T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

August

31,

2022

(Unaudited)

1

Portfolio

of

Investments

‡

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

ASSET-BACKED

SECURITIES

1.3%

522

Funding

Series 2019-5A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.33%,

3.658%,

4/15/35 (1)

770,000‌

751‌

522

Funding

Series 2019-5A,

Class

BR,

CLO,

FRN

3M

TSFR

+

1.85%,

4.178%,

4/15/35 (1)

440,000‌

417‌

AGL

Series 2021-14A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

3.882%,

12/2/34 (1)

470,000‌

459‌

AGL

Series 2022-17A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.33%,

3.803%,

1/21/35 (1)

590,000‌

576‌

AmeriCredit

Automobile

Receivables

Trust

Series 2020-3,

Class

D

1.49%,

9/18/26 

445,000‌

418‌

AmeriCredit

Automobile

Receivables

Trust

Series 2021-1,

Class

D

1.21%,

12/18/26 

330,000‌

308‌

Amur

Equipment

Finance

Receivables

X

Series 2022-1A,

Class

D

2.91%,

8/21/28 (1)

250,000‌

228‌

Applebee's

Funding

Series 2019-1A,

Class

A2I

4.194%,

6/5/49 (1)

1,267,200‌

1,217‌

Benefit

Street

Partners

XI

Series 2017-11A,

Class

A2R,

CLO,

FRN

3M

USD

LIBOR

+

1.50%,

4.012%,

4/15/29 (1)

280,000‌

273‌

Benefit

Street

Partners

XX

Series 2020-20A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.17%,

3.682%,

7/15/34 (1)

400,000‌

390‌

Carlyle

U.S.

Series 2019-4A,

Class

A11R,

CLO,

FRN

3M

TSFR

+

1.32%,

3.648%,

4/15/35 (1)

770,000‌

751‌

Carmax

Auto

Owner

Trust

Series 2020-1,

Class

D

2.64%,

7/15/26 

735,000‌

710‌

Carmax

Auto

Owner

Trust

Series 2021-1,

Class

D

1.28%,

7/15/27 

1,050,000‌

959‌

CarMax

Auto

Owner

Trust

Series 2022-1,

Class

D

2.47%,

7/17/28 

260,000‌

240‌

Cedar

Funding

VIII

Series 2017-8A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.15%,

3.89%,

10/17/34 (1)

435,000‌

424‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

1

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

2

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

CIFC

Funding

Series 2020-3A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.13%,

3.84%,

10/20/34 (1)

555,000‌

542‌

CIFC

Funding

Series 2021-3A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.14%,

3.652%,

7/15/36 (1)

505,000‌

494‌

Driven

Brands

Funding

Series 2019-1A,

Class

A2

4.641%,

4/20/49 (1)

275,025‌

261‌

Driven

Brands

Funding

Series 2020-1A,

Class

A2

3.786%,

7/20/50 (1)

259,700‌

234‌

Dryden

Series 2020-86A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.10%,

3.84%,

7/17/34 (1)

490,000‌

479‌

Exeter

Automobile

Receivables

Trust

Series 2022-2A,

Class

C

3.85%,

7/17/28 

800,000‌

775‌

Exeter

Automobile

Receivables

Trust

Series 2022-3A,

Class

C

5.30%,

9/15/27 

505,000‌

504‌

GMF

Floorplan

Owner

Revolving

Trust

Series 2020-2,

Class

C

1.31%,

10/15/25 (1)

240,000‌

230‌

Hardee's

Funding

Series 2018-1A,

Class

A2II

4.959%,

6/20/48 (1)

529,375‌

511‌

Hardee's

Funding

Series 2021-1A,

Class

A2

2.865%,

6/20/51 (1)

237,600‌

198‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

C

1.96%,

5/21/29 (1)

305,000‌

287‌

HPEFS

Equipment

Trust

Series 2022-1A,

Class

D

2.40%,

11/20/29 (1)

330,000‌

307‌

Jack

in

the

Box

Funding

Series 2022-1A,

Class

A2I

3.445%,

2/26/52 (1)

570,240‌

516‌

Madison

Park

Funding

XXXIII

Series 2019-33A,

Class

AR,

CLO,

FRN

3M

TSFR

+

1.29%,

3.618%,

10/15/32 (1)

435,000‌

426‌

Morgan

Stanley

Eaton

Vance

Series 2021-1A,

Class

B,

CLO,

FRN

3M

USD

LIBOR

+

1.65%,

4.433%,

10/20/34 (1)

375,000‌

359‌

Navient

Private

Education

Loan

Trust

Series 2018-BA,

Class

A2A

3.61%,

12/15/59 (1)

240,435‌

236‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

3

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Navient

Private

Education

Refi

Loan

Trust

Series 2019-FA,

Class

A2

2.60%,

8/15/68 (1)

330,981‌

313‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-BA,

Class

A2

2.12%,

1/15/69 (1)

228,071‌

213‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-CA,

Class

B

2.83%,

11/15/68 (1)

450,000‌

381‌

Navient

Private

Education

Refi

Loan

Trust

Series 2020-HA,

Class

A

1.31%,

1/15/69 (1)

160,720‌

148‌

Navient

Private

Education

Refi

Loan

Trust

Series 2022-A,

Class

A

2.23%,

7/15/70 (1)

924,943‌

843‌

Neuberger

Berman

Loan

Advisers

Series 2018-29A,

Class

A1,

CLO,

FRN

3M

USD

LIBOR

+

1.13%,

3.868%,

10/19/31 (1)

470,000‌

464‌

Neuberger

Berman

Loan

Advisers

Series 2019-32A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

0.99%,

3.728%,

1/20/32 (1)

1,190,000‌

1,168‌

Neuberger

Berman

Loan

Advisers

Series 2021-43A,

Class

A,

CLO,

FRN

3M

USD

LIBOR

+

1.13%,

3.87%,

7/17/35 (1)

370,000‌

363‌

OCP

Series 2014-7A,

Class

A1RR,

CLO,

FRN

3M

USD

LIBOR

+

1.12%,

3.83%,

7/20/29 (1)

794,654‌

787‌

OCP

Series 2014-7A,

Class

A2RR,

CLO,

FRN

3M

USD

LIBOR

+

1.65%,

4.36%,

7/20/29 (1)

475,000‌

467‌

Octagon

Investment

Partners

Series 2016-1A,

Class

AR,

CLO,

FRN

3M

USD

LIBOR

+

1.18%,

3.963%,

1/24/33 (1)

825,000‌

809‌

OZLM

VII

Series 2014-7RA,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.01%,

3.75%,

7/17/29 (1)

487,012‌

483‌

Palmer

Square

Series 2022-1A,

Class

A,

CLO,

FRN

3M

TSFR

+

1.32%,

1.786%,

4/20/35 (1)

445,000‌

433‌

Planet

Fitness

Master

Issuer

Series 2022-1A,

Class

A2I

3.251%,

12/5/51 (1)

518,700‌

466‌

Regatta

XIX

Funding

Series 2022-1A,

Class

B,

CLO,

FRN

3M

TSFR

+

1.85%,

2.929%,

4/20/35 (1)

395,000‌

374‌

Santander

Bank

Series 2021-1A,

Class

B

1.833%,

12/15/31 (1)

164,067‌

159‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

4

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Santander

Drive

Auto

Receivables

Trust

Series 2021-3,

Class

D

1.33%,

9/15/27 

285,000‌

270‌

Santander

Drive

Auto

Receivables

Trust

Series 2021-4,

Class

D

1.67%,

10/15/27 

285,000‌

265‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-3,

Class

C

4.49%,

8/15/29 

460,000‌

454‌

Santander

Drive

Auto

Receivables

Trust

Series 2022-5,

Class

C

4.74%,

10/16/28 

385,000‌

383‌

Santander

Retail

Auto

Lease

Trust

Series 2019-B,

Class

D

3.31%,

6/20/24 (1)

340,894‌

341‌

Santander

Retail

Auto

Lease

Trust

Series 2021-A,

Class

D

1.38%,

3/22/27 (1)

590,000‌

550‌

ServiceMaster

Funding

Series 2021-1,

Class

A2I

2.865%,

7/30/51 (1)

524,558‌

440‌

SMB

Private

Education

Loan

Trust

Series 2016-A,

Class

A2A

2.70%,

5/15/31 (1)

42,723‌

42‌

SMB

Private

Education

Loan

Trust

Series 2016-B,

Class

A2A

2.43%,

2/17/32 (1)

113,657‌

110‌

SMB

Private

Education

Loan

Trust

Series 2018-B,

Class

A2A

3.60%,

1/15/37 (1)

401,799‌

392‌

SMB

Private

Education

Loan

Trust

Series 2018-C,

Class

A2A

3.63%,

11/15/35 (1)

319,026‌

310‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

APT1

1.07%,

1/15/53 (1)

393,022‌

349‌

SMB

Private

Education

Loan

Trust

Series 2021-A,

Class

B

2.31%,

1/15/53 (1)

490,000‌

442‌

Symphony

XXXI

Series 2022-31A,

Class

B,

CLO,

FRN

3M

TSFR

+

1.85%,

2.155%,

4/22/35 (1)

380,000‌

360‌

Wellfleet

Series 2017-2A,

Class

A1R,

CLO,

FRN

3M

USD

LIBOR

+

1.06%,

3.77%,

10/20/29 (1)

521,168‌

517‌

Total

Asset-Backed

Securities

(Cost

$28,890)

27,576‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

5

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BOND

MUTUAL

FUNDS

26.5%

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.02% (2)(3)

13,945,146‌

137,360‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

16.00% (2)

(3)

635‌

8‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.48% (2)(3)

17,681,773‌

110,688‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

5.89% (2)(3)

6,935,864‌

64,781‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.44% (2)(3)

12,979,346‌

97,994‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.44% (2)(3)

14,172,362‌

126,559‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

14.81% (2)(3)

15,092‌

78‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

3.32% (2)(3)

4,699,715‌

41,592‌

Total

Bond

Mutual

Funds

(Cost

$647,829)

579,060‌

COMMON

STOCKS

32.2%

COMMUNICATION

SERVICES

2.6%

Diversified

Telecommunication

Services

0.2%

KT

(KRW) 

21,178‌

587‌

Nippon

Telegraph

&

Telephone

(JPY) 

126,600‌

3,431‌

4,018‌

Entertainment

0.3%

Cinemark

Holdings (4)

9,807‌

138‌

Netflix (4)

4,752‌

1,062‌

Sea,

ADR (4)

24,821‌

1,539‌

Spotify

Technology (4)

4,399‌

476‌

Walt

Disney (4)

33,146‌

3,715‌

6,930‌

Interactive

Media

&

Services

1.9%

Alphabet,

Class

A (4)

19,080‌

2,065‌

Alphabet,

Class

C (4)(5)

273,829‌

29,889‌

Bumble,

Class

A (4)

8,200‌

205‌

Meta

Platforms,

Class

A (4)

42,038‌

6,849‌

NAVER

(KRW) 

3,439‌

610‌

Tencent

Holdings

(HKD) 

32,790‌

1,355‌

Vimeo (4)

13,807‌

82‌

Z

Holdings

(JPY) 

185,500‌

545‌

41,600‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

6

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Media

0.1%

Cable

One 

588‌

668‌

Comcast,

Class

A 

10,013‌

362‌

CyberAgent

(JPY) 

89,600‌

874‌

Stroeer

(EUR) 

8,047‌

342‌

WPP

(GBP) 

125,197‌

1,078‌

3,324‌

Wireless

Telecommunication

Services

0.1%

SoftBank

Group

(JPY) 

12,600‌

499‌

T-Mobile

U.S. (4)

7,555‌

1,088‌

Vodafone

Group,

ADR 

94,004‌

1,261‌

2,848‌

Total

Communication

Services

58,720‌

CONSUMER

DISCRETIONARY

4.0%

Auto

Components

0.2%

Autoliv,

SDR

(SEK) 

9,515‌

738‌

Denso

(JPY) 

13,400‌

731‌

Gentherm (4)

3,684‌

221‌

Magna

International 

23,576‌

1,361‌

Stanley

Electric

(JPY) 

25,200‌

465‌

Sumitomo

Rubber

Industries

(JPY) 

27,400‌

235‌

3,751‌

Automobiles

0.7%

Honda

Motor

(JPY) 

16,700‌

445‌

Rivian

Automotive,

Class

A (4)

22,870‌

748‌

Suzuki

Motor

(JPY) 

21,400‌

748‌

Tesla (4)

41,455‌

11,425‌

Toyota

Motor

(JPY) 

170,400‌

2,550‌

15,916‌

Diversified

Consumer

Services

0.1%

Bright

Horizons

Family

Solutions (4)

5,637‌

385‌

Clear

Secure,

Class

A (4)

18,325‌

420‌

Duolingo (4)

3,876‌

364‌

Rover

Group,

Acquisition

Date:

8/2/21,

Cost $— (4)(6)

6,383‌

—‌

1,169‌

Hotels,

Restaurants

&

Leisure

0.6%

BJ's

Restaurants (4)

9,571‌

240‌

Booking

Holdings (4)

666‌

1,249‌

Chipotle

Mexican

Grill (4)

1,386‌

2,213‌

Chuy's

Holdings (4)

8,808‌

197‌

Compass

Group

(GBP) 

75,643‌

1,627‌

Dutch

Bros,

Class

A (4)

2,019‌

74‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

7

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Fiesta

Restaurant

Group (4)

18,700‌

125‌

Hilton

Worldwide

Holdings 

5,727‌

730‌

Marriott

International,

Class

A 

5,133‌

789‌

Marriott

Vacations

Worldwide 

1,341‌

191‌

McDonald's 

11,436‌

2,885‌

Papa

John's

International 

8,626‌

697‌

Red

Robin

Gourmet

Burgers (4)

4,220‌

31‌

Red

Rock

Resorts,

Class

A 

2,783‌

106‌

Ruth's

Hospitality

Group 

8,898‌

162‌

Yum!

Brands 

17,336‌

1,929‌

13,245‌

Household

Durables

0.2%

Cavco

Industries (4)

948‌

222‌

Panasonic

Holdings

(JPY) 

109,600‌

889‌

Persimmon

(GBP) 

36,340‌

622‌

Skyline

Champion (4)

7,565‌

429‌

Sony

Group

(JPY) 

17,700‌

1,407‌

3,569‌

Internet

&

Direct

Marketing

Retail

1.2%

Alibaba

Group

Holding,

ADR (4)

2,407‌

230‌

Amazon.com (4)(5)

192,318‌

24,380‌

ASOS

(GBP) (4)

26,746‌

215‌

Big

Sky

Growth

Partners (4)

9,637‌

94‌

DoorDash,

Class

A (4)

8,473‌

508‌

Farfetch,

Class

A (4)

20,909‌

210‌

Rent

the

Runway,

Class

A (4)

3,284‌

15‌

THG

(GBP) (4)

30,372‌

19‌

Xometry,

Class

A (4)

5,945‌

291‌

Zalando

(EUR) (4)

19,845‌

459‌

26,421‌

Multiline

Retail

0.3%

Dollar

General 

17,470‌

4,148‌

Next

(GBP) 

12,361‌

832‌

Ollie's

Bargain

Outlet

Holdings (4)

12,867‌

712‌

5,692‌

Specialty

Retail

0.4%

Burlington

Stores (4)

4,456‌

625‌

Carvana (4)

17,064‌

563‌

Five

Below (4)

1,257‌

161‌

Floor

&

Decor

Holdings,

Class

A (4)

1,100‌

89‌

Kingfisher

(GBP) 

417,596‌

1,122‌

KKR

Acquisition

Holdings

I (4)

14,993‌

148‌

Monro 

9,128‌

423‌

RH (4)

611‌

156‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

8

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Ross

Stores 

29,816‌

2,572‌

TJX 

25,847‌

1,611‌

Warby

Parker,

Class

A (4)

17,552‌

221‌

7,691‌

Textiles,

Apparel

&

Luxury

Goods

0.3%

Dr.

