NPORT-EX 2 70D8TRPSpectrumMdGrAllFd.htm
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
August
31,
2021
(Unaudited)
1
Portfolio
of
Investments
‡
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ASSET-BACKED
SECURITIES
0.5%
AmeriCredit
Automobile
Receivables
Trust
Series 2020-3,
Class
D
1.49%,
9/18/26 
225,000‌
228‌
AmeriCredit
Automobile
Receivables
Trust
Series 2021-1,
Class
D
1.21%,
12/18/26 
160,000‌
160‌
Applebee's
Funding
Series 2019-1A,
Class
A2I
4.194%,
6/7/49 (1)
332,488‌
338‌
Ares
LIX
Series 2021-59A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.03%,
1.215%,
4/25/34 (1)
250,000‌
250‌
Ares
LVII
Series 2020-57A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.445%,
10/25/31 (1)
300,000‌
300‌
Avis
Budget
Rental
Car
Funding
AESOP
Series 2019-3A,
Class
B
2.65%,
3/20/26 (1)
330,000‌
345‌
Ballyrock
Series 2021-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.226%,
4/15/34 (1)
440,000‌
440‌
Benefit
Street
Partners
Series 2015-VIBR,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.19%,
1.315%,
7/20/34 (1)
380,000‌
380‌
Benefit
Street
Partners
XI
Series 2017-11A,
Class
A2R,
CLO,
FRN
3M
USD
LIBOR
+
1.50%,
1.626%,
4/15/29 (1)
250,000‌
248‌
Benefit
Street
Partners
XX
Series 2020-20A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.313%,
7/15/34 (1)
250,000‌
250‌
BlueMountain
Series 2015-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
0.93%,
1.064%,
7/18/27 (1)
150,079‌
150‌
Carlyle
Global
Market
Strategies
Series 2015-3A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.00%,
1.132%,
7/28/28 (1)
277,234‌
277‌
Carmax
Auto
Owner
Trust
Series 2020-1,
Class
D
2.64%,
7/15/26 
500,000‌
516‌
CIFC
Funding
Series 2020-1A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.26%,
7/15/36 (1)
280,000‌
279‌
CIFC
Funding
Series 2021-3A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
1.288%,
7/15/36 (1)
260,000‌
260‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
2
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Driven
Brands
Funding
Series 2020-1A,
Class
A2
3.786%,
7/20/50 (1)
128,700‌
136‌
Driven
Brands
Funding
Series 2020-2A,
Class
A2
3.237%,
1/20/51 (1)
213,925‌
221‌
Dryden
Series 2020-86A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.10%,
1.234%,
7/17/34 (1)
265,000‌
265‌
GM
Financial
Automobile
Leasing
Trust
Series 2020-3,
Class
C
1.11%,
10/21/24 
130,000‌
131‌
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%,
1.284%,
10/20/28 (1)
289,163‌
289‌
Golub
Capital
Partners
Series 2021-53A,
Class
B,
CLO,
FRN
3M
USD
LIBOR
+
1.80%,
1.93%,
7/20/34 (1)
260,000‌
260‌
Hardee's
Funding
Series 2018-1A,
Class
A2II
4.959%,
6/20/48 (1)
243,125‌
260‌
Hardee's
Funding
Series 2021-1A,
Class
A2
2.865%,
6/20/51 (1)
135,000‌
137‌
Hilton
Grand
Vacations
Trust
Series 2017-AA,
Class
A
2.66%,
12/26/28 (1)
23,135‌
24‌
Hilton
Grand
Vacations
Trust
Series 2020-AA,
Class
A
2.74%,
2/25/39 (1)
107,461‌
112‌
Jack
in
the
Box
Funding
Series 2019-1A,
Class
A2I
3.982%,
8/25/49 (1)
258,050‌
264‌
KKR
Series 33A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.17%,
1.273%,
7/20/34 (1)
250,000‌
250‌
Madison
Park
Funding
XXXIII
Series 2019-33A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.33%,
1.456%,
10/15/32 (1)
635,000‌
637‌
Magnetite
XVIII
Series 2016-18A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.205%,
11/15/28 (1)
250,000‌
250‌
Magnetite
XXIII
Series 2019-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.425%,
10/25/32 (1)
465,000‌
465‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
3
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Magnetite
XXV
Series 2020-25A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.20%,
1.325%,
1/25/32 (1)
250,000‌
250‌
MVW
Owner
Trust
Series 2020-1A,
Class
C
4.21%,
10/20/37 (1)
91,884‌
98‌
Navient
Private
Education
Loan
Trust
Series 2017-A,
Class
A2A
2.88%,
12/16/58 (1)
45,525‌
46‌
Navient
Private
Education
Refi
Loan
Trust
Series 2019-FA,
Class
A2
2.60%,
8/15/68 (1)
260,159‌
266‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-DA,
Class
A
1.69%,
5/15/69 (1)
107,895‌
109‌
Navient
Private
Education
Refi
Loan
Trust
Series 2020-HA,
Class
A
1.31%,
1/15/69 (1)
77,508‌
78‌
Nelnet
Student
Loan
Trust
Series 2020-1A,
Class
A,
FRN
1M
USD
LIBOR
+
0.74%,
0.824%,
3/26/68 (1)
123,218‌
123‌
Neuberger
Berman
Loan
Advisers
Series 2018-29A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
1.264%,
10/19/31 (1)
250,000‌
250‌
Neuberger
Berman
Loan
Advisers
Series 2019-32A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.99%,
1.124%,
1/20/32 (1)
570,000‌
570‌
Neuberger
Berman
Loan
Advisers
Series 2020-38A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.30%,
1.434%,
10/20/32 (1)
290,000‌
290‌
Neuberger
Berman
Loan
Advisers
Series 2021-43A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.13%,
1.241%,
7/17/35 (1)
250,000‌
250‌
Neuberger
Berman
XVI
Series 2017-16SA,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.04%,
1.166%,
4/15/34 (1)
305,000‌
304‌
OCP
Series 2014-7A,
Class
A2RR,
CLO,
FRN
3M
USD
LIBOR
+
1.65%,
1.784%,
7/20/29 (1)
250,000‌
250‌
OCP
Series 2020-19A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.75%,
1.884%,
7/20/31 (1)
250,000‌
250‌
OCP
Series 2020-19A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
10/20/34 (1)(2)
430,000‌
430‌
OHA
Credit
Funding
3
Series 2019-3A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.14%,
1.288%,
7/2/35 (1)
395,000‌
394‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
4
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OZLM
VII
Series 2014-7RA,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.01%,
1.144%,
7/17/29 (1)
238,635‌
239‌
Palmer
Square
Series 2020-2A,
Class
A1A,
CLO,
FRN
3M
USD
LIBOR
+
1.70%,
1.826%,
7/15/31 (1)
260,000‌
260‌
Palmer
Square
Series 2021-2A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.15%,
1.256%,
7/15/34 (1)
310,000‌
310‌
Reese
Park
Series 2020-1A,
Class
A1,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.446%,
10/15/32 (1)
265,000‌
265‌
Santander
Drive
Auto
Receivables
Trust
Series 2021-3,
Class
D
1.33%,
9/15/27 
230,000‌
231‌
Santander
Retail
Auto
Lease
Trust
Series 2019-B,
Class
D
3.31%,
6/20/24 (1)
325,000‌
333‌
Santander
Retail
Auto
Lease
Trust
Series 2021-A,
Class
D
1.38%,
3/22/27 (1)
305,000‌
305‌
ServiceMaster
Funding
Series 2021-1,
Class
A2I
2.865%,
7/30/51 (1)
325,000‌
325‌
Sierra
Timeshare
Receivables
Funding
Series 2020-2A,
Class
C
3.51%,
7/20/37 (1)
104,677‌
108‌
Sierra
Timeshare
Receivables
Funding
Series 2021-1A,
Class
B
1.34%,
11/20/37 (1)
150,539‌
151‌
SMB
Private
Education
Loan
Trust
Series 2015-B,
Class
A2A
2.98%,
7/15/27 (1)
24,091‌
24‌
SMB
Private
Education
Loan
Trust
Series 2015-C,
Class
A3,
FRN
1M
USD
LIBOR
+
1.95%,
2.046%,
8/16/32 (1)
240,000‌
244‌
SMB
Private
Education
Loan
Trust
Series 2016-A,
Class
A2A
2.70%,
5/15/31 (1)
37,702‌
39‌
SMB
Private
Education
Loan
Trust
Series 2016-B,
Class
A2A
2.43%,
2/17/32 (1)
334,586‌
343‌
SMB
Private
Education
Loan
Trust
Series 2016-C,
Class
A2A
2.34%,
9/15/34 (1)
170,663‌
174‌
SMB
Private
Education
Loan
Trust
Series 2018-B,
Class
A2A
3.60%,
1/15/37 (1)
157,604‌
167‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
5
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SMB
Private
Education
Loan
Trust
Series 2018-C,
Class
A2A
3.63%,
11/15/35 (1)
190,103‌
200‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
APT1
1.07%,
1/15/53 (1)
318,234‌
316‌
SMB
Private
Education
Loan
Trust
Series 2021-A,
Class
B
2.31%,
1/15/53 (1)
240,000‌
244‌
Symphony
XVII
Series 2016-17A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
0.88%,
1.006%,
4/15/28 (1)
370,635‌
370‌
Symphony
XXIII
Series 2020-23A,
Class
A,
CLO,
FRN
3M
USD
LIBOR
+
1.32%,
1.446%,
1/15/34 (1)
580,000‌
581‌
Symphony
XXVI
Series 2021-26A,
Class
AR,
CLO,
FRN
3M
USD
LIBOR
+
1.08%,
1.214%,
4/20/33 (1)
250,000‌
250‌
Wellfleet
Series 2017-2A,
Class
A1R,
CLO,
FRN
3M
USD
LIBOR
+
1.06%,
1.194%,
10/20/29 (1)
285,000‌
285‌
Total
Asset-Backed
Securities
(Cost
$17,808)
17,965‌
BOND
MUTUAL
FUNDS
7.7%
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.21% (3)(4)
488‌
7‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
3.94% (3)(4)
4,964,727‌
41,902‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.43% (3)(4)
3,470,301‌
33,835‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.82% (3)(4)
5,069,998‌
45,123‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.00% (3)(4)
8,742,538‌
89,174‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.59% (3)(4)
5,447,224‌
29,905‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.69% (3)(4)
5,704,959‌
67,376‌
Total
Bond
Mutual
Funds
(Cost
$306,765)
307,322‌
COMMON
STOCKS
69.9%
COMMUNICATION
SERVICES
9.6%
Diversified
Telecommunication
Services
0.3%
KT
(KRW) 
66,618‌
1,883‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
6
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Nippon
Telegraph
&
Telephone
(JPY) 
394,900‌
10,521‌
Telecom
Italia
(EUR) 
2,999,986‌
1,449‌
13,853‌
Entertainment
1.4%
Cinemark
Holdings (5)
26,976‌
481‌
Netflix (5)
26,826‌
15,269‌
Roku (5)
3,585‌
1,263‌
Sea,
ADR (5)
57,851‌
19,572‌
Spotify
Technology (5)
11,531‌
2,702‌
Walt
Disney (5)
92,719‌
16,810‌
Zynga,
Class
A (5)
102,438‌
907‌
57,004‌
Interactive
Media
&
Services
7.0%
Alphabet,
Class
A (5)
5,031‌
14,559‌
Alphabet,
Class
C (5)(6)
51,657‌
150,283‌
Facebook,
Class
A (5)(6)
182,630‌
69,286‌
Genius
Sports (5)
8,600‌
176‌
Match
Group (5)
16,793‌
2,308‌
NAVER
(KRW) 
10,489‌
3,972‌
Pinterest,
Class
A (5)
113,278‌
6,295‌
Snap,
Class
A (5)
232,693‌
17,710‌
Tencent
Holdings
(HKD) 
163,700‌
10,111‌
Vimeo (5)
12,948‌
494‌
Z
Holdings
(JPY) 
439,000‌
2,854‌
278,048‌
Media
0.4%
Advantage
Solutions (5)
26,198‌
228‌
Advantage
Solutions,
Warrants,
12/31/26 (5)
6,549‌
12‌
Cable
One 
1,156‌
2,427‌
Comcast,
Class
A 
33,064‌
2,006‌
CyberAgent
(JPY) 
265,700‌
4,864‌
National
CineMedia 
27,479‌
71‌
Stroeer
(EUR) 
25,552‌
2,104‌
WPP
(GBP) 
326,746‌
4,430‌
16,142‌
Wireless
Telecommunication
Services
0.5%
SoftBank
Group
(JPY) 
40,700‌
2,294‌
T-Mobile
U.S. (5)
103,725‌
14,212‌
Vodafone
Group,
ADR 
223,765‌
3,820‌
20,326‌
Total
Communication
Services
385,373‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
7
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
CONSUMER
DISCRETIONARY
8.4%
Auto
Components
0.4%
Autoliv,
SDR
(SEK) (7)
27,048‌
2,411‌
Denso
(JPY) 
41,300‌
2,891‌
Gentherm (5)
13,605‌
1,167‌
Magna
International 
73,968‌
5,837‌
Stanley
Electric
(JPY) 
80,100‌
1,999‌
Stoneridge (5)
18,485‌
431‌
Sumitomo
Rubber
Industries
(JPY) 
88,200‌
1,056‌
15,792‌
Automobiles
0.3%
Honda
Motor
(JPY) 
52,400‌
1,586‌
Suzuki
Motor
(JPY) 
66,700‌
2,882‌
Toyota
Motor
(JPY) 
106,100‌
9,241‌
13,709‌
Diversified
Consumer
Services
0.1%
Alclear
Holdings,
Acquisition
Date:
3/6/18
-
12/13/18,
Cost $291 (5)(8)
38,808‌
1,713‌
Bright
Horizons
Family
Solutions (5)
9,559‌
1,393‌
Duolingo (5)
863‌
112‌
Rover
Group,
Acquisition
Date:
5/11/18
-
5/25/18,
Cost $97 (5)(8)
13,478‌
149‌
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(8)
13,478‌
7‌
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(8)
13,478‌
6‌
Rover
Group,
Acquisition
Date:
8/2/21,
Cost $— (5)(8)
13,478‌
2‌
3,382‌
Hotels,
Restaurants
&
Leisure
1.9%
Bally's (5)
4,319‌
217‌
BJ's
Restaurants (5)
25,061‌
1,072‌
Booking
Holdings (5)
3,026‌
6,959‌
Chipotle
Mexican
Grill (5)
3,612‌
6,875‌
Chuy's
Holdings (5)
22,644‌
730‌
Compass
Group
(GBP) (5)
216,607‌
4,475‌
Denny's (5)
32,597‌
539‌
Drive
Shack (5)
69,300‌
189‌
Fiesta
Restaurant
Group (5)
51,565‌
619‌
Hilton
Worldwide
Holdings (5)
75,674‌
9,449‌
Marriott
International,
Class
A (5)
62,160‌
8,400‌
McDonald's 
4,066‌
965‌
MGM
Resorts
International 
102,864‌
4,384‌
Papa
John's
International 
22,087‌
2,817‌
Red
Robin
Gourmet
Burgers (5)
17,325‌
424‌
Ruth's
Hospitality
Group (5)
21,428‌
439‌
Starbucks 
101,768‌
11,957‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
8
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Torchys
Holdings,
Class
A,
Acquisition
Date:
11/13/20,
Cost $772 (5)(8)(9)(10)
90,236‌
772‌
Vail
Resorts (5)
5,147‌
1,569‌
Yum!
Brands 
110,152‌
14,433‌
77,284‌
Household
Durables
0.4%
Cavco
Industries (5)
2,546‌
650‌
Panasonic
(JPY) 
279,700‌
3,344‌
Persimmon
(GBP) 
93,267‌
3,775‌
Skyline
Champion (5)
23,468‌
1,472‌
Sony
Group
(JPY) 
50,000‌
5,170‌
14,411‌
Internet
&
Direct
Marketing
Retail
3.0%
1stDibs.com,
Acquisition
Date:
2/7/19,
Cost $100 (5)(8)
6,642‌
103‌
Alibaba
Group
Holding,
ADR (5)
31,476‌
5,256‌
Altimeter
Growth (5)
27,930‌
314‌
Altimeter
Growth
Corp.
