including

the

fund's

own

assumptions

in

determining

fair

value)

Observable

inputs

are

developed

using

market

data,

such

as

publicly

available

information

about

actual

events

or

transactions,

and

reflect

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

Unobservable

inputs

are

those

for

which

market

data

are

not

available

and

are

developed

using

the

best

information

available

about

the

assumptions

that

market

participants

would

use

to

price

the

financial

instrument.

GAAP

requires

valuation

techniques

to

maximize

the

use

of

relevant

observable

inputs

and

minimize

the

use

of

unobservable

inputs.

When

multiple

inputs

are

used

to

derive

fair

value,

the

financial

instrument

is

assigned

to

the

level

within

the

fair

value

hierarchy

based

on

the

lowest-level

input

that

is

significant

to

the

fair

value

of

the

financial

instrument.

Input

levels

are

not

necessarily

an

indication

of

the

risk

or

liquidity

associated

with

financial

instruments

at

that

level

but

rather

the

degree

of

judgment

used

in

determining

those

values.

Valuation

Techniques 

Equity

securities,

including

exchange-traded

funds, listed

or

regularly

traded

on

a

securities

exchange

or

in

the

over-the-counter

(OTC)

market

are

valued

at

the

last

quoted

sale

price

or,

for

certain

markets,

the

official

closing

price

at

the

time

the

valuations

are

made.

OTC

Bulletin

Board

securities

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices.

A

security

that

is

listed

or

traded

on

more

than

one

exchange

is

valued

at

the

quotation

on

the

exchange

determined

to

be

the

primary

market

for

such

security.

Listed

securities

not

traded

on

a

particular

day

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

for

domestic

securities

and

the

last

quoted

sale

or

closing

price

for

international

securities.

The

last

quoted

prices

of

non-U.S.

equity

securities

may

be

adjusted

to

reflect

the

fair

value

of

such

securities

at

the

close

of

the

NYSE,

if

the

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.

Each

business

day,

the

fund

uses

information

from

outside

pricing

services

to

evaluate

and,

if

appropriate,

decide whether

it

is

necessary

to

adjust

quoted

prices

to

reflect

fair

value,

by

reviewing

a

variety

of

factors,

including

developments

in

foreign

markets,

the

performance

of

U.S.

securities

markets,

and

the

performance

of

instruments

trading

in

U.S.

markets

that

represent

foreign

securities

and

baskets

of

foreign

securities. The

fund

uses

outside

pricing

services

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

58

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.

Debt

securities

generally

are

traded

in

the over-the-counter

(OTC)

market

and

are

valued

at

prices

furnished

by

independent

pricing

services

or

by

broker

dealers

who

make

markets

in

such

securities.

When

valuing

securities,

the

independent

pricing

services

consider

the

yield

or

price

of

bonds

of

comparable

quality,

coupon,

maturity,

and

type,

as

well

as

prices

quoted

by

dealers

who

make

markets

in

such

securities.

Investments

in

mutual

funds

are

valued

at

the

mutual

fund’s

closing

NAV

per

share

on

the

day

of

valuation.

Investments

in

private

investment

companies

are

valued

at

the

investee’s

NAV

per

share

as

of

the

valuation

date,

if

available.

If

the

investee’s

NAV

is

not

available

as

of

the

valuation

date

or

is

not

calculated

in

accordance

with

GAAP,

the

Valuation

Committee

may

adjust

the

investee’s

NAV

to

reflect

fair

value

at

the

valuation

date.

Listed

options,

and

OTC

options

with

a

listed

equivalent,

are

valued

at

the

mean

of

the

closing

bid

and

asked

prices

and

exchange-traded

options

on

futures

contracts

are

valued

at

closing

settlement

prices.

Futures

contracts

are

valued

at

closing

settlement

prices.

Forward

currency

exchange

contracts

are

valued

using

the

prevailing

forward

exchange

rate.

Swaps

are

valued

at

prices

furnished

by

an

independent

pricing

service

or

independent

swap

dealers.

Investments

for

which

market

quotations

or

market-based

valuations

are

not

readily

available

or

deemed

unreliable

are

valued

at

fair

value

as

determined

in

good

faith

by

the

Valuation

Committee,

in

accordance

with

fair

valuation

policies

and

procedures.

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.

Factors

used

in

determining

fair

value

vary

by

type

of

investment

and

may

include

market

or

investment

specific

considerations.

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;

discounted

cash

flows;

yield

to

maturity;

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

investment.

Because

any

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

59

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.