Martens

(GBP) 

119,362‌

325‌

EssilorLuxottica

(EUR) 

7,174‌

1,068‌

Kering

(EUR) 

1,857‌

932‌

Lululemon

Athletica (4)

4,779‌

1,434‌

Moncler

(EUR) 

18,605‌

828‌

NIKE,

Class

B 

15,822‌

1,684‌

Samsonite

International

(HKD) (4)

203,100‌

496‌

Skechers

USA,

Class

A (4)

10,231‌

387‌

7,154‌

Total

Consumer

Discretionary

84,608‌

CONSUMER

STAPLES

1.9%

Beverages

0.4%

Boston

Beer,

Class

A (4)

2,106‌

710‌

Coca-Cola 

16,530‌

1,020‌

Coca-Cola

Consolidated 

403‌

191‌

Diageo

(GBP) 

36,284‌

1,576‌

Keurig

Dr

Pepper 

95,732‌

3,649‌

Kirin

Holdings

(JPY) 

39,700‌

654‌

Monster

Beverage (4)

12,349‌

1,097‌

8,897‌

Food

&

Staples

Retailing

0.3%

Seven

&

i

Holdings

(JPY) (7)

37,700‌

1,498‌

Walmart 

30,329‌

4,020‌

Welcia

Holdings

(JPY) (7)

15,400‌

322‌

5,840‌

Food

Products

0.6%

Barry

Callebaut

(CHF) 

399‌

817‌

Cal-Maine

Foods 

4,743‌

254‌

Mondelez

International,

Class

A 

40,760‌

2,522‌

Nestle

(CHF) 

50,906‌

5,957‌

Nomad

Foods (4)

15,427‌

273‌

Post

Holdings (4)

4,718‌

419‌

Post

Holdings

Partnering (4)

6,329‌

62‌

TreeHouse

Foods (4)

3,460‌

161‌

Utz

Brands 

17,052‌

284‌

Wilmar

International

(SGD) 

475,000‌

1,371‌

12,120‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

9

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Household

Products

0.1%

Procter

&

Gamble 

21,216‌

2,927‌

2,927‌

Personal

Products

0.2%

BellRing

Brands (4)

18,207‌

431‌

Haleon,

ADR (4)

34,171‌

204‌

L'Oreal

(EUR) 

4,761‌

1,635‌

Pola

Orbis

Holdings

(JPY) 

9,600‌

106‌

Unilever

(GBP) 

62,779‌

2,848‌

5,224‌

Tobacco

0.3%

Philip

Morris

International 

68,423‌

6,534‌

6,534‌

Total

Consumer

Staples

41,542‌

ENERGY

1.2%

Energy

Equipment

&

Services

0.1%

Cactus,

Class

A 

4,495‌

180‌

Liberty

Energy (4)

25,741‌

386‌

NexTier

Oilfield

Solutions (4)

40,356‌

378‌

Worley

(AUD) 

113,064‌

1,107‌

2,051‌

Oil,

Gas

&

Consumable

Fuels

1.1%

Devon

Energy 

9,393‌

663‌

Diamondback

Energy 

4,703‌

627‌

Equinor

(NOK) 

81,154‌

3,150‌

Exxon

Mobil 

56,226‌

5,375‌

Magnolia

Oil

&

Gas,

Class

A 

30,968‌

739‌

Shell,

ADR 

21,774‌

1,154‌

TC

Energy 

32,719‌

1,577‌

TotalEnergies

(EUR) 

153,335‌

7,763‌

TotalEnergies,

ADR 

142‌

7‌

Venture

Global

LNG,

Series

B,

Acquisition

Date:

3/8/18,

Cost $9 (4)(6)(8)

3‌

44‌

Venture

Global

LNG,

Series

C,

Acquisition

Date:

5/25/17

-

3/8/18,

Cost $134 (4)(6)(8)

37‌

547‌

Williams 

45,290‌

1,541‌

Woodside

Energy

Group

(GBP) (4)

8,876‌

205‌

23,392‌

Total

Energy

25,443‌

FINANCIALS

4.2%

Banks

1.6%

Australia

&

New

Zealand

Banking

Group

(AUD) 

55,312‌

855‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

10

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bank

of

America 

193,348‌

6,498‌

BankUnited 

12,648‌

469‌

BNP

Paribas

(EUR) 

20,145‌

936‌

Cadence

Bank 

13,195‌

336‌

Close

Brothers

Group

(GBP) 

18,984‌

225‌

CRB

Group,

Acquisition

Date:

4/14/22,

Cost $21 (4)(6)(8)

199‌

21‌

CrossFirst

Bankshares (4)

10,897‌

144‌

DBS

Group

Holdings

(SGD) 

33,567‌

782‌

Dime

Community

Bancshares 

9,315‌

291‌

DNB

Bank

(NOK) 

100,714‌

1,915‌

Dogwood

State

Bank,

Non-Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $24 (4)(6)(8)

2,412‌

43‌

Dogwood

State

Bank,

Voting

Shares,

Acquisition

Date:

5/6/19,

Cost $12 (4)(6)(8)

1,185‌

21‌

Dogwood

State

Bank,

Warrants,

5/6/24,

Acquisition

Date:

5/6/19,

Cost $— (4)(6)(8)

360‌

3‌

East

West

Bancorp 

5,816‌

420‌

Equity

Bancshares,

Class

A 

5,688‌

178‌

Erste

Group

Bank

(EUR) 

15,743‌

354‌

FB

Financial 

8,971‌

355‌

First

Bancshares 

6,656‌

199‌

Five

Star

Bancorp 

5,843‌

149‌

Grasshopper

Bancorp,

Acquisition

Date:

10/12/18

-

5/2/19,

Cost $41 (4)(6)(8)

4,129‌

16‌

Grasshopper

Bancorp,

Warrants,

10/12/28,

Acquisition

Date:

10/12/18,

Cost $— (4)(6)(8)

803‌

1‌

Heritage

Commerce 

22,668‌

256‌

Home

BancShares 

12,994‌

306‌

ING

Groep

(EUR) 

184,100‌

1,614‌

Intesa

Sanpaolo

(EUR) 

270,939‌

466‌

JPMorgan

Chase 

6,474‌

736‌

Live

Oak

Bancshares 

9,279‌

336‌

Lloyds

Banking

Group

(GBP) 

1,736,852‌

880‌

Mitsubishi

UFJ

Financial

Group

(JPY) (7)

164,700‌

854‌

National

Bank

of

Canada

(CAD) 

26,637‌

1,762‌

Origin

Bancorp 

7,143‌

292‌

Pacific

Premier

Bancorp 

9,627‌

315‌

Pinnacle

Financial

Partners 

5,512‌

445‌

Popular 

3,109‌

240‌

Professional

Holding,

Class

A (4)

2,842‌

79‌

Sandy

Spring

Bancorp 

6,068‌

234‌

Signature

Bank 

2,966‌

517‌

SouthState 

4,864‌

380‌

Standard

Chartered

(GBP) 

78,965‌

547‌

Sumitomo

Mitsui

Trust

Holdings

(JPY) 

19,589‌

609‌

Svenska

Handelsbanken,

Class

A

(SEK) (7)

126,691‌

1,038‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

11

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Texas

Capital

Bancshares (4)

3,087‌

182‌

United

Overseas

Bank

(SGD) 

70,800‌

1,381‌

Veritex

Holdings 

7,787‌

234‌

Wells

Fargo 

149,757‌

6,546‌

Western

Alliance

Bancorp 

8,909‌

683‌

35,143‌

Capital

Markets

0.5%

Bluescape

Opportunities

Acquisition (4)

13,492‌

135‌

Bridgepoint

Group

(GBP) 

106,886‌

311‌

Cboe

Global

Markets 

3,694‌

436‌

Charles

Schwab 

33,941‌

2,408‌

Goldman

Sachs

Group 

8,018‌

2,667‌

Julius

Baer

Group

(CHF) 

20,723‌

1,001‌

Macquarie

Group

(AUD) 

7,876‌

943‌

MSCI 

772‌

347‌

P10,

Class

A 

16,204‌

202‌

S&P

Global 

4,172‌

1,469‌

StepStone

Group,

Class

A 

10,640‌

290‌

TMX

Group

(CAD) 

2,439‌

245‌

XP,

Class

A (4)

22,744‌

438‌

10,892‌

Consumer

Finance

0.0%

Encore

Capital

Group (4)

4,099‌

224‌

PRA

Group (4)

7,795‌

288‌

512‌

Diversified

Financial

Services

0.2%

Apollo

Global

Management 

6,139‌

341‌

Challenger

(AUD) 

91,090‌

393‌

Conyers

Park

III

Acquisition (4)

9,327‌

96‌

Element

Fleet

Management

(CAD) 

119,423‌

1,504‌

Housing

Development

Finance

(INR) 

31,685‌

959‌

Mitsubishi

HC

Capital

(JPY) 

102,500‌

497‌

3,790‌

Insurance

1.8%

AIA

Group

(HKD) 

56,200‌

541‌

American

International

Group 

38,105‌

1,972‌

Assurant 

4,311‌

683‌

AXA

(EUR) 

102,715‌

2,419‌

Axis

Capital

Holdings 

10,246‌

545‌

Chubb 

36,060‌

6,817‌

Definity

Financial

(CAD) 

9,034‌

256‌

Direct

Line

Insurance

Group

(GBP) 

178,843‌

426‌

Hanover

Insurance

Group 

3,363‌

435‌

Hartford

Financial

Services

Group 

14,232‌

915‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

12

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kemper 

4,991‌

230‌

Manulife

Financial

(CAD) 

52,560‌

909‌

Marsh

&

McLennan 

6,623‌

1,069‌

MetLife 

33,871‌

2,179‌

Munich

Re

(EUR) 

10,130‌

2,420‌

PICC

Property

&

Casualty,

Class

H

(HKD) 

900,000‌

973‌

Ping

An

Insurance

Group,

Class

H

(HKD) 

65,500‌

385‌

Progressive 

31,410‌

3,852‌

Sampo,

Class

A

(EUR) 

37,964‌

1,718‌

Selective

Insurance

Group 

9,410‌

747‌

Storebrand

(NOK) 

137,841‌

1,103‌

Sun

Life

Financial

(CAD) 

39,286‌

1,731‌

Tokio

Marine

Holdings

(JPY) 

29,800‌

1,652‌

Travelers 

24,993‌

4,040‌

Zurich

Insurance

Group

(CHF) 

4,130‌

1,833‌

39,850‌

Thrifts

&

Mortgage

Finance

0.1%

Blue

Foundry

Bancorp (4)

5,997‌

68‌

Capitol

Federal

Financial 

14,585‌

132‌

Essent

Group 

6,370‌

255‌

Kearny

Financial 

12,038‌

137‌

PennyMac

Financial

Services 

11,051‌

587‌

1,179‌

Total

Financials

91,366‌

HEALTH

CARE

5.5%

Biotechnology

0.5%

AbbVie 

26,112‌

3,511‌

Abcam,

ADR (4)

12,797‌

191‌

Agios

Pharmaceuticals (4)

3,800‌

97‌

Apellis

Pharmaceuticals (4)

8,840‌

535‌

Argenx,

ADR (4)

2,628‌

993‌

Ascendis

Pharma,

ADR (4)

4,387‌

393‌

Avidity

Biosciences (4)

5,197‌

102‌

Blueprint

Medicines (4)

5,125‌

375‌

Cerevel

Therapeutics

Holdings (4)

4,852‌

141‌

CRISPR

Therapeutics (4)

1,974‌

128‌

Flame

Biosciences,

Acquisition

Date:

9/28/20,

Cost $20 (4)(6)(8)

3,075‌

14‌

Generation

Bio (4)

8,379‌

43‌

Genmab

(DKK) (4)

1,444‌

514‌

HilleVax (4)

2,235‌

27‌

Icosavax (4)

6,341‌

30‌

Insmed (4)

18,788‌

463‌

Intellia

Therapeutics (4)

2,063‌

124‌

Karuna

Therapeutics (4)

1,432‌

365‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

13

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Kura

Oncology (4)

600‌

8‌

Kymera

Therapeutics (4)

1,730‌

49‌

MeiraGTx

Holdings (4)

2,017‌

17‌

Monte

Rosa

Therapeutics (4)

3,424‌

27‌

Morphic

Holding (4)

2,789‌

77‌

Nkarta (4)

4,941‌

71‌

Nurix

Therapeutics (4)

1,552‌

24‌

Prothena (4)

7,610‌

210‌

PTC

Therapeutics (4)

923‌

46‌

RAPT

Therapeutics (4)

4,182‌

112‌

Regeneron

Pharmaceuticals (4)

1,002‌

582‌

Relay

Therapeutics (4)

1,156‌

27‌

Repare

Therapeutics (4)

3,408‌

41‌

Replimune

Group (4)

1,942‌

37‌

Scholar

Rock,

Warrants,

12/31/25,

Acquisition

Date:

6/17/22,

Cost $— (4)(6)

740‌

5‌

Scholar

Rock

Holding (4)

9,611‌

80‌

Tenaya

Therapeutics (4)

1,032‌

5‌

Ultragenyx

Pharmaceutical (4)

5,210‌

248‌

Verve

Therapeutics (4)

1,436‌

55‌

Xencor (4)

6,837‌

180‌

Zentalis

Pharmaceuticals (4)

3,692‌

99‌

10,046‌

Health

Care

Equipment

&

Supplies

1.1%

Abbott

Laboratories 

21,597‌

2,217‌

Alcon

(CHF) 

7,081‌

466‌

Align

Technology (4)

1,331‌

325‌

AtriCure (4)

4,726‌

216‌

Becton

Dickinson

&

Company 

42,062‌

10,617‌

CVRx (4)

2,369‌

17‌

Elekta,

Class

B

(SEK) (7)

94,539‌

542‌

Embecta 

4,885‌

156‌

ICU

Medical (4)

2,454‌

390‌

Intuitive

Surgical (4)

14,596‌

3,003‌

Koninklijke

Philips

(EUR) 

50,348‌

836‌

Nevro (4)

2,297‌

104‌

Outset

Medical (4)

10,522‌

193‌

Pax

Labs,

Class

A,

Acquisition

Date:

4/18/19,

Cost $114 (4)(6)(8)

30,352‌

20‌

Penumbra (4)

1,330‌

218‌

PROCEPT

BioRobotics (4)

10,185‌

412‌

QuidelOrtho (4)

4,380‌

347‌

Siemens

Healthineers

(EUR) 

27,194‌

1,329‌

STERIS 

2,359‌

475‌

Stryker 

11,927‌

2,448‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

14

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Teleflex 

2,400‌

543‌

24,874‌

Health

Care

Providers

&

Services

1.6%

Alignment

Healthcare (4)

12,802‌

195‌

Centene (4)

55,502‌

4,981‌

Cigna 

4,082‌

1,157‌

dentalcorp

Holdings

(CAD) (4)(7)

12,367‌

97‌

Elevance

Health 

18,641‌

9,043‌

Fresenius

(EUR) 

33,253‌

823‌

HCA

Healthcare 

6,585‌

1,303‌

Humana 

4,024‌

1,939‌

ModivCare (4)

3,016‌

327‌

Molina

Healthcare (4)

3,258‌

1,099‌

Option

Care

Health (4)

12,026‌

372‌

Pennant

Group (4)

7,206‌

113‌

Privia

Health

Group (4)

10,982‌

437‌

Surgery

Partners (4)

4,432‌

122‌

U.S.