SPAC
/
Grab
Holdings
PIPE (5)(11)
27,696‌
268‌
Amazon.com (5)(6)
26,334‌
91,400‌
ASOS
(GBP) (5)
75,220‌
4,013‌
Big
Sky
Growth
Partners (5)
27,360‌
271‌
Coupang (5)
69,115‌
2,071‌
Deliveroo
Holdings,
Acquisition
Date:
9/12/17
-
5/16/19,
Cost $315
(GBP) (5)(8)
177,400‌
807‌
Delivery
Hero
(EUR) (5)
9,722‌
1,411‌
DoorDash,
Class
A (5)
36,309‌
6,949‌
Poshmark,
Class
A (5)
3,421‌
100‌
RealReal (5)
32,900‌
409‌
THG
(GBP) (5)
149,843‌
1,266‌
ThredUp,
Class
A (5)
15,367‌
295‌
Xometry,
Acquisition
Date:
7/20/20
-
9/4/20,
Cost $141 (5)(8)
13,856‌
956‌
Xometry,
Class
A (5)
2,458‌
179‌
Zalando
(EUR) (5)
44,588‌
4,944‌
121,012‌
Multiline
Retail
0.3%
Dollar
General 
25,255‌
5,630‌
Next
(GBP) 
32,992‌
3,588‌
Ollie's
Bargain
Outlet
Holdings (5)
25,425‌
1,840‌
11,058‌
Specialty
Retail
1.2%
AutoZone (5)
1,365‌
2,114‌
Burlington
Stores (5)
10,186‌
3,051‌
Carvana (5)
35,048‌
11,498‌
Five
Below (5)
2,000‌
426‌
Home
Depot 
20,957‌
6,836‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
9
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Kingfisher
(GBP) 
1,163,466‌
5,602‌
Monro 
19,132‌
1,089‌
Petco
Health
&
Wellness (5)
15,799‌
340‌
RH (5)
1,557‌
1,091‌
Ross
Stores 
56,449‌
6,683‌
TJX 
133,731‌
9,725‌
48,455‌
Textiles,
Apparel
&
Luxury
Goods
0.8%
Allbirds,
Acquisition
Date:
10/10/18
-
12/21/18,
Cost $107 (5)(8)
(9)
9,780‌
113‌
Capri
Holdings (5)
22,100‌
1,249‌
Dr.
Martens
(GBP) (5)
354,108‌
2,065‌
EssilorLuxottica
(EUR) 
21,564‌
4,237‌
Kering
(EUR) 
4,298‌
3,423‌
Lululemon
Athletica (5)
16,277‌
6,514‌
Moncler
(EUR) 
63,551‌
4,069‌
NIKE,
Class
B 
43,196‌
7,116‌
Samsonite
International
(HKD) (5)
618,300‌
1,296‌
Skechers
USA,
Class
A (5)
21,000‌
1,059‌
Steven
Madden 
6,700‌
271‌
31,412‌
Total
Consumer
Discretionary
336,515‌
CONSUMER
STAPLES
1.8%
Beverages
0.2%
Boston
Beer,
Class
A (5)
3,974‌
2,266‌
Coca-Cola 
1,709‌
96‌
Diageo
(GBP) 
109,314‌
5,255‌
Kirin
Holdings
(JPY) 
113,700‌
2,060‌
9,677‌
Food
&
Staples
Retailing
0.3%
Seven
&
i
Holdings
(JPY) 
119,300‌
5,206‌
Walmart 
27,220‌
4,031‌
Welcia
Holdings
(JPY) 
51,100‌
1,802‌
11,039‌
Food
Products
0.8%
Barry
Callebaut
(CHF) 
1,115‌
2,841‌
Cal-Maine
Foods 
22,480‌
813‌
Nestle
(CHF) 
158,676‌
20,039‌
Nomad
Foods (5)
33,535‌
885‌
Post
Holdings (5)
13,343‌
1,493‌
Post
Holdings
Partnering (5)
17,985‌
183‌
Sanderson
Farms 
4,124‌
810‌
TreeHouse
Foods (5)
26,956‌
1,010‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
10
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Utz
Brands 
45,800‌
889‌
Wilmar
International
(SGD) 
1,134,000‌
3,483‌
32,446‌
Personal
Products
0.5%
BellRing
Brands,
Class
A (5)
13,881‌
469‌
L'Oreal
(EUR) 
15,616‌
7,326‌
Pola
Orbis
Holdings
(JPY) 
32,500‌
709‌
Unilever
(GBP) 
217,716‌
12,122‌
20,626‌
Total
Consumer
Staples
73,788‌
ENERGY
0.6%
Energy
Equipment
&
Services
0.1%
Cactus,
Class
A 
13,400‌
503‌
Dril-Quip (5)
9,200‌
224‌
Halliburton 
53,923‌
1,077‌
Liberty
Oilfield
Services,
Class
A (5)
76,234‌
779‌
NexTier
Oilfield
Solutions (5)
119,301‌
429‌
Worley
(AUD) 
355,472‌
2,702‌
5,714‌
Oil,
Gas
&
Consumable
Fuels
0.5%
Devon
Energy 
37,572‌
1,110‌
Diamondback
Energy 
21,644‌
1,670‌
Equinor
(NOK) 
255,470‌
5,414‌
Magnolia
Oil
&
Gas,
Class
A 
85,189‌
1,336‌
Royal
Dutch
Shell,
Class
B,
ADR 
60,592‌
2,386‌
TotalEnergies
(EUR) 
131,977‌
5,838‌
Venture
Global
LNG,
Series
B,
Acquisition
Date:
3/8/18,
Cost $21 (5)(8)(9)
7‌
32‌
Venture
Global
LNG,
Series
C,
Acquisition
Date:
5/25/17
-
3/8/18,
Cost $279 (5)(8)(9)
77‌
353‌
18,139‌
Total
Energy
23,853‌
FINANCIALS
10.1%
Banks
3.3%
Atlantic
Capital
Bancshares (5)
16,268‌
394‌
Australia
&
New
Zealand
Banking
Group
(AUD) 
151,229‌
3,061‌
Bank
of
America 
418,403‌
17,468‌
BankUnited 
44,134‌
1,855‌
BNP
Paribas
(EUR) 
62,289‌
3,946‌
Citigroup 
86,154‌
6,195‌
Close
Brothers
Group
(GBP) 
52,116‌
1,104‌
CrossFirst
Bankshares (5)
30,306‌
401‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
11
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
DBS
Group
Holdings
(SGD) 
107,856‌
2,392‌
Dime
Community
Bancshares 
21,385‌
706‌
DNB
Bank
(NOK) 
327,642‌
6,915‌
Dogwood
State
Bank,
Non-Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $56 (5)(8)(9)
5,570‌
67‌
Dogwood
State
Bank,
Voting
Shares,
Acquisition
Date:
5/6/19,
Cost $27 (5)(8)(9)
2,736‌
33‌
Dogwood
State
Bank,
Warrants,
5/6/24,
Acquisition
Date:
5/6/19,
Cost $— (5)(8)(9)
831‌
3‌
East
West
Bancorp 
20,906‌
1,533‌
Equity
Bancshares,
Class
A (5)
14,634‌
469‌
Erste
Group
Bank
(EUR) 
71,691‌
2,863‌
FB
Financial 
24,874‌
1,025‌
First
Bancshares 
18,696‌
758‌
Five
Star
Bancorp 
10,658‌
255‌
Grasshopper
Bancorp,
Acquisition
Date:
10/12/18
-
5/2/19,
Cost $93 (5)(8)(9)
9,254‌
42‌
Grasshopper
Bancorp,
Warrants,
10/12/28,
Acquisition
Date:
10/12/18,
Cost $— (5)(8)(9)
1,736‌
—‌
Heritage
Commerce 
60,430‌
681‌
Heritage
Financial 
20,509‌
522‌
Home
BancShares 
45,666‌
1,012‌
ING
Groep
(EUR) 
494,630‌
6,823‌
Intesa
Sanpaolo
(EUR) 
846,648‌
2,396‌
JPMorgan
Chase 
10,847‌
1,735‌
Live
Oak
Bancshares 
22,886‌
1,401‌
Lloyds
Banking
Group
(GBP) 
5,424,435‌
3,247‌
Mitsubishi
UFJ
Financial
Group
(JPY) 
505,900‌
2,745‌
National
Bank
of
Canada
(CAD) 
83,872‌
6,657‌
Origin
Bancorp 
21,370‌
879‌
Pacific
Premier
Bancorp 
26,431‌
1,056‌
Pinnacle
Financial
Partners 
25,193‌
2,442‌
Popular 
11,410‌
866‌
Professional
Holding,
Class
A (5)
11,709‌
225‌
Sandy
Spring
Bancorp 
18,858‌
822‌
Seacoast
Banking 
31,566‌
1,008‌
Signature
Bank 
9,751‌
2,529‌
SouthState 
13,262‌
910‌
Standard
Chartered
(GBP) 
221,648‌
1,382‌
Sumitomo
Mitsui
Trust
Holdings
(JPY) 
60,558‌
1,978‌
Svenska
Handelsbanken,
Class
A
(SEK) 
336,945‌
3,786‌
United
Overseas
Bank
(SGD) 
221,800‌
4,199‌
Webster
Financial 
18,417‌
930‌
Wells
Fargo 
562,618‌
25,712‌
Western
Alliance
Bancorp 
25,922‌
2,529‌
129,957‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
12
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Capital
Markets
3.0%
Apollo
Global
Management 
37,003‌
2,212‌
Bridgepoint
Group
(GBP) (5)
303,443‌
2,111‌
Cboe
Global
Markets 
16,390‌
2,068‌
Charles
Schwab 
344,446‌
25,093‌
Goldman
Sachs
Group 
59,342‌
24,538‌
Julius
Baer
Group
(CHF) 
56,672‌
3,868‌
Macquarie
Group
(AUD) 
26,781‌
3,250‌
Morgan
Stanley (6)
433,161‌
45,235‌
MSCI 
1,777‌
1,128‌
S&P
Global 
12,834‌
5,696‌
StepStone
Group,
Class
A 
29,553‌
1,415‌
XP,
Class
A (5)
26,686‌
1,298‌
117,912‌
Consumer
Finance
0.1%
Encore
Capital
Group (5)
20,558‌
1,012‌
PRA
Group (5)
22,011‌
924‌
PROG
Holdings 
24,508‌
1,160‌
3,096‌
Diversified
Financial
Services
0.4%
Challenger
(AUD) 
274,699‌
1,290‌
Element
Fleet
Management
(CAD) 
375,054‌
4,135‌
Equitable
Holdings 
225,866‌
7,004‌
Mitsubishi
HC
Capital
(JPY) 
282,700‌
1,514‌
13,943‌
Insurance
3.1%
AIA
Group
(HKD) 
179,400‌
2,142‌
American
International
Group (6)
447,003‌
24,389‌
Assurant 
12,059‌
2,051‌
Aviva
(GBP) 
503,953‌
2,801‌
AXA
(EUR) 
304,743‌
8,561‌
Axis
Capital
Holdings 
27,355‌
1,400‌
Bright
Health
Group (5)
7,417‌
69‌
Bright
Health
Group,
Acquisition
Date:
9/16/20,
Cost $293 (5)(8)
43,110‌
379‌
Chubb 
65,329‌
12,015‌
Direct
Line
Insurance
Group
(GBP) 
416,769‌
1,769‌
Hanover
Insurance
Group 
9,412‌
1,330‌
Hartford
Financial
Services
Group 
115,266‌
7,748‌
Marsh
&
McLennan 
27,673‌
4,350‌
MetLife 
130,882‌
8,115‌
Munich
Re
(EUR) 
30,828‌
8,998‌
PICC
Property
&
Casualty,
Class
H
(HKD) 
2,800,000‌
2,532‌
Ping
An
Insurance
Group,
Class
H
(HKD) 
215,000‌
1,665‌
Sampo,
Class
A
(EUR) 
117,883‌
6,092‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
13
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Selective
Insurance
Group 
25,445‌
2,126‌
Selectquote (5)
18,791‌
180‌
Storebrand
(NOK) 
432,179‌
3,837‌
Sun
Life
Financial
(CAD) (7)
122,748‌
6,320‌
Tokio
Marine
Holdings
(JPY) 
93,600‌
4,580‌
Travelers 
33,782‌
5,395‌
Zurich
Insurance
Group
(CHF) 
10,307‌
4,523‌
123,367‌
Thrifts
&
Mortgage
Finance
0.2%
Blue
Foundry
Bancorp (5)
7,584‌
102‌
Capitol
Federal
Financial 
35,086‌
405‌
Essent
Group 
24,043‌
1,132‌
Housing
Development
Finance
(INR) 
82,595‌
3,150‌
Meridian
Bancorp 
23,619‌
491‌
PennyMac
Financial
Services 
24,251‌
1,614‌
Sterling
Bancorp (5)
34,240‌
182‌
7,076‌
Total
Financials
395,351‌
HEALTH
CARE
10.1%
Biotechnology
0.7%
AbbVie 
39,664‌
4,791‌
Abcam,
ADR (5)
14,306‌
303‌
ACADIA
Pharmaceuticals (5)
7,026‌
123‌
Acceleron
Pharma (5)
8,410‌
1,126‌
Agios
Pharmaceuticals (5)
11,088‌
495‌
Allogene
Therapeutics (5)
4,612‌
110‌
Apellis
Pharmaceuticals (5)
6,700‌
441‌
Arcutis
Biotherapeutics (5)
2,929‌
62‌
Argenx,
ADR (5)
6,693‌
2,215‌
Ascendis
Pharma,
ADR (5)
10,315‌
1,617‌
Avidity
Biosciences (5)
8,831‌
202‌
Blueprint
Medicines (5)
10,988‌
1,025‌
Cerevel
Therapeutics
Holdings (5)
13,166‌
417‌
CRISPR
Therapeutics (5)
2,053‌
257‌
Exact
Sciences (5)
870‌
91‌
Flame
Biosciences,
Acquisition
Date:
9/28/20,
Cost $53 (5)(8)(9)
8,157‌
53‌
G1
Therapeutics (5)
6,798‌
103‌
Generation
Bio (5)
22,543‌
564‌
Global
Blood
Therapeutics (5)
19,042‌
546‌
Homology
Medicines (5)
10,656‌
77‌
Icosavax (5)
6,851‌
258‌
IGM
Biosciences (5)
5,061‌
360‌
Insmed (5)
44,462‌
1,247‌
Intellia
Therapeutics (5)
5,512‌
885‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
14
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Iovance
Biotherapeutics (5)
4,528‌
109‌
Karuna
Therapeutics (5)
1,756‌
209‌
Kodiak
Sciences (5)
14,582‌
1,373‌
Kymera
Therapeutics (5)
2,981‌
185‌
MeiraGTx
Holdings (5)
5,759‌
72‌
Monte
Rosa
Therapeutics (5)
2,956‌
105‌
Morphic
Holding (5)
889‌
56‌
Nurix
Therapeutics (5)
4,079‌
131‌
Orchard
Therapeutics,
ADR (5)
14,507‌
40‌
Prothena (5)
20,711‌
1,390‌
PTC
Therapeutics (5)
2,900‌
127‌
Radius
Health (5)
51,854‌
719‌
RAPT
Therapeutics (5)
11,125‌
364‌
Repare
Therapeutics (5)
9,100‌
309‌
Replimune
Group (5)
5,157‌
164‌
Scholar
Rock
Holding (5)
18,068‌
714‌
Seagen (5)
4,723‌
792‌
Tenaya
Therapeutics (5)
2,734‌
55‌
TG
Therapeutics (5)
1,811‌
49‌
Turning
Point
Therapeutics (5)
6,264‌
482‌
Ultragenyx
Pharmaceutical (5)
15,890‌
1,530‌
Xencor (5)
16,750‌
567‌
Zentalis
Pharmaceuticals (5)
5,552‌
379‌
27,289‌
Health
Care
Equipment
&
Supplies
3.1%
Abbott
Laboratories 
35,968‌
4,545‌
Alcon
(CHF) 
21,836‌
1,798‌
Align
Technology (5)
1,990‌
1,411‌
AtriCure (5)
13,062‌
962‌
Avanos
Medical (5)
21,880‌
722‌
Axonics (5)
4,229‌
317‌
Becton
Dickinson
&
Company 
23,460‌
5,905‌
CVRx (5)
6,252‌
119‌
Danaher 
114,872‌
37,237‌
DENTSPLY
SIRONA 
32,920‌
2,031‌
Elekta,
Class
B
(SEK) (7)
207,382‌
2,600‌
ICU
Medical (5)
4,419‌
881‌
Intuitive
Surgical (5)
13,489‌
14,211‌
JAND,
Class
A,
Acquisition
Date:
3/9/18,
Cost $114 (5)(8)(9)
7,265‌
237‌
Koninklijke
Philips
(EUR) 
138,693‌
6,391‌
Medtronic 
113,692‌
15,176‌
Mesa
Laboratories 
1,169‌
312‌
Nevro (5)
6,829‌
833‌
NuVasive (5)
9,443‌
587‌
Outset
Medical (5)
5,758‌
284‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
15
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Pax
Labs,
Class
A,
Acquisition
Date:
4/18/19,
Cost $264 (5)(8)(9)
70,144‌
89‌
Penumbra (5)
2,774‌
763‌
Pulmonx (5)
1,758‌
71‌
Quidel (5)
11,891‌
1,533‌
Siemens
Healthineers
(EUR) 
76,450‌
5,317‌
Stryker 
34,041‌
9,433‌
Teleflex 
17,225‌
6,812‌
Zimmer
Biomet
Holdings 
8,271‌
1,244‌
121,821‌
Health
Care
Providers
&
Services
2.0%
Accolade (5)
8,205‌
389‌
Alignment
Healthcare (5)
9,289‌
164‌
Alignment
Healthcare,
Acquisition
Date:
2/28/20
-
3/31/21,
Cost $204 (5)(8)
25,320‌
425‌
Amedisys (5)
6,876‌
1,261‌
Anthem 
29,734‌
11,154‌
Centene (5)
77,916‌
4,907‌
Cigna 
7,921‌
1,676‌
dentalcorp
Holdings
(CAD) (5)(7)
29,745‌
376‌
Fresenius
(EUR) 
97,967‌
5,094‌
Hanger (5)
42,561‌
1,016‌
HCA
Healthcare 
73,928‌
18,702‌
Humana 
6,102‌
2,474‌
Innovage
Holding (5)
4,000‌
60‌
ModivCare (5)
6,705‌
1,323‌
Molina
Healthcare (5)
11,655‌
3,132‌
Oak
Street
Health (5)
2,403‌
112‌
Option
Care
Health (5)
30,683‌
821‌
Pennant
Group (5)
11,861‌
363‌
Privia
Health
Group (5)
6,698‌
200‌
U.S.