Valuation

Inputs

  The

following

table

summarizes

the

fund’s

financial

instruments,

based

on

the

inputs

used

to

determine

their

fair

values

on

February

28,

2021

(for

further

detail

by

category,

please

refer

to

the

accompanying

Portfolio

of

Investments):

($000s)

Level

1

Level

2

Level

3

Total

Value

Assets

Fixed

Income

Securities

1

$

—‌

$

215,955‌

$

—‌

$

215,955‌

Bond

Mutual

Funds

225,944‌

—‌

—‌

225,944‌

Common

Stocks

1,894,321‌

615,051‌

4,225‌

2,513,597‌

Convertible

Preferred

Stocks

—‌

1,038‌

11,835‌

12,873‌

Equity

Mutual

Funds

294,636‌

—‌

—‌

294,636‌

Private

Investment

Companies

—‌

—‌

139,602‌

139,602‌

Short-Term

Investments

133,049‌

—‌

—‌

133,049‌

Securities

Lending

Collateral

18,476‌

—‌

—‌

18,476‌

Total

Securities

2,566,426‌

832,044‌

155,662‌

3,554,132‌

Swaps*

—‌

60‌

—‌

60‌

Forward

Currency

Exchange

Contracts

—‌

82‌

—‌

82‌

Futures

Contracts*

196‌

—‌

—‌

196‌

Total

$

2,566,622‌

$

832,186‌

$

155,662‌

$

3,554,470‌

Liabilities

Options

Written

$

—‌

$

6,082‌

$

—‌

$

6,082‌

Swaps*

—‌

13‌

—‌

13‌

Forward

Currency

Exchange

Contracts

—‌

104‌

—‌

104‌

Futures

Contracts*

1,536‌

—‌

—‌

1,536‌

Total

$

1,536‌

$

6,199‌

$

—‌

$

7,735‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

60

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

February

28,

2021.

Gain

(loss)

reflects

both

realized

and

change

in

unrealized

gain/loss

on

Level

3

holdings

during

the

period,

if

any.

The

change

in

unrealized

gain/loss

on

Level

3

instruments

held

at

February

28,

2021,

totaled $20,206,000 for

the

period ended

February

28,

2021.

During

the

period,

transfers

out

of

Level

3

were

because

observable

market

data

became

available

for

the

security.

1

Includes

Corporate

Bonds,

Asset-Backed

Securities,

Non-U.S.

Government

Mortgage-

Backed

Securities,

Foreign

Government

Obligations

&

Municipalities,

U.S.

Government

&

Agency

Mortgage-Backed

Securities

and

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed).

*

The

fair

value

presented

includes

cumulative

gain

(loss)

on

open

futures

contracts

and

centrally

cleared

swaps;

however,

the

net

value

reflected

on

the

accompanying

Portfolio

of

Investments

is

only

the

unsettled

variation

margin

receivable

(payable)

at

that

date.

($000s)

Beginning

Balance

6/1/20

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Transfer

Out

of

Level

3

Ending

Balance

2/28/21

Investment

in

Securities

Common

Stocks

$

2,979‌

$

624‌

$

825‌

$

—‌

$

(203‌)

$

4,225‌

Convertible

Preferred

Stocks

3,399‌

3,649‌

5,242‌

—‌

(455‌)

11,835‌

Private

Investment

Companies

118,531‌

15,821‌

12,250‌

(7,000‌)

—‌

139,602‌

Total

$

124,909‌

$

20,094‌

$

18,317‌

$

(7,000‌)

$

(658‌)

$

155,662‌

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

61

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.

($000s)

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Investments

in

Securities

Common

Stock

$

4,225‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Rate

of

Return

15%

15%

Increase

Market

comparable

Enterprise

Value

to

Sales

Multiple

1.1x

–

20.0x

2.9x

Increase

Sales

Growth

Rate

19%

19%

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Projected

Enterprise

Value

to

EBITDA

Multiple

12.0x

12.0x

Increase

Enterprise

Value

to

Gross

Profit

Multiple

5.2x

–

36.3x

10.0x

Increase

Gross

Profit

Growth

Rate

21%

21%

Increase

Enterprise

Value

to

EBITDA

Multiple

10.0x

10.0x

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

62

($000s)

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Price

to

Tangible

Book

Value

Multiple

0.9x

–

1.0x

1.0x

Increase

Tangible

Book

Value

Growth

Rate

23%

23%

Increase

Options

Pricing

Model

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Risk-Free

Rate

3%

3%

Increase

Volatility

38%

–

43%

41%

Increase

Private

Company

Valuation

—#

—#

—#

Expected

present

value

Discount

rate

for

cost

of

equity

20%

20%

Decrease

Convertible

Preferred

Stocks

$

11,835‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

Comparable

Enterprise

Value

to

Sales

Multiple

5.7x

–

20.0x

12.2x

Increase

Sales

Growth

Rate

12%

–

29%

23%

Increase

Discount

for

Lack

of

Marketability

10%

10%

Decrease

Enterprise

Value

to

Gross

Profit

Multiple

8.3x

–

36.3x

18.4x

Increase

Gross

Profit

Rate

15%

–

29%

24%

Increase

T.

ROWE

PRICE

Spectrum

Moderate

Growth

Allocation

Fund

63

#

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.

F103-054Q3

02/21 

($000s)

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Private

Investment

Companies

$

139,602‌

Rollforward

of

Investee

NAV

Estimated

return

0.90%

0.90%

Increase