Physical

Therapy 

3,115‌

257‌

UnitedHealth

Group 

24,723‌

12,839‌

35,104‌

Health

Care

Technology

0.0%

Certara (4)

2,029‌

32‌

Definitive

Healthcare (4)

4,669‌

94‌

Doximity,

Class

A (4)

4,677‌

155‌

Sophia

Genetics (4)

3,028‌

10‌

Veeva

Systems,

Class

A (4)

3,615‌

720‌

1,011‌

Life

Sciences

Tools

&

Services

0.7%

Adaptive

Biotechnologies (4)

2,508‌

22‌

Bruker 

9,938‌

557‌

Danaher 

25,552‌

6,897‌

Evotec

(EUR) (4)

17,348‌

381‌

Olink

Holding,

ADR (4)

7,160‌

108‌

Pacific

Biosciences

of

California (4)

16,706‌

98‌

PerkinElmer 

9,926‌

1,341‌

Rapid

Micro

Biosystems,

Class

A (4)

13,031‌

43‌

Seer (4)

3,624‌

37‌

Thermo

Fisher

Scientific 

8,970‌

4,891‌

14,375‌

Pharmaceuticals

1.6%

Arvinas (4)

1,934‌

82‌

Astellas

Pharma

(JPY) 

140,900‌

1,998‌

AstraZeneca,

ADR 

139,017‌

8,672‌

Bayer

(EUR) 

28,740‌

1,520‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

15

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Catalent (4)

7,455‌

656‌

Eli

Lilly 

12,994‌

3,914‌

GSK,

ADR 

25,836‌

839‌

Ipsen

(EUR) 

3,768‌

361‌

Johnson

&

Johnson 

22,778‌

3,675‌

Novartis

(CHF) 

33,895‌

2,742‌

Otsuka

Holdings

(JPY) 

26,000‌

849‌

Reata

Pharmaceuticals,

Class

A (4)

1,804‌

43‌

Roche

Holding

(CHF) 

10,947‌

3,528‌

Sanofi

(EUR) 

33,538‌

2,742‌

Sanofi,

ADR 

28,485‌

1,169‌

Zoetis 

8,698‌

1,361‌

34,151‌

Total

Health

Care

119,561‌

INDUSTRIALS

&

BUSINESS

SERVICES

2.7%

Aerospace

&

Defense

0.3%

Cadre

Holdings 

4,801‌

122‌

L3Harris

Technologies 

16,598‌

3,788‌

Northrop

Grumman 

4,580‌

2,189‌

Parsons (4)

9,580‌

396‌

Safran

(EUR) 

8,568‌

874‌

7,369‌

Airlines

0.0%

Allegiant

Travel (4)

3,056‌

295‌

295‌

Building

Products

0.0%

CSW

Industrials 

2,281‌

289‌

Gibraltar

Industries (4)

5,683‌

238‌

527‌

Commercial

Services

&

Supplies

0.2%

Brink's 

1,594‌

88‌

Cintas 

880‌

358‌

IAA (4)

5,500‌

205‌

MSA

Safety 

1,659‌

197‌

Rentokil

Initial

(GBP) 

58,510‌

353‌

Republic

Services 

11,211‌

1,600‌

Stericycle (4)

7,939‌

398‌

Tetra

Tech 

1,586‌

216‌

3,415‌

Construction

&

Engineering

0.0%

WillScot

Mobile

Mini

Holdings (4)

3,500‌

140‌

140‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

16

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Electrical

Equipment

0.5%

ABB

(CHF) 

56,174‌

1,548‌

AZZ 

9,682‌

413‌

Eaton 

21,013‌

2,871‌

Hubbell 

10,469‌

2,160‌

Legrand

(EUR) 

14,930‌

1,080‌

Mitsubishi

Electric

(JPY) 

136,700‌

1,382‌

Prysmian

(EUR) 

35,772‌

1,098‌

Shoals

Technologies

Group,

Class

A (4)

8,820‌

233‌

Thermon

Group

Holdings (4)

4,344‌

76‌

10,861‌

Industrial

Conglomerates

0.7%

DCC

(GBP) 

11,084‌

638‌

General

Electric 

59,799‌

4,392‌

Honeywell

International 

16,954‌

3,210‌

Melrose

Industries

(GBP) 

610,929‌

964‌

Roper

Technologies 

3,057‌

1,231‌

Siemens

(EUR) 

47,319‌

4,793‌

15,228‌

Machinery

0.3%

Enerpac

Tool

Group 

18,908‌

367‌

ESCO

Technologies 

5,961‌

485‌

Federal

Signal 

9,473‌

378‌

Graco 

6,280‌

401‌

Helios

Technologies 

4,945‌

270‌

Ingersoll

Rand 

39,122‌

1,853‌

John

Bean

Technologies 

4,689‌

484‌

KION

Group

(EUR) 

17,264‌

690‌

Marel

(ISK) 

20,359‌

73‌

Mueller

Water

Products,

Class

A 

22,923‌

259‌

RBC

Bearings (4)

1,494‌

360‌

SMC

(JPY) 

1,000‌

474‌

SPX

Technologies (4)

7,687‌

439‌

THK

(JPY) 

20,500‌

416‌

Toro 

3,280‌

272‌

7,221‌

Professional

Services

0.2%

Booz

Allen

Hamilton

Holding 

4,182‌

400‌

Checkr,

Acquisition

Date:

6/29/18

-

12/2/19,

Cost $36 (4)(6)(8)

4,755‌

64‌

Clarivate (4)

28,657‌

334‌

Huron

Consulting

Group (4)

2,905‌

194‌

Legalzoom.com (4)

8,632‌

89‌

Recruit

Holdings

(JPY) 

35,000‌

1,113‌

TechnoPro

Holdings

(JPY) 

40,100‌

902‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

17

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Teleperformance

(EUR) 

3,480‌

991‌

TransUnion 

5,139‌

380‌

Upwork (4)

9,760‌

170‌

4,637‌

Road

&

Rail

0.3%

Central

Japan

Railway

(JPY) 

5,800‌

683‌

CSX 

122,965‌

3,892‌

Landstar

System 

1,653‌

242‌

Norfolk

Southern 

5,042‌

1,226‌

Saia (4)

2,124‌

439‌

Union

Pacific 

4,250‌

954‌

7,436‌

Trading

Companies

&

Distributors

0.2%

Air

Lease 

6,622‌

241‌

Ashtead

Group

(GBP) 

23,770‌

1,168‌

Bunzl

(GBP) 

19,609‌

650‌

Mitsubishi

(JPY) (7)

30,400‌

995‌

Rush

Enterprises,

Class

A 

5,147‌

242‌

SiteOne

Landscape

Supply (4)

4,295‌

538‌

Sumitomo

(JPY) 

66,300‌

933‌

4,767‌

Total

Industrials

&

Business

Services

61,896‌

INFORMATION

TECHNOLOGY

6.9%

Communications

Equipment

0.2%

Infinera (4)

4,175‌

23‌

LM

Ericsson,

Class

B

(SEK) 

197,190‌

1,475‌

Motorola

Solutions 

9,450‌

2,300‌

3,798‌

Electronic

Equipment,

Instruments

&

Components

0.3%

Corning 

13,485‌

463‌

CTS 

11,138‌

471‌

Hamamatsu

Photonics

(JPY) 

18,400‌

780‌

Largan

Precision

(TWD) 

5,000‌

318‌

Littelfuse 

1,780‌

422‌

Murata

Manufacturing

(JPY) 

21,000‌

1,131‌

Novanta (4)

3,893‌

521‌

Omron

(JPY) 

9,100‌

479‌

PAR

Technology (4)

9,093‌

320‌

TE

Connectivity 

6,025‌

761‌

Teledyne

Technologies (4)

2,086‌

768‌

6,434‌

IT

Services

1.1%

Accenture,

Class

A 

69‌

20‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

18

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Adyen

(EUR) (4)

474‌

731‌

Affirm

Holdings (4)

10,601‌

248‌

Amadeus

IT

Group

(EUR) (4)

12,287‌

649‌

ANT

International,

Class

C,

Acquisition

Date:

6/7/18,

Cost $481 (4)

(6)(8)

126,309‌

249‌

Block (4)

12,004‌

827‌

Fiserv (4)

26,961‌

2,728‌

Mastercard,

Class

A 

16,387‌

5,315‌

MongoDB (4)

4,178‌

1,349‌

NTT

Data

(JPY) 

122,300‌

1,721‌

Payoneer

Global (4)

49,049‌

325‌

PayPal

Holdings (4)

7,571‌

707‌

Repay

Holdings (4)

6,436‌

60‌

ServiceTitan,

Acquisition

Date:

11/9/18

-

5/4/21,

Cost $9 (4)(6)(8)

204‌

14‌

Shopify,

Class

A (4)

25,610‌

811‌

Snowflake,

Class

A (4)

3,209‌

581‌

SS&C

Technologies

Holdings 

9,344‌

521‌

Themis

Solutions,

Acquisition

Date:

4/14/21,

Cost $22 (4)(6)(8)

960‌

20‌

Toast,

Class

A (4)

28,119‌

532‌

Visa,

Class

A 

34,769‌

6,909‌

24,317‌

Semiconductors

&

Semiconductor

Equipment

1.6%

Advanced

Micro

Devices (4)

26,745‌

2,270‌

Analog

Devices 

2,337‌

354‌

ASML

Holding

(EUR) 

4,975‌

2,428‌

ASML

Holding 

4,260‌

2,087‌

Broadcom 

7,235‌

3,611‌

Entegris 

8,183‌

776‌

KLA 

9,838‌

3,386‌

Lattice

Semiconductor (4)

18,371‌

990‌

Marvell

Technology 

17,477‌

818‌

Monolithic

Power

Systems 

2,439‌

1,105‌

NVIDIA 

36,011‌

5,436‌

NXP

Semiconductors 

9,753‌

1,605‌

QUALCOMM 

19,065‌

2,522‌

Renesas

Electronics

(JPY) (4)

54,100‌

512‌

Semtech (4)

411‌

19‌

Taiwan

Semiconductor

Manufacturing

(TWD) 

220,719‌

3,613‌

Taiwan

Semiconductor

Manufacturing,

ADR 

9,295‌

775‌

Texas

Instruments 

7,461‌

1,233‌

Tokyo

Electron

(JPY) (7)

3,200‌

1,004‌

34,544‌

Software

2.6%

Amplitude,

Class

A (4)

7,897‌

120‌

Atlassian,

Class

A (4)

6,145‌

1,522‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

19

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Bill.com

Holdings (4)

8,424‌

1,364‌

Blackline (4)

3,542‌

241‌

Canva,

Acquisition

Date:

8/16/21

-

12/17/21,

Cost $283 (4)(6)(8)

166‌

159‌

Ceridian

HCM

Holding (4)

913‌

54‌

Clearwater

Analytics

Holdings,

Class

A (4)

4,381‌

67‌

Confluent,

Class

A (4)

10,588‌

290‌

Coupa

Software (4)

2,277‌

133‌

Crowdstrike

Holdings,

Class

A (4)

1,619‌

296‌

Datadog,

Class

A (4)

5,198‌

546‌

Descartes

Systems

Group (4)

11,695‌

823‌

DoubleVerify

Holdings (4)

16,168‌

418‌

Five9 (4)

1,435‌

141‌

Fortinet (4)

12,615‌

614‌

Gusto,

Acquisition

Date:

10/4/21,

Cost $90 (4)(6)(8)

3,136‌

90‌

HashiCorp,

Class

A (4)

2,804‌

99‌

Intuit 

9,552‌

4,124‌

Manhattan

Associates (4)

2,890‌

408‌

Microsoft (5)

127,471‌

33,330‌

nCino (4)

9,458‌

298‌

Paycom

Software (4)

1,211‌

425‌

Paycor

HCM (4)

12,831‌

380‌

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $2 (4)(6)(8)

1,715‌

2‌

Plex

Systems,

EC,

Acquisition

Date:

9/7/21,

Cost $— (4)(6)(8)

245‌

—‌

Salesforce (4)

3,444‌

538‌

SAP

(EUR) 

16,553‌

1,410‌

ServiceNow (4)

11,493‌

4,995‌

Socure,

Acquisition

Date:

12/22/21,

Cost $16 (4)(6)(8)

1,018‌

12‌

Synopsys (4)

9,018‌

3,120‌

Workiva (4)

5,080‌

345‌

56,364‌

Technology

Hardware,

Storage

&

Peripherals

1.1%

Apple (5)

143,214‌

22,516‌

Samsung

Electronics

(KRW) 

45,545‌

2,018‌

24,534‌

Total

Information

Technology

149,991‌

MATERIALS

1.0%

Chemicals

0.6%

Air

Liquide

(EUR) 

9,329‌

1,169‌

Akzo

Nobel

(EUR) 

13,859‌

873‌

Asahi

Kasei

(JPY) 

107,500‌

785‌

BASF

(EUR) 

17,699‌

749‌

Covestro

(EUR) 

18,080‌

545‌

Element

Solutions 

41,082‌

767‌

International

Flavors

&

Fragrances 

4,423‌

489‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

20

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Johnson

Matthey

(GBP) 

36,128‌

843‌

Linde 

3,741‌

1,058‌

Minerals

Technologies 

1,870‌

109‌

Nutrien 

35,963‌

3,300‌

Quaker

Chemical 

2,365‌

412‌

Sherwin-Williams 

3,864‌

897‌

Tosoh

(JPY) 

8,400‌

109‌

Umicore

(EUR) (7)

17,675‌

562‌

12,667‌

Containers

&

Packaging

0.0%

Amcor,

CDI

(AUD) 

55,792‌

676‌

Ranpak

Holdings (4)

5,539‌

29‌

705‌

Metals

&

Mining

0.3%

Antofagasta

(GBP) 

64,131‌

816‌

BHP

Group

(AUD) 

17,896‌

488‌

BHP

Group

(GBP) (7)

47,858‌

1,307‌

Constellium (4)

29,763‌

397‌

ERO

Copper

(CAD) (4)

9,210‌

87‌

Franco-Nevada

(CAD) 

626‌

75‌

Haynes

International 

6,056‌

240‌

IGO

(AUD) 

259,663‌

2,324‌

Rio

Tinto

(AUD) 

5,990‌

381‌

South32

(AUD) 

298,949‌

823‌

6,938‌

Paper

&

Forest

Products

0.1%

Stora

Enso,

Class

R

(EUR) 

66,688‌

993‌

West

Fraser

Timber

(CAD) 

2,336‌

209‌

1,202‌

Total

Materials

21,512‌

MISCELLANEOUS

0.0%

Miscellaneous

0.0%

Fresh

Market,

EC (4)(8)

3,700‌

—‌

Total

Miscellaneous

—‌

REAL

ESTATE

0.6%

Equity

Real

Estate

Investment

Trusts

0.5%

AvalonBay

Communities,

REIT 

4,057‌

815‌

Community

Healthcare

Trust,

REIT 

4,276‌

158‌

CubeSmart,

REIT 

11,307‌

521‌

EastGroup

Properties,

REIT 

5,570‌

919‌

Equity

Residential,

REIT 

9,005‌

659‌

First

Industrial

Realty

Trust,

REIT 

4,628‌

234‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

21

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Flagship

Communities

REIT (7)

3,683‌

60‌

Great

Portland

Estates

(GBP) 

90,872‌

524‌

Host

Hotels

&

Resorts,

REIT 

41,801‌

743‌

Prologis,

REIT 

25,964‌

3,233‌

Rexford

Industrial

Realty,

REIT 

9,146‌

569‌

Scentre

Group

(AUD) 

395,913‌

787‌

Terreno

Realty,

REIT 

3,209‌

196‌

Weyerhaeuser,

REIT 

14,395‌

492‌

9,910‌

Real

Estate

Management

&

Development

0.1%

Altus

Group

(CAD) 

2,383‌

93‌

DigitalBridge

Group (4)

9,707‌

173‌

FirstService 

6,567‌

821‌

Mitsui

Fudosan

(JPY) 

73,000‌

1,478‌

Opendoor

Technologies,

Class

A (4)

49,627‌

215‌

Tricon

Residential 

24,242‌

253‌

3,033‌

Total

Real

Estate

12,943‌

UTILITIES

1.6%

Electric

Utilities

0.7%

American

Electric

Power 

28,004‌

2,806‌

Duke

Energy 

8,372‌

895‌

Exelon 

18,179‌

798‌

IDACORP 

4,811‌

526‌

MGE

Energy 

2,252‌

173‌

Southern 

115,075‌

8,869‌

Xcel

Energy 

21,214‌

1,575‌

15,642‌

Gas

Utilities

0.1%

Beijing

Enterprises

Holdings

(HKD) 

103,000‌

307‌

Chesapeake

Utilities 

4,135‌

522‌

ONE

Gas 

3,176‌

249‌

Southwest

Gas

Holdings 

8,225‌

640‌

1,718‌

Independent

Power

&

Renewable

Electricity

Producers

0.0%

Electric

Power

Development

(JPY) 

37,800‌

582‌

NextEra

Energy

Partners 

4,325‌

355‌

937‌

Multi-Utilities

0.8%

Ameren 

13,756‌

1,274‌

Dominion

Energy 

73,610‌

6,021‌

DTE

Energy 

7,241‌

944‌

Engie

(EUR) 

145,222‌

1,725‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

22

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

National

Grid

(GBP) 

100,914‌

1,256‌

NiSource 

27,643‌

816‌

Sempra

Energy 

25,416‌

4,193‌

WEC

Energy

Group 

2,319‌

239‌

16,468‌

Water

Utilities

0.0%

California

Water

Service

Group 

4,489‌

263‌

SJW

Group 

4,761‌

306‌

569‌

Total

Utilities

35,334‌

Total

Miscellaneous

Common

Stocks

 0.0% (9)

516‌

Total

Common

Stocks

(Cost

$483,268)

703,432‌

CONVERTIBLE

PREFERRED

STOCKS

0.2%

CONSUMER

DISCRETIONARY

0.1%

Hotels,

Restaurants

&

Leisure

0.1%

Cava

Group,

Series

E,

Acquisition

Date:

6/23/20

-

3/26/21,

Cost $157 (4)(6)(8)