Physical
Therapy 
8,140‌
956‌
UnitedHealth
Group 
58,746‌
24,454‌
79,059‌
Health
Care
Technology
0.1%
Certara (5)
5,518‌
185‌
Doximity,
Class
A (5)
4,147‌
382‌
Sophia
Genetics (5)
10,633‌
210‌
Veeva
Systems,
Class
A (5)
8,862‌
2,942‌
3,719‌
Life
Sciences
Tools
&
Services
1.2%
Adaptive
Biotechnologies (5)
7,358‌
267‌
Agilent
Technologies 
75,202‌
13,196‌
Bruker 
28,618‌
2,527‌
Evotec
(EUR) (5)
52,357‌
2,604‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
16
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Olink
Holding,
ADR (5)
13,990‌
448‌
PerkinElmer 
17,505‌
3,235‌
Quanterix (5)
3,732‌
190‌
Rapid
Micro
Biosystems,
Class
A (5)
11,151‌
211‌
Seer (5)
9,845‌
394‌
Thermo
Fisher
Scientific 
43,541‌
24,163‌
47,235‌
Pharmaceuticals
3.0%
Arvinas (5)
1,746‌
150‌
Astellas
Pharma
(JPY) 
474,400‌
7,994‌
AstraZeneca,
ADR 
304,060‌
17,721‌
Atea
Pharmaceuticals (5)
3,120‌
93‌
Bausch
Health (5)
59,235‌
1,725‌
Bayer
(EUR) 
89,825‌
4,997‌
Catalent (5)
21,007‌
2,740‌
Elanco
Animal
Health (5)
201,907‌
6,740‌
Eli
Lilly 
87,119‌
22,502‌
GlaxoSmithKline,
ADR 
103,955‌
4,235‌
Ipsen
(EUR) 
20,155‌
2,016‌
Novartis
(CHF) 
103,157‌
9,541‌
Otsuka
Holdings
(JPY) 
82,200‌
3,498‌
Pfizer 
100,741‌
4,641‌
Reata
Pharmaceuticals,
Class
A (5)
5,021‌
535‌
Roche
Holding
(CHF) 
31,522‌
12,658‌
Sanofi
(EUR) 
94,109‌
9,753‌
Takeda
Pharmaceutical,
ADR 
85,512‌
1,419‌
TherapeuticsMD (5)
64,638‌
51‌
Zoetis 
23,701‌
4,848‌
117,857‌
Total
Health
Care
396,980‌
INDUSTRIALS
&
BUSINESS
SERVICES
6.6%
Aerospace
&
Defense
0.2%
BWX
Technologies 
6,237‌
358‌
Meggitt
(GBP) (5)
348,397‌
3,977‌
Parsons (5)
10,246‌
363‌
Safran
(EUR) 
23,020‌
2,888‌
7,586‌
Air
Freight
&
Logistics
0.3%
FedEx 
12,225‌
3,248‌
United
Parcel
Service,
Class
B 
43,929‌
8,594‌
11,842‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
17
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Airlines
0.0%
Sun
Country
Airlines
Holdings (5)
8,787‌
285‌
285‌
Building
Products
0.1%
CSW
Industrials 
3,512‌
466‌
Gibraltar
Industries (5)
21,034‌
1,571‌
PGT
Innovations (5)
28,323‌
601‌
2,638‌
Commercial
Services
&
Supplies
0.4%
ADT 
96,828‌
829‌
Brink's 
11,799‌
922‌
Cintas 
2,301‌
911‌
Copart (5)
14,992‌
2,163‌
Heritage-Crystal
Clean (5)
19,135‌
565‌
MSA
Safety 
5,208‌
848‌
Rentokil
Initial
(GBP) 
170,600‌
1,363‌
Republic
Services 
53,201‌
6,604‌
Tetra
Tech 
4,393‌
632‌
14,837‌
Electrical
Equipment
0.8%
ABB
(CHF) 
172,267‌
6,373‌
AZZ 
27,496‌
1,472‌
Hubbell 
32,759‌
6,752‌
Legrand
(EUR) 
30,042‌
3,447‌
Mitsubishi
Electric
(JPY) 
428,600‌
5,860‌
Prysmian
(EUR) 
112,733‌
4,244‌
Schneider
Electric
(EUR) 
17,319‌
3,094‌
Shoals
Technologies
Group,
Class
A (5)
24,140‌
786‌
Thermon
Group
Holdings (5)
12,860‌
215‌
32,243‌
Industrial
Conglomerates
1.9%
DCC
(GBP) 
35,791‌
3,042‌
General
Electric 
322,050‌
33,947‌
Honeywell
International 
40,432‌
9,377‌
Melrose
Industries
(GBP) 
1,788,181‌
4,129‌
Roper
Technologies 
7,858‌
3,798‌
Siemens
(EUR) 
118,095‌
19,591‌
73,884‌
Machinery
1.0%
Caterpillar 
37,412‌
7,889‌
Chart
Industries (5)
4,523‌
852‌
Deere 
3,523‌
1,332‌
Enerpac
Tool
Group 
49,294‌
1,240‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
18
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
ESCO
Technologies 
15,263‌
1,375‌
Federal
Signal 
20,800‌
845‌
Fortive 
63,208‌
4,669‌
Graco 
17,410‌
1,365‌
Helios
Technologies 
13,353‌
1,090‌
Ingersoll
Rand (5)
39,127‌
2,075‌
John
Bean
Technologies 
13,839‌
2,019‌
KION
Group
(EUR) 
49,584‌
5,306‌
Knorr-Bremse
(EUR) 
18,309‌
2,198‌
Marel
(ISK) 
51,853‌
400‌
Meritor (5)
37,535‌
890‌
Mueller
Water
Products,
Class
A 
61,051‌
1,015‌
SMC
(JPY) 
2,700‌
1,728‌
SPX (5)
19,359‌
1,210‌
THK
(JPY) 
56,100‌
1,299‌
Toro 
9,871‌
1,085‌
39,882‌
Marine
0.0%
Matson 
15,920‌
1,260‌
1,260‌
Professional
Services
0.8%
Booz
Allen
Hamilton
Holding 
13,598‌
1,114‌
Clarivate (5)
79,179‌
1,995‌
CoStar
Group (5)
42,174‌
3,574‌
Equifax 
4,291‌
1,168‌
Huron
Consulting
Group (5)
7,800‌
385‌
Jacobs
Engineering
Group 
59,999‌
8,097‌
Legalzoom.com (5)
2,605‌
89‌
Recruit
Holdings
(JPY) 
89,800‌
5,288‌
TechnoPro
Holdings
(JPY) 
128,900‌
3,450‌
Teleperformance
(EUR) 
8,105‌
3,586‌
TransUnion 
11,301‌
1,373‌
Upwork (5)
48,716‌
2,178‌
32,297‌
Road
&
Rail
0.6%
Central
Japan
Railway
(JPY) 
18,800‌
2,752‌
CSX 
164,375‌
5,347‌
Knight-Swift
Transportation
Holdings 
17,926‌
931‌
Landstar
System 
4,915‌
826‌
Norfolk
Southern 
41,640‌
10,557‌
Saia (5)
4,600‌
1,105‌
Union
Pacific 
18,998‌
4,119‌
25,637‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
19
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Trading
Companies
&
Distributors
0.5%
Air
Lease 
13,700‌
545‌
Ashtead
Group
(GBP) 
71,048‌
5,554‌
Bunzl
(GBP) 
60,328‌
2,186‌
Mitsubishi
(JPY) 
96,000‌
2,889‌
Rush
Enterprises,
Class
A 
16,872‌
744‌
SiteOne
Landscape
Supply (5)
14,368‌
2,875‌
Sumitomo
(JPY) 
208,400‌
2,937‌
United
Rentals (5)
5,434‌
1,916‌
19,646‌
Total
Industrials
&
Business
Services
262,037‌
INFORMATION
TECHNOLOGY
15.4%
Communications
Equipment
0.2%
Infinera (5)
11,300‌
96‌
LM
Ericsson,
Class
B
(SEK) 
520,446‌
6,165‌
6,261‌
Electronic
Equipment,
Instruments
&
Components
0.6%
CTS 
33,373‌
1,171‌
Hamamatsu
Photonics
(JPY) 
53,500‌
3,118‌
Largan
Precision
(TWD) 
15,000‌
1,446‌
Littelfuse 
4,928‌
1,406‌
Murata
Manufacturing
(JPY) 
54,600‌
4,501‌
National
Instruments 
28,038‌
1,173‌
Novanta (5)
16,017‌
2,454‌
Omron
(JPY) 
29,000‌
2,733‌
PAR
Technology (5)
21,153‌
1,437‌
TE
Connectivity 
10,295‌
1,547‌
Teledyne
Technologies (5)
5,743‌
2,661‌
23,647‌
IT
Services
3.3%
Affirm
Holdings (5)
37,343‌
3,598‌
Amadeus
IT
Group,
A
Shares
(EUR) (5)
31,266‌
1,910‌
ANT
International,
Class
C,
Acquisition
Date:
6/7/18,
Cost $1,024 (5)(8)(9)
182,540‌
1,287‌
Euronet
Worldwide (5)
7,918‌
1,055‌
Fidelity
National
Information
Services 
17,424‌
2,226‌
Fiserv (5)
119,269‌
14,049‌
Flywire (5)
3,149‌
138‌
Global
Payments 
48,623‌
7,908‌
Kratos
Defense
&
Security
Solutions (5)
32,730‌
809‌
Mastercard,
Class
A 
45,809‌
15,860‌
MongoDB (5)
11,093‌
4,347‌
NTT
Data
(JPY) 
359,200‌
6,464‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
20
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Payoneer
Global (5)
71,100‌
730‌
PayPal
Holdings (5)
68,815‌
19,864‌
Repay
Holdings (5)
22,961‌
528‌
ServiceTitan,
Acquisition
Date:
11/9/18
-
5/4/21,
Cost $23 (5)(8)
(9)
472‌
56‌
Shopify,
Class
A (5)
4,144‌
6,319‌
Snowflake,
Class
A (5)
4,962‌
1,510‌
Square,
Class
A (5)
29,853‌
8,003‌
StoneCo,
Class
A (5)
6,467‌
301‌
Themis
Solutions,
Acquisition
Date:
4/14/21,
Cost $61 (5)(8)(9)
2,720‌
61‌
Twilio,
Class
A (5)
4,418‌
1,577‌
Visa,
Class
A 
147,615‌
33,819‌
132,419‌
Semiconductors
&
Semiconductor
Equipment
4.1%
Advanced
Micro
Devices (5)
71,887‌
7,959‌
Analog
Devices 
63,438‌
10,337‌
Applied
Materials 
118,539‌
16,018‌
ASML
Holding
(EUR) 
14,457‌
12,057‌
ASML
Holding 
18,937‌
15,775‌
Broadcom 
32,789‌
16,303‌
Entegris 
24,740‌
2,972‌
KLA 
12,197‌
4,146‌
Lattice
Semiconductor (5)
56,978‌
3,539‌
Marvell
Technology 
53,967‌
3,302‌
Microchip
Technology 
18,650‌
2,935‌
Micron
Technology (5)
6,564‌
484‌
Monolithic
Power
Systems 
5,692‌
2,817‌
NVIDIA 
63,520‌
14,219‌
NXP
Semiconductors 
55,776‌
11,999‌
QUALCOMM 
44,581‌
6,540‌
Renesas
Electronics
(JPY) (5)
164,700‌
1,764‌
Semtech (5)
6,905‌
483‌
Taiwan
Semiconductor
Manufacturing
(TWD) 
663,759‌
14,560‌
Taiwan
Semiconductor
Manufacturing,
ADR 
22,746‌
2,707‌
Texas
Instruments 
36,466‌
6,962‌
Tokyo
Electron
(JPY) 
9,800‌
4,198‌
162,076‌
Software
5.8%
Atlassian,
Class
A (5)
10,183‌
3,738‌
Bill.com
Holdings (5)
11,688‌
3,207‌
Canva,
Acquisition
Date:
8/16/21,
Cost $233 (5)(8)(9)
137‌
233‌
Ceridian
HCM
Holding (5)
18,579‌
2,087‌
Checkr,
Acquisition
Date:
6/29/18
-
12/2/19,
Cost $93 (5)(8)(9)
3,930‌
212‌
Coupa
Software (5)
11,687‌
2,861‌
Crowdstrike
Holdings,
Class
A (5)
4,097‌
1,151‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
21
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Datadog,
Class
A (5)
12,522‌
1,726‌
Descartes
Systems
Group (5)
31,436‌
2,465‌
DocuSign (5)
17,221‌
5,102‌
DoubleVerify
Holdings (5)
3,357‌
122‌
Duck
Creek
Technologies (5)
2,960‌
138‌
Five9 (5)
8,110‌
1,283‌
Fortinet (5)
16,686‌
5,258‌
Intuit 
31,184‌
17,654‌
Manhattan
Associates (5)
5,300‌
864‌
Microsoft (6)
403,383‌
121,773‌
nCino (5)
14,190‌
880‌
Paycom
Software (5)
4,615‌
2,256‌
Paycor
HCM (5)
8,104‌
300‌
salesforce.com (5)
46,884‌
12,437‌
SAP
(EUR) 
39,956‌
6,002‌
ServiceNow (5)
31,701‌
20,404‌
SS&C
Technologies
Holdings 
28,266‌
2,139‌
Synopsys (5)
24,736‌
8,218‌
Toast,
Acquisition
Date:
9/14/18,
Cost $— (5)(8)(9)
19‌
3‌
Workiva (5)
8,100‌
1,136‌
Zendesk (5)
2,900‌
358‌
Zoom
Video
Communications,
Class
A (5)
23,154‌
6,703‌
230,710‌
Technology
Hardware,
Storage
&
Peripherals
1.4%
Apple (6)
295,921‌
44,930‌
Samsung
Electronics
(KRW) 
138,347‌
9,133‌
54,063‌
Total
Information
Technology
609,176‌
MATERIALS
3.8%
Chemicals
1.8%
Air
Liquide
(EUR) 
25,580‌
4,585‌
Akzo
Nobel
(EUR) 
37,801‌
4,659‌
Asahi
Kasei
(JPY) 
314,400‌
3,241‌
BASF
(EUR) 
51,319‌
3,970‌
Covestro
(EUR) 
42,092‌
2,728‌
Element
Solutions 
109,554‌
2,490‌
International
Flavors
&
Fragrances 
25,483‌
3,861‌
Johnson
Matthey
(GBP) 
114,266‌
4,620‌
Linde 
59,818‌
18,818‌
Minerals
Technologies 
13,946‌
1,097‌
PPG
Industries 
46,897‌
7,482‌
Quaker
Chemical 
4,994‌
1,294‌
Sherwin-Williams 
26,938‌
8,180‌
Tosoh
(JPY) 
27,000‌
490‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
22
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Umicore
(EUR) 
54,896‌
3,612‌
71,127‌
Construction
Materials
0.0%
Martin
Marietta
Materials 
5,055‌
1,927‌
1,927‌
Containers
&
Packaging
1.3%
Amcor,
CDI
(AUD) 
193,318‌
2,466‌
Avery
Dennison 
15,012‌
3,384‌
International
Paper 
290,974‌
17,485‌
Packaging
Corp.
of
America 
65,253‌
9,899‌
Ranpak
Holdings,
Class
A (5)
10,472‌
321‌
Westrock 
344,714‌
17,939‌
51,494‌
Metals
&
Mining
0.6%
Antofagasta
(GBP) 
191,187‌
3,830‌
BHP
Group
(AUD) 
55,742‌
1,844‌
BHP
Group
(GBP) 
166,029‌
5,163‌
Constellium (5)
77,590‌
1,569‌
ERO
Copper
(CAD) (5)
59,925‌
1,135‌
Franco-Nevada
(CAD) 
5,157‌
752‌
Haynes
International 
16,630‌
653‌
IGO
(AUD) 
818,041‌
5,715‌
Northern
Star
Resources
(AUD) 
119,059‌
847‌
Rio
Tinto
(AUD) 
19,906‌
1,620‌
South32
(AUD) 
918,716‌
2,094‌
25,222‌
Paper
&
Forest
Products
0.1%
Stora
Enso,
Class
R
(EUR) 
189,409‌
3,716‌
West
Fraser
Timber
(CAD) 
8,894‌
687‌
4,403‌
Total
Materials
154,173‌
MISCELLANEOUS
0.0%
Miscellaneous
0.0%
Bluescape
Opportunities
Acquisition (5)
35,704‌
362‌
Conyers
Park
III
Acquisition (5)
26,344‌
270‌
KKR
Acquisition
Holdings
I (5)
41,277‌
409‌
Total
Miscellaneous
1,041‌
REAL
ESTATE
1.7%
Equity
Real
Estate
Investment
Trusts
1.5%
Alexandria
Real
Estate
Equities,
REIT 
15,631‌
3,226‌
American
Campus
Communities,
REIT 
25,830‌
1,314‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
23
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Camden
Property
Trust,
REIT 
28,350‌
4,254‌
Community
Healthcare
Trust,
REIT 
10,026‌
486‌
CubeSmart,
REIT 
25,028‌
1,339‌
EastGroup
Properties,
REIT 
14,614‌
2,634‌
Equinix,
REIT 
1,449‌
1,222‌
Equity
LifeStyle
Properties,
REIT 
37,606‌
3,199‌
First
Industrial
Realty
Trust,
REIT 
13,479‌
755‌
Flagship
Communities
REIT (7)
6,984‌
126‌
Great
Portland
Estates
(GBP) 
287,301‌
3,087‌
JBG
SMITH
Properties,
REIT 
34,285‌
1,033‌
Prologis,
REIT 
161,582‌
21,759‌
PS
Business
Parks,
REIT 
10,926‌
1,718‌
Rexford
Industrial
Realty,
REIT 
24,597‌
1,523‌
Scentre
Group
(AUD) 
1,032,800‌
2,148‌
Welltower,
REIT 
102,087‌
8,936‌
Weyerhaeuser,
REIT 
11,032‌
397‌
59,156‌
Real
Estate
Management
&
Development
0.2%
Altus
Group
(CAD) 
5,600‌
294‌
FirstService 
18,418‌
3,427‌
Mitsui
Fudosan
(JPY) 
220,000‌
5,049‌
8,770‌
Total
Real
Estate
67,926‌
UTILITIES
1.8%
Electric
Utilities
0.6%
Evergy 
22,378‌
1,532‌
Eversource
Energy 
23,402‌
2,123‌
IDACORP 
11,200‌
1,180‌
MGE
Energy 
6,039‌
486‌
NextEra
Energy 
160,548‌
13,484‌
Southern 
82,834‌
5,445‌
24,250‌
Gas
Utilities
0.1%
Beijing
Enterprises
Holdings
(HKD) 
336,500‌
1,158‌
Chesapeake
Utilities 
11,226‌
1,467‌
ONE
Gas 
19,939‌
1,432‌
Southwest
Gas
Holdings 
23,758‌
1,671‌
5,728‌
Independent
Power
&
Renewable
Electricity
Producers
0.1%
AES 
77,119‌
1,841‌
Electric
Power
Development
(JPY) 
103,700‌
1,549‌
NextEra
Energy
Partners 
11,992‌
959‌
4,349‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
24
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Multi-Utilities
0.9%
Ameren 
6,341‌
556‌
CMS
Energy 
24,733‌
1,586‌
Dominion
Energy 
62,465‌
4,862‌
Engie
(EUR) 
413,331‌
5,923‌
National
Grid
(GBP) 
318,579‌
4,120‌
NorthWestern 
10,200‌
649‌
Public
Service
Enterprise
Group 
10,803‌
691‌
Sempra
Energy 
118,107‌
15,633‌
WEC
Energy
Group 
14,173‌
1,339‌
35,359‌
Water
Utilities
0.1%
California
Water
Service
Group 
13,371‌
850‌
Middlesex
Water 
7,594‌
831‌
SJW
Group 
13,202‌
915‌
2,596‌
Total
Utilities
72,282‌
Total
Miscellaneous
Common
Stocks
 0.0% (12)
1,555‌
Total
Common
Stocks
(Cost
$1,465,877)
2,780,050‌
CONVERTIBLE
BONDS
0.1%
Rivian,
7/23/26,
Acquisition
Date:
7/23/21,
Cost $2,414 (5)(8)(9)
2,413,840‌
2,414‌
Total
Convertible
Bonds
(Cost
$2,414)
2,414‌
CONVERTIBLE
PREFERRED
STOCKS
0.6%
CONSUMER
DISCRETIONARY
0.3%
Automobiles
0.2%
Rivian
Automotive,
Series
D,
Acquisition
Date:
12/23/19,
Cost $287 (5)(8)(9)
26,722‌
1,898‌
Rivian
Automotive,
Series
E,
Acquisition
Date:
7/10/20,
Cost $430 (5)(8)(9)
27,772‌
1,973‌
Rivian
Automotive,
Series
F,
Acquisition
Date:
1/19/21,
Cost $2,493 (5)(8)(9)
67,655‌
4,805‌
8,676‌
Hotels,
Restaurants
&
Leisure
0.1%
Cava
Group,
Series
E,
Acquisition
Date:
6/23/20
-
3/26/21,
Cost $417 (5)(8)(9)
16,822‌
633‌
Cava
Group,
Series
F,
Acquisition
Date:
3/26/21,
Cost $286 (5)(8)
(9)
7,601‌
286‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
25
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Torchys
Holdings,
Acquisition
Date:
11/13/20,
Cost $159 (5)(8)(9)
(10)
17,718‌
159‌
1,078‌
Internet
&
Direct
Marketing
Retail
0.0%
1661,
Series
F,
Acquisition
Date:
5/28/21,
Cost $242 (5)(8)(9)
41,545‌
242‌
242‌
Textiles,
Apparel
&
Luxury
Goods
0.0%
Allbirds,
Series
A,
Acquisition
Date:
10/10/18,
Cost $35 (5)(8)(9)
3,180‌
37‌
Allbirds,
Series
B,
Acquisition
Date:
10/10/18,
Cost $6 (5)(8)(9)
560‌
6‌
Allbirds,
Series
C,
Acquisition
Date:
10/9/18,
Cost $58 (5)(8)(9)
5,340‌
62‌
Allbirds,
Series
Seed,
Acquisition
Date:
10/10/18,
Cost $19 (5)(8)
(9)
1,710‌
20‌
125‌
Total
Consumer
Discretionary
10,121‌
CONSUMER
STAPLES
0.0%
Food
Products
0.0%
Farmers
Business
Network,
Series
D,
Acquisition
Date:
11/3/17,
Cost $221 (5)(8)(9)
11,951‌
743‌
Total
Consumer
Staples
743‌
HEALTH
CARE
0.0%
Biotechnology
0.0%
Caris
Life
Sciences,
Series
C,
Acquisition
Date:
8/14/20,
Cost $108 (5)(8)(9)
38,898‌
315‌
Caris
Life
Sciences,
Series
D,
Acquisition
Date:
5/11/21,
Cost $180 (5)(8)(9)
22,236‌
180‌
495‌
Health
Care
Equipment
&
Supplies
0.0%
JAND,
Series
E,
Acquisition
Date:
3/9/18,
Cost $141 (5)(8)(9)
8,963‌
292‌
JAND,
Series
F,
Acquisition
Date:
4/3/20,
Cost $257 (5)(8)(9)
13,191‌
430‌
Kardium,
Series
D-6,
Acquisition
Date:
1/8/21,
Cost $120 (5)(8)(9)
118,345‌
120‌
842‌
Health
Care
Providers
&
Services
0.0%
Honor
Technology,
Series
D,
Acquisition
Date:
10/16/20,
Cost $223 (5)(8)(9)
92,428‌
335‌
335‌
Life
Sciences
Tools
&
Services
0.0%
Inscripta,
Series
E,
Acquisition
Date:
3/30/21,
Cost $128 (5)(8)(9)
14,444‌
128‌
National
Resilience,
Series
B,
Acquisition
Date:
10/23/20,
Cost $160 (5)(8)(9)
11,776‌
522‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
26
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
National
Resilience,
Series
C,
Acquisition
Date:
6/9/21,
Cost $262 (5)(8)(9)
5,896‌
262‌
912‌
Total
Health
Care
2,584‌
INDUSTRIALS
&
BUSINESS
SERVICES
0.0%
Aerospace
&
Defense
0.0%
ABL
Space
Systems,
Series
B,
Acquisition
Date:
3/24/21,
Cost $129 (5)(8)(9)
2,868‌
129‌
129‌
Road
&
Rail
0.0%
Convoy,
Series
C,
Acquisition
Date:
9/14/18,
Cost $148 (5)(8)(9)
20,804‌
242‌
Convoy,
Series
D,
Acquisition
Date:
10/30/19,
Cost $223 (5)(8)(9)
16,522‌
193‌
435‌
Total
Industrials
&
Business
Services
564‌
INFORMATION
TECHNOLOGY
0.2%
IT
Services
0.0%
ServiceTitan,
Series
A-1,
Acquisition
Date:
11/9/18,
Cost $— (5)
(8)(9)
7‌
—‌
ServiceTitan,
Series
D,
Acquisition
Date:
11/9/18,
Cost $87 (5)(8)
(9)
3,321‌
395‌
ServiceTitan,
Series
F,
Acquisition
Date:
3/25/21,
Cost $22 (5)(8)
(9)
204‌
24‌
Themis
Solutions,
Series
AA,
Acquisition
Date:
4/14/21,
Cost $14 (5)(8)(9)
610‌
14‌
Themis
Solutions,
Series
AB,
Acquisition
Date:
4/14/21,
Cost $1 (5)(8)(9)
60‌
1‌
Themis
Solutions,
Series
B,
Acquisition
Date:
4/14/21,
Cost $2 (5)
(8)(9)
70‌
2‌
Themis
Solutions,
Series
E,
Acquisition
Date:
4/14/21,
Cost $174 (5)(8)(9)
7,740‌
174‌
610‌
Software
0.2%
Checkr,
Series
C,
Acquisition
Date:
4/10/18,
Cost $67 (5)(8)(9)
4,912‌
265‌
Checkr,
Series
D,
Acquisition
Date:
9/6/19,
Cost $263 (5)(8)(9)
8,682‌
469‌
Databricks,
Series
G,
Acquisition
Date:
2/1/21,
Cost $260 (5)(8)(9)
1,466‌
323‌
Databricks,
Series
H,
Acquisition
Date:
8/31/21,
Cost $765 (5)(8)
(9)
3,472‌
766‌
FLEXE,
Series
C,
Acquisition
Date:
11/18/20,
Cost $119 (5)(8)(9)
9,815‌
119‌
Gusto,
Series
E,
Acquisition
Date:
7/13/21,
Cost $380 (5)(8)(9)
12,516‌
381‌
Haul
Hub,
Series
B,
Acquisition
Date:
2/14/20
-
3/3/21,
Cost $98 (5)(8)(9)
6,732‌
98‌
Nuro,
Series
C,
Acquisition
Date:
10/30/20
-
3/2/21,
Cost $271 (5)
(8)(9)
20,748‌
271‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
27
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Plex
Systems
Holdings,
Series
B,
Acquisition
Date:
6/9/14,
Cost $55 (5)(8)(9)
23,742‌
225‌
SecurityScorecard,
Series
E,
Acquisition
Date:
3/5/21,
Cost $118 (5)(8)(9)
7,812‌
118‌
Seismic
Software,
Series
E,
Acquisition
Date:
12/13/18,
Cost $126 (5)(8)(9)
20,060‌
289‌
Seismic
Software,
Series
F,
Acquisition
Date:
9/25/20,
Cost $17 (5)(8)(9)
1,875‌
27‌
Toast,
Series
B,
Acquisition
Date:
9/14/18,
Cost $3 (5)(8)(9)
169‌
25‌
Toast,
Series
D,
Acquisition
Date:
6/27/18,
Cost $214 (5)(8)(9)
12,364‌
1,855‌
Toast,
Series
F,
Acquisition
Date:
2/14/20,
Cost $60 (5)(8)(9)
1,312‌
197‌
5,428‌
Total
Information
Technology
6,038‌
MATERIALS
0.0%
Chemicals
0.0%
Redwood
Materials,
Series
C,
Acquisition
Date:
5/28/21,
Cost $159 (5)(8)(9)
3,356‌
159‌
Sila
Nano,
Series
F,
Acquisition
Date:
1/7/21,
Cost $217 (5)(8)(9)
5,247‌
217‌
Total
Materials
376‌
UTILITIES
0.1%
Electric
Utilities
0.0%
Southern,
Series
A,
6.75%,
8/1/22 
19,032‌
1,006‌
1,006‌
Independent
Power
&
Renewable
Electricity
Producer
0.1%
AES,
6.875%,
2/15/24 
19,666‌
1,953‌
1,953‌
Total
Utilities
2,959‌
Total
Convertible
Preferred
Stocks
(Cost
$13,148)
23,385‌
CORPORATE
BONDS
2.0%
AbbVie,
2.95%,
11/21/26 
535,000‌
576‌
AbbVie,
3.20%,
11/21/29 
1,030,000‌
1,123‌
AbbVie,
4.05%,
11/21/39 
355,000‌
416‌
AbbVie,
4.875%,
11/14/48 
412,000‌
539‌
Adani
Electricity
Mumbai,
3.949%,
2/12/30 
550,000‌
559‌
AerCap
Ireland
Capital,
3.50%,
5/26/22 
150,000‌
153‌
AerCap
Ireland
Capital,
4.875%,
1/16/24 
435,000‌
471‌
AerCap
Ireland
Capital,
6.50%,
7/15/25 
155,000‌
181‌
AIA
Group,
3.90%,
4/6/28 (1)(7)
490,000‌
554‌
Aker,
2.875%,
1/15/26 (1)
240,000‌
254‌
Alexandria
Real
Estate
Equities,
3.95%,
1/15/28 
280,000‌
317‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
28
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
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
405‌
American
Campus
Communities
Operating
Partnership,
3.30%,
7/15/26 
95,000‌
102‌
American
Campus
Communities
Operating
Partnership,
3.625%,
11/15/27 
215,000‌
235‌
Anheuser-Busch
InBev
Worldwide,
4.439%,
10/6/48 
100,000‌
121‌
Anheuser-Busch
InBev
Worldwide,
4.50%,
6/1/50 
710,000‌
877‌
APT
Pipelines,
4.25%,
7/15/27 (1)
520,000‌
593‌
Arrow
Electronics,
4.00%,
4/1/25 
230,000‌
250‌
Astrazeneca
Finance,
1.75%,
5/28/28 
200,000‌
203‌
Astrazeneca
Finance,
2.25%,
5/28/31 
65,000‌
67‌
AT&T,
2.25%,
2/1/32 
300,000‌
297‌
AT&T,
2.30%,
6/1/27 
190,000‌
197‌
AT&T,
2.55%,
12/1/33 (1)
820,000‌
821‌
AT&T,
2.75%,
6/1/31 
720,000‌
755‌
AT&T,
4.30%,
2/15/30 
135,000‌
157‌
Ausgrid
Finance,
3.85%,
5/1/23 (1)(7)
135,000‌
140‌
Ausgrid
Finance,
4.35%,
8/1/28 (1)
205,000‌
234‌
Avolon
Holdings
Funding,
3.95%,
7/1/24 (1)
445,000‌
465‌
Avolon
Holdings
Funding,
4.25%,
4/15/26 (1)
60,000‌
65‌
Avolon
Holdings
Funding,
4.375%,
5/1/26 (1)
130,000‌
141‌
Baidu,
2.875%,
7/6/22 
460,000‌
468‌
Baidu,
3.625%,
7/6/27 
450,000‌
499‌
Baidu,
3.875%,
9/29/23 
255,000‌
270‌
Banco
Santander,
3.49%,
5/28/30 
200,000‌
218‌
Bank
of
America,
3.248%,
10/21/27 
475,000‌
519‌
Bank
of
America,
VR,
1.898%,
7/23/31 (13)
1,525,000‌
1,490‌
Bank
of
America,
VR,
1.922%,
10/24/31 (13)
600,000‌
587‌
Bank
of
America,
VR,
2.496%,
2/13/31 (13)
250,000‌
257‌
Bank
of
America,
VR,
2.592%,
4/29/31 (13)
265,000‌
275‌
Bank
of
America,
VR,
3.419%,
12/20/28 (13)
25,000‌
28‌
Bank
of
America,
VR,
3.559%,
4/23/27 (13)
95,000‌
104‌
Bank
of
America,
VR,
4.271%,
7/23/29 (13)
330,000‌
379‌
Bank
of
America,
Series L,
3.95%,
4/21/25 
635,000‌
694‌
Barclays,
VR,
2.852%,
5/7/26 (13)
300,000‌
317‌
Barclays,
VR,
3.932%,
5/7/25 (13)
235,000‌
253‌
BAT
Capital,
3.557%,
8/15/27 