6,334‌

370‌

Cava

Group,

Series

F,

Acquisition

Date:

3/26/21,

Cost $104 (4)(6)

(8)

2,763‌

162‌

532‌

Internet

&

Direct

Marketing

Retail

0.0%

1661,

Series

F,

Acquisition

Date:

5/28/21,

Cost $85 (4)(6)(8)

14,624‌

59‌

59‌

Total

Consumer

Discretionary

591‌

CONSUMER

STAPLES

0.0%

Food

Products

0.0%

Farmers

Business

Network,

Series

D,

Acquisition

Date:

11/3/17,

Cost $100 (4)(6)(8)

5,409‌

336‌

Total

Consumer

Staples

336‌

FINANCIALS

0.0%

Banks

0.0%

CRB

Group,

Acquisition

Date:

1/28/22,

Cost $73 (4)(6)(8)

699‌

73‌

Total

Financials

73‌

HEALTH

CARE

0.0%

Biotechnology

0.0%

Caris

Life

Sciences,

Series

C,

Acquisition

Date:

8/14/20,

Cost $41 (4)(6)(8)

14,745‌

97‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

23

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Caris

Life

Sciences,

Series

D,

Acquisition

Date:

5/11/21,

Cost $63 (4)(6)(8)

7,833‌

52‌

149‌

Health

Care

Equipment

&

Supplies

0.0%

Kardium,

Series

D-6,

Acquisition

Date:

1/8/21,

Cost $45 (4)(6)(8)

44,249‌

45‌

45‌

Health

Care

Providers

&

Services

0.0%

Honor

Technology,

Series

D,

Acquisition

Date:

10/16/20,

Cost $84 (4)(6)(8)

34,928‌

101‌

101‌

Life

Sciences

Tools

&

Services

0.0%

Cleerly,

Series

C,

Acquisition

Date:

7/8/22,

Cost $41 (4)(6)(8)

3,497‌

41‌

Inscripta,

Series

E,

Acquisition

Date:

3/30/21,

Cost $46 (4)(6)(8)

5,249‌

29‌

National

Resilience,

Series

B,

Acquisition

Date:

10/23/20,

Cost $61 (4)(6)(8)

4,451‌

271‌

National

Resilience,

Series

C,

Acquisition

Date:

6/9/21,

Cost $92 (4)(6)(8)

2,075‌

126‌

467‌

Total

Health

Care

762‌

INDUSTRIALS

&

BUSINESS

SERVICES

0.0%

Aerospace

&

Defense

0.0%

ABL

Space

Systems,

Series

B,

Acquisition

Date:

3/24/21,

Cost $47 (4)(6)(8)

1,042‌

71‌

Epirus,

Series

C-2,

Acquisition

Date:

1/28/22,

Cost $93 (4)(6)(8)

16,618‌

93‌

164‌

Air

Freight

&

Logistics

0.0%

FLEXE,

Series

C,

Acquisition

Date:

11/18/20,

Cost $44 (4)(6)(8)

3,599‌

73‌

FLEXE,

Series

D,

Acquisition

Date:

4/7/22,

Cost $24 (4)(6)(8)

1,206‌

25‌

98‌

Electrical

Equipment

0.0%

CELLINK,

Series

D,

Acquisition

Date:

1/20/22,

Cost $46 (4)(6)(8)

2,189‌

46‌

46‌

Professional

Services

0.0%

Checkr,

Series

C,

Acquisition

Date:

4/10/18,

Cost $32 (4)(6)(8)

6,984‌

94‌

Checkr,

Series

D,

Acquisition

Date:

9/6/19,

Cost $99 (4)(6)(8)

9,798‌

132‌

226‌

Road

&

Rail

0.0%

Convoy,

Series

C,

Acquisition

Date:

9/14/18,

Cost $68 (4)(6)(8)

9,621‌

159‌

Convoy,

Series

D,

Acquisition

Date:

10/30/19,

Cost $85 (4)(6)(8)

6,236‌

103‌

262‌

Total

Industrials

&

Business

Services

796‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

24

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

INFORMATION

TECHNOLOGY

0.1%

IT

Services

0.0%

Haul

Hub,

Series

B,

Acquisition

Date:

2/14/20

-

3/3/21,

Cost $36 (4)(6)(8)

2,473‌

47‌

Haul

Hub,

Series

C,

Acquisition

Date:

4/14/22,

Cost $15 (4)(6)(8)

777‌

15‌

ServiceTitan,

Series

A-1,

Acquisition

Date:

11/9/18,

Cost $— (4)

(6)(8)

3‌

—‌

ServiceTitan,

Series

D,

Acquisition

Date:

11/9/18,

Cost $40 (4)(6)

(8)

1,534‌

106‌

ServiceTitan,

Series

F,

Acquisition

Date:

3/25/21,

Cost $8 (4)(6)(8)

75‌

5‌

Themis

Solutions,

Series

AA,

Acquisition

Date:

4/14/21,

Cost $5 (4)(6)(8)

220‌

5‌

Themis

Solutions,

Series

AB,

Acquisition

Date:

4/14/21,

Cost $— (4)(6)(8)

20‌

—‌

Themis

Solutions,

Series

B,

Acquisition

Date:

4/14/21,

Cost $1 (4)

(6)(8)

20‌

—‌

Themis

Solutions,

Series

E,

Acquisition

Date:

4/14/21,

Cost $61 (4)(6)(8)

2,730‌

55‌

233‌

Software

0.1%

Canva,

Series

A,

Acquisition

Date:

11/4/21

-

12/17/21,

Cost $17 (4)(6)(8)

10‌

10‌

Databricks,

Series

G,

Acquisition

Date:

2/1/21,

Cost $94 (4)(6)(8)

1,581‌

87‌

Databricks,

Series

H,

Acquisition

Date:

8/31/21,

Cost $261 (4)(6)

(8)

3,552‌

196‌

Gusto,

Series

E,

Acquisition

Date:

7/13/21,

Cost $132 (4)(6)(8)

4,351‌

132‌

Nuro,

Series

C,

Acquisition

Date:

10/30/20

-

3/2/21,

Cost $102 (4)

(6)(8)

7,799‌

163‌

Nuro,

Series

D,

Acquisition

Date:

10/29/21,

Cost $44 (4)(6)(8)

2,102‌

44‌

SecurityScorecard,

Series

E,

Acquisition

Date:

3/5/21,

Cost $43 (4)(6)(8)

8,514‌

42‌

Seismic

Software,

Series

E,

Acquisition

Date:

12/13/18,

Cost $58 (4)(6)(8)

9,270‌

96‌

Seismic

Software,

Series

F,

Acquisition

Date:

9/25/20,

Cost $6 (4)

(6)(8)

705‌

7‌

Socure,

Series

A,

Acquisition

Date:

12/22/21,

Cost $20 (4)(6)(8)

1,237‌

15‌

Socure,

Series

A-1,

Acquisition

Date:

12/22/21,

Cost $16 (4)(6)(8)

1,015‌

12‌

Socure,

Series

B,

Acquisition

Date:

12/22/21,

Cost $— (4)(6)(8)

18‌

—‌

Socure,

Series

E,

Acquisition

Date:

10/27/21,

Cost $38 (4)(6)(8)

2,353‌

29‌

833‌

Total

Information

Technology

1,066‌

MATERIALS

0.0%

Chemicals

0.0%

Redwood

Materials,

Series

C,

Acquisition

Date:

5/28/21,

Cost $56 (4)(6)(8)

1,182‌

62‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

25

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sila

Nano,

Series

F,

Acquisition

Date:

1/7/21,

Cost $79 (4)(6)(8)

1,910‌

59‌

121‌

Metals

&

Mining

0.0%

Kobold

Metals,

Series

B-1,

Acquisition

Date:

1/10/22,

Cost $48 (4)

(6)(8)

1,739‌

48‌

48‌

Total

Materials

169‌

UTILITIES

0.0%

Independent

Power

&

Renewable

Electricity

Producer

0.0%

AES,

6.875%,

2/15/24 

2,724‌

266‌

Total

Utilities

266‌

Total

Convertible

Preferred

Stocks

(Cost

$2,982)

4,059‌

CORPORATE

BONDS

5.7%

AbbVie,

2.95%,

11/21/26 

400,000‌

377‌

AbbVie,

3.20%,

11/21/29 

905,000‌

825‌

AbbVie,

4.05%,

11/21/39 

260,000‌

228‌

AbbVie,

4.25%,

11/21/49 

380,000‌

335‌

AbbVie,

4.70%,

5/14/45 

600,000‌

559‌

AbbVie,

4.875%,

11/14/48 

650,000‌

631‌

AerCap

Ireland

Capital,

2.45%,

10/29/26 

460,000‌

406‌

AerCap

Ireland

Capital,

3.00%,

10/29/28 

230,000‌

195‌

AerCap

Ireland

Capital,

3.30%,

1/30/32 

185,000‌

149‌

AerCap

Ireland

Capital,

3.50%,

1/15/25 

150,000‌

144‌

AerCap

Ireland

Capital,

4.875%,

1/16/24 

355,000‌

353‌

AerCap

Ireland

Capital,

6.50%,

7/15/25 

150,000‌

154‌

AIA

Group,

3.90%,

4/6/28 (1)

765,000‌

743‌

Aker

BP,

2.875%,

1/15/26 (1)

150,000‌

140‌

Alexandria

Real

Estate

Equities,

3.375%,

8/15/31 

475,000‌

422‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/27 

455,000‌

445‌

Alexandria

Real

Estate

Equities,

3.95%,

1/15/28 

655,000‌

630‌

Alexandria

Real

Estate

Equities,

4.70%,

7/1/30 

105,000‌

103‌

Ally

Financial,

4.75%,

6/9/27 

1,060,000‌

1,037‌

Alphabet,

2.05%,

8/15/50 

585,000‌

385‌

Anglo

American

Capital,

4.125%,

9/27/22 (1)

465,000‌

465‌

Anheuser-Busch

InBev

Worldwide,

4.50%,

6/1/50 (7)

604,000‌

548‌

Aon,

2.80%,

5/15/30 

145,000‌

126‌

APA

Infrastructure,

4.25%,

7/15/27 (1)

288,000‌

278‌

Apple,

2.40%,

8/20/50 

125,000‌

87‌

Aptiv,

3.10%,

12/1/51 

100,000‌

63‌

Arrow

Electronics,

4.00%,

4/1/25 

510,000‌

499‌

Astrazeneca

Finance,

1.75%,

5/28/28 

370,000‌

327‌

AT&T,

1.65%,

2/1/28 

150,000‌

129‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

26

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

AT&T,

2.30%,

6/1/27 

425,000‌

386‌

AT&T,

4.35%,

3/1/29 

260,000‌

253‌

Ausgrid

Finance,

3.85%,

5/1/23 (1)

285,000‌

284‌

Ausgrid

Finance,

4.35%,

8/1/28 (1)

440,000‌

422‌

AutoZone,

4.75%,

8/1/32 

140,000‌

139‌

Banco

Santander,

3.49%,

5/28/30 

200,000‌

174‌

Banco

Santander,

VR,

1.722%,

9/14/27 (10)

800,000‌

689‌

Bank

of

America,

3.248%,

10/21/27 

2,120,000‌

2,002‌

Bank

of

America,

VR,

1.898%,

7/23/31 (10)

2,225,000‌

1,764‌

Bank

of

America,

VR,

2.496%,

2/13/31 (10)

450,000‌

376‌

Bank

of

America,

VR,

2.592%,

4/29/31 (10)

600,000‌

506‌

Bank

of

America,

VR,

2.972%,

2/4/33 (10)

1,290,000‌

1,088‌

Bank

of

America,

VR,

3.419%,

12/20/28 (10)

175,000‌

162‌

Bank

of

America,

VR,

3.559%,

4/23/27 (10)

1,195,000‌

1,143‌

Bank

of

America,

VR,

4.271%,

7/23/29 (10)

875,000‌

838‌

Barclays,

VR,

2.279%,

11/24/27 (10)

275,000‌

241‌

Barclays,

VR,

2.852%,

5/7/26 (10)

685,000‌

641‌

Barclays,

VR,

3.932%,

5/7/25 (10)

1,010,000‌

988‌

Barclays,

VR,

5.501%,

8/9/28 (10)

225,000‌

222‌

BAT

Capital,

3.557%,

8/15/27 

1,280,000‌

1,174‌

BAT

Capital,

4.742%,

3/16/32 

145,000‌

131‌

BAT

International

Finance,

1.668%,

3/25/26 

175,000‌

156‌

Becton

Dickinson

&

Company,

1.957%,

2/11/31 

695,000‌

568‌

Becton

Dickinson

&

Company,

2.823%,

5/20/30 

250,000‌

221‌

Becton

Dickinson

&

Company,

3.70%,

6/6/27 

1,079,000‌

1,046‌

Becton

Dickinson

&

Company,

3.734%,

12/15/24 

89,000‌

88‌

Becton

Dickinson

&

Company,

3.794%,

5/20/50 

175,000‌

145‌

Becton

Dickinson

&

Company,

4.669%,

6/6/47 

253,000‌

241‌

Berkshire

Hathaway

Finance,

2.50%,

1/15/51 

345,000‌

237‌

BNP

Paribas,

VR,

1.323%,

1/13/27 (1)(10)

780,000‌

684‌

BNP

Paribas,

VR,

2.591%,

1/20/28 (1)(10)

635,000‌

564‌

Boardwalk

Pipelines,

3.40%,

2/15/31 

365,000‌

309‌

Boardwalk

Pipelines,

4.45%,

7/15/27 

175,000‌

168‌

Boardwalk

Pipelines,

4.95%,

12/15/24 

415,000‌

417‌

Boardwalk

Pipelines,

5.95%,

6/1/26 

430,000‌

443‌

Booking

Holdings,

4.625%,

4/13/30 

235,000‌

235‌

Boral

Finance,

3.00%,

11/1/22 (1)

70,000‌

70‌

Boral

Finance,

3.75%,

5/1/28 (1)

238,000‌

220‌

Brixmor

Operating

Partnership,

4.05%,

7/1/30 

360,000‌

320‌

Brixmor

Operating

Partnership,

4.125%,

5/15/29 

940,000‌

865‌

Broadcom,

4.11%,

9/15/28 

140,000‌

133‌

Capital

One

Financial,

3.65%,

5/11/27 

875,000‌

837‌

Capital

One

Financial,

VR,

2.359%,

7/29/32 (10)

1,935,000‌

1,505‌

Capital

One

Financial,

VR,

3.273%,

3/1/30 (10)

245,000‌

215‌

Capital

One

Financial,

VR,

5.247%,

7/26/30 (10)

140,000‌

138‌

Cardinal

Health,

4.50%,

11/15/44 

90,000‌

77‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

27

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Cardinal

Health,

4.90%,

9/15/45 

100,000‌

90‌

Carvana,

10.25%,

5/1/30 (1)

517,000‌

410‌

Celanese

U.S.

Holdings,

6.05%,

3/15/25 

270,000‌

271‌

Celanese

U.S.