665,000‌
719‌
BAT
International
Finance,
1.668%,
3/25/26 
85,000‌
85‌
BBVA
Bancomer,
4.375%,
4/10/24 (1)
700,000‌
759‌
Becton
Dickinson
&
Company,
1.957%,
2/11/31 
255,000‌
250‌
Becton
Dickinson
&
Company,
2.823%,
5/20/30 
150,000‌
159‌
Becton
Dickinson
&
Company,
3.70%,
6/6/27 
510,000‌
567‌
Becton
Dickinson
&
Company,
3.794%,
5/20/50 
175,000‌
199‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
29
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Becton
Dickinson
&
Company,
4.669%,
6/6/47 
170,000‌
215‌
BNP
Paribas,
VR,
1.323%,
1/13/27 (1)(13)
595,000‌
587‌
BNP
Paribas,
VR,
3.052%,
1/13/31 (1)(13)
375,000‌
396‌
Boardwalk
Pipelines,
3.40%,
2/15/31 
235,000‌
250‌
Boardwalk
Pipelines,
4.45%,
7/15/27 
40,000‌
45‌
Boardwalk
Pipelines,
4.95%,
12/15/24 
175,000‌
194‌
Boardwalk
Pipelines,
5.95%,
6/1/26 
250,000‌
295‌
Booking
Holdings,
4.625%,
4/13/30 
100,000‌
120‌
Boral
Finance,
3.00%,
11/1/22 (1)
30,000‌
31‌
Boral
Finance,
3.75%,
5/1/28 (1)
855,000‌
921‌
Boston
Properties,
3.25%,
1/30/31 
100,000‌
108‌
Brixmor
Operating
Partnership,
4.05%,
7/1/30 
70,000‌
79‌
Brixmor
Operating
Partnership,
4.125%,
5/15/29 
445,000‌
507‌
Cameron
LNG,
2.902%,
7/15/31 (1)
90,000‌
97‌
Cameron
LNG,
3.302%,
1/15/35 (1)
95,000‌
102‌
Cameron
LNG,
3.701%,
1/15/39 (1)
75,000‌
83‌
Capital
One
Financial,
3.75%,
3/9/27 
775,000‌
866‌
Cardinal
Health,
4.50%,
11/15/44 
50,000‌
58‌
Cardinal
Health,
4.90%,
9/15/45 
50,000‌
61‌
Celulosa
Arauco
y
Constitucion,
4.20%,
1/29/30 (1)
550,000‌
601‌
Charter
Communications
Operating,
2.30%,
2/1/32 
190,000‌
185‌
Charter
Communications
Operating,
2.80%,
4/1/31 
495,000‌
507‌
Charter
Communications
Operating,
3.75%,
2/15/28 
545,000‌
602‌
Charter
Communications
Operating,
4.20%,
3/15/28 
310,000‌
350‌
Charter
Communications
Operating,
4.80%,
3/1/50 
75,000‌
88‌
Charter
Communications
Operating,
5.125%,
7/1/49 
85,000‌
102‌
Charter
Communications
Operating,
5.75%,
4/1/48 
15,000‌
19‌
Charter
Communications
Operating,
6.484%,
10/23/45 
50,000‌
70‌
Cheniere
Corpus
Christi
Holdings,
3.70%,
11/15/29 
225,000‌
247‌
Cheniere
Corpus
Christi
Holdings,
5.125%,
6/30/27 
70,000‌
81‌
Cigna,
2.375%,
3/15/31 
135,000‌
139‌
Citigroup,
VR,
3.106%,
4/8/26 (13)
215,000‌
230‌
CNO
Financial
Group,
5.25%,
5/30/25 
79,000‌
89‌
Comcast,
3.25%,
11/1/39 
300,000‌
326‌
Country
Garden
Holdings,
5.125%,
1/17/25 
200,000‌
207‌
Country
Garden
Holdings,
6.15%,
9/17/25 
300,000‌
325‌
Crown
Castle
Towers,
3.663%,
5/15/25 (1)
355,000‌
375‌
CVS
Health,
1.30%,
8/21/27 
180,000‌
178‌
CVS
Health,
1.875%,
2/28/31 
165,000‌
161‌
CVS
Health,
2.70%,
8/21/40 
45,000‌
44‌
CVS
Health,
3.625%,
4/1/27 
45,000‌
50‌
CVS
Health,
4.25%,
4/1/50 
545,000‌
661‌
CVS
Health,
4.30%,
3/25/28 
354,000‌
408‌
CVS
Health,
5.05%,
3/25/48 
800,000‌
1,060‌
Daimler
Finance
North
America,
2.45%,
3/2/31 (1)
150,000‌
155‌
Danske
Bank,
VR,
3.001%,
9/20/22 (1)(13)
260,000‌
262‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
30
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Danske
Bank,
VR,
3.244%,
12/20/25 (1)(13)
260,000‌
276‌
Diamondback
Energy,
3.25%,
12/1/26 
260,000‌
278‌
Discover
Financial
Services,
4.10%,
2/9/27 
225,000‌
253‌
Ecolab,
4.80%,
3/24/30 
20,000‌
25‌
Edison
International,
4.95%,
4/15/25 
15,000‌
16‌
Enel
Finance
International,
3.625%,
5/25/27 (1)
615,000‌
683‌
Energy
Transfer,
2.90%,
5/15/25 
465,000‌
488‌
Energy
Transfer,
4.50%,
4/15/24 
50,000‌
54‌
Energy
Transfer,
4.95%,
6/15/28 
80,000‌
93‌
Energy
Transfer,
5.00%,
5/15/50 
175,000‌
205‌
Energy
Transfer,
5.25%,
4/15/29 
315,000‌
371‌
Energy
Transfer,
5.50%,
6/1/27 
35,000‌
41‌
Energy
Transfer,
5.875%,
1/15/24 
465,000‌
512‌
Energy
Transfer,
6.00%,
6/15/48 
145,000‌
184‌
Energy
Transfer,
6.25%,
4/15/49 
320,000‌
426‌
Eni,
Series X-R,
4.75%,
9/12/28 (1)
360,000‌
422‌
Falabella,
4.375%,
1/27/25 
500,000‌
540‌
GE
Capital
Funding,
4.05%,
5/15/27 
210,000‌
237‌
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
312‌
GLP
Capital,
3.35%,
9/1/24 
60,000‌
63‌
Goldman
Sachs
Group,
3.50%,
11/16/26 
230,000‌
250‌
Goldman
Sachs
Group,
VR,
1.542%,
9/10/27 (13)
270,000‌
271‌
Goldman
Sachs
Group,
VR,
2.615%,
4/22/32 (13)
2,125,000‌
2,192‌
Gray
Oak
Pipeline,
2.00%,
9/15/23 (1)
25,000‌
25‌
Gray
Oak
Pipeline,
2.60%,
10/15/25 (1)
70,000‌
72‌
Gray
Oak
Pipeline,
3.45%,
10/15/27 (1)
30,000‌
32‌
Hasbro,
3.55%,
11/19/26 
120,000‌
131‌
Healthcare
Realty
Trust,
2.05%,
3/15/31 
95,000‌
93‌
Healthcare
Realty
Trust,
3.625%,
1/15/28 
260,000‌
287‌
Healthpeak
Properties,
2.875%,
1/15/31 
35,000‌
37‌
Healthpeak
Properties,
3.50%,
7/15/29 
35,000‌
39‌
Highwoods
Realty,
3.05%,
2/15/30 
350,000‌
370‌
Highwoods
Realty,
4.125%,
3/15/28 
110,000‌
124‌
HSBC
Holdings,
3.90%,
5/25/26 
310,000‌
344‌
HSBC
Holdings,
VR,
2.099%,
6/4/26 (13)
390,000‌
401‌
Humana,
2.15%,
2/3/32 
95,000‌
95‌
Humana,
4.875%,
4/1/30 
265,000‌
321‌
Hyundai
Capital
America,
1.80%,
10/15/25 (1)
120,000‌
122‌
ING
Groep,
VR,
1.726%,
4/1/27 (13)
200,000‌
203‌
Intercontinental
Exchange,
1.85%,
9/15/32 
650,000‌
626‌
Intercontinental
Exchange,
2.10%,
6/15/30 
1,095,000‌
1,102‌
JPMorgan
Chase,
VR,
1.578%,
4/22/27 (13)
285,000‌
287‌
JPMorgan
Chase,
VR,
1.953%,
2/4/32 (13)
1,085,000‌
1,063‌
JPMorgan
Chase,
VR,
2.182%,
6/1/28 (13)
295,000‌
304‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
31
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
JPMorgan
Chase,
VR,
2.739%,
10/15/30 (13)
185,000‌
195‌
JPMorgan
Chase,
VR,
2.956%,
5/13/31 (13)
1,000,000‌
1,056‌
JPMorgan
Chase,
VR,
3.54%,
5/1/28 (13)
120,000‌
132‌
Kilroy
Realty,
3.45%,
12/15/24 
470,000‌
502‌
Kookmin
Bank,
4.50%,
2/1/29 
350,000‌
403‌
Las
Vegas
Sands,
3.20%,
8/8/24 
60,000‌
62‌
Las
Vegas
Sands,
3.50%,
8/18/26 
95,000‌
100‌
Longfor
Group
Holdings,
3.95%,
9/16/29 
375,000‌
403‌
LSEGA
Financing,
2.00%,
4/6/28 (1)
550,000‌
559‌
LSEGA
Financing,
2.50%,
4/6/31 (1)
200,000‌
206‌
LSEGA
Financing,
3.20%,
4/6/41 (1)
200,000‌
212‌
Marsh
&
McLennan,
2.25%,
11/15/30 
85,000‌
87‌
Micron
Technology,
4.185%,
2/15/27 
185,000‌
210‌
Micron
Technology,
4.975%,
2/6/26 
200,000‌
230‌
Micron
Technology,
5.327%,
2/6/29 
115,000‌
139‌
Mileage
Plus
Holdings,
6.50%,
6/20/27 (1)
380,000‌
413‌
Morgan
Stanley,
VR,
1.593%,
5/4/27 (13)
120,000‌
121‌
Morgan
Stanley,
VR,
1.928%,
4/28/32 (13)
650,000‌
635‌
Morgan
Stanley,
VR,
3.217%,
4/22/42 (13)
75,000‌
80‌
Morgan
Stanley,
VR,
4.431%,
1/23/30 (13)
95,000‌
111‌
Netflix,
4.625%,
5/15/29
(EUR) 
290,000‌
430‌
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
129‌
NTT
Finance,
1.591%,
4/3/28 (1)
295,000‌
295‌
NTT
Finance,
2.065%,
4/3/31 (1)
200,000‌
205‌
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
122‌
Oracle,
2.30%,
3/25/28 
160,000‌
165‌
Pacific
Gas
&
Electric,
2.10%,
8/1/27 
105,000‌
102‌
Pacific
Gas
&
Electric,
2.50%,
2/1/31 
265,000‌
249‌
Pacific
Gas
&
Electric,
3.30%,
8/1/40 
225,000‌
208‌
Pacific
Gas
&
Electric,
4.55%,
7/1/30 
635,000‌
675‌
PerkinElmer,
3.30%,
9/15/29 
99,000‌
107‌
Perrigo
Finance
Unlimited,
4.375%,
3/15/26 
400,000‌
436‌
Prologis,
1.25%,
10/15/30 
85,000‌
81‌
Regency
Centers,
3.60%,
2/1/27 
660,000‌
729‌
Regency
Centers,
3.70%,
6/15/30 
70,000‌
78‌
Reliance
Industries,
3.667%,
11/30/27 
600,000‌
660‌
Reynolds
American,
4.45%,
6/12/25 
175,000‌
194‌
Ross
Stores,
1.875%,
4/15/31 
205,000‌
200‌
Sabine
Pass
Liquefaction,
4.50%,
5/15/30 
40,000‌
46‌
Sabine
Pass
Liquefaction,
5.00%,
3/15/27 
545,000‌
629‌
Sabine
Pass
Liquefaction,
5.875%,
6/30/26 
15,000‌
18‌
Santander
UK
Group
Holdings,
VR,
1.532%,
8/21/26 (13)
545,000‌
547‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
32
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SBA
Tower
Trust,
1.631%,
11/15/26 (1)
145,000‌
145‌
SBA
Tower
Trust,
2.328%,
1/15/28 (1)
40,000‌
42‌
SBA
Tower
Trust,
2.836%,
1/15/25 (1)
340,000‌
355‌
SBA
Tower
Trust,
Series 2014-2A,
Class
C,
3.869%,
10/8/24 (1)
210,000‌
221‌
Shinhan
Bank,
4.00%,
4/23/29 
375,000‌
424‌
Siemens
Financieringsmaatschappij,
1.70%,
3/11/28 (1)
250,000‌
252‌
Siemens
Financieringsmaatschappij,
2.15%,
3/11/31 (1)
320,000‌
326‌
Simon
Property
Group,
2.65%,
7/15/30 
185,000‌
193‌
SMBC
Aviation
Capital
Finance,
3.55%,
4/15/24 (1)
210,000‌
223‌
Standard
Chartered,
VR,
4.644%,
4/1/31 (1)(13)
245,000‌
287‌
T-Mobile
USA,
2.05%,
2/15/28 
120,000‌
122‌
T-Mobile
USA,
3.75%,
4/15/27 
750,000‌
830‌
Tengizchevroil
Finance
International,
4.00%,
8/15/26 
525,000‌
570‌
Transcontinental
Gas
Pipe
Line,
4.00%,
3/15/28 
90,000‌
102‌
Transcontinental
Gas
Pipe
Line,
4.60%,
3/15/48 
130,000‌
158‌
Transurban
Finance,
2.45%,
3/16/31 (1)
535,000‌
545‌
Transurban
Finance,
3.375%,
3/22/27 (1)
255,000‌
278‌
Trinity
Acquisition,
4.40%,
3/15/26 
195,000‌
219‌
United
Airlines
PTT,
Series 2019-2,
Class
A,
2.90%,
5/1/28 
76,455‌
76‌
United
Airlines
PTT,
Series 2019-2,
Class
AA,
2.70%,
5/1/32 
48,055‌
48‌
UnitedHealth
Group,
2.00%,
5/15/30 
1,355,000‌
1,375‌
Valero
Energy,
2.15%,
9/15/27 
90,000‌
91‌
Vanke
Real
Estate
Hong
Kong,
5.35%,
3/11/24 
500,000‌
546‌
VEREIT
Operating
Partnership,
2.20%,
6/15/28 
50,000‌
51‌
VEREIT
Operating
Partnership,
2.85%,
12/15/32 
240,000‌
254‌
VEREIT
Operating
Partnership,
3.40%,
1/15/28 
180,000‌
196‌
VEREIT
Operating
Partnership,
3.95%,
8/15/27 
230,000‌
259‌
Verizon
Communications,
1.75%,
1/20/31 
555,000‌
536‌
Verizon
Communications,
2.10%,
3/22/28 
165,000‌
169‌
Verizon
Communications,
2.55%,
3/21/31 
250,000‌
257‌
Verizon
Communications,
2.65%,
11/20/40 
220,000‌
214‌
Verizon
Communications,
2.987%,
10/30/56 
1,250,000‌
1,204‌
Verizon
Communications,
4.329%,
9/21/28 
205,000‌
239‌
Verizon
Communications,
4.522%,
9/15/48 
150,000‌
188‌
Verizon
Communications,
4.75%,
11/1/41 
55,000‌
69‌
Vistra
Operations,
3.55%,
7/15/24 (1)
405,000‌
427‌
Vodafone
Group,
4.875%,
6/19/49 
270,000‌
346‌
Vodafone
Group,
5.25%,
5/30/48 
500,000‌
665‌
Volkswagen
Bank,
2.50%,
7/31/26
(EUR) 
100,000‌
131‌
Volkswagen
Group
of
America
Finance,
1.625%,
11/24/27 (1)
245,000‌
245‌
Volkswagen
Group
of
America
Finance,
3.20%,
9/26/26 (1)
785,000‌
848‌
Wells
Fargo,
4.30%,
7/22/27 
175,000‌
201‌
Wells
Fargo,
VR,
2.393%,
6/2/28 (13)
670,000‌
697‌
Wells
Fargo,
VR,
2.572%,
2/11/31 (13)
1,840,000‌
1,907‌
Wells
Fargo,
VR,
2.879%,
10/30/30 (13)
500,000‌
532‌
Westlake
Chemical,
1.625%,
7/17/29
(EUR) 
100,000‌
125‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
33
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Williams,
5.10%,
9/15/45 
230,000‌
286‌
Woodside
Finance,
3.65%,
3/5/25 (1)
240,000‌
257‌
Woodside
Finance,
3.70%,
9/15/26 (1)
195,000‌
212‌
Woodside
Finance,
3.70%,
3/15/28 (1)
515,000‌
558‌
Total
Corporate
Bonds
(Cost
$75,099)
78,565‌
EQUITY
MUTUAL
FUNDS
10.2%
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund (3)
4,971,207‌
241,302‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class (3)
7,189,815‌
78,225‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class (3)
5,792,565‌
85,383‌
Total
Equity
Mutual
Funds
(Cost
$303,954)
404,910‌
FOREIGN
GOVERNMENT
OBLIGATIONS
&
MUNICIPALITIES
0.1%
Equate
Petrochemical,
4.25%,
11/3/26 
525,000‌
584‌
NBN,
2.625%,
5/5/31 (1)
210,000‌
217‌
Perusahaan
Listrik
Negara,
4.125%,
5/15/27 (1)
375,000‌
412‌
QNB
Finance,
2.75%,
2/12/27 
500,000‌
526‌
Saudi
Arabian
Oil,
3.50%,
4/16/29 (1)
550,000‌
600‌
Total
Foreign
Government
Obligations
&
Municipalities
(Cost
$2,272)
2,339‌
NON-U.S.
GOVERNMENT
MORTGAGE-BACKED
SECURITIES
0.6%
280
Park
Avenue
Mortgage
Trust,
Series 2017-280P,
Class
A,
ARM,
1M
USD
LIBOR
+
0.88%,
0.976%,
9/15/34 (1)
167,534‌
168‌
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A2,
CMO,
ARM,
3.136%,
5/25/59 (1)
72,149‌
72‌
Angel
Oak
Mortgage
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.238%,
5/25/59 (1)
70,905‌
71‌
Angel
Oak
Mortgage
Trust,
Series 2020-5,
Class
A3,
CMO,
ARM,
2.041%,
5/25/65 (1)
68,361‌
69‌
Angel
Oak
Mortgage
Trust,
Series 2020-6,
Class
A3,
CMO,
ARM,
1.775%,
5/25/65 (1)
200,163‌
201‌
Angel
Oak
Mortgage
Trust
I,
Series 2019-4,
Class
A3,
CMO,
ARM,
3.301%,
7/26/49 (1)
105,239‌
106‌
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
B,
ARM,
1M
USD
LIBOR
+
1.25%,
1.346%,
9/15/32 (1)
120,000‌
120‌
Austin
Fairmont
Hotel
Trust,
Series 2019-FAIR,
Class
D,
ARM,
1M
USD
LIBOR
+
1.80%,
1.896%,
9/15/32 (1)
145,000‌
144‌
BAMLL
Commercial
Mortgage
Securities
Trust,
Series 2021-JACX,
Class
B,
ARM,
1M
USD
LIBOR
+
1.45%,
1.55%,
9/15/38 (1)
155,000‌
155‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
34
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Bayview
Mortgage
Fund
IVc
Trust,
Series 2017-RT3,
Class
A,
CMO,
ARM,
3.50%,
1/28/58 (1)
75,203‌
76‌
Bayview
MSR
Opportunity
Master
Fund
Trust,
Series 2021-2,
Class
A20,
CMO,
ARM,
2.50%,
6/25/51 (1)
480,365‌
489‌
Bayview
Opportunity
Master
Fund
IVa
Trust,
Series 2017-RT1,
Class
A1,
CMO,
ARM,
3.00%,
3/28/57 (1)
25,525‌
26‌
Bayview
Opportunity
Master
Fund
IVb
Trust,
Series 2017-SPL4,
Class
A,
CMO,
ARM,
3.50%,
1/28/55 (1)
101,922‌
104‌
BBCCRE
Trust,
Series 2015-GTP,
Class
C,
ARM,
4.70%,
8/10/33 (1)
340,000‌
359‌
BBCMS
Mortgage
Trust,
Series 2019-BWAY,
Class
D,
ARM,
1M
USD
LIBOR
+
2.16%,
2.256%,
11/15/34 (1)
135,000‌
131‌
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%,
1.096%,
4/15/34 (1)
305,000‌
305‌
Cantor
Commercial
Real
Estate
Lending,
Series 2019-CF2,
Class
C,
ARM,
3.793%,
11/15/52 
145,000‌
152‌
CIM
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
8/25/49 (1)
60,689‌
62‌
CIM
Trust,
Series 2020-INV1,
Class
A2,
CMO,
ARM,
2.50%,
4/25/50 (1)
278,519‌
284‌
CIM
Trust,
Series 2021-INV1,
Class
A29,
CMO,
ARM,
2.50%,
7/1/51 (1)
314,490‌
320‌
Citigroup
Commercial
Mortgage
Trust,
Series 2015-GC27,
Class
AS,
3.571%,
2/10/48 
55,000‌
58‌
Citigroup
Commercial
Mortgage
Trust,
Series 2017-C4,
Class
AS,
3.764%,
10/12/50 
260,000‌
286‌
Citigroup
Commercial
Mortgage
Trust,
Series 2017-P7,
Class
AS,
3.915%,
4/14/50 
260,000‌
288‌
Citigroup
Commercial
Mortgage
Trust,
Series 2018-B2,
Class
C,
ARM,
4.827%,
3/10/51 
145,000‌
151‌
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
B,
2.829%,
12/10/41 (1)
120,000‌
123‌
Citigroup
Commercial
Mortgage
Trust,
Series 2020-555,
Class
C,
3.031%,
12/10/41 (1)
100,000‌
101‌
Cold
Storage
Trust,
Series 2020-ICE5,
Class
C,
ARM,
1M
USD
LIBOR
+
1.65%,
1.746%,
11/15/37 (1)
113,044‌
113‌
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A1,
CMO,
ARM,
1.506%,
4/27/65 (1)
66,308‌
66‌
COLT
Mortgage
Loan
Trust,
Series 2020-3,
Class
A3,
CMO,
ARM,
2.38%,
4/27/65 (1)
104,837‌
105‌
Commercial
Mortgage
Trust,
Series 2015-CR24,
Class
AM,
ARM,
4.028%,
8/10/48 
120,000‌
131‌
Commercial
Mortgage
Trust,
Series 2015-LC21,
Class
B,
ARM,
4.478%,
7/10/48 
210,000‌
230‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
35
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Commercial
Mortgage
Trust,
Series 2016-CR28,
Class
AHR,
3.651%,
2/10/49 
128,844‌
137‌
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
A,
3.244%,
10/10/29 (1)
480,000‌
500‌
Commercial
Mortgage
Trust,
Series 2017-PANW,
Class
B,
ARM,
3.527%,
10/10/29 (1)
170,000‌
177‌
Connecticut
Avenue
Securities,
Series 2017-C02,
Class
2ED3,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.434%,
9/25/29 
295,639‌
298‌
Connecticut
Avenue
Securities,
Series 2017-C04,
Class
2ED2,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.184%,
11/25/29 
359,723‌
355‌
Connecticut
Avenue
Securities,
Series 2017-C06,
Class
2ED1,
CMO,
ARM,
1M
USD
LIBOR
+
1.00%,
1.084%,
2/25/30 
202,898‌
202‌
Connecticut
Avenue
Securities,
Series 2018-C02,
Class
2EB2,
CMO,
ARM,
1M
USD
LIBOR
+
0.90%,
0.984%,
8/25/30 
151,612‌
149‌
Credit
Suisse
Mortgage
Trust,
Series 2020-NET,
Class
A,
2.257%,
8/15/37 (1)
125,000‌
130‌
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
AS,
3.278%,
9/15/52 
140,000‌
152‌
CSAIL
Commercial
Mortgage
Trust,
Series 2019-C17,
Class
B,
3.48%,
9/15/52 
165,000‌
175‌
DBCG
Mortgage
Trust,
Series 2017-BBG,
Class
A,
ARM,
1M
USD
LIBOR
+
0.70%,
0.796%,
6/15/34 (1)
360,000‌
360‌
DC
Office
Trust,
Series 2019-MTC,
Class
D,
ARM,
3.174%,
9/15/45 (1)
285,000‌
289‌
Deephaven
Residential
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.209%,
4/25/66 (1)
123,380‌
123‌
Ellington
Financial
Mortgage
Trust,
Series 2019-2,
Class
A1,
CMO,
ARM,
2.739%,
11/25/59 (1)
111,315‌
113‌
Ellington
Financial
Mortgage
Trust,
Series 2021-2,
Class
A2,
CMO,
ARM,
1.085%,
6/25/66 (1)
227,663‌
228‌
FirstKey
Mortgage
Trust,
Series 2014-1,
Class
B2,
CMO,
ARM,
3.905%,
11/25/44 (1)
57,299‌
58‌
Flagstar
Mortgage
Trust,
Series 2020-1INV,
Class
A11,
CMO,
ARM,
1M
USD
LIBOR
+
0.85%,
0.934%,
3/25/50 (1)
70,733‌
71‌
Flagstar
Mortgage
Trust,
Series 2021-5INV,
Class
A2,
CMO,
ARM,
2.50%,
5/25/33 (1)
320,350‌
328‌
FREMF
Mortgage
Trust,
Series 2018-K731,
Class
B,
ARM,
4.065%,
2/25/25 (1)
345,000‌
374‌
FREMF
Mortgage
Trust,
Series 2019-K100,
Class
B,
ARM,
3.61%,
11/25/52 (1)
245,000‌
266‌
FREMF
Mortgage
Trust,
Series 2019-K736,
Class
B,
ARM,
3.884%,
7/25/26 (1)
295,000‌
321‌
FREMF
Mortgage
Trust,
Series 2019-K92,
Class
B,
ARM,
4.337%,
5/25/52 (1)
105,000‌
120‌
FREMF
Mortgage
Trust,
Series 2019-K98,
Class
B,
ARM,
3.861%,
10/25/52 (1)
170,000‌
188‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
36
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)
43,029‌
44‌
Galton
Funding
Mortgage
Trust,
Series 2018-1,
Class
A33,
CMO,
ARM,
3.50%,
11/25/57 (1)
166,953‌
169‌
Galton
Funding
Mortgage
Trust,
Series 2018-2,
Class
A22,
CMO,
ARM,
4.00%,
10/25/58 (1)
46,060‌
47‌
Galton
Funding
Mortgage
Trust,
Series 2019-2,
Class
A42,
CMO,
ARM,
3.50%,
6/25/59 (1)
5,750‌
6‌
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A1,
CMO,
ARM,
2.657%,
10/25/59 (1)
42,000‌
43‌
Galton
Funding
Mortgage
Trust,
Series 2019-H1,
Class
A3,
CMO,
ARM,
2.964%,
10/25/59 (1)
240,699‌
243‌
Galton
Funding
Mortgage
Trust,
Series 2020-H1,
Class
A1,
CMO,
ARM,
2.31%,
1/25/60 (1)
91,345‌
93‌
GCAT
Trust,
Series 2021-NQM4,
Class
A3,
CMO,
ARM,
1.556%,
8/25/66 (1)
135,000‌
135‌
Great
Wolf
Trust,
Series 2019-WOLF,
Class
A,
ARM,
1M
USD
LIBOR
+
1.034%,
1.13%,
12/15/36 (1)
225,000‌
225‌
Great
Wolf
Trust,
Series 2019-WOLF,
Class
D,
ARM,
1M
USD
LIBOR
+
1.933%,
2.029%,
12/15/36 (1)
190,000‌
189‌
GS
Mortgage
Securities
Trust,
Series 2015-GC28,
Class
AS,
3.759%,
2/10/48 
180,000‌
194‌
GS
Mortgage
Securities
Trust,
Series 2017-GS8,
Class
C,
ARM,
4.48%,
11/10/50 
480,000‌
523‌
GS
Mortgage
Securities
Trust,
Series 2019-GSA1,
Class
B,
3.511%,
11/10/52 
390,000‌
420‌
GS
Mortgage-Backed
Securities
Trust,
Series 2014-EB1A,
Class
2A1,
CMO,
ARM,
1.66%,
7/25/44 (1)
5,655‌
6‌
GS
Mortgage-Backed
Securities
Trust,
Series 2019-PJ1,
Class
A8,
CMO,
ARM,
4.00%,
8/25/49 (1)
73,614‌
74‌
GS
Mortgage-Backed
Securities
Trust,
Series 2020-INV1,
Class
A14,
CMO,
ARM,
2.983%,
10/25/50 (1)
261,098‌
266‌
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR1,
Class
A4,
CMO,
ARM,
2.50%,
11/25/51 (1)
241,535‌
245‌
GS
Mortgage-Backed
Securities
Trust,
Series 2021-GR2,
Class
A4,
CMO,
ARM,
2.50%,
2/25/52 (1)
240,000‌
244‌
Homeward
Opportunities
Fund
I
Trust,
Series 2019-3,
Class
A3,
CMO,
ARM,
3.031%,
11/25/59 (1)
138,759‌
141‌
Homeward
Opportunities
Fund
I
Trust,
Series 2020-2,
Class
A1,
CMO,
ARM,
1.657%,
5/25/65 (1)
114,778‌
115‌
Hundred
Acre
Wood
Trust,
Series 2021-INV1,
Class
A27,
CMO,
ARM,
2.50%,
7/25/51 (1)
391,719‌
398‌
Imperial
Fund
Mortgage
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.073%,
9/25/56 (1)
130,000‌
130‌
InTown
Hotel
Portfolio
Trust,
Series 2018-STAY,
Class
C,
ARM,
1M
USD
LIBOR
+
1.50%,
1.596%,
1/15/33 (1)
375,000‌
376‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
37
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
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)
165,141‌
168‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A15,
CMO,
ARM,
3.50%,
5/25/50 (1)
99,858‌
102‌
JPMorgan
Mortgage
Trust,
Series 2019-INV3,
Class
A3,
CMO,
ARM,
3.50%,
5/25/50 (1)
115,835‌
118‌
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A15,
CMO,
ARM,
3.50%,
6/25/50 (1)
40,706‌
41‌
JPMorgan
Mortgage
Trust,
Series 2020-LTV1,
Class
A3,
CMO,
ARM,
3.50%,
6/25/50 (1)
91,588‌
93‌
KIND
Trust,
Series 2021-KIND,
Class
B,
ARM,
1M
USD
LIBOR
+
1.35%,
1.45%,
8/15/38 (1)
450,000‌
450‌
MFA
Trust,
Series 2021-NQM2,
Class
A1,
CMO,
ARM,
1.029%,
11/25/64 (1)
171,358‌
171‌
Mill
City
Mortgage
Loan
Trust,
Series 2016-1,
Class
A1,
CMO,
ARM,
2.50%,
4/25/57 (1)
8,900‌
9‌
Mill
City
Mortgage
Loan
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
7/25/59 (1)
53,827‌
55‌
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
60‌
Morgan
Stanley
Bank
of
America
Merrill
Lynch
Trust,
Series 2015-
C27,
Class
AS,
4.068%,
12/15/47 
175,000‌
192‌
Morgan
Stanley
Capital
I
Trust,
Series 2015-MS1,
Class
AS,
ARM,
4.166%,
5/15/48 
25,000‌
27‌
MSCG
Trust,
Series 2018-SELF,