Holdings,

6.165%,

7/15/27 

290,000‌

290‌

Centene,

2.625%,

8/1/31 

1,265,000‌

1,015‌

Charles

Schwab,

2.90%,

3/3/32 

150,000‌

132‌

Charter

Communications

Operating,

2.25%,

1/15/29 

305,000‌

251‌

Charter

Communications

Operating,

2.80%,

4/1/31 

86,000‌

69‌

Charter

Communications

Operating,

3.75%,

2/15/28 

1,015,000‌

937‌

Charter

Communications

Operating,

4.20%,

3/15/28 

425,000‌

400‌

Charter

Communications

Operating,

5.125%,

7/1/49 

175,000‌

142‌

Charter

Communications

Operating,

6.484%,

10/23/45 

110,000‌

106‌

Cheniere

Corpus

Christi

Holdings,

3.70%,

11/15/29 

445,000‌

409‌

Cheniere

Corpus

Christi

Holdings,

5.125%,

6/30/27 

135,000‌

135‌

Cheniere

Corpus

Christi

Holdings,

7.00%,

6/30/24 

285,000‌

292‌

Cigna,

3.40%,

3/1/27 

30,000‌

28‌

Citigroup,

VR,

3.057%,

1/25/33 (10)

540,000‌

457‌

Citigroup,

VR,

3.106%,

4/8/26 (10)

500,000‌

480‌

Citigroup,

Series VAR,

VR,

3.07%,

2/24/28 (10)

530,000‌

491‌

CNO

Financial

Group,

5.25%,

5/30/25 

187,000‌

188‌

Comcast,

2.887%,

11/1/51 

455,000‌

320‌

Comcast,

3.25%,

11/1/39 

360,000‌

293‌

Corebridge

Financial,

3.90%,

4/5/32 (1)

145,000‌

130‌

Crown

Castle,

2.10%,

4/1/31 

160,000‌

127‌

Crown

Castle,

2.25%,

1/15/31 

810,000‌

660‌

Crown

Castle,

2.90%,

3/15/27 

125,000‌

116‌

Crown

Castle

International,

4.45%,

2/15/26 

780,000‌

777‌

Crown

Castle

Towers,

3.663%,

5/15/25 (1)

695,000‌

686‌

CSL

Finance,

4.05%,

4/27/29 (1)

250,000‌

243‌

CSL

Finance,

4.25%,

4/27/32 (1)

220,000‌

214‌

CVS

Health,

1.75%,

8/21/30 

1,080,000‌

870‌

CVS

Health,

3.25%,

8/15/29 

140,000‌

128‌

CVS

Health,

4.30%,

3/25/28 

346,000‌

341‌

CVS

Health,

5.05%,

3/25/48 

679,000‌

654‌

Danske

Bank,

3.875%,

9/12/23 (1)

5,000‌

5‌

Danske

Bank,

5.375%,

1/12/24 (1)

320,000‌

322‌

Danske

Bank,

VR,

3.244%,

12/20/25 (1)(10)

685,000‌

651‌

Danske

Bank,

VR,

3.773%,

3/28/25 (1)(10)

330,000‌

321‌

Discover

Financial

Services,

4.10%,

2/9/27 

645,000‌

619‌

Duke

Energy,

4.50%,

8/15/32 

970,000‌

934‌

Ecolab,

4.80%,

3/24/30 

30,000‌

31‌

Edison

International,

4.95%,

4/15/25 

30,000‌

30‌

Eli

Lilly,

2.25%,

5/15/50 

170,000‌

117‌

Energy

Transfer,

2.90%,

5/15/25 

175,000‌

166‌

Energy

Transfer,

4.50%,

4/15/24 

120,000‌

120‌

Energy

Transfer,

5.875%,

1/15/24 

320,000‌

324‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

28

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Energy

Transfer,

6.00%,

6/15/48 

251,000‌

240‌

Energy

Transfer,

6.25%,

4/15/49 

135,000‌

133‌

Eni,

Series X-R,

4.75%,

9/12/28 (1)

595,000‌

588‌

Enterprise

Products

Operating,

2.80%,

1/31/30 

145,000‌

128‌

Equitable

Holdings,

4.35%,

4/20/28 

1,145,000‌

1,124‌

Essex

Portfolio,

3.625%,

5/1/27 

270,000‌

258‌

Extra

Space

Storage,

2.35%,

3/15/32 

660,000‌

519‌

FedEx,

2.40%,

5/15/31 

471,000‌

398‌

Fifth

Third

Bancorp,

VR,

4.772%,

7/28/30 (10)

140,000‌

139‌

Fiserv,

3.50%,

7/1/29 

150,000‌

137‌

General

Motors,

4.20%,

10/1/27 

100,000‌

96‌

General

Motors,

5.60%,

10/15/32 

140,000‌

135‌

General

Motors

Financial,

3.60%,

6/21/30 

480,000‌

416‌

General

Motors

Financial,

4.00%,

10/6/26 

225,000‌

217‌

General

Motors

Financial,

4.30%,

7/13/25 

465,000‌

459‌

General

Motors

Financial,

4.35%,

4/9/25 

489,000‌

483‌

General

Motors

Financial,

5.10%,

1/17/24 

105,000‌

106‌

GLP

Capital,

3.35%,

9/1/24 

120,000‌

114‌

Goldman

Sachs

Group,

3.50%,

11/16/26 

540,000‌

518‌

Goldman

Sachs

Group,

VR,

1.542%,

9/10/27 (10)

515,000‌

453‌

Goldman

Sachs

Group,

VR,

2.615%,

4/22/32 (10)

1,875,000‌

1,539‌

Goldman

Sachs

Group,

VR,

3.615%,

3/15/28 (10)

515,000‌

487‌

Goldman

Sachs

Group,

VR,

4.482%,

8/23/28 (10)

680,000‌

664‌

Gray

Oak

Pipeline,

2.00%,

9/15/23 (1)

45,000‌

44‌

Gray

Oak

Pipeline,

2.60%,

10/15/25 (1)

145,000‌

133‌

Gray

Oak

Pipeline,

3.45%,

10/15/27 (1)

60,000‌

54‌

Hasbro,

3.55%,

11/19/26 

235,000‌

224‌

HCA,

2.375%,

7/15/31 

185,000‌

146‌

HCA,

3.125%,

3/15/27 (1)

220,000‌

203‌

HCA,

3.375%,

3/15/29 (1)

85,000‌

76‌

HCA,

3.50%,

9/1/30 

92,000‌

80‌

HCA,

5.375%,

9/1/26 

120,000‌

121‌

HCA,

5.875%,

2/15/26 

555,000‌

567‌

Healthcare

Realty

Holdings,

2.05%,

3/15/31 

190,000‌

148‌

Healthcare

Realty

Holdings,

3.625%,

1/15/28 

575,000‌

527‌

Highwoods

Realty,

3.05%,

2/15/30 

685,000‌

584‌

Highwoods

Realty,

4.125%,

3/15/28 

570,000‌

537‌

Home

Depot,

2.375%,

3/15/51 

330,000‌

219‌

HSBC

Holdings,

VR,

1.645%,

4/18/26 (10)

205,000‌

187‌

HSBC

Holdings,

VR,

2.099%,

6/4/26 (10)

570,000‌

524‌

HSBC

Holdings,

VR,

2.999%,

3/10/26 (10)

525,000‌

497‌

HSBC

Holdings,

VR,

4.755%,

6/9/28 (10)

905,000‌

872‌

HSBC

Holdings,

VR,

5.21%,

8/11/28 (10)

450,000‌

440‌

Humana,

2.15%,

2/3/32 

160,000‌

130‌

Humana,

3.70%,

3/23/29 

160,000‌

151‌

Humana,

4.875%,

4/1/30 

392,000‌

395‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

29

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Hyundai

Capital

America,

1.80%,

10/15/25 (1)

250,000‌

227‌

Hyundai

Capital

America,

2.10%,

9/15/28 (1)

405,000‌

336‌

ING

Groep,

VR,

1.726%,

4/1/27 (10)

225,000‌

200‌

ING

Groep,

VR,

3.869%,

3/28/26 (10)

220,000‌

214‌

Intercontinental

Exchange,

4.60%,

3/15/33 

125,000‌

124‌

Jackson

Financial,

5.17%,

6/8/27 

445,000‌

440‌

JPMorgan

Chase,

VR,

1.578%,

4/22/27 (10)

1,045,000‌

931‌

JPMorgan

Chase,

VR,

1.953%,

2/4/32 (10)

1,045,000‌

827‌

JPMorgan

Chase,

VR,

2.182%,

6/1/28 (10)

680,000‌

604‌

JPMorgan

Chase,

VR,

2.522%,

4/22/31 (10)

1,250,000‌

1,058‌

JPMorgan

Chase,

VR,

2.739%,

10/15/30 (10)

415,000‌

360‌

JPMorgan

Chase,

VR,

2.947%,

2/24/28 (10)

525,000‌

485‌

JPMorgan

Chase,

VR,

2.956%,

5/13/31 (10)

1,695,000‌

1,452‌

JPMorgan

Chase,

VR,

3.54%,

5/1/28 (10)

275,000‌

259‌

Kookmin

Bank,

4.50%,

2/1/29 

650,000‌

635‌

Las

Vegas

Sands,

3.50%,

8/18/26 

210,000‌

188‌

Lowe's,

3.35%,

4/1/27 

45,000‌

43‌

Lowe's,

3.75%,

4/1/32 

325,000‌

300‌

LSEGA

Financing,

2.00%,

4/6/28 (1)

1,325,000‌

1,156‌

LSEGA

Financing,

2.50%,

4/6/31 (1)

375,000‌

323‌

LSEGA

Financing,

3.20%,

4/6/41 (1)

200,000‌

159‌

Magallanes,

3.755%,

3/15/27 (1)

690,000‌

645‌

Magallanes,

4.054%,

3/15/29 (1)

240,000‌

219‌

Magallanes,

4.279%,

3/15/32 (1)

150,000‌

130‌

Marriott

International,

Series HH,

2.85%,

4/15/31 

160,000‌

133‌

Marsh

&

McLennan,

2.25%,

11/15/30 

185,000‌

158‌

Martin

Marietta

Materials,

2.40%,

7/15/31 

160,000‌

132‌

Micron

Technology,

4.185%,

2/15/27 

145,000‌

142‌

Micron

Technology,

5.327%,

2/6/29 

226,000‌

224‌

Mileage

Plus

Holdings,

6.50%,

6/20/27 (1)

485,000‌

486‌

Mondelez

International,

3.00%,

3/17/32 

150,000‌

132‌

Morgan

Stanley,

3.625%,

1/20/27 

770,000‌

750‌

Morgan

Stanley,

VR,

1.593%,

5/4/27 (10)

1,240,000‌

1,103‌

Morgan

Stanley,

VR,

2.802%,

1/25/52 (10)

290,000‌

198‌

Morgan

Stanley,

VR,

2.943%,

1/21/33 (10)

225,000‌

192‌

Morgan

Stanley,

VR,

3.217%,

4/22/42 (10)

145,000‌

113‌

Morgan

Stanley,

VR,

4.431%,

1/23/30 (10)

185,000‌

180‌

Morgan

Stanley,

VR,

4.679%,

7/17/26 (10)

220,000‌

220‌

MPLX,

4.95%,

9/1/32 

535,000‌

520‌

Netflix,

4.625%,

5/15/29

(EUR) 

655,000‌

646‌

NextEra

Energy

Capital

Holdings,

2.44%,

1/15/32 

535,000‌

445‌

NextEra

Energy

Capital

Holdings,

3.00%,

1/15/52 

495,000‌

354‌

NextEra

Energy

Capital

Holdings,

5.00%,

7/15/32 

130,000‌

132‌

NRG

Energy,

4.45%,

6/15/29 (1)

260,000‌

235‌

NTT

Finance,

1.591%,

4/3/28 (1)

625,000‌

540‌

NTT

Finance,

2.065%,

4/3/31 (1)

200,000‌

168‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

30

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Nucor,

3.125%,

4/1/32 

155,000‌

136‌

NXP,

2.70%,

5/1/25 

50,000‌

48‌

NXP,

3.15%,

5/1/27 

95,000‌

88‌

NXP,

5.35%,

3/1/26 

205,000‌

208‌

Oracle,

2.30%,

3/25/28 

305,000‌

265‌

O'Reilly

Automotive,

4.70%,

6/15/32 

140,000‌

139‌

Pacific

Gas

&

Electric,

2.10%,

8/1/27 

220,000‌

186‌

Pacific

Gas

&

Electric,

2.50%,

2/1/31 

445,000‌

340‌

Pacific

Gas

&

Electric,

4.55%,

7/1/30 

400,000‌

355‌

Pacific

Gas

&

Electric,

5.90%,

6/15/32 

150,000‌

144‌

Parker-Hannifin,

4.25%,

9/15/27 

250,000‌

248‌

Parker-Hannifin,

4.50%,

9/15/29 

170,000‌

167‌

PerkinElmer,

1.90%,

9/15/28 

350,000‌

296‌

PerkinElmer,

2.25%,

9/15/31 

190,000‌

152‌

PerkinElmer,

3.30%,

9/15/29 

195,000‌

174‌

Perrigo

Finance

Unlimited,

4.375%,

3/15/26 

255,000‌

241‌

Perrigo

Finance

Unlimited,

4.40%,

6/15/30 

675,000‌

584‌

PNC

Financial

Services

Group,

2.55%,

1/22/30 

150,000‌

131‌

PNC

Financial

Services

Group,

VR,

4.626%,

6/6/33 (10)

300,000‌

284‌

Realty

Income,

3.95%,

8/15/27 

329,000‌

321‌

Reynolds

American,

4.45%,

6/12/25 

710,000‌

702‌

Rogers

Communications,

3.20%,

3/15/27 (1)

175,000‌

166‌

Rogers

Communications,

3.80%,

3/15/32 (1)

275,000‌

250‌

Rogers

Communications,

4.55%,

3/15/52 (1)

135,000‌

118‌

Ross

Stores,

1.875%,

4/15/31 

480,000‌

382‌

Sabine

Pass

Liquefaction,

4.50%,

5/15/30 

95,000‌

91‌

Sabine

Pass

Liquefaction,

5.00%,

3/15/27 

1,105,000‌

1,104‌

Sabine

Pass

Liquefaction,

5.75%,

5/15/24 

200,000‌

203‌

Sabine

Pass

Liquefaction,

5.875%,

6/30/26 

629,000‌

648‌

Santander

Holdings

USA,

VR,

2.49%,

1/6/28 (10)

325,000‌

282‌

Santander

UK

Group

Holdings,

VR,

1.532%,

8/21/26 (10)

1,205,000‌

1,079‌

SBA

Tower

Trust,

1.84%,

4/15/27 (1)

560,000‌

487‌

SBA

Tower

Trust,

2.328%,

1/15/28 (1)

150,000‌

131‌

SBA

Tower

Trust,

2.593%,

10/15/31 (1)

455,000‌

374‌

Sempra

Energy,

3.70%,

4/1/29 

135,000‌

126‌

Sherwin-Williams,

2.95%,

8/15/29 

540,000‌

484‌

SMBC

Aviation

Capital

Finance,

3.55%,

4/15/24 (1)

520,000‌

505‌

Southern

California

Edison,

Series D,

4.70%,

6/1/27 

315,000‌

316‌

Standard

Chartered,

VR,

1.456%,

1/14/27 (1)(10)

275,000‌

241‌

Standard

Chartered,

VR,

2.608%,

1/12/28 (1)(10)

1,185,000‌

1,049‌

Standard

Chartered,

VR,

2.819%,

1/30/26 (1)(10)

200,000‌

188‌

Standard

Chartered,

VR,

3.971%,

3/30/26 (1)(10)

270,000‌

261‌

Standard

Chartered,

VR,

4.644%,

4/1/31 (1)(10)

450,000‌

424‌

Starbucks,

3.00%,

2/14/32 

150,000‌

132‌

T-Mobile

USA,

2.05%,

2/15/28 

540,000‌

468‌

T-Mobile

USA,

2.70%,

3/15/32 

150,000‌

125‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

31

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

T-Mobile

USA,

3.75%,

4/15/27 

2,140,000‌

2,044‌

Targa

Resources,

4.95%,

4/15/52 

38,000‌

33‌

Targa

Resources

Partners,

5.50%,

3/1/30 

600,000‌

583‌

Targa

Resources

Partners,

6.875%,

1/15/29 

165,000‌

169‌

Toronto-Dominion

Bank,

4.456%,

6/8/32 

125,000‌

123‌

Transcontinental

Gas

Pipe

Line,

3.25%,

5/15/30 

100,000‌

89‌

Transcontinental

Gas

Pipe

Line,

4.00%,

3/15/28 

430,000‌

413‌

Transcontinental

Gas

Pipe

Line,

4.60%,

3/15/48 

50,000‌

46‌

Transurban

Finance,

2.45%,

3/16/31 (1)

270,000‌

220‌

Transurban

Finance,

3.375%,

3/22/27 (1)

145,000‌

137‌

Truist

Financial,

VR,

4.123%,

6/6/28 (10)

490,000‌

481‌

UBS

Group,

VR,

2.746%,

2/11/33 (1)(10)

249,000‌

200‌

UBS

Group,

VR,

4.751%,

5/12/28 (1)(10)

200,000‌

196‌

United

Airlines

PTT,

Series 2019-2,

Class

A,

2.90%,

5/1/28 

140,195‌

117‌

United

Airlines

PTT,

Series 2019-2,

Class

AA,

2.70%,

5/1/32 

91,005‌

77‌

UnitedHealth

Group,

2.00%,

5/15/30 

1,235,000‌

1,056‌

Utah

Acquisition

Sub,

3.95%,

6/15/26 

705,000‌

662‌

Verizon

Communications,

2.10%,

3/22/28 

315,000‌

278‌

Verizon

Communications,

2.355%,

3/15/32 

742,000‌

605‌

Verizon

Communications,

2.55%,

3/21/31 

890,000‌

748‌

Verizon

Communications,

2.65%,

11/20/40 

440,000‌

316‌

Verizon

Communications,

2.875%,

11/20/50 

495,000‌

339‌

Verizon

Communications,

2.987%,

10/30/56 

296,000‌

199‌

Verizon

Communications,

4.862%,

8/21/46 

100,000‌

97‌

Visa,

2.00%,

8/15/50 

570,000‌

373‌

Vistra

Operations,

3.55%,

7/15/24 (1)