Class
A,
ARM,
1M
USD
LIBOR
+
0.90%,
0.996%,
10/15/37 (1)
235,000‌
235‌
New
Residential
Mortgage
Loan
Trust,
Series 2019-NQM5,
Class
A1,
CMO,
ARM,
2.71%,
11/25/59 (1)
222,204‌
225‌
New
Residential
Mortgage
Loan
Trust,
Series 2020-NQM1,
Class
A1,
CMO,
ARM,
2.464%,
1/26/60 (1)
123,895‌
125‌
OBX
Trust,
Series 2019-EXP2,
Class
1A3,
CMO,
ARM,
4.00%,
6/25/59 (1)
87,553‌
91‌
OBX
Trust,
Series 2019-EXP3,
Class
1A8,
CMO,
ARM,
3.50%,
10/25/59 (1)
72,932‌
74‌
OBX
Trust,
Series 2020-EXP1,
Class
1A8,
CMO,
ARM,
3.50%,
2/25/60 (1)
204,845‌
210‌
OBX
Trust,
Series 2020-EXP1,
Class
2A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.75%,
0.834%,
2/25/60 (1)
43,439‌
43‌
OBX
Trust,
Series 2020-EXP2,
Class
A8,
CMO,
ARM,
3.00%,
5/25/60 (1)
226,665‌
230‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
38
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
OBX
Trust,
Series 2020-EXP3,
Class
1A8,
CMO,
ARM,
3.00%,
1/25/60 (1)
208,042‌
211‌
OBX
Trust,
Series 2021-NQM1,
Class
A3,
CMO,
ARM,
1.329%,
2/25/66 (1)
311,301‌
310‌
OBX
Trust,
Series 2021-NQM3,
Class
A1,
CMO,
ARM,
1.054%,
7/25/61 (1)
200,000‌
200‌
Seasoned
Credit
Risk
Transfer
Trust,
Series 2016-1,
Class
M1,
CMO,
ARM,
3.00%,
9/25/55 (1)
4,725‌
5‌
Sequoia
Mortgage
Trust,
Series 2013-4,
Class
B1,
CMO,
ARM,
3.472%,
4/25/43 
136,086‌
138‌
Sequoia
Mortgage
Trust,
Series 2017-5,
Class
B1,
CMO,
ARM,
3.831%,
8/25/47 (1)
117,203‌
121‌
Sequoia
Mortgage
Trust,
Series 2017-CH2,
Class
A19,
CMO,
ARM,
4.00%,
12/25/47 (1)
59,477‌
60‌
Sequoia
Mortgage
Trust,
Series 2018-CH1,
Class
A2,
CMO,
ARM,
3.50%,
2/25/48 (1)
17,163‌
17‌
Sequoia
Mortgage
Trust,
Series 2018-CH2,
Class
A21,
CMO,
ARM,
4.00%,
6/25/48 (1)
44,133‌
45‌
Sequoia
Mortgage
Trust,
Series 2018-CH4,
Class
A2,
CMO,
ARM,
4.00%,
10/25/48 (1)
36,291‌
37‌
SG
Residential
Mortgage
Trust,
Series 2019-3,
Class
A1,
CMO,
ARM,
2.703%,
9/25/59 (1)
46,140‌
46‌
Starwood
Mortgage
Residential
Trust,
Series 2018-IMC2,
Class
A1,
CMO,
ARM,
4.121%,
10/25/48 (1)
59,851‌
61‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2015-DNA3,
Class
M3,
CMO,
ARM,
1M
USD
LIBOR
+
4.70%,
4.784%,
4/25/28 
188,838‌
194‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2016-HQA3,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.35%,
1.434%,
3/25/29 
8,290‌
8‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2017-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
1.20%,
1.284%,
10/25/29 
137,514‌
138‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2017-DNA3,
Class
M2AS,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.184%,
3/25/30 
380,000‌
381‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA1,
Class
M2AT,
CMO,
ARM,
1M
USD
LIBOR
+
1.05%,
1.134%,
7/25/30 
224,837‌
224‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-DNA2,
Class
M1,
CMO,
ARM,
1M
USD
LIBOR
+
0.80%,
0.884%,
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%,
0.834%,
9/25/48 (1)
213‌
—‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HQA1,
Class
M2AS,
CMO,
ARM,
1M
USD
LIBOR
+
1.10%,
1.184%,
9/25/30 
160,423‌
161‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
39
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2018-HRP2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.25%,
1.334%,
2/25/47 (1)
173,138‌
173‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA2,
Class
M2,
CMO,
ARM,
1M
USD
LIBOR
+
1.85%,
1.934%,
2/25/50 (1)
582,570‌
587‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
2.80%,
2.85%,
10/25/50 (1)
265,000‌
268‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2020-HQA5,
Class
M1,
CMO,
ARM,
SOFR30A
+
1.10%,
1.15%,
11/25/50 (1)
42,422‌
42‌
Structured
Agency
Credit
Risk
Debt
Notes,
Series 2021-DNA5,
Class
M2,
CMO,
ARM,
SOFR30A
+
1.65%,
1.70%,
1/25/34 (1)
130,000‌
131‌
Toorak
Mortgage,
Series 2021-INV1,
Class
A1,
CMO,
ARM,
1.153%,
7/25/56 (1)
201,008‌
201‌
Towd
Point
Mortgage
Trust,
Series 2015-4,
Class
M1,
CMO,
ARM,
3.75%,
4/25/55 (1)
150,000‌
153‌
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A1B,
CMO,
ARM,
2.75%,
2/25/55 (1)
3,152‌
3‌
Towd
Point
Mortgage
Trust,
Series 2016-1,
Class
A3B,
CMO,
ARM,
3.00%,
2/25/55 (1)
24,826‌
25‌
Towd
Point
Mortgage
Trust,
Series 2016-2,
Class
A1A,
CMO,
ARM,
2.75%,
8/25/55 (1)
41,809‌
42‌
Towd
Point
Mortgage
Trust,
Series 2016-4,
Class
A1,
CMO,
ARM,
2.25%,
7/25/56 (1)
26,849‌
27‌
Towd
Point
Mortgage
Trust,
Series 2017-1,
Class
A1,
CMO,
ARM,
2.75%,
10/25/56 (1)
22,030‌
22‌
Towd
Point
Mortgage
Trust,
Series 2017-2,
Class
A1,
CMO,
ARM,
2.75%,
4/25/57 (1)
23,088‌
23‌
Towd
Point
Mortgage
Trust,
Series 2017-5,
Class
A1,
CMO,
ARM,
1M
USD
LIBOR
+
0.60%,
0.684%,
2/25/57 (1)
36,481‌
36‌
Verus
Securitization
Trust,
Series 2019-3,
Class
A3,
CMO,
STEP,
3.04%,
7/25/59 (1)
118,070‌
119‌
Verus
Securitization
Trust,
Series 2019-4,
Class
A1,
CMO,
STEP,
2.642%,
11/25/59 (1)
80,661‌
82‌
Verus
Securitization
Trust,
Series 2019-INV2,
Class
A2,
CMO,
ARM,
3.117%,
7/25/59 (1)
248,149‌
251‌
Verus
Securitization
Trust,
Series 2020-1,
Class
A3,
CMO,
STEP,
2.724%,
1/25/60 (1)
299,187‌
303‌
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)
77,603‌
78‌
Vista
Point
Securitization
Trust,
Series 2020-2,
Class
M1,
CMO,
ARM,
3.401%,
4/25/65 (1)
145,000‌
149‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2015-NXS2,
Class
C,
ARM,
4.435%,
7/15/58 
40,000‌
43‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
40
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2016-C35,
Class
AS,
3.184%,
7/15/48 
370,000‌
395‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2017-C39,
Class
B,
4.025%,
9/15/50 
615,000‌
676‌
Wells
Fargo
Commercial
Mortgage
Trust,
Series 2019-JWDR,
Class
A,
ARM,
2.584%,
9/15/31 (1)
365,000‌
371‌
Wells
Fargo
Mortgage
Backed
Securities
Trust,
Series 2020-RR1,
Class
A17,
CMO,
ARM,
3.00%,
5/25/50 (1)
43,580‌
44‌
WFRBS
Commercial
Mortgage
Trust,
Series 2014-C22,
Class
AS,
ARM,
4.069%,
9/15/57 
230,000‌
248‌
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
$24,493)
25,015‌
PRIVATE
INVESTMENT
COMPANIES
2.1%
Blackstone
Partners
Offshore
Fund (5)(9)
63,178‌
84,327‌
Total
Private
Investment
Companies
(Cost
$63,215)
84,327‌
U.S.
GOVERNMENT
&
AGENCY
MORTGAGE-BACKED
SECURITIES
1.5%
U.S.
Government
Agency
Obligations
1.0%
Federal
Home
Loan
Mortgage
2.50%,
4/1/30 
96,086‌
101‌
3.00%,
12/1/42
-
2/1/47 
618,006‌
660‌
3.50%,
8/1/42
-
3/1/46 
696,034‌
757‌
4.00%,
10/1/40
-
12/1/41 
164,029‌
180‌
4.50%,
9/1/23
-
5/1/42 
244,068‌
273‌
5.00%,
1/1/24
-
8/1/40 
64,764‌
73‌
5.50%,
1/1/40 
129‌
—‌
6.00%,
10/1/21
-
8/1/38 
53,866‌
64‌
6.50%,
3/1/32
-
9/1/32 
5,382‌
6‌
7.00%,
6/1/32 
461‌
—‌
Federal
Home
Loan
Mortgage,
ARM
12M
USD
LIBOR
+
1.725%,
1.975%,
7/1/35 
912‌
1‌
12M
USD
LIBOR
+
1.785%,
2.16%,
2/1/37 
4,859‌
5‌
12M
USD
LIBOR
+
1.785%,
2.285%,
9/1/32 
148‌
—‌
12M
USD
LIBOR
+
1.829%,
2.203%,
2/1/37 
5,661‌
6‌
12M
USD
LIBOR
+
1.842%,
2.216%,
1/1/37 
4,314‌
4‌
Federal
Home
Loan
Mortgage,
CMO,
IO,
4.50%,
5/25/50 
152,337‌
25‌
Federal
Home
Loan
Mortgage,
UMBS
2.00%,
1/1/36
-
9/1/36 
936,208‌
971‌
2.50%,
5/1/51
-
8/1/51 
238,409‌
249‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
41
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
3.00%,
5/1/31
-
12/1/50 
670,323‌
711‌
3.50%,
11/1/47
-
11/1/50 
495,126‌
534‌
4.00%,
1/1/50
-
2/1/50 
233,782‌
252‌
4.50%,
5/1/50 
45,857‌
50‌
Federal
National
Mortgage
Assn.
3.00%,
6/1/33
-
8/1/46 
58,671‌
63‌
3.50%,
6/1/42
-
5/1/46 
663,028‌
718‌
4.00%,
11/1/40 
190,478‌
209‌
Federal
National
Mortgage
Assn.,
ARM
12M
USD
LIBOR
+
1.77%,
2.145%,
12/1/35 
761‌
1‌
12M
USD
LIBOR
+
1.892%,
2.307%,
12/1/35 
1,927‌
2‌
Federal
National
Mortgage
Assn.,
CMO,
4.00%,
6/25/44 
22,300‌
22‌
Federal
National
Mortgage
Assn.,
CMO,
IO,
6.50%,
2/25/32 
998‌
—‌
Federal
National
Mortgage
Assn.,
UMBS
2.00%,
5/1/36
-
6/1/36 
636,293‌
660‌
2.50%,
8/1/30
-
8/1/51 
1,086,967‌
1,138‌
3.00%,
1/1/27
-
4/1/51 
6,616,981‌
7,052‌
3.50%,
11/1/32
-
7/1/50 
3,116,801‌
3,337‌
4.00%,
11/1/40
-
12/1/49 
2,490,438‌
2,700‌
4.50%,
7/1/39
-
5/1/50 
1,460,078‌
1,611‌
5.00%,
9/1/23
-
12/1/47 
509,851‌
580‌
5.50%,
9/1/23
-
9/1/41 
349,472‌
404‌
6.00%,
1/1/22
-
1/1/41 
305,443‌
358‌
6.50%,
7/1/32
-
5/1/40 
100,118‌
117‌
UMBS,
TBA(14)
2.00%,
9/1/51 
7,100,000‌
7,197‌
2.50%,
9/1/51 
5,525,000‌
5,738‌
3.00%,
9/1/51 
1,620,000‌
1,695‌
4.00%,
9/1/51 
920,000‌
986‌
4.50%,
9/1/51 
1,010,000‌
1,092‌
40,602‌
U.S.
Government
Obligations
0.5%
Government
National
Mortgage
Assn.
2.50%,
6/20/51
-
7/20/51 
2,046,734‌
2,123‌
3.00%,
9/15/42
-
7/20/51 
3,172,487‌
3,333‌
3.50%,
12/20/42
-
4/20/48 
2,534,941‌
2,713‌
4.00%,
7/20/42
-
10/20/50 
1,279,226‌
1,368‌
4.50%,
11/20/39
-
9/20/47 
561,682‌
615‌
5.00%,
7/20/39
-
6/20/48 
481,162‌
533‌
5.50%,
1/20/36
-
3/20/49 
531,429‌
594‌
6.00%,
12/20/38 
22,003‌
26‌
6.50%,
3/15/26
-
12/20/33 
969‌
2‌
8.00%,
4/15/22
-
10/20/25 
173‌
—‌
Government
National
Mortgage
Assn.,
CMO
3.00%,
11/20/47
-
12/20/47 
66,546‌
69‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
42
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
Government
National
Mortgage
Assn.,
CMO,
IO
3.50%,
4/20/39
-
5/20/43 
39,984‌
5‌
4.00%,
5/20/37
-
2/20/43 
59,453‌
3‌
4.50%,
12/20/39 
1,998‌
—‌
Government
National
Mortgage
Assn.,
TBA(14)
2.00%,
10/20/51 
3,310,000‌
3,373‌
2.50%,
9/20/51 
3,418,000‌
3,545‌
3.50%,
9/20/51 
1,240,000‌
1,305‌
19,607‌
Total
U.S.
Government
&
Agency
Mortgage-Backed
Securities
(Cost
$59,508)
60,209‌
U.S.
GOVERNMENT
AGENCY
OBLIGATIONS
(EXCLUDING
MORTGAGE-BACKED)
1.8%
U.S.
Treasury
Obligations
1.8%
U.S.
Treasury
Bonds,
1.875%,
2/15/41 
4,365,000‌
4,400‌
U.S.
Treasury
Bonds,
1.875%,
2/15/51 
3,985,000‌
3,937‌
U.S.
Treasury
Bonds,
2.00%,
8/15/51 
2,750,000‌
2,799‌
U.S.
Treasury
Bonds,
2.25%,
5/15/41 
2,120,000‌
2,269‌
U.S.
Treasury
Bonds,
2.375%,
5/15/51 
2,100,000‌
2,320‌
U.S.
Treasury
Notes,
0.125%,
5/15/23 
2,455,000‌
2,454‌
U.S.
Treasury
Notes,
0.125%,
6/30/23 
6,050,000‌
6,045‌
U.S.
Treasury
Notes,
0.125%,
1/15/24 
4,000,000‌
3,985‌
U.S.
Treasury
Notes,
0.125%,
2/15/24 (15)
10,265,000‌
10,225‌
U.S.
Treasury
Notes,
0.25%,
3/15/24 
1,220,000‌
1,218‌
U.S.
Treasury
Notes,
0.25%,
5/15/24 
8,025,000‌
8,002‌
U.S.
Treasury
Notes,
0.25%,
6/15/24 
5,015,000‌
4,999‌
U.S.
Treasury
Notes,
0.625%,
7/31/26 
3,350,000‌
3,327‌
U.S.
Treasury
Notes,
0.75%,
4/30/26 
2,642,600‌
2,645‌
U.S.
Treasury
Notes,
0.75%,
5/31/26 
9,545,000‌
9,548‌
U.S.
Treasury
Notes,
0.75%,
8/31/26 
2,649,500‌
2,646‌
70,819‌
Total
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed)
(Cost
$69,885)
70,819‌
SHORT-TERM
INVESTMENTS
3.4%
Money
Market
Funds
3.4%
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04% (3)(16)
134,746,259‌
134,746‌
Total
Short-Term
Investments
(Cost
$134,746)
134,746‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
43
Shares/Par
$
Value
(Cost
and
value
in
$000s)
‡
SECURITIES
LENDING
COLLATERAL
0.2%
INVESTMENTS
IN
A
POOLED
ACCOUNT
THROUGH
SECURITIES
LENDING
PROGRAM
WITH
JPMORGAN
CHASE
BANK
0.2%
Short-Term
Funds
0.2%
T.
Rowe
Price
Short-Term
Fund,
0.07% (3)(16)
945,343‌
9,453‌
Total
Investments
in
a
Pooled
Account
through
Securities
Lending
Program
with
JPMorgan
Chase
Bank
9,453‌
Total
Securities
Lending
Collateral
(Cost
$9,453)
9,453‌
Total
Investments
in
Securities
100.7%
(Cost
$2,548,637)
$
4,001,519‌
Other
Assets
Less
Liabilities
(0.7)%
(27,687‌)
Net
Assets
100.0%
$
3,973,832‌
‡
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
$52,400
and
represents
1.3%
of
net
assets.
(2)
All
or
a
portion
of
this
loan
is
unsettled
as
of
August
31,
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
August
31,
2021.
(7)
All
or
a
portion
of
this
security
is
on
loan
at
August
31,
2021.
(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
$31,033
and
represents
0.8%
of
net
assets.
(9)
Level
3
in
fair
value
hierarchy.
(10)
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.
(11)
A
portion
of
the
position
represents
an
unfunded
commitment;
a
liability
to
fund
the
commitment
has
been
recognized.
The
fund's
total
unfunded
commitment
at
August
31,
2021,
was
$277
and
was
valued
at
$268
(0.0%
of
net
assets).
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
44
.
.
.
.
.
.
.
.
.
.
(12)
The
identity
of
certain
securities
has
been
concealed
to
protect
the
fund
while
it
completes
a
purchase
or
selling
program
for
the
securities.
(13)
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.
(14)
To-Be-Announced
purchase
commitment.
Total
value
of
such
securities
at
period-end
amounts
to
$24,931
and
represents
0.6%
of
net
assets.
(15)
At
August
31,
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
EUR
Euro
FRN
Floating
Rate
Note
GBP
British
Pound
HKD
Hong
Kong
Dollar
INR
Indian
Rupee
IO
Interest-only
security
for
which
the
fund
receives
interest
on
notional
principal
ISK
Iceland
Krona
JPY
Japanese
Yen
KRW
South
Korean
Won
NOK
Norwegian
Krone
PIPE
Private
Investment
in
Public
Equity
PTT
Pass-Through
Trust
REIT
A
domestic
Real
Estate
Investment
Trust
whose
distributions
pass-through
with
original
tax
character
to
the
shareholder
SDR
Swedish
Depository
Receipts
SEK
Swedish
Krona
SGD
Singapore
Dollar
SOFR30A
30-day
Average
SOFR
(Secured
Overnight
Financing
Rate)
SPAC
Special
Purpose
Acquisition
Company
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
45
.
.
.
.
.
.
.
.
.
.
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
46
(Amounts
in
000s,
except
for
contracts)
OPTIONS
WRITTEN
(0.1)%
Exchange-Traded
Options
Written
(0.1)%
Description
Contracts
Notional
Amount
$
Value
S&P
500
Index,
Call,
10/15/21
@
$4,525.00
544
246,034
(4,099‌)
Total
Options
Written
(Premiums
$(4,601))
$
(4,099‌)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
47
(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%
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
1,213
24
26
(2‌)
Barclays
Bank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
911
8
(1)
9‌
BNP
Paribas,
Protection
Sold
(Relevant
Credit:
Republic
of
Chile,
A1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
497
10
10
—‌
Citibank,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
257
2
—
2‌
Goldman
Sachs,
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
1,300
22
8
14‌
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
Barclays
Bank,
A*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/24
(EUR)
*
48
1
—
1‌
JPMorgan
Chase,
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
132
1
—
1‌
Total
Bilateral
Credit
Default
Swaps,
Protection
Sold
43
25‌
Total
Bilateral
Swaps
43
25‌
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-S36,
5
Year
Index),
Receive
5.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
2,435
264
208
56‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
48
(Amounts
in
000s)
Description
Notional
Amount
$
Value
Initial
$
Value**
Unrealized
$
Gain/(Loss)
Protection
Sold
(Relevant
Credit:
Markit
CDX.NA.IG-S36,
5
Year
Index),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
6,569
180
157
23‌
Protection
Sold
(Relevant
Credit:
Republic
of
Indonesia,
Baa2*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
1,484
26
17
9‌
Protection
Sold
(Relevant
Credit:
United
Mexican
States,
Baa1*),
Receive
1.00%
Quarterly,
Pay
upon
credit
default,
6/20/26
*
4,295
37
11
26‌
Total
Centrally
Cleared
Credit
Default
Swaps,
Protection
Sold
114‌
Total
Centrally
Cleared
Swaps
114‌
Net
payments
(receipts)
of
variation
margin
to
date
(112‌)
Variation
margin
receivable
(payable)
on
centrally
cleared
swaps
$
2‌
*
Credit
ratings
as
of
August
31,
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
$1.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
49
(Amounts
in
000s)
FORWARD
CURRENCY
EXCHANGE
CONTRACTS
Counterparty
Settlement
Receive
Deliver
Unrealized
Gain/(Loss)
BNP
Paribas
11/19/21
USD
230‌
EUR
195‌
$
(1‌)
Citibank
11/19/21
USD
113‌
EUR
96‌
—‌
Morgan
Stanley
11/19/21
USD
344‌
EUR
291‌
—‌
Net
unrealized
gain
(loss)
on
open
forward
currency
exchange
contracts
$
(1‌)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
50
FUTURES
CONTRACTS
($000s)
Expiration
Date
Notional
Amount
Value
and
Unrealized
Gain
(Loss)
Short,
136
MSCI
EAFE
Index
contracts
9/21
(15,990)
$
84‌
Long,
339
S&P
500
E-Mini
Index
contracts
9/21
76,623
1,796‌
Long,
95
U.S.
Treasury
Long
Bond
contracts
12/21
15,482
47‌
Short,
125
U.S.
Treasury
Notes
five
year
contracts
12/21
(15,465)
(11‌)
Short,
59
U.S.
Treasury
Notes
ten
year
contracts
12/21
(7,874)
(3‌)
Long,
31
U.S.
Treasury
Notes
two
year
contracts
12/21
6,830
—‌
Long,
93
Ultra
U.S.
Treasury
Bonds
contracts
12/21
18,347
125‌
Net
payments
(receipts)
of
variation
margin
to
date
(2,237‌)
Variation
margin
receivable
(payable)
on
open
futures
contracts
$
(199‌)
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
51
AFFILIATED
COMPANIES
($000s)
The
fund
may
invest
in
certain
securities
that
are
considered
affiliated
companies.
As
defined
by
the
1940
Act,
an
affiliated
company
is
one
in
which
the
fund
owns
5%
or
more
of
the
outstanding
voting
securities,
or
a
company
that
is
under
common
ownership
or
control.
The
following
securities
were
considered
affiliated
companies
for
all
or
some
portion
of
the
three
months
ended
August
31,
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,
7.21% 
$
—‌
$
1‌
$
2‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
3.94% 
—‌
345‌
463‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund 
—‌
(12,407‌)
—‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.43% 
—‌
(69‌)
329‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.82% 
—‌
334‌
552‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.00% 
—‌
428‌
333‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.59% 
84‌
326‌
—‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class 
—‌
575‌
—‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
—‌
174‌
—‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.69% 
—‌
4,350‌
312‌
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
—‌
—‌
10‌
T.
Rowe
Price
Short-Term
Fund,
0.07%
—‌
—‌
—‌++
Totals
$
84‌#
$
(5,943‌)
$
2,001‌+
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
52
The
accompanying
notes
are
an
integral
part
of
this
Portfolio
of
Investments.
AFFILIATED
COMPANIES
(CONTINUED)
($000s)
Supplementary
Investment
Schedule
Affiliate
Value
05/31/21
Purchase
Cost
Sales
Cost
Value
08/31/21
T.
Rowe
Price
Inflation
Protected
Bond
Fund
-
I
Class,
7.21% 
$
6‌
$
—‌
$
—‌
$
7‌
T.
Rowe
Price
Institutional
Emerging
Markets
Bond
Fund,
3.94% 
41,094‌
463‌
—‌
41,902‌
T.
Rowe
Price
Institutional
Emerging
Markets
Equity
Fund 
229,684‌
24,025‌
—‌
241,302‌
T.
Rowe
Price
Institutional
Floating
Rate
Fund
-
Institutional
Class,
3.43% 
33,150‌
754‌
—‌
33,835‌
T.
Rowe
Price
Institutional
High
Yield
Fund
-
Institutional
Class,
3.82% 
40,686‌
4,103‌
—‌
45,123‌
T.
Rowe
Price
International
Bond
Fund
(USD
Hedged)
-
I
Class,
1.00% 
85,413‌
3,333‌
—‌
89,174‌
T.
Rowe
Price
Limited
Duration
Inflation
Focused
Bond
Fund
-
I
Class,
6.59% 
39,495‌
—‌
9,916‌
29,905‌
T.
Rowe
Price
Multi-Strategy
Total
Return
Fund
-
I
Class 
—‌
77,650‌
—‌
78,225‌
T.
Rowe
Price
Real
Assets
Fund
-
I
Class 
85,209‌
—‌
—‌
85,383‌
T.
Rowe
Price
U.S.
Treasury
Long-Term
Index
Fund
-
I
Class,
1.69% 
61,714‌
1,312‌
—‌
67,376‌
T.
Rowe
Price
Treasury
Reserve
Fund,
0.04%
129,695‌
 ¤
 ¤
134,746‌
T.
Rowe
Price
Short-Term
Fund,
0.07%
16,452‌
 ¤
 ¤
9,453‌
Total
$
856,431‌^
#
Capital
gain
distributions
from
mutual
funds
represented
$0
of
the
net
realized
gain
(loss).
++
Excludes
earnings
on
securities
lending
collateral,
which
are
subject
to
rebates
and
fees.
+
Investment
income
comprised
$2,001
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
$754,918.
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
Unaudited
Notes
to
Portfolio
of
Investments
53
T.
Rowe
Price
Spectrum
Moderate
Growth
Allocation
Fund
 (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
54
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
55
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
denominated
in
foreign
currencies
are
translated
into
U.S.
dollar
values
each
day
at
the
prevailing
exchange
rate,
using
the
mean
of
the
bid
and
asked
prices
of
such
currencies
against
U.S.
dollars
as
provided
by
an
outside
pricing
service.
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
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
56
available,
including
actual
purchase
and
sale
transactions
of
the
investment.
Because
any
fair
value
determination
involves
a
significant
amount
of
judgment,
there
is
a
degree
of
subjectivity
inherent
in
such
pricing
decisions,
and
fair
value
prices
determined
by
the
Valuation
Committee
could
differ
from
those
of
other
market
participants.
Valuation
Inputs
  The
following
table
summarizes
the
fund’s
financial
instruments,
based
on
the
inputs
used
to
determine
their
fair
values
on
August
31,
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
$
—‌
$
254,912‌
$
—‌
$
254,912‌
Bond
Mutual
Funds
307,322‌
—‌
—‌
307,322‌
Common
Stocks
2,123,437‌
652,967‌
3,646‌
2,780,050‌
Convertible
Bonds
—‌
—‌
2,414‌
2,414‌
Convertible
Preferred
Stocks
—‌
2,959‌
20,426‌
23,385‌
Equity
Mutual
Funds
404,910‌
—‌
—‌
404,910‌
Private
Investment
Companies
—‌
—‌
84,327‌
84,327‌
Short-Term
Investments
134,746‌
—‌
—‌
134,746‌
Securities
Lending
Collateral
9,453‌
—‌
—‌
9,453‌
Total
Securities
2,979,868‌
910,838‌
110,813‌
4,001,519‌
Swaps*
—‌
182‌
—‌
182‌
Futures
Contracts*
2,052‌
—‌
—‌
2,052‌
Total
$
2,981,920‌
$
911,020‌
$
110,813‌
$
4,003,753‌
Liabilities
Options
Written
$
—‌
$
4,099‌
$
—‌
$
4,099‌
Forward
Currency
Exchange
Contracts
—‌
1‌
—‌
1‌
Futures
Contracts*
14‌
—‌
—‌
14‌
Total
$
14‌
$
4,100‌
$
—‌
$
4,114‌
T.
ROWE
PRICE
Spectrum
Moderate
Growth
Allocation
Fund
57
Following
is
a
reconciliation
of
the
fund’s
Level
3
holdings
for
the
period
 ended
August
31,
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
August
31,
2021
,
totaled 
$
(
944,000
)
 for
the
period
 ended
August
31,
2021
.
F103-054Q1
08/21 
1
Includes
Asset-Backed
Securities,
Corporate
Bonds,
Foreign
Government
Obligations
&
Municipalities,
Non-U.S.
Government
Mortgage-Backed
Securities,
U.S.
Government
&
Agency
Mortgage-Backed
Securities
and
U.S.
Government
Agency
Obligations
(Excluding
Mortgage-Backed).
*
The
fair
value
presented
includes
cumulative
gain
(loss)
on
open
futures
contracts
and
centrally
cleared
swaps;
however,
the
net
value
reflected
on
the
accompanying
Portfolio
of
Investments
is
only
the
unsettled
variation
margin
receivable
(payable)
at
that
date.
($000s)
Beginning
Balance
5/31/21
Gain
(Loss)
During
Period
Total
Purchases
Total
Sales
Ending
Balance
8/31/21
Investment
in
Securities
Common
Stocks
$
3,903‌
$
(
199‌
)
$
233‌
$
(
291‌
)
$
3,646‌
Convertible
Bonds
—‌
—‌
2,414‌
—‌
2,414‌
Convertible
Preferred
Stocks
13,674‌
5,879‌
1,407‌
(
534‌
)
20,426‌
Private
Investment
Companies
145,116‌
2,211‌
—‌
(
63,000‌
)
84,327‌
Total
$
162,693‌
$
7,891‌
$
4,054‌
$
(
63,825‌
)
$
110,813‌