870,000‌

837‌

Vistra

Operations,

5.125%,

5/13/25 (1)

465,000‌

463‌

Vodafone

Group,

4.375%,

5/30/28 

255,000‌

251‌

Vodafone

Group,

4.875%,

6/19/49 

99,000‌

88‌

Vodafone

Group,

5.25%,

5/30/48 

255,000‌

238‌

Volkswagen

Bank,

2.50%,

7/31/26

(EUR) 

400,000‌

385‌

Volkswagen

Group

of

America

Finance,

1.625%,

11/24/27 (1)

200,000‌

170‌

Volkswagen

Group

of

America

Finance,

3.20%,

9/26/26 (1)

970,000‌

923‌

Volkswagen

Group

of

America

Finance,

4.60%,

6/8/29 (1)

200,000‌

193‌

Waste

Connections,

4.20%,

1/15/33 

255,000‌

245‌

Wells

Fargo,

4.30%,

7/22/27 

370,000‌

364‌

Wells

Fargo,

VR,

2.393%,

6/2/28 (10)

2,740,000‌

2,448‌

Wells

Fargo,

VR,

2.572%,

2/11/31 (10)

2,800,000‌

2,382‌

Wells

Fargo,

VR,

2.879%,

10/30/30 (10)

1,150,000‌

1,008‌

Westlake,

1.625%,

7/17/29

(EUR) 

215,000‌

173‌

Williams,

3.75%,

6/15/27 

1,005,000‌

969‌

Woodside

Finance,

3.65%,

3/5/25 (1)

1,345,000‌

1,306‌

Woodside

Finance,

3.70%,

9/15/26 (1)

438,000‌

420‌

Woodside

Finance,

3.70%,

3/15/28 (1)

750,000‌

695‌

Workday,

3.50%,

4/1/27 

135,000‌

129‌

Workday,

3.70%,

4/1/29 

105,000‌

99‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

32

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Xcel

Energy,

3.40%,

6/1/30 

475,000‌

437‌

Xcel

Energy,

4.60%,

6/1/32 

210,000‌

208‌

Total

Corporate

Bonds

(Cost

$136,960)

123,703‌

EQUITY

MUTUAL

FUNDS

10.2%

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund (2)

1,819,944‌

61,478‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class (2)

10,355,208‌

99,824‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class (2)

2,948,304‌

39,419‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund (2)

708,919‌

21,579‌

Total

Equity

Mutual

Funds

(Cost

$220,794)

222,300‌

FOREIGN

GOVERNMENT

OBLIGATIONS

&

MUNICIPALITIES

0.0%

NBN,

2.625%,

5/5/31 (1)

410,000‌

346‌

Total

Foreign

Government

Obligations

&

Municipalities

(Cost

$410)

346‌

NON-U.S.

GOVERNMENT

MORTGAGE-BACKED

SECURITIES

1.5%

280

Park

Avenue

Mortgage

Trust,

Series 2017-280P,

Class

A,

ARM,

1M

USD

LIBOR

+

0.88%,

3.25%,

9/15/34 (1)

369,560‌

362‌

Angel

Oak

Mortgage

Trust,

Series 2020-5,

Class

A3,

CMO,

ARM,

2.041%,

5/25/65 (1)

63,909‌

60‌

Angel

Oak

Mortgage

Trust,

Series 2022-1,

Class

A1,

CMO,

STEP,

2.881%,

12/25/66 (1)

294,988‌

273‌

Angel

Oak

Mortgage

Trust

I,

Series 2019-1,

Class

A2,

CMO,

ARM,

4.022%,

11/25/48 (1)

8,347‌

8‌

Angel

Oak

Mortgage

Trust

I,

Series 2019-4,

Class

A3,

CMO,

ARM,

3.301%,

7/26/49 (1)

32,372‌

32‌

Austin

Fairmont

Hotel

Trust,

Series 2019-FAIR,

Class

B,

ARM,

1M

USD

LIBOR

+

1.25%,

3.641%,

9/15/32 (1)

235,000‌

229‌

BAMLL

Commercial

Mortgage

Securities

Trust,

Series 2021-JACX,

Class

B,

ARM,

1M

USD

LIBOR

+

1.45%,

3.841%,

9/15/38 (1)

290,000‌

279‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-2,

Class

A20,

CMO,

ARM,

2.50%,

6/25/51 (1)

793,338‌

659‌

Bayview

MSR

Opportunity

Master

Fund

Trust,

Series 2021-4,

Class

A20,

CMO,

ARM,

2.50%,

10/25/51 (1)

534,472‌

440‌

BBCMS

Mortgage

Trust,

Series 2019-BWAY,

Class

D,

ARM,

1M

USD

LIBOR

+

2.16%,

4.551%,

11/15/34 (1)

235,000‌

212‌

Benchmark

Mortgage

Trust,

Series 2018-B1,

Class

AM,

ARM,

3.878%,

1/15/51 

295,000‌

279‌

BFLD,

Series 2019-DPLO,

Class

C,

ARM,

1M

USD

LIBOR

+

1.54%,

3.931%,

10/15/34 (1)

750,000‌

729‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

33

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

BINOM

Securitization

Trust,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

2.034%,

6/25/56 (1)

283,645‌

259‌

BX

Commercial

Mortgage

Trust,

Series 2021-21M,

Class

C,

ARM,

1M

USD

LIBOR

+

1.177%,

3.568%,

10/15/36 (1)

290,000‌

273‌

BX

Commercial

Mortgage

Trust,

Series 2022-CSMO,

Class

B,

ARM,

1M

TSFR

+

3.141%,

5.448%,

6/15/27 (1)

625,000‌

620‌

BX

Trust,

Series 2021-ARIA,

Class

B,

ARM,

1M

USD

LIBOR

+

1.297%,

3.688%,

10/15/36 (1)

410,000‌

386‌

BX

Trust,

Series 2021-ARIA,

Class

C,

ARM,

1M

USD

LIBOR

+

1.646%,

4.037%,

10/15/36 (1)

420,000‌

395‌

BX

Trust,

Series 2021-LGCY,

Class

C,

ARM,

1M

USD

LIBOR

+

1.004%,

3.395%,

10/15/23 (1)

345,000‌

322‌

BX

Trust,

Series 2022-IND,

Class

C,

ARM,

1M

TSFR

+

2.29%,

4.587%,

4/15/37 (1)

470,000‌

456‌

BXSC

Commercial

Mortgage

Trust,

Series 2022-WSS,

Class

B,

ARM,

1M

TSFR

+

2.092%,

4.40%,

3/15/35 (1)

865,000‌

839‌

BXSC

Commercial

Mortgage

Trust,

Series 2022-WSS,

Class

C,

ARM,

1M

TSFR

+

2.391%,

4.699%,

3/15/35 (1)

160,000‌

154‌

CIM

Trust,

Series 2021-INV1,

Class

A29,

CMO,

ARM,

2.50%,

7/1/51 (1)

526,752‌

442‌

Citigroup

Commercial

Mortgage

Trust,

Series 2014-GC21,

Class

AS,

4.026%,

5/10/47 

375,000‌

367‌

Citigroup

Commercial

Mortgage

Trust,

Series 2017-P7,

Class

AS,

3.915%,

4/14/50 

112,093‌

106‌

Citigroup

Mortgage

Loan

Trust,

Series 2022-INV1,

Class

A4B,

CMO,

ARM,

3.00%,

11/27/51 (1)

214,289‌

187‌

Cold

Storage

Trust,

Series 2020-ICE5,

Class

C,

ARM,

1M

USD

LIBOR

+

1.65%,

4.041%,

11/15/37 (1)

231,003‌

225‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A1,

CMO,

ARM,

1.506%,

4/27/65 (1)

50,978‌

49‌

COLT

Mortgage

Loan

Trust,

Series 2020-3,

Class

A3,

CMO,

ARM,

2.38%,

4/27/65 (1)

80,863‌

78‌

Commercial

Mortgage

Trust,

Series 2015-CR24,

Class

A5,

3.696%,

8/10/48 

1,005,000‌

983‌

Commercial

Mortgage

Trust,

Series 2015-CR24,

Class

AM,

ARM,

4.028%,

8/10/48 

265,000‌

257‌

Commercial

Mortgage

Trust,

Series 2016-CR28,

Class

AHR,

3.651%,

2/10/49 

283,877‌

276‌

Connecticut

Avenue

Securities,

Series 2017-C02,

Class

2ED3,

CMO,

ARM,

1M

USD

LIBOR

+

1.35%,

3.794%,

9/25/29 

30,181‌

30‌

Connecticut

Avenue

Securities,

Series 2017-C04,

Class

2ED2,

CMO,

ARM,

1M

USD

LIBOR

+

1.10%,

3.544%,

11/25/29 

501,483‌

499‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

1M2B,

CMO,

ARM,

1M

USD

LIBOR

+

2.65%,

5.094%,

2/25/30 

406,941‌

408‌

Connecticut

Avenue

Securities,

Series 2017-C06,

Class

2ED1,

CMO,

ARM,

1M

USD

LIBOR

+

1.00%,

3.444%,

2/25/30 

222,684‌

222‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

34

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Connecticut

Avenue

Securities

Trust,

Series 2022-R01,

Class

1M1,

CMO,

ARM,

SOFR30A

+

1.00%,

3.183%,

12/25/41 (1)

102,723‌

101‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R02,

Class

2M1,

CMO,

ARM,

SOFR30A

+

1.20%,

3.383%,

1/25/42 (1)

998,398‌

992‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R03,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.10%,

4.283%,

3/25/42 (1)

620,559‌

620‌

Connecticut

Avenue

Securities

Trust,

Series 2022-R04,

Class

1M1,

CMO,

ARM,

SOFR30A

+

2.00%,

4.183%,

3/25/42 (1)

413,872‌

413‌

CSAIL

Commercial

Mortgage

Trust,

Series 2019-C17,

Class

AS,

3.278%,

9/15/52 

143,800‌

126‌

DBCG

Mortgage

Trust,

Series 2017-BBG,

Class

A,

ARM,

1M

USD

LIBOR

+

0.70%,

3.092%,

6/15/34 (1)

360,000‌

354‌

DC

Office

Trust,

Series 2019-MTC,

Class

D,

ARM,

3.174%,

9/15/45 (1)

510,000‌

405‌

Deephaven

Residential

Mortgage

Trust,

Series 2021-2,

Class

A2,

CMO,

ARM,

1.209%,

4/25/66 (1)

152,546‌

138‌

Eleven

Madison

Mortgage

Trust,

Series 2015-11MD,

Class

A,

ARM,

3.673%,

9/10/35 (1)

205,000‌

195‌

Ellington

Financial

Mortgage

Trust,

Series 2021-3,

Class

A1,

CMO,

ARM,

1.241%,

9/25/66 (1)

301,631‌

258‌

Flagstar

Mortgage

Trust,

Series 2020-1INV,

Class

A11,

CMO,

ARM,

1M

USD

LIBOR

+

0.85%,

3.294%,

3/25/50 (1)

88,559‌

83‌

FWD

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

2.44%,

1/25/50 (1)

134,980‌

128‌

Galton

Funding

Mortgage

Trust,

Series 2018-1,

Class

A23,

CMO,

ARM,

3.50%,

11/25/57 (1)

43,392‌

41‌

Galton

Funding

Mortgage

Trust,

Series 2018-2,

Class

A22,

CMO,

ARM,

4.00%,

10/25/58 (1)

34,044‌

33‌

Galton

Funding

Mortgage

Trust,

Series 2019-H1,

Class

A3,

CMO,

ARM,

2.964%,

10/25/59 (1)

338,341‌

333‌

Great

Wolf

Trust,

Series 2019-WOLF,

Class

C,

ARM,

1M

USD

LIBOR

+

1.633%,

4.024%,

12/15/36 (1)

425,000‌

409‌

GS

Mortgage

Securities

Trust,

Series 2013-GC16,

Class

B,

ARM,

5.161%,

11/10/46 

1,280,000‌

1,262‌

GS

Mortgage-Backed

Securities

Trust,

Series 2014-EB1A,

Class

2A1,

CMO,

ARM,

1.945%,

7/25/44 (1)

7,084‌

7‌

GS

Mortgage-Backed

Securities

Trust,

Series 2020-INV1,

Class

A14,

CMO,

ARM,

2.942%,

10/25/50 (1)

248,431‌

220‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR1,

Class

A4,

CMO,

ARM,

2.50%,

11/25/51 (1)

399,344‌

328‌

GS

Mortgage-Backed

Securities

Trust,

Series 2021-GR2,

Class

A4,

CMO,

ARM,

2.50%,

2/25/52 (1)

410,397‌

341‌

Hundred

Acre

Wood

Trust,

Series 2021-INV1,

Class

A27,

CMO,

ARM,

2.50%,

7/25/51 (1)

751,101‌

618‌

Hundred

Acre

Wood

Trust,

Series 2021-INV2,

Class

A27,

CMO,

ARM,

2.50%,

10/25/51 (1)

238,374‌

196‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

35

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Imperial

Fund

Mortgage

Trust,

Series 2021-NQM2,

Class

A1,

CMO,

ARM,

1.073%,

9/25/56 (1)

191,018‌

160‌

Independence

Plaza

Trust,

Series 2018-INDP,

Class

C,

4.158%,

7/10/35 (1)

895,000‌

850‌

JPMorgan

Chase

Commercial

Mortgage

Securities

Trust,

Series 2018-WPT,

Class

AFX,

4.248%,

7/5/33 (1)

190,000‌

188‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A15,

CMO,

ARM,

3.50%,

5/25/50 (1)

102,066‌

92‌

JPMorgan

Mortgage

Trust,

Series 2019-INV3,

Class

A3,

CMO,

ARM,

3.50%,

5/25/50 (1)

118,181‌

111‌

JPMorgan

Mortgage

Trust,

Series 2020-5,

Class

B2,

CMO,

ARM,

3.598%,

12/25/50 (1)

300,856‌

259‌

JPMorgan

Mortgage

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.50%,

8/25/50 (1)

97,170‌

91‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A15,

CMO,

ARM,

3.50%,

6/25/50 (1)

12,852‌

13‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

A3,

CMO,

ARM,

3.50%,

6/25/50 (1)

30,070‌

29‌

JPMorgan

Mortgage

Trust,

Series 2020-LTV1,

Class

B1A,

CMO,

ARM,

3.27%,

6/25/50 (1)

311,220‌

284‌

Mill

City

Mortgage

Loan

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

7/25/59 (1)

32,841‌

33‌

Morgan

Stanley

Bank

of

America

Merrill

Lynch

Trust,

Series 2014-

C18,

Class

300A,

3.749%,

8/15/31 

255,000‌

241‌

New

Economy

Assets

Phase

1

Sponsor,

Series 2021-1,

Class

A1,

1.91%,

10/20/61 (1)

257,659‌

224‌

New

Residential

Mortgage

Loan

Trust,

Series 2019-NQM5,

Class

A1,

CMO,

ARM,

2.71%,

11/25/59 (1)

224,206‌

212‌

New

Residential

Mortgage

Loan

Trust,

Series 2021-INV2,

Class

A4,

CMO,

ARM,

2.50%,

9/25/51 (1)

319,808‌

263‌

OBX

Trust,

Series 2019-EXP2,

Class

1A3,

CMO,

ARM,

4.00%,

6/25/59 (1)

88,084‌

83‌

OBX

Trust,

Series 2019-EXP3,

Class

1A8,

CMO,

ARM,

3.50%,

10/25/59 (1)

57,486‌

55‌

OBX

Trust,

Series 2020-EXP1,

Class

1A8,

CMO,

ARM,

3.50%,

2/25/60 (1)

259,311‌

241‌

OBX

Trust,

Series 2021-NQM3,

Class

A1,

CMO,

ARM,

1.054%,

7/25/61 (1)

285,099‌

235‌

Sequoia

Mortgage

Trust,

Series 2013-4,

Class

B1,

CMO,

ARM,

3.445%,

4/25/43 

191,580‌

184‌

Sequoia

Mortgage

Trust,

Series 2017-5,

Class

B1,

CMO,

ARM,

3.804%,

8/25/47 (1)

248,258‌

227‌

Sequoia

Mortgage

Trust,

Series 2017-CH2,

Class

A19,

CMO,

ARM,

4.00%,

12/25/47 (1)

59,434‌

57‌

Sequoia

Mortgage

Trust,

Series 2018-CH1,

Class

A2,

CMO,

ARM,

3.50%,

3/25/48 (1)

17,433‌

16‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

36

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Sequoia

Mortgage

Trust,

Series 2018-CH2,

Class

A21,

CMO,

ARM,

4.00%,

6/25/48 (1)

40,616‌

39‌

Sequoia

Mortgage

Trust,

Series 2018-CH4,

Class

A2,

CMO,

ARM,

4.00%,

10/25/48 (1)

16,480‌

16‌

SG

Residential

Mortgage

Trust,

Series 2019-3,

Class

A1,

CMO,

ARM,

2.703%,

9/25/59 (1)

19,219‌

19‌

SG

Residential

Mortgage

Trust,

Series 2022-1,

Class

A1,

CMO,

ARM,

3.166%,

3/27/62 (1)

620,631‌

580‌

SMRT,

Series 2022-MINI,

Class

C,

ARM,

1M

TSFR

+

1.55%,

3.858%,

1/15/39 (1)

540,000‌

517‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA2,

Class

M2,

CMO,

ARM,

SOFR30A

+

2.30%,

4.483%,

8/25/33 (1)

240,000‌

236‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2021-DNA7,

Class

M2,

CMO,

ARM,

SOFR30A

+

1.80%,

3.983%,

11/25/41 (1)

515,000‌

484‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA1,

Class

M1B,

CMO,

ARM,

SOFR30A

+

1.85%,

4.033%,

1/25/42 (1)

495,000‌

475‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA2,

Class

M1B,

CMO,

ARM,

SOFR30A

+

2.40%,

4.583%,

2/25/42 (1)

1,230,000‌

1,199‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA3,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.00%,

4.183%,

4/25/42 (1)

798,709‌

803‌

Structured

Agency

Credit

Risk

Debt

Notes,

Series 2022-DNA5,

Class

M1A,

CMO,

ARM,

SOFR30A

+

2.95%,

5.133%,

6/25/42 (1)

753,048‌

771‌

Toorak

Mortgage,

Series 2021-INV1,

Class

A1,

CMO,

ARM,

1.153%,

7/25/56 (1)

275,250‌

248‌

Towd

Point

Mortgage

Trust,

Series 2016-1,

Class

A3B,

CMO,

ARM,

3.00%,

2/25/55 (1)

4,104‌

4‌

Towd

Point

Mortgage

Trust,

Series 2017-1,

Class

A1,

CMO,

ARM,

2.75%,

10/25/56 (1)

28,922‌

29‌

Towd

Point

Mortgage

Trust,

Series 2017-2,

Class

A1,

CMO,

ARM,

2.75%,

4/25/57 (1)

10,333‌

10‌

Towd

Point

Mortgage

Trust,

Series 2017-5,

Class

A1,

CMO,

ARM,

1M

USD

LIBOR

+

0.60%,

3.044%,

2/25/57 (1)

43,494‌

43‌

UWM

Mortgage

Trust,

Series 2021-INV2,

Class

A15,

CMO,

ARM,

2.50%,

9/25/51 (1)

412,690‌

340‌

Verus

Securitization

Trust,

Series 2019-4,

Class

A1,

CMO,

STEP,

2.642%,

11/25/59 (1)

54,734‌

54‌

Verus

Securitization

Trust,

Series 2019-INV2,

Class

A2,

CMO,

ARM,

3.117%,

7/25/59 (1)

229,889‌

229‌

Verus

Securitization

Trust,

Series 2020-INV1,

Class

A3,

CMO,

ARM,

3.889%,

3/25/60 (1)

100,000‌

97‌

Verus

Securitization

Trust,

Series 2021-5,

Class

A2,

CMO,

ARM,

1.218%,

9/25/66 (1)

259,764‌

223‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2017-C39,

Class

B,

4.025%,

9/15/50 

1,335,000‌

1,251‌

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2019-JWDR,

Class

A,

ARM,

2.584%,

9/15/31 (1)

245,000‌

220‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

37

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

Wells

Fargo

Commercial

Mortgage

Trust,

Series 2021-SAVE,

Class

C,

ARM,

1M

USD

LIBOR

+

1.80%,

4.191%,

2/15/40 (1)

299,977‌

281‌

Wells

Fargo

Mortgage

Backed

Securities

Trust,

Series 2021-RR1,

Class

A17,

CMO,

ARM,

2.50%,

12/25/50 (1)

741,867‌

617‌

WFRBS

Commercial

Mortgage

Trust,

Series 2014-C22,

Class

AS,

ARM,

4.069%,

9/15/57 

525,000‌

513‌

Worldwide

Plaza

Trust,

Series 2017-WWP,

Class

A,

3.526%,

11/10/36 (1)

366,649‌

329‌

Total

Non-U.S.

Government

Mortgage-Backed

Securities

(Cost

$35,286)

32,771‌

PRIVATE

INVESTMENT

COMPANIES

6.2%

Blackstone

Partners

Offshore

Fund (4)(8)

61,990‌

134,573‌

Total

Private

Investment

Companies

(Cost

$97,777)

134,573‌

U.S.

GOVERNMENT

&

AGENCY

MORTGAGE-BACKED

SECURITIES

4.5%

U.S.

Government

Agency

Obligations

3.2%

Federal

Home

Loan

Mortgage 

2.50%,

4/1/30 

169,670‌

163‌

3.00%,

12/1/42

-

4/1/47 

545,221‌

520‌

3.50%,

8/1/42

-

3/1/44 

485,630‌

472‌

4.00%,

8/1/40

-

9/1/45 

384,338‌

385‌

4.50%,

6/1/39

-

10/1/41 

298,929‌

305‌

5.00%,

7/1/25

-

8/1/40 

208,194‌

218‌

5.50%,

10/1/38 

66,024‌

70‌

6.00%,

10/1/32

-

8/1/38 

62,479‌

67‌

6.50%,

3/1/32

-

9/1/34 

19,546‌

21‌

7.00%,

4/1/32

-

6/1/32 

2,233‌

2‌

Federal

Home

Loan

Mortgage,

ARM 

12M

USD

LIBOR

+

1.725%,

3.975%,

7/1/35 

775‌

1‌

12M

USD

LIBOR

+

1.785%,

2.035%,

2/1/37 

1,196‌

1‌

12M

USD

LIBOR

+

1.829%,

2.204%,

2/1/37 

8,253‌

8‌

12M

USD

LIBOR

+

1.842%,

2.091%,

1/1/37 

6,054‌

6‌

12M

USD

LIBOR

+

1.929%,

2.186%,

12/1/36 

4,780‌

5‌

12M

USD

LIBOR

+

2.03%,

2.275%,

11/1/36 

7,629‌

8‌

12M

USD

LIBOR

+

2.162%,

2.558%,

2/1/37 

5,635‌

6‌

1Y

CMT

+

2.25%,

3.099%,

10/1/36 

2,137‌

2‌

Federal

Home

Loan

Mortgage,

CMO,

IO,

4.50%,

5/25/50 

268,677‌

42‌

Federal

Home

Loan

Mortgage,

UMBS 

1.50%,

4/1/37 

378,868‌

341‌

2.00%,

3/1/42

-

5/1/52 

8,682,339‌

7,494‌

2.50%,

3/1/42

-

5/1/52 

6,328,861‌

5,671‌

3.00%,

5/1/31

-

12/1/50 

1,068,570‌

1,022‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

38

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

3.50%,

11/1/47

-

11/1/50 

835,796‌

808‌

4.00%,

12/1/49

-

2/1/50 

601,593‌

593‌

4.50%,

5/1/50 

61,969‌

62‌

Federal

National

Mortgage

Assn. 

3.00%,

6/1/33

-

8/1/46 

103,177‌

97‌

3.50%,

6/1/42

-

5/1/46 

797,509‌

772‌

4.00%,

11/1/40 

296,541‌

293‌

Federal

National

Mortgage

Assn.,

ARM,

12M

USD

LIBOR

+

1.881%,

4.131%,

8/1/36 

8,090‌

8‌

Federal

National

Mortgage

Assn.,

CMO,

IO,

6.50%,

2/25/32 

1,329‌

—‌

Federal

National

Mortgage

Assn.,

UMBS 

1.50%,

4/1/37

-

1/1/42 

1,753,659‌

1,546‌

2.00%,

4/1/42

-

3/1/52 

11,431,086‌

9,867‌

2.50%,

8/1/30

-

3/1/52 

10,237,983‌

9,291‌

3.00%,

1/1/27

-

4/1/51 

9,504,791‌

9,011‌

3.50%,

2/1/35

-

1/1/52 

5,592,864‌

5,427‌

4.00%,

11/1/40

-

12/1/49 

3,461,372‌

3,448‌

4.50%,

7/1/39

-

5/1/50 

2,067,812‌

2,101‌

5.00%,

9/1/23

-

12/1/47 

471,265‌

492‌

5.50%,

12/1/34

-

9/1/41 

502,761‌

535‌

6.00%,

3/1/33

-

1/1/41 

446,602‌

479‌

6.50%,

7/1/32

-

5/1/40 

149,631‌

160‌

7.00%,

1/1/31

-

7/1/32 

2,609‌

2‌

UMBS,

TBA (11)

2.00%,

9/1/52 

3,260,000‌

2,804‌

2.50%,

9/1/52 

2,100,000‌

1,875‌

4.00%,

9/1/52 

165,000‌

161‌

4.50%,

9/1/52 

1,835,000‌

1,824‌

5.00%,

9/1/52 

2,560,000‌

2,583‌

71,069‌

U.S.

Government

Obligations

1.3%

Government

National

Mortgage

Assn. 

2.00%,

3/20/51

-

5/20/52 

4,362,290‌

3,881‌

2.50%,

8/20/50

-

3/20/52 

5,591,328‌

5,111‌

3.00%,

7/15/43

-

6/20/52 

4,500,574‌

4,258‌

3.50%,

8/20/42

-

1/20/49 

3,792,436‌

3,696‌

4.00%,

2/20/41

-

10/20/50 

1,561,258‌

1,555‌

4.50%,

11/20/39

-

9/20/47 

666,557‌

684‌

5.00%,

7/20/39

-

6/20/48 

1,069,664‌

1,103‌

5.50%,

1/20/36

-

3/20/49 

644,083‌

679‌

6.00%,

4/15/36

-

12/20/38 

26,134‌

29‌

7.00%,

2/20/27

-

7/20/27 

2,204‌

2‌

7.50%,

12/15/25

-

6/15/32 

4,475‌

4‌

8.00%,

10/20/25 

150‌

—‌

Government

National

Mortgage

Assn.,

CMO 

3.00%,

11/20/47

-

12/20/47 

71,268‌

69‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

39

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

3.50%,

10/20/50 

250,000‌

233‌

Government

National

Mortgage

Assn.,

CMO,

IO 

3.50%,

5/20/43 

57,539‌

9‌

4.00%,

5/20/37

-

2/20/43 

63,629‌

6‌

4.50%,

12/20/39 

69‌

—‌

Government

National

Mortgage

Assn.,

TBA (11)

2.00%,

9/20/51 

500,000‌

442‌

3.00%,

9/20/52 

975,000‌

915‌

4.00%,

10/20/52 

75,000‌

74‌

4.50%,

9/20/52 

1,105,000‌

1,105‌

5.00%,

9/20/52 

2,440,000‌

2,472‌

5.50%,

9/20/52 

1,280,000‌

1,312‌

27,639‌

Total

U.S.

Government

&

Agency

Mortgage-Backed

Securities

(Cost

$104,549)

98,708‌

U.S.

GOVERNMENT

AGENCY

OBLIGATIONS

(EXCLUDING

MORTGAGE-BACKED)

6.2%

U.S.

Treasury

Obligations

6.2%

U.S.

Treasury

Bonds,

1.875%,

11/15/51 

1,275,600‌

929‌

U.S.

Treasury

Bonds,

2.25%,

2/15/52 (12)

10,830,000‌

8,654‌

U.S.

Treasury

Bonds,

2.375%,

2/15/42 

7,850,000‌

6,509‌

U.S.

Treasury

Bonds,

2.875%,

5/15/52 

8,170,700‌

7,532‌

U.S.

Treasury

Bonds,

3.00%,

8/15/52 

9,160,000‌

8,685‌

U.S.

Treasury

Bonds,

3.25%,

5/15/42 

10,070,000‌

9,633‌

U.S.

Treasury

Notes,

0.25%,

3/15/24 

7,545,400‌

7,181‌

U.S.

Treasury

Notes,

0.25%,

5/15/24 

1,530,000‌

1,449‌

U.S.

Treasury

Notes,

0.25%,

6/15/24 

3,300,000‌

3,116‌

U.S.

Treasury

Notes,

0.375%,

7/15/24 

4,530,000‌

4,278‌

U.S.

Treasury

Notes,

0.375%,

9/15/24 

7,725,000‌

7,254‌

U.S.

Treasury

Notes,

0.625%,

10/15/24 

7,565,000‌

7,126‌

U.S.

Treasury

Notes,

1.00%,

12/15/24 

4,930,000‌

4,662‌

U.S.

Treasury

Notes,

1.125%,

1/15/25 

11,995,000‌

11,352‌

U.S.

Treasury

Notes,

1.75%,

3/15/25 

3,745,000‌

3,588‌

U.S.

Treasury

Notes,

2.625%,

5/31/27 

2,070,000‌

2,005‌

U.S.

Treasury

Notes,

2.75%,

7/31/27 

10,560,000‌

10,276‌

U.S.

Treasury

Notes,

3.00%,

7/15/25 (12)

25,260,000‌

24,925‌

U.S.

Treasury

Notes,

3.25%,

6/30/27 

7,450,000‌

7,413‌

136,567‌

Total

U.S.

Government

Agency

Obligations

(Excluding

Mortgage-Backed)

(Cost

$143,292)

136,567‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

40

Shares/Par

$

Value

(Cost

and

value

in

$000s)

‡

SHORT-TERM

INVESTMENTS

6.2%

Money

Market

Funds

6.2%

T.

Rowe

Price

Treasury

Reserve

Fund,

2.37% (2)(13)

135,152,246‌

135,152‌

Total

Short-Term

Investments

(Cost

$135,152)

135,152‌

SECURITIES

LENDING

COLLATERAL

0.2%

INVESTMENTS

IN

A

POOLED

ACCOUNT

THROUGH

SECURITIES

LENDING

PROGRAM

WITH

JPMORGAN

CHASE

BANK

0.2%

Money

Market

Funds

0.2%

T.

Rowe

Price

Government

Reserve

Fund,

2.36% (2)(13)

5,359,038‌

5,359‌

Total

Investments

in

a

Pooled

Account

through

Securities

Lending

Program

with

JPMorgan

Chase

Bank

5,359‌

Total

Securities

Lending

Collateral

(Cost

$5,359)

5,359‌

Total

Investments

in

Securities

100.9%

(Cost

$2,042,548)

$

2,203,606‌

Other

Assets

Less

Liabilities

(0.9)%

(20,013‌)

Net

Assets

100.0%

$

2,183,593‌

‡

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

$70,931

and

represents

3.2%

of

net

assets.

(2)

Affiliated

Companies

(3)

SEC

30-day

yield

(4)

Non-income

producing

(5)

All

or

a

portion

of

this

security

is

pledged

to

cover

or

as

collateral

for

written

call

options

at

August

31,

2022.

(6)

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

may

have

registration

rights

for

certain

restricted

securities.

Any

costs

related

to

such

registration

are

generally

borne

by

the

issuer.

The

aggregate

value

of

restricted

securities

(excluding

144A

holdings)

at

period

end

amounts

to

$5,138

and

represents

0.2%

of

net

assets.

(7)

All

or

a

portion

of

this

security

is

on

loan

at

August

31,

2022.

(8)

Level

3

in

fair

value

hierarchy.

(9)

The

identity

of

certain

securities

has

been

concealed

to

protect

the

fund

while

it

completes

a

purchase

or

selling

program

for

the

securities.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

41

.

.

.

.

.

.

.

.

.

.

(10)

Security

is

a

fix-to-float

security,

which

carries

a

fixed

coupon

until

a

certain

date,

upon

which

it

switches

to

a

floating

rate.

Reference

rate

and

spread

are

provided

if

the

rate

is

currently

floating.

(11)

To-Be-Announced

purchase

commitment.

Total

value

of

such

securities

at

period-end

amounts

to

$15,567

and

represents

0.7%

of

net

assets.

(12)

At

August

31,

2022,

all

or

a

portion

of

this

security

is

pledged

as

collateral

and/

or

margin

deposit

to

cover

future

funding

obligations.

(13)

Seven-day

yield

1M

TSFR

One

month

term

SOFR

(Secured

overnight

financing

rate)

1M

USD

LIBOR

One

month

USD

LIBOR

(London

interbank

offered

rate)

3M

TSFR

Three

month

term

SOFR

(Secured

overnight

financing

rate)

3M

USD

LIBOR

Three

month

USD

LIBOR

(London

interbank

offered

rate)

12M

USD

LIBOR

Twelve

month

USD

LIBOR

(London

interbank

offered

rate)

1Y

CMT

One

year

U.S.

Treasury

note

constant

maturity

ADR

American

Depositary

Receipts

ARM

Adjustable

Rate

Mortgage

(ARM);

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

ARMs

are

not

based

on

a

published

reference

rate

and

spread

but

may

be

determined

using

a

formula

based

on

the

rates

of

the

underlying

loans. 

AUD

Australian

Dollar

CAD

Canadian

Dollar

CDI

CHESS

or

CREST

Depositary

Interest

CHF

Swiss

Franc

CLO

Collateralized

Loan

Obligation

CMO

Collateralized

Mortgage

Obligation

DKK

Danish

Krone

EC

Escrow

CUSIP;

represents

a

beneficial

interest

in

a

residual

pool

of

assets;

the

amount

and

timing

of

future

distributions,

if

any,

is

uncertain;

when

presented,

interest

rate

and

maturity

date

are

those

of

the

original

security.

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

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)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

42

.

.

.

.

.

.

.

.

.

.

STEP

Stepped

coupon

bond

for

which

the

coupon

rate

of

interest

adjusts

on

specified

date(s);

rate

shown

is

effective

rate

at

period-end.

TBA

To-Be-Announced

TWD

Taiwan

Dollar

UMBS

Uniform

Mortgage-Backed

Securities

USD

U.S.

Dollar

VR

Variable

Rate;

rate

shown

is

effective

rate

at

period-end.

The

rates

for

certain

variable

rate

securities

are

not

based

on

a

published

reference

rate

and

spread

but

are

determined

by

the

issuer

or

agent

and

based

on

current

market

conditions.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

43

(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,

10/21/22

@

$4,025.00

162

64,071

(1,641‌)

Total

Options

Written

(Premiums

$(2,043))

$

(1,641‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

44

(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%

JPMorgan

Chase,

Protection

Sold

(Relevant

Credit:

Barclays

Bank,

A*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/20/24

(EUR)

*

113

—

1

(1‌)

Total

Bilateral

Credit

Default

Swaps,

Protection

Sold

1

(1‌)

Total

Bilateral

Swaps

1

(1‌)

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:

Republic

of

Indonesia,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

*

2,190

(13)

6

(19‌)

Protection

Sold

(Relevant

Credit:

United

Mexican

States,

Baa2*),

Receive

1.00%

Quarterly,

Pay

upon

credit

default,

6/21/27

*

5,438

(135)

(23)

(112‌)

Total

Centrally

Cleared

Credit

Default

Swaps,

Protection

Sold

(131‌)

Total

Centrally

Cleared

Swaps

(131‌)

Net

payments

(receipts)

of

variation

margin

to

date

125‌

Variation

margin

receivable

(payable)

on

centrally

cleared

swaps

$

(6‌)

*

Credit

ratings

as

of

August

31,

2022.

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.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

45

(Amounts

in

000s)

FORWARD

CURRENCY

EXCHANGE

CONTRACTS

Counterparty

Settlement

Receive

Deliver

Unrealized

Gain/(Loss)

HSBC

Bank

11/25/22

USD

354‌

EUR

343‌

$

8‌

State

Street

11/25/22

USD

349‌

EUR

338‌

7‌

UBS

Investment

Bank

11/25/22

USD

707‌

EUR

684‌

16‌

Net

unrealized

gain

(loss)

on

open

forward

currency

exchange

contracts

$

31‌

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

46

FUTURES

CONTRACTS

($000s)

Expiration

Date

Notional

Amount

Value

and

Unrealized

Gain

(Loss)

Short,

53

MSCI

EAFE

Index

contracts

9/22

(4,842)

$

195‌

Long,

104

S&P

500

E-Mini

Index

contracts

9/22

20,574

(1,212‌)

Long,

42

U.S.

Treasury

Long

Bond

contracts

12/22

5,705

(2‌)

Short,

72

U.S.

Treasury

Notes

five

year

contracts

12/22

(7,979)

(6‌)

Long,

273

U.S.

Treasury

Notes

ten

year

contracts

12/22

31,915

(100‌)

Short,

39

U.S.

Treasury

Notes

two

year

contracts

12/22

(8,125)

12‌

Long,

24

Ultra

U.S.

Treasury

Bonds

contracts

12/22

3,588

43‌

Long,

141

Ultra

U.S.

Treasury

Notes

ten

year

contracts

12/22

17,651

(35‌)

Net

payments

(receipts)

of

variation

margin

to

date

855‌

Variation

margin

receivable

(payable)

on

open

futures

contracts

$

(250‌)

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

47

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,

2022.

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

Dynamic

Global

Bond

Fund

-

I

Class,

5.02% 

$

59‌

$

552‌

$

1,007‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

16.00% 

—‌

—‌

—‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.48% 

—‌

(7,853‌)

1,509‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

—‌

(4,331‌)

—‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

5.89% 

(1,135‌)

907‌

944‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.44% 

(892‌)

(4,164‌)

1,542‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.44% 

(574‌)

(3,265‌)

674‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

14.81% 

(771‌)

479‌

—‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

—‌

414‌

1‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

—‌

(4,246‌)

—‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund 

—‌

(771‌)

—‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

3.32% 

—‌

(1,803‌)

290‌

T.

Rowe

Price

Government

Reserve

Fund,

2.36%

—‌

—‌

—‌++

T.

Rowe

Price

Treasury

Reserve

Fund,

2.37%

—‌

—‌

571‌

Totals

$

(3,313‌)#

$

(24,081‌)

$

6,538‌+

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

48

AFFILIATED

COMPANIES

(CONTINUED)

($000s)

Supplementary

Investment

Schedule

Affiliate

Value

05/31/22

Purchase

Cost

Sales

Cost

Value

08/31/22

T.

Rowe

Price

Dynamic

Global

Bond

Fund

-

I

Class,

5.02% 

$

137,753‌

$

996‌

$

1,941‌

$

137,360‌

T.

Rowe

Price

Inflation

Protected

Bond

Fund

-

I

Class,

16.00% 

8‌

—‌

—‌

8‌

T.

Rowe

Price

Institutional

Emerging

Markets

Bond

Fund,

6.48% 

108,448‌

10,093‌

—‌

110,688‌

T.

Rowe

Price

Institutional

Emerging

Markets

Equity

Fund 

65,809‌

—‌

—‌

61,478‌

T.

Rowe

Price

Institutional

Floating

Rate

Fund

-

Institutional

Class,

5.89% 

76,589‌

925‌

13,640‌

64,781‌

T.

Rowe

Price

Institutional

High

Yield

Fund

-

Institutional

Class,

7.44% 

107,820‌

1,509‌

7,170‌

97,994‌

T.

Rowe

Price

International

Bond

Fund

(USD

Hedged)

-

I

Class,

2.44% 

133,480‌

668‌

4,324‌

126,559‌

T.

Rowe

Price

Limited

Duration

Inflation

Focused

Bond

Fund

-

I

Class,

14.81% 

28,820‌

—‌

29,221‌

78‌

T.

Rowe

Price

Multi-Strategy

Total

Return

Fund

-

I

Class 

99,410‌

—‌

—‌

99,824‌

T.

Rowe

Price

Real

Assets

Fund

-

I

Class 

38,384‌

5,281‌

—‌

39,419‌

T.

Rowe

Price

U.S.

Large-Cap

Core

Fund 

—‌

22,350‌

—‌

21,579‌

T.

Rowe

Price

U.S.

Treasury

Long-Term

Index

Fund

-

I

Class,

3.32% 

41,763‌

1,632‌

—‌

41,592‌

T.

Rowe

Price

Government

Reserve

Fund,

2.36%

7,624‌

 ¤

 ¤

5,359‌

T.

Rowe

Price

Treasury

Reserve

Fund,

2.37%

117,051‌

 ¤

 ¤

135,152‌

Total

$

941,871‌^

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

49

The

accompanying

notes

are

an

integral

part

of

this

Portfolio

of

Investments.

#

Capital

gain

distributions

from

underlying

Price

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

$6,538

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

$1,009,134.

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

Unaudited

Notes

to

Portfolio

of

Investments

50

T.

Rowe

Price

Spectrum

Conservative

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

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

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

51

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

Conservative

Allocation

Fund

52

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

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

53

determinations

are

reviewed

on

a

regular

basis

and

updated

as

information

becomes

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,

2022

(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

$

—‌

$

419,671‌

$

—‌

$

419,671‌

Bond

Mutual

Funds

579,060‌

—‌

—‌

579,060‌

Common

Stocks

531,126‌

170,966‌

1,340‌

703,432‌

Convertible

Preferred

Stocks

—‌

266‌

3,793‌

4,059‌

Equity

Mutual

Funds

222,300‌

—‌

—‌

222,300‌

Private

Investment

Companies

—‌

—‌

134,573‌

134,573‌

Short-Term

Investments

135,152‌

—‌

—‌

135,152‌

Securities

Lending

Collateral

5,359‌

—‌

—‌

5,359‌

Total

Securities

1,472,997‌

590,903‌

139,706‌

2,203,606‌

Swaps

—‌

—‌

—‌

—‌

Forward

Currency

Exchange

Contracts

—‌

31‌

—‌

31‌

Futures

Contracts*

250‌

—‌

—‌

250‌

Total

$

1,473,247‌

$

590,934‌

$

139,706‌

$

2,203,887‌

Liabilities

Options

Written

$

—‌

$

1,641‌

$

—‌

$

1,641‌

Swaps*

—‌

131‌

—‌

131‌

Futures

Contracts*

1,355‌

—‌

—‌

1,355‌

Total

$

1,355‌

$

1,772‌

$

—‌

$

3,127‌

T.

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PRICE

Spectrum

Conservative

Allocation

Fund

54

Following

is

a

reconciliation

of

the

fund’s

Level

3

holdings

for

the

period ended

August

31,

2022.

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,

2022,

totaled $2,712,000 for

the

period ended

August

31,

2022.

In

accordance

with

GAAP,

the

following

table

provides

quantitative

information

about

significant

unobservable

inputs

used

to

determine

the

fair

valuations

of

the

fund’s

Level

3

assets,

by

class

of

financial

instrument.

Because

the

Valuation

Committee

considers

a

wide

variety

of

factors

and

inputs,

both

observable

and

unobservable,

in

determining

fair

values,

the

unobservable

inputs

presented

do

not

reflect

all

inputs

significant

to

the

fair

value

determination.

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

5/31/22

Gain

(Loss)

During

Period

Total

Purchases

Total

Sales

Ending

Balance

8/31/22

Investment

in

Securities

Common

Stocks

$

1,106‌

$

234‌

$

—‌

$

—‌

$

1,340‌

Convertible

Preferred

Stocks

3,848‌

(96‌)

41‌

—‌

3,793‌

Private

Investment

Companies

163,203‌

3,370‌

—‌

(32,000‌)

134,573‌

Total

$

168,157‌

$

3,508‌

$

41‌

$

(32,000‌)

$

139,706‌

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Common

Stock

$

1,340‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

55

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Discount

for

uncertainty

3%

–

100%

9%

Decrease

Market

comparable

Enterprise

value

to

sales

multiple

2.8x

–

14.7x

9.9x

Increase

Sales

growth

rate

35%

–

75%

45%

Increase

Projected

enterprise

value

to

EBITDA

multiple

14.0x

14.0x

Increase

Enterprise

value

to

gross

profit

multiple

6.0x

–18.9x

13.8x

Increase

Gross

profit

growth

rate

38%

-

54%

43%

Increase

Enterprise

value

to

EBITDA

multiple

10.1x

10.1x

Increase

Price-to-

earnings

multiple

7.1x

–

19.9x

12.8x

Increase

Price-to-

earnings

growth

rate

(42%)

(42%)

Increase

Probability

for

alternate

outcome

20%

-

40%

30%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Options

pricing

model

Private

company

valuation

—#

—#

—#

T.

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PRICE

Spectrum

Conservative

Allocation

Fund

56

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Risk-free

rate

3%

3%

Increase

Volatility

38%

-

41%

39%

Increase

Discount

for

lack

of

marketability

10%

10%

Decrease

Expected

present

value

Discount

rate

for

cost

of

equity

13%

13%

Decrease

Convertible

Preferred

Stocks

$

3,793‌

Recent

comparable

transaction

price(s)

—#

—#

—#

—#

Market

comparable

Enterprise

value

to

sales

multiple

1.5x

–

16.8x

6.9x

Increase

Sales

growth

rate

25%

-

266%

47%

Increase

Enterprise

value

to

gross

profit

multiple

2.3x

–

23.2x

12.2x

Increase

Gross

profit

growth

rate

29%

-

66%

50%

Increase

Enterprise

value

to

EBITDA

multiple

21.0x

21.0x

Increase

Projected

enterprise

value

to

EBITDA

multiple

4.3x

4.3x

Increase

Enterprise

value

to

gross

merchandise

value

multiple

0.4x

–

0.5x

0.5x

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

57

+

Valuation

techniques

may

change

in

order

to

reflect

management’s

judgment

of

current

market

participant

assumptions. 

*

Unobservable

inputs

were

weighted

by

the

relative

fair

value

of

the

instruments.

**

Represents

the

directional

change

in

the

fair

value

of

the

Level

3

investment(s)

that

would

have

resulted

from

an

increase

in

the

corresponding

input

at

period

end.

A

decrease

in

the

unobservable

input

would

have

had

the

opposite

effect.

Significant

increases

and

decreases

in

these

inputs

in

isolation

could

result

in

significantly

higher

or

lower

fair

value

measurements.

#

No

quantitative

unobservable

inputs

significant

to

the

valuation

technique

were

created

by

the

fund’s

management.

OTHER

MATTERS 

Unpredictable

events

such

as

environmental

or

natural

disasters,

war,

terrorism,

pandemics,

outbreaks

of

infectious

diseases,

and

similar

public

health

threats

may

significantly

affect

the

economy

and

the

markets

and

issuers

in

which

a

fund

invests.

Certain

events

may

cause

instability

across

global

markets,

including

reduced

liquidity

and

disruptions

in

trading

markets,

while

some

events

may

affect

certain

geographic

regions,

countries,

sectors,

and

industries

more

significantly

than

others,

and

exacerbate

other

pre-existing

political,

social,

and

economic

risks.

Since

2020,

a

novel

strain

of

coronavirus

(COVID-19)

has

resulted

in

disruptions

to

global

business

activity

and

caused

significant

volatility

and

declines

in

global

financial

markets.

Investment

in

Securities

Value

(000s)

Valuation

Technique(s)+

Significant

Unobservable

Input(s)

Value

or

Range

of

Input(s)

Weighted

Average

of

Input(s)*

Impact

to

Valuation

from

an

Increase

in

Input**

Gross

merchandise

value

growth

rate

40%

40%

Increase

Discount

rate

for

cost

of

capital

30%

30%

Decrease

Discount

for

lack

of

marketability

10%

10%

Decrease

Private

Investment

Companies

$

134,573‌

Rollforward

of

Investee

NAV

Estimated

return

1.36%

1.36%

Increase

T.

ROWE

PRICE

Spectrum

Conservative

Allocation

Fund

58

In

February

2022,

Russian

forces

entered

Ukraine

and

commenced

an

armed

conflict

leading

to

economic

sanctions

being

imposed

on

Russia

and

certain

of

its

citizens,

creating

impacts

on

Russian-related

stocks

and

debt

and

greater

volatility

in

global

markets.

These

are

recent

examples

of

global

events

which

may

have

an

impact

on

the

fund’s

performance,

which

could

be

negatively

impacted

if

the

value

of

a

portfolio

holding

were

harmed

by

these

and

such

other

events.

Management

is

actively

monitoring

the

risks

and

financial

impacts

arising

from

these

events.

F101-054Q1

08/22